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Question 101
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Consider the following two statements about putable bonds:4 p$ {# }# V {; S3 I/ a Y/ U1 _
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.1 C8 n ]5 y, r2 W1 Z# b6 _
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.) c0 v$ N' b7 |; f+ z
Are these statements correct or incorrect?6 R6 F L J& i- A O8 ~# ?& \. Y
Statement 1 Statement 27 l+ ~! W& m# I Z- {$ r
A) Correct Incorrect: k! j5 f5 [1 T& p
B) Correct Correct
+ Y- V6 ~3 }1 a. G5 u, h. r# jC) Incorrect Incorrect
, `8 a" M/ s5 [! G! z$ WD) Incorrect Correct( }1 z& j9 H! U' J K
$ G2 \6 q* L/ h9 ^% d答案和详解如下:
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+ T) O" N5 g. z- V; h9 LQuestion 102# y) A- B( q( [: I! j7 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?1 _% S% i. b: u! W
A) $624.5 a6 f, D2 _/ G1 I
B) $724.
9 t d4 R7 y% qC) $459.
; n4 P: f& \ n1 S; ~' oD) $574.) e' o- A" K( M* a
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答案和详解如下:3 K# R/ C9 N( X/ w0 f: m6 V
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Question 1035 \- s6 C5 u* w/ b: M* z0 x3 s8 N
+ Y7 w6 w9 r# c3 S5 OPam 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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:
( }' h: _9 G- sA) 12.25.
]4 t' y# K5 ~( F% eB) 8.41.
7 x5 v/ z/ Z, a: n3 j/ g5 [C) 7.42. }: E' [& X% G0 |# Q
D) 9.53.9 v. M3 \5 ]. s
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答案和详解如下:
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7 E: X) W7 Z* D& oQuestion 1048 n. R' W6 A0 d' x. P: R
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The term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:1 Z% l' q! W1 B
A) market segmentation theory.
, n. y6 E4 P, ?; _- pB) preferred habitat theory.- C# p( {) r, w, I
C) liquidity preference theory. g t" j, D4 h, ^; v' N
D) pure expectations theory.
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答案和详解如下:7 T- P% h4 h, i% G" v3 f# v& w
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. T' j$ q9 Z7 P5 ?+ `# r2 ]9 A6 NQuestion 105. e4 W& ^# L. `% W
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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:
: J: i, q0 d: E/ p5 IA) increase by 22.5%.! l- P% e* P, `* D) ?
B) increase by $4.00.; Q# R: }; @, m" P
C) decrease by $22.50.
. g& f: [7 ]) e8 h3 W/ d1 m2 A1 qD) increase by $34.00.
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答案和详解如下:
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发表于 2015-7-21 09:02:51
