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Question 101
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Consider the following two statements about putable bonds:4 v8 d( c, m& T
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.
9 _9 W$ z9 [( P% pStatement #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.7 m) Z# v1 s8 c; b( y, \ v) p" l: B8 r
Are these statements correct or incorrect?
; p1 ` m; l8 c( N1 P: ~ Statement 1 Statement 2* N2 P- W) |( S9 c7 b1 @! B
A) Correct Incorrect) ^! j; l! T3 d) d* y+ Z
B) Correct Correct# I: X( \# {6 @' t
C) Incorrect Incorrect
n s' @) G% hD) Incorrect Correct1 O, A- ^0 t. A1 j: {1 C5 z
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答案和详解如下:4 X2 n v' @# p4 n0 R6 r3 m
3 N$ o2 F5 e% D% n9 R: o* w7 W% a9 O- \/ T c7 e) W! ?
Question 102( ]) L8 ?( K: E/ t% \
& C: e/ k8 h" ~, v0 I/ j* EJane 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?4 t2 Z" a: N. ^+ h
A) $624.5 s! a* F4 c/ J. g/ R+ ~* E: e% b" \
B) $724.
I7 M# H. @8 _; n) k$ g6 {5 CC) $459.# |4 v( z6 e5 {4 ^- _! ~$ c/ b4 ^4 n% w
D) $574.
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/ O3 g7 g$ E9 g' z* [- T9 V答案和详解如下:% F; w/ r, ^$ Y3 |5 \ B. q
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' i9 W2 a( p- L/ z8 lQuestion 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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:& s% s* U8 G% s0 ?5 A$ o) t
A) 12.25.3 u7 m) i- x" p$ _$ a
B) 8.41.- M' e9 M. G+ k' ?* a J
C) 7.42.
# s) `0 x |- F- E- ZD) 9.53.. g# g1 N9 M3 N* U
4 s& D) }. V) U: y! G
答案和详解如下:
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Question 104# H: {( J& v' Y9 v! P8 `
. ~3 x' h$ {3 aThe term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:
6 I: g2 e& H2 C" @1 \1 NA) market segmentation theory.
& Q: H1 ]% E1 |' G1 OB) preferred habitat theory.
/ h6 s/ S, p! d3 rC) liquidity preference theory.+ F) w0 o0 Y0 _
D) pure expectations theory.
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答案和详解如下:
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Question 105
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6 e4 `9 y g x' n7 L; b( b) ^ BAn $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:
5 Q5 z5 H5 ^4 t- p/ T5 PA) increase by 22.5%.5 D" C" e/ k9 G- U
B) increase by $4.00.* g6 v8 h D( l/ Y) j
C) decrease by $22.50.- E( a- m# |- g* d
D) increase by $34.00.
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答案和详解如下:
; B& C, S. ^8 R3 H! h, k- k |
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发表于 2015-7-21 09:02:51
