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Question 101
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Consider the following two statements about putable bonds:, S! q6 v2 f: ^" M6 u+ m/ _
Statement #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.3 U- g4 b( z& p9 X
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.- T0 d9 t! q4 A7 O; r. C8 r
Are these statements correct or incorrect?' h T1 X5 k3 i' p: j8 y
Statement 1 Statement 2* l% z5 A) _9 v& h2 `# `1 `2 E
A) Correct Incorrect
# g z2 l m% f' J4 v9 {B) Correct Correct9 b# ^2 ~ x* q2 f* H* G
C) Incorrect Incorrect6 D5 c8 l* o2 q* b4 |5 y
D) Incorrect Correct4 F% z0 e8 ]- H& }! g: _
0 b3 w' b1 ~5 j8 {3 Y) B
答案和详解如下:
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Question 102
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4 L* Q/ k9 t% l" Z! V3 IJane 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?7 v0 P6 T7 @- r6 B8 s0 k6 \
A) $624.
; ^8 M) k1 m; G3 D8 [" DB) $724.
; O: A) H* V8 pC) $459.0 R! ]+ S9 j: z% ?6 s
D) $574.4 n. u- d$ T5 E0 o6 e
" B9 o3 _5 D5 v, a0 s答案和详解如下:
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# \& L. K: U: p; O% _. qQuestion 103 c8 z/ ?9 L/ q" k; W6 b
7 L4 K6 c# }7 l3 q) |& D3 ~9 Z& [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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:& v: k2 a2 h9 H, h- [6 J2 l9 n2 U
A) 12.25.; u/ l" A) R# p- P, _% c+ U/ N& ^
B) 8.41.
3 O$ ` v3 z5 p, R' ^C) 7.42.- j9 J/ b) y0 I- a
D) 9.53.4 V( P1 N; M& U
4 m# u3 |9 \4 i5 s答案和详解如下:0 g- }- t* H8 W0 w
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Question 104' R3 w* ]; x7 Y4 T8 G& N3 h
% A, F1 l1 G1 _% _8 i- lThe term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the: K3 X8 p9 \) Z8 N
A) market segmentation theory.: A& E1 e# r" f- i2 X
B) preferred habitat theory.
* {$ A p( V% e) KC) liquidity preference theory.
, J# ~: T: d* F5 N" T8 ~8 B1 GD) pure expectations theory.
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答案和详解如下:2 r/ U1 g3 g& o+ B
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Question 1050 \! B# }7 r1 M2 H( `' i6 o
2 p4 P$ o- W' `, UAn $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:9 S" m5 W1 P7 U; f) E! P7 E1 z
A) increase by 22.5%." R7 g+ K0 ~3 C5 B+ y4 S* Y
B) increase by $4.00.. G, L' L$ U9 j: S: N
C) decrease by $22.50.* I; @$ M) B( ]3 m
D) increase by $34.00.
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2 E! o6 s6 X+ a. `( ^6 m答案和详解如下:- J9 |" x1 y8 T& L( O
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