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Question 1012 S% D2 G! Q# ` h( {4 T5 a
+ f+ L# K) G8 K; cConsider the following two statements about putable bonds:
0 d+ _" b, `2 l- l! _: EStatement #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.
) X" D; S- I0 U/ VStatement #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.
9 T8 |# t+ |9 D: ?Are these statements correct or incorrect? O, w: w6 |8 _" \
Statement 1 Statement 21 d5 a6 a( A" q- o+ t# K e- a
A) Correct Incorrect: j5 N% a6 ]6 m
B) Correct Correct# ]; Q- x: R: D- d3 T( }' l
C) Incorrect Incorrect; z( `+ }. ]2 a7 b4 p* a6 w
D) Incorrect Correct
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+ c: |7 Y# [4 D( \答案和详解如下:
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" Y( X! a9 u. ~6 l/ ~( L2 [Question 102
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i& M0 i: G* R( E1 N) KJane 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?
' F6 \, y: P! I7 Q3 nA) $624." j1 t& k0 F" ~* u4 Z+ f% c4 l0 R3 v
B) $724.# l' _2 m, W. K I+ s# }4 V$ A
C) $459.
" o0 x. S6 }7 dD) $574.
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( w" H4 O2 Q) P: F5 ^4 ^: G% M. l答案和详解如下:
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Question 103
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7 y0 R& K0 S1 z6 U3 kPam 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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:
7 ]. o, u8 B& s) p) N0 m" oA) 12.25.
/ K t' R0 W! q' H6 o6 `& dB) 8.41.; e4 A9 M; B6 H/ d
C) 7.42.. \3 d+ G4 w$ o8 u4 d
D) 9.53.
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答案和详解如下:
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6 G$ q" N+ R( A+ C3 }8 IQuestion 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:! g) {2 V' o0 a5 p' t! \9 r" X3 v
A) market segmentation theory.
8 L6 `/ B: b+ p( YB) preferred habitat theory.
% s2 |, d# T# N# tC) liquidity preference theory.+ y3 B1 h3 h- J1 C# f4 w' I
D) pure expectations theory.
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4 o) b; N4 ^* j; g+ A! |! g* ?, d答案和详解如下:
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Question 105, S( y( D6 K$ [% |2 _% _$ J" `
' x$ v( \( ]& l7 RAn $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:0 f* p1 X( M, o! m6 n. L4 R3 i! c
A) increase by 22.5%.8 S; @) u3 `0 ~& F. X* h- G* X
B) increase by $4.00. U, R: Z3 P( i0 q3 c
C) decrease by $22.50.
& V0 q* _" W7 V& q, X, R3 E( wD) increase by $34.00.
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) b9 _! `. R* A2 I0 q* y! u答案和详解如下:
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发表于 2015-7-21 09:02:51
