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Question 101, {' g F% v# c, [
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Consider the following two statements about putable bonds:
, E7 o; E/ k: Z* [3 }2 s7 |Statement #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 p) }/ C1 O u5 m9 w- }
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.& L- s& I% R# d8 P# V4 L
Are these statements correct or incorrect?. l0 o6 x! T% Q/ p
Statement 1 Statement 24 V ]! }/ G- X* u
A) Correct Incorrect
. x' A$ h- y+ @6 M: ?7 fB) Correct Correct6 O! F4 i' c3 v' N* O9 M
C) Incorrect Incorrect1 O. p i5 e8 D" V1 B2 g% S- u& [/ z; N
D) Incorrect Correct
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! Y0 D" Q1 _* H答案和详解如下: {6 i7 @+ l' O/ x6 W+ r. \1 Y
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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?* O5 d/ ^7 Y# n2 x1 z% Z! J
A) $624.5 X% K6 K. s- d( s
B) $724.
8 ], }& c2 k" n2 KC) $459.
1 F, G" b' c9 a9 aD) $574.
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! w3 T3 B5 w( c* t9 h% P* Q答案和详解如下:" _. N; d8 x; [: h$ {4 U
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, b, J+ y4 k7 T" bQuestion 1030 }* j6 ]. R7 n. ~1 W& k9 n+ p
4 W% k2 G i$ ~5 u X) T7 gPam 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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:
' P' c1 M4 N" I* E( B! iA) 12.25.0 _* C# T6 }& V5 O5 M2 O! \' V
B) 8.41.
( W; K7 D0 @% _/ N8 L/ q4 g' ~9 RC) 7.42.2 N0 T6 x( V: T( G. G& }4 C
D) 9.53.
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答案和详解如下:6 T0 R) K, K3 ~ d( }
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Question 104- D* C# _& S& Q7 }! {! h2 z# m! Q
/ A3 e+ K2 A$ RThe term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:9 ~6 F1 n* `& t
A) market segmentation theory.
) I" h& }* q# _" A9 R1 R7 _B) preferred habitat theory.
! ]& Y( _, @% l/ E7 j$ D! m5 {* E XC) liquidity preference theory.7 c: L( |# n2 ~, q9 w
D) pure expectations theory.$ l& h1 V, [& i3 J! l. q. c+ H
6 o2 X& U: A, l9 b: v5 M答案和详解如下:1 o1 D; O5 i3 @, S/ X& O
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7 g" @* H, z! }/ dQuestion 105
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) \; Q/ T2 E6 r% @* o* m, B* s0 nAn $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:
" ?' L4 L9 Y- A9 q2 t$ f. SA) increase by 22.5%.& V( Y3 y# ]" W1 W* C
B) increase by $4.00.
. |& u6 p$ ?' ]( w+ y9 w7 {C) decrease by $22.50.
- R% y/ k% A( \# B1 T" m3 XD) increase by $34.00.
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! z+ C- b3 x. {; B/ N1 H答案和详解如下:1 S% D# y$ V6 |. [# j
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发表于 2015-7-21 09:02:51
