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Question 1013 z; ~* M2 ?4 |% V
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Consider the following two statements about putable bonds:. F- \' F8 C% q/ k
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.
, h+ w7 ~4 [% G3 B. f) KStatement #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.9 p* g9 M: h$ N' @; A6 `3 M
Are these statements correct or incorrect?4 s; f2 B" r' y9 F, J$ h
Statement 1 Statement 2# g4 k9 q" g, ]5 C
A) Correct Incorrect/ d; `/ R" F% J' w- r' P
B) Correct Correct/ M: W2 {4 U! b
C) Incorrect Incorrect5 r. w i( [1 j) m8 m
D) Incorrect Correct
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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?/ i% V4 D# R. f4 m3 e' _
A) $624.* F- }0 d. ~7 Z/ Q) c. y
B) $724.
0 _* ~' B7 g$ [' u- ?+ yC) $459.
+ i- C6 p8 G8 rD) $574.
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答案和详解如下:( r( E6 r8 q, v5 Y# l" {: x
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0 K* l/ D7 j: U5 H9 TQuestion 1032 N+ k& r5 N3 C, z, I
# c" r: Y2 h/ l4 [* }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:
! k& Q+ h0 I" _7 P% I& [; KA) 12.25.& L) z+ H. G0 k8 _
B) 8.41.
, _+ P) @/ w+ F9 gC) 7.42.
; U; u/ T' S! `% J* y, TD) 9.53.
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答案和详解如下:
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Question 1040 R# x0 r; l! e. \: M
" P" W+ S* _0 k) UThe term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:& A3 y! u3 ~+ n* |* [
A) market segmentation theory." i9 J5 u& [9 T% p( [6 d( i, h
B) preferred habitat theory.
" ?# a, S8 W3 h' A( L& o6 K0 wC) liquidity preference theory.
5 P: W# [8 m. q) n' B E* FD) pure expectations theory.
4 Y: v4 f7 _% s t $ t' S9 }1 B) H2 _, h* ^
答案和详解如下:2 H* Y9 V" j9 Y9 e) ?
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$ a* C* x+ p: A r% A1 f' i+ NQuestion 1050 E4 t- U2 l$ `6 Z/ v6 r+ y
' K8 @# \' f. D. w* L9 FAn $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:
3 i$ u6 r; W& y8 A3 t* Y& gA) increase by 22.5%.
% Z) s) T* H9 z$ @6 B2 x' v: Z! nB) increase by $4.00.
3 q1 W/ _" `( }7 o7 {/ N7 h3 \C) decrease by $22.50.# w# m. }4 t6 V( R
D) increase by $34.00.
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答案和详解如下:
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发表于 2015-7-21 09:02:51
