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Question 101
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Consider the following two statements about putable bonds:
9 B3 F; o3 R: \6 O2 {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.
1 i! f, ?9 ^& b( B1 \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.
6 Y8 n T' W# K3 j& ?Are these statements correct or incorrect?$ F8 b: q# C5 t3 d6 D
Statement 1 Statement 2, A+ C4 p$ m2 ]% r4 m9 C- Y
A) Correct Incorrect1 P* M$ J0 T n, [5 G. t
B) Correct Correct0 R+ g6 H, p+ ?
C) Incorrect Incorrect( X2 Z$ K7 g/ N& I! [/ h. W
D) Incorrect Correct4 f2 l0 a: o3 Q* N
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答案和详解如下:
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Question 102
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2 o7 J6 U4 d- H/ |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?. Z9 u! C- g7 s+ ?
A) $624. c4 s& @# S- R* v
B) $724.
- [7 M0 D, F% ^6 `C) $459.
; z% }) N$ j: Z9 }7 oD) $574.
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3 f/ m0 H2 C2 d& W: i" j答案和详解如下:# j( Q: R$ X2 Z1 `# x# d
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Question 103
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+ ]/ \$ n( N' _2 m: Y, ~" H/ V+ H8 PPam 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 _9 S/ Y% p/ j* W6 x& d' C
A) 12.25.- @' e3 T, j- s1 [
B) 8.41.
$ Q, e& I, F* C" a" DC) 7.42.
5 k: ?+ \3 G" r5 A* F9 wD) 9.53.' o, C# F r9 ]7 {' A
$ p6 W& Q; s( I, ^2 u答案和详解如下:. y: {+ u6 ~. L l+ h! i
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Question 1044 F4 M% Q2 h1 F v1 q$ V
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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:
' y1 X& u: d1 e6 O9 `8 AA) market segmentation theory.' U* }$ e/ e4 B$ y' T
B) preferred habitat theory.
$ E% _. u4 W! g# D4 h& ` A9 \- V- sC) liquidity preference theory.
2 Z- K" q5 X! Q0 OD) pure expectations theory.
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4 v4 I- K% s, T: q, Y1 |答案和详解如下:
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. K/ w4 c- T3 P# `: V% w% t. xQuestion 105
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Q2 x4 H( I1 DAn $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:$ ]- L, _! d" r# E/ s
A) increase by 22.5%.! ~$ p4 l! U8 v, ?7 t/ c1 L
B) increase by $4.00.
% Y- [. P) `7 i" w" [* e$ HC) decrease by $22.50.
0 Q- w1 s% J2 F4 y8 x1 D3 X* |/ vD) increase by $34.00.: C; C1 n* D6 l5 P2 @% J; U
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答案和详解如下:( z$ A* |$ w2 e0 L4 s6 e5 Z# X ]
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发表于 2015-7-21 09:02:51
