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Question 101
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Consider the following two statements about putable bonds:
( a( S5 k; I9 a# mStatement #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.* h! I! u, o5 x) ], P
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." z( X; D" Y7 K7 j6 X0 P1 B" K1 h* Z
Are these statements correct or incorrect?4 n9 D& d( V1 i8 V* W2 O
Statement 1 Statement 28 V9 F! y" `1 l# T
A) Correct Incorrect
3 V* S* ?# ?5 q3 O# Y6 R# tB) Correct Correct
. o* z( m. W& Z' y! R2 j# vC) Incorrect Incorrect5 \, t- z# A3 ~& K! N
D) Incorrect Correct2 V6 R3 `2 T2 b0 K% A
+ k+ [# x3 u7 q- M7 N3 {. Y2 ]答案和详解如下:6 @; O# m- a" B3 j6 P
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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?
2 g' [9 _- | S' y2 u- [A) $624.9 B! Q% E; Y+ I
B) $724.
/ S8 w R- |8 _ H2 i6 E! H) BC) $459., N) ^8 p3 | m7 r+ _
D) $574.) A4 y8 W9 k+ l5 v( ?# b
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答案和详解如下:
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" S" N; S* ?" [6 f/ EQuestion 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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:1 o3 W- R2 H& l& R, |
A) 12.25.+ a1 I4 Z# s/ l1 k
B) 8.41.
: n8 o7 N, i" J) CC) 7.42.
% i7 F* i# G& e& P, M$ G' H1 ED) 9.53.
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3 l3 C: u% F4 V# b' @! u2 x答案和详解如下:& j3 C/ p8 }% s$ k1 j" {/ X
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Question 104; n% z6 s' [* G9 j: }7 M
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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:/ z) i$ D5 `; Y
A) market segmentation theory.0 z+ [9 ?4 }% w7 X4 B& x5 _
B) preferred habitat theory.
4 }, l2 d6 V6 K: K; ^+ _3 ^C) liquidity preference theory.; e7 S- p$ z' a/ X0 J: f2 R- j
D) pure expectations theory.+ L$ X. A5 e# {, u, W
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答案和详解如下:( J, Y- x6 f1 H* ~# A) b; d' ?
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2 \; w/ a9 {5 y# NQuestion 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:! |( w7 P) s% [# O! I; G/ e
A) increase by 22.5%.' Q2 `% l. C! b3 q. I- S5 B
B) increase by $4.00.
6 H: b$ Z3 ~ K. m2 hC) decrease by $22.50.
7 A% X4 Y, b/ q& R) z& OD) increase by $34.00.: E k6 P ^' G+ q: T [
# D2 V) ^9 R& P8 @: n6 s2 a5 b Q8 v* e答案和详解如下:. T, X# Y) t7 E+ W( d
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发表于 2015-7-21 09:02:51
