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Question 101
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6 q$ h9 T O: \# b Q. a- L! EConsider the following two statements about putable bonds:0 D8 U$ M& Y5 J5 y4 w+ y; x: L
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.- ?" {9 t, Q# E; L& X4 K" C( c. M
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.
* X( K' i# u& v. W$ OAre these statements correct or incorrect?9 J0 P6 f# X$ j
Statement 1 Statement 2/ V( a8 ~% i8 s
A) Correct Incorrect
0 v( b$ L4 @2 N( HB) Correct Correct" L% l' o$ k' I$ h
C) Incorrect Incorrect+ l: f5 ?& f' {/ P2 B/ e. }% }
D) Incorrect Correct
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答案和详解如下:8 a: W6 f3 o5 ?2 h+ s% a2 t
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& { z' S+ e n4 ]4 S/ KQuestion 102
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" C e. e, y: J+ H9 w: `+ NJane 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 X1 V: O- `/ w9 f* B
A) $624.
$ k$ a" Y& a4 `" [) Y# z+ T- k( n2 NB) $724.
/ ^' _% U' f. T w0 s1 ?C) $459." e& K- t) l' [9 Q i1 I
D) $574.
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答案和详解如下:& v. e2 X. Q, M7 |' Y4 D7 ^
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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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to: S. \, x7 ~! v0 h0 r' g
A) 12.25.7 l* B1 }* a4 c! g
B) 8.41.
- O9 j! ]. f: R3 X/ u+ G& @C) 7.42.
7 A& ]0 a) c2 l% c/ wD) 9.53.& k' [' V' V6 L) f
: {$ x0 @7 s- ]% \( D% @% V* d答案和详解如下:
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Question 104) @5 F' l# ?% X5 r
6 m" x* L4 x" _& UThe term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:
- \8 A2 A, c y( _2 T$ ~A) market segmentation theory./ H; k$ N; Q; F2 Q+ w
B) preferred habitat theory.
+ B% T7 e, f4 |, SC) liquidity preference theory. I P* ?$ l, l) o4 ~8 j
D) pure expectations theory.) n9 O7 C/ s; D; z
6 {, \- @4 h0 h答案和详解如下:
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: u+ r" s- b4 U3 i1 g1 PQuestion 105
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+ o/ e( F, |" |4 xAn $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:
* H' H) V3 o2 b# F2 ]A) increase by 22.5%.8 Z% h' [2 [, _8 m# L. D* Y+ Y
B) increase by $4.00.: ^- t4 a' E+ h" X2 V; U+ d
C) decrease by $22.50.
4 A# n" O) r% TD) increase by $34.00.( b- m. b& w+ z8 K( v% h
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答案和详解如下:
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发表于 2015-7-21 09:02:51
