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Question 101# g6 Y1 C6 [# v# [' M& ]
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Consider the following two statements about putable bonds:. T4 a" O& w$ J- h+ X6 I
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." n) G( f! d0 g- I
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., Y- v, F+ D. T- [' A
Are these statements correct or incorrect?- z# W; n) q y, p
Statement 1 Statement 2* r' i- @+ E) K( e1 A
A) Correct Incorrect3 k( Z. l$ W8 Y7 v, }9 J( P
B) Correct Correct
; F4 v+ Y8 Q2 ]. sC) Incorrect Incorrect9 U+ n( y! y+ a
D) Incorrect Correct
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答案和详解如下:
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- P, T7 Y! K0 c |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 C9 a1 ^5 `' Q9 ?' S, O3 eA) $624.
z0 F8 F! h6 jB) $724.
- j, K% S f& TC) $459.9 v( I; C6 c6 ]
D) $574.
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# S( b" I, Q3 z n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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:& H l3 W; v1 _' D0 c( s" P8 Z
A) 12.25.. ~1 P9 x/ w9 ~/ p- x" X3 K
B) 8.41.( d3 j$ L$ X7 ^, R' e9 V& s
C) 7.42.
; _+ Y6 V' D, z; nD) 9.53.
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* a) d: m6 V1 P1 u, L2 @答案和详解如下:
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Question 104( v* h9 i' P" J) `8 j
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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:
( }2 l6 O0 z. v( FA) market segmentation theory.9 D: r# O& ^/ H3 G5 t! @
B) preferred habitat theory.( l6 Z7 B+ t2 O6 n; W
C) liquidity preference theory.! g" I$ {, W4 [3 }( r
D) pure expectations theory.
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答案和详解如下:
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\* |8 s3 J! gQuestion 105
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An $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:
/ d5 p' t8 F$ J3 [0 Y' x0 I; }/ JA) increase by 22.5%.9 f$ s0 V/ o9 r9 O, L
B) increase by $4.00.
# h# [' o0 ]1 jC) decrease by $22.50., {! q# n( p8 c
D) increase by $34.00.
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- y' {* A! j! }& w0 C* S答案和详解如下:
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发表于 2015-7-21 09:02:51
