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Question 101
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Consider the following two statements about putable bonds:
+ S$ G/ k0 g( r; j# f" o& H6 |0 PStatement #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.( ~- u1 s- A5 r2 U5 b
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.9 [0 T/ }5 I V; C: H# f
Are these statements correct or incorrect?# u4 d2 u p6 k; E! w; }
Statement 1 Statement 2( j1 g; D: n" [0 n, f |8 B3 H
A) Correct Incorrect v: \! U: @) I5 m( Z
B) Correct Correct, ?" c" d% {' P. \* N
C) Incorrect Incorrect
/ {/ E/ Q3 f1 F$ V) C: k* l* xD) Incorrect Correct7 N. `" T9 i4 G$ T& ^
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答案和详解如下:: ? J( x; N; W. |9 w {! J
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Question 102, ?4 M: S0 {! ^$ ^/ y, J3 Z: y
" j/ y8 E! X8 g, n* P, i# WJane 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?
5 m) J7 F/ c$ y2 M3 `A) $624., x: e6 `( Y' z- r& u, M
B) $724.! }& i4 S' v; u+ O5 L j) c5 S
C) $459.2 g, o: K5 e7 J- k2 f5 y2 m8 z; \$ X
D) $574.4 w# P% `5 i) @7 B: r0 n/ j
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答案和详解如下:
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Question 1037 C' [' ]7 |, \8 k3 ]% E/ e2 K" ^
2 O4 {; u' A5 i8 m6 nPam 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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:3 b! W+ a3 B; [7 Y& B% v- _
A) 12.25.
% W) J4 x7 L- t, k: X! ^B) 8.41.8 C5 W& a. [& s5 m/ R4 ~5 c* e1 n
C) 7.42.8 K* U2 |5 o3 |! O' g& Q: Z
D) 9.53.
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6 V) y1 `, m7 y4 s答案和详解如下:! S/ p: N) z+ H/ X. L4 G( K
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Question 104
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/ a8 ]; N1 E" D& Z% w! C1 z9 NThe term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:- ]0 O& A* U6 c5 z$ C; D V, \
A) market segmentation theory.0 o( B% U& ` W. L/ ~) L
B) preferred habitat theory., k0 a. f. d( G# v
C) liquidity preference theory.+ Z7 g8 ^1 X# c8 C/ M) f8 p
D) pure expectations theory.5 _7 h3 _* v E# w3 ?/ r9 D
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答案和详解如下:4 ^" L! M& o0 }. X
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Question 105
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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:6 s; @) M, E. q* p
A) increase by 22.5%.
! @! ~) \1 Q+ v0 RB) increase by $4.00.
& m9 U. x$ ?/ u4 j1 dC) decrease by $22.50.7 v& u: n$ o, M' b4 o1 ?. v
D) increase by $34.00.
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答案和详解如下:
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发表于 2015-7-21 09:02:51
