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Question 101* Z1 x9 g0 V+ Z" h* v+ ?
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Consider the following two statements about putable bonds:0 z9 Y6 C0 r" g& B& [6 p* W! M
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.
8 b- ~4 f6 x. K5 t7 fStatement #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.
' e" a* \7 q2 j; X/ _# i/ sAre these statements correct or incorrect?
d& ^5 K9 l) ]5 X Statement 1 Statement 2
4 N! Q! L! D$ P4 h! x5 QA) Correct Incorrect
9 H% f# Y/ F6 [( R" GB) Correct Correct
4 w: r T# O: F- U1 x& wC) Incorrect Incorrect- {3 G- ^: a' M! ?1 Z" Y
D) Incorrect Correct( B) @! c! ~" A
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答案和详解如下:5 Z( Y) I7 H9 N+ ^8 k* r3 O
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Question 1028 Q& `' G: d, I' n
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Jane 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?" ~2 h5 c- j: J! j
A) $624.5 D0 U- d2 e' p+ F. F2 k
B) $724.4 A2 j! g, Z4 Q7 W! |
C) $459.
( q' l( J. f) X1 ?- P& j% PD) $574.& \( |, s. m e% b" l6 T
+ w8 |4 V6 t" b; I答案和详解如下:
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% ~5 |! s% Z) d3 z4 RQuestion 103
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- I N' T8 C* sPam 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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:
# p5 e! S P/ s$ {A) 12.25.
9 ?4 s6 V, ?# \8 TB) 8.41.$ ?6 N* K+ Z3 |8 C8 O4 n
C) 7.42.1 h) m; g! a" i) P* K: m
D) 9.53., m1 r1 q3 z' x4 H
$ N. F( h1 i# F答案和详解如下:
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" ]: @5 j9 I5 A* i# bQuestion 1049 E( P% U6 b+ w4 ?5 Z% q7 x; e; j% P
5 n6 I. _6 h5 X- QThe term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:) W. c+ K( [$ f$ b, V
A) market segmentation theory.9 ~- W- k* [ T1 N: x% c* G
B) preferred habitat theory.
- n* ], p/ t2 F" aC) liquidity preference theory.
2 S( T' M- e: \8 {7 xD) pure expectations theory.
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1 x& R! y! A, d& A6 p/ x% G答案和详解如下:
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Question 1051 X0 n( Y4 h) Z. f; B) {3 z/ l" s
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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 a7 t- {) [; c D' R" b. s
A) increase by 22.5%. c* U: W. _, ]
B) increase by $4.00.! [3 a: W `+ E' @5 U( `% V% \
C) decrease by $22.50.
$ ?4 @8 n1 k. K0 t; p. t) h, {9 vD) increase by $34.00.
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答案和详解如下:6 M0 U- ?/ _$ b% S7 W! V
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发表于 2015-7-21 09:02:51
