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Question 101* u. q% z$ w% c3 ]; [( o$ @
& k" J+ }; O2 y3 D* s- [7 m; wConsider the following two statements about putable bonds:% U: J1 I3 U% B4 M1 n2 a: I+ }8 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.1 _0 e" C/ u$ h# y \
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.; U1 G, \1 Z2 j5 C: S x
Are these statements correct or incorrect?
/ J6 U \/ V; p2 k8 B0 x Statement 1 Statement 21 f- a$ Z; Q: T" w0 Q( W7 t
A) Correct Incorrect
: [' l8 K( j: e: G, }B) Correct Correct$ x6 l$ t$ L" |/ V; z
C) Incorrect Incorrect6 m! N7 _; a5 V
D) Incorrect Correct
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答案和详解如下:
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5 D4 [4 k7 a. TQuestion 102 M7 q5 @ }2 ]4 v; v
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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?
5 T/ J) G5 j6 x+ \; |& V4 I8 r# aA) $624.
! C% e0 D6 S: @1 k$ |B) $724.
- H& \9 P- N, o5 R- x; A2 cC) $459.9 |7 Q5 a* Y; t" l3 }
D) $574.
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答案和详解如下:
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1 p G1 _5 X3 Z; k, v$ \$ f. qQuestion 103' X2 p# v; X. a+ p9 l4 T
, G2 Q {/ D' v5 y7 Q9 ~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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:
0 t9 F( I9 j0 o0 JA) 12.25.0 z, F4 a7 \. A4 z, X' O2 i$ t3 G
B) 8.41.
; d) G6 A: N4 X% d/ yC) 7.42.. M! u! A# w& G% `7 @
D) 9.53.. d- W6 u, P! o9 k( V9 j: K
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答案和详解如下:
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1 `" g8 U* G8 kQuestion 104
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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:
" v$ k7 P: I5 J" }7 k+ G4 IA) market segmentation theory.; b7 s s6 o3 Q3 Y
B) preferred habitat theory.
3 J5 s! w* `1 }+ PC) liquidity preference theory.
5 P; r6 E4 E/ m5 w/ l* @D) pure expectations theory.
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答案和详解如下:) f9 P2 B j8 O6 [& f! D
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Question 1051 D5 c2 S7 M4 Q6 F! E1 K0 R
, o/ ?3 H% N. f* tAn $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:
( D* w- T$ N) C; L3 [- Z- JA) increase by 22.5%.& X$ ]' x- N9 Y1 c4 X; H
B) increase by $4.00.9 x: k0 {( I, v$ W$ \2 l
C) decrease by $22.50.: f; Q2 I2 x3 V
D) increase by $34.00.
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; J% l- w4 l' U+ U! o+ ?: T6 B2 p, k答案和详解如下:
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