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Huawei H12-721_V3.0 exam
  • Exam Code: H12-721_V3.0
  • Exam Name: Huawei Certified ICT Professional - Wireless Local Area Network- Planning and Optimizing Enterprise WLAN
  • Version: V12.35
  • Q & A: 280 Questions and Answers
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다음 중 인터넷 프로토콜 보안 (IPSec)에 대한 키 교환을 정의하는 것은 무엇입니까?
A. ICMP (Internet Control Message Protocol)
B. 보안 키 교환 (SKE)
C. SSL (Secure Sockets Layer) 키 교환
D. IKE (인터넷 키 교환)
Answer: D

Which statement about Spark components is true?
A. NOT all Spark components are skinnable
B. Spark components CANNOT be used in the same application with MX components
C. UIComponent is NOT a superclass of Spark components
D. SkinnableComponent is a superclass of all Spark components
Answer: A

William Rogers, a fixed-income portfolio manager, needs to eliminate a large cash position in his portfolio.
He would like to purchase some corporate bonds. Two bonds that he is evaluating are shown in Exhibit I.
These two bonds are from the same issuer, and the current call price for the callable bond is 100. Assume that the issuer will call if the bond price exceeds the call price.
Rogers is also concerned about increases in interest rates and is considering the purchase of a putable bond. He ants to determine how assumed increases or decreases in interest rate volatility affect the value of the straight bonds and bonds with embedded options. After Rogers performs some analysis, he and his supervisor, Sigourney Walters, discuss the relative price movement between the two bonds in Exhibit 1 when interest rates change significantly During the discussions, Rogers makes the following statements:
Statement 1: If the volatility of interest rates decreases, the value of the callable bond will increase.
Statement 2: The noncallable bond will not be affected by a change in the volatility or level of interest rates.
Statement 3: When interest rates decrease, the value of the noncallable bond increases by more than the callable bond.
Statement4: If the volatility of interest rates increases, the value of the putable bond will increase.
Walters mentors Rogers on bond concepts and then asks him to consider the pricing of a third bond. The third bond has five years to maturity, a 6% annual coupon, and pays interest semiannually. The bond is both callable and putable at 100 at any time. Walters indicates that the holders of the bond's embedded options will exercise if the option is in-the-money.

Rogers obtained the prices shown in Exhibit b using software that generates an interest rate lattice. He uses his software to generate the interest rate lattice shown in Exhibit 2.
Exhibit 2: Interest Rate Lattice (Annualized Interest Rates)

Using the information in the question and the following relevant portion of the interest rate and pricing trees, Rogers calculates the value of the noncallable bond at node A.
Corresponding portion of the interest rate tree:

Corresponding portion of the binomial price tree:

The price of the noncallable bond at node A is closest to:
A. 89.84% of par.
B. 93.26% of par.
C. 96.14% of par.
Answer: B
The answer is 93.26. This value of the non-callable bond at node A is computed as follows:

(Study Session 14, LOS 54.d)


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