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Question 101
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Consider the following two statements about putable bonds:5 V1 Q3 n2 P& O
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.
! X- x) s) @* g; g, K7 B! d! AStatement #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.2 U6 Q ^& f# d M
Are these statements correct or incorrect?& P6 Y5 L$ K x" ~$ k
Statement 1 Statement 2
- `, W6 w" q3 Q( OA) Correct Incorrect
6 u, V, L5 U4 i# VB) Correct Correct9 s! h+ F. r0 o, W9 Y
C) Incorrect Incorrect
2 N( Z7 K& ?% ~3 PD) Incorrect Correct
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答案和详解如下:; T+ o) l- H& X9 U8 z$ _
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# r* L% V# @' R ]1 AQuestion 102- X F% M% G6 a$ f# X, t" w4 Q
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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?
' g, }* e: B2 o& `& H) QA) $624.
% |7 n6 `) y- X5 qB) $724.
6 i X7 \' S* DC) $459.5 M2 r- G/ \% T. ] j9 ~
D) $574.5 K8 m" h( E5 c3 O) C. w& D
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答案和详解如下:3 z5 r [% q( {% \+ A
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Question 103! j5 l/ N9 }' a: G0 E
0 [) c2 u5 [/ @2 X6 _ l# n- r# ~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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to: c# F3 l+ D. z
A) 12.25. y" U+ d# b+ C; [$ I
B) 8.41.7 Y7 x6 K; J) R6 |/ G
C) 7.42.
: c/ b, e( h7 Z9 g T! d* MD) 9.53.6 X% }: l8 ?3 C8 N9 g6 x" Q! v# B
& D: \" o& _9 H+ j答案和详解如下:
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8 H" I4 n; C- N$ g$ iQuestion 104- v; [( X& S- q+ _& ^
3 Z( E4 V* b( IThe term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:- l+ A$ C l& |' d
A) market segmentation theory.& _8 y! }6 m4 f+ S- h! P% y
B) preferred habitat theory.
$ v# h& k7 M" `C) liquidity preference theory.0 A' L/ h$ \3 N# L
D) pure expectations theory.2 ?" w1 z! k J' T- h- {% E
- e4 ^) ~9 O0 R8 V }* v. A+ Q答案和详解如下:
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; j) g) g4 b0 k5 y9 u( cQuestion 105" r& s; h/ R7 c: k# s
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An $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:) f7 C& R7 y$ S
A) increase by 22.5%.
+ n( w5 n. i3 ZB) increase by $4.00. d+ B; }' R% b+ Q5 s
C) decrease by $22.50.
. @1 A* ]/ Z6 P8 K# GD) increase by $34.00.
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答案和详解如下:
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发表于 2015-7-21 09:02:51
