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Question 101
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Consider the following two statements about putable bonds:
7 n! s& ~2 I9 y/ U: z# D$ bStatement #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.
( f5 }; _. ^+ K) {) X8 c. c0 XStatement #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.0 l5 v& Q; r2 V% H, l2 U
Are these statements correct or incorrect?
+ s7 i( B$ q1 ~" p; G+ g* W' d. T Statement 1 Statement 2
" j% O! e0 ]" ^A) Correct Incorrect
0 w5 }" E+ R4 SB) Correct Correct
4 d& ~* Y3 ^/ c0 c; cC) Incorrect Incorrect
0 q. h" v/ {$ a: C. h) hD) Incorrect Correct. V' h' U. v6 G# f/ J: J/ Z. t% V3 C
0 n: a3 H3 j- W6 A) N5 l8 ?4 f9 B答案和详解如下:0 l1 }9 `8 r3 z# X% H
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Question 1029 g: ~$ U7 h ]2 b" |
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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?; ^5 d2 d: `2 h8 e: I/ G
A) $624.
) ~0 }# Q% e- n. YB) $724.- c) H! t- K3 S8 s7 y+ ~# s% M3 Q3 p# @
C) $459.& z: S% u+ q. ]3 Y6 v* O$ a% O4 g
D) $574.
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答案和详解如下:
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( r' e# I$ Z. q0 e) v4 E) _4 GQuestion 103
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8 }5 r- f9 C0 }0 x; X' |" aPam 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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:: ]8 v# v$ v& J
A) 12.25.
5 v! S5 t) H, i+ w8 H) ]B) 8.41.
/ g. N" v/ U9 N! PC) 7.42.
0 D2 |. q: z3 H, cD) 9.53.3 e3 b( R; B( | | f
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答案和详解如下:) W# V/ y O0 j& G
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9 P4 ~3 i! }. W% J0 L" |4 `( lQuestion 104" \6 t, N. U6 p' _# L
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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:
" a# w- X K4 m! |4 {- f5 LA) market segmentation theory.
% `* B+ g& f$ f' i0 NB) preferred habitat theory.
, a0 ]" j; l5 v5 E1 mC) liquidity preference theory.
/ L; t; k D$ @2 {! }D) pure expectations theory. h4 c2 U7 M* U$ t3 u+ Y
4 ^6 w) y1 j; i' Y7 j9 I1 ` ]答案和详解如下:
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Question 105/ l z, B/ b) M% W
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An $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:( k7 p( c/ z6 {0 T$ \# c! a
A) increase by 22.5%.( q3 k" O$ ^/ z8 O7 d) h
B) increase by $4.00.) I5 Q: g& V9 _( v6 J' z; G
C) decrease by $22.50.
3 H; f" e( E* y* X0 J; V4 Q6 @D) increase by $34.00.
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答案和详解如下:2 _3 t C+ U( L" M" c
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发表于 2015-7-21 09:02:51
