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Question 101
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Consider the following two statements about putable bonds:9 }7 f( C) Y1 c
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." w: z) j/ z1 u ]0 i3 \
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.& |7 b: S: J1 _4 Y
Are these statements correct or incorrect?$ l7 W$ h9 Z2 x
Statement 1 Statement 2
" Y) i" v9 i6 [. }A) Correct Incorrect* [" ^0 R: e- V0 Y4 u. m+ e0 V
B) Correct Correct7 H5 m( K- {1 O }, `
C) Incorrect Incorrect
& ]) t3 t) W; S7 K; _, xD) Incorrect Correct9 h$ k3 B6 N5 ]
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答案和详解如下:
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% V" r8 ?/ f0 D6 r6 RQuestion 102
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: [7 k8 s! u! ~! u7 R6 mJane 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?
; \) Z3 k: a- ^. ]& B1 f |+ EA) $624.( e4 g0 p9 i* z7 Q& f3 D( I
B) $724.9 R5 k! j% o, ^7 J5 d6 T
C) $459.- W7 G/ {9 p) _6 S" I I
D) $574.. A9 Y% F( @. P5 U# b% B2 w: y( ?: X) C; Q
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答案和详解如下:, M& U! ~* v" |. ~$ ]% o
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5 u7 _' x9 e B( xQuestion 1031 V8 R) J2 t& Q, }1 \
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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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:; u& A, h& \' c; v7 W% ^
A) 12.25.7 L8 p7 o4 N3 ]/ S3 K
B) 8.41.# x2 m% Q1 k8 W( N3 x% d
C) 7.42.1 i( t U; P( ?0 o. |! E0 @5 a
D) 9.53.
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/ s8 ^- m0 S c7 E1 K2 L答案和详解如下: h8 t" V( F4 O; W
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Question 104
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5 a% v/ {) c5 ?The term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:& E, h9 T$ A! R5 X1 L; }8 j& z1 N
A) market segmentation theory." d0 r% M6 T* j: O
B) preferred habitat theory.
7 u/ V. ^ R9 X0 q1 pC) liquidity preference theory.
" P! \) S, p* C- I* ^: T2 N. }D) pure expectations theory.
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答案和详解如下:
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6 C" ?* P& C4 }; @Question 105* q/ ]- Q W/ ~
- [% u% S7 z% {9 t+ k: nAn $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:9 y3 P* S# b. @% c2 @% z) ?3 j
A) increase by 22.5%.
' `0 C: s- w% p4 l$ ~- RB) increase by $4.00.
' W% B1 n+ j% S5 T" x3 \0 j8 y( G* tC) decrease by $22.50." M! G' L" N$ j6 M* t1 i: S
D) increase by $34.00.
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1 U6 G; M7 \6 L8 D9 R+ s答案和详解如下:
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发表于 2015-7-21 09:02:51
