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Question 101 P* r& |8 K" u! e' |) h) @! I
6 Z" q8 T& ?9 y3 ?1 U; s' LConsider the following two statements about putable bonds:. W1 ?# r, w" M$ X! V
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.
8 g& O+ n2 c0 e8 L" IStatement #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.
% E1 S1 D# U( K' a( q& CAre these statements correct or incorrect?
4 R' X2 o/ m1 j, W Statement 1 Statement 2: h8 t( g( O8 y/ T6 ]; O( x! Q
A) Correct Incorrect
! X! F1 c& u( `B) Correct Correct
# U2 d& F6 [; `9 p( u3 v* p0 j& kC) Incorrect Incorrect
/ {- u" m5 F! B. Z: CD) Incorrect Correct: v* c- N/ T' U% X6 w! b6 ~
, f# L3 ~/ i1 Q% {; x答案和详解如下:
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/ b$ j+ k o: n' S) m$ n, _+ AQuestion 102% T6 u, \* N/ Z# X3 G- L
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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?
" Q. q$ m& |) h3 t# C! g( {; d9 wA) $624.+ V. {' H( J0 ]1 H
B) $724.- K/ M6 C l5 h* j" f
C) $459.
8 L* D" T: j7 n+ ZD) $574.
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答案和详解如下:
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Question 1033 p7 X2 q: G! k- G4 K7 m, M9 _
4 a" M* x! x% j+ p( j4 [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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:8 W6 d& o* [6 w [ g! R! e
A) 12.25.
0 K) i, y% m# s8 Q P% t+ CB) 8.41.! C$ l6 D8 \- u4 j9 o
C) 7.42.4 q: e7 d1 u) W1 r8 u2 N
D) 9.53.
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答案和详解如下:% j. d' m& u$ H: W
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8 y+ o% V) Q- G/ pQuestion 104. g: u6 ~' A, o) Z
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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:( i# N( |" t3 q3 B, U J7 ^
A) market segmentation theory.
- {5 P2 z2 F0 o; ?+ c/ H- bB) preferred habitat theory.
8 p) {9 G! i, h4 i1 i0 ]5 ]" rC) liquidity preference theory.
! n3 `+ z- }( k8 a# O) QD) pure expectations theory.
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8 I5 h$ Q) R3 ^ G- T答案和详解如下:! ^' {8 N" z- @/ f* R/ j
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$ x% p% p' S0 OQuestion 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:1 N3 ?5 P- R4 {8 ]# ]) I
A) increase by 22.5%.1 c: U! S" v' e4 M. O1 w
B) increase by $4.00.% y. l1 L( ^1 T2 l) B2 q
C) decrease by $22.50.8 ?- l0 a7 i* ~
D) increase by $34.00.9 a2 ^' ]- }, r$ f7 L* }
, g2 f( b7 t9 X/ e: g/ O答案和详解如下:
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发表于 2015-7-21 09:02:51
