单选题 A firm is choosing among three short-term investment securities:
Security 1 - A 30 - day U. S. Treasury bill with a discount yield of 3.6%.
Security 2 - A 30 - day banker's acceptance selling at 99.65% of face value.
Security 3 - A 30 - day time deposit with a bond equivalent yield of 3.65%.
Based only on these securities' yields, the firm would:

A. prefer the banker's acceptance.
B. prefer the time deposit.
C. prefer the U. S. Treasury bill.

【正确答案】 A

【答案解析】We can compare the yields of these securities on any single basis. The preferred basis is the bond equivalent yield. Security 1 = discount is 3.6% × (30/360) =0.3% BEY of Security 2 = (0.35/99.65) × (365/30) = 4.273% BEY of Security 3 =3.65%