Flervalgseksamen i finans, kan dette stemme?

[Daddlemannen]

Problemet lyder som følger.

 

6. Which of the following statements about bonds is correct?

 

(a) Consider two bonds that are equal in all respects except that one has a higher annual coupon than the other. When market interest rates change, the change in the market price of the bond with the smaller coupon will be larger than the price change for the bond with the larger coupon.

 

(b) Consider two bonds that are equal in all respects except that one has a longer time to maturity than the other. When market interest rates change, the market price of the short-time maturity bond will change more than the market price of the long term bond.

 

© When the market interest rate exceeds the coupon rate on a bond, the bond will sell for more than its face value.

 

(d) Both statements (a) and © are correct.

 

Fasit sier at alternativ a er korrekt, men:

 

a) Hvis vi antar at bond A & B har face value $100, betaler ut 3 ganger, 1 i slutten av hvert år, og A betaler $10, mens B betaler $20, så vil jo nåverdien (det vi er villig til å betale for den) av B endre seg mer enn A når vi diskonterer (fordi vi diskonterer et større beløp).

 

Kontantstrøm for A: 0 - $10 - $10 - $110

Kontantstrøm for B: 0 - $20 - $20 - $120

 

Jeg skjønner ikke hvorfor svaralternativ a skal være riktig her?