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Question 101
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% b# C! ~" M9 k3 yConsider the following two statements about putable bonds:
6 R) Y! a2 m! J& K6 k2 cStatement #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.8 j# }9 L, c! I; I! Y2 Q5 \
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.) u$ g/ \7 g/ W
Are these statements correct or incorrect?7 u2 b! |/ A$ [; ]
Statement 1 Statement 2* K! X6 r8 I/ ^" T( q
A) Correct Incorrect, \% K! s3 j- o7 D/ o4 P7 \- j
B) Correct Correct
/ l) _4 {6 F( i$ U# CC) Incorrect Incorrect
' r$ _6 [, i7 l* `* LD) Incorrect Correct
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答案和详解如下:# m, c$ s- o6 P- o. P0 C0 G" O& }
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2 `9 e( j8 \7 H+ a4 Y, M$ `Question 102! l# W& q* w7 t
, k7 C6 P- N2 X: C; k0 |2 GJane 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?" Q/ s1 A! S1 C/ _" o1 Y" c
A) $624.
8 Z% Y. g9 j/ G3 q( }. U( pB) $724.
. u# ~0 E1 l5 o/ PC) $459. k% K, P% X+ s* w5 [: w( x! P
D) $574.
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答案和详解如下:1 j2 S: [0 t, ^) p7 A$ u
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% w8 ^& p; D' H+ b3 f; `) X5 rQuestion 103: `) g: Q" I. [
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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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:) b+ M9 y# @6 ]. g
A) 12.25.
; M4 w$ A/ _) T& y2 `B) 8.41./ u: {( T0 B6 k# y( U& e2 `
C) 7.42.( ?! u6 l% Y0 L/ a8 i; y2 q g; a
D) 9.53.$ S) @0 L9 c: F
x% o) t: W$ h9 Z# N8 h" I9 v答案和详解如下:+ m( ~0 \; T2 x6 U
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A, {$ k1 O wQuestion 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:
' c+ n7 h; Y( D7 Q: Q8 o" D4 ~1 T( a. F7 yA) market segmentation theory.% x- G3 H2 s8 |
B) preferred habitat theory.. ^6 l8 p+ k K
C) liquidity preference theory.
* R# J$ D0 Y! B5 @# A! _D) pure expectations theory.3 P, T+ e. m% B( G. f
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答案和详解如下:
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Question 105
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2 x/ ^% _4 A" ~6 \3 f$ I) i2 ~An $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:, ^" k2 c. f0 L, ~ u; [
A) increase by 22.5%.
0 J; `, H( `1 z2 oB) increase by $4.00.* F7 l- N: M3 s, x' l' V7 V; t( y
C) decrease by $22.50.
9 p! L* r6 T: X3 m# o8 Z3 S. e" RD) increase by $34.00.
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3 _7 V* h4 {* t6 E' ?答案和详解如下:/ c% S' \" U! u& J, \0 W
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发表于 2015-7-21 09:02:51
