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Question 101
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Consider the following two statements about putable bonds:
: C/ T4 n# O5 B3 XStatement #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.2 T; J( }8 f8 d. H- K
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.5 |0 @5 J. N) x$ F) ~0 @* V/ S) ^; D
Are these statements correct or incorrect?
8 l. }+ W& h: n# j6 P Statement 1 Statement 2+ ^$ F: \+ W7 w5 v' k
A) Correct Incorrect
9 ]/ R- o& R/ P- ]! v1 `% ]9 p) WB) Correct Correct
$ ^0 ?& v! v/ \$ Z, aC) Incorrect Incorrect
) [) Y& T2 s9 R! X' `D) Incorrect Correct% Y: t7 O: G( P/ h" r/ q9 r* L
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答案和详解如下:) ]6 w D* w# h' x4 ^2 f
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% {1 N3 P" C$ b. L) t LQuestion 1020 p9 u8 M+ w, h4 g# s
B* R! S7 Q5 g; OJane 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?
9 h9 L# f, w$ `A) $624.# T8 H6 ?! ]7 G8 Q
B) $724.5 z( R0 I5 y9 E% a- \3 a
C) $459.
% _/ R$ U" a0 ] ]0 fD) $574.
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答案和详解如下:
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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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:
6 f' R0 w( _0 pA) 12.25.
) C0 j% U; [8 K9 f b& bB) 8.41.! j. C! T. C' G6 S- ?" {7 ^$ d# l
C) 7.42.6 U4 ~; c @+ G/ I0 u
D) 9.53.
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答案和详解如下:
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, m" X V& k- _" w# ~* b0 C8 w( V' pQuestion 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:
( ]5 B, n$ M; |& L& q( IA) market segmentation theory.
2 c) k, O( l4 ^7 J$ T; ~B) preferred habitat theory.
$ Q: q) N# s7 qC) liquidity preference theory.
* _% p3 y. ^6 g- P+ N* VD) pure expectations theory.
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答案和详解如下:
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F+ E; g/ ?- K# ZQuestion 105" {5 U* T, S$ w$ D! }3 |6 N
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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:
- ~/ d" f* E# D8 q7 n5 B( w1 E( PA) increase by 22.5%.
# D1 |* N8 h- r! t% q9 rB) increase by $4.00.
/ ~* P1 v; T) l$ {$ bC) decrease by $22.50. U7 |9 m# s* T
D) increase by $34.00.
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答案和详解如下:' e' Z4 z# |; u6 U+ W5 X
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发表于 2015-7-21 09:02:51
