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Question 1018 i% k6 J( d1 N. k, A
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Consider the following two statements about putable bonds:
2 ^7 a; ~, \% `3 V, M6 nStatement #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 {4 M& m2 L( [+ Y' ? i0 DStatement #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.# b- M6 x. `# P$ r) i: c
Are these statements correct or incorrect?
( j! F X. ^% w7 ]1 \ Statement 1 Statement 2
9 w( ~/ k7 U1 E1 oA) Correct Incorrect
$ {0 a% Y* d- dB) Correct Correct
7 o# k/ A- Y' ^! ?3 k" DC) Incorrect Incorrect8 m" R- Z: x$ T
D) Incorrect Correct8 ` \3 ^ k0 A0 O' T e
5 J, D2 P. ]& z: {3 o' d答案和详解如下:& r6 e! a: u) u1 E' f& H
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" H8 r" E2 P' G6 t& ]& ~: JQuestion 102
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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?9 B; g' i; o7 Y7 N/ M9 }
A) $624.; r4 B% R3 A& L' V
B) $724.
' \* h. f0 P$ F* j5 [C) $459.
$ m6 [$ k. @5 RD) $574.' j" t1 _. K$ H( @% p) E! @( J* ]
9 {: L' P |+ G/ V3 \; J答案和详解如下:
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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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to: ?4 ?: E1 H' m0 e; [3 ?$ e4 Q' t' R
A) 12.25. z4 T' b! b; x
B) 8.41.6 @+ P A# V6 ?) j) }% i
C) 7.42.( r5 b' ?; e3 ]# p: N
D) 9.53.
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答案和详解如下:
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Question 1048 ]+ I/ t0 `/ p& N! K+ R
( y+ y' c9 r4 zThe term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:
, W, G# l* j9 ~8 ]# u. [A) market segmentation theory.
. @8 X% e% J1 o5 r. N/ zB) preferred habitat theory.
- ]3 B" y/ v* z* jC) liquidity preference theory.
* G% Z6 a) Z- \5 v6 R, Z5 O: G' a9 RD) pure expectations theory.$ c7 {( b8 a! R3 q( S# A$ }4 \
" y9 ]: K$ m+ \9 v7 a答案和详解如下:+ v& }! a4 J2 a8 O- S
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0 H8 `* d" A/ p, B; v, uQuestion 105
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8 g: t D' l! O* h& r7 IAn $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:
' T0 h) L x {+ j$ \" V2 bA) increase by 22.5%.$ B% E! B' I7 e8 N# @. ^
B) increase by $4.00.
0 C: o7 P- B1 Q$ G9 |" SC) decrease by $22.50.8 y. s5 a) C( d
D) increase by $34.00." n4 u/ G$ _9 G0 ]: D: M
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答案和详解如下:, r/ E; p5 m( A i. s- E3 ~
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发表于 2015-7-21 09:02:51
