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Question 101
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Consider the following two statements about putable bonds:
, `9 p7 w, w; X3 A- XStatement #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.4 X& v) h# y6 [ s
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.6 D, W* Z" e" i
Are these statements correct or incorrect?+ N/ z, w% m9 @; M, Z. s
Statement 1 Statement 2
# P) G9 }- A q e2 t" W2 DA) Correct Incorrect
' ?( A/ y! E& B& G9 dB) Correct Correct
2 D9 D8 ^) \. a# y6 eC) Incorrect Incorrect( X' \7 T( y5 X, l9 h" @
D) Incorrect Correct/ A* u9 U1 u4 O3 u" h
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答案和详解如下:' o: @- {7 A r+ P% o ]5 b! S
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4 o' h$ @( F" X& f3 k4 r. m0 X SQuestion 102
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+ [% a' X! m7 k7 EJane 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?( c: V" l0 D9 Z0 r, N) b' |! \
A) $624.1 |/ @% ]5 O3 A) w$ f
B) $724.8 M8 l+ n5 |/ M, K+ I5 @. ^7 {. {
C) $459.
% K& {5 b) _" ?5 Z6 Z. f3 AD) $574.
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: w$ V l5 o1 F1 b& B0 {+ y答案和详解如下:# L! b* ~3 P# D$ K1 d- b
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/ o! _' V+ E- [9 v7 S, V, G; a# o3 rQuestion 103
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/ Q2 z2 V7 f7 c( X9 A4 C# KPam 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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:
. g6 N/ t7 L% W: P! \' e1 vA) 12.25.$ n' X' g. k) N, ]8 J2 \9 k
B) 8.41./ ~7 p7 W1 A# i$ n) d
C) 7.42.* j4 z7 j! N6 I+ |+ j
D) 9.53., q( O7 W+ v# T8 y: f& Z4 L
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答案和详解如下:, \/ \& N7 q. b3 P
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Question 104" Y/ P" x5 Z4 Z% i8 r
, p+ V$ \8 ^2 }( e6 {The term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:
: P4 w; ~& f4 ^+ K/ M% h* VA) market segmentation theory.
( ^0 g# U( c9 c4 zB) preferred habitat theory.
# z9 E( n% Y0 }9 r! E: YC) liquidity preference theory.
7 F) K5 c) [- `D) pure expectations theory.# V* i6 ?' M+ D" H
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答案和详解如下:! ?, E% x `7 W6 C* r8 h. |
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& N1 C( Z3 |# i0 ?- s }3 F O yQuestion 105
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An $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:9 t- ?- O5 l' @) o
A) increase by 22.5%.* \9 ^2 T: ]( n$ |
B) increase by $4.00.
! s# ]; u' N4 S8 G% \* EC) decrease by $22.50.
7 }" e) P6 C0 V" b; qD) increase by $34.00.' K, {: W9 v% C5 K& V
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答案和详解如下:$ J1 g* ~" i H9 L5 p$ R3 o* j' F
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发表于 2015-7-21 09:02:51
