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Question 1019 H; }3 f2 B! L2 O
! [$ B# Q; ?* Q5 y* e$ B! S( @Consider the following two statements about putable bonds:
/ n& E1 C0 o; G# ]' n5 iStatement #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.
: P- a4 X/ A1 \' f' k0 mStatement #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.- W$ ]; _, |+ J6 u: n- n
Are these statements correct or incorrect?. u" V# q8 X6 L/ ^
Statement 1 Statement 27 {( s% i7 e4 w) D
A) Correct Incorrect
5 m4 y6 ~/ f! i$ B! o; uB) Correct Correct1 |6 Z4 v/ }# e! k' H
C) Incorrect Incorrect
' a* }: h4 V' V) Y9 H+ h& \D) Incorrect Correct
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4 L, o# B# T) N1 d! T b答案和详解如下:; a( V$ _4 c! R% _. e; W0 C
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Question 102
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, O+ @7 S: Y( hJane 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?" [& x5 v3 e/ C9 X6 j3 f6 N8 L
A) $624.
1 N: X, k, _, T NB) $724.9 s! }* e0 w) i% K0 N8 A! t+ \
C) $459.; m) X, a8 G$ N& F f1 |+ Z
D) $574.
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1 t; n" r& K5 W( t" q) \2 W答案和详解如下:
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Question 103/ X h9 u) q5 I9 i8 K1 |3 k
0 j/ S5 z2 l; ^* C& ?& L6 _1 pPam 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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:+ ^. P6 G2 ^' x2 o7 r
A) 12.25.
- T; E7 U! [6 r, z, BB) 8.41.
2 y5 q, v% H% ^9 `C) 7.42.
' p6 Y( y9 }6 X3 R4 H- S+ z/ xD) 9.53.
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' c2 E' w5 d4 i' C1 }7 \答案和详解如下:# Q1 E( k/ u* H4 G, w
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Question 1047 t" R1 g5 o" [% d- A5 w7 k
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The term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:2 \# Q$ _: t/ B5 |, U
A) market segmentation theory.4 b1 D$ @; ^6 |' n8 b( e
B) preferred habitat theory.7 z0 _* j, N8 V6 O
C) liquidity preference theory.3 J3 h. \5 y' V) F
D) pure expectations theory.% l1 b' t7 m0 p6 R/ G' E
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答案和详解如下:
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Question 1054 S# e) I4 v; u, v3 l0 `# G
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An $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:8 @6 T, c3 S9 y4 Z$ @
A) increase by 22.5%.
5 r4 `, V3 k0 {7 V- FB) increase by $4.00.' i/ E% T+ @& E1 x
C) decrease by $22.50." x" z9 f% \" d, U/ C6 y
D) increase by $34.00.
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5 o6 c! l D4 G0 G- K2 x% p答案和详解如下:7 l+ G/ ^3 {% u8 b/ Q8 y
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发表于 2015-7-21 09:02:51
