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Question 101' j6 b9 R- K- [9 n2 D: n9 q
) z, V$ A/ }' }' g: \$ y8 }Consider the following two statements about putable bonds:# u+ c9 z( ], Z0 r d
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.
! ^+ Z& @" `2 P* l# h5 SStatement #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.0 l& s) r! G# @% t6 b
Are these statements correct or incorrect?4 z8 q* O s0 L: |8 C; I# g; Q
Statement 1 Statement 2. A# O- X, C7 u+ n
A) Correct Incorrect; m7 M4 p% t& e0 ~& R X! Z
B) Correct Correct
- F8 Z; ~; F# S. `7 |/ @: UC) Incorrect Incorrect
+ b# |: J! L7 ID) Incorrect Correct
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P6 e% p8 R- a) }+ C! u答案和详解如下:- Q. z- E9 F) c* G$ x3 `7 V
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Question 1025 r t! c9 F* c' \3 @% L
G( _. n8 k3 Y- N0 cJane 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?
# U* z: X# C& ~* L- ?+ KA) $624.
* _$ ?! }, M/ X( l4 MB) $724.7 K9 X# M& I I+ ^1 K' D `( O* q
C) $459.
% o) o1 D, p8 O$ |" M( dD) $574.6 Y7 a* Q/ C$ I* A, O
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答案和详解如下:( e' u# K! t' [ {9 e3 z
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U- W8 e$ m& V( C2 E) B3 `Question 103
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1 ~6 l6 w" c$ ~/ k( Q" UPam 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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:
. D( ^) W- P' ?9 Y! SA) 12.25.
) J7 \* |8 w2 _3 L( i3 WB) 8.41.
/ h) m9 _* D3 U# d8 tC) 7.42.) f0 Y T2 l4 s( z7 N
D) 9.53.8 B/ L( o n( b# J
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答案和详解如下:
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, ~. O' i4 `( I3 t9 b! EQuestion 104
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The term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:' L: c3 e/ Z6 i3 p. A& p
A) market segmentation theory.; Q' B$ z* K4 B% { T5 ]
B) preferred habitat theory.1 n7 d; x4 i) i Q8 J
C) liquidity preference theory.
- r; x7 n1 U+ X3 `9 x4 wD) pure expectations theory.
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答案和详解如下:$ c, l- }: P& N: O
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Question 105, ]( N. C2 F5 e, G8 ?, T5 H
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An $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:6 k \1 M! r: S; h5 s
A) increase by 22.5%.( }$ ?5 L5 t) N" \
B) increase by $4.00.+ g, e- x8 ]3 [9 k! v
C) decrease by $22.50.
+ f- ` j7 h8 n; t% O# d5 KD) increase by $34.00.
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. N5 p/ T$ [7 o答案和详解如下:2 _0 z7 F0 a5 W. L6 B3 i
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发表于 2015-7-21 09:02:51
