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Question 101
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Consider the following two statements about putable bonds:
: C/ @( O& W* P) Y2 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.
% L: O) z' i& K3 N, ?) K& iStatement #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.
$ U0 I4 I. ~5 V! Z) eAre these statements correct or incorrect?8 q, ~& j' s# O# a3 T' T
Statement 1 Statement 2+ x, W- k8 M; m+ E5 A% d
A) Correct Incorrect
' E u9 c3 I' mB) Correct Correct
1 I4 z- g# F* J2 Q7 q' YC) Incorrect Incorrect( _0 `: d; r* v1 m" M3 u
D) Incorrect Correct
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答案和详解如下:- k \3 u$ g/ s1 M
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5 D: T& u v7 l2 T" V4 iQuestion 102
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: c$ |' j" c6 @$ }( ~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?
! `/ d, M7 u" P7 t& {! BA) $624.
/ Y0 _" |% m6 \: v" DB) $724.$ [7 t/ }4 s& f% m* x" R, W
C) $459.
2 Y- w4 H S' W! p& AD) $574.
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答案和详解如下:* X8 O7 \6 l9 l* }
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Question 103: a$ g+ w: m- z
* }4 E; ^/ x' `) UPam 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:
6 T; S0 b# Y yA) 12.25.
: t. E8 v. D2 U% S: jB) 8.41.
2 o; \( l% N/ B& t$ uC) 7.42. N2 Q( s3 H6 c* ?' D" c. |& O! v
D) 9.53.; D$ m+ H2 b- x7 Z% \
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答案和详解如下:. F& P6 ]9 B$ ^% B; q
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Question 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:: G9 g- D# \# n: _8 X4 ^, I' o
A) market segmentation theory." S! l+ R8 ~3 x2 j! X" h$ R
B) preferred habitat theory.
- e. U2 ^+ W$ Z& o. n* G: DC) liquidity preference theory.* \% v4 p% X1 r9 |7 [
D) pure expectations theory.
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+ _3 L; N( w1 |5 U" m$ P答案和详解如下:
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Question 105
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An $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:
* N- w0 F( ^% i# P, R2 EA) increase by 22.5%.
, j8 z$ L/ m! N% d* o: p0 t$ W, PB) increase by $4.00.
' W! _: g, y, DC) decrease by $22.50.7 _+ ]4 N Q: V2 ~2 T3 h
D) increase by $34.00./ M/ b' `" T' R3 \( X0 o
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答案和详解如下: a- Y& ?' G- d7 S) s% c) d9 Q
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发表于 2015-7-21 09:02:51
