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Question 101# f- }' ]. ]( X! G
0 P+ c% j/ H }; D% f# cConsider the following two statements about putable bonds:, P0 X3 k, L- k# Z
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.
/ v9 e+ _4 s2 e# {5 V7 bStatement #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.
+ s* n( T ?. {: |2 u$ H: WAre these statements correct or incorrect?
5 l( e9 T3 f3 u" m/ ^2 O9 f Statement 1 Statement 27 Y4 _) y; C4 c# G
A) Correct Incorrect( W; M. C6 w: J# X3 A
B) Correct Correct- z6 i. G3 z b* j" e
C) Incorrect Incorrect
8 y B8 F' v& w- J; z' J8 YD) Incorrect Correct% n, n+ P- Q1 p3 c6 F- k
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答案和详解如下:
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Question 102
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- W$ M ] n* C! s. ]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?; ~8 u$ e- y" Q+ k
A) $624./ X3 _$ W z5 w# f
B) $724., W( j& G. |$ Q& g0 _8 t
C) $459.9 Q0 B* B% m X; }$ k
D) $574.
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答案和详解如下:
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Question 103) { K6 I+ T3 N" W) y. l
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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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:
1 | k) x0 h9 q5 t6 `0 uA) 12.25.
7 N' K- v& K1 O0 KB) 8.41.
+ m2 t4 @* `+ E0 d$ E: U. t/ {C) 7.42.
/ y9 n5 [& Z" FD) 9.53.
0 k" E" X, r) q
" w$ M8 c7 L: B3 P6 U/ x7 G/ O# m" ^答案和详解如下:% `9 _) v$ \8 @, ?: [
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3 v5 s8 K7 Y2 \- p( @Question 1046 S7 p( n1 D8 a0 T
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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:
6 _. N# S- Y* t! X1 q' }A) market segmentation theory.
/ K5 M. e- K' i3 r' J/ F* RB) preferred habitat theory.
; S) F% U4 I0 W( h+ |C) liquidity preference theory./ X' w B4 v4 I! Y& |& Z% K
D) pure expectations theory. b b K* K# v0 E7 k6 l
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答案和详解如下:
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Question 105
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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:
9 t1 ^/ H9 `) i0 k/ V) ?% ?A) increase by 22.5%.
/ {/ X m; y1 X. \$ cB) increase by $4.00.* B4 h# Q$ q' m' ^1 `
C) decrease by $22.50.3 X/ m9 |/ h$ n: Y( H
D) increase by $34.00.
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答案和详解如下:) J, D9 b: j- e6 @
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发表于 2015-7-21 09:02:51
