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[Level 1] CFA Level 1 - 模考试题(1)(PM) Q101-105

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发表于 2015-7-21 09:02:51 | 显示全部楼层 |阅读模式
Question 101
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Consider the following two statements about putable bonds:0 ?" U) t7 l# J. |, M
Statement #1: As yields rise, the price of putable bonds will fall less quickly than similar option-free bonds (beyond a critical point) due to the increase in value of the embedded put option.- k2 T3 P0 k- {+ ^& Y" m( S4 p( @. s
Statement #2: As yields fall, the price of putable bonds will rise more quickly than similar option-free bonds (beyond a critical point) due to the increase in value of the embedded put option.9 `. k7 C( M# J. j
Are these statements correct or incorrect?  w+ d4 M6 _: g
       Statement 1      Statement 27 t+ S" n8 G# n2 }
A)    Correct                Incorrect
. k3 {+ c2 _: T0 z6 m* YB)   Correct                Correct
* e( g9 y9 L% d& N8 m( d8 }C)   Incorrect          Incorrect: Y- r( J9 l4 M, p  v
D)   Incorrect          Correct7 ?9 N8 C/ d7 u1 K
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答案和详解如下:7 w7 s- m$ ^+ [: N" p. D+ N! }( h0 [
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Question 102
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3 I- Z; ?  n; `5 n. UJane Walker has set a 7% yield as the goal for the bond portion of her portfolio. To achieve this goal, she has purchased a 7%, 15-year corporate bond at a discount price of 93.50. What amount of reinvestment income will she need to earn over this 15-year period to achieve a compound return of 7% on a semiannual basis?. d( y* P* v& Y' N7 C
A)    $624.& Q' U% c/ ^/ K6 ^8 ?
B)   $724.
2 s: I3 O/ j( ^5 O; y$ k; ^C)   $459.9 e! k' \1 O  w$ _: }- @3 J
D)   $574.2 x: \$ L) A; ?& N7 M& X! b

: ]1 b/ W7 [& \" e+ N答案和详解如下:
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Question 103  W  ~% n( x  I
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Pam Williams is evaluating whether she should purchase a particular bond. She is primarily concerned with the effective duration of the measure. The bond is a 15-year semiannual pay bond with a 9% coupon that is currently priced at $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:8 g$ @* h" s1 n9 ^8 W7 @
A)    12.25./ V! z4 D4 p8 U% r, H' o
B)   8.41.1 y4 @8 ~, q: I/ {
C)   7.42.. K* H3 T3 B( F8 H: x
D)   9.53.7 A) H( Z4 x) f% o- Z

! q; X' V5 _8 _. ?, u5 \: y1 Z' t* C答案和详解如下:2 N# V; `8 ~6 A7 z# g4 D# R
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Question 104
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The term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:4 X& {6 n* w3 B# z
A)    market segmentation theory.
5 X9 c0 O5 C5 D5 Q2 Q# CB)   preferred habitat theory.
1 u# v% L: ^' o/ C, b5 O# kC)   liquidity preference theory., r  ]& V, u% A0 V9 P+ G1 l0 I
D)   pure expectations theory.( }7 d7 F5 I5 x- n
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答案和详解如下:
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Question 105
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An $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:
8 I; G& @1 V+ pA)    increase by 22.5%.8 G4 p. o7 \* ^$ u3 B: R1 ~$ [
B)   increase by $4.00.
: P- w' @8 h; Z7 x  TC)   decrease by $22.50., b8 p: X8 n1 y4 r' a: S
D)   increase by $34.00.
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答案和详解如下:- S& r9 z6 J7 e4 K- b  n
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发表于 2015-7-23 22:12:48 | 显示全部楼层
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发表于 2019-5-14 10:32:09 | 显示全部楼层
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发表于 2019-5-18 14:50:38 来自手机 | 显示全部楼层
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