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Question 1014 J/ G2 X- A" w1 J
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Consider the following two statements about putable bonds:
+ N9 l5 l2 x( ?: 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.
5 }+ v2 C) T$ C( Q$ t3 IStatement #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.
( M' k* r! x1 AAre these statements correct or incorrect?5 `& {$ K* k2 n. w# r1 C
Statement 1 Statement 2. r9 y9 Z; I7 `, G# S# Q, m5 O# h
A) Correct Incorrect4 k& ?5 Z( C' P$ ~
B) Correct Correct& T. M8 B9 ?& D
C) Incorrect Incorrect! H$ B, g+ U8 Q! G2 _
D) Incorrect Correct
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f, C# P. k7 P答案和详解如下:
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Question 102
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! m- Y' M' d( [4 b- \; wJane 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?
: O8 Y; }3 p( h4 @! `A) $624./ G0 Q9 d& O- f. h
B) $724.! J4 F! }# n4 w* |, ]# N# y3 F
C) $459.
: }: d2 p5 P% i" x+ cD) $574.
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S) m2 i2 Z, T. Q答案和详解如下:% W7 j6 ]) o- x! p7 P2 u+ Z
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+ d0 H6 \& u* j: r' n( iQuestion 103+ w5 X8 i, S' f, p/ L, e
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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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:) |# a/ o8 h+ x4 A/ W
A) 12.25.1 I* G: _' y& K! w) E
B) 8.41.5 D, [) E7 v6 H% }. e3 R' n
C) 7.42.
8 w- L% i* D' SD) 9.53.
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+ ]" Q: P3 m3 ?$ Y8 L/ h" N/ f* s答案和详解如下:
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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:
\$ { k; X. i# G5 rA) market segmentation theory.
# Y" ~$ t# d, E. h5 zB) preferred habitat theory.% ?4 O. f3 Z) ^ J% S! g8 U) m
C) liquidity preference theory.7 K9 h. t H& }( a% m1 Z( _
D) pure expectations theory.
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答案和详解如下:$ Q2 S1 r7 k0 Q3 C. b9 j
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5 j* {, b! M2 }* l/ Y8 CQuestion 105
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An $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:3 c( W7 |& u$ v8 v7 Q% B
A) increase by 22.5%.- a7 a0 e1 n- C, ?1 {0 ]
B) increase by $4.00.
4 y" g+ m5 b( l) |" R9 t5 T& h: gC) decrease by $22.50.: B9 d+ @4 i5 a* |& y5 b
D) increase by $34.00.* C$ v8 C n9 L- U1 n) a
: S3 |" w4 H! b7 ~答案和详解如下:
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发表于 2015-7-21 09:02:51
