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Question 1016 g* v% A% P& M! p) R. ]
( e) O# J' `8 t+ Q4 aConsider the following two statements about putable bonds:
1 Q+ B9 M; r6 V+ T% _4 LStatement #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.; l1 @- i& ~0 L( r5 @; l( L0 q; k
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.+ }6 x, |7 Z4 J$ z. R
Are these statements correct or incorrect?
?+ m* g% d# }) c9 ` Statement 1 Statement 2
: X$ d" S; b8 |" _1 U$ E! ~+ Z2 @; yA) Correct Incorrect
3 R; B3 N- u8 J+ IB) Correct Correct s( a: ? D6 U
C) Incorrect Incorrect6 Q/ P# a6 A' q: q) l
D) Incorrect Correct
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答案和详解如下:
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$ s( r2 o% {1 F0 }Question 1023 ~# r4 L- m3 a s% o1 h5 q
5 \. g, [* u! F& aJane 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?7 R: K$ P7 C( E, }5 I
A) $624.
$ l8 b5 s0 n/ C8 k: lB) $724.% [3 b' k* A4 g6 @$ |' R+ W8 S: [
C) $459./ A4 y2 {3 W } l/ L W. @
D) $574.
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答案和详解如下:
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" o9 I. ?, y& ]8 uQuestion 103
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% v) I7 j& `# b" r/ k; j; D7 hPam 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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:
! j4 Z3 s$ A$ m# K5 kA) 12.25.
' i2 f# t# l5 {7 Z8 y/ ?+ `B) 8.41.) E( S4 X- w W
C) 7.42.
0 m; U4 B& ]' P( `/ P7 K9 T4 s& `D) 9.53.
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$ ]1 b; x# x% L$ P答案和详解如下:
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Question 104
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6 ^" B7 I8 y/ t5 XThe term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:
+ Y# [; s! t" z, o; k# dA) market segmentation theory., D$ w4 G s% q" }" n* Z
B) preferred habitat theory.
. m; y4 Z- c9 Q- ~C) liquidity preference theory.1 P9 W1 Q9 s2 F- f
D) pure expectations theory.
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. A5 }5 f3 g& h6 b9 t( C- {/ Q答案和详解如下:
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Question 105
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, t( n+ h6 ~& V% cAn $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:
/ z; ?. V+ u1 u) O, ~A) increase by 22.5%.5 _- c5 ^& e. D9 d
B) increase by $4.00.
9 _; q- U% S/ h2 x* D% Z( VC) decrease by $22.50.
" z- D8 i- s0 E! ~9 }D) increase by $34.00.1 n% l+ M+ m$ [2 T: V
# F# i* _% J3 \ p" |! H答案和详解如下:% M/ z' ^/ N' Z* ?
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发表于 2023-7-2 20:00:02
