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Question 101# m! P( D* P0 d5 i# o
: K6 S2 U- b6 t8 Q: OConsider the following two statements about putable bonds:7 B* ~9 B1 a# A6 [! `
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.
/ D# @% _! Z5 Q4 r/ N1 | n$ sStatement #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.
$ X1 U( f/ E3 q2 `Are these statements correct or incorrect?
; N+ b, ~' U9 R- \' m Statement 1 Statement 2
; T, S; h9 A0 `/ U7 C# j, Z \A) Correct Incorrect9 j( X* D. e6 d `0 b
B) Correct Correct( M# Q5 A3 y% W' L: v9 B
C) Incorrect Incorrect
4 e# M- |$ b; J9 [1 gD) Incorrect Correct6 v7 W4 l$ M X& ^6 x$ u
/ v* \+ r/ }6 z( p0 M7 i# U答案和详解如下:. Z# b3 L7 Z8 l9 r" L$ F
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Question 102
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2 @4 a# r6 ^. _; i5 ?1 e# o( ]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?
. m: }: |- T! z# o; qA) $624.
; c6 V7 X0 L0 o( o* u7 l6 sB) $724.1 h* F4 E0 w; `
C) $459.
) f0 C6 ^+ |8 l' R3 g0 pD) $574.
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答案和详解如下:6 y* `3 m2 s: h# A" O! k- V2 P2 a0 R
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Question 103! E; u$ g. S& U, s
: U% [7 W; I% I5 U: c' S9 }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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:
* c+ h2 ]! P# _A) 12.25.
' v+ }3 N7 N7 X# Y' nB) 8.41.2 h( y2 V' P# u- W! _' M* b
C) 7.42.
, A: x7 ~% W! a! M4 qD) 9.53.
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" P$ L: h1 P! P( a4 v3 x4 }! b9 b答案和详解如下:- J L% m( z5 b% }
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9 {! g+ [0 k* ~Question 104
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7 s- n" L2 r9 \/ h; v& K0 t+ JThe term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:6 m+ }- Y: P, Q4 W+ B
A) market segmentation theory.
, l6 ]# c% W. w% n$ _- o& }B) preferred habitat theory.2 w4 l$ D- w9 J; _+ f+ e8 g
C) liquidity preference theory.! f( L7 c; f; o! l; ]% c5 N
D) pure expectations theory.
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1 l! {. c6 Y, G) [' ~- P1 K答案和详解如下:: J5 r& v1 X/ C, A7 I' ^
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Question 105
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, x- L# c) n4 x+ k! ]2 h" }/ R4 t8 TAn $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:
5 q, b3 b5 z" q- y' J$ f! ZA) increase by 22.5%.
( P8 E! s+ b1 uB) increase by $4.00.7 [% g# _6 K: Y6 F
C) decrease by $22.50.
' T5 U6 S( ^$ } j" ZD) increase by $34.00.
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答案和详解如下:# U H4 N! E( i5 x# o
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发表于 2015-7-21 09:02:51
