"Fixed Income Investments":Yield to maturity

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Questions 1:

Consider a $100 par value bond, with an 8% coupon paid annually, maturing in 20 years. If the bond currently sells for $96.47, the yield to maturity is closest to:

A. 8.37%.

B. 8.29%.

C. 7.41%.

Questions 2:

Consider bonds that have the same yield to maturity and maturity. The bond with the greatest reinvestment risk is most likely the one selling at:

A. par.

B. a discount.

C. a premium.

View answer resolution

【Answer to question 1】（A）

【analysis】

A security with a present value of 96.47, 19 interest payments of 8, and a 20th payment of principal plus interest (108) has a yield to maturity of 8.37%.

【Answer to question 2】（C）

【analysis】

Yield to maturity is based on the assumption that a bond is held to maturity, does not default, and has its coupon payments reinvested at the yield to maturity. The bond selling at a premium has the highest coupon rate and is expected to earn the most reinvestment income from reinvesting those coupon payments at the yield to maturity. If the reinvestment rate falls, this bond will suffer the greatest loss.

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