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Question 1010 Z1 U( m0 v* G, ~5 u9 r) ~$ Q
+ i; L$ s: Y, j( X6 \- k" Q- `Consider the following two statements about putable bonds:
% d4 l' n( D" K# H7 tStatement #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.
3 C% ^& r% I4 ^3 W0 aStatement #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.0 e3 F7 K Q0 Y& B' M
Are these statements correct or incorrect?8 s. S \* c7 y* A. T" C; {
Statement 1 Statement 2
3 B3 l, J) G* E# a5 L0 YA) Correct Incorrect
! ?- |, ^4 D! ?B) Correct Correct; s* y7 U3 Y7 w, y/ M3 J/ W
C) Incorrect Incorrect0 H: {) }$ v- e1 i1 s8 o
D) Incorrect Correct! p B) z& C7 ^ u
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答案和详解如下:; V0 [1 t3 O: O3 s! f* V% h
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) T; f6 O2 N' ^0 IQuestion 102! F) a7 w( k( 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?
: h8 b8 [ H5 }& e1 FA) $624.; }! `/ X* {: A- J; z: c6 m |$ z
B) $724.
/ ~! h1 w! t3 j1 w3 \C) $459.
/ k% n# ^' L; c$ E2 t) cD) $574.: Z- T% a8 R- X$ p3 t/ ~: A
C; Y. F5 T" z6 B% B$ E4 ?! Z( V答案和详解如下:
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8 S# z. W, v3 q' Q8 [4 {& b8 O! ?$ X1 WQuestion 103& Z* X' F X4 `# i- V, f: `" q3 g
2 `6 |8 r1 t; U/ q" LPam 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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:& V( C0 o; d0 [$ P/ y6 Y7 z! x
A) 12.25.* ]8 I7 r* `4 b1 c0 C1 k2 Y p
B) 8.41., w5 f" h* a9 M! ?5 G/ T `
C) 7.42.8 U! Q' [+ F1 J' L2 m/ V/ H
D) 9.53.; `. x% E3 X8 t9 j# R. S* p& y! y( q
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答案和详解如下:3 p1 b7 A- J j1 {
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Question 1042 _' P l R- q% X" G
! ^! g, E" N3 J( @/ j8 S# JThe term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:* u; F+ ^1 ?4 `, s) Z) U" w
A) market segmentation theory.9 u. w A* y. B% d
B) preferred habitat theory.
1 @6 T7 t8 ]: p% SC) liquidity preference theory./ J; R! V; E9 H) T
D) pure expectations theory.+ z" |2 x. X* I+ x2 T
1 H6 G! w1 ]9 {! C% |8 c
答案和详解如下:5 m$ w' f! @4 i, z3 l9 i: W- w
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Question 105: C- T: Q7 B$ r* Y a
' n/ m7 q$ k% _4 Y8 U0 o% aAn $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:
2 T" c5 x9 h9 E( f% c. C' S( K# PA) increase by 22.5%.
7 g" g/ q0 }5 t; ]& U8 j k& k& TB) increase by $4.00./ g: D) b2 y4 i/ u% }
C) decrease by $22.50.$ t' @8 @$ y4 w* g6 c! Y Z
D) increase by $34.00.( W9 O0 r, [& X8 N9 Y$ j) D
! G) p. |6 n( F答案和详解如下:
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发表于 2023-7-2 20:00:02
