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Question 1017 ^5 }* e. |9 l o l2 s+ I& F# Q
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Consider the following two statements about putable bonds:
' R- e: z/ E4 X% X9 JStatement #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 I2 g# {- M1 G% e# w' L; W( f2 z1 ^
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 {' m. f; K4 U* yAre these statements correct or incorrect?3 K; Q- n" V" T( t$ U9 E
Statement 1 Statement 2* l4 E: `5 M, [
A) Correct Incorrect- {* u. g5 [6 d3 t/ J$ y$ z
B) Correct Correct j: Q- B% ?, |, H8 Q! x
C) Incorrect Incorrect7 \+ o4 _, T/ i* D3 m" w3 _
D) Incorrect Correct: [8 E' {; e% x5 o" v9 H
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答案和详解如下:
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Question 102* W6 ?4 k' x* Z$ Q( B/ W
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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?
- O+ R/ ~1 }" U" l5 v( T9 ~A) $624.
9 {& x1 y! D6 P8 RB) $724.
; R0 c" a+ v, N lC) $459.
; O9 N. r# |% Y( sD) $574.
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0 u( c* t5 k0 B0 `+ M6 N答案和详解如下:7 F2 i9 V1 ? l" D1 {; U
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) s( r: ?* `% D$ n2 YQuestion 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:% Z8 _+ k! i- _! k
A) 12.25.
: H4 M% E2 B. \) r2 |0 QB) 8.41.$ ^! d+ ?( w3 q( i g1 Q4 |
C) 7.42.
l m+ n6 s, I+ Y5 w K7 e4 Y6 SD) 9.53.
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答案和详解如下:
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Question 1045 Y# x+ _3 F( @+ _( q5 p
; a c, Z' @* m+ b5 M! r, rThe term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:- B ]( \! T" w4 H( v3 @, s
A) market segmentation theory.
( Y4 T3 ?) {6 A" eB) preferred habitat theory.
" C. U1 `6 |1 H c. bC) liquidity preference theory., J# ^# b# X1 ^* L# J
D) pure expectations theory.
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7 v; W2 q# ?) S/ s, n! a答案和详解如下:2 A/ e$ _- a) Z8 W+ i4 O
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Question 105
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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 F; o' i" \) U, N6 S* F
A) increase by 22.5%.
' L3 w0 U O6 b( C! N% Z8 l: oB) increase by $4.00.- d Y b4 k; }
C) decrease by $22.50.
* d& ~3 Z3 |! W* O3 }D) increase by $34.00.& n- k+ m2 T# W( T* J3 h. ]
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答案和详解如下:- `' M, T0 ?8 _( Q" ^5 }
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发表于 2015-7-21 09:02:51
