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Question 101
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Consider the following two statements about putable bonds:# t/ P1 w# Y5 m2 G$ D, {1 j
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.3 i' h+ [/ A4 v0 z) r- Q6 p) z
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.# j1 I7 f) E) `% w7 S; [4 [
Are these statements correct or incorrect?
; P/ M/ k1 K/ p+ A Statement 1 Statement 2* R4 B( O4 j- b3 E
A) Correct Incorrect
- n7 }4 l( H ^: L+ TB) Correct Correct: q2 t- H+ Y( C5 U$ y( e, x
C) Incorrect Incorrect# H8 ^+ Q& w& @9 z+ ]0 i, x
D) Incorrect Correct
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* k; [8 t- }# W答案和详解如下: e' X5 V8 t4 h, w8 Y
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# c2 ^1 h& {" L7 _7 ?% X% HQuestion 102
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! u# V- _4 B Y% rJane 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?! C F+ E) R/ F* x& N9 i! p( |/ k6 H3 u
A) $624.; K2 `& V h- P$ f9 y$ d
B) $724.# C! |/ z3 U: D8 X, G
C) $459.
. s9 }9 x# |; I0 H; L" w, }D) $574.
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答案和详解如下:
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Question 103
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- N! T) y7 V( ~5 b+ H( J4 j5 y1 tPam 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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:- @# p# J0 ]; J! H+ z* U
A) 12.25.
- a& q1 {: Z! I F6 gB) 8.41.
* R) Z/ i! W$ n% b( I% mC) 7.42.# S) Q- }; ?8 O" \5 i
D) 9.53.; J- k; Q2 q# Z9 U) U% e
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答案和详解如下:% m* v' |# V2 V0 F% [1 d7 Y7 {
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Question 104
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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:$ P3 c" O5 h, g, R2 K
A) market segmentation theory.2 s' }# B8 G& e0 |
B) preferred habitat theory.
! m; U' t1 R% a8 ]! V, M8 g1 vC) liquidity preference theory.
$ i! z% a2 n1 \D) pure expectations theory.
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! {6 S. T5 I Q: V: X: [! |& g答案和详解如下:
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' @. n8 A: q9 `! fQuestion 1057 u% r9 r4 \+ G2 P; x; U3 R
: t0 _: m" T6 b. SAn $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:
& N5 `4 ]; ?; P" k: a7 ]A) increase by 22.5%.5 W( R3 e5 M. Q
B) increase by $4.00./ M9 p! ^3 U* F G4 K, h
C) decrease by $22.50.
N1 k. J1 A. S; O- O9 p U3 w% @D) increase by $34.00.# {2 X; I9 e! k6 `
# @! [! i% k# v答案和详解如下:
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发表于 2015-7-21 09:02:51
