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Question 101
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Consider the following two statements about putable bonds:
1 Q+ }& b) [, B. V& w% |" [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.( q8 L% `8 D1 T5 z2 s4 Q; D% R
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.+ ^7 t; k2 s) e: u; \9 L
Are these statements correct or incorrect?! O! F7 R/ T7 d5 h& G, d2 L5 ~/ ~4 ~
Statement 1 Statement 2/ j. B) o: ^) C# F* w9 M
A) Correct Incorrect
/ r V- J7 O" E9 z1 m& a" U1 O! z8 fB) Correct Correct( M' z6 X1 N& K. `
C) Incorrect Incorrect, Q, t/ I& r" f, F0 s
D) Incorrect Correct
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答案和详解如下:
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4 o$ g1 b- r1 Y1 j7 ?4 L: HQuestion 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?2 d4 }. {, R6 Q; I( K- C
A) $624.
7 i. b- E& B( K. Y( z1 k. TB) $724.+ _* i! l6 @$ y8 j
C) $459.
; u2 L4 t9 M% ?7 Q7 d5 A' h9 iD) $574., n; A. z. q' ~ c5 o8 H
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答案和详解如下:
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Question 1034 {: B/ X, K6 g3 X J. x5 L8 }& a
0 ~- L3 K; B: W( h$ ZPam 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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:
" V) H/ T# D6 x( oA) 12.25.
# h0 s" M! O% Z& v Y6 n8 ^B) 8.41.8 \* q& t, |% S( B
C) 7.42.
/ z) [" _! s6 V2 [" C) ^D) 9.53.1 c( p& M. f% O4 S: W! k3 ?
3 b0 c3 Y1 v% N9 D& o答案和详解如下:
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8 a. R2 ?" N3 I2 rQuestion 104
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( e" I9 H' d; Z/ wThe term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:
; X8 ~# K+ S4 U- t$ N; @A) market segmentation theory.
0 h1 r! U) B+ f, {) [- s+ A- DB) preferred habitat theory.
7 H/ [ M9 k3 w1 D) QC) liquidity preference theory. ^/ G/ @8 H; z( p. K0 ~/ r2 u- u4 e; S
D) pure expectations theory./ o% [! v6 A( {; K
# c9 @# o& l# O答案和详解如下:
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Question 105
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) U) U- ^* z2 y8 VAn $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:
, N* @3 v: M! M: c& K% C' _A) increase by 22.5%.
- [3 ^0 Q; r/ }. `5 KB) increase by $4.00.( u( b5 m* a4 b6 T. o
C) decrease by $22.50.6 x: Z" U4 R6 j1 ?4 K4 p
D) increase by $34.00.. W1 P* K% g. H, s5 v2 {4 z' _
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答案和详解如下:8 n D8 ~$ O5 x1 P
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发表于 2015-7-21 09:02:51
