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Question 1014 q3 `, D+ o+ \% C2 F
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Consider the following two statements about putable bonds:
1 q0 r# r9 q" u% ^7 _# B4 |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 ^5 U. ~ s$ ~4 f2 {0 D. u
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.5 h+ d% Z" h$ b# d% |; |
Are these statements correct or incorrect?
/ z+ i* ^& B8 v% T. i2 F Statement 1 Statement 23 j: t7 G, X8 W; T5 E3 \
A) Correct Incorrect
+ F/ I. Y+ v0 S2 ZB) Correct Correct
2 R$ o% o/ Z; G3 L# @% h+ K+ D* dC) Incorrect Incorrect% N- S+ p9 T. l
D) Incorrect Correct
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! W) W4 \" S. O6 ]8 `! G' ^7 @/ r答案和详解如下:
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Question 102! ~( y# O; e8 {$ M+ U
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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?
) x+ U, N7 D" C. ~$ _/ N: K) @: j& ]A) $624.
! Z' O5 w: X, V" W2 ~% sB) $724.
, T. C1 U% Y qC) $459." A, T% r0 E4 }8 h
D) $574.
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+ x i6 K; F. S) x( q4 x) x答案和详解如下:& j$ A, A. {. c3 |5 R* M
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Question 103) p; R# ?# b5 B2 M+ x( z! i3 @3 o4 M
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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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:2 q; o' }6 {5 a$ m( l5 Q
A) 12.25.
' Z5 V _7 u' n; f) mB) 8.41.$ W! D: q2 A; z& o
C) 7.42.* v4 E/ o6 ^5 T& H) ]1 k1 D9 l
D) 9.53.
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+ Q5 U4 E5 `+ e" I, x6 F答案和详解如下:
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8 o: [# f B; u) f3 OQuestion 104! p9 x8 v4 i' m; E: i
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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:8 V6 v# r6 w7 ], }9 s$ O$ P
A) market segmentation theory.- {; p7 M9 z) a& Z& C7 M' G
B) preferred habitat theory.
7 c2 z1 @( X3 ^% E7 mC) liquidity preference theory.
! _) D9 v/ ?) T M* h' |4 @D) pure expectations theory.
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答案和详解如下:1 L, w% r J6 p' S2 g
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Question 105
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An $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:3 x3 q9 w4 p/ Z
A) increase by 22.5%.
: g& g" i) q* { ^: t/ M* NB) increase by $4.00.
( j* d* `) s: ^% r4 ^C) decrease by $22.50.
- a8 g7 X0 s9 d# C& U, BD) increase by $34.00.
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/ [. c! y8 Y3 a6 p6 F; c答案和详解如下:
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发表于 2015-7-21 09:02:51
