"Fixed Income Investments":the highest rate of return
来源： 正保会计网校
2020-09-10
普通
学习是一个不断积累的过程，每天学习一点，每天进步一点！为了帮助大家更高效地备考2021年CFA考试，正保会计网校每日为大家上新CFA习题供大家练习。让网校与您一起高效备考2021年CFA考试，梦想成真！
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
成功=时间+方法，自制力是这个等式的保障。世上无天才，高手都是来自刻苦的练习。而人们经常只看到“牛人”闪耀的成绩，其成绩背后无比寂寞的勤奋。小编相信，每天都在勤奋练习，即使是一点点的进步，大家一定可以成为人人称赞的“牛人”。
