答案和详解如下： Answer 106 The correct answer was D) may only be called if the source of funds for the redemption is other than a new bond issue with a lower coupon rate. Nonrefundable bonds may be called as long as the firm does not use less expensive debt to do so. The bondholder does not have a say in whether it is refunded, and it may be refunded with outside capital, just not cheaper debt. This question tested from Session 15, Reading 62, LOS d
Answer 107 The correct answer was D) $1,091. This is a present value problem 5 years in the future. N = 20, PMT = 100, FV = 1000, I/Y = 9 CPT PV = -1,091.29 The $900 purchase price is not relevant for this problem. This question tested from Session 16, Reading 67, LOS c
Answer 108 The correct answer was A) Effective duration is the percentage change in price for a 1% change in yield, which is given as 6. This question tested from Session 16, Reading 69, LOS d, (Part 1)
Answer 109 The correct answer was A) The payment structure redistributes the prepayment risk among various investors. A collateralized mortgage obligation (CMO), not a passthrough security, redistributes the prepayment risk among the investors through tranches. Because mortgage holders may prepay the mortgage, the passthrough may indeed be retired before maturity at face value with no penalty. This question tested from Session 15, Reading 64, LOS d
Answer 110 The correct answer was B) 15% coupon, callable. Reinvestment risk is higher with high-coupon, short maturity bonds. Callable bonds have more reinvestment risk than noncallable bonds, since their maturity can be shorter than the stated maturity date. This question tested from Session 15, Reading 63, LOS i, (Part 1)
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发表于 2008-11-15 16:25
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