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Question 1013 p4 c, |2 S S4 j: N1 y
% `4 L% C) `. iConsider the following two statements about putable bonds:6 o" c# J, t, H5 p
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.& W! o1 ]- C0 u
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.
2 K3 s: W1 f% O3 B+ p+ |2 Z- W9 RAre these statements correct or incorrect?- y: {9 Y9 m) z* ]
Statement 1 Statement 2
) l. Y: ?7 P7 o5 Q3 _/ U# Y. XA) Correct Incorrect
7 a5 c9 S7 ~8 f; u0 pB) Correct Correct
1 B2 m7 K! M3 g* U& PC) Incorrect Incorrect
) k& W; }8 ~; D* d9 YD) Incorrect Correct
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答案和详解如下:
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Question 1029 W m5 n6 J& Y# s( R a
6 i; n1 t1 h* 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?5 ~7 d: A, M4 M u! C8 H' C
A) $624.
" n' C: c" x3 f6 M* F6 a: Q8 K2 cB) $724./ T4 a, I& X) }
C) $459.
5 k8 c- V2 I- t- `3 jD) $574.
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答案和详解如下:* c8 D% u. ?5 W! t( A% R! [
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Question 103
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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:
$ e" U3 f0 D5 k0 m2 e# N0 qA) 12.25.
* Q0 U9 ?/ b A- EB) 8.41.
0 T. J2 @2 U) o! f( I) `% o/ zC) 7.42.
, e& X2 ` l7 cD) 9.53.% ~; E) N6 y3 b% W+ z: V0 G% H; Y' c
+ V3 A9 r$ a& E" v' }答案和详解如下:/ H7 {) j: _& r/ ] G
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) s7 g. B9 I- t! FQuestion 104
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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:- T; c$ c t2 [4 w0 F% y
A) market segmentation theory.
( ^9 i( n" S X7 k* WB) preferred habitat theory.
( v, U- Y% B- l% s7 I% T4 d* U4 o, U, BC) liquidity preference theory.& V% s- T: H1 ]: [4 h# |
D) pure expectations theory.5 B2 |, I! a& \; a+ s/ E
0 M/ f2 B2 h/ U答案和详解如下:* H6 \' Y0 W3 Z! d3 T" F
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; U8 E% U; y- F: g, R$ p' H" YQuestion 105( m+ H- Z0 ]3 r9 i: X8 p
& {0 ]; T; j& f& c6 BAn $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:, Y4 ]) z1 b# ] `4 i
A) increase by 22.5%.
! I( \" B. O4 ?; {0 Z& YB) increase by $4.00.
8 N+ |- z3 T' C+ n( NC) decrease by $22.50.* L0 `/ U1 H. f( `# Z6 G- X
D) increase by $34.00.
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答案和详解如下:9 ^# P6 v9 W* S( o" E# z
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发表于 2015-7-21 09:02:51
