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Question 101, r6 { u& w4 |+ \7 p
1 l6 b: k; v( M9 q8 ~3 O ?Consider the following two statements about putable bonds:- h9 h3 s( {. s9 f* q
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.
^5 Q9 @, j# T# n6 SStatement #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.# K2 i( d4 k$ J* P( G
Are these statements correct or incorrect?
0 x: ]/ u0 b ? Statement 1 Statement 26 _0 w7 q- y7 U% v3 g( C, ?. I
A) Correct Incorrect
: \! D- d- i( u# J7 Z% ZB) Correct Correct
2 _+ b/ ?% R6 N4 g7 F) oC) Incorrect Incorrect! ^$ g( }1 \* L; O3 N7 e
D) Incorrect Correct
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/ q$ n0 H. w. X+ t& I/ x# c; E答案和详解如下:( v8 k7 J0 Z3 Y$ @: }) V
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* d1 d% j$ l8 T# F3 a2 p- KQuestion 102: k+ h6 ]' U0 \3 y t" L8 C6 h+ P
6 B7 Q" n" n9 I' {) ~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?
1 S: W! A/ [# X: T: JA) $624.
$ f0 z. C" N$ H. T& y4 e6 F* \B) $724.
3 k( J. {8 Q9 iC) $459.
6 O7 U( n" R, x0 U$ y8 j/ P% v" g. L' jD) $574.
N% o3 C S7 J& f1 @: g5 j, D0 I2 z3 z' T" H. V+ m1 P% K
答案和详解如下:
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Question 103
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4 B2 s* A. v9 [% H/ ^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:% W( _+ r/ z% x" z8 [
A) 12.25.
3 C9 _3 u) C8 D* ~B) 8.41.# \( T/ E- B% B5 x% n8 i6 h
C) 7.42.4 D. J& Z v" J& V1 f, v
D) 9.53. l9 G# X7 I0 f0 E
- Q1 k& ~3 A& G1 s) [' P8 N答案和详解如下:
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Question 104
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9 y# b% N) m! v/ `) l9 LThe term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:* t, e5 a& u3 s) \6 v
A) market segmentation theory.
3 L/ ~9 f" o; yB) preferred habitat theory.
* k& V! }8 N& a8 uC) liquidity preference theory.
! s5 U( a1 r( H/ f" gD) pure expectations theory.
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4 y0 c3 X2 Z) ]0 H! _答案和详解如下:
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5 k8 k. U* M8 e- Z9 N3 h. NQuestion 105- r x, p7 c1 ?
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An $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:$ d; K# I2 e% H6 H& x
A) increase by 22.5%.& F1 U" i6 q+ c) O- s+ h3 f
B) increase by $4.00.
2 |) k; p% G6 G" A& {3 zC) decrease by $22.50.
/ s, l5 `0 j7 q2 {D) increase by $34.00.
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答案和详解如下:" z& s0 F; [: z! w6 C7 X
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发表于 2015-7-21 09:02:51
