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Question 1015 J+ c% U1 M$ i c$ \
7 b: F. K! F) h4 ]; AConsider the following two statements about putable bonds:
" j- J" @( b2 Z5 A; m8 NStatement #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.
* ]! V' _5 C; ^! x( ]& z& d- EStatement #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.
9 F2 P# [2 X' SAre these statements correct or incorrect?. B0 {0 {5 J& Q+ A. g5 b z
Statement 1 Statement 2" ]' b$ r$ e# y/ s5 E9 w
A) Correct Incorrect D ^8 h1 N s8 H
B) Correct Correct/ g0 f. m; t9 T# N* N
C) Incorrect Incorrect4 v( P7 n/ G3 h0 S, P
D) Incorrect Correct
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1 P9 V, N/ x! Z# O- A2 q答案和详解如下:
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Question 102
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; Y+ H, z9 `# ^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?
. _$ g; c T, l) KA) $624.
1 A9 Z& n# i6 U' eB) $724.- U6 I+ ~/ `# `; A! X) A
C) $459.4 g' X8 c# @- p, X4 C
D) $574.( j/ b* P5 J* f+ Z; B. `& g
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答案和详解如下:$ E8 K# U& O9 i; I% y! C0 H
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Question 103
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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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:: m& q7 e3 U% t I2 ~
A) 12.25.4 q6 ^4 C9 e5 y; ^7 Y) ]
B) 8.41./ l e6 }; t1 }3 d. s* x
C) 7.42.
+ M/ b% f2 C$ S$ j9 f, V5 kD) 9.53.1 i7 y7 b8 T: ~4 S% b& Y" R) }5 n" M( A
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答案和详解如下:
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Question 104
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- H1 |& `$ v. b+ D" q tThe term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:+ F" J/ @% o, f! S, h' K; |3 Z
A) market segmentation theory.
' u9 X' z7 E m5 q8 r' w( L! GB) preferred habitat theory.2 x( I: c( z& \( p3 ~! T; j7 x
C) liquidity preference theory.
* y0 w( |7 B, L* p% `. M% ^D) pure expectations theory.' a! e! v! v( W: ?
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答案和详解如下:
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) o9 k: N* m+ i/ p8 _Question 105
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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:
) V6 u5 l* Z8 R( |" o! B; NA) increase by 22.5%.
. m/ d* O9 k6 L( J- d; s3 jB) increase by $4.00.
& g1 A7 z3 z' u- {# yC) decrease by $22.50.
9 E" |5 U/ f: p& jD) increase by $34.00.
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答案和详解如下:
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发表于 2015-7-21 09:02:51
