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Question 101
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' N# W0 Z' @6 U# q$ E1 @6 p- FConsider the following two statements about putable bonds:
6 y7 _( Q0 v8 K' e! B; ^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.
% u, \. ~6 G4 Z& I- I' }1 oStatement #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.8 s& F2 g8 z( {# A* Z
Are these statements correct or incorrect?4 E) s- \$ z1 R* M$ s. |0 P
Statement 1 Statement 25 d! m/ ?& A( a3 Z
A) Correct Incorrect) `/ s# Q/ {" H8 u' O$ ?" D
B) Correct Correct
6 t% z3 z' B& P4 C JC) Incorrect Incorrect
9 {9 K; T+ m9 X! [, I4 {0 B3 fD) Incorrect Correct0 b( @- z' y4 O+ w5 T1 o
y- R) k) a1 g+ r答案和详解如下:: @" B3 a3 C, D2 F' E5 `1 M, _' t$ F
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Question 1022 @/ j% u7 Q! N1 l
9 T' z3 ~" ~, J* L% q/ \7 ]+ 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?
, C" G$ z" B9 D, a& C! X( z4 tA) $624.
) d, X7 V4 j# M) L3 @, ?8 gB) $724.
% c4 K% F- F' ZC) $459.
& \, }9 X% {5 z; `, eD) $574.
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答案和详解如下:$ S( k" c: [# r: A' D/ j
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Question 103
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) e1 Z+ {- K8 f5 ]+ ePam 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:) l2 a( l0 w, x
A) 12.25.+ {% p5 h) ?( h- Y/ D, c
B) 8.41.4 p; d9 ~5 t# R4 T' y
C) 7.42.
$ K1 b6 M4 X) }5 f: k$ v: l* mD) 9.53.7 I7 }2 U1 a. l% D
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答案和详解如下:
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6 k2 Y9 G4 U1 t) _" nQuestion 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:
4 |' C- |: A2 L v' {- w) e+ aA) market segmentation theory.- Y5 s" T$ Y- z& t
B) preferred habitat theory.: w' ~# }1 Z, ?8 V s$ Q
C) liquidity preference theory.
! Y$ l0 K+ l* B; `8 @/ Q3 ^: T0 MD) pure expectations theory.
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答案和详解如下:; V1 H# W/ g- ^, {/ i, X" Z
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. ^7 e+ @2 M$ E+ fQuestion 1056 M8 r2 V8 \9 f# d
0 d9 P2 U- a0 I/ L% m) v5 gAn $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:
0 ~! t, Z+ M* ?, v- x# J" Q! O/ PA) increase by 22.5%.
' C: Q* X* r$ f7 kB) increase by $4.00.
Q+ ^* f' r4 _. E3 ]9 IC) decrease by $22.50.$ B+ ~/ l' A) `# o: }/ ^& B: i
D) increase by $34.00.
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. `3 N4 x/ y# G" _8 N; e! C答案和详解如下:7 D% U" A) j* l+ h/ k
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发表于 2015-7-21 09:02:51
