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Question 1017 a: ~( o0 w3 B0 W4 n
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Consider the following two statements about putable bonds:( ~, t4 l! b+ d! G- b3 f
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.4 B6 R6 Z9 O4 d9 D, l
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.) e$ O7 z2 L! d+ V, I$ K, n3 z
Are these statements correct or incorrect?
" p& u( X, V/ z! `3 k t' r$ F Statement 1 Statement 2
* `+ C& K/ V/ ?* `/ e2 l% wA) Correct Incorrect
# i; I1 F/ s/ y& rB) Correct Correct2 ?5 e/ F: e* i( e( u9 ?1 h5 D6 r
C) Incorrect Incorrect" i( W7 f9 g* t$ v" j
D) Incorrect Correct% `1 u* U2 ]* L: G0 I
; D/ Q, q& ^# H9 z. D
答案和详解如下:0 |3 r* h$ h' o4 I) z
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) }& Y4 ?3 \7 j* h& {! u) _Question 102, A! J+ Z( o N% \. f7 u
7 ~- h! I9 X5 L# j' H" C$ EJane 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?- s- f2 F/ c& @4 I! a' S) ~1 J$ u h
A) $624.
) y. ~- @7 ]2 I. `( lB) $724.. w8 A/ S9 s$ o- v/ V
C) $459., [* {+ W! u C
D) $574., I" S; b& }* x' h1 _) e
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答案和详解如下:: }: S( D+ s% t' E
6 E$ V) R% d0 u 5 W2 f( W4 r7 b0 {& W: R% e0 k( ^- n
Question 1037 D: W) I" E* Z0 T0 s
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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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:: O+ ^$ j; s5 g# ]3 V. N# k
A) 12.25.
5 |' }; |7 d8 A$ HB) 8.41.$ Y! x; `6 y' R- h- V
C) 7.42.9 [6 Q3 P G. R3 _9 A- P* H A/ j* Y
D) 9.53.. d3 K* P1 |0 C$ _* }7 z/ M9 |
* o6 m7 F2 i" ~+ D答案和详解如下:( `& ^& G0 N0 T3 u
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, f* @6 M; L2 ]+ g% U1 @8 FQuestion 104
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% s7 R; O5 m$ Y6 R/ ?The term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:
i0 X" j( H* J: J7 {+ ~A) market segmentation theory.
2 b8 G8 e3 v3 Z( d# iB) preferred habitat theory.
7 D$ w) V! l- j7 j7 F9 \1 B! a+ LC) liquidity preference theory.
) J" ~/ M i4 W, OD) pure expectations theory.
1 |, I4 h+ L( ? 2 j4 |' R1 K2 N4 i% O4 W; E& c" E+ y
答案和详解如下:! C9 x5 y# q( }) {
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Question 105. z* n+ p' k- `4 {6 r
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An $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:/ Q5 E1 a+ _7 v: E' o
A) increase by 22.5%.$ N- @0 o% l" n- e% B! L5 P
B) increase by $4.00.
- n0 _% M( J8 A4 t1 bC) decrease by $22.50.; w- t2 r* m% M/ s% u, K |( E
D) increase by $34.00.
6 |% K: N* h! g1 b( r9 y5 \3 W" n/ L* c
答案和详解如下:$ b. e# {: |5 }
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发表于 2015-7-21 09:02:51
