|
|
Question 101+ t, L9 ]) c: U
# s$ a) l' t, [4 |
Consider the following two statements about putable bonds:
6 c6 z. ^/ T# n# mStatement #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. V4 D9 f4 n4 k7 G
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 J+ n' a# P% FAre these statements correct or incorrect?
8 B, C3 Z, E6 @0 _- | Statement 1 Statement 29 H5 |7 J4 X9 ^3 B. x* O! q$ X
A) Correct Incorrect
" D6 d; a& z* I0 }3 ?$ Y' EB) Correct Correct
3 \- c$ \! [4 v A5 gC) Incorrect Incorrect, O, [. ~* {# D! G& ?
D) Incorrect Correct. n! k% V1 h9 W1 @. S
/ l/ |8 Y: \8 F3 o0 z答案和详解如下: ^8 L* ], T/ ^6 X K g# M0 {
3 b4 @) @2 ^" I0 N% Z8 a
l% s6 E3 W$ a4 n. IQuestion 102
. | Z( R# r$ I! u- \
% i1 L3 i$ D9 f# ]% M* X+ YJane 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?9 o6 ^! \2 D- M8 D; R# f( d
A) $624." ]3 w2 O3 G* T: r
B) $724.$ {" J& B# {' N( l; ?# G
C) $459.# r4 |/ S4 [; w+ P% e
D) $574.
+ L- O. p0 b8 e! V1 X5 t0 ~2 L+ a' X! x9 c. i) \$ m' n
答案和详解如下:
. B# o# M. Y3 R: I
$ W; o7 E5 p$ P( D% y! q" m5 N9 k 8 T1 I( q# X6 W8 m5 Z9 A& w. h$ o7 M
Question 103
C3 w# J ~" }) f4 `5 M
3 ]% r0 y4 W0 i9 x: aPam 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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:* v& a% s) b& \# L) m) Y: L# J
A) 12.25.6 I0 ^: r5 J1 j. K
B) 8.41.
3 ^6 T+ U# O" m" R# d0 tC) 7.42.
; _- _/ y- |8 a& u$ }' q* ]D) 9.53.0 k* m# L; U3 V7 z# ?) `
: R: R# H# O- w3 x. l6 T: G答案和详解如下:
3 f, [9 X; ^% m; F2 b
, W! a6 h/ y! a$ u+ \! g+ a, U% r) p$ p
Question 104
; `5 f. w" ]# m
6 t/ [1 v5 O* t* F7 V0 yThe term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:( Y* O- M' H0 G
A) market segmentation theory.
- Z+ `. H* d3 G. n1 H/ XB) preferred habitat theory.6 d2 ~! A0 ^8 q- D
C) liquidity preference theory.
( c, K% ?2 u* L h4 o z* PD) pure expectations theory.- J4 @4 t/ P+ x4 P6 U
7 A8 o1 f4 p7 E/ y; I- ~, W
答案和详解如下:( d& X; f' w2 {
) K6 W) k: W. q6 K! f) R
+ O" x) a2 h8 t2 \- y/ V4 \
Question 105 X% S6 C1 \& h! ?8 w
~0 i' U/ u' Y( \An $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:9 h) B0 M* A5 w2 ]5 p `: ]( C7 W
A) increase by 22.5%.7 t: Y0 q" [* A
B) increase by $4.00.
4 N2 O1 o9 @' sC) decrease by $22.50.
$ F% ]0 |5 {& N& CD) increase by $34.00.
6 u b3 x' n S( f: @2 _
7 U+ c3 ^1 o; U答案和详解如下:
, M* b: Z- o& r- F, O; A |
|
发表于 2015-7-21 09:02:51
