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Question 101
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5 Q0 v& k y5 u2 K3 ^+ }: R+ s% sConsider the following two statements about putable bonds:
5 m8 r( i4 w5 B! C! h% sStatement #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 F( \! G& Q+ WStatement #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.
- \4 c6 ?5 g/ L& x; V& mAre these statements correct or incorrect?
) q* z. n% }1 A2 X7 B5 B Statement 1 Statement 2
% C6 Y5 G( _7 A* ^, X" UA) Correct Incorrect9 X d, y3 N; Z6 K/ H) Z, b
B) Correct Correct d8 |. \" ?: T( J: x# O
C) Incorrect Incorrect
" P8 t; e4 k: m5 i0 C; vD) Incorrect Correct" S2 x! x3 t: O7 t G4 [
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答案和详解如下:
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Question 102
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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?
0 F7 {8 Z( k/ ?# S1 ?A) $624.! V0 E- h8 S7 ]! k5 g2 I
B) $724.% [4 R' T4 ~4 r
C) $459.
- t( ?5 w9 y( [7 e h2 }8 z$ M# yD) $574.
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答案和详解如下:& `* B; n- S: A4 S
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2 `: Z0 V) M0 AQuestion 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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:3 {8 S- z2 T2 h$ S6 g
A) 12.25.
/ Y8 n6 \# `1 o: Z) n8 c% RB) 8.41.5 F$ }' y( G* u' G: H7 a7 p0 [+ m
C) 7.42.2 d' a9 v6 j* O# X# M
D) 9.53.# A/ |, ~& e) a% q1 T6 \5 ^
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答案和详解如下:
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Question 104
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0 o6 L. ?% z% d Z$ p8 D( o7 d$ kThe term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:$ i* W5 F2 U. K0 q/ K' W3 f* e& a
A) market segmentation theory.6 }+ Y9 v, X) G' [2 u) }
B) preferred habitat theory.
+ y* Y1 k2 R5 y4 [ vC) liquidity preference theory.
/ N" N, O' `& u9 G, rD) pure expectations theory.
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' U4 y+ `6 ?; `答案和详解如下:, w# X6 W' x, B$ y* B$ a
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- U, f/ W, E' J3 y/ p% l4 w$ s- jQuestion 1052 T/ p$ S; C9 Y
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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:7 v0 B# {( R9 z
A) increase by 22.5%./ C1 f% ]6 `' c4 t' }% x
B) increase by $4.00.
" Q3 i/ x, ~% B# u; oC) decrease by $22.50.
% l, z7 x! p1 ^. AD) increase by $34.00.0 y( B3 B3 ~& B7 S: h
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答案和详解如下:$ j% x# `8 a- u5 p7 h, D+ x
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发表于 2015-7-21 09:02:51
