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Question 101
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Consider the following two statements about putable bonds:
. `& c1 f' t+ VStatement #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.
! T: k' W) L7 T: ~" TStatement #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.. ]! h6 r9 H/ \5 {% j) B( R
Are these statements correct or incorrect?
9 U, ~9 B5 }/ Y: R1 {- Y; q0 z# E8 L Statement 1 Statement 2
/ ? \, o n& _) Y+ K; fA) Correct Incorrect! Z* V1 S6 X' L" L
B) Correct Correct: ?' v' ^6 ~( |4 `& g
C) Incorrect Incorrect
2 B6 X4 Q1 I& w5 E* J0 i/ ~! LD) Incorrect Correct
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答案和详解如下:& T. ~: s# P4 ]3 H# ^
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# i, U1 Z4 |# X) u8 r C1 eQuestion 102
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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?
; i3 ?7 E1 l4 B( ~A) $624.9 V9 ]' P3 p% }& E* s8 h# r
B) $724.
' A" z H7 M/ iC) $459.
* P1 k4 ~( m' eD) $574.
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$ j# ]: z) P' @9 {/ M2 n) Y3 t答案和详解如下:; L$ L* r* g" I; b: L
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Question 103
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" c4 M8 D3 I3 t1 K, T& FPam 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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:5 f' P) v8 h* l* t
A) 12.25.& S! }; N- J x9 x/ K0 ?5 M1 g
B) 8.41.% E2 e" [' p0 o. y/ K
C) 7.42.7 H/ L3 J q* m- T/ N% _
D) 9.53.
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- H8 D L: l; b) O答案和详解如下:
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Question 104' w/ j: l" S5 I' H
3 G/ j! n0 s8 }, H/ D v2 DThe term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:
& }( b% a9 S u4 o) g5 y% i/ aA) market segmentation theory.
, M% q6 ?9 x8 nB) preferred habitat theory., k* f7 A, f6 ?+ b! ?
C) liquidity preference theory.
3 e$ K9 L: _& z" `3 a$ @% V. UD) pure expectations theory.6 R, Q# `1 \; U. ]; Z0 Q, v
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答案和详解如下:* H0 i3 P$ \% Z: r3 W
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9 R, I$ v \1 ^; K: \Question 105
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& e; g# D* C0 e- ]An $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:5 a) ~* B! Z8 S) ]( ~3 w8 f
A) increase by 22.5%.
; f" l8 H8 P# u) UB) increase by $4.00.
- C& S8 f; A5 T6 }+ f. z1 TC) decrease by $22.50.
! O5 Q6 r" b; Y% g, {( B) C7 f; I3 y$ ?D) increase by $34.00.
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9 z2 [4 k9 z# w1 j答案和详解如下:, F ?/ \( Y v+ W5 k) @
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发表于 2015-7-21 09:02:51
