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Question 101
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$ T3 C$ M4 G1 k( T. DConsider the following two statements about putable bonds:+ D" K; k, @6 y1 h/ p% J! }
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.! C& @: h) J+ ?
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.
$ t. J, |6 U; I& D% VAre these statements correct or incorrect?
: u5 }7 a3 H. {: T1 O. y Statement 1 Statement 2- C+ ?. I0 G3 u6 \( c! A9 x5 ~
A) Correct Incorrect: t) K" G3 k& T0 \/ A2 Y+ c6 J8 H2 j
B) Correct Correct
. |1 F" X$ [8 s6 T8 d8 ~C) Incorrect Incorrect" C% w) b* c; B4 g2 J ^
D) Incorrect Correct
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* a: |% a2 e% N, r答案和详解如下:4 {9 S; I0 d r9 f
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% ^* N4 i/ p5 S* L9 i6 q0 FQuestion 1028 P$ ]7 B o$ E1 v1 i
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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?
2 ?9 ?; B) ~5 ]* w( u0 ~A) $624.3 `! Y6 ~# L/ O8 f ?5 n* b0 F( J
B) $724.# U+ [/ N, b0 O- G1 W
C) $459.9 m9 I# l* r2 j' N3 b
D) $574.
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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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:) O# i: i5 }. O
A) 12.25.
- \. H' o! ?# _/ AB) 8.41.
. _5 F8 o2 |* v1 _# i2 HC) 7.42.* V& B* E- t: Z9 k4 ]- [
D) 9.53.7 I5 K( D$ ]" B; n
' u5 S' T8 e/ G7 ]/ v: K答案和详解如下:
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Question 104
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0 f6 D) R2 P8 i3 S# i4 v9 n- Q B1 RThe term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:, g$ a) ?( Y; u1 ]! ]& @/ N$ V% O+ s
A) market segmentation theory.
. x0 P% y5 { H3 E8 y, u' X' F- ~B) preferred habitat theory.' ?2 {) p$ B0 a8 z8 o
C) liquidity preference theory." y0 d _! Q7 S, B9 [
D) pure expectations theory.. ?+ A( n; b8 B
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答案和详解如下: p' a. B7 w7 G& W
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Question 105" T: i- U/ n( \. L/ X" Z
" p5 D0 ^- I, d1 N+ DAn $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:
% E8 m, z- l- ~8 WA) increase by 22.5%.
1 `( C$ L% F( Q5 _4 m# xB) increase by $4.00.
3 U. D- }( R/ X+ NC) decrease by $22.50.: ~3 z% m7 y$ b
D) increase by $34.00.7 M0 c3 I9 P) r% ?
) h5 [+ J# P' R2 {4 A0 x: c答案和详解如下:
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发表于 2015-7-21 09:02:51
