单选题 An investor purchases a 4-year, 6 percent, semiannual-pay Treasury note for $ 9485. The security has a par value of $10000. To realize a total dollar return equal to 7.515 percent (its yield to maturity), the investor must have which of the following reinvestment assumptions? A. All payments must be reinvested at less than 7.515%. B. All payments must be reinvested at more than 7.515%. C. All payments must be reinvested at 7.515%.

【正确答案】 C

【答案解析】The reinvestment assumption that is embedded in any present value-based yield measure implies that all coupons and principal payments must be reinvested at the specific rate of return, in this case, the yield to maturity. Thus, to obtain a 7.515% total dollar return, the investor must reinvest all the coupons at a 7.515% rate of return.