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Question 101
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Consider the following two statements about putable bonds:* u# x$ `# M( v( {7 g& Y
Statement #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.
7 q- @( u4 h, i1 lStatement #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.
* G+ C, P. e# ]: R$ iAre these statements correct or incorrect?
4 R- C4 }% Q& j% n Statement 1 Statement 2/ I- M/ P t; M( h3 k# h6 \; e: _
A) Correct Incorrect* R6 a9 z a+ u+ P! V2 `$ m
B) Correct Correct
1 Y2 X' _3 U$ b! t9 V* j" QC) Incorrect Incorrect
; g9 a; y+ a6 d: l2 v [/ E) l1 w/ @, CD) Incorrect Correct1 V/ z3 f) k/ R% T8 N
. l# S# q& }) ]答案和详解如下:0 p8 D8 t, |- `1 M* x$ q1 \& b) \
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4 m% e. n( A e5 ?. ?Question 102, T. A# c% M1 U, q% D4 `8 W$ r
9 D" Z9 z0 g- c0 f" I! iJane 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?
# [" b) d& ~' H& @3 vA) $624.
* _% |; {6 D% R1 v8 g5 BB) $724.8 ]) l& x) T8 ?7 ^& o* B
C) $459.
" E) B, I; Y' U& I% j1 G- wD) $574.8 ~/ @: ~, g9 q
: Y; J' J; {/ b2 g7 l7 D答案和详解如下:; P1 c! i! ^& k) s) d" W9 ?, A
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Question 103
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& ]$ ]: G0 n4 Q o+ H0 \# w# O V: A4 fPam 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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:$ r/ f1 p+ X9 j; D/ p$ _& Z
A) 12.25.8 ?, w* b' K& x/ e7 P
B) 8.41.1 j" f, ?) y# f3 @
C) 7.42.. U3 ?, C! W* T% W& l* B1 R6 x
D) 9.53.( ~: N6 O3 X9 u: N: B
% D' b G4 B, l/ ?" y! D% O答案和详解如下:
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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:
! h& n; ]0 c- ]6 h+ V: LA) market segmentation theory.
, j7 x! e C4 R6 OB) preferred habitat theory.
! D9 R' m4 P( x) n- R( d( z3 aC) liquidity preference theory.& F9 P/ t# }4 }' U; Y0 J' k% R
D) pure expectations theory.
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\0 _) l0 y. l6 C. D! A! ^答案和详解如下:# O* f" x' T1 x6 H4 o
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" i4 p/ }& [9 M6 b- iQuestion 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:
3 j7 X9 X& U# F8 W. l: tA) increase by 22.5%.
0 A9 \6 b+ \0 G, X; i b# s" YB) increase by $4.00.
5 E7 z6 J' }2 q1 o. Q0 ?C) decrease by $22.50.
8 |7 h$ \% t$ ?2 pD) increase by $34.00.
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" ^$ t9 w: Q. f+ U X答案和详解如下:
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发表于 2015-7-21 09:02:51
