CFA Level 1 － 模考试题(1)(PM) Q101-105

catherine

Question 101

Consider the following two statements about putable bonds:
: W5 n3 ~$ o' J& k& z8 W1 wStatement #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.
) q! S! \( \# \" c: v& @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.
) t5 [9 c# j/ ?( P3 EAre these statements correct or incorrect?
       Statement 1      Statement 2
A)    Correct                Incorrect
3 f) y& ~$ L3 t  jB)   Correct                Correct
C)   Incorrect          Incorrect
/ x% i/ T7 a) s3 B* [4 n9 e1 j  AD)   Incorrect          Correct

答案和详解如下:
6 c) j) u& P& l! r

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( ]" y# Z/ d  A  N2 D8 o" j/ mQuestion 102

Jane 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?
9 s* u  C/ z8 W: j4 w6 n) X$ WA)    $624.
" O( |3 Y; W/ _B)   $724.
C)   $459.
) ~- W& O* H  D  f" Z" gD)   $574.

答案和详解如下:

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Question 103

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:
A)    12.25.
B)   8.41.
$ V6 _+ ~  G+ k8 O4 pC)   7.42.
7 \+ S* ~. s# i+ A1 KD)   9.53.
- U8 S# Q5 V" |
答案和详解如下:
. t3 i% U# B! g5 y1 t2 P/ T

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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.
/ _* `* f  m8 Q+ {2 @" k: hB)   preferred habitat theory.
C)   liquidity preference theory.
& t4 O4 x- |7 x; }  e. r* l. JD)   pure expectations theory.
$ E" u7 W, l: D3 H6 t8 W
. k% ?# Y8 l$ w' c" k答案和详解如下:
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Question 105

An $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:
$ `0 s/ r8 z' j' C$ {A)    increase by 22.5%.
B)   increase by $4.00.
5 T5 F3 A3 i  EC)   decrease by $22.50.
1 y. ~6 m7 i) s5 _2 KD)   increase by $34.00.

答案和详解如下:

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