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Question 101
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Consider the following two statements about putable bonds:
7 E9 W N! E8 x% H7 v/ [) GStatement #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.4 }: E9 A2 W" Z4 B" X
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.' H5 Q, |6 m4 f& R( R& E) \" N
Are these statements correct or incorrect?
' n! ?; j* d; c) W- o. ?( L& C7 K Statement 1 Statement 2. @ U, q: Z5 v& w6 L* k- v
A) Correct Incorrect3 N* `- H# v- L) c7 p9 [) w
B) Correct Correct8 V* _( X9 P* r. l/ c# g
C) Incorrect Incorrect
* |4 U# M! \( U) I6 FD) Incorrect Correct
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答案和详解如下:
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( O o1 U _9 |. }1 fQuestion 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?
8 a/ T, _0 Z7 w$ L- |A) $624.
, J' s) k$ D% C- d+ F' r9 B# P# W7 dB) $724.4 V7 J# E4 _( U1 t0 d; m( J3 V4 d; b! G
C) $459.
) Q0 p/ B% Y" C! m& tD) $574.& W W+ Q' [! s+ L4 n4 ?
$ F( w' \: S, D9 x$ T; B+ A+ v5 ?9 o; ~答案和详解如下:4 y9 i1 O* o; Z- B5 V9 q
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# L( C R0 }' w2 D7 r' t2 |Question 103
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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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:* i/ \$ e& h* g6 h; ]0 z$ H2 |
A) 12.25.2 n6 z" ~+ t2 X, j5 l* Q
B) 8.41.5 n" Y9 _" m4 l+ n+ l5 X
C) 7.42.
6 a; Q! P& g. c6 \/ C lD) 9.53.; j% j& A) K7 S- v; L
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答案和详解如下:9 J _2 T; y$ D5 ]5 M4 S
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& {8 Q+ J2 @7 \' _. qQuestion 1045 t. s* M; P9 ]: Y C
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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:
! `* b% | v/ w" `3 dA) market segmentation theory.
( o! P7 Y; H& U" GB) preferred habitat theory.
2 K& e8 }/ f9 D- g# ^C) liquidity preference theory.
8 o+ y/ | f; K5 LD) pure expectations theory.
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答案和详解如下:6 T+ G5 a! ^& Z
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Question 105' \2 }/ s: l/ e }
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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:
( j/ w- `7 x* [: R( I/ t1 {A) increase by 22.5%.
5 n" ], Z- E. `* k KB) increase by $4.00.: j. \7 a# _0 g( K
C) decrease by $22.50.! c$ e* C3 ^) d1 \+ ]* [
D) increase by $34.00.
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答案和详解如下:
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发表于 2015-7-21 09:02:51
