声明不保证
参考答案：指由于委托人、拍卖人难以确知拍卖标的的真伪或品质，故于拍卖前向所有竞买人做出声明，对于拍卖标的的真伪或品质不予保证。
“征免”栏：( )。
A．一般征税
B．照章征税
C．全免
D．征免
An investor buys a 15-year, 10 percent annual pay coupon bond for $1000. He plans to hold the bond for 5 years while reinvesting the coupons at 12 percent. At the end of the 5-year period he feels he can sell the bond to yield 9 percent. What is the expected realized (horizon) yield()
A. 10.0%.
B. 11.8%.
C. 11.2%.
