答案和详解如下： 1.The owner, of an interest-rate cap will: A) receive a payment if the market rate exceeds the cap rate. B) receive a payment if the market rate is less than the cap rate. C) be required to make a payment if the market rate exceeds the cap rate. D) be required to make a payment if the market rate is less than the cap rate. The correct answer was A) An interest-rate cap will pay its owner the maximum of zero or the market rate minus the cap rate, times the notional principal. 2.Buying an interest-rate cap and selling an interest-rate floor is equivalent to: A) buying a series of interest-rate puts and selling a series of interest rate calls. B) buying a series of interest-rate calls and selling a series of interest-rate puts. C) buying a series of interest-rate puts and calls. D) selling a series of interest-rate puts and calls The correct answer was B) A cap is equivalent to a series of (long) interest-rate calls and selling a floor is equivalent to selling a series of interest-rate puts. 3.An investor who bought a floating-rate security and wishes to establish a minimum periodic cash flow on his investment could: A) buy an interest-rate floor. B) sell an interest-rate cap. C) buy an interest-rate cap. D) sell an interest-rate floor. The correct answer was A) The buyer of a floor will receive a payment when the floating rate is below the floor rate, effectively establishing a minimum rate on the floating rate security. | 
发表于 2008-4-9 17:16
| 