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Question 1010 ~; ~2 f3 V$ Z. L4 m7 S3 s
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Consider the following two statements about putable bonds:
. C# }( I2 j$ r; \( VStatement #1: As yields rise, the price of putable bonds will fall less quickly than similar option-free bonds (beyond a critical point) due to the increase in value of the embedded put option.
6 T* s/ P0 d3 p0 @% CStatement #2: As yields fall, the price of putable bonds will rise more quickly than similar option-free bonds (beyond a critical point) due to the increase in value of the embedded put option.: P) S* h3 L! O# Y
Are these statements correct or incorrect?% L3 p- b2 S) l# ~$ v
Statement 1 Statement 2$ E0 Q$ t; d! e
A) Correct Incorrect! x) l H/ i. ~/ o8 ?
B) Correct Correct
" y' S3 y" X0 ~: A# |C) Incorrect Incorrect
9 M2 \) R" {! s( ~D) Incorrect Correct
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答案和详解如下:; O9 C( z) C7 k9 a
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Question 102* n* \0 q6 W$ I# j( p C, T
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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?) h! `& U! V5 |& z/ K
A) $624.5 I S8 k0 D% D
B) $724.
. g8 {5 r+ f' r* AC) $459.
/ `2 W2 ]& l& X+ m9 N8 SD) $574.6 k; k8 ?# {' z i5 ^! p3 w
2 H" M5 k) G! `5 F9 H答案和详解如下:
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& Z6 S- T$ s& ?% B U* IQuestion 103 i6 C K* Z+ E9 U; m% O8 D
, U: G4 C" u1 T' m/ ]0 d" yPam 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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:
6 K) W$ M. z+ a/ xA) 12.25.# |- v: |" {2 A8 @) q1 X- `
B) 8.41.+ ^, m& u9 m+ L/ [ Z9 D2 J
C) 7.42.5 p- O, F. E' Z
D) 9.53.
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+ u; J! e- I8 @答案和详解如下:
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Question 104
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3 ?1 G) S( _0 x2 V( S: Z: nThe term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:
. T4 Y; ?) @; ]7 R" o+ QA) market segmentation theory.) {) C. X7 j4 G# m
B) preferred habitat theory.
/ |- S& J: h8 z2 ~+ V' L' H( k4 KC) liquidity preference theory., q: ^; d" L9 h
D) pure expectations theory.
A" F G F; I1 |5 |3 H 1 s( s% _. @. M; Z: x' y {
答案和详解如下:
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7 _2 i4 C6 k0 G# S; bQuestion 105) ?) f9 Y8 G, y4 v6 Y5 {7 _. g
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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:* R. B& H! S1 A
A) increase by 22.5%.* J5 C @: X" t; M
B) increase by $4.00.
3 `" v# l @# l9 ]2 _0 iC) decrease by $22.50.
5 L: w G& K0 w1 }$ ^( ZD) increase by $34.00.
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答案和详解如下:1 C' ^* r' k; e* \* { g) g
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发表于 2015-7-21 09:02:51
