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Question 1019 q, ]5 w6 S, V9 I) A! A
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Consider the following two statements about putable bonds:
& W( ~; p- S$ P0 |# b/ aStatement #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.+ _5 g4 n8 r4 f9 _: Q) |
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.
1 P( p( Y0 r( d8 S# i5 G3 tAre these statements correct or incorrect?
" b3 s9 y: W6 {, o6 t, z4 { Statement 1 Statement 2
+ r4 u! |- q& b$ h+ yA) Correct Incorrect
+ c1 w5 m0 {0 K" J4 }% s! PB) Correct Correct7 U* p( b+ c- e/ ~
C) Incorrect Incorrect
. K% N8 _& K7 qD) Incorrect Correct
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Question 1026 v' D& c0 o2 Y# @
+ U- A3 p1 ^- `& dJane 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?
: h: H5 i0 I( m: g a7 NA) $624.% O# k( n/ y% \ p3 ~/ d. e
B) $724.# F) T. q2 F; i
C) $459.
0 j! ^; F1 v2 K4 x3 _D) $574.: {" Z9 i# @1 h4 X
# f) n. }3 r" z4 k3 ~" I$ Y3 L答案和详解如下:9 g% t' l$ {% W8 n$ W8 J* W' `- q
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K( C7 h2 x j) [( IQuestion 103
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+ N+ K: H6 q% t9 u1 wPam 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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:
4 f# P8 p' {3 O$ IA) 12.25.
, n9 @ H' N$ X3 z; a! nB) 8.41.
W9 Z V& X s+ O$ ]6 J4 i' z8 LC) 7.42.
0 A! m; E. r. X7 Y& X9 m5 UD) 9.53.3 N, H* E4 y: Y1 g. v( s2 I) W/ Y
' K8 {$ Y3 D7 D1 j% X+ m N5 e- C答案和详解如下:' o+ K" N2 C" D
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Question 104: o1 \( V( T+ E
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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:
0 z# W' P4 W8 p# r& U8 |A) market segmentation theory.8 n1 _* g" z, U& z/ ]( B/ q
B) preferred habitat theory.
& [# ^: o+ b1 |2 O" MC) liquidity preference theory.
, v+ {+ C9 K! A1 [+ l! q( dD) pure expectations theory.
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4 j& R: |5 `6 Q& M, l/ o) P* `1 o答案和详解如下:. R( d+ P9 g u- W$ v- z
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Question 1051 p$ j4 y- E6 `% ~: T7 w1 Y
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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:& m) Q8 O7 ?) `+ z7 r
A) increase by 22.5%.
6 M5 z* i- [7 Z* c2 a; F* ]B) increase by $4.00.
' ~5 ^! P+ |7 d# ?* C9 R0 BC) decrease by $22.50.
$ Z9 a* Y4 ]6 eD) increase by $34.00." P0 j5 N/ Q* X5 H
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答案和详解如下:/ y, {4 _1 j: \2 X) ^; p
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发表于 2015-7-21 09:02:51
