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Question 101
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Consider the following two statements about putable bonds:
& y) i8 |8 \) M6 \! w; OStatement #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.
5 k( \8 @" C8 o. ]/ pStatement #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.& u5 Z: F ]$ ^! U1 \% e
Are these statements correct or incorrect?/ [" x* B9 O0 _- d5 S# q
Statement 1 Statement 2
2 C, q/ l; y7 j& F) P6 f5 iA) Correct Incorrect
7 w2 ^; ?9 n! Z" WB) Correct Correct
9 `7 a2 x, @) `9 @8 V# bC) Incorrect Incorrect( I- e& b0 X. Q. `( M2 j. |
D) Incorrect Correct
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( p# p; p" F- Q; Q+ T, N答案和详解如下:
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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?3 a y1 g6 f- y% w; d& H' }2 w
A) $624.
' S1 I% ?) ~+ WB) $724./ i6 o4 j2 k) s. }1 [$ L) V5 ^
C) $459.
3 m( q0 B2 e1 F1 _D) $574.
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答案和详解如下:: r+ Z8 \! T" k) C Z
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2 n% n }9 q8 _0 O3 c% j* i TQuestion 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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to: V6 Y% K1 }1 \7 l# S
A) 12.25.- ?, p7 X8 P& \, ^, ^
B) 8.41.# p6 d9 G ~- h! I7 O( i: [
C) 7.42.
: }- A, A0 _& Y z1 d xD) 9.53.) J( d. E, o( f
1 `' _: Q7 A( G% m# B3 b答案和详解如下:( J8 d- Y+ {$ j( P0 Q( o
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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:# t" ^% t$ Y3 ^# @# _1 U
A) market segmentation theory.5 s) d* t7 l$ s( ^! }
B) preferred habitat theory.! {' p1 [2 |% s
C) liquidity preference theory.2 T8 X) G, J6 K
D) pure expectations theory.
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答案和详解如下:# g5 ]$ r/ O8 W4 {+ [
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Question 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:9 Q' C% l1 g6 ~" V
A) increase by 22.5%.
; Z) u* O1 X. S2 m; vB) increase by $4.00.9 x5 `' W' j4 \ o
C) decrease by $22.50.1 ~$ E: b/ S& B! @% {! n, n
D) increase by $34.00.1 m3 N' Q# `7 e' N+ k) b; N1 \
# X H0 ^1 ^) U答案和详解如下: M- d R& M4 k2 j8 z x
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发表于 2015-7-21 09:02:51
