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Question 101
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, P9 ~- g+ W Z3 RConsider the following two statements about putable bonds:
1 P- D8 P7 e2 P6 X9 W9 J9 I% fStatement #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 v8 c3 X7 ?( Y2 m; z, f" w2 XStatement #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.
! c6 `9 M5 O2 U9 p3 h3 t1 eAre these statements correct or incorrect?" ^! y1 ]2 }+ j- I6 e8 c/ W$ }+ g
Statement 1 Statement 2
9 [! E6 L# `5 f7 F; [% }A) Correct Incorrect
4 Z, i' P5 l0 ~# x& J, D1 L \B) Correct Correct
6 H+ Y1 T* o9 x0 a0 ~C) Incorrect Incorrect
" r+ z* Q; }: {0 D6 JD) Incorrect Correct
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答案和详解如下:0 X8 T: E! {+ [- O; `( y2 I! c% v% F
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; T% H6 d& G9 `0 N; a, P4 SQuestion 102
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! A) |0 L8 f. B# T7 o6 X7 h) C3 }8 w+ mJane 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 b8 X( J- `( U8 t6 r
A) $624.
/ M9 G, s* K' W% S( f F/ lB) $724. d0 O; c- l; e3 k2 E) J6 h/ y+ p
C) $459./ @! |3 {* x) p
D) $574.- \8 m/ _: t. {4 d9 Y: A
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答案和详解如下:; A3 ]. {* g/ I7 G' t
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& F" V* H: |+ r5 PQuestion 103
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5 r; C1 h4 h) m/ M/ 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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:0 c! y+ ?: a: x
A) 12.25.
# r6 s+ \$ n3 k; H5 l, f: q5 u$ TB) 8.41.
5 x- i x. J* e- z2 c7 i- b1 AC) 7.42.
* z. E2 V! v2 ^9 \D) 9.53.5 z& s# f& O' E, d1 U4 _* q1 r
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答案和详解如下:
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% q$ X+ Q: q* h- A- s/ ~9 T+ M! @Question 104
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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:
: D8 ]. R7 p) @9 FA) market segmentation theory.0 S( b# a3 U( o l
B) preferred habitat theory.
# u h& C, H8 Y. [5 JC) liquidity preference theory.2 z7 R+ e: z |8 U& X: \
D) pure expectations theory.
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答案和详解如下:
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" z; ]' C" n5 J! b v. f9 dQuestion 105& L {! k' m: o- V# ]
, i( n/ C! ]8 G8 Z3 xAn $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:
" v/ U9 k& i( o; L% w4 u7 E5 oA) increase by 22.5%.# \& d9 m6 }; J" b8 T- e. K% z
B) increase by $4.00.
* W; n* }- ^; d8 z8 dC) decrease by $22.50./ E* G% _/ c' M8 \8 O
D) increase by $34.00.
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答案和详解如下:1 {, L! K+ S4 l
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发表于 2023-7-2 20:00:02
