|
|
Question 101
1 ?$ S$ b6 F# Y. q" x S' U( I* L4 q: {8 F! F, I5 p+ {
Consider the following two statements about putable bonds:0 ?" U) t7 l# J. |, M
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.- k2 T3 P0 k- {+ ^& Y" m( S4 p( @. s
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.9 `. k7 C( M# J. j
Are these statements correct or incorrect? w+ d4 M6 _: g
Statement 1 Statement 27 t+ S" n8 G# n2 }
A) Correct Incorrect
. k3 {+ c2 _: T0 z6 m* YB) Correct Correct
* e( g9 y9 L% d& N8 m( d8 }C) Incorrect Incorrect: Y- r( J9 l4 M, p v
D) Incorrect Correct7 ?9 N8 C/ d7 u1 K
( B7 e7 c( ^# q/ x
答案和详解如下:7 w7 s- m$ ^+ [: N" p. D+ N! }( h0 [
1 \/ W9 t$ g" _. x; k+ l1 E4 D! N+ j2 p: F6 z- u& E2 {- G
Question 102
& d$ X& x6 i% L1 r8 ]4 K
3 I- Z; ? n; `5 n. UJane 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?. d( y* P* v& Y' N7 C
A) $624.& Q' U% c/ ^/ K6 ^8 ?
B) $724.
2 s: I3 O/ j( ^5 O; y$ k; ^C) $459.9 e! k' \1 O w$ _: }- @3 J
D) $574.2 x: \$ L) A; ?& N7 M& X! b
: ]1 b/ W7 [& \" e+ N答案和详解如下:
' d6 p' t* a- b0 a/ L
f, I5 X3 \' e. [% y 8 Y/ G9 ?& W u7 {1 N* n* U
Question 103 W ~% n( x I
$ F5 ]/ ^9 T5 J2 ]. _
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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:8 g$ @* h" s1 n9 ^8 W7 @
A) 12.25./ V! z4 D4 p8 U% r, H' o
B) 8.41.1 y4 @8 ~, q: I/ {
C) 7.42.. K* H3 T3 B( F8 H: x
D) 9.53.7 A) H( Z4 x) f% o- Z
! q; X' V5 _8 _. ?, u5 \: y1 Z' t* C答案和详解如下:2 N# V; `8 ~6 A7 z# g4 D# R
+ ?! [) S- r9 F5 H+ w9 J5 w/ M1 `, C7 L! P: a) s7 l7 d
Question 104
6 N3 }7 E8 R$ k1 v" v1 L* ]. \- m/ l. s; R6 P0 [6 P
The term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:4 X& {6 n* w3 B# z
A) market segmentation theory.
5 X9 c0 O5 C5 D5 Q2 Q# CB) preferred habitat theory.
1 u# v% L: ^' o/ C, b5 O# kC) liquidity preference theory., r ]& V, u% A0 V9 P+ G1 l0 I
D) pure expectations theory.( }7 d7 F5 I5 x- n
; h4 [! a/ `& H p8 D# |- E
答案和详解如下:
$ ~6 ^5 U9 [& M$ u' E
- e& |6 M w# ]; B: J8 F9 o' _3 j+ G0 \0 W2 Z+ }( O
Question 105
7 r" y0 T8 K& ]* c* i' E" g7 p; Y" T, v; L8 j
An $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:
8 I; G& @1 V+ pA) increase by 22.5%.8 G4 p. o7 \* ^$ u3 B: R1 ~$ [
B) increase by $4.00.
: P- w' @8 h; Z7 x TC) decrease by $22.50., b8 p: X8 n1 y4 r' a: S
D) increase by $34.00.
5 y+ N% i4 v" s/ O; d& J! J u3 j" G D7 \
答案和详解如下:- S& r9 z6 J7 e4 K- b n
|
|
发表于 2015-7-21 09:02:51
