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Question 101- d$ g' }, A# g7 U9 I( h! D7 T8 b
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Consider the following two statements about putable bonds:# ^2 z- h. U) ^' ^8 F; p4 p
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.
6 V# G @) e& H l3 LStatement #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.3 j0 p9 K5 b/ y! w. J$ M
Are these statements correct or incorrect?3 i/ z) H' @" o" I) a4 M. Y
Statement 1 Statement 2
+ }- c( G7 ]/ f# u) lA) Correct Incorrect' ~$ Q R i: }5 g, q
B) Correct Correct/ z, q4 u# S* p, Y% x" J! G" h
C) Incorrect Incorrect
: x$ D, M0 |1 c" f5 d, f% |D) Incorrect Correct
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6 e1 ~( H3 t$ O+ ^: A答案和详解如下:7 I- ?) l2 c0 z* i4 i
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- V( o8 C1 {7 @Question 102
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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?2 T3 X2 {+ Q, D) S; ?
A) $624.: r, m0 \' k1 d+ ]$ r
B) $724. Q, H8 h2 i& G$ b4 g p3 M
C) $459.
6 F, v4 }/ z8 ^8 vD) $574.
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# s% `2 Q. U( X3 ^答案和详解如下:- E0 M/ [7 E c8 }0 _9 q4 V4 k! T8 K
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Question 103. D, ]+ ^4 a0 R2 ?# f
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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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:
# Y$ W8 o1 J' G% q9 \0 rA) 12.25.
* b: R: j: ]! F/ o+ ~B) 8.41.( P8 V+ {; _; y4 V8 ^1 j
C) 7.42.
, Z4 \$ m( c1 r1 Z4 zD) 9.53.
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答案和详解如下:2 `3 ?; M& A; o# O4 U" V. e- M5 M9 ?
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Question 104
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5 _* E2 n, B# M) `+ ]% }The term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:
$ a& H# v! a& w6 }: ZA) market segmentation theory.
$ Y; K: y" q/ B" s# [( l5 ~B) preferred habitat theory.2 H. Z$ p" w4 ^
C) liquidity preference theory.* {5 J2 X% m' R; @
D) pure expectations theory.
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答案和详解如下:4 t+ q& ~( c% s7 h$ |
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! i+ g) Z8 ^7 P7 E) \+ T' qQuestion 105. c3 | z j6 `/ ]
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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:
/ H0 [6 \. a# i: p9 x" j5 q8 EA) increase by 22.5%.% m5 b9 ~8 W1 F: M4 C5 W9 C
B) increase by $4.00.
# A% Z( M: V( _9 TC) decrease by $22.50.
8 X; S" C& k' O* c! Z, x4 tD) increase by $34.00.7 d/ N, X, U! a+ K) W. T
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答案和详解如下:
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发表于 2015-7-21 09:02:51
