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Question 101
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! v s1 ]# O" Y) uConsider the following two statements about putable bonds:( e' ]5 m2 T, j* E8 q, y0 V
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.8 T7 K' t( K6 ]3 ~- Z, i: x
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." A S2 w4 k' A2 d6 @: x1 L9 @
Are these statements correct or incorrect?
) D2 K5 C7 u% {8 Z3 m m" g Statement 1 Statement 2$ ?9 ?$ ~+ T9 e, {! s6 _( `
A) Correct Incorrect
! \' B! c. w! j7 \% N. E1 _- [B) Correct Correct! ~7 T' e R! d! G: E
C) Incorrect Incorrect
- L- C( ~4 P( g. w% hD) Incorrect Correct
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答案和详解如下:
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2 d. Q9 }! B* Q+ QQuestion 102; `6 i& s& Z! U* c! X, S
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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?
?! L+ v G, Y; H: eA) $624.' U5 t/ ~6 t6 W, B0 }* d
B) $724.
3 X1 m0 L4 Y/ ~# \C) $459.
4 N7 A- c1 j) y7 ~! P0 u) y& uD) $574.: Q; ~, @$ B. E" S
6 s* `- B3 N" A答案和详解如下:8 N( ?9 x e' y! d8 X: W7 K$ R6 k# r
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Question 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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:+ {8 f7 s! Q6 D3 p- j' d# N
A) 12.25.* z# Z3 C& B9 {6 e6 ^
B) 8.41.
0 h' s" @ v( w# KC) 7.42.) z8 p2 N/ k! O
D) 9.53.
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$ A, E/ X$ S6 {* h {. B: t答案和详解如下:9 y( i' L' x. S: R
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Question 104
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0 a- e- ~1 W8 |; r; w% d% R- IThe term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:
' X5 E% P: {9 ~4 S+ AA) market segmentation theory.9 k, Y3 Q" q# l3 z, X
B) preferred habitat theory.
5 k5 } n" N( P" J) c: R6 Y4 gC) liquidity preference theory.
* e9 z% I! R8 t6 F7 FD) pure expectations theory.
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答案和详解如下:6 U7 G. L( @1 g; h# S. G; a
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Question 105
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+ ~5 d `/ X: c5 W: @+ \- a6 \0 KAn $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:
0 \2 _- V3 I0 b, y' w$ eA) increase by 22.5%.% @* P6 n& n; \* g9 p$ U
B) increase by $4.00.
' c! f' F* T' n5 oC) decrease by $22.50.
# N4 q1 c6 l; c# }D) increase by $34.00.
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8 }! ?6 P- W5 |( E答案和详解如下:: Z5 I2 N; @0 D) h7 k/ @8 k' n
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发表于 2015-7-21 09:02:51
