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Question 101
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8 b4 P/ w4 Q7 G4 `' }/ }+ [Consider the following two statements about putable bonds:
5 O! y6 q: x- i1 ~4 k! gStatement #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.! F# J- X5 [' X/ `- R
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.
: s/ P' H! d5 U: g6 s* qAre these statements correct or incorrect?
, i8 t r4 ^( m3 k+ |! Q" j. K Statement 1 Statement 2/ Y) ]# S, Z/ p" J4 N5 c& W
A) Correct Incorrect
$ r6 Z% o5 B/ q( P5 A9 BB) Correct Correct3 P7 E0 ?' m- R6 A/ E3 W
C) Incorrect Incorrect3 j: e; R, C- Q
D) Incorrect Correct9 o8 G" L- ^! i7 C" B
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答案和详解如下:
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Question 102
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4 S- G# h5 |. r( x' \: \, @4 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?
# _% c. V w/ w( y x* c8 PA) $624.
2 r% }! N/ a& l) {; GB) $724.3 o6 l: @" m5 c f2 g6 T2 v6 j
C) $459.% @5 O: W+ ]5 S, Q7 L' m y
D) $574.
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答案和详解如下:
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Question 103: B! m( |4 u5 r3 }% B2 n
) ?2 {' ~# G" d- [% S1 ?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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:
+ S1 \# N0 ^9 A% T" k- EA) 12.25.3 S$ g- O, |6 c; O/ s$ U
B) 8.41.( ]3 ]% Q6 v# r7 [, s
C) 7.42.
7 G* U: g# W& m$ M' `D) 9.53.& R. C s) D: t1 ]; [+ j7 X& e. P
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答案和详解如下:
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Question 1048 z% F& `8 Y- o
/ Y7 T8 {2 \* ?5 nThe term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:
; X* q; `; a& g/ ^8 s. |A) market segmentation theory.
# ~! P) b# ?- M" ]B) preferred habitat theory.
3 }0 A: n% F- X! u; d8 a6 |C) liquidity preference theory.2 ^7 T* n$ w D3 y C
D) pure expectations theory.
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# u2 u: ?2 @! i答案和详解如下:
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8 I$ y: ^" d: _/ ^' ]+ iQuestion 1052 |" Q+ K$ ?" @5 j# Q
5 X V6 y7 ~$ g$ C2 NAn $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:
4 s3 o$ [! P! W' n7 l: g( gA) increase by 22.5%.
7 `% G1 n9 B$ q8 UB) increase by $4.00.
1 j. ~1 e# F3 l: R7 Z- O: \C) decrease by $22.50.3 ? J' V1 j7 E B& a. \0 K
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
