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Question 1017 W7 T* O9 i' W0 N9 S- L8 A1 j% g
1 l1 |- T# ?& S4 N) n2 _Consider the following two statements about putable bonds: m9 [4 f& g) ?" c
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.: k# H+ }! B0 w, t" g- ~; L" g
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.
, n: Y+ Q8 h# u) ?Are these statements correct or incorrect?. ?- ]3 [9 X! W2 s2 b
Statement 1 Statement 2, ]7 J; k2 \+ o
A) Correct Incorrect
9 P4 R5 C/ x* }6 YB) Correct Correct
9 ~/ a% H4 e0 f4 zC) Incorrect Incorrect' I5 ^$ ~/ S* F! N( U0 ~7 s0 s
D) Incorrect Correct
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答案和详解如下:, T) r- y6 R# K( } g' I, J
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c9 K E% z5 E' H( pQuestion 1023 X; T+ X/ s5 t% m
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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?$ |& T! q- l( y- b4 x
A) $624.* J5 V: _- Z' Z' m" z r
B) $724.
* L1 k6 w Y5 h# n8 g7 w* q; FC) $459.1 @' H! o) U3 e! u2 e& f
D) $574.9 \/ F) |: A7 N, o/ i
( n8 b8 i/ t2 l% d! M答案和详解如下:1 X( t) L9 x% V$ J% \3 P
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% g) }9 _# H4 j- D8 WQuestion 103
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# D% b( Y9 x e9 \6 v) _( c4 ?; YPam 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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:# T" ?' w4 q% c' n# v/ g
A) 12.25.3 }' B9 u |: p/ q
B) 8.41.+ Q0 M% t6 w9 J, c+ k
C) 7.42.
' Q ^ z3 S& f: `0 wD) 9.53.
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8 w3 r/ R% ]" ~' u答案和详解如下:" b6 A, s1 r! g4 R
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Question 104
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8 {4 V4 V+ {8 k/ |+ iThe term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:
6 C1 S/ J" \5 v4 M# r+ jA) market segmentation theory.
2 S+ }3 s: p! U1 j) Y3 p; GB) preferred habitat theory.
% k* L7 c/ ^1 b: K! LC) liquidity preference theory.( A s5 Z- v8 t& O+ f5 w; v; B
D) pure expectations theory.$ l! E$ z1 W: G3 O
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答案和详解如下:' _. O! \( ~, u1 J
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( ?, h2 j1 N bQuestion 1057 z# w8 k6 P9 R& k1 \' M j `8 W
7 K+ w. i5 y( SAn $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:" p9 v( q* k5 \1 N
A) increase by 22.5%.; D. d# g2 f2 D
B) increase by $4.00.0 Z% P1 w' c& o1 o) I* b5 W) W
C) decrease by $22.50.) @* D, ?; G' o( r/ i: K; U
D) increase by $34.00.
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3 z3 q- _) V* Z8 }答案和详解如下:
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发表于 2015-7-21 09:02:51
