|
|
Question 101
9 W1 u. M& }' U6 x( S0 Z
% e4 s' N1 C" ~( d5 `( s7 _- wConsider the following two statements about putable bonds:% `' N w( z! ]. o g! y* S2 i' o
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.
7 _) h" k% |5 @- ^! yStatement #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.
W' S% d w# r, xAre these statements correct or incorrect?
* f3 U" a( y5 x. S Statement 1 Statement 2! L& I8 M0 K+ B/ S/ h
A) Correct Incorrect
! X4 E8 {! E1 xB) Correct Correct
( t( U9 d. h: A+ pC) Incorrect Incorrect# F% ^; y$ M- x) Z# q; K' G
D) Incorrect Correct0 e6 i$ {7 k' H" d
4 a6 @' \ R5 j5 B( l
答案和详解如下:: `; K0 W1 I" r! g, ^' V* z, d
$ o% V+ C: |. [) a6 ?3 J
' { `/ S; q2 C! x/ S: d9 xQuestion 1026 J- Y! `5 O2 a% U! J# n7 ^
% p: U0 o$ R, _8 B" pJane 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?
, r" J" L2 h$ TA) $624.. g% M' D, e# }2 K# w
B) $724.
) y+ W, [7 r1 {: _) {2 `" x8 W3 O; a/ T. CC) $459., }+ T2 d9 b: W; m, Q0 O3 x- n
D) $574.& G$ [2 N- U6 v
, g. G. X6 ]7 J8 S答案和详解如下:3 x% i/ x# P/ f* j' z- D. u
Y: z) }( z7 m5 a9 n: |6 F3 i
. Q1 J/ O. [: ?5 W
Question 103
$ e8 x7 ^9 q' x: v0 G' m# F+ ~$ J3 d! K- k* _+ v
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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:' e& n: }0 U2 s2 t* J
A) 12.25.0 u" L$ s5 E5 f7 i7 o
B) 8.41.
6 @! `3 Z; Z" B$ q {/ K. h: i% O6 GC) 7.42.) z$ y- q; F$ ~
D) 9.53.
9 Y( x6 a" B8 Z x% U: P) c" H' G I: L4 X' y0 z
答案和详解如下:
+ }) _4 s& h6 C9 R, i2 K$ T% e: i& u3 z A s( D" l
6 [/ F9 Q6 D, a
Question 104# M. |5 S2 j+ y
6 Z H+ ?: \: g. G N- Y6 J9 t5 f: b) c
The term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:0 u6 \" C2 O- ?5 F6 G: c
A) market segmentation theory.
* R" O& h! @0 r. JB) preferred habitat theory.- S3 V/ {. S7 o& v
C) liquidity preference theory.4 P- [5 p, @) w1 C
D) pure expectations theory., v( \( ?. a/ u2 V) N6 Q
* S& d$ A" W3 g. Q" v答案和详解如下:
7 Y* f3 Z5 h# e- p& W5 w K7 I) N; m8 ]& k9 q8 K
+ P/ t) ^" ]4 B* w4 [
Question 105
1 s G3 l8 X8 H) R- G* W, y8 O8 _* O1 w! Y) n
An $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:
6 l/ ^% I3 J. S+ dA) increase by 22.5%.& ^. n) d9 M1 K5 L0 |4 Z5 G8 Z
B) increase by $4.00. S% c8 l. |$ F5 c. S* N
C) decrease by $22.50.& s$ Z* P. ^7 u2 {# z" c4 Q/ J/ N
D) increase by $34.00.8 S" j' |* w8 B G' ?$ j; ^
% h5 {* z" E& c* U. l
答案和详解如下:
8 H# ]- r5 o* U+ @; m# \$ `+ Q |
|
发表于 2015-7-21 09:02:51
