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Question 101* B( S& ]3 T5 T+ ?
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Consider the following two statements about putable bonds:
! H4 V0 n3 D3 u5 M9 XStatement #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.$ S: x3 y+ j+ n0 a: }
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.
, l2 ?8 o \' x/ HAre these statements correct or incorrect?# w; Y# o# _+ }2 h# a& q! X# C
Statement 1 Statement 2
( v. K- \( `2 n4 A/ p1 ]8 mA) Correct Incorrect
% ?5 f2 q% ~4 t7 ]B) Correct Correct
' n" ?# A% I) l0 e7 D$ sC) Incorrect Incorrect) m5 L O9 E& J9 o* c7 t$ W
D) Incorrect Correct
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答案和详解如下:
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Question 102: i7 N$ ^. _. h( v% s
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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?
& ?0 Z r, z3 c& ?7 lA) $624.$ ?. l* f. i$ n& C3 w/ o r9 r
B) $724.
( |6 \: M* g+ i- ]- Y/ Z yC) $459.
: K3 B' C0 A: \D) $574.
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8 e4 S7 l9 y. _4 u" \2 t答案和详解如下:
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Question 103
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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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:
b# E8 {9 z5 e" _A) 12.25.6 s4 k9 r7 f7 M, T- E
B) 8.41.
7 D3 V1 \& U. n# [; k0 h# N0 fC) 7.42.- U. x) G5 s3 s: p: W1 v, |6 b) V6 N" B+ G
D) 9.53.. F( }3 I, S/ J! }
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答案和详解如下:8 J) O- C, f; z2 n! N4 P# l0 b/ m
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# l- _) }9 w6 D6 {Question 104
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The term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:! f/ Y j' S1 G6 L/ ^& v7 Q
A) market segmentation theory.8 X3 c9 b# t( Y
B) preferred habitat theory.1 j8 V" j; {/ `$ q: B
C) liquidity preference theory.) s- v7 L# @6 ?
D) pure expectations theory.
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答案和详解如下:
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7 x! F6 o2 P% I4 Y+ AQuestion 105
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+ h0 j5 V" j5 w( x3 c8 d5 ]An $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:
7 x9 G7 E6 ^* q( H% s4 vA) increase by 22.5%.
4 Z2 Y& D" ^( ~2 @6 S9 u9 L) l zB) increase by $4.00.
! f" ^1 B! f! `9 ^( {2 t6 L) u" RC) decrease by $22.50.7 y1 f: }5 {6 x3 |- j
D) increase by $34.00.2 t# `# M8 T8 [( f0 d" q8 Q4 b# d& d
. E; t+ k6 K6 h! i+ Z) y9 P答案和详解如下:, L. ^4 @4 i$ e4 h, b8 d$ [
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发表于 2015-7-21 09:02:51
