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Question 101# J6 T9 p/ H" o) B
) Y' e7 d2 v, G' B, AConsider the following two statements about putable bonds:3 n+ X$ g) Z7 Q6 ?6 W- u) F
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.
8 E# Q) \6 d* t6 QStatement #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.
& S+ l# I" Y7 P, E* mAre these statements correct or incorrect?
) S2 e# }. d" |7 P4 ?7 x Statement 1 Statement 21 F1 u( Q. b/ o4 k
A) Correct Incorrect- h9 F4 y- ]1 ^, W R: Z# P
B) Correct Correct' S" u) }$ X, V3 a
C) Incorrect Incorrect
; w3 i+ u' e4 kD) Incorrect Correct: ]7 i/ w/ j6 y' O
. r. u& f" C! Y答案和详解如下:, I& {5 x0 C9 v1 g! K
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& x0 q' U% _* ^! `, |; \Question 102$ O. `- Z: b% Z3 ^6 j! Y c8 y. F
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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?
. ~# \) F: K$ u4 F9 p+ b$ QA) $624.& w; w, _" n! r& p* [8 E' N
B) $724.: d% ?* p& |" ~. ]2 Y5 A! L% M
C) $459.
! I. H! \+ S4 E% Q4 k; FD) $574.' K) ? t. a$ m6 X, S0 @2 _1 }
6 D- g& o$ C" C3 d
答案和详解如下:
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8 s1 h, G% x1 m+ P, a' W* aQuestion 103# \, h0 _9 l* k$ m6 n& h
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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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:" X) v: ~+ u- P! X- j3 H
A) 12.25.
9 Z1 u' H% ]- A6 r( Q/ NB) 8.41.# Q" k$ r8 D; G, \% ^ c$ G8 `
C) 7.42.
_! c1 [, Y3 B) ^D) 9.53./ w5 U7 x$ f2 S2 \4 V' g( I; Z& }
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答案和详解如下:
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Question 104: R6 X- m% r3 h
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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:* `7 d7 k! W5 S) i
A) market segmentation theory.
# m$ s2 Q& z5 R0 KB) preferred habitat theory.$ v2 A6 Z0 D3 u7 l* V# ~( Y. S
C) liquidity preference theory.& _0 p" w0 W! J: t' @! _. C
D) pure expectations theory./ o0 e$ T: R- C3 b4 m4 I( P6 t
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答案和详解如下:) `' q8 J0 ~' z4 [ ` Y+ v, m+ t
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) a6 a9 P- K9 D/ IQuestion 105# S/ v: c+ A0 A! f# a0 v+ V" e
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An $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:' E+ V- m& G% \
A) increase by 22.5%.
! d% `4 P0 U' l/ e! e$ xB) increase by $4.00.
8 o" x2 L2 [! O: e% B) q4 \" d7 \C) decrease by $22.50.4 K9 C: H i% \6 B0 x0 x
D) increase by $34.00.: }* O' Y$ n- L
( a( y7 C& g1 u' R答案和详解如下:& W1 E" W) p! W9 I. E
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发表于 2015-7-21 09:02:51
