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Question 101
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5 G7 ?3 j u( a5 a( k! y% wConsider the following two statements about putable bonds:: c' \3 N" `4 v1 R q5 T a* @1 Q
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.
2 U' O: W+ _: f+ n/ { QStatement #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.
/ s" _+ B/ ~! {" y- t" @Are these statements correct or incorrect?8 I2 X ]* _9 h9 l2 z1 x7 ?0 Z) K
Statement 1 Statement 2
. O3 A C" u1 ]) s7 A) \/ S+ }0 eA) Correct Incorrect
( v$ k/ S P8 l, q! [( sB) Correct Correct
! a) F+ q0 Q+ ?2 B+ h+ WC) Incorrect Incorrect
6 E3 M) }( I, _# J8 E+ eD) Incorrect Correct9 v; h% c. @3 {7 |
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答案和详解如下:
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2 u3 X* J7 P" O& P" V8 I& l, `" lQuestion 102) K- v. c( v+ C' Y
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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?
v4 Q$ d& I* ]' A9 i1 J& iA) $624.
4 k+ c7 h& H; O" H0 E" HB) $724.# H1 F" \% G) d! f' r* j0 W0 o' l
C) $459.
/ t" X: `$ Q7 s: {7 [D) $574.
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% w) D5 M5 i2 r6 a0 E( ?) |) r答案和详解如下:: R" X/ q! a( B1 U+ V O
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Question 103* G2 c8 V/ o. e6 M
! u0 x& [9 w3 e+ H4 v, 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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:* f) {( V# f7 Q. V
A) 12.25.
2 r/ V% C% q) }$ ?B) 8.41.
6 P9 A; N0 h; ~% D* s( }C) 7.42.% S& T$ s5 w& U9 g( t7 @3 n% \
D) 9.53.- ^* f% o9 B" ~
" Q; D& M/ G5 \6 T答案和详解如下:
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) m J. q/ y( U2 k# ]7 }Question 1046 O/ S0 T( i. P! e/ _
: I$ A# w) u2 F" EThe term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:% @$ |# P+ [# x. z* |: w7 }
A) market segmentation theory." \' e# j1 U2 _1 O
B) preferred habitat theory.
0 P2 h R7 b: v, {; v6 |% ?4 LC) liquidity preference theory./ p, Z* Z4 y: m: b" m7 K1 h
D) pure expectations theory.' {+ _% Z- _$ k% u4 B9 F. X* D
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答案和详解如下:
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: I4 |9 c `5 ?$ F3 h+ \! x; RQuestion 1051 y- ]4 X9 a+ B, Q
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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:
' n; ]& i ], y l% `- [A) increase by 22.5%.2 ~' [! `3 z5 o+ Z' X0 B
B) increase by $4.00.
! J$ W0 N6 y' Y* W# cC) decrease by $22.50.
) E" V! J4 q; Z! j! V; eD) increase by $34.00.
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答案和详解如下:- P2 N$ L+ \6 E$ f) m$ L
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发表于 2015-7-21 09:02:51
