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Question 101
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) C1 y1 ?5 V% e+ \0 M1 y7 }/ dConsider the following two statements about putable bonds:3 o7 i2 z8 K( {/ G9 ] t. w
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." M4 j4 _3 X% i. P* ^
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.
_" _% T" o9 F9 ?5 n. WAre these statements correct or incorrect?. y7 v* A" A/ s5 Z9 D
Statement 1 Statement 2& {+ \1 q5 z( c5 m- g+ M
A) Correct Incorrect3 ^& _+ ^" t$ x5 T: m1 s' W% \4 q
B) Correct Correct6 ` l) H" S+ \9 x K' A. s
C) Incorrect Incorrect3 c- G% V- U8 x2 D c0 G/ O: y3 G8 D) A
D) Incorrect Correct' [8 f% N$ `! t: b( z+ l0 g1 K& ~
' U% U3 r. V: C7 Q答案和详解如下:/ Y& W n/ U, P7 y
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Question 102
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2 U( u: O) B' Q: Z- a& 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?
$ t8 t! Z5 b$ a; D! MA) $624.
0 ~; `, q/ f/ E, b' aB) $724.
, b! l6 y4 K: f4 qC) $459.6 a) F( p: T- i; w- y& P" L
D) $574.5 N& K0 e8 z' @
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答案和详解如下:
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1 t- I7 L2 Q8 \0 O! r# ~$ G1 uQuestion 103/ \7 K% f' V, U7 S+ U3 N
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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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:
* W0 S# o! A/ F$ [A) 12.25.
5 @+ E* Q7 b+ D, ]8 Z5 @. ?6 XB) 8.41.
, j( d2 R& [4 ^) N ~3 Y, UC) 7.42.: r0 p2 J: |/ q$ m q& s T
D) 9.53.
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" r$ N- A) o9 R% C答案和详解如下:
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\, z c4 Q: l9 P. S5 FQuestion 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:* i4 z5 ]2 Z% z
A) market segmentation theory.1 `4 ~" m0 e+ }7 ?4 p# A2 T
B) preferred habitat theory.
( D" q6 _3 |+ v" a7 P' N# ?C) liquidity preference theory.9 W+ A- E4 F$ R" P0 p% T8 @) |
D) pure expectations theory./ U; {; w1 G, H' ]
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答案和详解如下:
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, L" a2 @. i- @- Q( ^Question 105
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An $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:
, _2 N# K+ V- p DA) increase by 22.5%.6 f) x v) s* K$ o) h( o8 q6 }, }7 Z
B) increase by $4.00.% w! d3 _* d* \4 S
C) decrease by $22.50.2 q" U! p; w, x# j* x6 M
D) increase by $34.00.* a6 R* \9 t S+ o
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答案和详解如下: Q7 X3 R; n! F
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发表于 2015-7-21 09:02:51
