第三章 利率与估值(英文习题及答案)

Chapter 3 What Do Interest Rates Mean and What Is Their Role in Valuation?

3.1 Single Choice

1) A loan that requires the borrower to make the same payment every period until the maturity date is called a

A) simple loan.

B) fixed-payment loan.

C) discount loan.

D) same-payment loan.

E) none of the above.

2) A coupon bond pays the owner of the bond

A) the same amount every month until maturity date.

B) a fixed interest payment every period and repays the face value at the maturity date.

C) the face value of the bond plus an interest payment once the maturity date has been reached.

D) the face value at the maturity date.

E) none of the above.

3) A bond's future payments are called its

A) cash flows.

B) maturity values.

C) discounted present values.

D) yields to maturity.

4) A credit market instrument that pays the owner the face value of the security at the maturity date and nothing prior to then is called a

A) simple loan.

B) fixed-payment loan.

C) coupon bond.

D) discount bond.

5) (I) A simple loan requires the borrower to repay the principal at the maturity date along with an interest payment. (II) A discount bond is bought at a price below its face value, and the face value is repaid at the maturity date.

A) (I) is true, (II) false.

B) (I) is false, (II) true.

C) Both are true.

D) Both are false.

6) Which of the following are true of coupon bonds?

A) The owner of a coupon bond receives a fixed interest payment every year until the maturity date, when the face or par value is repaid.

B) U.S. Treasury bonds and notes are examples of coupon bonds.

C) Corporate bonds are examples of coupon bonds.

D) All of the above.

E) Only A and B of the above.

7) Which of the following are generally true of all bonds?

A) The longer a bond's maturity, the lower is the rate of return that occurs as a result of the increase in an interest rate. B) Even though a bond has a substantial initial interest rate, its return can turn out to be negative if interest rates rise. C) Prices and returns for long-term bonds are more volatile than those for shorter-term bonds.

D) All of the above are true.

E) Only A and B of the above are true.

8) (I) A discount bond requires the borrower to repay the principal at the maturity date plus an interest payment. (II) A coupon bond pays the lender a fixed interest payment every year until the maturity date, when a specified final amount (face or par value) is repaid.

A) (I) is true, (II) false.

B) (I) is false, (II) true.

C) Both are true.

D) Both are false.

9) If a $5,000 coupon bond has a coupon rate of 13 percent, then the coupon payment every year is

A) $650.

B) $1,300.

C) $130.

D) $13.

E) None of the above.

10) An $8,000 coupon bond with a $400 annual coupon payment has a coupon rate of

A) 5 percent.

B) 8 percent.

C) 10 percent.

D) 40 percent.

11) The concept of _________ is based on the common-sense notion that a dollar paid to you in the future is less valuable to you than a dollar today.

A) present value

B) future value

C) interest

D) deflation

12) Dollars received in the future are worth _________ than dollars received today. The process of calculating what dollars received in the future are worth today is called _________

A) more; discounting.

B) less; discounting.

C) more; inflating.

D) less; inflating.

13) The process of calculating what dollars received in the future are worth today is called

A) calculating the yield to maturity.

B) discounting the future.

C) compounding the future.

D) compounding the present.

14) With an interest rate of 5 percent, the present value of $100 received one year from now is approximately

A) $100.

B) $105.

C) $95.

D) $90.

15) With an interest rate of 10 percent, the present value of a security that pays $1,100 next year and $1,460 four years from now is approximately

A) $1,000.

B) $2,000.

C) $2,560.

D) $3,000.

16) With an interest rate of 8 percent, the present value of $100 received one year from now is approximately

A) $93.

B) $96.

C) $100.

D) $108.

17) With an interest rate of 6 percent, the present value of $100 received one year from now is approximately

A) $106.

B) $100.

C) $94.

D) $92.

18) The interest rate that equates the present value of the cash flow received from a debt instrument with its market price today is the

A) simple interest rate.

B) discount rate.

C) yield to maturity.

D) real interest rate.

19) The interest rate that financial economists consider to be the most accurate measure is the

A) current yield.

B) yield to maturity.

C) yield on a discount basis.

D) coupon rate.

20) Financial economists consider the _________ to be the most accurate measure of interest rates.

A) simple interest rate

B) discount rate

C) yield to maturity

D) real interest rate

21) For a simple loan, the simple interest rate equals the

A) real interest rate.

B) nominal interest rate.

C) current yield.

D) yield to maturity.

22) For simple loans, the simple interest rate is _________ the yield to maturity.

A) greater than

B) less than

C) equal to

D) not comparable to

23) The yield to maturity of a one-year, simple loan of $500 that requires an interest payment of $40 is

A) 5 percent.

B) 8 percent.

C) 12 percent.

D) 12.5 percent.

24) The yield to maturity of a one-year, simple loan of $400 that requires an interest payment of $50 is

A) 5 percent.

B) 8 percent.

C) 12 percent.

D) 12.5 percent.

25) A $10,000, 8 percent coupon bond that sells for $10,000 has a yield to maturity of

A) 8 percent.

B) 10 percent.

C) 12 percent.

D) 14 percent.

26) Which of the following $1,000 face value securities has the highest yield to maturity?

A) A 5 percent coupon bond selling for $1,000

B) A 10 percent coupon bond selling for $1,000

C) A 12 percent coupon bond selling for $1,000

D) A 12 percent coupon bond selling for $1,100

27) Which of the following $1,000 face value securities has the highest yield to maturity?

A) A 5 percent coupon bond selling for $1,000

B) A 10 percent coupon bond selling for $1,000

C) A 15 percent coupon bond selling for $1,000

D) A 15 percent coupon bond selling for $900

28) Which of the following are true for a coupon bond?

A) When the coupon bond is priced at its face value, the yield to maturity equals the coupon rate.

B) The price of a coupon bond and the yield to maturity are negatively related.

C) The yield to maturity is greater than the coupon rate when the bond price is below the par value.

D) All of the above are true.

E) Only A and B of the above are true.

29) Which of the following are true for a coupon bond?

A) When the coupon bond is priced at its face value, the yield to maturity equals the coupon rate.

B) The price of a coupon bond and the yield to maturity are negatively related.

C) The yield to maturity is greater than the coupon rate when the bond price is above the par value.

D) All of the above are true.

E) Only A and B of the above are true.

30) Which of the following are true for a coupon bond?

A) When the coupon bond is priced at its face value, the yield to maturity equals the coupon rate.

B) The price of a coupon bond and the yield to maturity are positively related.

C) The yield to maturity is greater than the coupon rate when the bond price is above the par value.

D) All of the above are true.

E) Only A and B of the above are true.

31) A consol bond is a bond that

A) pays interest annually and its face value at maturity.

B) pays interest in perpetuity and never matures.

C) pays no interest but pays face value at maturity.

D) rises in value as its yield to maturity rises.

32) The yield to maturity on a consol bond that pays $100 yearly and sells for $500 is

A) 5 percent.

B) 10 percent.

C) 12.5 percent.

D) 20 percent.

E) 25 percent.

33) The yield to maturity on a consol bond that pays $200 yearly and sells for $1000 is

A) 5 percent.

B) 10 percent.

C) 20 percent.

D) 25 percent.

34) A frequently used approximation for the yield to maturity on a long-term bond is the

A) coupon rate.

B) current yield.

C) cash flow interest rate.

D) real interest rate.

35) The current yield on a coupon bond is the bond's _________ divided by its _________.

A) annual coupon payment; price

B) annual coupon payment; face value

C) annual return; price

D) annual return; face value

36) When a bond's price falls, its yield to maturity _________ and its current yield _________.

A) falls; falls

B) rises; rises

C) falls; rises

D) rises; falls

37) The yield to maturity for a one-year discount bond equals

A) the increase in price over the year, divided by the initial price.

B) the increase in price over the year, divided by the face value.

C) the increase in price over the year, divided by the interest rate.

D) none of the above.

38) If a $10,000 face value discount bond maturing in one year is selling for $8,000, then its yield to maturity is

A) 10 percent.

B) 20 percent.

C) 25 percent.

D) 40 percent.

39) If a $10,000 face value discount bond maturing in one year is selling for $9,000, then its yield

to maturity is

A) 9 percent.

B) 10 percent.

C) 11 percent.

D) 12 percent.

40) If a $10,000 face value discount bond maturing in one year is selling for $5,000, then its yield to maturity is

A) 5 percent.

B) 10 percent.

C) 50 percent.

D) 100 percent.

41) If a $5,000 face value discount bond maturing in one year is selling for $5,000, then its yield to maturity is

A) 0 percent.

B) 5 percent.

C) 10 percent.

D) 20 percent.

42) The Fisher equation states that

A) the nominal interest rate equals the real interest rate plus the expected rate of inflation.

B) the real interest rate equals the nominal interest rate less the expected rate of inflation.

C) the nominal interest rate equals the real interest rate less the expected rate of inflation.

D) both A and B of the above are true.

E) both A and C of the above are true.

43) If you expect the inflation rate to be 15 percent next year and a one-year bond has a yield to maturity of 7 percent, then the real interest rate on this bond is

A) 7 percent.

B) 22 percent.

C) -15 percent.

D) -8 percent.

E) none of the above.

44) If you expect the inflation rate to be 5 percent next year and a one-year bond has a yield to maturity of 7 percent, then the real interest rate on this bond is

A) -12 percent.

B) -2 percent.

C) 2 percent.

D) 12 percent.

45) The nominal interest rate minus the expected rate of inflation

A) defines the real interest rate.

B) is a better measure of the incentives to borrow and lend than is the nominal interest rate.

C) is a more accurate indicator of the tightness of credit market conditions than is the nominal interest rate.

D) all of the above.

E) only A and B of the above.

46) The nominal interest rate minus the expected rate of inflation

A) defines the real interest rate.

B) is a less accurate measure of the incentives to borrow and lend than is the nominal interest rate.

C) is a less accurate indicator of the tightness of credit market conditions than is the nominal interest rate.

D) defines the discount rate.

47) In which of the following situations would you prefer to be making a loan?

A) The interest rate is 9 percent and the expected inflation rate is 7 percent.

B) The interest rate is 4 percent and the expected inflation rate is 1 percent.

C) The interest rate is 13 percent and the expected inflation rate is 15 percent.

D) The interest rate is 25 percent and the expected inflation rate is 50 percent.

48) In which of the following situations would you prefer to be borrowing?

A) The interest rate is 9 percent and the expected inflation rate is 7 percent.

B) The interest rate is 4 percent and the expected inflation rate is 1 percent.

C) The interest rate is 13 percent and the expected inflation rate is 15 percent.

D) The interest rate is 25 percent and the expected inflation rate is 50 percent.

49) What is the return on a 5 percent coupon bond that initially sells for $1,000 and sells for $1,200 one year later?

A) 5 percent

B) 10 percent

C) -5 percent

D) 25 percent

E) None of the above

50) What is the return on a 5 percent coupon bond that initially sells for $1,000 and sells for $900 one year later?

A) 5 percent

B) 10 percent

C) -5 percent

D) -10 percent

E) None of the above

51) The return on a 5 percent coupon bond that initially sells for $1,000 and sells for $1,100 one year later is

A) 5 percent.

B) 10 percent.

C) 14 percent.

D) 15 percent.

52) The return on a 10 percent coupon bond that initially sells for $1,000 and sells for $900 one year later is

A) -10 percent.

B) -5 percent.

C) 0 percent.

D) 5 percent.

53) Which of the following are generally true of all bonds?

A) The only bond whose return equals the initial yield to maturity is one whose time to maturity is the same as the holding period.

B) A rise in interest rates is associated with a fall in bond prices, resulting in capital losses on bonds whose term to maturities are longer than the holding period.

C) The longer a bond's maturity, the greater is the price change associated with a given interest rate change.

D) All of the above are true.

E) Only A and B of the above are true.

54) Which of the following are true concerning the distinction between interest rates and return?

A) The rate of return on a bond will not necessarily equal the interest rate on that bond.

B) The return can be expressed as the sum of the current yield and the rate of capital gains.

C) The rate of return will be greater than the interest rate when the price of the bond falls between time t and time t + 1.

D) All of the above are true.

E) Only A and B of the above are true.

55) If the interest rates on all bonds rise from 5 to 6 percent over the course of the year, which bond would you prefer to have been holding?

A) A bond with one year to maturity

B) A bond with five years to maturity

C) A bond with ten years to maturity

D) A bond with twenty years to maturity

56) Suppose you are holding a 5 percent coupon bond maturing in one year with a yield to maturity of 15 percent. If the interest rate on one-year bonds rises from 15 percent to 20 percent over the course of the year, what is the yearly return on the bond you are holding?

A) 5 percent

B) 10 percent

C) 15 percent

D) 20 percent

57) (I) Prices of longer-maturity bonds respond more dramatically to changes in interest rates. (II) Prices and returns for long-term bonds are less volatile than those for short-term bonds.

A) (I) is true, (II) false.

B) (I) is false, (II) true.

C) Both are true.

D) Both are false.

58) (I) Prices of longer-maturity bonds respond less dramatically to changes in interest rates. (II) Prices and returns for long-term bonds are less volatile than those for shorter-term bonds.

A) (I) is true, (II) false.

B) (I) is false, (II) true.

C) Both are true.

D) Both are false.

59) The riskiness of an asset's return that results from interest rate changes is called

A) interest-rate risk.

B) coupon-rate risk.

C) reinvestment risk.

D) yield-to-maturity risk.

60) If an investor's holding period is longer than the term to maturity of a bond, he or she is exposed to

A) interest-rate risk.

B) reinvestment risk.

C) bond-market risk.

D) yield-to-maturity risk.

61) Reinvestment risk is the risk that

A) a bond's value may fall in the future.

B) a bond's future coupon payments may have to be invested at a rate lower than the bond's yield to maturity.

C) an investor's holding period will be short and equal in length to the maturity of the bonds he or she holds.

D) a bond's issuer may fail to make the future coupon payments and an investor will have no cash to reinvest.

62) (I) The average lifetime of a debt security's stream of payments is called duration. (II) The duration of a portfolio is the weighted average of the durations of the individual securities, with the weights reflecting the proportion of the portfolio invested in each.

A) (I) is true, (II) false.

B) (I) is false, (II) true.

C) Both are true.

D) Both are false.

63) The duration of a ten-year, 10 percent coupon bond when the interest rate is 10 percent is 6.76 years. What happens to the price of the bond if the interest rate falls to 8 percent?

A) it rises 20 percent

B) it rises 12.3 percent

C) it falls 20 percent

D) it falls 12.3 percent

64) When the lender provides the borrower with an amount of funds that must be repaid to the lender at the maturity date, along with an additional payment for the interest, it is called a ______.

A) fixed-payment loan

B) discount loan

C) simple loan

D) none of the above

65) A discount bond

A) is also called a coupon bond.

B) is also called a zero-coupon bond.

C) is also called a fixed-payment bond.

D) is also called a corporate bond.

66) The interest rate that is adjusted for actual changes in the price level is called the

A) ex post real interest rate.

B) expected interest rate.

C) ex ante real interest rate.

D) none of the above.

67) The change in the bond's price relative to the initial purchase price is

A) the current yield.

B) coupon payment.

C) yield to maturity.

D) rate of capital gain.

68) The return on a bond is equal to the yield to maturity when

A) the holding period is longer than the maturity of the bond.

B) the maturity of the bond is longer than the holding period.

C) the holding period and the maturity of the bond are identical.

D) none of the above.

69) Bonds whose term to maturity is shorter than the holding period are also subject to

A) default.

B) reinvestment risk.

C) both of the above.

D) none of the above.

70) A _____ is a type of loan that has the same cash flow payment every year throughout the life of the loan.

A) discount loan

B) simple loan

C) fixed-payment loan

D) interest-free loan

答案：

1-5：BBADC 6-10:DDBAA 11-15:ABBCB 16-20:ACCBC

21-25:DCBDA 26-30:CDDEA 31-35:BDCBA 36-40:BACCD

41-45:ADDCD 46-50:ABDDC 51-55:DCDEA 56-60:CADAB

61-65:BCBCB 66-70：ADCBC

国际金融试题单选

1 办理结汇、售汇的外汇资金划转应符合（）外汇管理规定。答案： A ；A 国家B人民银行 C 中国银行 D 农业银行 2 对于无法解付的外汇汇入款项，应在（）做暂收处理，并按照我行外汇资金清算查询查复的有关规定进行查询，做好查询查复登记。答案： A ；A 当日B次日C二日内 D 三日内 3 个人客户的外汇汇款，款项到达后，对于提供电话和地址的汇款指示，应首先以（）通知收款人。答案： D ； A 信件B邮递C传真D电话 4 个人客户的外汇汇款，款项到达后，以邮递方式通知收款人的，应在（）个工作日内发出通知邮件。答案： B ； A 1 B 2 C 3 D 5 5 机构客户申请办理外币票据托收业务的，需核对其票据背书签章和《外币票据托收申请书》上的签章，是否与其在我行的（）相符。答案： D ；A 预留公章 B 预留财务章 C 预留法人章 D 预留印鉴 6 机构客户外汇汇款以及账号齐全的个人外汇汇款应在收到上级行下划账单的（)个工作日内到达客户账。答案： A ；A 1 B 2 C 3 D 5 7 解付外汇汇入汇款，必须区分机构客户和个人客户，严格按照（）的有关规定为客户办理相关手续。答案： D ； A 总行B分行C人民银行 D 国家外汇管理部门 8 经办行办理付汇业务，应按照（）的有关规定，办理国际收支统计申报。答案： D ；A 总行B分行C 人民银行 D 国家外汇管理部门 9 经办行要严格按照总行规定的业务办理时间进行结售汇交易，对于当日交易并起息记账的业务，截止时间为当日下午（）。答案： D ；A 15:00 B 15:30 C 16:00 D 16:30 10 经办行在办理外汇票汇业务时，可以指示账户行主动借记总行账户，但必须在签发汇票的（）以SWIFT MT299报文通知总行外汇清算中心。答案： D ；A 次日下午四点前 B 次日下午三点前 C 当天下午四点前 D 当天 下午三点前 11 申请人办理外币票据托收，应填写《外币票据托收申请书》，一式（）联，并签章确认。答案： C ；A 一B 二 C 三 D 四 12 收到无法解付的外汇汇入汇款并向汇款行、账户行发出查询的（）个工作日后，无任何实质性答复，仍无法解付的，应做退汇处理。答案： B ；A 10 B 15 C 20 D 30 13 外币票据是重要（），如当日受理的外币票据不能及时寄送代收行，必须妥善保管。答案： B ；A 单据B 有价单证 C 一般凭证 D 空白凭证 14 外币票据托收业务档案应保存（）年。答案： B ；A 3 B 5 C 15 D 永久 15 外币票据托收中，（）方式适用的票据范围最广。答案： C ；A 立即贷记 B 最终贷记 C 标准托收 D 特殊托收 16 外币票据托收中，代收行应选择与我行签有（）的代理行进行办理。答案： D ；A 托收业务协议 B 票据 托收业务协议 C 代理托收业务协议D 代理票据托收业务协议 17 外币票据托收中，对于凭保付款托收回来的票据款项，应要求申请人在我行至少存足（）个月方可使用. 答案： A ；A 1 B 2 C 3 D 6 18 外币票据托收中，经办行收票后，应在每张托收票据的（）加盖划线章，划线分普通划线和特别划线。答案： A ；A 正面左上角 B 正面右上角 C 反面左上角 D 反面右上角 19 外币票据托收中，经办行要严格审查票据背书的真实性和完整性，对金额较大或有疑问的票据我行可采用（）方式。 答案： A ；A 标准托收 B 立即贷记 C 最终贷记 D 以上三种都可以 20 外币票据托收中，票面的收款人可能以中文、英文（按拼音核对）或中英文对照之中的一种形式进行表示，如果用中英文同时表示，应以（）为准。答案： A ；A 中文B英文C中、英文一起 D 中、英文均可 21 外币票据托收中，如果票据无特别注明，大多数票据自出票日期起（）个月内有效（如美元支票、英镑支票等），超过有效期的票据我行不予受理。答案： D ；A 1 B 2 C 3 D 6 22 外币票据托收中，无论采用何种托收方式，我行对托收票据发生的退票均保留随时向（）追索的权利。答案：C ；A 收款人 B 付款人 C 申请人 D 出票人 23 外币票据托收中，一般票据都注明了完整的货币符号，但有些票据的货币符号不完整，经办行应根据票据注明的（）来确定票据的币种。答案： A ；A 付款地 B 收款地 C 收款人 D 付款人 24 外币票据托收中，因退票发生的费用，由（）承担。答案： D ；A 收款人 B 付款人 C 出票人D 申请人 25 外汇汇出汇款和汇入汇款的查询查复业务，应执行（）外汇资金清算查询查复的有关规定答案： C ；A 外汇 局 B 银监局 C 总行D分行

利息理论第一章课后答案

1. 已知A （t ） +5,求 （1）对应的a （t ）；A （0）=5 a （t ）=()(0)A t A =25t +5+1 （2）I 3；I （3）i 4; i 4=4(4)(3)(3) (3)I A A A A -=== 2.证明：（1）()()(m 1)(2).....A n A m I I m In -=+++++ （2）()(1)(1).A n in A n =+- （1） ； ()()()(1)(1)(2)....(1)()1...Im 1A n A m A n A n A n A n A m A m In In -=--+---++-=+-+++ （m

第三章利息与利率参考答案

第三章利息与利率 参考答案 一、单项选择题（本大题共20小题，每小题1分，共20分。在每小题列出的四个备选答案中只有一个是最符合题目要求的，请将其代码分别填写在下列表格中。错选、多选、漏选或未选记-1分）。 二、多项选择题（本大题共10小题，每小题分，共15分。在每小题列出的五个备选答案中有二至五个是符合题目要求的，请将其代码分别填写在下列表格中。错选、多选、未选均记分。） 三、计算题（本大题共3小题，每小题5分，共15分。）根据所给资料和要求列出必要的计算过程，最终结果保留两位小数。 1.解：名义收益率=票面收益/票面金额×100%=8/100×100%=8% 即期收益率=票面收益/购买价格×100%=8/95×100%=% 实际收益率= % 100 ? ± 购买价格 本金损益 票面收益 = % 100 95 9/ 95 100 8 ? - +） （ =9% 2．解：单利法：实得利息=I=P*i*n=1000000*%*3=127500元 复利法：三年本利和：S 3 = P（1+ i）3=1000000*(1+%)3 =元 实得利息==元

3.解： 方案A 投资收益的现值： 万元825%)151(200%1512005002=++++=A I 方案B 投资收益的现值： ()万元815%151600%1513001003=++++=B I 对投资者而言，方案A 意味着更高的收益现值，故选择方案A 。 四、简述题（本大题共5小题，每小题6分，共30分。）简述要点并作相应的解释或说明。 1.答: （1）在借贷过程中，因为通货膨胀造成的货币贬值，导致了名义利率和实际利率的划分。名义利率指不考虑物价上涨对利息收入影响时的利率。实际利率是根据物价水平（或通货膨胀）的预期变动进行相应调整的利率。（2）名义利率与实际利率之间的关系体现在费雪方程中。费雪方程表明名义利率i 等于实际利率i r 与预期通货膨胀率πe 之和：i=i r +πe 。（3）当名义利率等于通货膨胀率 时，实际利率为零，资金处于保值状态；当名义利率高于通货膨胀率时，实际利率为正利率，资金处于增值状态；当名义利率低于通货膨胀率时，实际利率为负利率，资金处于亏损状态。 2.答：（1）社会平均利润率。利率水平的高低首先取决于社会平均利润率的高低，并随之变动。由于利息来源于利润，所以一般来说，利率水平应该介于零到平均利润率之间。（2）资金供求状况。当平均利润率既定时，利率水平的变动则取决于平均利润分割为利息与企业利润的比例。而这个比例是由借贷资本的供求双方通过竞争确定的，即由资金的供求状况决定。一般而言，当资金供不应求时，借贷双方的竞争结果会使利率产生上升的压力；反之则导致利率产生下降的压力。 （3）国家经济政策。利率作为调控宏观经济的杠杆，国家会根据经济发展状况制定相应的货币、财政和汇率等方面的经济政策，而这些政策的实施都会引起利率水平的变动。尤其是货币政策对利率水平的影响最为直观和明显。（4）通货膨胀预期。在此预期下，资金供给者会要求更高的利率水平，来避免收回本息时因

《国际金融实务》题库含答案

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为1%。?5%。，是银行经营经营外汇实务的利润。那么下列哪些因素使得买卖差价的幅度越小（ A ） A、外汇市场越稳定 B、交易额越小 C、越不常用的货币D外汇市场位置相对于货币发行国越远 10、被公认为全球一天外汇交易开始的外汇市场的（ C ）。 A、纽约 B、东京 C、惠灵顿 D、伦敦 11、下列不．属．于．外汇市场的参与者有（D ）。 A、中国银行 B、索罗斯基金 C、国家外汇管理局浙江省分局 D、无涉外业 务的国内公司 12、在有形市场中，规模最大外汇交易市场的是（ A ）。 A、伦敦 B、纽约 C、新加坡 D、法兰克福 13 、外汇市场上，银行的报价均以各种货币对（ D ）的汇率为基础。 A、直接标价法 B、间接标价法C应收标价法D、美元标价法 14、银行间外汇交易额通常以（A ）的整数倍。 A、100万美元 B、50万美元 C、1000万美元D 10万美元 15、以点数表示的远期汇率差价，每点所代表每个标准货币所折合货币单位的（A ） A、1/10000 B 、1/10 C 、1/100 D 、1/1000 16、商业银行经营外汇业务时，如果卖出多于买进，则称为（ B ） A、多头 B、空头 C、升水 D、贴水 1 7 、下列货币名称与英文简写对应错误．．的（B ） A、欧兀一EURO B 澳兀一CAD C、新加坡兀一SGD D 日兀一YEN 18、在伦敦外汇市场上用美元购买日元这样一笔外汇，结算国是（ A ）。 A美国和日本，交易国是英国B、美国和日本，交易国是美国 C美国和日本，交易国是日本D、美国和日本，交易国是美国和日本 19、一般来讲，一国的国际收支顺差会使其（ B ）。 A、本币升值 B、物价上升 C、通货紧缩 D、货币疲软 20、以下是两银行交易的过程，根据其交易过程，下列答案错误．．的（C ）。 A 银行：Hi! Bank of China, Shanghai Branch calling, spot CHF for 6 USD

利息理论第三章课后答案

利息理论第三章课后答案

《金融数学》课后习题参考答案 第三章 收益率 1、某现金流为：元，元，元，元，求该现金流的收益率。解：由题意得： 2、某投资者第一年末投资7000元，第二年末投资1000元，而在第一、三年末分别收回4000元和5500元，计算利率为0.09及0.1时的现金流现值，并计算该现金流的内部收益率。 解：由题意得： 当时， 当时， 令3、某项贷款1000元，每年计息4次的年名义利率为12%，若第一年后还款400元，第5年后还款800元，余下部分在第7年后还清，计算最后一次还款额。解：由题意得： 4、甲获得100000元保险金，若他用这笔保险金购买10年期期末付年金，每年可得15380元，若购买20年期期末付年金，则每年可得10720元，这两种年金基于相同的利率，计算。 3000o o =11000o =12000I =24000I =2001122()()()0O I O I v O I v -+-+-=23000100040000 v v --=41 33 v i ?= ?=23 (0)[(47) 5.5]1000V v v v =--+?0.09i =(0)75.05V =0.1i =(0)57.85V =-(0)00.8350.198 V v i =?=?=4 0.121(10.88854 i v +=+ ?=571000400800657.86 v pv p =++?=i i

解：由题意得： 5、某投资基金按 积累，，在时刻0基金中有10 万元，在时刻1基金中有11万元，一年中只有2次现金流，第一次在时刻0.25时投入15000元，第二次在时刻0.75时收回2万元，计算k 。 解：由题意得： 6、某投资业务中，直接投资的利率为8%，投资所得利息的再投资利率为4%，某人为在第10年末获得本息和1万元，采取每年末投 资相等的一笔款项，共10年，求证每年投资的款项为：。 证明： 7.某投资人每年初在银行存款1000元，共5年，存款利率为5%，存款所得利息的再投资利率为4%，证明：V （11）=1250（。V(11)=1000[5(1+0.05)+0.05(Is) 8.甲年初投资2000元，年利率为 17%，每年末收回利息，各年收回的利息按某一利率又投资出去，至第10 年末，共得投资本息和 1(1)t k t k δ= +-01t ≤≤1 01(1)1k dt t k e k +-?=+10.251(1)10.75k t k e k +-?=+1 0.751(1)10.25k t k e k +-?=+?10000(1)15000(10.75)20000(10.25)1100000.141176 k k k k +++-+=?=100.0410000210 s -104%41100.041010000 (())((108%104%210 n j n j s n s p n i Is p n i p p j s - --+=+=+? =?=-0.04110.0461s s --）5 0.04][10.0560.04] S +50.045 1000[5.250.050.0560.04] 0.04 S S -=+? +08688.010720153802010=?=i a a i i

第三章利息与利率(题目)

第三章利息与利率（题目） 第一部分基础知识题 一、填空题 1．配第认为利息是人们在一定时期内因放弃货币的______而获得的报酬。 2．______论是由奥地利学派的重要代表人物庞巴维克提出的。 3．凯恩斯认为利息是买卖一定时期内的货币持有权的一种价格，是人们放弃______的报酬。4．按照马克思的利息理论，资本______与资本______的分离是利息产生的经济基础。5．按照马克思的利息理论，利息是______的一部分，是______的特殊转化形式。 6．经济学上，将现在的货币资金价值称为______，将现在的货币资金在未来的价值称为______。 7．利息率，简称利率，是借贷期内利息额对______的比率。 8．利息的计算方法分为______和______两种。 9．依据利率是否按市场规律自由变动，利率可分为______、______和公定利率。 10．以利率是否带有优惠性质为标准，利率可分为______和______。 11．按照借贷期内利率是否变动，可将利率分为______和______。 12．马克思认为利率在______和______之间摆动。 13．古典经济学派认为，产品市场的均衡决定了真实利率，即利率由______和______决定的。 14．凯恩斯认为货币需求的动机有______、______和______。 15．______是指剔除通货膨胀因素的利率即物价不变，从而货币购买力不变条件下的利息率。 16．利率的期限结构就是指______、______及税收条件相同，而期限存在差异的债券利率之间的关系。 17．______认为，人们的预期是无偏的，长期债券的利率相当于在该期限内人们预期出现的所有短期利率的平均数。 18．根据预期理论可得出，如果人们预期未来短期利率将上升，长期利率就______短期利率，收益率曲线就______倾斜。 19．_____将不同期限的债券市场分割开来，视为完全独立的市场，各种期限的债券的利率仅仅取决于该种债券的供求，而不受其它期限债券预期收益率的影响。 20．在收益率和风险一定的条件下，人们总是偏好流动性更强的债券，因为它可以随时变现以满足临时的资金需要。对于流动性较差的债券，人们会要求得到补偿，这种补偿就是______，它构成了债券风险的另一部分。 21．各种期限相同的债券利率间的关系被称为______,造成这种情况的原因主要由债券的______、______以及税收等因素决定的。 22．目前，从世界范围来看，各国的利率管理体制大致可分为三种:______ 、______以及______三种类型。 二、单项选择题 1．下列利率决定理论中，哪一理论强调投资与储蓄对利率的决定作用：（）。 A．马克思的利率论 B．流动偏好论 C．可贷资金论 D．古典的利率论

英文版国际金融试题和答案

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第三章利息与利率参考答案

第三章 利息与利率 参考答案 一、单项选择题（本大题共20小题，每小题1分，共20分。在每小题列出的四个备选答案中只有一个是最符合题目要求的，请将其代码分别填写在下列表格中。错选、多选、漏选或未选记-1分）。 1.B 2.C 3.A 4.B 5.A 6.C 7.D 8.A 9.A 10.D 11.B 12.A 13.B 14.A 15.B 16.C 17.B 18.A 19.A 20.C 二、多项选择题（本大题共10小题，每小题1.5分，共15分。在每小题列出的五个备选答案中有二至五个是符合题目要求的，请将其代码分别填写在下列表格中。错选、多选、未选均记-1.5分。） 1.ABCD 2.AB 3.ABC 4.BCDE 5.CD 6.ABCE 7.ACD 8.ABCDE 9.ABCDE 10.BCDE 三、计算题（本大题共3小题，每小题5分，共15分。）根据所给资料和要求列出必要的计算过程，最终结果保留两位小数。 1.解：名义收益率=票面收益/票面金额×100%=8/100×100%=8% 即期收益率=票面收益/购买价格×100%=8/95×100%=8.42% 实际收益率=%100?±购买价格本金损益票面收益=%100959/951008?-+）（=9% 2．解：单利法：实得利息=I=P*i*n=1000000*4.25%*3=127500元 复利法：三年本利和：S 3= P （1+ i ）3=1000000*(1+4.25%)3 =1132995.52元 实得利息=1132995.52-1000000=132995.52元 3.解： 方案A 投资收益的现值： 万元825%)151(200%1512005002=++++=A I

国际金融英文版习题

Chapter1 balance of payments Balance of Payments Accounting 1 Balance of payments a) d) Answer: d 2 Generally speaking, any transaction that results in a receipt from foreigners a) b) c) d) Answer d 3 Generally speaking, any transaction that results in a payment to foreigners e) f) g) e) Answer a) 4 Suppose the McDonalds Corporation imports 100 tons of Canadian beef, paying for it by transferring the funds to a New York bank account kept by the Canadian Beef Conglomerate. i) j) k) l) Answer: a 5 Since the balance of payments is presented as a system of double-entry bookkeeping, a) b) c) d) Answer c) 6 A country ' s international transactions can be grouped into the following three main types: a) current account, medium term account, and long term capital account is defined as the statistical record of a country ' s international transactions over a certain period of time presented in the form of a double -entry bookkeeping provides detailed information concerning the demand and supply of a country ' currency can be used to evaluate the performance of a country in international economic competition all of the above b) c) Will be recorded as a debit, with a negative sign, in the U.S. balance of payments Will be recorded as a debit, with a positive sign, in the U.S. balance of payments Will be recorded as a credit, with a negative sign, in the U.S. balance of payments Will be recorded as a credit, with a positive sign, in the U.S. balance of payments Will be recorded as a debit, with a negative sign, in the U.S. balance of payments Will be recorded as a debit, with a positive sign, in the U.S. balance of payments Will be recorded as a credit, with a negative sign, in the U.S. balance of payments Will be recorded as a credit, with a positive sign, in the U.S. balance of payments Payment by McDonalds will be recorded as a debit The deposit of the funds by the seller will be recorded as a debit Payment by McDonalds will be recorded as a credit The deposit of the funds by the buyer will be credit Every credit in the account is balanced by a matching debit Every debit in the account is balanced by a matching credit a) and b) are both true None of the above

利息理论第四章课后答案

1. 某人借款1万元，年利率12%，采用分期还款方式，每年末还款2000元，剩余不足2000 元的部分在最后一次2000元还款的下一年偿还。计算第5次偿还款后的贷款余额。 解：550.125.10000 1.1220004917.7r B S =?-= 2. 甲借款X ，为期10年，年利率8%，若他在第10年末一次性偿还贷款本利和，其中的利 息部分要比分10年期均衡偿还的利息部分多元，计算X 。 解：10100.08 10(1.081)( )468.05,700.14x x x x a ---== 3.一笔贷款每季末偿还一次，每次偿还1500元，每年计息4次的年名义利率为10%。若第1年末的贷款余额为12000元，计算最初贷款额。 解： 000004 04 1044 4 104 4 10(1)15001200,16514.37 4150016514.37 r B L S L a =+-==+= 或L=12000v 4.某人贷款1万元，为期10年，年利率为i ，按偿债基金方式偿还贷款，每年末支出款为X ，其中包括利息支出和偿债基金存款支出，偿债基金存款利率为2i ，则该借款人每年需支出额为，计算i 。 解：100.0810000(10000)x i S =- 00100.08 6.9i ?=10000=(1.5x-20000i)S 5.某贷款期限为15年，每年末偿还一次，前5年还款每次还4000元，中间5次还款每次还3000元，后5次还款每次还2000元，分别按过去法和未来法，给出第二次3000元还款之后的贷款余额表达式。 解：7 2 715105521000(2+)(1)1000[4(1)3]r B a a a i S i S =++-++过去法： 71510572=1000（2a +a +a ）(1+i)-1000(4S -S ) 373583300020001000(2)r a a V a a =+=+未来法：B 6.一笔贷款按均衡偿还方式分期偿还，若t t+1t+2t+3B B B B ，，，为4个连续期间末的贷款余额，证明： （1）2 t t+1t+2t+3t+1t+2B -B B -B =B -B （）（）（） （2）t t+3 t+1t+2B +B B +B p 解：123123t t t t n t n t n t n t B pa +++-------= B =pa B =pa B =pa （1）2 123123()()()()t t t t n t n t n t n t B B B B p a a a a +++---------=--

第3章 利息与利息率

第三章利息与利息率 一、单项选择（共20题） 1、利息是( )的价格 A.货币资本 B.借贷资本 C.外来资本 D.银行贷款 2、在利率体系中起决定作用的利率是( ) A.基准利率 B.差别利率 C.实际利率 D.官定利率 3、一笔贷款1年的利息收益为50元，而市场平均利率为5%，那么本金应为( ) A.1005 B.1000 C.1050 D.950 4、某国某年的名义利率为20%，而通货膨胀率达13.5%，那么实际利率应为( ) A.6.5% B.16.75% C.5.73% D.2.865% 5、美国主要是以( )作为市场利率 A.定期存款利率 B.国库券利率 C.LIBOR D.再贴现利率 6、利息率的合理区间是( ) A.等于平均利润率 B.大于0 C.大于0而小于平均利润率 D.无法确定 7、在物价下跌的条件下，要保持实际利率不变，应把名义利率( ) A.保持不变 B.与实际利率对应 C.调高 D.调低 8、收益资本化过程所参照的利率是( ) A.基准利率 B.市场利率 C.公定利率 D.固定利率 9、关于证券价格与利率的关系表述正确的是( ) A.市场利率水平与证券价格水平成正比例关系 B.证券的期限越长，市场利率的变化对其价格的影响越大 C.由于影响二者的因素不一致，故它们之间没有关系 D.以上都不对 10、某公司获得银行贷款100万元，年利率为6%，期限3年，按年计息，单利计算，那到期后应偿付银行多少本息？( ) A.19.1 万元 B.119.1万元 C.18万元 D.118万元 11、在整个金融市场中和整个利率体系中处于关键地位的是( ) A.平均利率 B.基准利率 C.市场利率 D.官定利率 12、欧洲货币市场的基准利率是( ) A. LIBOR B.再贷款利率 C.再贴现利率 D.联邦基金利率 13、( )是客户持未到期的商业票据到商业银行贴现，商业银行收取贴现利息时所适用的利率

西北农林科技大学 国际金融试题库

姜波克国际金融学习题 国际收支和国际收支平衡表 一、单项选择题 1.资本项目的利息收入应列入下列国际收支平衡表的哪一个项目中 A. 资本项目 B. 经常项目 C. 国际储备 D. 净误差与遗漏 2.国际旅游、保险引起的收支属于下列国际收支平衡表中的哪一个项目 A. 经常项目 B. 国际储备 C. 净误差与遗漏 D. 资本项目 3.资本项目中的长期资本是指借贷期为多长的资本 A. 期限不定 B. 一年以内 C. 一年 D. 一年以上 4.当国际收支平衡表中的收入大于支出时，就在“净误差与遗漏”的哪一方加上相差的数字。 A. 右方 B. 左方 C. 收入方 D. 支出方 5.一国国民收入增加，会引起进口商品与劳务增加，导致国际收支出现下列哪一种情况 A. 不确定 B. 不变 C. 逆差 D. 顺差

6.狭义的国际收支仅指 A. 贸易收支 B. 经常项目收支 C. 外汇收支 D. 全部对外交易 7.国际货币基金组织对国际收支的解释属于下列哪一种收支概念 A. 狭义的 B. 广义的 C. 事前的 D. 规划性的 8.下列哪一项属于劳务收支项目 A 进口商品支出 B 国外捐款 C 侨民汇款 D 对外投资利润 9.特别提款权不能直接用于 A. 换取外汇 B. 换回本币 C. 贸易支付 D. 归还贷款 10.到岸价格中的运费和保险费属于 A. 无形收支 B. 有形收支 C. 转移收支 D. 资本项目收支 11、国际收支基本差额是指（）。 A、贸易差额 B、经常项目差额 C、经常项目差额与长期资本项目差额之和 D、经常项目差额与短期资本项目差额之和 12、根据《国际收支手册》第五版规定，记在资本金融帐户的是（）。

利息理论第四章课后答案

利息理论第四章课后答案 1. 某人借款1万元，年利率12%，采用分期还款方式，每年末还款2000元，剩余不 足2000 元的部分在最后一次2000元还款的下一年偿还。计算第5次偿还款后的贷款余额。 r 解：. B 5=10000?1.125-2000S 0.12=4917.7 2. 甲借款X ，为期10年，年利率8%，若他在第10年末一次性偿还贷款本利和，其 中的 利息部分要比分10年期均衡偿还的利息部分多468.05元，计算X 。解：x (1.0810-1) -( 10x -x ) =468.05, x =700.14 a 100.08 3. 一笔贷款每季末偿还一次，每次偿还1500元，每年计息4次的年名义利率为10%。若第1年末的贷款余额为12000元，计算最初贷款额。 解： 104 B =L (1+) -1500S 10=1200, L =16514.37 44 r 4 或L=12000v+1500a 4 4 1004 =16514.37

4. 某人贷款1万元，为期10年，年利率为i ，按偿债基金方式偿还贷款，每年末支出款为X ，其中包括利息支出和偿债基金存款支出，偿债基金存款利率为2i ，则该借款人每年需支出额为1.5X ，计算i 。 解：10000=(x -10000i ) S 0.08 10000=(1.5x-20000i)S0.08?i =6.9 5. 某贷款期限为15年，每年末偿还一次，前5年还款每次还4000元，中间5次还款每次还3000元，后5次还款每次还2000元，分别按过去法和未来法，给出第二次3000元还款之后的贷款余额表达式。 解：过去法：B 7=1000(215+10+5)(1+i ) -1000[4S 5(1+i ) +3S 2] r 7 2 =1000（2a +a+a(1+i)7-1000(4S) r 未来法：B 7=30003+200053=1000(28+a 3) 6. 一笔贷款按均衡偿还方式分期偿还，若B t ，B t+1，B t+2，B t+3为4个连续期间末的贷款余额，证明： （1）（B t -B t+1）（B t+2-B t+3）（=B t+1-B t+2）（2）B t +B t+3 2 B t+1+Bt+2 解：B t =n -t Bt +1=pan -t -1 Bt +2=pan -t -2 Bt +3=pan -t -3 （1）(B t -B t +1)(B t +2-B t +3) =p (-)(-a ) 2 3 或=p 2V n -t -1 1n -t -1 或=p 2( V n -t -2a ) 2