CFA Level 1 － 模考试题(1)(PM) Q101-105

catherine

Question 101

9 B7 K  H; A& H' a. ?3 v- ]; vConsider the following two statements about putable bonds:
3 `3 c8 G; o/ NStatement #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.
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.
Are these statements correct or incorrect?
       Statement 1      Statement 2
5 t) D2 A( W9 t! O/ M6 oA)    Correct                Incorrect
B)   Correct                Correct
1 L8 J& g/ T+ e, d& [9 w: _; HC)   Incorrect          Incorrect
+ [) \$ S7 {( ^0 yD)   Incorrect          Correct

答案和详解如下:
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0 Z. `7 J. _: @) \Question 102
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" c4 S' ]; |+ K/ IJane 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?
5 O( {4 R& M" `9 q! v- J* bA)    $624.
. z5 g. ?0 z$ N, _B)   $724.
C)   $459.
D)   $574.

! E& [; i0 v) E' j5 k- }" j答案和详解如下:

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Question 103
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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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:
# ?) w# }* n% }* n! jA)    12.25.
B)   8.41.
9 E( |/ d, s7 {+ wC)   7.42.
D)   9.53.
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5 `0 r- ?! ^1 ]$ s$ w9 F4 r# o答案和详解如下:

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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.
4 H# D  X: c, V! r& c3 t$ KC)   liquidity preference theory.
D)   pure expectations theory.
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答案和详解如下:
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. k- t- L, \' i$ C: ?9 ?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:
A)    increase by 22.5%.
B)   increase by $4.00.
3 f2 t$ H) }7 q6 j! C7 Y( vC)   decrease by $22.50.
2 f6 S  X6 Q: TD)   increase by $34.00.
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答案和详解如下:

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