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4.1 The real risk-free rate of interest is 3 percent. Inflation is expected to be 2 percent
this and 4 percent during the next 2 years. Assume that the maturity risk premium
is zero. What is the yield on 2-year Treasury securities? What is he yield on 3-year
Treasury securities?
4.5 Interest rate on 4-year Treasury securities are currently 7 percent, while interest
rates on 6-year Treasury securities are currently 7.5 percent. If the pure
expectations theory is correct, what does the market believe that 2-year securities
will be yielding 4 years from now?
b. Now suppose kRF (1) increase to 10 percent or (2) decrease to 8 percent. The
slope of the SML remains constant. How would this affect kM and ki?
c. Now assume kRF remain at 9 percent but kM (1) increase to 16 percent
or (2) falls to 13 percent. The slope of the SML does not remain constant. How
would these changes affect ki?
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