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Question 101
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( W0 J% l3 a, u- LConsider the following two statements about putable bonds:* n9 s8 o, x4 Z5 M0 e6 C3 d% Y% N
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.* C; s1 \7 N6 S! N7 V+ g
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., P0 t- H- B) [8 n J
Are these statements correct or incorrect?2 l/ F$ i* D3 ~$ T5 f8 A
Statement 1 Statement 2; {- O6 B" U7 @ c! E8 Q4 }
A) Correct Incorrect
( g2 P/ g% n3 uB) Correct Correct8 i' n& {0 n& m' w2 g
C) Incorrect Incorrect
) t% N9 k# K$ }D) Incorrect Correct( |. G) ^4 F- C$ P5 Y2 }9 N
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答案和详解如下:
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8 e1 a) b+ @, \" TQuestion 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?5 @$ z) k. U* D% I) ^$ S, Z
A) $624.
3 x z, d2 \$ x" U- c+ TB) $724.
" i8 w, l4 r* s \5 A! OC) $459.
9 o0 }! o, e ZD) $574.
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答案和详解如下:
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+ I' e9 A3 b& }Question 103% q1 L7 N2 X* b+ L1 Z
( m$ R& A2 `7 y6 O- m$ S% ^' XPam 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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:
+ t, k* ?' @" c6 I t0 ?A) 12.25.' p1 Z3 H7 H& ^0 V( e7 o% d
B) 8.41.
# h* n& l' g+ S! \C) 7.42.! i7 F( S" u5 l& V& w7 P
D) 9.53.& a) s" E5 W) M( k6 W' {0 H
y* J# i3 p0 s- e3 X" r/ c答案和详解如下:
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- Q1 @4 X0 H$ s Q0 k% i% l; vQuestion 104/ e8 l6 V- L1 T+ q: g
' w) F( h/ C# d" f* vThe term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:, R2 m$ `2 z2 A( d7 H" Q; ` ^7 m$ d
A) market segmentation theory.: d9 A1 b" [$ D6 y X# ~/ t
B) preferred habitat theory.
" d% L7 D- h3 A l9 M! o/ U s; zC) liquidity preference theory.
* u( _3 @; L0 M1 r1 ~! ~D) pure expectations theory.
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! M, m" C. W6 g+ j( Y% D! O- s9 K4 Y答案和详解如下:
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Question 105: S. K$ D! ~: `/ @
3 i* V0 n8 h) L$ ?+ Q2 zAn $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:
0 m) D' o% Q6 kA) increase by 22.5%.3 k7 W) ^5 W7 c& G
B) increase by $4.00.
; o/ v) }+ m. [6 l( DC) decrease by $22.50.: U$ s+ r; |+ _! X- ~ z
D) increase by $34.00.
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答案和详解如下:) l1 K3 v* |7 X' _0 b; `% o. G
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发表于 2015-7-21 09:02:51
