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Question 1010 v- p* @* H8 X/ h) W
* @2 Z# `; a+ @7 O6 ^+ f- OConsider the following two statements about putable bonds:
* G' P3 P: y6 G, ~5 eStatement #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.0 C% ^4 m4 u1 D8 v9 |" 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.9 V) E3 A8 B7 e' R
Are these statements correct or incorrect?
9 r3 X' e* [2 y/ ~7 v, f' q" L Statement 1 Statement 23 n* H. W' h, ~5 ^
A) Correct Incorrect# S5 o, {8 H' {: A8 `- e. |
B) Correct Correct
$ H) a" v, m: b) xC) Incorrect Incorrect
4 J; r. ]& z) P5 ID) Incorrect Correct
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答案和详解如下:1 B; i4 X/ l( U9 K
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Question 102/ C6 A; {' Y' `9 n& C
9 X: l* N% C5 N! L6 hJane 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?* u( |3 D2 l# _
A) $624.% Q. N2 b' k6 Y! H+ K
B) $724.. l7 d; I0 `, c
C) $459./ ~2 [+ G% z7 C0 f1 t8 M5 Z/ ^
D) $574./ O4 c* ~# J1 w! @2 l+ ~- e
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答案和详解如下:
9 {- C* ^, B* m5 Q' a, g8 B% K$ u( Y) z
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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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:
# E; `( h, l/ }! n" g! D! ]A) 12.25. e2 z. L! V% C; v* Y
B) 8.41./ H. [3 ?" ]3 L8 W& p+ o7 P+ u
C) 7.42.
6 d( g" {& w( K i( ]( Y, UD) 9.53.+ L: B5 V q1 y3 o( l% @- Y8 T7 N
5 Z' `1 j# G7 e% E' b
答案和详解如下:
7 U4 t5 z: c9 c8 O: U# s
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( _% e' B( {# K6 ?- w! W2 H7 UQuestion 104
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* Y& U& B/ c( ^, z' WThe term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:$ s8 A1 u% o* k, o& {( i ]
A) market segmentation theory.
0 K3 f# Q0 j ^- g) v& _( [6 D3 r9 z% fB) preferred habitat theory.. Y( p" q3 B2 U9 x7 J
C) liquidity preference theory., t7 ~$ X. a8 |- x# |
D) pure expectations theory.
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答案和详解如下:! o5 q, }2 Q0 k) u
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0 I* ]* [$ r, ]% q) iQuestion 105
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An $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:
" L+ j8 \! k: Q* JA) increase by 22.5%.
, c# ~/ f. X. Z) V" `4 @$ m+ EB) increase by $4.00.
. E8 K+ k0 s |0 o4 k7 O, xC) decrease by $22.50.
- X: V; F* y8 E9 ND) increase by $34.00.
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答案和详解如下:
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发表于 2015-7-21 09:02:51
