CFA Level 1 － 模考试题(1)(PM) Q101-105

catherine

Question 101
; p! W$ L4 U  i. N1 {
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.
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.
$ ^4 n# @7 s; `( f3 {Are these statements correct or incorrect?
; H' [/ p8 C  T$ x7 u4 J       Statement 1      Statement 2
A)    Correct                Incorrect
B)   Correct                Correct
+ x8 y8 _- A" o$ ]; |3 \- D1 TC)   Incorrect          Incorrect
D)   Incorrect          Correct
7 U. [4 D* Y* ?0 N; a1 U' [# _1 W
答案和详解如下:
' q9 O7 S1 Z* N% q% h

游客，如果您要查看本帖隐藏内容请回复

/ g4 @. ^- D0 ~, B
$ q# w" m$ L5 l$ m% y  `Question 102

* Y1 |) [; g4 ?; vJane 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?
; l- ~$ D  J6 h# k0 M' O. t1 F3 QA)    $624.
B)   $724.
+ O( x+ O" W, z! ~6 t- W8 vC)   $459.
D)   $574.
( W0 u$ I, d0 p. \5 K
) W+ f$ Z6 x! m- w, e答案和详解如下:

游客，如果您要查看本帖隐藏内容请回复

Question 103
5 W! }6 v0 J0 t- D5 |
: L0 F7 `' K# o3 G0 E; V- UPam 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:
+ j- y- A/ [! s; I4 [A)    12.25.
B)   8.41.
C)   7.42.
D)   9.53.
: v7 {0 F% t8 I# \- H
答案和详解如下:

游客，如果您要查看本帖隐藏内容请回复

. e/ b* Z. h. o# V7 y. JQuestion 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.
# p8 H7 O* ]7 N" A" Z4 qC)   liquidity preference theory.
, @; J9 `& g# ^* H, CD)   pure expectations theory.
( {0 }/ D: [& g% n/ l6 F" E& J
+ }5 X3 I! g5 j2 N' D答案和详解如下:

游客，如果您要查看本帖隐藏内容请回复

Question 105

An $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:
9 X( B5 h' z  z' U9 |9 h. dA)    increase by 22.5%.
0 w. e# H& w# S( A" HB)   increase by $4.00.
" w3 D8 S; E) y5 IC)   decrease by $22.50.
, \  N+ l7 m  l- ^! ]/ _, E3 P7 _D)   increase by $34.00.
$ }0 l- E" v% ^% j9 U
+ Z% G8 R' L  B0 x答案和详解如下:

游客，如果您要查看本帖隐藏内容请回复

Ean

谢谢分享！

fanfan

谢谢分享！

lxyz061524

。。。。。。

hlbt930

99999999999999999999999999999999999999999

ccclrh

888888888888

woohaodelai

wohai efidf a fe