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Question 101
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% }& T. s# _( v/ K# }# ^Consider the following two statements about putable bonds:
: w; ?) k9 l2 f9 l6 b/ _/ f! RStatement #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.0 y q( \8 h9 }
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.
, j7 b. s. H3 p2 p- m* U3 PAre these statements correct or incorrect?
) j' d2 }# ]$ o! i# b Statement 1 Statement 2
* I0 k g6 K& M% V+ e9 yA) Correct Incorrect8 s6 b& T4 f" Y: u9 G: @
B) Correct Correct
9 \2 f% y% G+ c1 B; s3 X) `C) Incorrect Incorrect. Z0 X! K% i+ Y
D) Incorrect Correct
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2 b6 \9 f4 E+ e答案和详解如下:, Y3 K; b* M/ e9 o- ~6 ?
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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?
, y: k4 } v% {4 @7 C7 CA) $624.4 u4 z8 z+ K% K- w" k
B) $724.
$ E) y) l2 N9 k2 G+ IC) $459.- d+ u5 B3 z7 M& }! k9 o
D) $574.
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答案和详解如下:
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Question 1030 s4 d; n1 U1 ]. W
' S- b; Z9 _/ d+ \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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:
% @; G* _2 R0 u6 EA) 12.25.
. [) m% u6 _. hB) 8.41.9 f1 K" Y' P% [2 U
C) 7.42.
( d Y+ r3 N6 L0 P# N" n4 T/ XD) 9.53.
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答案和详解如下:
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Question 104# E7 A2 @# b5 R* F$ I6 M
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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:
! {! s) d! K7 R% k: sA) market segmentation theory.
: |2 v" M& q2 M& L5 cB) preferred habitat theory." o' S# Y% @3 W7 X8 L
C) liquidity preference theory.; J0 `- `! j! j6 f4 Z$ s
D) pure expectations theory.
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答案和详解如下:
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+ b! M/ O+ m( y X! a4 g( dQuestion 105
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An $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:, x- e) Z$ d8 Z6 v* i
A) increase by 22.5%.! U' G) g. I& }7 M
B) increase by $4.00.
( Z2 g* C! k3 P7 l/ b9 K: K% J( P3 IC) decrease by $22.50.
' j2 H+ J4 _$ S/ V3 lD) increase by $34.00./ z0 T* e; b# _7 M5 S9 ^
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答案和详解如下:8 {& D4 m5 F$ \1 }
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发表于 2015-7-21 09:02:51
