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Question 101
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Consider the following two statements about putable bonds:# v( |) H0 j2 @: p& G. g7 ~
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.
/ G- O f3 I0 E; k5 rStatement #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.
: w! f% q# S( ?/ B# {Are these statements correct or incorrect?' ?7 m4 N. r! g. U* U
Statement 1 Statement 2, s3 j- D" J% n6 v5 U8 C Q
A) Correct Incorrect
2 @) ^; s0 u0 T6 TB) Correct Correct
) a3 A0 G- _- O2 o$ M' [# VC) Incorrect Incorrect! \, g* ?4 m2 a; ^, }1 Q
D) Incorrect Correct
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( Y9 }: B2 Z! `1 h答案和详解如下:
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Question 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?7 Y: p9 b2 z ~$ z
A) $624.1 r1 y8 K( u9 U3 K* V) a% H6 g! v. B
B) $724.2 h h3 L+ T6 {( X+ V3 P
C) $459.5 P3 N& i' [7 d$ g+ A
D) $574.
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6 X& T; U2 r3 x答案和详解如下:
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. x: B4 ~# `3 Z) r2 I6 w$ dQuestion 1039 p: i9 b; m/ Q- R2 `( K
% \0 W; {2 H2 |1 t' K, @- nPam 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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:
. L/ l- [2 R: l8 WA) 12.25.
( Q) t. G! m9 o& n' ~. B8 T# NB) 8.41.
6 O2 h8 T0 s( }7 l; |C) 7.42.6 O4 R/ s* k$ {4 m) P( j1 F
D) 9.53.
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9 C, X$ k" t! H- e答案和详解如下:
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3 s" G+ O) F5 H+ cQuestion 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:2 E/ k! }' S8 ]' L
A) market segmentation theory." f5 [! Q( [7 P- r n& S$ B& s7 _
B) preferred habitat theory.
7 ?9 g8 Q9 L; Q- E4 Z' X# W6 K9 rC) liquidity preference theory.
/ Q/ r3 E% |# f/ M, c. W, yD) pure expectations theory.
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, q% [8 c% ~( O1 U/ {" r答案和详解如下:, A5 J5 Z" E0 U" L# F1 j+ H
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Question 1051 v2 z: W6 r. Z/ P( q$ H( d: U! {
: N/ v2 j& F( I# FAn $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:
$ r1 p9 \. a7 D( z6 X3 _. [A) increase by 22.5%.! g1 f3 u4 Z3 L) B6 t
B) increase by $4.00.
2 s0 S; `2 Y0 L3 z! LC) decrease by $22.50.' g9 }9 e; o- r- d, ~
D) increase by $34.00.
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答案和详解如下:& y5 K, a. r6 L1 L5 H
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发表于 2015-7-21 09:02:51
