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Question 101
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Consider the following two statements about putable bonds:$ ~9 l2 P P% t. ~( L; w3 E
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, h7 g* p# L
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.
$ ^4 n# @7 s; `( f3 {Are these statements correct or incorrect?
; H' [/ p8 C T$ x7 u4 J Statement 1 Statement 2$ Z/ U5 B9 X: j2 s, Z8 D6 d% U' z
A) Correct Incorrect+ w5 w. g$ @6 D F! L" t8 l8 K
B) Correct Correct
+ x8 y8 _- A" o$ ]; |3 \- D1 TC) Incorrect Incorrect' @1 T% \+ Y+ U% w; U
D) Incorrect Correct
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答案和详解如下:
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$ q# w" m$ L5 l$ m% y `Question 102/ a1 |4 e# d: c( t9 q5 b
* Y1 |) [; g4 ?; vJane 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?
; l- ~$ D J6 h# k0 M' O. t1 F3 QA) $624.! ^5 N" K: d* ^( h
B) $724.
+ O( x+ O" W, z! ~6 t- W8 vC) $459.2 u* I( c) d, {
D) $574.
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) W+ f$ Z6 x! m- w, e答案和详解如下:1 A: N. n' v+ l' S: r# x& v) H9 s6 P3 Z
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Question 103
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: L0 F7 `' K# o3 G0 E; V- UPam 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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:
+ j- y- A/ [! s; I4 [A) 12.25., y2 s% ]9 a+ G- O" Z! X
B) 8.41.3 e: `' S6 q6 w. b: A
C) 7.42.1 [2 p9 M- Z1 b" B8 E8 Z
D) 9.53.
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答案和详解如下:) l* b5 F6 k5 z( X% [8 Z' K
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. e/ b* Z. h. o# V7 y. JQuestion 104. `1 \4 E' F& `( _$ s
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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:4 W1 f; N/ s0 k3 r
A) market segmentation theory." v* r! q9 z$ x
B) preferred habitat theory.
# p8 H7 O* ]7 N" A" Z4 qC) liquidity preference theory.
, @; J9 `& g# ^* H, CD) pure expectations theory.
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+ }5 X3 I! g5 j2 N' D答案和详解如下:* H3 \+ ?* n) A6 C
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Question 1051 `9 x1 v# Z. A9 I: m
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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:
9 X( B5 h' z z' U9 |9 h. dA) increase by 22.5%.
0 w. e# H& w# S( A" HB) increase by $4.00.
" w3 D8 S; E) y5 IC) decrease by $22.50.
, \ N+ l7 m l- ^! ]/ _, E3 P7 _D) increase by $34.00.
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+ Z% G8 R' L B0 x答案和详解如下:3 ^& j* t: ]: h n% D+ o, h. a) I" S
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