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Question 101' f1 ]% o* M. B; h6 x* W8 L
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Consider the following two statements about putable bonds:
+ t* R4 x- V( q3 |- |+ S5 `! m/ FStatement #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.
9 W$ ?3 ?$ _% ^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./ l' r3 `" ]2 o0 d6 d" |( v+ ?
Are these statements correct or incorrect?+ L; ?7 ~; Y, U4 s
Statement 1 Statement 2
1 F7 _8 B7 @: [, h6 D6 G; i# `A) Correct Incorrect% C5 o2 P# A; r( p' f
B) Correct Correct( L$ \4 W' f9 F; k, x; m
C) Incorrect Incorrect- ?7 F5 \" P- l4 X6 Q
D) Incorrect Correct3 J* B2 E2 P6 [, v, [
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答案和详解如下:
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Question 102) t+ V. { }; y. ~' \$ E2 L% G
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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?( E' r; F7 n( U# W
A) $624.
# s1 v' I% [2 u! U$ z" M7 CB) $724.
0 }$ D6 R$ \' o) ?, X+ `C) $459.- _* g8 f: @* i
D) $574.
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- f3 t' [- _0 w- ^% H4 V; v% C# A答案和详解如下:9 ?2 K2 J% ^! e8 p8 T
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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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:6 m" I) W& Y% ]' |
A) 12.25.# W& P8 e* M: S! G" K
B) 8.41./ w2 ^. H W$ K$ v J
C) 7.42.8 ]9 R" I7 }7 |- _; ^
D) 9.53., {8 T# s0 U6 ~; y5 Y8 f% k% `( I0 T
V! w! F" o8 Z3 A4 x& f答案和详解如下:: u7 y* | a( a* C
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Question 104
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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:
0 ]6 h1 Y/ ~! EA) market segmentation theory./ [# P1 f5 g8 |' ^0 [4 l; j, T
B) preferred habitat theory.# ]/ v% |+ k P; m% ^: X! I5 B$ \
C) liquidity preference theory.
2 t$ p5 j9 p: W3 j$ Z [D) pure expectations theory.9 S _2 ]) a. D8 ^& T- H3 |
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答案和详解如下:! o* \$ x9 X7 C* u* G2 m2 W
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Question 1051 x) J8 O2 F& F: v8 L1 J
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An $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:; e" F) r: F& O* y1 `
A) increase by 22.5%.
4 r7 Y+ @$ ]- c6 C5 g; vB) increase by $4.00.4 h- y& c0 u6 K9 k) m! x0 T
C) decrease by $22.50.8 n9 L7 v; X9 ~) _. s# e* o
D) increase by $34.00.8 M9 I5 v- {) N' S
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答案和详解如下:
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发表于 2015-7-21 09:02:51
