单选题 Benjamin Zoeller and Tara McGonigal are preparing for the Level I CFA examination. Zoeller is studying credit spread risk. McGonigal is farther along in her studies, but has forgotten how to determine the default free rate if given the yield on a bond rated BBB + of 9.50 percent and a risk premium of 3.00 percent. What does Zoeller tell her to use for the default free rate?

A、 12.50%.
B、 4.50%.
C、 6.50%.

【正确答案】 C

【答案解析】The formula for credit spread risk( or the yield on a risky asset) is:
Yield _Risky = Yield _RF + Risk Premium, where RF = default - free rate.
Rearranging this formula results in : Yield _RF = Yield _Risky = Risk Premium, or Yielder = 9.50%-3.00%=6.50%.