|
|
Question 101) i) l( O+ |- V8 |5 f) g/ U
3 ]7 w0 d. J2 G7 j' y/ J
Consider the following two statements about putable bonds:6 p1 u) k! I) ~ d
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.
7 m$ ]' z( f( }) z, e) {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.
$ \. v& d9 {% ~5 y! O' |3 q2 \Are these statements correct or incorrect?; [) N! e9 z) u) R+ W$ O4 Y, O& p: e
Statement 1 Statement 2
6 ]% H' S" }# F8 R `* J& _# ?A) Correct Incorrect9 E) G3 b' z2 t; `& [
B) Correct Correct
& i% j2 B+ K0 ?+ h4 ~4 F7 e4 U: j3 N4 `C) Incorrect Incorrect" ?" P; |0 t/ p' [& T
D) Incorrect Correct) |0 D5 B/ x2 Q5 P
; j7 ]! {5 X( C4 T# O5 A
答案和详解如下:
: h; j% d; g' ^' G3 X3 l% `
; d- [2 i+ s1 F
) O" ]( r: ]! D- |( [$ eQuestion 102' S& d6 E5 j- N+ K5 ^ j+ b$ F% J
& E% b5 R1 y& P4 S( Q6 K
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?
2 j1 u4 u# t1 v- O1 X" LA) $624.
8 _+ a% z9 @0 Z& h6 tB) $724.
: K' c, R- w4 _, j7 [C) $459.7 n& \0 b1 Y6 t$ i2 |7 o
D) $574.
0 P% @& m8 V6 I5 \
& V2 V0 Q* f% R. O9 \0 I- s3 A答案和详解如下:3 L1 Y6 E8 E/ [9 x% b8 h* u' I) E
% X. K! u* e" z& z' K* I 3 {- f m ^. K# j. Y6 G% E
Question 103
+ l; e7 D1 ~5 h( I y
: T ^7 R5 h* b/ d; k/ FPam 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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:; _: ~$ q5 }* q5 z, }2 h
A) 12.25.5 l1 i6 B4 q, P" v
B) 8.41.
# K3 |" e: f0 L6 p1 n0 D) ]C) 7.42.
8 t8 R, L# j5 T- F7 ]. E% h9 pD) 9.53.
( r4 Q- r# o3 R8 _! ~
7 m9 |* W( `$ r7 U答案和详解如下:
+ u- Z1 j2 ~( v. e, V* k4 O/ U2 m/ A3 f: a
; G3 \$ E2 X6 k
Question 104
. L; S7 m" l; H5 T6 Q$ F) {& Y
2 y# i/ D# U u/ iThe term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:
& x. C" n3 ?8 j+ Q6 T8 f/ CA) market segmentation theory.0 \3 i2 g+ `9 v. c X! A% q9 s
B) preferred habitat theory.
% z2 L2 i% s; y, rC) liquidity preference theory.
5 u5 t0 g# h8 b3 E# _D) pure expectations theory.2 Q# n' f f. w9 T& i- ]& w
0 p1 M$ f" X, i答案和详解如下:! e9 l2 X, T* G- E
5 D9 n! c! d" K: u8 d
0 s; z# `) O7 m* W: c1 WQuestion 105
7 j8 V: c7 E7 t3 M# ~7 V1 |0 |
6 d- M2 @2 l B, s! J+ G4 \An $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:+ L7 m% ~' k$ i, U8 X- B" ?; Q
A) increase by 22.5%.# x$ v4 a/ L5 p# u3 z" c+ H
B) increase by $4.00.$ ?6 D' {0 f3 Q3 g; Q& V$ a' b' e
C) decrease by $22.50.
, a1 @+ ?) q2 a+ aD) increase by $34.00./ }. ?$ D- \( \0 m
- c0 d5 q P4 ?) @
答案和详解如下: b% L8 ?6 Y' H7 O) R
|
|