|
|
Question 101
{; h5 A% J* y
( U8 f0 ^2 \6 dConsider the following two statements about putable bonds:1 s2 j. u4 x* y2 q: V! B; l2 B
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 ]! k& x4 g; Y; y" X6 P/ l% m
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.
9 h6 ?' d0 l& L, ^' s/ GAre these statements correct or incorrect?1 p5 n: O6 d" x8 Y; T% j- {$ l# F
Statement 1 Statement 2
- q) d7 ^) |7 t4 P( }' _: j8 rA) Correct Incorrect
( z E9 r( Z! A @, S; a QB) Correct Correct! E& s9 {" `3 d2 \
C) Incorrect Incorrect
, k; S( l4 j1 P2 sD) Incorrect Correct- Q( t9 F$ ?% m b" {
( X0 Y _. r- R答案和详解如下:
& O" t4 O1 Q0 w( M# Q% O
# R% A a" M, Q5 M3 X0 z4 ]6 H% _
Question 102" T0 l0 w0 C4 u
0 Z, g! i$ k! _! {7 e/ aJane 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?* u3 Y* A9 u2 y" k b5 e
A) $624.
9 \9 I+ x/ R) C! i5 xB) $724.2 |! S4 g$ V% [9 N- N1 n
C) $459.
( y! i6 Z* x5 N, V7 z2 G4 [D) $574.
1 h C# Q; D2 b" H" t3 z5 V
Q$ G9 R2 D3 ]+ Z: [答案和详解如下:3 b4 W9 m- V2 }6 h* V1 ~
9 g; n5 Y) `; P4 i5 O3 Y
7 s$ U9 }/ H. r: ?4 lQuestion 1032 f/ l# X' q& V
: { x" w! G, sPam 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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:
q* |7 d8 c( U4 Y% LA) 12.25.9 [$ ?; k8 m4 [
B) 8.41.5 O* W( t( @; X1 a4 v& o9 W+ C5 T
C) 7.42.
9 H7 R" W0 s! }& AD) 9.53.
" i0 E' K0 e- Y3 O" J2 @; R7 T% G' }/ b* s# z# R( u' `
答案和详解如下:. D1 n! d3 o! [. M9 B
( y2 ~9 N9 f1 s: f6 R' c: T
+ C9 L) l1 W2 g) LQuestion 104
4 ~" G* r' ], M* Y2 b( _6 B" E# p7 R9 h# D$ N1 k! T: s
The term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:/ D5 n- L. v+ D! n! p
A) market segmentation theory.
4 U3 V/ t9 ]0 G5 u: a+ zB) preferred habitat theory.
2 v6 U! V- z' T! a9 i0 a$ _C) liquidity preference theory.. W* j5 f! a1 V; G# h
D) pure expectations theory.
1 H7 i6 @2 J- T% q! W! H" t) Y! v& N
: n- {, S# ?0 |& ?3 Y) C答案和详解如下:: S& u$ A( q* s9 e1 ^) |3 L
; j' u' l1 ^+ q% _
' O* ^' U' {+ bQuestion 105
& Q) c! M8 `9 a
' _, H9 K* a. z- h- A' ?: ^; LAn $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:" b$ S: ?9 k2 c. u4 H" S
A) increase by 22.5%.! S* z* v% ]& b" J5 V
B) increase by $4.00.2 I" x6 c) C3 z* g! \1 c8 C
C) decrease by $22.50.% e: j$ y) y8 r& y) X% h6 m
D) increase by $34.00.
+ X0 F: X/ P% C7 l. ]4 z4 R$ }2 N2 @) U3 f
答案和详解如下:
, C6 R3 }. [) `9 ^5 m8 ` |
|
发表于 2015-7-21 09:02:51
