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Question 101! a# g7 \4 Q: r0 [" j6 w/ V
. ^! W7 e; |0 j8 N1 EConsider the following two statements about putable bonds:; H! z: P: C2 T
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." V3 u2 Z- D8 ?5 }2 L
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.
" j( a- p: H& `: m9 sAre these statements correct or incorrect?
* F4 p9 V! c$ A. P" [% e0 P Statement 1 Statement 2
2 F- v8 s5 j2 @1 F7 {/ wA) Correct Incorrect
$ w; ]" i. I7 QB) Correct Correct
3 G7 {5 A1 q( a3 B! yC) Incorrect Incorrect% x/ W9 B# i, l
D) Incorrect Correct
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3 Y2 x2 t9 ]: D- n答案和详解如下:
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. _3 I% b% A( O) aQuestion 102( ^8 M; _* Q/ I% ?
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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? }* ?' U6 R& m" t t
A) $624.' E( N: L5 Y. q; Y F& [
B) $724.
, s9 Q/ t8 h2 V1 Q8 F! u- LC) $459.% Z! R# _9 ^/ B) ^) f* n6 ^
D) $574. V5 h9 _$ Y1 x1 \1 N
: w: q, T# _. L1 Q4 J8 E, b: Y答案和详解如下:8 H! x6 B, B. Q @! P
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Question 103
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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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:
- S d! d2 u f, Q) f! `A) 12.25.
5 q& g4 O# J1 o( c. OB) 8.41.; Z$ w/ Y$ T: p% h: D) R: r
C) 7.42.& S& y+ H, M3 P' D
D) 9.53.
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$ l# U& r2 S. o- y. [0 V/ t0 C答案和详解如下:" g+ f& p, w7 J+ y: ~5 R
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Question 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:
3 O! f' |1 l' K8 i& m9 OA) market segmentation theory.6 e2 P4 o) x: T
B) preferred habitat theory.# d" Q9 ~9 i ?; \0 B! e. U e
C) liquidity preference theory.8 L" f% z7 g7 Q% V* K) z
D) pure expectations theory.2 ?, V' f' P( N, a w
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答案和详解如下:7 Q: C4 I3 e) n d( c6 i6 I
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4 ^* f) l* [$ ^7 uQuestion 105- C0 T# H8 ?/ A. P! t O" _4 h$ R6 t, t
( N. Z) `7 `1 h3 }& T9 O jAn $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:
( o5 n) w8 K6 ^6 t1 EA) increase by 22.5%.
8 r2 n8 H& G' Y- D" ^- i. cB) increase by $4.00.
t/ C4 l: g) P( F& z3 x/ X7 vC) decrease by $22.50.6 h n) q5 H$ I% f3 M) e- u2 z3 ?
D) increase by $34.00.
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答案和详解如下:+ n, h: ?) r0 \" e, P& g2 k4 T
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发表于 2015-7-21 09:02:51
