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Soalan/Question 5 Anda sedang mempertimbangkan bon berikut bagi portfolio bon anda: You are considering the following bond for your fixed income portfolio: Penerbit/issuer: XXX Kadar kupon/Coupon: 8% Hasil-hingga-matang/Yield-to-maturty: 8% Tempoh matang/Maturity: 10 tahun/years Durasi/Duration: 7.25 tahun/years (a) Jelaskan mengapa durasi bagi bon XXX adalah kurang dari tempoh matangnya. Explain why XXX bond's duration is less than its maturity (4 markah/marks) (b) Jelaskan mengapa durasi bon adalah lebih baik dari tempoh matang bagi (b mengukur tahap kepekaan bon kepada kadar faedah. Explain why a bond's duration is a better measure of the bond's sensitivity to interest rates than its maturity (4 markah/marks) (c) Jelaskan dengan ringkas kesan ke atas durasi bon XXX di bawah keadaan berikut: Briefly explain the impact on the duration of XXX bond under each of the following conditions: Kadar kupon adalah 4%, bukannya 8% The coupon is 4% rather than 8% (2 markah/marks) (0) (6) Hasil-hingga-matang adalah 4%, bukannya 8%. The yield-to-maturity is 4% rather than 8%. (2 markah/marks) in) (m) Tempoh matang adalah 7 tahun, bukannya 10 tahun. The maturity is 7 years rather than 10 years. (2 markahvmarks) Diberi bon dengan kadar kupon 10% setahun yang dibayar dua kali setahun, tempoh matang tiga tahun dengan harga RM1,052.42 di mana hasil-hingga-malang adalah 8% setahun; Given a 10% pa, three-year semi-annual bond with a price of RM1,052.42 where the yield-to- maturity is 8% p.a.: (d) Kirakan durasi bon tersebut Calculate its duration (4 markah/marks) (e) Tentukan durasi diubah. Determine the modified duration (3 markah/marks) (0 Tentukan peratusan perubahan pada harga bon jika kadar faedah jatuh sebanyak 1% setahun. Apakah harga bon ini sekarang? Determine the percentage change in the price of the bond it rates fall by 1% pa. What is the band's price now? (4 markah/marks)