|
|
Question 1014 }' U2 W% ~. ?# E
1 V9 n0 @! X8 J% K5 x1 d
Consider the following two statements about putable bonds:' w( x4 w* X. B9 s
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.1 o: {& U5 J$ e% M. g- R8 @
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 f/ p p3 U, o& Y+ F
Are these statements correct or incorrect?
5 G" u* g% v4 H. T Statement 1 Statement 29 }, z& y: M7 A8 Q, H1 ?
A) Correct Incorrect
- P9 B6 {( Q9 ?8 u; u4 b$ iB) Correct Correct5 `' C6 [ z* @# }: S& ^
C) Incorrect Incorrect+ m, M! s# {& B7 R
D) Incorrect Correct5 L: @, k" b& V
' R7 @ K! O* W& Q" L: ?
答案和详解如下:
6 q5 J, D$ O) ^8 d7 w% c1 A, s$ n
* a% d1 k* x2 ~( `3 a
9 v% Y( z" I0 A j1 R" O; F- YQuestion 102- n2 u: D' i+ f* z$ y
7 I( T \. @3 ^# s. o
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?3 n5 d% @8 h- b. ~8 Z0 C; B
A) $624.4 H6 E. I4 v! e' `
B) $724.9 ~4 c' |' { p; `! D4 Q; D7 |- d
C) $459.# A; {8 L& b0 G1 [. a" M7 U! H- ]
D) $574.
, K% w ~% x6 a0 t
& V1 q" h Z3 A5 U( n6 [( r# s5 d答案和详解如下:
* F3 Z0 V5 W3 I f- e6 U* B& B# C, ^3 W3 N
( B& t0 C& l) G# V, Q5 d
Question 103+ Y' w- a, b8 \
7 e2 Y( a2 T' l+ v6 [! I; u
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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:
0 Z, C3 \+ t% ?3 `" DA) 12.25.
+ |* N& p/ K8 B0 e! g* G/ @1 r, U ~B) 8.41.0 `* A1 T o0 K) C2 s/ y _# s X
C) 7.42.$ j" y$ l" L/ m* m K; i
D) 9.53.
3 ~1 N1 d( g+ q3 }, Z1 } o/ m
! R' x, [. {( G$ U7 M! \" L6 N答案和详解如下:
+ b7 z* a. M) y0 U1 X7 X+ d" X# p6 b- f# f; G( c7 x
' Q& p z+ Y/ s0 ?
Question 104
$ g: ]6 p" U/ F% ?# d8 O3 z; s, Y
5 i% P) H5 u+ L' PThe term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:- E# v% D/ k: g; k: y( u
A) market segmentation theory.
' u$ R+ V5 S) N& c& FB) preferred habitat theory.# b/ i4 ~' y d$ C$ R, J
C) liquidity preference theory.& |) X8 ^0 O5 Z5 T* e$ P1 g5 Y
D) pure expectations theory.
- J" V( C" E4 i9 t% T/ f1 l0 p 3 P( z: G* n5 |1 D C8 i
答案和详解如下:
' ^, U( X) A! U$ t. D H4 h
3 E- K3 }4 t _" }* R! p0 h
9 z S m' a) [( _( M. G- i5 UQuestion 105
* j( P' J8 E2 j8 }$ \
+ ?7 S$ ?4 p0 @6 NAn $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:
8 J$ h' b, e2 m! H! Z5 o: T _) ]A) increase by 22.5%.( }( O" g7 N# ?
B) increase by $4.00.
% J% W8 k; H5 U: |* aC) decrease by $22.50.
8 s. R4 ]" e7 S6 JD) increase by $34.00.
( [- R6 O# }) U$ w8 N9 y& S, Q7 S8 \6 A
答案和详解如下:$ C3 Z ^# x; t6 c2 i. ]
|
|
发表于 2015-7-21 09:02:51
