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Question 101" t w k8 q( t4 W. W7 ]
; c3 G# Q0 _" J3 L0 E( `* Y* |4 ?Consider the following two statements about putable bonds:
0 H' K- n4 i8 b2 _: fStatement #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.
/ }4 H+ P: L$ i; _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.
- T3 T) H% a! K$ z4 x! eAre these statements correct or incorrect?
/ e, ^3 T8 v/ m, x, R Statement 1 Statement 2
# ~7 N% P0 v! T( J6 V# O" D- VA) Correct Incorrect
$ ?! {% H0 k: y5 u% p0 ~1 `; yB) Correct Correct
+ q. n( |3 x/ X- `C) Incorrect Incorrect
% v ]' g5 E# AD) Incorrect Correct2 Z+ o( h- B1 P8 D/ c
0 z) I% x- B) g9 D/ x" x( ~答案和详解如下:% B. ~! u; d; ^0 g
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Question 102
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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?1 G( d" u% ~/ a6 w" u5 r0 t
A) $624.
8 a, ^! |: [1 j" AB) $724.( M9 m9 t$ R2 c& k# O
C) $459.5 Y& W2 f2 i, J: J* t/ O* Z
D) $574.6 O( _' X' h3 P! B2 s! E8 _
2 c! L! r* w4 j$ I答案和详解如下:1 @9 V: ]0 {" K) w& p( Z
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/ x; Q' Y+ y' P# P( G3 yQuestion 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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:0 R% ~6 i& o( l+ B
A) 12.25.
8 u# J) Y4 `) }- H KB) 8.41.& c$ p/ \+ O6 {3 w& C6 ^1 \
C) 7.42.
/ X- B; A7 m1 r# f" c- W( ]D) 9.53.
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答案和详解如下:
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Question 1046 R0 ]1 d0 m7 y- e- ~3 h
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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:
$ g! Y7 s+ q) H0 Q8 sA) market segmentation theory.
- Y4 J( z/ Q2 B9 f, t; k; |0 D+ ?B) preferred habitat theory.4 [1 h! A; W9 s/ b6 I9 P- {
C) liquidity preference theory.! V$ j0 ~& P6 |& `
D) pure expectations theory.2 T9 B9 p1 o+ l8 g1 o
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答案和详解如下:* \3 d# Q/ ^' C8 }8 z, h0 v
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Question 105
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: t; r5 n& e* Y5 BAn $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:
) I) ?* m. {# j: y( Z _& NA) increase by 22.5%.! _3 t' D6 L0 V5 d9 X
B) increase by $4.00.
$ Y1 H. S, I7 b0 Y* l: f8 nC) decrease by $22.50.% Q( J3 t1 S( R3 \" y. w) |: ~
D) increase by $34.00.8 q- x" w& k( M: [9 c' o8 v# z
9 j+ l. F4 k# K- t; v答案和详解如下:) t$ x! n, k$ j. `! i4 Y; \
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发表于 2015-7-21 09:02:51
