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Question 101
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q$ A: h. H! q1 NConsider the following two statements about putable bonds:
7 b, G. c6 k7 O7 W$ R7 U- a 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.
0 c% ~8 i/ z8 C* vStatement #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.
0 O/ H6 [. y9 S3 i: W4 A( MAre these statements correct or incorrect?
: X6 }* d6 K# ^1 D( O Statement 1 Statement 2
M% ]) W8 A) z4 A9 h/ ^) z7 \) xA) Correct Incorrect, ^) N+ p3 }4 T& C" F+ o
B) Correct Correct
$ m7 k I' J9 H! ^! K, S* g' J0 lC) Incorrect Incorrect" q: ~. D0 X( S2 i
D) Incorrect Correct
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) _$ \! _; u0 [' @答案和详解如下:3 r9 y a- Y/ ]" V1 b# Z
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) W( @+ j2 R1 V0 `. ~4 B" ^+ zQuestion 1029 V# m9 q' F/ V5 d1 D8 c# {
4 J8 X) H/ l3 E. Z y) c" Z& j# SJane 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?8 q% `4 F* Q/ K9 b
A) $624.: U& `0 h1 A s8 P( ?9 Z
B) $724.
3 o8 V" ^ c$ v: r' RC) $459.
, f9 E3 E" z7 H: `D) $574.
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& d& H6 H1 s* t4 X( O# v答案和详解如下:/ r8 J: B- t% \" ]7 {0 @5 Z
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Question 103+ P" \# U% ~8 h0 d5 o8 M
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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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:
8 ^8 Q% M. M6 ^0 I9 AA) 12.25.7 P- o8 N. M d9 d! n8 Y& r
B) 8.41.
" M; b0 T2 P( M( QC) 7.42.& w3 J |3 X9 L o- u
D) 9.53.
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答案和详解如下:) ~. z0 J) A1 {: g: g
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Question 104
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The term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:9 Q* {( K. ?9 | s2 ]
A) market segmentation theory.
- G% _9 T! s9 {$ r4 G5 SB) preferred habitat theory.
2 r- ?' t) ~2 r- k1 Z5 a6 PC) liquidity preference theory.
# [% o. O' ~& _8 OD) pure expectations theory.) ]: h- [( f# ?7 P+ E3 b
0 x* i l4 r8 m3 _8 K$ ~5 w答案和详解如下:
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1 b8 }3 L/ } _4 T( v6 p' A- eQuestion 105" u9 O) x4 j4 o8 u1 f5 i7 k9 J
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An $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:" M% [7 K+ |' m+ K
A) increase by 22.5%.' H1 Q G& u2 K) Y4 U2 g$ X
B) increase by $4.00.
) H; r* g! a+ E: NC) decrease by $22.50.
, z8 T4 J% l+ _3 O- l& }D) increase by $34.00.9 H# p R; x& O# T0 B
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答案和详解如下:! Z& K) I+ _+ J/ x" W+ u5 g
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发表于 2015-7-21 09:02:51
