|
|
Question 101
) g9 r( x3 d9 R8 x4 k9 t9 z& N7 Y# {+ m' @: u6 ^( N% g
Consider the following two statements about putable bonds:" y R$ b) O+ a* F- w$ |7 g
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.; f a! `6 v' S
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.7 D6 W( m) i5 P6 ~8 I
Are these statements correct or incorrect?
' e3 N9 [+ c! J( F. a8 f Statement 1 Statement 2
- O8 |- b8 d6 ~2 T1 U, A+ \7 ^2 A/ N3 xA) Correct Incorrect$ Z' V% v) u5 m9 m# R8 Y
B) Correct Correct' \2 k$ ?8 d5 o
C) Incorrect Incorrect
7 k; i3 y2 N4 Z( ID) Incorrect Correct
# M. \0 X; e B
" B' j0 d6 F7 A答案和详解如下:
& n- T- U% W% a3 W2 z9 f6 `# k0 `7 z/ x
3 S7 K0 `/ G! r D0 m
Question 102
& ` O: B* v9 T$ Q
2 X8 ~/ l" B4 C- x- F$ sJane 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?% C( S" @0 B d
A) $624.7 g" ], U0 d& W6 @
B) $724.9 K+ Q9 z/ _* ]4 a6 k4 L' n
C) $459.
1 u2 P8 T+ G2 C5 n: N3 PD) $574.3 Z5 F* l9 J: O4 v( o
- s- }" g% F3 v! L W
答案和详解如下:# C& ~, \6 Q Q; o6 h
, r& b4 |3 g* x7 L2 I' S
$ `. w: h$ P H* }Question 103
! Z3 u# Q% A" L6 @
9 f7 I! Y: ?" j( S$ LPam 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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:
. Z4 W- g1 ~- W0 l( gA) 12.25.& w% f" T/ B3 j8 G' p
B) 8.41.
, X$ ?3 V3 a& r; [4 nC) 7.42.% i5 W0 W8 Y! i P1 Y3 J; x
D) 9.53.
8 U5 C8 J) \4 ?4 r( V' p) l% Q/ |- x/ }
答案和详解如下:9 q& N5 X/ [( ~
6 d+ U" Y* [7 O. e9 ?5 r
7 m- I5 O' f' L H" v% {Question 104- s; z, c0 Y/ O8 K& s8 \
+ @4 d, u7 t/ e$ t7 J/ P; |/ y
The term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:7 C- o2 `, C) W1 F3 S8 k1 z9 u2 f) X0 \
A) market segmentation theory.
( r9 @# S d) P. cB) preferred habitat theory.
- d, I; B( W4 Z" y% L* Q8 F: vC) liquidity preference theory.$ d) O$ Z% J, Z6 e/ o& c
D) pure expectations theory.
' f/ W0 z$ j3 R1 p4 ?* Q 8 O# C% U. ~9 [+ u: j5 ?( p* [' B! l
答案和详解如下:" h/ {/ F4 ^; a- ^
6 G& d- A/ u5 k! _" ^
6 M1 F; x0 }+ R4 ]Question 1053 P7 ]1 t3 {5 d0 w" Q5 m2 T I
T0 T( L4 {3 w( f: ^0 _, a( rAn $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:6 z+ ?" V! [7 I$ b( P n
A) increase by 22.5%.5 p) s2 s& v1 X
B) increase by $4.00.6 T/ `; C8 B( |" f8 D+ @
C) decrease by $22.50.
o+ {9 {3 \) B6 x* T% }6 b y T% hD) increase by $34.00.2 T* y7 ~9 `6 v7 o1 G- J3 ~7 g
4 t" Z! I$ l* w8 x- }7 N
答案和详解如下:
1 \: ?3 k. z1 {9 a+ M |
|
发表于 2015-7-21 09:02:51
