CFA Level 1 － 模考试题(1)(PM) Q101-105

catherine

Question 101
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3 x" @* z" G* L: c& cConsider 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.
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
A)    Correct                Incorrect
, \1 y- G; C# B% q9 t; W1 `B)   Correct                Correct
C)   Incorrect          Incorrect
D)   Incorrect          Correct
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Question 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?
; Q' D- F$ \/ P# H$ oA)    $624.
; l/ o% }% C% ~' A" R& FB)   $724.
' ~) S) s! G9 EC)   $459.
D)   $574.
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# j; q% s- z' b) C+ P5 XQuestion 103
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0 o/ M! ]0 I* t! NPam 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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:
/ ^) V( n+ L  zA)    12.25.
" Z* n' q/ h) b% eB)   8.41.
- }$ Y+ V, |2 y+ E! p! V- @' N6 yC)   7.42.
D)   9.53.

答案和详解如下:

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& a3 Y! O3 A6 F! {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:
3 ~: n" I- r% w, v8 QA)    market segmentation theory.
B)   preferred habitat theory.
& O2 t5 q! I8 ^0 cC)   liquidity preference theory.
. v) [+ k: R  Q5 |9 a) HD)   pure expectations theory.
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答案和详解如下:
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9 `( N8 q. H4 D$ B  yQuestion 105

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%.
3 n9 s. v1 S) n6 ]  J4 [B)   increase by $4.00.
' H+ t- R8 v2 LC)   decrease by $22.50.
3 [4 Y* R0 b: UD)   increase by $34.00.

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