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Question 101
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Consider the following two statements about putable bonds:' f" ^- \* a1 g& P# \) O2 Q1 H
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. W9 H$ }- G5 ?8 ~& I4 I5 w0 M# \
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.7 J w1 O/ G5 Z- e
Are these statements correct or incorrect?
# n2 {6 p$ `+ o' s4 B- |3 y Statement 1 Statement 2+ }9 g/ `4 K* r/ }4 }9 [8 o
A) Correct Incorrect# D: a8 G& w2 X4 e; o4 T4 l
B) Correct Correct+ s; C3 ]& t& v+ o
C) Incorrect Incorrect
& q* [6 ~9 N8 b+ i: W( M* }D) Incorrect Correct' i7 f, B6 D& e
. |. |7 I1 q2 x2 e: D4 \% Y0 | v答案和详解如下:' |2 F- W. d' d5 r. o- [5 ^
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Question 102
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/ v% S+ c9 z( e+ WJane 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 b4 j8 t' i6 T C4 [A) $624.
1 P$ C' \, L8 e9 C/ u+ RB) $724.
' Q4 Y5 V, u; v$ y, D# ^ lC) $459.: s* j! f6 ^4 {' t
D) $574.
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, Y1 Q+ K4 K9 V( x; {答案和详解如下:# n+ u9 @: a, u. [ @
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* Q9 L7 l) v6 _( ~0 GQuestion 103! j% R# o! S" D
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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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:
% @' @* ~4 b5 g. \A) 12.25.0 ^8 V+ b! g( I7 q
B) 8.41.4 g8 t" X4 q: C5 H8 {( H. W- v
C) 7.42.( l4 _, P! O# y. z
D) 9.53./ N. B/ X ` R: j8 Y
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答案和详解如下:
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Question 104
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The term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:9 ^7 n% Q G* P0 n* D8 B: Z% ]" w2 J$ |
A) market segmentation theory.8 V* C- }; x% j. }, ~
B) preferred habitat theory.1 K N) z7 ]! c9 a. }
C) liquidity preference theory.. _2 C& ~3 D; x8 F
D) pure expectations theory.
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答案和详解如下:7 }3 K, X! [2 |$ l# A. B
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Question 105. g" N" k- ~2 @
! ~" z# h7 w2 g0 ?An $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:/ G8 t! @5 a: _$ b/ S; M
A) increase by 22.5%.5 O, B7 k, ?6 o+ U3 s" u
B) increase by $4.00.
2 ~: ?- J! e! P- uC) decrease by $22.50.
/ G" I* q7 g: pD) increase by $34.00.
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4 b! D4 m, g1 m" W9 t8 [2 s答案和详解如下:
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发表于 2015-7-21 09:02:51
