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Question 101; k# Q2 W9 b w3 }3 |9 H: F" b
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Consider the following two statements about putable bonds:
3 U+ C. Q& f' O$ h, ?% O' rStatement #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.. j% ~5 o. g3 v0 e" b6 B, j1 M
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.
' |; F, e1 i, F7 W- \6 u! JAre these statements correct or incorrect?# L1 Q+ u* r0 I; S/ F1 r: A+ Z2 S
Statement 1 Statement 2
$ B1 u& z7 e0 r( p) Y, vA) Correct Incorrect
! t$ U% h9 I5 t7 d9 _5 iB) Correct Correct. r1 S- l7 U* B# x) g! c1 ~
C) Incorrect Incorrect0 V0 @0 N% ]3 N) O5 q: Y b9 f
D) Incorrect Correct8 w7 f% w' V5 s( [
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答案和详解如下:
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8 v( C6 B: U \8 H" a* AQuestion 102- D. W/ {1 C z2 w7 D
* x0 A3 X% }5 Q" _" W' UJane 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; T& y: B5 z- ]( h7 ^4 SA) $624.0 I4 Q+ h, m3 E! T Z* m1 Y
B) $724.% D+ y4 E& c1 _- ^; d- f
C) $459.+ V7 R2 i6 r* O: x" u9 J
D) $574.2 o+ s6 O6 @, s5 n
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答案和详解如下:* a( e' l" T! C3 D. x1 M
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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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:! U0 m7 l6 i) ^# W! |( i# ^
A) 12.25.2 T2 d% C+ K( e" V0 V4 B3 h
B) 8.41.
& R* {5 S! b2 f/ f0 U# \# c& XC) 7.42.4 ^4 D; E/ w6 S9 g) V
D) 9.53." `$ R; @0 i3 _' Y6 X4 P: h
. m# }% ~" m+ c2 M( e答案和详解如下:3 v9 X3 A7 k) B
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6 Y( c( L% \- X, @8 k0 z) l8 cQuestion 104" _& r* {% G; m3 u- w% b/ k
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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:
- g2 d7 u' t9 `. N7 B/ OA) market segmentation theory.
" \# N- s) W! e" i R6 U$ m$ oB) preferred habitat theory.7 G* n. c% z6 L( z- H1 W5 F/ f2 P* u
C) liquidity preference theory.% \0 ~0 A. X% X; b
D) pure expectations theory.
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答案和详解如下:
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- l$ ~& d' Y# v9 G: @/ EQuestion 1056 h/ R2 t% } ~& ~. Z& k" k' L
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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:0 j8 L* [/ p4 P
A) increase by 22.5%.5 @. T& {/ A0 ~9 z" B( K0 ^5 l
B) increase by $4.00.
& R* [: o( ~, @" G7 ~3 RC) decrease by $22.50.
% A% G$ b: s; o; \; e# YD) increase by $34.00.: x' E4 z2 Z2 l- `; e; \" b: j3 D9 j
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答案和详解如下:
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发表于 2015-7-21 09:02:51
