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Question 101
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Consider the following two statements about putable bonds:
0 V+ B/ T% P9 Q6 A& z: k5 oStatement #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." P8 g4 y0 y9 l0 m3 U& Q
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.' e8 v& q( N8 A) U" J. K
Are these statements correct or incorrect?
3 w/ f. }$ F0 @. X+ c1 U5 s Statement 1 Statement 2- T& K2 ]$ v. B% s' K
A) Correct Incorrect
6 G4 w: Q0 Y) o* V+ W, wB) Correct Correct, ^% L0 v& `3 H
C) Incorrect Incorrect
0 e, V7 p8 `- JD) Incorrect Correct/ o: n/ w* x: B* o J4 }8 k
5 o5 x" z5 p! {% O3 Z0 R答案和详解如下:9 I" H/ g$ }' J0 K L4 {* O- k; t
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Question 1029 Z8 O8 n% Z. o; g$ V; A4 Z* f
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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 B( f4 R# O# Z7 H& ?+ M7 B/ eA) $624.7 ~7 l$ P8 B2 D" z9 _
B) $724.
% a0 z7 a" _2 |& JC) $459.
; p Q, A& |$ D: `7 i1 vD) $574.
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: Y3 a' Z9 `8 X8 y+ J5 J答案和详解如下:
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9 _5 w- w6 P, B, W9 ?Question 1030 z) u6 z1 l. `
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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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:
" m$ i% E; P$ mA) 12.25.
- g0 w1 A* a! `B) 8.41." t8 _# W5 B6 F! \& S" l9 @9 g h
C) 7.42.
: o, [* U7 t% vD) 9.53.! n, L, D7 D/ z, D& R2 K4 t b. m/ Z
5 ?7 d3 Z6 {; p1 R答案和详解如下:& P8 q, E1 }7 M- \. K
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+ z# x) P* h& v9 p/ [# K: KQuestion 104
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7 o" k& h7 v2 j# T+ PThe term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:( O3 S: I! u; H4 `
A) market segmentation theory.& E% o' r, t# E# o7 K8 @4 C8 Q
B) preferred habitat theory.
7 W% {; k$ j" y5 {C) liquidity preference theory.* g- Y, V2 w- e9 o) G2 x
D) pure expectations theory.4 Y( I6 A! u3 X Q8 b: q' h8 P. U1 y' |
: n. B, W8 \1 L; M1 s9 X0 }2 t答案和详解如下:; \2 z0 s8 M& {) \8 t
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+ }7 ]1 w6 }$ v, ]- q9 o% cQuestion 1057 `6 u6 Q3 u- K6 G" n4 p0 _
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An $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:
: |- g+ x9 e2 q! ~# M! e7 rA) increase by 22.5%.9 I* H$ V# r$ A; d I; B
B) increase by $4.00.
) G# V/ W; O& x6 n! }3 pC) decrease by $22.50.% r5 y+ ^2 U5 i: a6 b' o9 ]6 O* p
D) increase by $34.00.
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答案和详解如下:, E9 q# d6 I6 D" s% p
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发表于 2015-7-21 09:02:51
