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Question 1018 e+ X, U8 n! G+ ?: s6 `* O
5 R2 M+ M; o$ GConsider the following two statements about putable bonds:9 P3 n9 O! B$ }" a$ y* ~+ w& L
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.
5 ^( {; R- ~: n3 J2 z* fStatement #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.
8 F+ c/ h. Q5 `Are these statements correct or incorrect?/ O6 T9 d4 S/ K( A4 E* h' u
Statement 1 Statement 2! V* H' x3 z9 A( o, F' N
A) Correct Incorrect' _! k7 f4 \, w" B' S: Q
B) Correct Correct
$ k" b& V3 i, k5 I7 tC) Incorrect Incorrect8 O" Q0 j% L7 j: r6 l
D) Incorrect Correct
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答案和详解如下:8 V' S9 f( u. Q/ H7 P/ V8 ~& K
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Question 102 }0 S, {0 G5 l# f
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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?
9 ?' D4 K. {* J1 B/ C/ H. OA) $624.* m/ Z$ M# F2 y- x3 l7 d
B) $724.
" E2 [/ Q) }+ PC) $459.
/ u. y- E% P0 f' a3 M. [D) $574.
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答案和详解如下:! N+ O1 z/ t) _5 t
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- m# G4 |: v) KQuestion 103
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7 Y) B: s1 P% w* j7 iPam 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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:. W7 ^! T! P% T9 }7 o( N9 _6 p
A) 12.25.
/ t, b/ U& @5 C. \9 h4 j% Z4 C B* GB) 8.41.
% E1 z, f. D, T# n: d/ ~" d/ YC) 7.42.
4 G: y. B2 E! ~' T& e+ yD) 9.53.
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0 j0 i% \0 r$ v0 n答案和详解如下:
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Question 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:9 E+ {0 m' X5 y" v
A) market segmentation theory.' G, T- ~% o2 i* Y
B) preferred habitat theory.
) u g% |4 b) W3 }* n+ U oC) liquidity preference theory., F5 r" ^' g: G$ b- }3 ]4 N
D) pure expectations theory.
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) ?% @* S3 ?4 W0 m/ l5 g: m, E答案和详解如下:
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Question 1055 ~/ }7 E) T' P% @ |; R
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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:
% b n/ c# N' G& J7 mA) increase by 22.5%.6 |1 ], f. }0 d5 v- p L' j
B) increase by $4.00.' m6 y) ~( ~2 Y" N6 c
C) decrease by $22.50.
+ H6 N* K. v3 ~% b8 pD) increase by $34.00.: w) i: u D1 b& s0 r
6 M) x, [+ p3 x2 n答案和详解如下:
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发表于 2015-7-21 09:02:51
