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Question 101+ u" f0 }" ]% A+ ?- \" D1 [2 U! f
6 \4 i m; @( t+ o2 y0 q) w6 `Consider the following two statements about putable bonds:) i$ z: s0 i5 J+ u) O9 t; G
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.9 T; O$ K' f( p) {
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.
! }9 j7 ]* X3 ?4 xAre these statements correct or incorrect?
3 Z( p) C( _) P w4 S Statement 1 Statement 2+ n1 k' D/ n9 ~* y
A) Correct Incorrect
% b4 @' Y' }+ W3 X. Y+ WB) Correct Correct- V" B* D8 S4 T; p$ S5 P4 j [: ?- P
C) Incorrect Incorrect, m/ d @/ {) r4 s9 Z
D) Incorrect Correct% |8 W% H3 }" Y
# N+ ~; F. p' [4 S) g2 Q1 y答案和详解如下:5 q) S2 U6 i, l: M/ m# d
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& Q, c+ z& F- d' QQuestion 102
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\7 z \& J- l8 @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?
' b# G% D# T# oA) $624. R2 L" C" d5 t+ {9 U! k; Q
B) $724.
; V8 G3 _) X/ T; wC) $459.
# O% Y0 Q/ e" {" w1 Z, W% C" H0 LD) $574.3 L: W% p) u# S1 ^1 K6 T
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答案和详解如下:( B* v' _/ z; i% w- T# I3 V
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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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:. e8 c+ Y4 q0 l7 d4 A
A) 12.25.+ l) M+ b( m5 ~: H4 m
B) 8.41.
) K" O4 v5 \" T$ Z& E4 q( ?; kC) 7.42.
t' Y, M/ Z0 ^ g# RD) 9.53.+ m3 ]( f9 j# u* _7 K& J
L2 _; E& O9 [答案和详解如下:
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Question 1044 Q: F& n) i x
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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:! k) K% r4 F+ R4 Y! d: a X, _
A) market segmentation theory.! l H' Y( W$ r( v
B) preferred habitat theory.
+ _. Z$ _) t7 `C) liquidity preference theory.
; [% {: Z3 W$ XD) pure expectations theory.+ m" j7 l' B8 Z$ [$ f
/ J" f6 p, [# b D0 @答案和详解如下:* d7 H& `; I7 Z: C9 X7 I9 d$ }
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d5 H# j) {0 ^* N4 K7 ^* xQuestion 105* e8 M/ \. Z+ n0 C7 E& f J
7 b8 K, p: F7 w" W% S9 IAn $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:4 h7 g" X5 u& h
A) increase by 22.5%.
6 l* e4 \+ G2 Q+ s" J. oB) increase by $4.00.
1 q1 e4 H! Y1 o. Z: X% B1 t! nC) decrease by $22.50.
; }8 X4 j) n: c4 t6 r, \2 _D) increase by $34.00. |* H! s& P1 K/ f% G) i1 u8 Y$ \# s
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答案和详解如下:
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发表于 2015-7-21 09:02:51
