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Question 101. P* R: I" Z& l3 U5 w Y( M c* S
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Consider the following two statements about putable bonds:
O! t0 I) |6 y7 T6 d9 y* wStatement #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.0 r; ^1 E! n. Y8 Q; n
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.
( i/ L: i: T0 IAre these statements correct or incorrect?
3 v c+ H6 B% q% l) \# Z Statement 1 Statement 21 m/ M0 t( _$ ?3 e R3 l5 j
A) Correct Incorrect: |3 K/ S0 A4 g8 R( i& [! C F
B) Correct Correct
2 y6 Y4 s N7 qC) Incorrect Incorrect
& D9 ?/ `1 s8 H1 A& ZD) Incorrect Correct) c3 a7 ~" F1 `( n
6 n a3 C! I0 `- A5 z; b
答案和详解如下:3 n3 V" j4 ]- T* j; a
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Question 102
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+ w6 M' j u# R; P3 \' x9 d4 j- `: EJane 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?1 L: p0 H' H( S
A) $624.
, X$ ^9 D. \6 e$ a9 sB) $724.1 N6 X7 y; ?+ P: q8 P
C) $459.6 w9 i/ \; l3 k# n2 F
D) $574.! E5 M# C* ^# s6 P* ?7 a
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答案和详解如下:
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Question 103) Z7 L2 X% |- P5 f4 n
2 d5 T2 x8 n4 SPam 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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:" J3 P7 w! ?% T6 } g- J1 y
A) 12.25.$ @9 Y$ T: K! Z+ _0 x7 t3 c
B) 8.41.4 k d1 a4 R5 O' J
C) 7.42.& j/ a& q& g8 C- y- A, l# x% R& i
D) 9.53.9 k& P8 L+ K: @3 u0 u5 S/ e
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答案和详解如下:& \ N" Q! A4 R: W. [/ b
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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:3 W3 ^$ n, d, p1 F% I! E
A) market segmentation theory.+ v8 a u/ @1 p% j
B) preferred habitat theory.
: @. K# k( _+ L3 S9 tC) liquidity preference theory.5 [) i1 {; `4 z/ w- B' ~! R
D) pure expectations theory.
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$ O* `$ Y* k. W; x2 u+ Z* l4 Z! u# D答案和详解如下:0 H2 U0 d v4 p
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Question 105
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6 S( g# R3 s, g$ BAn $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:
& B% b' f4 ? o, K1 B+ hA) increase by 22.5%.
/ {# l6 t% n$ i4 u& F, a2 bB) increase by $4.00.
7 O1 x5 H( o1 \: @3 n+ \( u) _C) decrease by $22.50.7 S- ]3 e1 o( ?9 C, r- S5 d
D) increase by $34.00.: [2 ^6 V4 [* i* O( E, l
. \9 C* j6 P! i" n" ~# x答案和详解如下:4 D9 A) j w2 k5 {
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发表于 2015-7-21 09:02:51
