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Question 101# n" N2 ^. f' ~3 f, U$ T
/ q9 M$ L6 U2 C* b. a: jConsider the following two statements about putable bonds:% g: U/ X5 s6 ^
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.3 U/ D: m0 F# g) T4 g/ {
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.0 b5 W1 F, i N% W
Are these statements correct or incorrect?
* M( A: N( f- L; Y$ Y Statement 1 Statement 2
( X2 `0 T, [6 q0 n0 ZA) Correct Incorrect
. [0 f1 X6 i( U6 K( z9 T( ]# m# K: rB) Correct Correct
' ]9 [" v2 D; v! O! \C) Incorrect Incorrect
$ |$ M, q6 G! g+ ~( G' [/ i& p8 yD) Incorrect Correct2 `, A; Y5 T& q6 o8 {; s7 ~$ h
% f$ m: T1 B& E$ ^答案和详解如下:% X! r3 @7 k) e$ ?- Y6 b
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Question 102: _& c) B) j: Y6 @
1 f" {6 {6 n3 h0 Y% S' S. x' b+ UJane 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?
& Y7 [9 E9 }- Y. w: a9 AA) $624.- L1 k" x9 m3 j0 M7 U
B) $724.
% b5 \% U/ K, H' }4 D$ ~: Q- @C) $459.
" b; l. V# E/ [4 d h T4 YD) $574.
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答案和详解如下:
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Question 103
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8 H0 G9 r! H1 e# f, b; YPam 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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:) L3 _) N3 t1 g- T P J' u7 g
A) 12.25.
7 o8 N* _4 [5 cB) 8.41. y' ^, J `3 L8 c( V
C) 7.42.
) U& _5 x+ o5 b7 ~" p% P5 jD) 9.53.' x% ~- n: e+ e6 c$ `# U
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答案和详解如下:
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Question 104! H" u# m% b1 u" G+ i
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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:
6 r: l5 x2 s" R: |! a8 S3 a; QA) market segmentation theory.
8 f( i! \3 v$ T7 I4 s# C6 w0 [B) preferred habitat theory.
" E; E) e/ S$ iC) liquidity preference theory.
$ Q3 R u/ A9 T( T+ ?# @D) pure expectations theory.: s3 ], l9 E6 } l% j2 M
7 H+ d8 P/ g2 o答案和详解如下:
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# \8 }. W# N; `' dQuestion 105
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An $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:# W2 ^/ m N; _- p' ~/ F" o% R- s
A) increase by 22.5%.8 ]1 U5 \ B$ t& C Y. C
B) increase by $4.00.
2 O+ |( K( g- w" z0 PC) decrease by $22.50.
5 C( z+ d$ q) ~; z4 P& N0 P2 @D) increase by $34.00.
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答案和详解如下:# M# P+ J" [/ I5 Z
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发表于 2015-7-21 09:02:51
