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Question 101
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! t+ |& T: K. }Consider the following two statements about putable bonds:
& @8 s- r" e5 _; qStatement #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.! l- n( {4 w# ?- u
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.
$ |! r- n1 b* e$ o0 K5 MAre these statements correct or incorrect?6 [: j9 w& Z4 y0 u& I2 q& t
Statement 1 Statement 2
0 \& {0 q, q' O1 G9 ]) \A) Correct Incorrect
- E% k! ~ M. M8 Z S2 Y6 NB) Correct Correct1 n5 j3 H+ b# c6 m/ {& ~
C) Incorrect Incorrect
$ p v* L( e. t4 lD) Incorrect Correct
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答案和详解如下:. u7 }9 k. v$ \; |
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Question 102
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5 I' L/ K* A1 B. O" b7 ?0 M* gJane 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?
+ j4 ~* N: B) c/ SA) $624.
J+ N& T5 v! u2 J2 ]; gB) $724., a4 l% F9 b6 q' m" }4 A8 _' i
C) $459.) V7 G, d* ?; h: o9 l# a
D) $574.
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! f5 D! ^% M3 B/ N$ C1 L答案和详解如下:
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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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:: R& |7 O+ I3 `0 ]
A) 12.25.% J$ G8 D, ~! D+ M
B) 8.41.
# l; a E1 d, g: N" [/ h, gC) 7.42.
* Q, m0 q0 R- ND) 9.53.
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- n; t. D- a0 }答案和详解如下:
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. U0 D) m% I7 m$ ?5 P U# ZQuestion 1047 m! L+ a. M4 h* N& J3 e
7 Q$ R, J, Q" Z4 n% JThe term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:
# l" P' K2 |5 M) X, j1 YA) market segmentation theory.
: b3 Y3 Z/ q: J1 e6 \" bB) preferred habitat theory.! R% w: c5 Q2 E; t" A
C) liquidity preference theory.- ]4 U: E- t3 x( ?% d4 b. @6 J' m u
D) pure expectations theory.1 T& U, L$ I3 p% C, ~9 N4 u: g
) R! G8 [* S# c) G5 t% F答案和详解如下:
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' K* x1 d8 m$ |3 T1 s2 LQuestion 105 t* J' k" d+ D& q
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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:* Y/ O8 G+ |2 z6 o# j, s
A) increase by 22.5%.
5 h1 U9 |! k ?# P6 l+ eB) increase by $4.00.+ V1 F( v& M! ^, k% J; _( _, @: ~
C) decrease by $22.50.
) n- R: U6 {6 y' w. dD) increase by $34.00.
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答案和详解如下:8 [2 S3 Y3 [3 c! k) n- B! D% |
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发表于 2015-7-21 09:02:51
