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Question 101- Z; g3 V& Q' I- b) O6 l- {
5 k" m/ N" G, l' m0 H" m5 t* IConsider the following two statements about putable bonds:$ I, n* {% C/ }" o* Y" S0 G
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.
# s7 e+ ~& Q+ [0 RStatement #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. ?; U( L; ~! TAre these statements correct or incorrect?, `. Y( D% G: s0 w- V
Statement 1 Statement 2
! X9 ?6 z5 M+ S" D1 t( KA) Correct Incorrect
% r1 M2 P9 h$ y% WB) Correct Correct
: `( u) N% q- `- |' A. |, @+ zC) Incorrect Incorrect& S1 x: }1 R# n: n! ~$ y
D) Incorrect Correct
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" E! d3 }4 K7 D) ]' i1 W* y答案和详解如下:
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+ U2 v) ^' S! F6 I/ g/ f- gQuestion 102$ L6 ?$ n g! {6 I6 w& I
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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 P/ k [3 y7 M9 c9 m% ]A) $624.
# \# I( ^- Q+ c& U" jB) $724.! H' b0 M: T% T/ t
C) $459., u: e% n% n, X
D) $574.
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答案和详解如下:! Q# M* j! \" R6 V3 o1 O
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( [" z; R U& `- z7 f) k1 |# ]Question 103
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. `3 E0 G; h _" J& K) H6 @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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:/ M, @) N7 S, N& H% S8 Y
A) 12.25.
. P4 X& I3 m0 W* z6 w3 B8 C3 fB) 8.41.* I; \" ~% ]: @' }/ k, Q9 |8 h
C) 7.42., B5 t' @; N* T" Q) ^# l- o$ @
D) 9.53.
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答案和详解如下:5 }5 Q: j% x9 O: S$ @+ N8 J
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I; d+ z" s1 x5 ~Question 104 ^7 ]4 m: K. S3 m5 I( ~& x
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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:( N# H% s3 J( I3 H5 p C- G6 Y5 i
A) market segmentation theory.; m6 P. k0 t5 z& f4 m
B) preferred habitat theory.! M+ u: p- ^. y2 g6 M
C) liquidity preference theory.
. X+ z2 V/ q8 I: b3 _7 C) {, VD) pure expectations theory.7 ^+ x' A/ ^/ b
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答案和详解如下:
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2 {9 n! G4 G* T+ y, b$ i1 lQuestion 105$ h1 l0 z' l- m& N2 K
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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:
1 a' S! w. u& b# X9 FA) increase by 22.5%.* {# u; h) v" K3 C* o! b' v+ I
B) increase by $4.00.. ^: T% X" b* G/ y, m, Y) @
C) decrease by $22.50.
7 Q9 `; j" H$ {; j' oD) increase by $34.00.6 N4 j# m- I3 ?% ^% _' N
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答案和详解如下:3 U* q. E. ]$ V
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发表于 2015-7-21 09:02:51
