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Question 101
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Consider the following two statements about putable bonds:
1 F6 l/ L0 c5 ]/ K2 IStatement #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.
, t) I; z+ _5 w% c* a# hStatement #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.
, l4 R( @: w5 _% rAre these statements correct or incorrect?
. m5 Z' N" A* j. X/ U. g4 [ Statement 1 Statement 2$ o5 E q, L5 ?4 p
A) Correct Incorrect
, J' z% ]/ Q. l) e, u# |B) Correct Correct
- [# h. q4 E! S$ r" JC) Incorrect Incorrect
+ _2 @+ M/ r, L9 n" R+ I) ZD) Incorrect Correct' n$ I5 G- _8 L% d
5 R2 ^# x4 m; I0 d7 h答案和详解如下:
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& L4 B) G) j" uQuestion 1025 ~2 v+ U" O# D$ a. n% C/ R
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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 y: b) \9 |) \; ]
A) $624.
5 E6 L) N$ ]5 S/ \B) $724.
. o0 z c# T" w9 VC) $459.
6 _, h4 W+ w9 E. W9 j) iD) $574./ {" V7 q. _1 c
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答案和详解如下:
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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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:
8 [1 D, R( f$ C2 u0 q: }. YA) 12.25.
4 D+ n9 }3 c4 _2 d8 ~+ xB) 8.41.
Q! i! |: V+ @& M" ]7 j* E" pC) 7.42.8 o" |! |6 c& H1 I) U- A7 |
D) 9.53.
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0 e ^0 d7 W# @& N Q1 r7 V) z( Y答案和详解如下:
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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:
z7 y+ @) A# M: }4 _A) market segmentation theory.
$ Q% r N+ @1 V" b2 S& G. TB) preferred habitat theory.
+ e2 G* I4 o- Y0 v) Z& XC) liquidity preference theory.
; G- }& o/ w. v3 E( H8 w4 s& o$ Z; m: _D) pure expectations theory.
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答案和详解如下:
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. m' X+ M/ _4 c7 m1 |- |! EQuestion 105' M' ~! H; r& p+ m
2 ]! `, o9 q X* |4 LAn $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:
D& o! `, \$ WA) increase by 22.5%.$ ^" b: p1 f8 N% [" {1 L$ R1 Y& u# l
B) increase by $4.00.$ ?0 J2 K9 K# d# q j: G* F
C) decrease by $22.50.$ l3 _' g, O8 O% a8 R/ c
D) increase by $34.00.
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答案和详解如下:. W9 ` p7 N$ _. K4 j1 `
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发表于 2015-7-21 09:02:51
