|
|
Question 1011 A" p+ A! q& \3 U3 j6 r$ l+ V9 ^, A
, [4 N6 `3 M/ s; f. Y" V! jConsider the following two statements about putable bonds:
# U1 Y1 }3 a5 R" lStatement #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.$ P; q8 G; ]+ J7 n8 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.
( o/ g' T# Y; C0 N% t$ ?; bAre these statements correct or incorrect?
) G# M- v, r+ \. q& ^ Statement 1 Statement 2/ v$ d' k! i+ U# o% |
A) Correct Incorrect
$ ]3 Y- D3 s6 cB) Correct Correct8 |% d/ Z- _5 o! M7 \ ]; r
C) Incorrect Incorrect: _ M, U& ~) q7 L7 ~) f
D) Incorrect Correct
i- x$ g: W/ g9 H% p1 ~$ G & z/ _/ G$ ~( O& y6 \* u
答案和详解如下:
9 ]- R0 F8 k4 U) D- f, T3 I7 M* x$ ~! K( T& i
" ]1 ]6 @) @" g& Y! f
Question 1027 B1 \" ~. E! {( Y
0 u# Y3 B5 T5 _. W+ o3 l% q
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?
: ^9 Z; C% @9 s1 d8 V3 k" sA) $624.1 g& f1 k% _; ?1 Y- z5 n+ r9 | y
B) $724.' K% _+ U' B+ x
C) $459.7 k+ v8 D. D( z2 u# k$ N& @
D) $574.
& J" t0 {5 f: o/ B
: `& s( J/ f5 n2 L& A5 A答案和详解如下:: h5 }; n3 }+ A! v/ @
7 B* T7 Y' L4 w+ E3 ]5 E9 r
2 M G8 J" X$ z* x SQuestion 103
+ T5 n. [; i r2 S" f- ?0 \9 Y! ]6 S. J, n
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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:1 d8 R0 y: @8 n' c' Q& ^% z B
A) 12.25.
4 W+ A" J5 |( gB) 8.41.
6 C" ]8 {: f9 U; f _0 Z7 L' a$ nC) 7.42.1 d8 a& @* e5 p O0 `$ Q
D) 9.53." R& _; V; q9 @6 A8 p
; K0 S, z0 x. F) y答案和详解如下:
; l' e; Q/ u- ]8 Z( {4 W% u/ B6 ^$ O; d3 ]3 g$ Y3 n
* l1 y% J9 E( u& x4 U$ o/ z
Question 1046 W4 m% j7 n2 I9 J1 j( A+ |% Q7 K( H
0 T" F ~4 w0 P/ Z6 D" z( U7 LThe term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:& S1 c" x# s9 w3 g: N0 u9 Y7 ^+ ~
A) market segmentation theory.
1 p( n; v% E6 J( [. k6 J! d0 JB) preferred habitat theory.+ t9 a* V3 \& h3 m* E
C) liquidity preference theory.3 q4 [9 _9 _( f/ y4 L% N
D) pure expectations theory.
5 H4 ]! S M8 u' f6 L2 g* W; { C; `8 s' a" x5 i
答案和详解如下:. z# \: z( Y* D& y1 n, _5 T' k
" l, V7 u i9 A& Y7 v- I& y- @& z# u( d2 l& d3 d1 k2 m
Question 105
u2 W5 e& A8 ^$ o7 h/ M$ a( L$ r5 c
# A" L* j9 z1 aAn $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:. Q/ G3 e" X+ O3 t" g" \* q
A) increase by 22.5%.
1 Y# z" ], g# h8 ]9 [$ iB) increase by $4.00.' e3 }+ Y: r* {) n& k: H+ J
C) decrease by $22.50.
9 |6 n# y( f P* ]4 S& dD) increase by $34.00.
6 n3 S* x/ |* o$ P. j5 j* `' s& \4 ~# ?5 v9 w% N$ c
答案和详解如下:
6 U# f4 v3 p8 B1 l6 m+ A |
|
发表于 2015-7-21 09:02:51
