|
|
Question 101# v- a/ f8 F: W: C
9 T3 y* r. A0 F5 c) ?2 TConsider the following two statements about putable bonds:2 q& E0 B& P% Y2 ^
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.1 e7 M4 f7 i* J1 g
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., a" o0 u: H: e) N# ?
Are these statements correct or incorrect?
9 G+ Y7 _- \0 ]# ~7 r( r Statement 1 Statement 28 G4 s. z/ P" M- o5 M+ K
A) Correct Incorrect
2 w i& f/ F5 QB) Correct Correct
5 c+ a3 G# L0 e0 x3 v$ i: i/ `) Y5 IC) Incorrect Incorrect$ F4 k0 U7 X9 c/ C7 P0 o e
D) Incorrect Correct
5 h1 x/ f1 F z$ l% T # P$ v% p. D" L# K
答案和详解如下:
- O0 u. `7 q# f3 k' z, ^# [. U
6 V% ]& e1 q. @" O4 U [. O2 n1 o4 R( ^
Question 102
$ m2 [3 [0 P- Q- N/ R4 j; v
8 b% F& ]" l6 ~5 h7 i" C- bJane 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?3 z% G: S* N+ {" N& k! Y% U
A) $624.
8 v+ N* A3 P$ m, PB) $724.6 Q. V ~6 Q( ~0 d
C) $459.
9 G7 X! x# V! O+ Z2 ^2 LD) $574.
7 L, Q1 P0 |) V
, h I9 d$ v1 Y, O" ?, p答案和详解如下: v& }! H$ J! ^- m' T, i. g* c1 @( s
$ u" _2 m/ b# t! x* t
I6 f; |3 P) _8 `, @" KQuestion 1038 B# [- b6 u- \; c7 } _
/ r; l( n" H! K
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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:
* A0 |& R$ {! l, i. ^+ qA) 12.25.
k# B7 E" q' dB) 8.41.3 t/ `- r1 `0 Q" k( L! z
C) 7.42.
, F: l O4 K: ^) x7 iD) 9.53.; t. ~/ V% e+ K8 m( e9 W
$ o0 U; _* Z6 h* u+ L4 R
答案和详解如下:
6 d$ v$ ^0 D m* y3 c$ H* a; Q/ t( p
1 g/ m# K+ g; K4 S" o+ {* h
Question 104/ |3 j7 S4 |) ]+ }
, C2 Z! k8 G' h9 Z- LThe term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:
( W F+ j! `" {" U) kA) market segmentation theory.
( z1 \6 m/ w$ @8 ~/ ^B) preferred habitat theory.) x4 ^ R( \* L3 J# W; q
C) liquidity preference theory.
- s/ x8 V Y* d! s4 p0 _+ q3 h5 LD) pure expectations theory.4 d1 g# h% k" d" _8 ?
' u" U; v& l! z$ [0 j( C* |答案和详解如下:* ~9 p" }: W; O, {7 x7 {
9 r1 G9 b% V1 ~7 @( G" v: `
: N* G7 z1 c1 r, W, S KQuestion 105+ L' ?- J$ U/ ^& i8 X4 t6 _
: J2 N% m' T4 j# j& _
An $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:
9 Q" I" C1 u; ~2 h9 t& ^A) increase by 22.5%.$ U- @, z) g4 W0 E7 i
B) increase by $4.00.1 }) b9 P" S0 c
C) decrease by $22.50.
& S% r/ R9 C- @) K; \D) increase by $34.00.9 z: s8 x. ~3 ~" p: y
_/ C2 Z% R" g0 Y; ?2 I6 m; d' |
答案和详解如下:
5 T4 o* m+ |& p1 d$ J |
|
发表于 2015-7-21 09:02:51
