Consider a bond , par value $100 , that pays an annual coupon of 5 percent and that has three years remaining until maturity. Suppose the term structure of interest rates is flat at 6 percent. How much does the bond price change if the term structure of interest rates shifts down by 1 percent instantaneously（）

单项选择题Which of the following statements about the effects of interest rate volatility on value of bonds with embedded options is least accurate（）

A. As yield volatility increases, the value of a put-able bond increases.
B. A put-able bond’s value is its straight bond value plus the value of the embedded put option.
C. A callable bond’s value is its straight bond value plus the value of the embedded call option.

单项选择题A semiannual-pay bond is callable in five years at $1080. The bond has an 8% coupon and 15 years to maturity. If an investor pays $ 895 for the bond today, what are the yield to call (YTC) and the yield to maturity (YTM), respectively YTC YTM（）①A. 10.77% 9.31% ②B. 12.07% 9.31% ③C. 10.77% 10.21%

A. ①
B. ②
C. ③