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Question 1014 T8 T/ m' P/ h9 F
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Consider the following two statements about putable bonds:
, O+ z( z( f8 VStatement #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./ Z, m; A2 _8 k
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.
, ^# d: y6 y# `9 R( |Are these statements correct or incorrect?
& ?: x$ G$ }% l6 T9 L0 K Statement 1 Statement 2: z0 ^. n) r9 @) ]; D* ^: L
A) Correct Incorrect
' ~5 y6 ^$ ]* \3 f+ B& V2 K* sB) Correct Correct
3 d' t6 ?3 P; CC) Incorrect Incorrect
5 K2 ]& U0 X/ pD) Incorrect Correct- g& ~8 I! W$ z- p1 d( s
: z0 p7 G6 _1 E P答案和详解如下:
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: ~( u8 \2 R2 f4 XQuestion 102/ N/ M" d; d8 j0 `# H( k; ^
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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?5 G, X) h( i/ Z8 z1 P
A) $624.
9 d/ s) F3 R0 P& AB) $724.1 h1 H! a# k, R) Z
C) $459.; t; d4 A# H9 _. p7 k
D) $574." R9 x5 r9 P8 t$ D' t2 L. V- J
+ m9 i; j$ o: K& ]7 M答案和详解如下:! T# i3 S Y4 o7 R& z0 r
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/ ~3 j$ M# ?7 j3 |8 u* qQuestion 1039 Q+ D4 B7 U2 T; t2 ^
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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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:( f% f# t# Y; R( T! w) e9 t
A) 12.25.( f7 g, U6 v; N; g9 [3 X
B) 8.41.3 s) J9 J& [9 ]0 Q5 _' t. J; q
C) 7.42.
( }7 C. { m; V$ L; P# @- X, o, ?D) 9.53.
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0 W; U) H+ s J; l, F9 Y答案和详解如下:
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; d7 s4 ^0 d. w- |; OQuestion 104
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' m: H/ ~: y/ b1 `8 w- }. c$ {The term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:
! g( f( ]9 ~; M5 h1 mA) market segmentation theory.
/ F" {: ?/ ~6 f- i% K- g- \% sB) preferred habitat theory.
* ]- b/ O3 i! x9 Q, k* B$ l; q3 BC) liquidity preference theory.
( k9 ]* V. D( A: x. M% DD) pure expectations theory.
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答案和详解如下:# {* S. O5 _* `; E
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' a5 x0 z& N0 s% S0 K* ^Question 105. N, |: }0 M1 M1 l* b
3 e# l. O( ^. I- }+ B* B9 d8 IAn $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:1 w/ m# i6 N" B4 o: \
A) increase by 22.5%.+ I" E* M& s8 R' B
B) increase by $4.00.1 } o- O8 q/ y3 U' \
C) decrease by $22.50.* t0 o& ~+ f9 t' d
D) increase by $34.00.
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答案和详解如下:- S# b9 ]0 q/ x. h: t$ R# O- G
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发表于 2015-7-21 09:02:51
