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Question 101
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Consider the following two statements about putable bonds:
* [" I2 _9 S/ O" [& I9 [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.' h2 M, \! h# I
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.
4 G) F2 {: p7 N' t# |Are these statements correct or incorrect?
! _/ R4 t8 m- `# v Statement 1 Statement 2
! q1 G8 { I7 Y$ t; f* [A) Correct Incorrect
# I! Z3 \+ ]0 d: c7 _B) Correct Correct
' M7 c$ t2 n$ q S7 y# d9 PC) Incorrect Incorrect( D' m5 H6 b' X# A" N4 S" Y
D) Incorrect Correct
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. d! a0 K; \+ s5 E) J2 G; H4 e答案和详解如下:
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7 _6 x$ F7 n3 LQuestion 102# L9 R1 K9 G1 i' {
+ F0 b9 R; |" GJane 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?/ S) f! V8 r y2 p Y
A) $624.
, u7 i( ?; O1 ]; W* S5 v( e+ r1 sB) $724.
% B" V! u9 Z# y% e2 Y5 ^C) $459.
% W1 N; p% Y: Z( L1 FD) $574.9 `8 Y/ @$ c, [+ ]4 u0 K- y: K
: V' Z2 J" ~, A9 V) Q答案和详解如下:
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Question 103: \; s7 F3 T6 { e8 ?- ~8 O# y8 r
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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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:
8 |3 L9 R0 k* y( sA) 12.25.
8 t0 p; H6 g! D+ ?; qB) 8.41.
2 N% I5 p) S& Q# S. t! yC) 7.42.
5 W7 k9 g' P$ i% q+ ?D) 9.53." o" ^3 J: Y( a! W
# |) r, o" M8 t$ h0 D答案和详解如下:* m( w% ]/ C$ t, R
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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:
* M$ k+ w! G- N0 r: E! f6 K4 @' c: pA) market segmentation theory.
% {( I. b$ A$ JB) preferred habitat theory.2 b& n" M- A" H
C) liquidity preference theory.
: e4 T# L0 ~% j- FD) pure expectations theory.
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3 N9 H! }8 \) Z6 C' {0 O4 ?答案和详解如下:
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Question 105
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( D" C8 \2 F# T, p7 T$ V3 X7 HAn $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:/ G6 c/ h8 L+ I
A) increase by 22.5%., K6 Q0 B& n* o, p5 F# f4 X
B) increase by $4.00.' e A; w6 w- i0 s1 O- C" n
C) decrease by $22.50.
8 i5 Z E* `! t" B9 G2 i& ]1 uD) increase by $34.00.) V; n5 i; g9 f/ B9 ~: \7 j) @! B8 K
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答案和详解如下:
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发表于 2015-7-21 09:02:51
