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Question 101
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Consider the following two statements about putable bonds:3 l( W# ]$ g; r
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.
$ b/ J/ n" J( C. d4 K: i6 hStatement #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 n: O8 c8 @' e* E: l. S3 AAre these statements correct or incorrect?
7 i9 ?4 o* `. p6 d Statement 1 Statement 2/ g5 G$ E0 m$ y$ |# _6 P. e/ |
A) Correct Incorrect, O) H( q: A( O" K) j- @6 N5 [
B) Correct Correct
) Z$ O5 _. d# q! \) f0 vC) Incorrect Incorrect& B% G8 s& a( b! g+ b# c) \
D) Incorrect Correct6 ]. y: V# U1 x# R/ c0 W ~
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答案和详解如下:
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Question 102
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/ n- L/ o5 G. `6 b7 E1 A# RJane 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?- \, }7 q- m+ B
A) $624.
) s" o w* @' M$ z9 B% [B) $724.& o4 W1 d/ y$ m/ U, G Y
C) $459.# E) g5 I% p' o, a- Y- n
D) $574.
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答案和详解如下:, l6 k+ c$ J( ?9 h: [ ~9 [1 Q, U. \
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Question 103
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8 ^5 R. V' o3 O4 O" v% EPam 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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:
" [3 d8 X9 B9 X+ C$ TA) 12.25.! Q$ F% z: a- s1 D
B) 8.41.; g7 M. P! O5 f6 @5 I
C) 7.42.
# m- Z% X3 \) R) i; ~D) 9.53.
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7 [! F4 l7 K3 {0 n" q答案和详解如下:2 V2 n* V/ C y1 t
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" a$ ]+ Y2 @/ b5 Q+ f% k7 ~& R9 y4 yQuestion 104
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+ H8 x& X% Q6 ?4 W* m: \* r( o, [1 RThe term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:
( Q5 a! G' M$ u8 v! E# X9 `3 BA) market segmentation theory.3 R% U' {0 B: Q( w" a$ z( r2 [
B) preferred habitat theory.& m. N5 [! o3 n* S4 I9 `
C) liquidity preference theory.* N& p1 k s) j( M9 r+ n/ a
D) pure expectations theory.! E8 w6 I% Y6 g1 A a! V( b
, L" t1 V: U- L答案和详解如下:6 l5 g+ X3 ?- j( ~
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Question 105
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, Q: l" f3 D5 ~: y0 pAn $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:
" j$ p8 i: \2 a$ F5 xA) increase by 22.5%.3 V. Y4 s4 P- z' D
B) increase by $4.00.. h3 @5 H: }8 L& { h
C) decrease by $22.50.% S; Q# _9 y0 C
D) increase by $34.00.
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发表于 2015-7-21 09:02:51
