Jawaban:

The yield on a T-bill, T-bond, or corporate bond is the annual return that an investor can expect to receive from holding that security. To calculate the yield on a 1-year T-bill, a 3-year T-bond, or a 3-year corporate bond, you need to consider several factors:

The real rate of interest: This is the rate of return that an investor can expect to receive after adjusting for inflation. In this case, the real rate of interest is 3%.

Inflation expectations: These are the expected rates of inflation over the next few years. In this case, inflation is expected to be 4% next year, 4.5% the following year, and 5% the third year.

Maturity risk premium: This is an additional return that investors expect to receive for holding a longer-term security, such as a T-bond or a corporate bond. The maturity risk premium is calculated as 0.1 x (1-1)%, which is 0% in this case.

Liquidity premium: This is an additional return that investors expect to receive for holding a more liquid security, such as a T-bill. The liquidity premium for a 3-year security is 0.25%.

Default risk premium: This is an additional return that investors expect to receive for holding a riskier security, such as a corporate bond. The default risk premium for a 3-year security is 0.6%.

To answer the questions:

a. The yield on a 1-year T-bill is equal to the real rate of interest plus the liquidity premium. In this case, the yield on a 1-year T-bill is 3% + 0.25% = 3.25%.

b. The yield on a 3-year T-bond is equal to the real rate of interest plus the maturity risk premium plus the liquidity premium. In this case, the yield on a 3-year T-bond is 3% + 0% + 0.25% = 3.25%.

c. The yield on a 3-year corporate bond is equal to the real rate of interest plus the maturity risk premium plus the default risk premium. In this case, the yield on a 3-year corporate bond is 3% + 0% + 0.6% = 3.6%.

Penjelasan: