Which of the following $1 000 face-value securities has the highest yield to maturity?______.

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问题 Which of the following $1 000 face-value securities has the highest yield to maturity?______.

选项 A、A 5% coupon bond selling for $1 000
B、A 15% coupon bond selling for $1 000
C、A 10% coupon bond selling for $1 000
D、A 15% coupon bond selling for $900

答案D

解析 答案为D项。证券的到期收益率包括利息收入和资本损益(即市场价和买入价之间的差额)本题中D项论述的证券到期时资本收益为$l 000一$900=S100,且息票率为15%,两者相加所得的到期收益率为最高,故选D项。
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