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Question 101
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Consider the following two statements about putable bonds:+ e; u7 f- Z8 _0 v2 `3 R% B. W* s
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.) s8 N* m4 L" q
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.
" m0 m9 t `5 x5 M, E- q$ LAre these statements correct or incorrect?: P2 p# {. i& y" @
Statement 1 Statement 27 U! I1 S" j; z/ u
A) Correct Incorrect
' f+ ~3 p, r$ SB) Correct Correct, u6 q) y) W, ^0 V% p
C) Incorrect Incorrect8 p7 G0 e6 B+ a
D) Incorrect Correct) c0 v. u& P' F6 `, h
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答案和详解如下:( q, a7 m* ~% N; l7 h5 i R
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Question 102! x0 @; q/ a h; t) 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?
% e- o& K, k9 x7 Q5 p+ `: _& y/ jA) $624.- }" f! _- ^6 x6 _! X' v
B) $724.
" _. \6 L1 o' A7 r7 GC) $459.
7 X, N) F# w" d3 B+ _: M7 C% ?; R. cD) $574.
$ E! @9 p' G. o. W& {% k1 e9 a& j% l4 o- U0 Y6 V/ `, K
答案和详解如下:
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6 [4 f, h! y7 B z9 g9 U/ }$ RQuestion 103: e Y' e y! G( | x0 ^
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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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:( W# e% y1 P4 t9 M+ N6 Z" ]6 a
A) 12.25.
3 t2 T9 Y: ~* s/ NB) 8.41.
8 W0 }3 z! b5 p9 m/ JC) 7.42.& R$ o% [# O! w, W2 M
D) 9.53.
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9 A5 m, J" D6 F0 U0 P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:
% K& C. X* V' X" HA) market segmentation theory.
3 J! \, u* {+ U$ SB) preferred habitat theory.* a c0 X# e: K) _, F2 y
C) liquidity preference theory.
7 r1 T" w o. ]9 ?/ Q% fD) pure expectations theory." e* z) S4 Z7 b, p2 O7 R
5 x& r2 T4 \& W3 l答案和详解如下:+ j7 G) t, @; ~1 q7 x
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1 r& x. |3 c4 R- VQuestion 105& U2 @) e8 _$ Y z
) y% O( t5 I1 L9 m. H* X& jAn $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:
6 [# F" h: S! s: pA) increase by 22.5%.
( z5 V! V7 t/ a( DB) increase by $4.00.
( E' P/ i8 g# c [7 x" _, V' s+ mC) decrease by $22.50.
# s4 x4 V! V; O! ^% [2 z" LD) increase by $34.00.
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答案和详解如下:4 Y5 C' k& ~. K# K" {( @
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发表于 2015-7-21 09:02:51
