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Question 101
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Consider the following two statements about putable bonds:
8 q9 h( i* k3 O6 v* _3 yStatement #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.0 q0 R; I* q0 B" V
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.) Y0 I" r( @1 x8 x
Are these statements correct or incorrect?
' _- O- O+ }3 O Statement 1 Statement 2; V) S9 E/ a' `2 k- E" t, Q
A) Correct Incorrect' g2 ?1 a7 I& k$ X$ i
B) Correct Correct
1 g" X# h. q+ a4 J, K7 `C) Incorrect Incorrect W7 C! Y8 |3 `. W) O0 C1 [
D) Incorrect Correct% @" r8 ?0 a' G3 _3 W* d/ a
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答案和详解如下:
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% m+ m/ F/ T- x N7 z7 s$ k$ IQuestion 102
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% [, {/ f$ }" V8 ^8 CJane 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?
* e7 j# I6 m3 T; M& Q, bA) $624.
9 A# ~& w! U' m: H! tB) $724.# T$ J% L$ P$ k, T1 U8 R" H
C) $459.
# z) M+ R: W4 \7 u) _5 V; D; v' nD) $574.
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答案和详解如下:$ e/ z# ~0 N( Z$ l
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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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:
5 [, d3 T! w M; i: K$ SA) 12.25.% @: I4 L# z- m! ~
B) 8.41.
' D; P d" {4 X6 _1 |4 S, R; ~C) 7.42.$ C# z' {" T" J8 w
D) 9.53." h% u+ q3 _* H5 A$ r( q" }
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答案和详解如下:+ y/ [! I: W. D2 k' ~$ X3 O
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2 f: z: T; m' ~! nQuestion 1042 {' I }0 T* F) A0 y6 E0 i! s6 e \9 P
4 H8 q4 I! m& N3 [" o( lThe term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:. l9 D q6 p( l8 Q* w
A) market segmentation theory.
6 t% z0 b( g7 J& c5 \B) preferred habitat theory.
) J8 d8 D* U' ^/ z1 {# a% x! gC) liquidity preference theory.9 F7 T+ S6 {/ k! L5 [5 m' J* m
D) pure expectations theory.2 I! M$ i) Q9 Z7 @$ K
- }9 h Y/ J0 R! W4 T0 ^. n* [答案和详解如下:. u$ m) ~4 ^- a2 A: A& c, U
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3 q- _% U4 @* I: m* o( `Question 105: c* s4 n4 {4 z7 c
, p9 g, |" v- ]6 y2 QAn $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:
1 m1 D2 w. [7 \/ J3 Q4 y$ j LA) increase by 22.5%.
; k9 e; @4 z$ m! J0 D, U4 F% lB) increase by $4.00.# q* m2 X" o4 a, V5 X1 z; Y3 X; N' _
C) decrease by $22.50.4 F9 j& v1 N3 X7 ^! i1 H
D) increase by $34.00.+ L7 i' U6 j4 m5 R* h
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答案和详解如下:
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发表于 2015-7-21 09:02:51
