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Question 1017 J u2 h/ y& Y- {% z9 H" l7 n
2 v6 o& k+ N# V: l1 y" ]Consider the following two statements about putable bonds:
. w6 \. I+ j, E: A0 ~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.
8 S4 v6 R. e6 M" J& gStatement #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.
, x& ]6 j r: o9 `Are these statements correct or incorrect?6 H* T2 z0 J& V6 `. ~
Statement 1 Statement 2
* G( q) ^4 x' @5 [A) Correct Incorrect
# z5 |. r5 U: v; o3 s; S7 FB) Correct Correct
: c- \, X. f6 S1 y& MC) Incorrect Incorrect9 [3 ]6 n- x5 @; ?1 J' A
D) Incorrect Correct
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答案和详解如下:
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9 g4 e8 r: |8 W( O' i, fQuestion 1024 ^* u* l% V- L6 M3 u
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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?- u+ A, I: \# f' L8 j& F _' K( d
A) $624.
: l, k; `: N8 T6 D* Y7 X9 kB) $724.9 l/ W! I6 u6 B
C) $459.; Z4 ~8 o5 ~7 J3 b
D) $574.) H" v. f! F0 Y: @. \# X
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答案和详解如下:6 X. H0 W! |) g- `$ k, D* u
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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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:
- M5 }5 X+ R" S9 eA) 12.25.# b9 Z" O4 p: K S9 f, u
B) 8.41.
0 C( n# ~8 c5 z4 H7 n9 }3 a( yC) 7.42.8 n" u6 c- Q4 n/ r. m& {2 X
D) 9.53.
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答案和详解如下:0 b, [3 Y, i8 h. j* H; J
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" r4 B9 e, \/ M3 RQuestion 104- `$ m# m% E/ q. v2 X
0 F' n7 S1 [, l$ mThe term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:
: L* n. k0 X1 @) k% v- r* XA) market segmentation theory.
9 c/ a* l8 {* R- }2 x3 fB) preferred habitat theory.; }* b9 d7 I8 N/ d
C) liquidity preference theory.
5 ^( Y1 G& J! _ ^2 E6 T2 ]D) pure expectations theory.4 r& I7 x F; i4 l9 i) w3 x6 a
% `/ y F! G' M( F5 ]: q$ J" N答案和详解如下:
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3 r" i! Z8 y' J' uQuestion 105
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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:' K" g, x. j8 [+ ]5 G
A) increase by 22.5%.
4 B7 O- C. Z" w' j. h* ?( L' fB) increase by $4.00." n& z5 z: i. i9 |& e$ b: S
C) decrease by $22.50.
' _* _' a6 i; O9 x3 kD) increase by $34.00.
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! B6 u$ H1 {- a, c答案和详解如下:& Z5 G9 f t' U( s4 y; I
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发表于 2015-7-21 09:02:51
