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Question 101
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Consider the following two statements about putable bonds:
! ^. Y0 b- ~8 a& Z# gStatement #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 l4 I% m: X' }0 N& I4 H' j, fStatement #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.
' |/ t4 S1 o. t. m. H1 s9 bAre these statements correct or incorrect?$ Z3 ^$ E& t5 r, q' w$ b6 b
Statement 1 Statement 2
- c6 P# ?$ g1 UA) Correct Incorrect
9 w7 i. e" T8 T$ U& J" V( |* u1 a1 [; v; ZB) Correct Correct
/ ?! N5 H0 r4 J1 r$ [8 r* eC) Incorrect Incorrect
4 b, w1 [1 y* F, xD) Incorrect Correct
+ o9 Q. [8 H% a4 s- ^ _ ) P0 |* K5 x( P% c! J1 q: e9 q
答案和详解如下:2 g m# A3 j2 U7 z+ w
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Question 102) g( {( ^3 @& s% F2 v) W# e1 Q
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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?# v0 V+ R! E/ }" u! v# S# F9 k
A) $624.2 R) c. J0 ?; A6 d+ |, g' x* k
B) $724.
$ ~# I! f* ?- v" UC) $459.) k) }+ z* }6 [2 H7 U; P
D) $574./ V/ R K% U+ s5 P( C
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答案和详解如下:! y" Q* j* a2 T
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Question 103
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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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:3 h- v/ H$ n# s8 L, ^8 u; V
A) 12.25.
$ |) G2 \( U b( aB) 8.41.7 I+ s1 h4 K6 Q' x7 C
C) 7.42.
; e S( d; |% ?/ ND) 9.53.* T' I. R) i g' d% J* j& f
; A3 _# p9 ~6 f* l- ]答案和详解如下:% E O/ Q3 _1 ?8 S* H
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% p7 l0 W) L. \) b# }# ~Question 104! C8 K/ d; j1 k4 m2 l, O
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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:/ r% }; O, b6 y4 [" X+ C$ j
A) market segmentation theory.
* p/ {; y7 U+ U6 t( ]B) preferred habitat theory.3 D* s( \. y7 ~+ A. |
C) liquidity preference theory.
% a! x l/ m3 m* |D) pure expectations theory.5 |, N. e1 a) }
3 G/ {; S1 _7 }( t# f答案和详解如下:- V0 f$ h- t4 f$ D2 {0 Z7 _" d0 ]
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2 f9 K2 F* X8 A3 U% t' W5 |Question 105
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9 m- V3 r ?/ ]% B+ ]8 |An $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:( }5 k" E5 D* A2 A7 h
A) increase by 22.5%.. H4 W, e2 u _1 ~2 o
B) increase by $4.00.
* Y. U% k+ t$ ] q2 l+ rC) decrease by $22.50.
5 h9 K x% T5 E! kD) increase by $34.00.
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" s# X; ?6 B! i答案和详解如下:: b% Q" ~+ }, q+ D+ h
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发表于 2015-7-21 09:02:51
