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Question 101
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Consider the following two statements about putable bonds:
, P- o* x# W2 W' V) ?4 IStatement #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.+ G/ _' L' Q7 G" O! [0 e( r1 r: i
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.
) G! q) h2 L3 G5 K. uAre these statements correct or incorrect?
5 z5 p) l7 L" D( Z! D' U9 `* g Statement 1 Statement 2
8 |1 H. R, X+ n7 ]8 D1 R4 [ MA) Correct Incorrect& Y u! ]/ m9 Y5 K( U, S2 W8 I$ Y
B) Correct Correct
; w1 n8 w4 _- P% P) i+ o! oC) Incorrect Incorrect
+ C5 l6 s l2 n" e" wD) Incorrect Correct
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& R) [, I4 y/ ^7 t; U* \答案和详解如下:
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Question 102
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4 C) {; e0 Q+ w- i4 X4 G# KJane 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?
6 L/ L6 k- B+ d1 x. z9 f+ w. bA) $624.( d3 P0 T" S9 G2 r1 N
B) $724.# A, x) F# Y5 t1 j' W
C) $459.+ W- b4 P* a: q: ?8 Y) `1 T
D) $574.
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答案和详解如下:
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6 z7 g6 h& @. f# u8 kQuestion 103! q' N7 H5 u- V! H1 P
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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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:4 b! z6 G. n! d; n
A) 12.25./ q5 Y( r k4 A) Z' h$ Q- q! u0 H3 P
B) 8.41.
" h) i% D; q) PC) 7.42.) ]' x3 b. d+ p/ O: M
D) 9.53.- C+ t4 l0 K2 ?$ M: w
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答案和详解如下:
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Question 104
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) k, [# J7 k+ g4 D6 X$ C. qThe term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:2 j2 }9 D( v) q k7 q' e
A) market segmentation theory.
6 N; `* Y. d# s6 X MB) preferred habitat theory., O. ?# D9 W, e& Q
C) liquidity preference theory./ q3 c; c5 k5 F9 d2 n8 {2 {3 {
D) pure expectations theory.7 D% c- ~8 ?: X3 H; v6 z- D
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答案和详解如下:
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Question 1059 K) r5 S* N5 _6 ~9 g* j* j6 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:9 q8 B/ ^. Y& a
A) increase by 22.5%.
. i6 ~' X7 O: XB) increase by $4.00.
, G' m/ M/ U" v( C! ]C) decrease by $22.50.
3 h I5 ]3 I5 g$ r& O' ~D) increase by $34.00.8 q4 e$ \" d `4 f9 ]7 K
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答案和详解如下:
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发表于 2023-7-2 20:00:02
