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Question 101
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2 s6 ^# y! M6 q5 t6 SConsider the following two statements about putable bonds:2 U/ }4 g4 y5 w5 M7 I( x3 c
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.
, r1 [: K; i; C/ [Statement #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." ?! _0 O9 P! {* M1 B
Are these statements correct or incorrect?
" o: z; v2 i1 c F Statement 1 Statement 2. i2 {' |2 e( J. ~4 |. p; Z
A) Correct Incorrect" V7 A, q9 W/ L3 z
B) Correct Correct
# X F0 n! g2 }C) Incorrect Incorrect: {( v0 z2 O! M Q
D) Incorrect Correct+ G; m2 m9 S* o7 z+ c4 S; e
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答案和详解如下:
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Question 102* C! R1 X% A* i0 p, G/ m
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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?
9 h, J/ ~1 z% a+ IA) $624.
8 v+ j: v b3 s2 K9 l5 [, `6 K7 lB) $724.
6 E; v* `! B1 yC) $459.
& w, K: h- f1 X/ ?D) $574.
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答案和详解如下:( u# F2 y3 j; O7 N
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Question 103
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+ Q0 f/ Y( C, [5 O3 CPam 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:
$ F6 N8 v; L3 c0 tA) 12.25.5 P+ ^, ]( x2 R7 ? N
B) 8.41.9 j& e/ x* x+ R4 `
C) 7.42.
& O* f9 x; B9 MD) 9.53.% G' n0 X+ q8 y, I( h0 u2 g% a
& I9 r) x- S* z! g: n& g& @# U3 q答案和详解如下:
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' @% `4 J b4 w$ K) F( i- l+ ZQuestion 104
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, G0 t% B" }# a( _: }$ K, q( sThe term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:
& G# W# I6 o% J, V. s4 C i, YA) market segmentation theory.
- M3 {9 e6 }" l, o/ @' O; H. R7 m" EB) preferred habitat theory.' ^# e2 U6 h/ J
C) liquidity preference theory.4 h: k- h8 g2 q9 ?$ u
D) pure expectations theory.
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答案和详解如下:
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Question 105
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An $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:" ^6 `0 q4 ], x3 y0 K0 w# a2 ]
A) increase by 22.5%.
* K. }( C g9 sB) increase by $4.00.7 w8 ~: G8 U5 A9 H# V" T
C) decrease by $22.50.. X& Z; k% a& f& U: @
D) increase by $34.00.& u2 h% Z1 z; K2 a2 L
$ s( R2 P# K) g8 k; a# h: `答案和详解如下:
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发表于 2015-7-21 09:02:51
