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Question 101% f9 w# A8 H/ y1 ?# k
. a! Q" B/ R% EConsider the following two statements about putable bonds:. ?' f/ `, B$ P5 V) _+ g& X+ |
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.
3 T; o8 {: s n; R/ U& Z; w; ?' RStatement #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.
- V- a6 J4 s: G$ HAre these statements correct or incorrect?
' Z7 g/ C8 P: e/ I# } Statement 1 Statement 2
! N: X1 w d& c( F5 Y* MA) Correct Incorrect
: z- h* x# l6 N' D, wB) Correct Correct
4 R8 m- R. |7 g. Z% UC) Incorrect Incorrect% o- V4 {) D2 ?/ A8 e4 p3 t* k$ d
D) Incorrect Correct% [' ?: `: o1 Y$ ^/ W8 n# q
/ Y5 f+ b: F0 d9 Z答案和详解如下:- a' o: a: Y1 _* G6 r- p
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0 O' m) @ O3 d9 nQuestion 102( J1 r: t3 V" Y7 H* [0 N; I/ c
2 O: ^& h% l) Q5 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?' r1 a3 P' ?, C! o' W2 x) L
A) $624.
: t+ ^3 l u# j$ ^B) $724.
( V) r$ A4 u# _6 y% yC) $459.
+ _0 P U( @. u& PD) $574.
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- z l Z. `4 p答案和详解如下:
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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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:
0 N) k* ~% T- {' R3 _' ?A) 12.25.
# l" g7 I5 @+ {B) 8.41.( g5 M6 B$ _- m! b; a& A
C) 7.42.4 Q3 \& {- _6 K9 i8 M" e
D) 9.53.& ~$ I, ~$ _' B2 c( A
6 T X) k0 K- X% L, a) C2 j答案和详解如下:8 B- f. O }& y$ y
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Question 104
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/ u8 u# L8 J% FThe term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:
/ Y3 \7 X1 d% }& Y' _- TA) market segmentation theory.8 e: j* g+ c4 V
B) preferred habitat theory.
9 \) o" v3 A" T7 z3 h9 [C) liquidity preference theory.7 M" [4 _1 C: A# y1 Z$ ]6 n. P: i5 `
D) pure expectations theory., c: Z3 m2 X( O/ Q# @; V+ u
" t$ s- w3 Z9 w/ p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:
, \, J. \) {; V/ U G# XA) increase by 22.5%.
' d1 k, q0 E9 j6 ^& bB) increase by $4.00.
( x. b/ F- X3 R. O2 l7 }% G9 m! w% EC) decrease by $22.50.
) Y3 p' u5 W, }+ sD) increase by $34.00.4 ^+ o }/ u: O/ @/ }/ l
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答案和详解如下:
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发表于 2015-7-21 09:02:51
