portfolio expectations
course 6: spring 2005 - 22 - go on to next page
morning session
21-26. questions 21 through 26 consist of an assertion in the left-hand column and a reason in
the right-hand column. code your answer to each question by blackening space:
(a) if both the assertion and the reason are true statements, and the reason is a correct
explanation of the assertion.
(b) if both the assertion and the reason are true statements, but the reason is not a
correct explanation of the assertion.
(c) if the assertion is a true statement, but the reason is a false statement.
(d) if the assertion is a false statement, but the reason is a true statement.
(e) if both the assertion and the reason are false statements.
21.
assertion
discounting the scheduled stream
of cash flows by the forward rates
provides the market value of a
callable bond.
because
reason
forward rates can be used to
determine the value of any stream
of fixed cash flows. www.gaofen123.com www.gaofen123.com www.gaofen123.com
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