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"Fixed Income Investments":the highest rate of return
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Questions 1:
Which of the following 90-day money market instruments most likely offers the investor the highest rate of return?
| Money Market Instrument | Quoted Rate | Quotation Basis | Day Convention |
| Instrument A | 5.78% | 360 | Discount rate |
| Instrument B | 5.80% | 365 | Discount rate |
| Instrument C | 5.96% | 365 | Add-on rate |
A. Instrument C
B. Instrument A
C. Instrument B
Questions 2:
Using the following US Treasury forward rates, the value of a 2½-year $100 par value Treasury bond with a 5% coupon rate is closest to:
| Period | Years | Forward Rate |
| 1 | 0.5 | 1.20% |
| 2 | 1 | 1.80% |
| 3 | 1.5 | 2.30% |
| 4 | 2 | 2.70% |
| 5 | 2.5 | 3.00% |
A. $104.87.
B. $106.83.
C. $101.52.
View answer resolution
【Answer to question 1】（A）
【analysis】
Instrument C provides a bond equivalent yield of 5.96%, compared with 5.946% for Instrument A and 5.883% for Instrument B.
【Answer to question 2】（B）
【analysis】
The value of the bond is
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