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Question 101
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Consider the following two statements about putable bonds:
`! r! h6 o1 AStatement #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.
/ s$ ?/ ?8 j) v8 y% p/ ?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.( [$ V! y R& F( p: {/ r( {
Are these statements correct or incorrect?" [+ @/ q& q; G' ~
Statement 1 Statement 21 l4 Q+ q( ~$ V& l6 n; U
A) Correct Incorrect9 \5 P8 l) s% o
B) Correct Correct3 ~8 d; v9 X0 n( V; ^3 v9 _( d4 }* m
C) Incorrect Incorrect8 X2 Z* b- B$ }0 w/ m) i
D) Incorrect Correct' ^* z$ |: X, \9 g* }
8 j; }6 k2 n. h* `答案和详解如下:
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Question 102
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1 r7 c- ?6 w7 A1 x# ^) }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?% L' P& u# n" D( ?" B
A) $624.
" u0 d, |% O" m, T: WB) $724.. R) `1 b2 e( t+ J5 n
C) $459.
. B* u7 ~% p2 i# FD) $574.8 B! @8 x8 u) |$ M/ E- O
~2 s' F5 Z l V* g/ y5 O% E答案和详解如下:; `: h# m% k7 n
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5 }5 S$ ?$ e: U+ ^$ aQuestion 1035 c8 H6 Q$ i$ a7 p+ `7 c6 x9 h
5 \2 C9 j, {" F( F% h/ l ^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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:8 N( @4 ]4 V' X" F
A) 12.25.
. I6 w! V" r: F5 s7 H6 gB) 8.41.
9 r% s* J4 w; T# [: M7 Y+ N" KC) 7.42.$ K' w9 Z6 v$ L/ X5 w! t7 x% y
D) 9.53.
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$ _, R0 U6 ~* @* o% Y' q; F X答案和详解如下:
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1 a1 l* ~6 W/ ]8 k2 Q3 ]Question 104
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/ Z) L; |7 J) b9 lThe term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:) Z2 o) A' d4 _$ }
A) market segmentation theory.
' h5 q$ d6 ?. F( L- uB) preferred habitat theory.
$ { I0 c. L1 `C) liquidity preference theory.3 L- ~( |8 p) O' V9 q- }6 y) ^; H2 S
D) pure expectations theory.5 ?4 W8 }7 x: e
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答案和详解如下:
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Question 1054 ^4 {/ T8 N1 w% y9 q V. {3 g
8 O/ H4 t" I& H/ a3 F: QAn $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:
+ N" ~% ?' P/ j; l! mA) increase by 22.5%.
1 A. j$ K5 C- lB) increase by $4.00. H8 b0 I/ }, Y9 k( I/ }
C) decrease by $22.50.# j) o; O7 S6 w h. a0 T3 F
D) increase by $34.00.
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0 z! |+ A* |4 k q/ Z& \) Y2 V答案和详解如下:
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发表于 2015-7-21 09:02:51
