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Question 101
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Consider the following two statements about putable bonds:
" l( k/ Z W( G6 f) {: E4 P, mStatement #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.. N/ T* O1 W/ Q ?: ?9 R# O
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! M/ C" Z, N& L$ S
Are these statements correct or incorrect?
# a3 b% m( _* u6 R$ E Statement 1 Statement 2" V( ^/ o9 J% b6 G& l; U
A) Correct Incorrect
$ p3 G0 x3 \: L0 m7 sB) Correct Correct0 Y+ a. Q; s, {/ _; v# H6 Z
C) Incorrect Incorrect! l( k# ^8 C$ K( M( R
D) Incorrect Correct) z8 u- x/ @% f
# Y2 k5 q7 X. I9 m: g. O; R- r答案和详解如下:" h; J* j% u% I3 i
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Question 102: n1 u" H, m) U
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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?' w2 S1 ]) ]3 X6 z3 ?
A) $624.
( T6 h/ k* B. V$ d3 CB) $724.
2 N' x3 U0 X4 ^9 D+ SC) $459.
2 E Y! S: p% a" I. O; J1 O/ oD) $574.3 e) D' v7 S6 y9 E3 p) k
6 A7 h4 G+ z0 T; H2 c答案和详解如下:' @# Q+ t7 t/ d7 g+ d& o
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2 a, r0 w/ S6 ?6 q( w2 yQuestion 1033 N, J) ]7 B( H- F
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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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:6 _8 d1 G5 a7 M' _& J
A) 12.25.2 i. F! e, O: j' ]% i, W4 D1 ^- [
B) 8.41.
6 p$ _8 ?9 {6 J% [: h/ |2 }( b! f0 B: ?) YC) 7.42., q7 l b/ J. ?# {
D) 9.53.
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! `! h# |- ^0 C) N答案和详解如下:
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& C; Q( D$ n' t* hQuestion 1040 ]" e9 A/ M4 k7 o
1 r5 @) J7 |+ YThe term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:
' m6 u" \: W5 x# f( ^A) market segmentation theory./ M! I" U" i$ C* _
B) preferred habitat theory.
" d7 T) U) a& i( k5 zC) liquidity preference theory.
4 J) x& g. Y3 I2 F/ F+ FD) pure expectations theory.
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) r/ M B' Z" L7 J答案和详解如下:0 j$ c( n' V8 c6 e( _6 q
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Question 1058 r# e9 O$ p0 @' v! [
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An $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:, K, ?" G- @$ g( \0 ?
A) increase by 22.5%.
* p4 z1 K2 ?- Z( w" k# CB) increase by $4.00.
6 j5 M3 n' b4 W* QC) decrease by $22.50." Q: Y' Z7 A9 d# U6 G: v9 ^
D) increase by $34.00. W: _: i; t6 z. i, T( u. S3 c
& ?" k0 l% }: e D+ d1 h+ A, h答案和详解如下:
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发表于 2015-7-21 09:02:51
