问题
单项选择题
A firm is choosing among three short-term investment securities: Security 1 - A 30 - day U. S. Treasury bill with a discount yield of 3.6%. Security 2 - A 30 - day banker’s acceptance selling at 99.65% of face value. Security 3 - A 30 - day time deposit with a bond equivalent yield of 3.65%. Based only on these securities’ yields, the firm would:（）
A. prefer the banker’s acceptance.
B. prefer the time deposit.
C. prefer the U. S. Treasury bill.
答案
参考答案：A
解析：
We can compare the yields of these securities on any single basis. The preferred basis is the bond equivalent yield. Security 1 = discount is 3.6% × (30/360) =0.3% BEY of Security 2 = (0.35/99.65) × (365/30) = 4.273% BEY of Security 3 =3.65%