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Question 101; x8 H! i' ^: O$ r. O
8 c( M- E1 u# C0 E8 m$ I" pConsider the following two statements about putable bonds:
9 _3 C/ N& y2 e2 V9 V! {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.
! p% L- N1 i, r7 nStatement #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.
; ]4 Y) {% g* I; ]% p+ l7 vAre these statements correct or incorrect?! B+ i7 [! @6 c7 M, I# b3 t
Statement 1 Statement 29 G- n3 m1 l/ x, y
A) Correct Incorrect" C( j/ n P& _0 U. O
B) Correct Correct
( c1 [# e3 O: }8 h. N! o( SC) Incorrect Incorrect
0 F! ?" ?6 {+ U4 Y! D! m" V3 KD) Incorrect Correct- S; a! K7 ]5 F, Q- b
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答案和详解如下:1 U+ y# V! G8 N. \1 }" @' C$ k! o
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! L) l! K* ]2 tQuestion 102& z5 E) G# ~6 H
: ]9 K! Y& m+ v) d* N9 S3 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?4 o* _7 l. o% { s
A) $624.% g6 S, {% u t9 E
B) $724.
5 ?7 E2 N8 a- z* YC) $459.
) T+ C1 h" L6 ^) P q, ED) $574.+ k: ]# G I3 K" r6 _! n* D% S
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答案和详解如下:& s, Y! i8 u5 f7 `+ S
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Question 103 s( N" N* q% Q5 j4 F7 U
: f8 c9 K+ Q% Y) r2 Y/ P/ u2 s, vPam 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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:
C3 `' G; g- A2 GA) 12.25.
& ?8 i% B1 [5 G$ }( QB) 8.41.
( M0 O* i" P3 |2 Z# \C) 7.42.
% k z* t2 S5 `) {5 V9 jD) 9.53.
" I8 N. T z; Y' X
! U) x) X6 p7 Q E* @. X) b答案和详解如下:: u+ k1 E2 v# ?% O# i& v+ Q! a
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Question 104* l5 h) ]' B7 U# d3 q
( B' k! k; r3 k( K9 ~The term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:
/ m R P" N0 y$ XA) market segmentation theory.# F1 r( I. S5 y/ @
B) preferred habitat theory.
. @6 N- R# v, hC) liquidity preference theory.2 q' K' Q7 Z; r5 i7 E. \" L
D) pure expectations theory.* e' @, n2 U. D. \, D" N7 O, M
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答案和详解如下:
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Question 105
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An $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:
( Y6 z; R3 i4 r7 C( v) y8 lA) increase by 22.5%.9 C* ~! y5 e/ L$ @. a' _. X
B) increase by $4.00.
4 X. l; Y. x5 F) v, H1 Y; U& h% NC) decrease by $22.50.' e. K# B; G# I8 p2 h- [* l4 p% X4 C5 u
D) increase by $34.00.
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; U4 V: A7 G- ` f: M答案和详解如下:( r8 e0 _! w( L: P; K6 I
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发表于 2023-7-2 20:00:02
