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Question 101
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Consider the following two statements about putable bonds:) Y X2 J1 [* r, ]; w
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.
- K0 Z: T; y& z+ CStatement #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 `% T. `2 V( W& d( p$ d: hAre these statements correct or incorrect?4 H& i- v- o$ W* y) a
Statement 1 Statement 27 Z; R6 U+ q2 K( E
A) Correct Incorrect; j9 O% F8 N: t$ X$ Q7 {& ?
B) Correct Correct
0 C; Q1 N# e" i9 x8 EC) Incorrect Incorrect
5 _( z, O0 U, O6 J2 W$ nD) Incorrect Correct
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" |" z5 D3 U+ J1 W! E: l答案和详解如下:" P/ b3 Q. ?9 U
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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?% ~0 y# y$ G8 F+ S! M" Z
A) $624.$ Y) I( z. y! t) d7 u( a* d0 g
B) $724.
# b0 }. i4 m" h tC) $459.+ {; g& f5 r+ P8 H2 R" N
D) $574., r: `4 T2 _! E2 A, |2 V
3 `4 X$ q: z" r答案和详解如下:
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Question 103
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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:2 ~. L, ^6 B( W* c4 e' r
A) 12.25.
( o; d; N7 d; @. \) C( ^B) 8.41.
& B( N v. b4 v8 V8 @C) 7.42.% p" ~1 F# N1 _+ w
D) 9.53.
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答案和详解如下:3 l: t' v9 U$ z4 O/ `6 ]7 d
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Question 104 _" U( t3 i0 N7 i( J. S0 v& N
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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:
% L, F0 q1 K: C5 z& C* Y% OA) market segmentation theory.* r8 h+ v) J2 X5 J! t0 ^: x
B) preferred habitat theory.
& R7 y% }7 R5 tC) liquidity preference theory.
( e8 u: k. p2 s1 \' ?D) pure expectations theory.5 H p; B+ h' Y- m0 `/ Z, f
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答案和详解如下:0 q1 A9 i- V6 _1 u
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0 [$ j) X% ?+ U+ k3 F# OQuestion 105
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% Z/ c/ P) U1 P4 ?6 c; lAn $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:2 [2 q& T% N- P m5 f, K( }
A) increase by 22.5%.
9 E7 X! W0 R" U; F5 ^5 R( sB) increase by $4.00.
' b" Y$ B1 \- n+ h. g# O* T# TC) decrease by $22.50.6 | c: f- o3 Z$ B+ @
D) increase by $34.00.0 Q' \4 t# ^. B; ~$ R1 p8 Y% i
, K3 Q5 G. G4 a* ?; \' i答案和详解如下:4 o' A0 N; p8 L) m
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发表于 2015-7-21 09:02:51
