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Question 101. D/ g% Y* m6 n1 T; ^$ G) W" |
- r! q, V/ B" \/ c$ B. \Consider the following two statements about putable bonds:
2 m/ k. I1 q) n5 cStatement #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.; B' t- E/ P5 D' @: t
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.
1 b. W p7 {( j; L: \- O3 TAre these statements correct or incorrect?+ L# X! L7 T% Y5 M$ w
Statement 1 Statement 2: w W9 z9 A G' g6 T! A0 ~: J
A) Correct Incorrect9 T( \6 Y& f+ Z7 m V
B) Correct Correct
9 y T s7 H N8 |- e8 G- mC) Incorrect Incorrect
|( |) \5 ]1 b# X- MD) Incorrect Correct$ V+ t' C( r8 L/ @* n) _+ u+ J0 w% s" U
7 c# s. s+ o, |/ e, L- s答案和详解如下:( o4 M `/ O! l. s
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Question 102( W. R! q. W! o1 A; O
6 L$ b9 i8 I; Z- nJane 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 N. t; }/ ~9 ?2 uA) $624.' o3 j6 z3 V( P9 k9 j& i W2 I# H
B) $724.
/ `2 t- j$ \2 x) B& e( j% f% {# @C) $459.: W; Z6 E ] f t6 g! f7 f
D) $574.* d2 h9 H' v" { ?4 q6 v
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答案和详解如下:
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Question 103* A- |. b, `2 C, K/ \, y, N
* m& i2 f# q: v/ J6 G0 E/ jPam 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:" ^5 M' X* g7 Q9 w4 f. F8 [
A) 12.25.
8 i& }" D( w) W+ G* iB) 8.41.
+ |2 J% Z4 u! X, X6 B& U. hC) 7.42.3 K; B: \" R% W1 ?9 Y- v
D) 9.53.2 ~1 S" y; U0 @" f
3 ?- B: d) M2 ~1 \) b9 H答案和详解如下:+ c1 K. H: r2 O% p* O
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Question 104( u8 G* Y' B+ w) F5 H' g7 {
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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: D' I% A5 J9 w' g8 j Q& E4 \
A) market segmentation theory.6 j, H. \, y8 h3 ~/ |
B) preferred habitat theory.
: J- x/ ?: z; b( \+ ^6 J! wC) liquidity preference theory.6 G: E0 X( z2 z" f# }
D) pure expectations theory." h% {% j" n3 h7 O& ^
5 h' ?' |$ T3 r& t) b5 J! o答案和详解如下:0 `0 T4 ~, W. l. c4 u- G6 }
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Question 105# J: }0 z! S- D' j
) G, L4 p0 e2 p0 e+ g* _% b: v, AAn $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:
1 B3 K/ k" q3 x3 G) K) |2 wA) increase by 22.5%.1 i; W# `0 \% `* `
B) increase by $4.00.8 D' E% x' Y: K- M' l9 r1 U
C) decrease by $22.50./ X" ~! S3 k+ k( C% J
D) increase by $34.00.. Z' _6 M8 S" Q% y
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答案和详解如下:
1 M, q3 I7 C5 I7 S E; C |
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发表于 2015-7-21 09:02:51
