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Question 101
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( K4 f6 `' w" p8 GConsider the following two statements about putable bonds:) o' V- v# t& Z: l/ L% _ Z* P' 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.6 P0 X l+ E" [6 E; z: h
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.
# N' s6 Q) ~; kAre these statements correct or incorrect?
: [! F U5 i7 [/ w- u# L& Q( M5 T Statement 1 Statement 2
/ v! [1 P `) k; a" F+ Y1 PA) Correct Incorrect
# u& m8 b5 ~! X9 ^. i3 sB) Correct Correct, b1 k( b0 f" Y4 r) d" p' \% g& U
C) Incorrect Incorrect
8 @- k4 j, K6 ?6 O, @8 vD) Incorrect Correct0 @1 [' r$ H) S+ K, p0 t% I/ f" @5 y
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答案和详解如下:
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' |$ L; W. E6 g, o3 _Question 1020 E- }! G5 a1 T1 ^
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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?2 }) O6 R0 T1 K3 Q/ B8 q0 |
A) $624./ ~, v( n4 [6 J- d% i+ `
B) $724.
6 O& Q) v& f ~. S8 _8 O- _C) $459.5 Z7 [# n; p9 H' N& q* b
D) $574., X6 ]8 f. t/ e; @" \8 B
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答案和详解如下:7 O7 m5 r! ^2 i9 h- p
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Question 1033 p* o9 [. O7 ?# z
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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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:9 [( G2 x# q& a( v
A) 12.25.
# [% \$ j, y- k' w( T2 q! e) b) UB) 8.41.) V C2 [" ~ R5 s8 _* K6 l( q9 |; X
C) 7.42.
e/ r$ C8 P! b& J+ ^( UD) 9.53.
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( E/ y3 V+ _- r; w# R) r4 S4 S答案和详解如下:
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Question 104
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2 y; L) A) U. U: RThe term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:
. N/ M4 X+ L1 I9 VA) market segmentation theory.
" i7 v( v1 v, z X9 O/ KB) preferred habitat theory.
" @( e8 e/ s' h& |C) liquidity preference theory.0 y- ~ e' [5 |/ G9 J* X5 `
D) pure expectations theory.1 o" h& u' p, q% B
6 k, b+ g1 V' F. {2 {( G答案和详解如下:
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Question 1053 l& y0 y7 |/ x/ L
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An $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:
; n, s# Q" c$ ?1 r: V9 k. JA) increase by 22.5%.2 F* T# J$ a, @. C* [5 [; J
B) increase by $4.00.5 ^- g! s6 ?8 V: v& e9 @
C) decrease by $22.50.
" w. u2 x W A2 t: g, T1 kD) increase by $34.00.
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, E' a& ^# t4 I2 A, q# h! Q0 B7 c答案和详解如下:0 ~6 r/ k2 m( @$ z g
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发表于 2015-7-21 09:02:51
