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Question 101- ~, h# C) z3 u
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Consider the following two statements about putable bonds:
, z+ i0 M7 M' z, {: V, T9 N& VStatement #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.
0 ]1 v7 I$ `3 _' w& q5 D% x/ O7 TStatement #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.
( n8 ?; R/ X6 _4 C8 T9 TAre these statements correct or incorrect?7 u" `6 I5 V# m+ j0 l
Statement 1 Statement 2
0 T- V& C( Q% d! dA) Correct Incorrect
. u- x1 c. G' `& t6 O+ HB) Correct Correct
; O( A* e. u1 X" \C) Incorrect Incorrect
4 p' Z* z' U2 D8 v; J- G- kD) Incorrect Correct
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d$ U& k! X1 g0 u. P; Y答案和详解如下:, c' q$ W! z/ u+ j+ a. Q7 K# C
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Question 1022 [( L5 [' R( p( c2 ?3 N
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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?
4 u) Z5 w1 J* s/ _$ OA) $624.' D1 ^6 A2 P+ |3 n
B) $724.
x9 m8 C+ e$ G+ `8 }C) $459.
, B: N0 L( R$ u% X! {: yD) $574.# f3 e1 k6 y9 ?0 {% e* k2 S& P
5 u* p" _ D, r5 }答案和详解如下:
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Question 103
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0 e8 d1 ^3 U# FPam 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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:
3 M3 ^( S: C5 r; q; a& g( CA) 12.25.3 V) ]* E! n# S! D& `; L, F5 E
B) 8.41.
& \2 P% G0 x, ?7 u, L" [3 v6 iC) 7.42.; T8 I# r& o, N! x! d/ q2 {
D) 9.53. Q: {# m7 E9 x9 @4 q- c
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答案和详解如下:
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" |& b4 h# {/ ], U9 ]Question 104& d$ J+ @7 C% b. u
$ g# H. b9 ]0 T7 V! s$ bThe term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:+ ?: o" ?) H% R1 @ W/ f
A) market segmentation theory.# G2 e* ? C7 N c5 I; \
B) preferred habitat theory.
) T/ ^1 F2 q0 [7 X5 K( x# j* }C) liquidity preference theory.
6 X8 t% j c' _! f, }3 c+ A: LD) pure expectations theory.
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答案和详解如下:+ \- ~8 M c/ r. g5 @0 O: r& \ h
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Question 105
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/ I" @/ a# l. ^. N) N/ MAn $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:
2 \) b7 K; n7 ^" z; DA) increase by 22.5%.- T* M+ o. l+ d ^ \
B) increase by $4.00.
# t( g4 q2 P& J& fC) decrease by $22.50.$ ^( c4 y! d. _1 A ` K6 C
D) increase by $34.00./ Y' J _) N" Z ^6 n
& ~2 g. f% u, h& N/ U答案和详解如下:4 N4 a6 p5 g: b5 b
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发表于 2015-7-21 09:02:51
