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Question 101
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Consider the following two statements about putable bonds:+ y0 ~. @1 T1 ]& ~: z+ n
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.6 N9 D4 W5 S: T! U: W5 z) ]
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 b' I& b: Y& J; f9 S7 V3 N4 tAre these statements correct or incorrect?5 F- K3 V. a: ]/ L" w& I' @1 |
Statement 1 Statement 25 w J' u C* b4 I
A) Correct Incorrect
6 u* _& T; _: a& ?4 DB) Correct Correct
$ A6 Z* ~# A/ `+ O8 z$ ZC) Incorrect Incorrect0 L" W# ?$ T6 v
D) Incorrect Correct( Y L2 r) e/ U
! Q5 L1 [9 g) ]& u4 h7 P答案和详解如下:
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8 j& F; K/ u0 f, d. R& GQuestion 102
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- j( v5 f# A# T# b& _' |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?
- [, f) P4 V0 s! \% R3 @/ h6 m, I$ gA) $624.
: s. r/ @4 H7 x6 R- kB) $724.8 T L T" n2 }1 a" O
C) $459.
9 Q6 Q, `, S! N8 d# \( u7 X# \D) $574.% Z# \" n3 ?# W! Q/ w
- _9 h q( D# v4 F% L答案和详解如下:9 o$ Y8 Z) P" B* G" R6 H' T3 ^/ d
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- l* y5 l' E$ Y! O- QQuestion 103& Z* b% ?( e9 l+ a- I
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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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:6 v4 I/ M k% {( `7 H
A) 12.25.. T# S! w, g+ P/ K0 \
B) 8.41.5 m+ _; A. s5 a, q( e0 s
C) 7.42.
% @( s' i- `$ m, A" `D) 9.53.& @9 H) |+ F! [, v+ }/ _
; G" W1 S/ [4 ~答案和详解如下:# P, X' T) Y. O: _* {7 I
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Question 104
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9 J) r' g& I2 F& J2 [. \The term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:% T/ I N5 P# c4 E
A) market segmentation theory.. y, u5 x0 X: K |! ^& B& Z, a6 C# i
B) preferred habitat theory.
! d7 ?7 H0 Y- `7 F& W8 \C) liquidity preference theory.
4 w6 }) n. u& }# Q YD) pure expectations theory.
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答案和详解如下:
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Question 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:- c- G4 D4 e% C/ W" h" n) O
A) increase by 22.5%.
4 ]+ K! x' p3 u- WB) increase by $4.00.; x4 k: [& O4 U6 m8 A$ t
C) decrease by $22.50.3 t* L4 s. E3 }
D) increase by $34.00.
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答案和详解如下: {& S- ^) g: ^! c6 R. s c* M
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发表于 2015-7-21 09:02:51
