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Question 101" n/ B8 x6 X! l$ q7 x$ R
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Consider the following two statements about putable bonds:4 k1 O, F7 Y n
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., M6 T- ~- K# D5 x* S; d
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.
: q4 h; Y* n: I' p ]Are these statements correct or incorrect?
2 ?* O6 v& `: {% y! X Statement 1 Statement 2+ ?- _0 R3 t) h* |9 ~
A) Correct Incorrect
2 U2 D5 m; U, HB) Correct Correct
9 i# _6 \( J O# B' m: vC) Incorrect Incorrect: D/ ~7 W r+ I+ B& e- {" X
D) Incorrect Correct
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+ `2 G. j, b- x r答案和详解如下:' S4 a: r3 W# f/ _
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Question 1028 S! j; o: a w7 c
# h }' S" O7 y1 \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?
! K, N% a7 y4 zA) $624.8 j$ M( R6 {% y+ y6 ^; F
B) $724.
A4 f# X) _) x6 E& EC) $459. f6 K7 J7 u8 U! a& ?
D) $574.
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答案和详解如下:! ~% X$ k" w' W# \1 N( v
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Question 103
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: U) r6 \3 a# s- M; ?4 y0 @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:% \( d# ?3 E2 ?8 P- n
A) 12.25.; N1 {; ~& p$ U1 g5 d( W9 L" z) j
B) 8.41.
7 D+ ` d& u( L+ p" |" Y9 C+ h6 {C) 7.42.
6 u h! e7 `( Q/ o# _" b3 DD) 9.53.: X- ~/ ?; A) U; ~" O7 [% B$ U# r$ r
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答案和详解如下:6 _3 j# i- R) A& q* r! ^* J' {- p! }
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; i R2 `; I8 h T& {4 TQuestion 1042 Z% J9 B& Z8 w; ]- h$ C% H
/ C. {7 K+ `& w/ I0 U6 [
The term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:
" v. A* m2 d5 _ ]- z8 vA) market segmentation theory.
4 G; Q- H% d" ]) ~1 s3 uB) preferred habitat theory.6 _; I0 Y5 v" K& ?4 G$ a
C) liquidity preference theory.. _9 \8 U. e5 b
D) pure expectations theory.
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答案和详解如下:
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Question 105
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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:3 x6 s+ S- D; ~0 T" n
A) increase by 22.5%.
7 z( L& v" o* q: UB) increase by $4.00.2 ^' Y5 y9 b1 F$ t3 G- t" \
C) decrease by $22.50.
4 A+ R, d: ^6 @2 D/ m, [& Y! ID) increase by $34.00.
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4 V: [( {9 S% R9 V! t! ?9 f答案和详解如下:3 p3 }7 Q- _$ ]* M7 N
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发表于 2015-7-21 09:02:51
