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Question 101
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" k$ j6 a1 \. N, a7 t, yConsider the following two statements about putable bonds:4 r, b- {2 l3 m/ {# s
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.! D2 h0 X/ `8 e+ d; r( d$ t
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.: z! Z4 i# Y! k) }& t. p) N7 O
Are these statements correct or incorrect?
8 q5 M2 E5 k3 M% ~ Statement 1 Statement 2
- H+ q0 l" x5 R" g% q/ |A) Correct Incorrect
9 F1 W6 @: r$ O) ]4 n$ ^0 U% z; x8 `8 K- UB) Correct Correct
E8 q6 _4 w/ R' E; `* f% g) |C) Incorrect Incorrect
. N5 w) M) Z. O! @D) Incorrect Correct
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$ R/ ~$ v* H+ U' ^答案和详解如下:* Q0 u. ]3 e6 v. A
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2 T, P; h9 e# SQuestion 1029 b1 K3 L/ q7 U! p
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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?! \+ m- |7 p$ x3 _# E0 b1 f$ ^
A) $624.
9 N) g8 v; ]& U4 c. M; Y1 mB) $724.+ Z& D; O& ?" {/ R( g9 y
C) $459.6 L0 ]3 {; H8 Y
D) $574.
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答案和详解如下: M6 j) a4 F9 s$ L' p; U% s! F
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Question 103$ l' ?8 ]0 ]1 m
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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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:7 k" i7 {: l- W! z& J
A) 12.25.
; l: {: _, ?% ~! J* H, d6 Y: HB) 8.41.
- f" T$ [4 _3 V5 T" _- xC) 7.42.! m# [8 i p2 c& w
D) 9.53.; X6 a/ M; P8 ~
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答案和详解如下:, `% o2 M8 o/ T0 a: ?9 I
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% p' Z* j- d1 d# {" q6 o+ {; d+ z! GQuestion 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:
8 n9 }& y( b" m) M! o; T3 RA) market segmentation theory.( w+ t1 a' P* a3 V# @' m
B) preferred habitat theory.4 p) a6 M. o6 U# p6 i
C) liquidity preference theory.# i& E F; o0 M
D) pure expectations theory.3 |" D# Y$ _3 d6 x1 N5 e+ t
- c5 p8 q& B1 @ R4 m& n0 {/ z答案和详解如下:1 D0 ^2 s$ {( R1 K
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Question 105: G+ }* {0 T% @( \' v2 C$ E! q2 g$ t6 C
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An $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:
) B$ J$ I' ^% R/ T6 [+ {9 MA) increase by 22.5%.! w$ }# o( h5 }
B) increase by $4.00.$ k: n+ j5 u0 \3 J
C) decrease by $22.50.
3 O+ W' F4 `4 zD) increase by $34.00.
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答案和详解如下:8 {' G. h- [& b$ X0 _0 b
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发表于 2015-7-21 09:02:51
