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Question 101
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Consider the following two statements about putable bonds:
) d! q3 `8 k3 U, |0 k: aStatement #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.9 `+ O& W/ e& j
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.( k) Z6 q: N* E4 o
Are these statements correct or incorrect?
( i* k' o0 |7 h Statement 1 Statement 2; ~6 \! D: N- W
A) Correct Incorrect- I* \; G. g3 B
B) Correct Correct
$ A- F8 B6 h5 l+ @! C' q, v1 `C) Incorrect Incorrect
! C9 x' y+ }2 `/ J, g( @D) Incorrect Correct
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答案和详解如下:/ m L* D. `! z0 R" s" f0 j, Q
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9 s! o. d0 v. o3 q& x2 sQuestion 102
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9 E% x, r7 D3 W" o+ iJane 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?
# m: R! s1 {3 }) q* h* Z8 pA) $624.
8 r' Y, _6 b i s1 iB) $724.! i% b7 a- O/ Q2 Y+ s5 G
C) $459.$ y& s8 M, H- D7 r% s
D) $574.+ d' d# f" ?, s9 g- s& _
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答案和详解如下:: @* s+ ^2 X+ w1 T/ [
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Question 103. f1 b2 @/ w$ P. x9 {) x4 H% h, y
# c1 [2 L$ W2 N# H, R- EPam 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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:; w9 d4 G' L# \! Q3 K5 A
A) 12.25.
8 H( c8 ?$ d* R& O5 AB) 8.41.
# @; K. J) @9 b, P r3 [C) 7.42.
! {. d) U& e& H- F+ e4 xD) 9.53.1 V y0 s3 R& Z: e! i+ \6 Z1 z
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答案和详解如下:- o* N: p) { h$ r0 P* W5 s; j
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! g3 d! ~) z% Y. ^' mQuestion 104
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7 M) s5 t3 [5 I* Y5 w" M" KThe term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:
2 k# K) T1 l8 K& s6 Q. F; c! r6 UA) market segmentation theory.3 c2 n3 r$ b1 n0 l
B) preferred habitat theory.
3 y( W/ G1 y7 O. nC) liquidity preference theory.3 q+ Q2 {/ a6 x& |- w) S0 u5 X
D) pure expectations theory.
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答案和详解如下:
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Question 105+ W4 O& I# }( c( X4 Z A; x
$ N4 Q# F0 ?' d' g# I5 {An $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:
x+ g0 S0 x# p! g+ G% FA) increase by 22.5%.- d, H+ U( ?8 Y9 G% V
B) increase by $4.00.- a1 L( l7 R& |' Z# j3 L8 r" t# ]
C) decrease by $22.50.
& Z3 S {* a% h, O; c- R. _4 HD) increase by $34.00.
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答案和详解如下:3 k& O8 P/ \8 h8 e+ O
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发表于 2015-7-21 09:02:51
