|
|
Question 101
+ ~* k) x, j; `+ z- \
$ T' q3 P' S! h0 A1 ?1 N5 S. IConsider the following two statements about putable bonds:
5 o6 J6 B+ D9 HStatement #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.
: J# b1 E2 I0 Y0 v; HStatement #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.( u/ i% M3 a# \$ d. r
Are these statements correct or incorrect?/ e T, Q. t9 V1 p
Statement 1 Statement 2
( M5 {$ l3 _ G q6 g) M/ h$ @A) Correct Incorrect# |# [2 i) ^% B" Z5 [/ ^
B) Correct Correct
9 I" k4 l5 P$ I. s9 d- vC) Incorrect Incorrect
+ w. t9 J+ _4 w! K; ^. |D) Incorrect Correct( h# I+ {4 D! o
; g+ v) s6 A: N: o4 x0 L
答案和详解如下:
0 o: [4 C4 |0 m: _5 ~) \0 Z& P4 z- c+ \/ k: m
" e: O4 H! v$ W5 n+ Y9 zQuestion 102
" @4 z, {" \5 B, k8 `7 ~! q. u4 K
- J: ~; M! ^% \2 E+ bJane 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?
( Z6 z; h/ R' B/ m4 l' }# H. vA) $624.
/ d5 {+ _& f9 e: b! EB) $724.
8 m$ ~+ I: E3 qC) $459.
% W0 m( A' I2 h, c0 FD) $574.% c. @$ V9 m, L0 G/ y
" R# W. `8 |5 j/ `
答案和详解如下:- u. Q1 s2 B1 d2 s
/ [# }( |4 X2 V+ q" z2 @0 _
1 Y* D7 _( i$ b$ t0 R7 YQuestion 1038 G* l4 Q2 F1 a& B" t
* ?& n) V0 ]6 `# x2 U6 ?9 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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:( H: [: Q4 }" L& S4 _5 V$ z
A) 12.25.
7 `: T6 R# | h, v }# vB) 8.41.
0 [8 m" Q1 k( O1 A9 [* Q% vC) 7.42.0 q( H; K3 y/ q& K3 P! B) `- h9 b+ y
D) 9.53.
8 D7 i; {7 z$ N5 i1 |# [
6 y; z/ @0 f9 n答案和详解如下:
2 O7 {- |6 k8 Q5 p- Y7 t% P9 h4 Z8 }4 K& S/ c
( D1 o* f# B2 m- ZQuestion 104
/ @1 H. U$ _" l4 K9 \. K$ _" ~ k8 Z9 |" G" Q
The term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:
* \$ V- x3 t" a: c4 f9 OA) market segmentation theory. |: [$ c9 J j3 N
B) preferred habitat theory.
, W( _; @$ y1 v9 kC) liquidity preference theory.1 |- {6 s* H' K3 f7 K
D) pure expectations theory.
8 F _2 C$ }3 k4 m; j2 _# W
0 l3 e7 W5 H1 [1 b3 w3 Q/ N1 W答案和详解如下:0 P; d0 n, v7 K6 V
7 ~5 C# {: v% H% \# m' j
+ z/ h7 ?: P2 Y0 o3 Q. c E6 s
Question 105
" g- ]0 N" F- n- E
5 `/ d' k; \# Q% l' G: jAn $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:/ L/ X$ e; H6 t% x. e1 _; p
A) increase by 22.5%.5 S4 O7 d9 m) Q2 F* p: W
B) increase by $4.00.1 D- M" B" C. Y" D/ r
C) decrease by $22.50.5 \! O& B r0 E
D) increase by $34.00.4 [# H1 T& n2 X9 Z [* }
! y5 ]2 x4 y' w+ o
答案和详解如下:# n+ ` Q% {' p( p( l
|
|
发表于 2015-7-21 09:02:51
