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Question 1012 Z' n' D' x$ F$ W" P' L
Q3 I- c5 A2 ]$ a8 S9 b1 k; [Consider the following two statements about putable bonds:4 f0 M: F8 q( @" F) K& s2 e
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.# G% V7 M' h0 z9 R) C" y( P
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.
|# ~0 x/ h; k& @" l* w7 y7 SAre these statements correct or incorrect?
0 ?7 u( J# ^0 t8 y' ?8 z Statement 1 Statement 2
$ F5 \4 b, O: {, g/ G' nA) Correct Incorrect( a' {& K8 Q* d& i( v
B) Correct Correct
: U! P. `2 z' z' gC) Incorrect Incorrect5 d0 `9 t/ I3 W/ _
D) Incorrect Correct5 j+ J: T/ J$ o, T$ k
8 i, y V; Y. S* E: b
答案和详解如下: q6 H0 @0 U3 D4 u4 p- `
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Question 102
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/ ]7 b, [$ g" ~, j! 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?
" e @- M7 F8 d7 WA) $624.
* _1 k+ x3 l% r8 j+ Q( I' vB) $724.
; R+ A* R! J$ Z0 K) m( e* SC) $459.& F9 C* F+ K6 r2 R6 t9 ]
D) $574.
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0 w- a0 Y. N2 x5 N* W答案和详解如下:
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5 `( ?* I; l: v3 V* a, x6 \: N/ QQuestion 103
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4 Z5 M, t, {+ \" V5 i! g2 HPam 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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:- F6 J' c. ]( W, Y8 S* ^; g
A) 12.25.9 l6 n0 K+ U8 [
B) 8.41.
8 Q+ n# x# i UC) 7.42.9 V4 K5 S3 m, b3 _
D) 9.53.
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答案和详解如下:
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$ a7 Z# C2 c# F \, ?4 S& HQuestion 104
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: P) }/ C. Y% d3 Z3 d1 \The term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:$ l) s' E o7 f/ X$ S7 D5 a7 J' m
A) market segmentation theory.0 c2 }4 u" ]$ S- E
B) preferred habitat theory.
4 _" s$ A9 R7 c2 IC) liquidity preference theory.% z/ |. a" c$ Z7 e) i Y
D) pure expectations theory.7 [3 D! u9 [- j* I
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答案和详解如下:
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; I; W& C+ U2 a! b/ m) b1 R" QQuestion 105& }# S m1 t9 n( E. U
: l6 I: L+ r1 JAn $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:9 p( B4 I3 U6 @, p _9 W7 W
A) increase by 22.5%.
0 d9 j" |" F- H- \) y zB) increase by $4.00.
/ b0 D( t7 W, |C) decrease by $22.50.
2 ~0 D) a0 z! l9 A) aD) increase by $34.00.$ e' S, E& \; A8 j
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答案和详解如下:
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发表于 2015-7-21 09:02:51
