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Question 101 |$ ^6 L1 M. Z( z5 g
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Consider the following two statements about putable bonds:. J. X, g' D' t; I1 p* t; A* y5 i1 W
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.
) j1 l R! z0 n9 D& V+ o4 e% ^; XStatement #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., f: n* {$ x0 m1 Y; A! K
Are these statements correct or incorrect?
2 c3 V4 g' t R8 \/ P3 D! _: @8 O* D* \ Statement 1 Statement 2
% O" Y4 {' K1 K3 uA) Correct Incorrect
2 Z6 A' w+ a. J/ H& m0 J8 XB) Correct Correct
2 N$ {5 u5 X4 y3 w# O; o; b/ dC) Incorrect Incorrect
/ H' z) k- H! J+ y3 E! y" nD) Incorrect Correct
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答案和详解如下:
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6 R7 G9 }/ g$ c6 g YQuestion 102
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/ }5 E& Z0 T7 h' _- hJane 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?
8 Y& ]& I8 Z8 p0 ]A) $624.7 P% ?7 ?+ E& |+ j8 p+ I+ w# [2 K# k
B) $724.# \, a$ S# Z L# X
C) $459.
% i1 B2 R" R3 d C0 yD) $574.
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答案和详解如下:
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' J" V) w f+ `. _9 r( FQuestion 103$ r( k- E7 v; b) [; {
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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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:" g, f8 E! [6 X8 X1 J* q2 T
A) 12.25.
0 {% E3 b' K8 a4 m$ r; fB) 8.41.
2 C( T: l( o1 JC) 7.42.8 |$ [ `1 i( e8 `) e& {
D) 9.53.
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答案和详解如下:
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* l2 h& K6 p) g1 Y" P# t. aQuestion 1047 o9 e2 r B# r+ S2 X. G' @4 t
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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:
, U/ p0 O' ]) u" u) N: nA) market segmentation theory.
, y% A' J- d S& o! {B) preferred habitat theory.
: ]: Y, E5 u' j" [ F0 fC) liquidity preference theory.
- V& e& Q( g% z% z/ ~D) pure expectations theory.
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答案和详解如下:
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! L7 l$ b5 N3 f- g% @9 ?Question 105
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, g4 ^7 Z- u5 a4 _3 s% CAn $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:3 ?) h! e* e0 q5 v1 t. S& y/ C
A) increase by 22.5%.
% o6 ~' R6 H* Q) N1 V( CB) increase by $4.00.2 v; X( m: G0 E) y& g
C) decrease by $22.50." n' J1 n6 \. `
D) increase by $34.00.# T( R$ S: f* d8 R% ~1 l
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答案和详解如下:1 M: F- U1 I& a' _$ f
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发表于 2015-7-21 09:02:51
