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Question 1016 L5 m0 N3 |. P
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Consider the following two statements about putable bonds:9 G* O0 S; ^% ?0 v% C
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.& _* t7 @9 A6 [; {+ |1 v
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.2 s0 `# F( [ t) T
Are these statements correct or incorrect?! {6 m. `! C; G. C
Statement 1 Statement 2" y+ @7 z- p" y# @1 d! U
A) Correct Incorrect
& E& T, ~6 t2 c4 B, r {B) Correct Correct
8 ]3 z% v, [6 j2 f5 LC) Incorrect Incorrect) o5 W3 ^6 d1 ^
D) Incorrect Correct/ o( _9 K8 D5 t% E1 D5 `
0 g% m2 |( s5 ?$ ~) S* I* j答案和详解如下:
1 J( s# e. J5 m. Y, J2 G- ^2 B! L& k' l1 j0 \4 x6 S' N
5 L; R9 F2 p" KQuestion 102; x* ^" p0 K ^1 u6 Z l
. F# d1 c+ B5 H% O" ^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?
9 T1 r/ A d# WA) $624.
" I+ G2 \! e3 B; |3 l; j' {B) $724.
/ B. L, I/ W- Q7 c" u m. u* d# xC) $459.
5 }$ W1 d" b, R7 w* U( uD) $574.2 d* }' ? T7 E
) p- M% ~1 D& a# R$ }+ x答案和详解如下:
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! J. g) \; |. V1 [. f3 D8 i5 bQuestion 103, c/ N# D9 z3 j& j
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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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:
3 }0 r( E0 l' w$ F, \: G9 cA) 12.25.
) _+ `' }1 p" W0 m" b# \B) 8.41.
' R& o5 e8 `7 x" qC) 7.42.
5 h4 T" F4 v6 R# ~5 m& `D) 9.53.. A" R9 }9 i0 c# Z! H# R
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答案和详解如下:9 h, N& V) K; T% B6 @* R& B
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Question 104$ j+ W! ]. ^$ j1 L* \0 x! o0 d. v
' ]( U2 [6 ?; X' E( }& jThe term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:. }& D! E0 x! [; H' H, y
A) market segmentation theory.
& n C" g( G& uB) preferred habitat theory.0 k3 s6 U; _ }8 w y
C) liquidity preference theory.6 f3 T1 c j K9 s) Z; @5 r) z
D) pure expectations theory.! y: G5 E6 W7 Z S
# \2 f1 l' C, u4 I0 f答案和详解如下:. f( G* \* c- ~# B; b/ |
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Question 1059 O1 S0 Y0 }4 |2 g8 Q4 D
$ v( C2 t& y4 H: r/ @1 LAn $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:( E r3 @) K) ~/ B7 _2 ~
A) increase by 22.5%.
4 J3 D! {5 ]5 I$ N7 y% C2 AB) increase by $4.00.
" i. R- r1 N( p. C7 }4 XC) decrease by $22.50.
& X+ Z0 h: T4 G- QD) increase by $34.00.7 g9 J( {/ }/ p* B; b! u5 [9 R2 d5 m
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答案和详解如下:0 R8 S* K* X) a+ b4 K( B3 e" F
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发表于 2015-7-21 09:02:51
