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Question 101
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Consider the following two statements about putable bonds:
& ?& `/ A; X9 x6 e8 v9 uStatement #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.. c' V& H( K1 z9 j( }
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.# A3 n" k: _$ ~- m3 A/ A' e
Are these statements correct or incorrect?
$ m5 y1 `+ J: y1 T Statement 1 Statement 2
; \7 m3 C6 I7 g' @: X8 RA) Correct Incorrect$ o i& V$ B* p# y
B) Correct Correct
& F: ~% G7 n5 \7 J8 i9 s/ I3 kC) Incorrect Incorrect/ Q0 A; p- n4 H5 y2 |8 ~
D) Incorrect Correct$ r5 Q8 e/ ]" j& k9 k3 j
5 n6 ^9 {$ D' i' | b. }; C答案和详解如下:$ s" y6 O( x# ~- K# a- z) \; ]
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Question 1029 L5 K" e& ^' c/ [6 l ~
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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?0 ?% E$ l$ B' {) x, x
A) $624.
1 m% }; Q _/ V: a, SB) $724.. O: B/ g& J3 w
C) $459.# c/ u6 D+ W! T* t8 |
D) $574.
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" r3 V. z3 p' f, w9 b答案和详解如下:
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Question 1031 f3 ^0 @/ `4 a' b! E7 n3 |2 t- l
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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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:( f, k' Y. u% D
A) 12.25.& q- D# u x, n/ g7 T
B) 8.41.( L# S/ L2 g, ]5 t) X# @8 W V- L3 C
C) 7.42.
* k7 p# I) Z1 @2 d. [D) 9.53.. Z5 T3 T$ f0 f5 |* {6 }- l
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答案和详解如下:9 s8 F% B) F( Y R- l
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Question 104- W0 L) {$ X7 w! x
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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:
$ B" g- `' h: b! EA) market segmentation theory.
. }! c# J. q9 c8 S; CB) preferred habitat theory.
& ^# L; s7 l8 _( s" U8 i: EC) liquidity preference theory.$ x7 u8 E. i* `0 S6 w
D) pure expectations theory.
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9 n( t( q5 \( V" s答案和详解如下:8 P6 ?; R. x) V2 }% Z! V2 K
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Question 105
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An $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:( z3 l$ m+ s( x/ U" Q
A) increase by 22.5%.
! E8 P7 }6 k7 Y, G* U7 CB) increase by $4.00.+ e. h6 Y" D" Y$ ]
C) decrease by $22.50.! J& G: i" A$ Y G$ i: I
D) 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
