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Question 1011 s$ H6 _) k; @
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Consider the following two statements about putable bonds:: X+ X% j. n3 R
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.
( Y. ~ ]" R ~- ~1 {7 C4 _3 |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.) {: g0 R6 g( k" X7 J
Are these statements correct or incorrect?
8 r3 G9 P6 D' i# `( {/ n Statement 1 Statement 2
- Y) J" ?! s/ d# l5 HA) Correct Incorrect& V S- n/ u0 r
B) Correct Correct, |' L" l$ \) Y4 |" F" }. ]
C) Incorrect Incorrect
* N m' l9 T V9 [* X. h' d9 `D) Incorrect Correct5 i" _% v) |" o
) P7 q+ H' g. `& _& r答案和详解如下:
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. ^- m, ]; E% [: h) ]! C8 R. eQuestion 102
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* h8 O& m1 p/ t& lJane 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?; x) F$ V0 c' g$ u/ ?
A) $624." D2 \; G6 t' k* w) U3 H5 r+ i# V! ?
B) $724.0 g( H s6 j7 \! L- O2 U6 @
C) $459.
# |; P# ?+ r+ @: f/ s e0 K/ E! VD) $574.) p/ {8 t7 k3 d+ ` p! r
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答案和详解如下:
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0 u7 S, y3 n) A& K' M0 p# U1 W; PQuestion 103$ q9 O; t: i1 U
3 a( g" c. S) [' c! E: h/ g( h4 x' m. }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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to: m" l$ S, ]# `1 Z. H7 Z4 X( }! {& e
A) 12.25.6 ]% G9 E$ G) p9 m4 m5 C
B) 8.41.6 H: z$ V5 K, Z7 g
C) 7.42.
; u w/ g+ v! e" rD) 9.53.
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# p) y* l6 O3 Y! c答案和详解如下:- F3 A) n6 v" \ X
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Question 104
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3 E" {, N: s4 P* ]8 `5 I4 t$ j9 rThe term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:$ G+ K/ L% O4 D( \) @$ m1 S6 D% @4 y
A) market segmentation theory.
' q: h0 o N" E! A- S6 D2 EB) preferred habitat theory.
! z1 W _+ E$ L& `- q2 H3 SC) liquidity preference theory.8 k) v) e- `5 D+ n9 g
D) pure expectations theory.
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答案和详解如下:& e# ^: ^. e9 |' \* q, ]8 `
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' ?5 W8 }+ v8 I1 zQuestion 105
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' l* ^, H: M/ L- m# XAn $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:
, K5 j9 h' B* hA) increase by 22.5%.
" ^! t" B( r1 I2 b- R0 F7 qB) increase by $4.00.# P* b; |1 n7 o2 Q. M& L
C) decrease by $22.50." _ |8 m; i9 @. A
D) increase by $34.00.4 P" P3 S ~/ n( H3 D( P3 n$ H
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答案和详解如下:
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发表于 2015-7-21 09:02:51
