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Question 101
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; w- o' q$ D+ F7 t# N6 wConsider the following two statements about putable bonds:# {! j8 f6 V {2 o. R. e9 k4 D
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.
' L2 g+ i* b# B6 {5 YStatement #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.: B7 ~2 T1 Y4 i' \6 q
Are these statements correct or incorrect?" `1 V4 ~) o/ c% V; W
Statement 1 Statement 2" C4 {; s1 f" v0 r$ M6 q2 i
A) Correct Incorrect" h t" f9 _- e: ?
B) Correct Correct
: A* c) k: m3 ]$ o6 @: eC) Incorrect Incorrect7 F$ F$ i" ~- p% p4 y
D) Incorrect Correct
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答案和详解如下:$ o( C; C; F0 ^( K/ C/ |
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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?
) C2 B0 \& v" i; {7 D; ?0 C1 SA) $624.& W7 [4 b1 }: ] d# P5 e g# Y
B) $724.
' w% P8 | m0 L, MC) $459.
" K4 J) N2 t& ^( y" h0 @D) $574.
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) t$ N7 H6 U1 f答案和详解如下:+ j3 c% o' ~5 N3 O: A
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: T- j: U6 r6 f3 d1 Q$ }Question 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:
3 o9 ~/ A" R1 f: ^- d" N: t, ^A) 12.25.
- l( {" L2 D7 s& n& P1 A+ E2 E6 o/ BB) 8.41./ F3 S' d5 y" {) ~. z! V
C) 7.42.3 \( a+ v% y$ z! M6 v( E; m7 e
D) 9.53.. P9 t6 M- F7 w; Q$ ^0 u7 M& u' ~
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答案和详解如下:+ \3 i4 C# T$ y- e- c& Y6 ~
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Question 104! M$ s# f0 Z" q0 u# T
! S1 i k1 F) YThe term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:
: P- U# B* l! zA) market segmentation theory.# I; L# Z$ i& t T C j
B) preferred habitat theory.
& B: j6 }( U$ CC) liquidity preference theory." c2 d* s/ N9 e P% M9 a
D) pure expectations theory.
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t K: a) V1 I. k: F答案和详解如下:
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" P; h; b& N R @4 O* p* L sQuestion 1054 x9 |$ U% \1 g
" N2 {5 F1 X$ [# |5 sAn $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:$ K$ o0 p6 d! }- d) E9 w# D
A) increase by 22.5%.
/ n- e3 X$ i- x& EB) increase by $4.00.0 c! N0 ~( q) _
C) decrease by $22.50.
) O0 S, p' P2 N5 ED) increase by $34.00./ L+ i0 {/ A$ Q! S/ u
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答案和详解如下:8 ?5 V/ T$ I) M, q3 \6 c
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发表于 2015-7-21 09:02:51
