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Question 101* p0 K, p* B. {3 l1 b! P8 C! g1 Q
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Consider the following two statements about putable bonds:
0 X7 i, Y8 I+ C) 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.3 t9 ^1 K- m# j
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.- E& a7 B5 A; E ?
Are these statements correct or incorrect?' L; ~8 v& W" q5 K& T% d
Statement 1 Statement 2
7 }' E$ A3 |" L U9 |A) Correct Incorrect' D+ E7 z9 p2 n
B) Correct Correct# U- x" D8 J) ~, W( R
C) Incorrect Incorrect, V# E+ f: B5 ?0 G2 r5 Q- b2 Q- H& J
D) Incorrect Correct( {+ J# d0 M% `
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答案和详解如下:
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Question 102
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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?
: B, H$ T! O' H* JA) $624.0 p; c3 o, j. X
B) $724.' T9 b. K" @6 p8 S0 @5 A& Z/ H
C) $459.5 L: m( W* I8 J" Y. v( h3 h
D) $574.
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- e3 P7 Y1 Y& q% ~$ q+ x* ^答案和详解如下:* k" q) E( t% A$ b, g- m. X7 C
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Question 103
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" R2 G) E1 t4 f/ UPam 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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:
) [7 F& ^% q; e! FA) 12.25.
: _' P4 h3 n6 z# vB) 8.41.' R% l' F- Y7 p8 w: f/ o
C) 7.42.
& m) q* k) ~% n$ H1 f& FD) 9.53.& X3 z, G$ f, H7 Y# g3 a$ ?
* ]5 ?7 x7 R& p/ r# I: M$ A: W! f答案和详解如下:
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$ z$ b; \# f5 }, X, l' A9 z) `Question 1049 F& \. ~% _' o9 J% u
# @& q; X0 J+ z+ {The term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:
" A" f9 n3 {. A" ?A) market segmentation theory.
/ Q4 t) r7 T8 J r: X3 P6 w. R) AB) preferred habitat theory.
2 N2 W9 N& S0 m4 J3 ? R" b6 HC) liquidity preference theory.
, e k! G: U8 r; |" W: YD) pure expectations theory.
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7 T) z: W% w& L% Q; c" h答案和详解如下:
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Question 105
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7 l2 p8 r& F, ?# @" ~" GAn $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:
# e( N2 Q* {& ?A) increase by 22.5%.4 p' P- n9 o2 s" o2 K# A
B) increase by $4.00.9 d0 [& ? a6 _: ^5 m k1 w
C) decrease by $22.50.
, J; C0 w# A3 S7 s6 wD) increase by $34.00.$ R3 n# l* | z9 l- D T
- [* E- o1 H1 H# t3 B: a) N答案和详解如下:
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发表于 2015-7-21 09:02:51
