The six-month Treasury bill has a yield to maturity of 5 percent. The one-year Treasury bill, with zero coupon, has a yield to maturity of 6 percent. If a Treasury note with a maturity of 1.5 years and a coupon rate of 6 percent is priced at 97.32, what’s the implied spot rate of 1.5 years（）

单项选择题Consider the following two statements about put-able bonds: Statement 1: As yields fall, the price of put-able bonds will rise less quickly than similar option-free bonds (beyond a critical point) due to the decrease in value of the embedded put option. Statement 2: As yields rise, the price of put-able bonds will fall more quickly than similar option-free bonds (beyond a critical point) due to the increase in value of the embedded put option. You should:（）

A. agree with statement 1 and disagree with statement 2.
B. agree with statement 1 and agree with statement 2.
C. disagree with statement 1 and disagree with statement 2.

单项选择题Which of the following statements concerning the current yield is CORRECT It:（）

A. is of great interest to conservative bond investors seeking current income.
B. is of great interest to aggressive bond investors seeking capital gains.
C. shows the rate of return an investor will receive by holding a bond to maturity.