CFA Level 1 － 模考试题(1)(PM) Q101-105

catherine

Question 101

Consider the following two statements about putable bonds:
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.
0 {  `) }0 M/ k! w, V  LStatement #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.
Are these statements correct or incorrect?
/ M; P  Y$ ^2 V) t0 I& b; ~+ A       Statement 1      Statement 2
A)    Correct                Incorrect
B)   Correct                Correct
" ?4 \, X: Z$ x+ w, a& f4 C+ nC)   Incorrect          Incorrect
D)   Incorrect          Correct

答案和详解如下:

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Question 102

3 f1 j  N2 u- W, MJane 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?
A)    $624.
B)   $724.
C)   $459.
D)   $574.
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答案和详解如下:

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Question 103

# D" ]2 F" j. i; q) t4 K& vPam 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:
A)    12.25.
B)   8.41.
) q, O& z. p3 h8 r9 \/ `C)   7.42.
D)   9.53.

答案和详解如下:
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2 d: \! s* R5 U. q4 |Question 104

The term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:
A)    market segmentation theory.
B)   preferred habitat theory.
C)   liquidity preference theory.
D)   pure expectations theory.
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' q  a2 I3 [) y$ x  J2 H/ P7 T答案和详解如下:

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% C6 O- s/ w( ?) _0 t! AQuestion 105

/ ?# u! W6 ~4 ?6 w7 G: u# g" F7 M0 WAn $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:
A)    increase by 22.5%.
B)   increase by $4.00.
C)   decrease by $22.50.
D)   increase by $34.00.
& z$ F/ j5 k( f0 D9 g0 P3 B
9 o, K* T4 T8 u: c% h3 B5 O答案和详解如下:
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