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Question 101- k: I% |% p% n5 z) w/ l
6 b3 R' _1 ]0 D3 v, b- s# CConsider the following two statements about putable bonds:+ o! O6 r! {. [5 j5 z6 E
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.- ?- G' h' f+ K) A
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.
, H, K1 i/ {6 _Are these statements correct or incorrect?1 `% S8 l9 _5 p- o) {; @: V
Statement 1 Statement 2
2 h0 N8 r; h; c1 j3 ^6 A6 r$ A+ uA) Correct Incorrect
4 G+ k+ ?9 N, m" M( v9 g; H+ YB) Correct Correct' k- W- H7 _$ ]2 t3 c% ~: h
C) Incorrect Incorrect7 @3 d t" {: c
D) Incorrect Correct% j. v6 l. l. T( _( l
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答案和详解如下:
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Question 102" W' l4 c }) N1 {. P& m5 C
, k7 r0 v: N/ \; fJane 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?5 x1 H" r" `' k ]( t) M
A) $624.
- z8 D& ~, ^) g( dB) $724.
: o$ k) o- v5 y- k) l1 Y" M( tC) $459.7 N& M+ v+ {/ O( s# f2 y( f5 f3 j
D) $574.: v$ j* {- w3 }- W0 U' Q
5 T0 x, [, I$ a0 D3 d答案和详解如下:- E1 ~% b: V, @/ b0 n
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0 {9 \2 |0 e: z' N \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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:; l& u! o: C, S: O0 c. T
A) 12.25.0 U: v0 u4 M% a+ _' T O; Z
B) 8.41.
* ]* G P C8 k; s9 P' j% |C) 7.42.1 |! Z3 [; E% u: t1 [! F( p2 i7 s# I
D) 9.53., [* J' j/ a/ L1 ]" b; T* H
2 S! i! Y6 u# X7 F
答案和详解如下:& Z& V" q6 f, d7 j
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Question 104
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The term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:
' }7 Q6 |7 c* g8 O* n% f1 CA) market segmentation theory.
. L: |; p Q5 G$ Z0 hB) preferred habitat theory.
- Q2 p3 S9 u% I9 N: JC) liquidity preference theory.
; O1 Z; ?3 f# l2 w3 aD) pure expectations theory.
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- d" ^# x; v3 H$ N* j4 {6 \3 B6 V答案和详解如下:- S' H3 L( R! P- J
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Question 105: H/ G# |& [* k$ H
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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:* ]; {' Q/ y% f/ ?- B# g3 m
A) increase by 22.5%.& l7 | i! O: Q% r" Y
B) increase by $4.00.( e/ v; P8 o t- q
C) decrease by $22.50.
' l1 Z' [% [2 X. M& ~* CD) increase by $34.00.% T* ?$ X0 I( m1 `) I
* h6 L/ e+ T7 l7 ]; S. d& ^答案和详解如下:
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发表于 2015-7-21 09:02:51
