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Question 101
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Consider the following two statements about putable bonds:
9 n8 F. `- Y9 p" a8 Z0 k9 JStatement #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.
. R. U/ E. s; @+ aStatement #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.
3 x$ f, _% h+ FAre these statements correct or incorrect?* V. p0 E e7 l+ q/ _9 J3 r# `0 ]
Statement 1 Statement 2( Q6 @2 z0 B) Q/ q
A) Correct Incorrect
; Y+ ~/ ~1 i) Z/ }+ vB) Correct Correct
$ Y: T% i( ^0 Z5 I/ W9 A8 O, k ZC) Incorrect Incorrect
6 M3 e# h4 l' s- W1 e. mD) Incorrect Correct
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答案和详解如下:: e) [4 ^# b0 L5 Y8 f; ]" Z- a
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# q# C$ f# o |- v4 Y) o; W8 ^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?
- o# s* C$ X: S* h: `& [- qA) $624.
0 \! h+ D5 ~: qB) $724.( c+ b* {1 z" @6 R
C) $459.! A: @! C8 R2 \1 N
D) $574.
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9 S& `; X z4 S }答案和详解如下:
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* w4 e' b7 w3 S0 `8 fQuestion 103/ H4 A( g5 h/ M* u E7 B3 K
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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:# L9 b- J9 }. }* N3 N6 Y; a
A) 12.25.
1 C V6 [( L1 [3 V* ^( r8 jB) 8.41.# Y/ d @! e0 C4 `
C) 7.42.
, S, m5 b! X: J& N8 j, C0 yD) 9.53.3 ^9 l7 L* L) K- z4 ^8 s
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答案和详解如下:
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Question 104/ Y" ~# t9 Y( @8 n7 @) w
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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:( R, U: k5 Q* W* l
A) market segmentation theory. E' ?/ h& v& Q& E; B0 V1 x
B) preferred habitat theory.
: F8 n {, q2 y( DC) liquidity preference theory.
) h* H" V* L2 e2 _D) pure expectations theory.5 n G: g1 D! E \7 e
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答案和详解如下:9 K; }0 |& z0 M4 O* y
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! X5 ?+ {* T% a! l8 @, d. VQuestion 105
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+ [- @ }3 C0 p2 B/ S; fAn $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:
" A. T1 F/ W7 h, M! NA) increase by 22.5%.
" l$ u3 }1 N: R6 w; R# zB) increase by $4.00./ v3 l# t$ {- }& z4 i& l; M1 K- O
C) decrease by $22.50.
% `+ d$ V2 P% z5 KD) increase by $34.00.
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+ w' J. |& `6 y答案和详解如下:
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发表于 2015-7-21 09:02:51
