|
|
Question 101
% K8 w. E4 H1 _& Q; N7 B) [7 J7 P1 K6 u# a" u( c
Consider the following two statements about putable bonds:
& x( S' C# ]8 u+ wStatement #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 P1 h! z/ `1 C8 P* T( {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.
% O* G, R& V7 }0 ~( N. ]4 E6 KAre these statements correct or incorrect?6 C! H' y$ O3 }& u Y
Statement 1 Statement 2
; i& Q: c+ l M: UA) Correct Incorrect
0 t" L+ Y8 }. IB) Correct Correct* a* ^1 v4 C0 K4 E' m% V- q' b
C) Incorrect Incorrect( J4 {' z3 N/ M6 U6 b$ p
D) Incorrect Correct/ r9 G- Q2 a3 P3 f
; D7 s1 N0 G: x8 x
答案和详解如下:, d2 E! C7 h! g% _) [6 B$ Q
, F" P* \( }$ L4 [0 N6 C3 W5 }( y
3 B7 f* i$ ^7 eQuestion 1021 V# g, Q* s( ~; d/ X
2 p9 P/ v% a: }" HJane 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?+ w1 D7 u7 }$ {$ K/ l( ]. [
A) $624.- K9 m3 i; p" c5 i; A0 U, @
B) $724.
# u- A6 k7 \$ g/ R/ L' d1 _C) $459.$ ]1 v6 h9 E u6 ~' M
D) $574.
% O1 o. f+ I1 p Z" o: p# U L0 f$ \7 a5 c% Y5 X
答案和详解如下:
i4 W8 G& L. A& R
# r# _0 K& Z% \' {8 z, E8 L) F( O f
1 M! F( V6 M( WQuestion 103. J- X3 h! H3 m1 J
* f1 [' G$ c# p2 r* O4 j& i
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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:
# u1 U1 O/ o& a+ }; {A) 12.25.% f0 L% p# f* n4 T
B) 8.41.: d) S, {* }" c5 ~: g) M, y
C) 7.42.
5 F" n2 K V) i. z1 |D) 9.53.
# ^+ _! h. W8 q$ |, w& `5 C# K9 v1 f. l7 c x! g# x
答案和详解如下:
[* {: A( [- |4 y& F; D/ ^! F
# D7 M3 [* C# k+ v
! `; b4 W/ p8 S: ?: p$ k P# AQuestion 104
0 F& s' ?0 f( P3 C8 a6 _# p! [. n1 }( Z! b6 Z F6 }
The term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:
+ i* B2 z( o: h& f9 z; R6 O% i6 [A) market segmentation theory.
7 ^+ E* J: ~' ~3 U. U% a @B) preferred habitat theory.
% q- [/ L. n+ f, WC) liquidity preference theory.. L! ^, Q6 h) i8 o% Y
D) pure expectations theory.9 n* U D+ q% V4 v
1 h' i, d3 X1 ~. ?答案和详解如下:! D3 c! h- ]! b/ e' U$ o# W
6 H/ n$ S8 y% l4 U- O" q
% R% Y+ c" y( z R! @ h/ ^% j/ n
Question 1053 _/ O ~: a. r. h) H ^
- |% V. R, P6 m( |& ?
An $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:; `1 L. c) T* l1 ]6 q$ ~! n" u
A) increase by 22.5%.$ @1 m1 ?; i% K2 y! k
B) increase by $4.00.
: T$ _6 H7 |: v( Z8 y/ Z' L+ u QC) decrease by $22.50.7 U! I3 h7 ` g6 u1 r$ K
D) increase by $34.00.
) d9 ?0 b5 e+ d# [' u, Q) o
0 N7 @+ Y ~% l2 V2 {1 ~- i答案和详解如下:
C( |+ W$ ~% |/ ?8 v& K) w, u |
|
匿名
发表于 2023-7-2 20:00:02
