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Question 101
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Consider the following two statements about putable bonds:8 r8 r- H0 r2 X; 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.
( L% F7 ?" ?8 q" |' x6 a& GStatement #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.+ @% z3 T' A# G( A- t3 y
Are these statements correct or incorrect?. V/ F. k8 X- ?, T+ w
Statement 1 Statement 2, X4 `4 Y& q$ \2 T" ?5 T% P
A) Correct Incorrect
. K! V/ ?: T& y7 QB) Correct Correct
9 ~6 o1 ?' `8 H, DC) Incorrect Incorrect7 k6 k1 A" b' T5 X
D) Incorrect Correct
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答案和详解如下:
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Question 1025 | w! o& B: i% G' R
& ~2 E* f- I, \' Q" a, JJane 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?( k3 |$ N; f, H
A) $624., @6 x4 w M$ [' m
B) $724.
. S- |8 c X- o( k) S0 \$ c; SC) $459.
9 y4 Q7 e& V$ A8 q" x1 g& ~D) $574.3 J1 w9 E) d) d5 ?
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答案和详解如下:4 ~ k$ j2 p7 V( c m4 }
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% C' d2 t& ~8 a5 V! C$ f1 xQuestion 1030 S9 s8 j# [; H# y# K
6 X# j* C" L, k CPam 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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:
9 X9 B q: G7 M5 \A) 12.25.
- X ^7 I: b& F/ r- a, iB) 8.41.
3 Z; n2 ^" b3 EC) 7.42.
1 F4 E, m* r- U" J; E& ^* AD) 9.53.5 {& V }: z$ ]" P* G3 A7 v
. P& l8 V! w8 W2 K6 D( d$ `! }# X答案和详解如下:! ^% x! g: L8 ]
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* c, _7 x$ A- E! XQuestion 1048 K, p: K7 f1 j3 n( K$ E
0 W* e" B! [& l; U4 C8 n4 MThe term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:8 B; l9 z/ s& ?( z
A) market segmentation theory.
# B) P# ], v- O7 I nB) preferred habitat theory.; z4 G) Z# p" G( t# H
C) liquidity preference theory.7 A" d- u# U6 t2 s4 m# u
D) pure expectations theory. @) v- _0 g* F) L. Y8 X! k
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答案和详解如下:- G; D0 f# E; ~
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Question 105
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( n$ u, K" ^2 D- t7 zAn $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:# A1 f2 c0 l6 y$ ?! [! ^
A) increase by 22.5%.3 s" C4 r) R& z, V! b+ k( s7 z
B) increase by $4.00.
& B. K: ]$ \' L* o- }C) decrease by $22.50.
8 p# }; v. ^0 P/ ^# A! ?D) increase by $34.00.3 l& H- I% E2 C$ a
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答案和详解如下:& m) {5 `7 q$ E d0 V8 i# O
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发表于 2015-7-21 09:02:51
