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Question 101 A K s: `, B
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Consider the following two statements about putable bonds:
( M4 Z7 d( K4 R5 IStatement #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.& N" D/ A9 R; P3 I) j) g
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.
/ s$ L( L+ D/ f" D! oAre these statements correct or incorrect?! K& V, a" U c. E& T- z
Statement 1 Statement 2
, m7 k% V" y0 s0 C. U f- VA) Correct Incorrect
" w2 m6 T6 G! { t4 n% mB) Correct Correct
8 \- k4 v5 v1 E' }( uC) Incorrect Incorrect
7 F2 d% p( A. f( f6 eD) Incorrect Correct5 G1 E8 Q$ z9 H
& \5 J9 p) O0 v, h: @答案和详解如下:
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Question 1022 g) [( B _8 p. Y5 l/ l
0 m" n' S% t3 ^% e: GJane 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?
; _2 i: J0 U ^2 v$ a% `5 i% bA) $624.
% U1 ^6 W2 j: q$ u( uB) $724.
8 b, }6 \! M; C% }8 XC) $459.# h; p0 J2 |/ Y' q8 h+ `6 L
D) $574.
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答案和详解如下:
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0 V3 l4 w! z) u4 O0 g1 ~Question 1039 f4 Z( w. n" F& o' I+ L1 `1 x9 E
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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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:* P. Z3 b+ X- d
A) 12.25.
% u' n0 a7 @% vB) 8.41.
0 W6 I( i2 \' j- P7 HC) 7.42.
J6 b( y r% d1 E9 XD) 9.53.) Y: e. `1 z4 z5 E V5 C! c1 M
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答案和详解如下:, Z0 x3 b p8 _3 y# X
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9 M- m- W& H1 V2 g* yQuestion 104
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2 E T" v, e$ ~4 i3 n( y, F1 aThe term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:
- \* w4 ~# F9 X( @6 S5 lA) market segmentation theory.
5 E8 i6 k. n8 M6 h5 `; t CB) preferred habitat theory.
3 O; Q$ b+ `9 F5 ]4 Y# H- @6 ]. |C) liquidity preference theory.$ }7 Q! v1 T9 m# Y! d0 n) w
D) pure expectations theory.
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9 o9 \+ B- [. m2 v) F答案和详解如下:
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; @6 Y J B. x$ P6 P7 pQuestion 105
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) m' a5 e& x8 F" QAn $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:1 F8 \( {% z7 S3 ]
A) increase by 22.5%.# G' _: j }; J) |3 q5 O9 [. O5 ?
B) increase by $4.00.3 R/ _% l% T( O! S* A8 _
C) decrease by $22.50.
# O9 q& b6 a4 }8 {. HD) increase by $34.00.. Y2 V4 y$ |& T; @$ K8 k
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答案和详解如下:7 a1 b! C9 y: b( g
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发表于 2015-7-21 09:02:51
