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Question 1010 M* M: e K- q. Z5 h- u# U9 l0 Q2 h
. w, N# ]/ h, WConsider the following two statements about putable bonds:4 Q& H% z: I3 \; B! q- d
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.% u7 M$ ?) g5 q! N) j3 d
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.
& g) P: G/ a' fAre these statements correct or incorrect?
" q8 Y1 f1 ~9 u4 t( K Statement 1 Statement 2& J+ c) u8 T( O$ r( d. s6 _
A) Correct Incorrect3 b A7 a- ~1 x# V+ D+ T
B) Correct Correct
( C/ ~7 }( C$ h2 Q8 @8 T1 K( bC) Incorrect Incorrect( `2 f, J: |2 Z% V8 b( u s0 Y- i4 m
D) Incorrect Correct" a" i; T$ F, L: F$ H
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答案和详解如下:
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* W$ W) L7 Q- ~; J. WQuestion 102, ]! i F q) O( ?. O& q
6 p' o! O9 F0 T& D* Q/ EJane 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?
, V7 X9 D r. C4 p( y5 BA) $624.* V7 G7 w" \3 O
B) $724.1 Q" g: W# C2 D8 B' I. {9 A
C) $459.
7 X: n* t# s: P6 D$ |/ ]D) $574.* ]; C' u* l+ @
& h6 s! w$ r4 I6 D
答案和详解如下:5 p, B+ j. X6 A0 a$ L: A
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3 L3 O0 T! [. Y: }6 c m, KQuestion 103
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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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:: |8 S1 y5 D# K% R
A) 12.25.
3 A& U! _$ t2 ^B) 8.41.
, A2 ]4 q; g9 V. d: ?) ]0 O$ n) eC) 7.42.4 A5 z7 R. `- u8 ?& S+ d2 Q( O
D) 9.53.
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答案和详解如下:
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Question 104
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The term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:
' L( _- b6 G+ H8 ^( h+ s# YA) market segmentation theory.$ y$ L- a: ]! r
B) preferred habitat theory.
$ b% d* \! r7 Y& M3 Z. A1 fC) liquidity preference theory.
x4 [' [6 ?8 f. Y/ M1 [* nD) pure expectations theory.. X; @7 a3 O; f, x! f' N
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答案和详解如下:& f- L# U- L6 c4 c4 D5 n& ^
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Question 105
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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:
; t2 r7 a# H5 }, \A) increase by 22.5%.
$ L' s$ Z0 O% e; K1 H% fB) increase by $4.00.
9 I0 E( p0 u. G3 j3 p6 X8 wC) decrease by $22.50.
" T' s6 ]( u2 ]# }/ B! d4 f* gD) increase by $34.00.% K0 P; y, b4 E2 M8 q: \- Y
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答案和详解如下:
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发表于 2015-7-21 09:02:51
