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Question 101
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Consider the following two statements about putable bonds:
5 f" z1 U9 I: g2 pStatement #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.6 R( v6 x1 a$ x9 ?5 [( O) H
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.
8 | U4 G9 Q) X# c0 z) kAre these statements correct or incorrect?
2 q' d1 O! n6 b4 m4 x Statement 1 Statement 2; S5 r, Q* X* X+ m f( {5 d
A) Correct Incorrect
3 _! [; K. u3 ^, R) J# |) H% F# {2 G+ kB) Correct Correct- D8 @2 [1 p8 ?
C) Incorrect Incorrect
/ h. [, M" ?; q" ^: a" D# QD) Incorrect Correct
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* d1 v. J% H3 z( T答案和详解如下:" E7 z" S, ^9 ]5 B/ ~0 k
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" [: e5 k6 m# S" {1 MQuestion 102+ A. u1 R* g8 v: O8 T; z3 b
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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?
5 N" y3 m$ j. I b# F5 [- XA) $624.
& L; i* [4 B* s# ~( R, i+ K8 ^* P7 DB) $724.
" g3 P7 \7 h3 gC) $459.1 D8 J- f: j8 t; d O/ N$ h( e2 u
D) $574.+ s# d( J+ R6 B) d" n
) f: ^3 s: a5 B* J" ~7 z0 ?) J答案和详解如下:8 Q6 Q# {- A: f7 _
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8 b: `/ s- `& @/ E$ MQuestion 103& B; d. n1 }; k# _4 a- p
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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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:
7 R3 _: r' I6 P/ S. F( H8 ^( z3 V: RA) 12.25./ J; p* ^- c$ x6 _; R
B) 8.41.
2 ~' s) c" \, R. I, C/ ?! C8 JC) 7.42.+ K5 c6 W( k8 H- t8 o
D) 9.53.0 m5 D& S" J* s2 _" r3 P& q
; W- Q- a7 j3 T# F; T/ o答案和详解如下:. i' _) j( C' N" Z- g
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Question 104+ [2 L" `; l7 u: C2 \; f3 Q
8 \6 F* q" G- x5 jThe term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:
! K6 B6 n; i& i& K/ gA) market segmentation theory.
* o7 p9 [* U' W1 \' O9 `! D& L r. CB) preferred habitat theory.7 }3 \* p) b' j" c6 ^6 V
C) liquidity preference theory.
+ B3 l& \- k, o% T% AD) pure expectations theory.
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答案和详解如下:6 |0 b9 T8 Z. I z9 `
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Question 105& j2 Z4 u: W7 w" F3 v! d
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An $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:
1 W8 t1 D* n5 a. M- iA) increase by 22.5%.
* _/ n" V! e7 x+ x* GB) increase by $4.00., x' D8 J: c9 L* _ Y( S9 |
C) decrease by $22.50.( a0 N6 M7 j: N$ Z3 A; E9 b5 N
D) increase by $34.00.
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4 Q% [$ ^* C- k答案和详解如下:: g6 u @ h1 C2 w" o0 m
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发表于 2015-7-21 09:02:51
