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Question 1012 _ O" D, L" g5 v
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Consider the following two statements about putable bonds:7 O$ X; b" [* Q- X* f: C, e, ]
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.- t X/ |" B9 S3 L
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.
& e! Z# ?1 n2 S& w1 c/ oAre these statements correct or incorrect?4 E) K8 l6 I" \( t$ J$ c' }! e4 ?
Statement 1 Statement 23 j) w* D, q- \7 ^9 I: D8 X
A) Correct Incorrect+ f2 m: u: P: Y
B) Correct Correct& s/ t$ b5 n+ l* m3 x; l
C) Incorrect Incorrect& O7 P0 O R2 L$ s$ a
D) Incorrect Correct
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答案和详解如下:- X+ @+ U% c! C8 O
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Question 102" n4 i* C" u Z6 h2 p2 x
2 Q- C5 ^) W4 r0 ~2 DJane 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?" r& ^7 r0 |5 I3 ~2 C3 ^' x$ q
A) $624.2 G* M4 S* I% }8 J7 D! K; T
B) $724." h5 K/ A- n8 ~. o
C) $459." `. W- B) G4 u+ r9 P
D) $574.) x2 f6 i' u+ p1 o+ R
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答案和详解如下:
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2 C) ?( ?: q' y" T# nQuestion 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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:* Z1 E# Y3 q% ?% N- J% F: y
A) 12.25.5 ?; A0 R. [4 M8 |, j/ V4 [
B) 8.41.; u/ s* r' l7 w& y/ M/ J$ F" X) ^
C) 7.42.( x v! A0 z8 W! S1 }
D) 9.53./ Q! }+ R5 S$ E D& ]! t: O B- v2 f
0 e6 j. `2 N! [$ m2 B( N答案和详解如下:% l9 x l* n9 a1 V0 f
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1 E) H1 R' j% n: F% KQuestion 1043 E1 X" n" L& O2 G! |2 d: ^+ U
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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:2 F4 ^" B& Z* z% i$ r0 ]
A) market segmentation theory.
8 E+ J- ]' e/ k* T( W# H$ Z1 h8 }B) preferred habitat theory.
6 }. r9 z# F& v- o: H& p2 g SC) liquidity preference theory.
+ r: D- I& L7 R: W. SD) pure expectations theory.) N, C/ a: [; B) L/ s
9 G: r) ` R4 x1 H* n# j答案和详解如下:/ U$ L/ @8 M( \, d# }
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8 T4 [" w! s' ?! S n! G' UQuestion 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:
# r' L- B: U. o9 G0 m* YA) increase by 22.5%.2 E9 a: d2 d7 F) D1 |3 `% V
B) increase by $4.00.
* M1 n! d! } M( DC) decrease by $22.50.. i. w: z5 e8 e3 B2 N. _
D) increase by $34.00.
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`$ n+ K- e2 _' x" i答案和详解如下:
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发表于 2015-7-21 09:02:51
