题目内容
Silhouette Enterprises must make a balloon loan payment of $1000000 in 3 years. The firm’s treasurer wants to purchase a bond that will provide funds for repayment and minimize reinvestment risk. Assume the company has the following four investment options (all with face values of $1000000). Market rates are at 8.00 percent. All bonds are non-callable and are otherwise similar except as noted. Which option best meets the treasurer’s requirements（）
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Adam Smith was the first person to see the importance of the division of labor. He gave us an example of the process by which pins were made in England. "One man draws out the wire, another strengthens it, a third cuts it, a fourth points it, and a fifth gives it a head. Just to make the head requires two or three different operations. The work of making pins is divided into about eighteen different operations, which in some factories are all performed by different people, though in others the same man will sometimes perform two or three of them. " Ten men, Smith said, in this way, turned out twelve pounds of pins a day or about 4800 pins a worker. But if all of them had worked separately and independently without division of labor, they certainly could not have made twenty pins in a day and not even one. There can be no doubt that division of labor is an efficient way of organizing work. Fewer people can make more pins. Adam Smith saw this, but he also took it for granted that division of labor is itself responsible for economic growth and development and it accounts for the difference between expanding economies and those that stand still. But division of labor adds nothing new, it only enables people to produce more of what they already have. According to the writer, which one of the following is NOT true
As part of his job at an investment banking firm, Damian O’Connor, CFA, needs to calculate the value of bonds that contain a call option. Today, he must value a 10-year, 7.50 percent annual coupon bond callable in five years priced at 96.5 (prices are stated as a percentage of par). A straight bond that is similar in all other aspects as the callable bond is priced at 99.0. Which of the following is closest to the value of the call option（）
Which of the following statements regarding financing bond purchases with margin accounts is FALSE（）
Simone Girard, CFA candidate, is studying yield volatility and the value of callable bonds. She has the following information: a callable bond with a call option value calculated at 1.25 (prices are quoted as a percent of par) and a straight bond similar in all other aspects priced at 98.5. Girard also wants to determine how the bond’s value will change if yield volatility increases. Which of the following choices is closest to what Girard calculates as the value for the callable bond and correctly describes the bond’s price behavior as yield volatility increases（）
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