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Question 101
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Consider the following two statements about putable bonds:9 A4 V- z% l+ z7 C7 R9 U" O
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.' m6 _9 }4 S% K+ p
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.8 @$ n: L3 x$ x
Are these statements correct or incorrect?
# k) l/ \2 ~2 p' S/ R. e Statement 1 Statement 27 G/ f3 w/ }$ X. p$ D3 G4 e
A) Correct Incorrect
1 C2 \/ `. j3 `% }& h+ }6 ^B) Correct Correct" h/ g5 [/ v% v( F9 n
C) Incorrect Incorrect
% F: C. U& q( v7 Y% _9 M0 L! SD) Incorrect Correct5 j7 h) Z& _8 ?) _. w
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答案和详解如下:0 c( A1 e% g9 M4 R" q6 ^2 ~1 x
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Question 1025 {' g7 x+ L1 H2 z
3 G1 P0 F' d% w* XJane 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?
3 L, [6 r( k/ q; d* L/ bA) $624.2 I* X5 B5 t' L4 Y5 u) r5 c
B) $724.
% J! y5 ~( \- O& JC) $459.
/ ~$ K4 M2 T% L3 VD) $574.
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|$ I$ _( ~; I( K答案和详解如下:
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Question 103
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& H7 Z) j% V, c2 p2 Z% N, q6 `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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:
% J! @- w/ @, o0 DA) 12.25.
! |3 V" t' v1 _& qB) 8.41., X4 k( ]3 x# ^! {6 b( R- G
C) 7.42.% p: e/ j$ x/ K! Q% v/ d; D' `
D) 9.53.8 {' H- \0 ^/ M" _0 Z* W2 ]
, N g! B! |9 u( t答案和详解如下:
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Question 104' d3 {; D3 ]5 V( V+ B4 V
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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:
) T2 _/ H: {5 w4 TA) market segmentation theory. } w1 l" Z# a6 _# V8 q7 B# i
B) preferred habitat theory.2 T! R+ ?6 A6 s. Z ?
C) liquidity preference theory.
3 y* h6 O" t% W" \$ r8 BD) pure expectations theory. A- S2 n- w( d; T
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答案和详解如下:' \# D* F" p1 f6 ?# z+ b ]' p% ~
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Question 105; l" T8 M+ y8 I! [* t
$ {& @( [, X9 V- E8 D7 P3 t! UAn $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:
& n& Y T6 M$ t# @5 y, DA) increase by 22.5%.
9 ^* ?- A% `! L( q/ MB) increase by $4.00.; I% {/ Q4 x$ x, R/ A
C) decrease by $22.50.
! u D8 U" [5 ~D) increase by $34.00.
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( J$ |5 t0 T! |: v2 z& v答案和详解如下:
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发表于 2015-7-21 09:02:51
