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Question 101
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`7 |- X7 d' i. A) @Consider the following two statements about putable bonds:
7 q# _2 g- f, |* U0 m* b tStatement #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.! \& C R" ~0 j* Y4 p
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 x; D7 B; r$ t' c' oAre these statements correct or incorrect?( g8 l4 V. x$ ?7 k0 |+ a
Statement 1 Statement 2
7 w% `- b5 d9 k8 `- F. y) SA) Correct Incorrect
% P' P9 [( [* u% B& RB) Correct Correct
# G7 i$ p( ?- q4 T( H5 w9 UC) Incorrect Incorrect
X6 }' L+ U ?/ Y u7 h" I; VD) Incorrect Correct
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答案和详解如下:
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3 b2 |' N2 l* G3 rQuestion 102
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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?: P- C# r& P# o0 W. j( ^( G) `
A) $624.. r( A( y2 O: G+ N. w5 l" N( f
B) $724.
" }" b4 [# t2 D- YC) $459.
1 z: c3 E5 l' P2 F7 O3 ]D) $574.
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答案和详解如下:# G- Y$ N- `4 u2 M; M% J
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8 F- d/ q" O* S* S3 OQuestion 103* w" b; c! L" E
8 L8 X. {$ E: V/ l' zPam 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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:- X4 X t( `9 N8 m1 R0 Y8 Q' {# R
A) 12.25.) b1 T+ L; h5 |+ A. u
B) 8.41.
+ G' \# H4 p& M! {: h) x: @8 ZC) 7.42.
& `6 L' x6 }1 ND) 9.53., |/ m9 T) [$ C5 R$ ]% A; A
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答案和详解如下:$ m; X; U$ K) r& Y3 |& U: X& ]
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, C* {: w$ u5 P! a7 LQuestion 104/ z* ~* _. l2 ]! R- d6 }
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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:
3 y0 V" t. F5 z5 u9 h& Q2 ?A) market segmentation theory." B& p/ X# n4 {6 p) c' g* t' S; R! A
B) preferred habitat theory.
7 b; M. O2 r" h# IC) liquidity preference theory.
9 Y8 B8 Z x$ n8 M$ H) bD) pure expectations theory., k1 F. g7 w9 Y ] e) q9 m
~6 ]# A& M' ]# U; S6 h答案和详解如下:/ t7 p$ p( J% W8 \5 A
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7 E# G" {; N8 p+ DQuestion 1050 O, i- d1 X" Y! j0 V: Q8 d
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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:
: U3 }* o# c2 ?! ?5 r8 k' fA) increase by 22.5%.
! E" D+ G" a! ]- M4 K% uB) increase by $4.00.0 B5 E. `! g# z, J
C) decrease by $22.50.
% w4 w% i. |* S# ?D) increase by $34.00.; Z( X- Q& b5 n
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答案和详解如下:! y1 R. H; s- R; g2 \/ `6 |
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发表于 2015-7-21 09:02:51
