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Question 101! X& Q- ]& ~4 {+ [: H. ^/ B
% W, W8 y! B4 [7 E( P9 EConsider the following two statements about putable bonds:+ g1 [4 @" X8 o, q; |) m& 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.7 q9 t+ ~1 u& h8 R0 h) o/ d6 R
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.- s0 @# m# j' [) L4 V
Are these statements correct or incorrect?
( X% o# ^& x$ D7 E Statement 1 Statement 2
* k' j8 ^; G+ b3 Y2 q6 {5 `A) Correct Incorrect# R, u2 G: [& }" ?# ?6 N
B) Correct Correct
- J1 T6 x8 ^$ e q4 jC) Incorrect Incorrect% j" L* V; @% l! F! g0 ]
D) Incorrect Correct
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. p9 ?: R) a t/ a答案和详解如下:/ q% I( ]% W- K$ z
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; x" g$ R v! ~ Q m2 _Question 102
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0 Q% l& v! z1 q' c1 \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?/ n! \% Y$ U& v1 _* u' k) W
A) $624.
; A) J5 m: w8 c8 GB) $724.: G) i: z% g: a4 V5 d
C) $459.( o1 ?* u6 O; i$ h3 P" h
D) $574./ g/ u) ~+ U7 h/ h4 B
% O: F0 o" F7 c& V% N( f答案和详解如下:
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Question 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:5 J9 a7 M8 Z2 a: j# l
A) 12.25.
8 [: }/ B7 B# G0 J8 lB) 8.41.
7 K. ~, `; a/ mC) 7.42.3 K! h4 R& C2 ]! v9 R
D) 9.53.# p# B3 W& t1 s
: V6 n+ C1 D8 H8 a" I答案和详解如下:! h3 o/ b4 I) ?/ P6 |0 }/ R8 j
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Question 1044 [% c9 t# u' e2 m" [1 e& G
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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:
5 m( t6 X- g! t% E2 VA) market segmentation theory." r5 f+ X% p8 t! g/ M
B) preferred habitat theory." m) Q. @2 b( |" c
C) liquidity preference theory.
8 D9 W/ {. |5 j0 f, ^# @D) pure expectations theory.
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8 B. E; p0 k5 P1 m答案和详解如下:3 C- j+ k3 u5 X( C4 n
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Question 105
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9 c' T& g- H2 z _: FAn $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:
% m& W2 q$ g7 B v7 [A) increase by 22.5%.( Q. P+ ?" T; D% _6 r4 y1 B
B) increase by $4.00.! J" Z. O# s5 r* ]; Y+ d: H
C) decrease by $22.50.: H4 c6 G z, t8 Q$ `
D) increase by $34.00.
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, ^/ H# \4 f2 y% |答案和详解如下:
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发表于 2015-7-21 09:02:51
