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Question 101
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Consider the following two statements about putable bonds:
9 l9 F6 M5 l5 I3 r7 vStatement #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.' z9 J1 }. y8 F1 ~) b5 v
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., V4 ~6 q6 f4 ]9 b% B7 k
Are these statements correct or incorrect?. P0 e4 o4 T0 \0 s
Statement 1 Statement 2' z/ f7 O3 d/ a. c* N, }
A) Correct Incorrect
# n% X6 i+ n. f7 W, n9 U, P; u$ AB) Correct Correct
* H6 q' Q; `8 P! ?2 ?. |# BC) Incorrect Incorrect
. } Y0 L2 r4 {- g+ ]D) Incorrect Correct
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- n4 b+ Y* j9 A2 @6 O$ h* C答案和详解如下:
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4 ]1 b; I) M* h1 p! k% NQuestion 102* _+ ]. l3 z! [( M
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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( f2 e$ d9 k1 BA) $624.
: x2 e# s- M' Y% q9 _6 xB) $724.
4 g3 a' r n; ]- Q: F: R5 \$ vC) $459. W4 i; r! T$ n4 |% b6 S7 s X
D) $574.
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答案和详解如下:0 W3 Q0 r! O* l; z
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Question 1033 ^3 {0 J. |1 J, W ], R. O
; l0 G" t1 Y$ h/ N- _) ePam 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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:
: B% S7 L$ n( V$ Z, |A) 12.25.6 D; T& }7 d- H. e |5 V' I4 E/ M
B) 8.41.
6 v1 n( ^3 `4 E+ i A0 GC) 7.42.2 b! G* @: d( f2 z
D) 9.53.
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答案和详解如下:6 d" ?/ j) N# W+ U9 @) p# w
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Question 1049 H0 _( N7 b7 V" Q: D" u: X; ?3 K3 p" V
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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:
$ p ~7 n: q% B3 V9 l3 }A) market segmentation theory.
9 z% v8 s G1 RB) preferred habitat theory.
$ M) g- k- u7 C. CC) liquidity preference theory.
6 i$ E' P& D; hD) pure expectations theory.- Y( J" }; n7 K0 T: u
' u/ h8 }& X4 _( B' I0 U答案和详解如下:/ V2 V1 o$ {$ r
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Question 105: m! H9 @" w, a& T2 v
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An $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:
; k# y- z0 u2 j0 w# G- n$ A. w: cA) increase by 22.5%., O* v, y/ E2 w7 a/ j
B) increase by $4.00.
* N7 A2 }& T0 v" NC) decrease by $22.50.
$ \. k) A: t# Y2 Y* D# h5 G# u: YD) increase by $34.00." g8 A& @& {& }$ [$ X* V
5 J4 I0 u9 U$ ?) B
答案和详解如下:
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发表于 2015-7-21 09:02:51
