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Question 101
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! K9 X% B/ q- M5 Q. @Consider the following two statements about putable bonds:2 \" [: O) V, a9 \- N; V9 [1 ^
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.; P" [; p8 j4 L* m$ D0 k
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.+ @4 Y% F4 V* m6 g/ \8 u2 i
Are these statements correct or incorrect?: j2 H X4 L3 J1 D& R
Statement 1 Statement 2% Q$ C- f& p& t$ l$ K
A) Correct Incorrect
3 S, t2 B3 ]# Q+ k$ f+ _+ U" EB) Correct Correct, R0 x9 B5 f& `& s1 r
C) Incorrect Incorrect
X( r/ S! l; t% r) g3 d4 MD) Incorrect Correct
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答案和详解如下:
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/ U$ F6 V4 L# [( J! dQuestion 102! q3 r0 |1 Z/ p, E, `3 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?) r D' F# m: k2 f6 Y1 \
A) $624.
. r& K* u: h' c- ZB) $724." V8 p2 r0 U/ D0 |$ D: r' } S' L. B
C) $459.
0 E6 _9 Z" a+ J: @7 ]" ND) $574.' v2 g& P( o$ ~) `) E
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答案和详解如下:
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& o9 T! s! D7 V) E4 h& CQuestion 1033 p5 f: i9 q7 t/ j1 ]0 g
3 a8 O# c4 G2 Q* \( W( |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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:7 a# x+ H3 ~, E, k* f3 ~' v
A) 12.25.
5 o1 I/ S/ j( O7 ~1 N- X4 FB) 8.41.* i0 x+ x' E+ u* V! | q
C) 7.42.
E2 z% C2 Z+ X* Q- D7 dD) 9.53.
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! p# }4 I% n- O+ t5 O% c答案和详解如下:
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Question 1040 @8 t, M3 B* d
7 `) b: H( h* w0 \5 W {* U) t3 ]The term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:/ ^7 M, y7 {/ O3 o9 q
A) market segmentation theory.! x. _9 t: G* k( ^
B) preferred habitat theory.
, m, ?$ }# N$ L# f5 u* {% KC) liquidity preference theory.
5 c5 C+ F& o# X! w6 gD) pure expectations theory.5 n4 R/ |& A- I+ H$ D) Y# r2 ^0 s; t
; R: t! [5 J, a8 @答案和详解如下:
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Question 105% X" n8 X" a7 u( Y
. s: T: c% s2 y8 eAn $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:
/ Y, S8 D/ J, h; X( B3 i3 O' P* `A) increase by 22.5%.
5 \8 [7 e/ \1 U" G5 s3 s7 sB) increase by $4.00.# v) V; a+ V" H- b. p7 y# _
C) decrease by $22.50.
( U' q" g1 l/ Q! ^7 P; XD) increase by $34.00.
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, w1 M! z1 }2 k) L答案和详解如下:
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发表于 2015-7-21 09:02:51
