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Question 101
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8 y; |8 p; d+ k x IConsider the following two statements about putable bonds:) p) A0 L& P; R& \6 o
Statement #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." K5 a5 S; U7 _ Y! j* Q9 Q
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.
8 ^! B2 _1 k) s B; P: z5 b1 T+ WAre these statements correct or incorrect?
$ G. k$ N; ?% O8 @# g! H& |& X- Z Statement 1 Statement 2
l% _: ^% m' x$ j4 s- ]( AA) Correct Incorrect
$ H3 x* y- x0 T) AB) Correct Correct) g+ F: I. A: }
C) Incorrect Incorrect
$ h4 X/ {5 l G3 ND) Incorrect Correct, _+ }& e; |# _: D9 H$ \
0 H+ I1 ?3 T! n2 x6 I G6 T答案和详解如下:, F7 q, t/ ^2 y8 M- E) `4 D
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; U6 |% f" y: Y" j. ~; UQuestion 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?
3 a j( W8 _* v1 P# r' ?, yA) $624.
6 y( Z o# K4 A" B: V+ }B) $724.5 Y9 `$ q5 B$ g; V( b8 l
C) $459.
- ]$ ?5 v' E) F2 ZD) $574.# j7 g* p V- _* L% v+ D
) U7 l. c. \. q$ g% ^9 j答案和详解如下:
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9 w: H) a) k; hQuestion 1035 K" ~6 D/ h' V% K
+ k0 {4 p$ y% E% B" w9 r9 I1 KPam 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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:/ E$ F4 m d$ | D0 x
A) 12.25.
* b/ o* r! [5 a6 f/ q; v; LB) 8.41.
, H+ p! `: C2 A+ E; p# P* pC) 7.42., S4 b5 g6 N# x
D) 9.53.& _6 h' C* ]5 h# h9 z! h/ u( l
3 J8 O; o0 ^9 }0 _5 V$ w答案和详解如下:
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Question 104
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1 G. e/ k* P4 k: i$ b) q* fThe term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:
6 F9 Y2 V$ I$ }' ^3 y. @A) market segmentation theory.+ {- y9 B) r: e# M% g) g f
B) preferred habitat theory.
( f/ v9 E+ L8 _C) liquidity preference theory.
0 B0 W' D3 E% F' U6 v/ y! bD) pure expectations theory.; U1 I N6 e$ F6 ^3 z2 i+ v
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答案和详解如下:( s1 \! p, E) q p7 v
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$ f. w$ d+ k2 C: ~% B' yQuestion 105/ w; @! I+ D7 c- a, x5 D
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An $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:) k9 w$ f& @) Q9 ?# Y
A) increase by 22.5%.7 Z, L7 p Z6 `# d. ]7 g0 n3 |
B) increase by $4.00.
. y4 ^/ Y: v- ?; K EC) decrease by $22.50.
1 Y v1 V! j$ G& ]( oD) increase by $34.00.
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) S ^% W' F) k2 }& E" l答案和详解如下:
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发表于 2015-7-21 09:02:51
