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Question 101; s! S/ P8 `1 b2 e' B
3 [# F, t8 S3 D3 W" { zConsider the following two statements about putable bonds:4 T! E2 i3 c- g# I* J
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 b% |% c' i' ]5 N5 X5 s& f& A7 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.
; H& T- X7 x3 C' ~7 L3 T0 `Are these statements correct or incorrect?$ O# k& L i3 Q
Statement 1 Statement 2
( F- q9 b) _8 L; X" B& uA) Correct Incorrect$ \* e: y! g r4 O2 U; x
B) Correct Correct; }8 j: }3 N: k4 N
C) Incorrect Incorrect
& [3 ]$ v6 w8 lD) Incorrect Correct. s7 X: `6 P7 q% v5 S) B
2 p* Q2 d/ Z! G; G0 i3 d答案和详解如下:7 \) |" s+ _! L+ _5 e" V3 E
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I% r/ c- f8 g; b% |! |Question 102
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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?
/ }0 \8 J# Z4 [" O: T' [1 K* n; fA) $624.
0 Y+ k" @. w7 `* j: M' b7 a, n- XB) $724.
* D- _% ~, P' QC) $459.9 k; b l9 q" Y4 F9 E
D) $574.
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答案和详解如下:- ?* i8 {( x% W6 U5 t' v
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Question 103
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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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:
: S& w% C# p" K4 q0 c- `A) 12.25.- p L4 d4 B7 ^% u) e# w) X
B) 8.41.8 L* J5 Z% d' j# G
C) 7.42.
! x# S' a; p& `5 jD) 9.53.) N2 ~% Z! n! q' ~1 U
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答案和详解如下:
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# n( H" r v5 f! _Question 104- E8 r+ n6 m$ n0 R
( y* `- s6 d' ~6 R4 G1 CThe term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:2 o; F3 W2 L+ l+ j" W$ v
A) market segmentation theory.
) \, R+ L2 X; K3 ^4 PB) preferred habitat theory.$ B/ Z$ b) j- d+ S, f0 s! H8 C. Z
C) liquidity preference theory.) Z( \( v6 q( T' K
D) pure expectations theory.& {2 E+ s7 S5 a' w/ W& X& s
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答案和详解如下:
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0 G" T0 L. R3 L9 uQuestion 105
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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:# D+ o# A3 E& X8 E: ~* D4 K
A) increase by 22.5%.
$ H7 C( C/ ~5 |2 N0 kB) increase by $4.00.
4 Z L* c1 z6 o: c" lC) decrease by $22.50.
) ]/ {6 @& C5 c, ED) increase by $34.00.
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答案和详解如下:
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发表于 2015-7-21 09:02:51
