|
|
Question 101
, e/ n. k( F1 E% b+ i, V4 y% A2 T3 t" e, a
Consider the following two statements about putable bonds:- v- m7 [' F/ E* E" e
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.
2 K V4 C6 J% PStatement #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.
0 n8 N' V) V: N! y1 n, ~4 u8 UAre these statements correct or incorrect?
, P2 \" o/ o6 q8 X0 u9 k Statement 1 Statement 2
1 r4 N3 [( K4 G! `8 \- ~A) Correct Incorrect8 N' }, i% c$ h' Z
B) Correct Correct
! _$ \ s( B5 h2 eC) Incorrect Incorrect' U+ q: m/ i+ M3 S
D) Incorrect Correct
" b" q% h- x2 _5 S( ?3 n- |/ `
9 W! F! h' ~! [/ X" q1 {答案和详解如下:
! p, s/ ^4 B: u
' }+ O# e8 L/ |6 H u6 n
) Z* h. ^9 E$ N+ mQuestion 102
6 k8 h R- q7 q1 W# ~
1 W/ q/ K8 H: C: U! tJane 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?, c0 D) e$ i6 j3 S( S
A) $624.
, ?( j/ E4 v" {: \' ?& yB) $724.2 S' G$ e, a' [2 H: h6 d# y5 |: `4 M
C) $459./ q0 i8 D$ Q9 B) f/ p p( d/ f
D) $574./ @' ] I' Y E( m9 r
( s3 ^5 y( d( s5 p
答案和详解如下:; S+ O' p3 U. Y( a- ]
; H3 w5 z m, t [! H
. P# r1 y1 I( h* I
Question 103
/ d0 p: h" }/ M/ \
2 G7 M' |! ?# {; DPam 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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:- y- x% o2 V0 H/ z2 \- r
A) 12.25.9 z) Z) b6 N6 ~6 u% ?0 w
B) 8.41.( ^3 r( `! o$ Z0 e. \) G- E# R! v
C) 7.42. v" U9 G4 z2 K$ d6 Q
D) 9.53.* ^, ?$ N) F4 H v* u
0 B6 z# l9 A# E, U答案和详解如下:& [* h4 }% i2 \8 @! m/ \2 p0 ?# A6 A
2 b# H( b2 w# u: I' m9 D" \
8 r2 R, u5 x7 }2 U. F% E9 FQuestion 104
7 d/ U# A; w& U2 M/ {; I! n7 a. w4 ]! A6 i) Q8 e5 U
The term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:
Y; w* r0 O8 R5 P/ x, q+ aA) market segmentation theory.( p0 A1 P! s$ p. B8 H; @
B) preferred habitat theory.
6 C9 u' b1 a/ kC) liquidity preference theory.
1 R7 Y! m" P$ OD) pure expectations theory.
4 E }8 l9 v9 g
2 }% B n8 w5 V! f答案和详解如下:, N; V/ |0 Y0 z/ c9 ?
2 g. S" H, G0 X' }2 @" N! ]
( t6 {; [3 p7 w7 T4 f6 |
Question 105
8 `/ K& k5 A0 Z) O( M
* v' c0 X* ]4 ?! EAn $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:6 l" X4 }& W: w+ {0 V1 v
A) increase by 22.5%.7 E! G; {* o+ F
B) increase by $4.00.
/ f. B, C. K7 t5 e1 V9 ^, iC) decrease by $22.50.; [+ `' O9 n! Y
D) increase by $34.00.
e! F9 n- _; x1 {0 Z' m R, B( J7 p
答案和详解如下:9 s# G0 n- b- o( |/ ]
|
|
发表于 2015-7-21 09:02:51
