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Question 101 r' L \0 `9 q% P: M* _8 B9 n, O
! b( b& E2 m% UConsider the following two statements about putable bonds:- c2 l9 T+ m8 X. b
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.
% ~9 m5 a4 ~ A5 ?! H; JStatement #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.
4 O4 a/ v3 ?3 `& k: kAre these statements correct or incorrect?
7 ^3 b7 A# X, j' v$ n Statement 1 Statement 2
& T; g7 F Z% a% xA) Correct Incorrect
% r) g) h; o# m6 f; H2 PB) Correct Correct
4 D! {: I" H3 B1 t& gC) Incorrect Incorrect3 F% u- Q3 v) q' h0 l) a+ j3 t
D) Incorrect Correct
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- Z* g+ ^# g4 c$ W答案和详解如下:* q) u1 N( P. p; M- n
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. A3 s* f. i* |# h. ZQuestion 102
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+ |+ @3 ~" g5 d; O0 s7 \! S/ zJane 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?
' l' V$ o" C5 R. |$ C' |$ {A) $624.
, e' ~+ C- `& m; e9 v; |B) $724.+ t3 `: ^: g5 b" _6 N9 Z
C) $459.
% L y+ n' I: M6 V: W& k x+ lD) $574.
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8 F y; w, Z3 ?3 F' M: i3 N答案和详解如下:% k: R/ [/ V: b- t) i, u# t8 i2 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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:7 ^/ _! l3 g \
A) 12.25.3 v, r6 ]/ ^- [5 Q
B) 8.41.
" z0 } q: M. j0 u& e5 RC) 7.42.
: u/ R' S9 \- `& w( u0 ?D) 9.53.* W8 z- |3 T! P+ I, ]: b( p6 J
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答案和详解如下:! _& j8 L% p5 L! r
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Question 104* m i8 z+ L9 D9 S+ p
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The term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:
* K0 ~4 O8 T% \! fA) market segmentation theory.; ^3 @: r% j6 A4 o3 W
B) preferred habitat theory.
2 {$ ~6 j4 l; I5 s8 H5 q- EC) liquidity preference theory., Z" i. ~% o4 P- k0 ~
D) pure expectations theory.) S: ^+ T. p3 G/ I
5 Z) R! \* h- a答案和详解如下:6 J, s1 r& j2 u8 x
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Question 1056 f. I! i, C, V2 }5 K. u
$ u4 ^$ W, |# U# hAn $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:$ a9 t2 D4 [" a4 t8 A7 h
A) increase by 22.5%.1 Q8 R0 j/ T. g8 V( F2 D1 A
B) increase by $4.00.
% e: g9 O8 y/ rC) decrease by $22.50.
- Z& W' T1 {& h6 HD) increase by $34.00., p% V3 B& p$ Z/ k7 z) e
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答案和详解如下:8 {7 D" D m0 _1 u( X6 m+ P5 R
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发表于 2015-7-21 09:02:51
