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Question 101
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1 T$ R2 ~. d! F6 KConsider the following two statements about putable bonds:2 \0 R E d/ J) Q
Statement #1: As yields rise, the price of putable bonds will fall less quickly than similar option-free bonds (beyond a critical point) due to the increase in value of the embedded put option.
3 s* {& P/ Q2 @% d; |) k1 RStatement #2: As yields fall, the price of putable bonds will rise more quickly than similar option-free bonds (beyond a critical point) due to the increase in value of the embedded put option.
1 n. G* ^' R! `Are these statements correct or incorrect?
f8 N$ J- O3 d6 h Statement 1 Statement 2# @! `6 Y$ K: D: f" {- z
A) Correct Incorrect
t: x4 F* m! e) oB) Correct Correct
; t( F: ]% s. V" R. o' UC) Incorrect Incorrect' Y6 S: t$ ^( x0 S
D) Incorrect Correct
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6 H3 C9 [4 k6 s+ ?) c; R, Z答案和详解如下:0 G( J0 N9 F3 g
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. p5 m( r7 [0 \0 A m: lQuestion 102% b% B- {5 b* N# s% R" _, N
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Jane Walker has set a 7% yield as the goal for the bond portion of her portfolio. To achieve this goal, she has purchased a 7%, 15-year corporate bond at a discount price of 93.50. What amount of reinvestment income will she need to earn over this 15-year period to achieve a compound return of 7% on a semiannual basis?5 c, t4 X- j. g" K( u
A) $624.
$ t& b4 N- m+ |B) $724.8 K0 A9 |0 Y5 z( _: f0 p n
C) $459.
" }9 h& K5 c/ F' Q1 h9 h0 pD) $574.: O' s: X: K: q
+ d; `7 [. _( n答案和详解如下:/ G* Q- C: `$ x
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4 v0 m l2 s: i" q# k% }Question 1035 C6 y: H2 H9 f0 w2 O+ Q
0 [# m1 c: Q! zPam Williams is evaluating whether she should purchase a particular bond. She is primarily concerned with the effective duration of the measure. The bond is a 15-year semiannual pay bond with a 9% coupon that is currently priced at $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:9 W, ^6 e: K0 ?6 J
A) 12.25.! J/ \$ j8 L w f
B) 8.41.7 I1 n7 v, C0 W
C) 7.42.
5 {! f9 [; G0 {& B0 vD) 9.53.
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答案和详解如下:# g4 [9 |( G" U4 V) O+ `/ d0 \0 V1 O
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8 L+ b7 c8 R* \% L' }. B+ j" CQuestion 104/ h* r# r2 t. [, s
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The term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:
# E' r V* }* `8 n7 Y& KA) market segmentation theory.
6 {/ K4 i( p' p6 }: ]; l. GB) preferred habitat theory.
: ^! O. w" Y2 ~6 pC) liquidity preference theory.( a5 r4 _2 c8 {0 ], E
D) pure expectations theory.
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答案和详解如下:
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: Z9 u0 ?. K) j: `0 MQuestion 105' ?8 }$ D5 N4 F: v3 d c2 {; F3 c
1 x( Y y* e9 _6 ?' L+ tAn $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:, x& K, d- }3 O4 Z& z: P Y
A) increase by 22.5%.4 f( i6 @- e2 e- w5 L
B) increase by $4.00.# o# e4 U4 ^ p& D* R+ G0 k
C) decrease by $22.50.( B$ [& H% m( a" Q/ g$ x
D) increase by $34.00.
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' O+ ]) y: J! r* \; b' l答案和详解如下:; ^" _) O' f) _% c& v; }4 U' P
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发表于 2015-7-21 09:02:51
