|
|
Question 1017 a8 Z2 O, s" S" \/ K
3 J! f3 z/ v6 y' v4 I. [3 x
Consider the following two statements about putable bonds:
3 v9 }) o% w' y* K# q/ l) iStatement #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.
" t( e7 B2 v. \' B$ x: \8 KStatement #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.
- A, y( `# P$ l1 M9 H; eAre these statements correct or incorrect?
/ P# [4 C2 ^, Q Statement 1 Statement 29 m: }* n( i$ o9 r+ U- N* o# b
A) Correct Incorrect' Y, W6 ^9 ]% {4 t! G E- G
B) Correct Correct
" | R1 h" \0 |3 ~* {8 W, \C) Incorrect Incorrect$ D6 e0 U5 p3 \8 U& f
D) Incorrect Correct
) p1 v- h/ L8 l4 J, x* w
a, \) Z6 A5 |7 j答案和详解如下:
; K- m, r( ~) K* u' W/ Y
" x! M4 ~5 e) ]. \' O9 F9 x& c2 G& a$ z4 G1 k' g) b9 L5 Y
Question 102
2 ~9 I9 [9 T9 a3 T# k
4 g- M" \2 X% Q3 S5 r( YJane 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% F8 r& Y) y6 @# |$ _
A) $624.
0 Z* f/ D' D `; U; hB) $724.1 e, T j3 Y% K* C5 I; n% @
C) $459.
( `8 r: d7 I$ lD) $574.
0 {: X8 Y/ z* q9 i6 y* `9 `* q, {7 b4 h _. a
答案和详解如下:
5 J. I N0 d/ P' l' t8 |; y9 ^( ` \$ i( @
) b7 J. A$ K8 T: y4 P' X
Question 103
; P/ h1 ?, T7 r a2 M, ~) F0 E" d6 N+ [& M1 @
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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:
( i7 i+ Y$ q w' oA) 12.25.
1 U' H4 d& ]2 E; i! o' CB) 8.41.; G3 s, i, L, i, z* k* e
C) 7.42.) V1 G- y3 W* X. }2 g! E
D) 9.53.
: \+ a4 ^" o V3 [- E
* u# c4 K C( R$ c答案和详解如下:$ ~8 J, `" a- h; b+ ~; ?
/ ~' a2 `- R9 H8 m& c/ A N& ]/ {0 q& ` F" z, |. v/ f
Question 104
8 |) t0 }/ p% `9 a/ [$ ]
/ p% l6 X3 C3 l5 _! }+ qThe term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:7 k7 t M0 n' j' i' T" {
A) market segmentation theory.2 O3 H6 k$ c* G: P' ?- A6 \+ s
B) preferred habitat theory.
O5 E8 E2 o8 QC) liquidity preference theory.
1 X0 l2 g/ d5 v3 u7 x) j: Z( d( u# hD) pure expectations theory.
7 c- F8 l7 T; k/ e
& e2 d. s1 R4 R- S" S. \, \答案和详解如下:
7 g$ M" n7 v5 v! h+ n" b
) `$ B& V: J1 c1 I
& u5 x2 D" d# A2 [, @/ s3 s! CQuestion 105
# ]7 U3 v" m8 _
( @! u! k, c7 ~An $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:. f$ ?0 ?3 m1 y/ _( u; c
A) increase by 22.5%.
! o. j% M& x: ~; A7 z( vB) increase by $4.00.
" t" |* f V" D1 ~" R3 s- Z( e3 YC) decrease by $22.50.! a) Q7 z8 Q" ^+ M
D) increase by $34.00.
3 F- }) |9 P% D! U* ~$ B& ~( _
/ j' m( S& g, ^) y: d- n" L+ Z' Z答案和详解如下:
& U2 A. n) T; Q, @* G |
|
发表于 2015-7-21 09:02:51
