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Question 1011 A" p+ A! q& \3 U3 j6 r$ l+ V9 ^, A
, [4 N6 `3 M/ s; f. Y" V! jConsider the following two statements about putable bonds:
# U1 Y1 }3 a5 R" lStatement #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; q8 G; ]+ J7 n8 q
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.
( o/ g' T# Y; C0 N% t$ ?; bAre these statements correct or incorrect?
) G# M- v, r+ \. q& ^ Statement 1 Statement 2/ v$ d' k! i+ U# o% |
A) Correct Incorrect
$ ]3 Y- D3 s6 cB) Correct Correct8 |% d/ Z- _5 o! M7 \ ]; r
C) Incorrect Incorrect: _ M, U& ~) q7 L7 ~) f
D) Incorrect Correct
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答案和详解如下:
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Question 1027 B1 \" ~. E! {( Y
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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?
: ^9 Z; C% @9 s1 d8 V3 k" sA) $624.1 g& f1 k% _; ?1 Y- z5 n+ r9 | y
B) $724.' K% _+ U' B+ x
C) $459.7 k+ v8 D. D( z2 u# k$ N& @
D) $574.
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: `& s( J/ f5 n2 L& A5 A答案和详解如下:: h5 }; n3 }+ A! v/ @
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2 M G8 J" X$ z* x SQuestion 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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:1 d8 R0 y: @8 n' c' Q& ^% z B
A) 12.25.
4 W+ A" J5 |( gB) 8.41.
6 C" ]8 {: f9 U; f _0 Z7 L' a$ nC) 7.42.1 d8 a& @* e5 p O0 `$ Q
D) 9.53." R& _; V; q9 @6 A8 p
; K0 S, z0 x. F) y答案和详解如下:
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Question 1046 W4 m% j7 n2 I9 J1 j( A+ |% Q7 K( H
0 T" F ~4 w0 P/ Z6 D" z( U7 LThe term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:& S1 c" x# s9 w3 g: N0 u9 Y7 ^+ ~
A) market segmentation theory.
1 p( n; v% E6 J( [. k6 J! d0 JB) preferred habitat theory.+ t9 a* V3 \& h3 m* E
C) liquidity preference theory.3 q4 [9 _9 _( f/ y4 L% N
D) pure expectations theory.
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答案和详解如下:. z# \: z( Y* D& y1 n, _5 T' k
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Question 105
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# A" L* j9 z1 aAn $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:. Q/ G3 e" X+ O3 t" g" \* q
A) increase by 22.5%.
1 Y# z" ], g# h8 ]9 [$ iB) increase by $4.00.' e3 }+ Y: r* {) n& k: H+ J
C) decrease by $22.50.
9 |6 n# y( f P* ]4 S& dD) increase by $34.00.
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答案和详解如下:
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