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Question 101" l1 M! E1 V* z( e x
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Consider the following two statements about putable bonds:9 U! ^ D6 E1 S" p
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.
" i6 V( Q! }- j% W0 n5 l* g0 y- ZStatement #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.
6 B9 l4 `# l+ N' U }* P* jAre these statements correct or incorrect? k# U* V: h/ E( ?
Statement 1 Statement 29 s6 [1 H& d9 h9 _
A) Correct Incorrect G) p/ P3 ^& S2 R& ^6 e$ V
B) Correct Correct
' A. h9 t% v' J+ y4 }+ {C) Incorrect Incorrect
" M( E& ~$ H& ?! ~+ vD) Incorrect Correct
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答案和详解如下:( U* g: z' A3 c/ w
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Question 1021 P8 ]0 C! r+ [% M5 h& `
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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?& s! s! K+ X0 ~0 {3 h. j
A) $624.# s1 W+ ^' x6 y' o2 P9 V( j
B) $724.9 _ `7 [' t& C/ T7 X; i( U
C) $459.9 ~' o. \: {7 R% M
D) $574.- l9 W' A1 d9 _1 C. Y
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答案和详解如下:" F/ \2 b. ]8 F! _
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7 G4 N5 d, k& IQuestion 103
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Pam 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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:
5 w H8 r! e, t' W9 l* a4 l1 G+ @7 WA) 12.25.9 q1 m+ ^) `" m$ p+ q
B) 8.41.: u0 k7 F: e" b
C) 7.42.
4 |: X! Z9 Y& k) e) {! L7 y0 `D) 9.53.
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答案和详解如下:
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5 M" l4 `/ e4 B& s6 cQuestion 104
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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:
( r* ^. F7 z7 Q) `: c7 JA) market segmentation theory.2 j0 t; w( }/ }6 X C3 {
B) preferred habitat theory.5 d# P/ E, { B) S4 z2 Q
C) liquidity preference theory.
" M1 t+ k* E3 b8 F- [$ f4 J; s9 m. @) X- kD) pure expectations theory.
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# d2 }# k' G$ h# G) {& M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:
8 \& r. C7 T* K4 c; [* b! Y. RA) increase by 22.5%.
6 |/ v/ j, z* B: uB) increase by $4.00.
) U X8 f* V3 oC) decrease by $22.50.
0 E% l! r/ O3 u8 B. n1 jD) increase by $34.00.
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6 q9 B# k! a2 s) F7 }答案和详解如下:
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发表于 2015-7-21 09:02:51
