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Question 101
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$ 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
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答案和详解如下:
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" e: O4 H! v$ W5 n+ Y9 zQuestion 102
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- 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
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答案和详解如下:- u. Q1 s2 B1 d2 s
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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.
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6 y; z/ @0 f9 n答案和详解如下:
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( D1 o* f# B2 m- ZQuestion 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:
* \$ 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.
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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
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Question 105
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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 [* }
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答案和详解如下:# n+ ` Q% {' p( p( l
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