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[Level 1] CFA Level 1 - 模考试题(1)(PM) Q101-105

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发表于 2015-7-21 09:02:51 | 显示全部楼层 |阅读模式
Question 101
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Consider the following two statements about putable bonds:: S, o; M6 F* [$ w- a5 s6 g
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.
6 [1 {. A4 U/ d" nStatement #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.! w' D& `; b  _" a; g7 x
Are these statements correct or incorrect?& @, G  S) p5 r
       Statement 1      Statement 2
7 `+ ]2 p9 s8 S2 @  OA)    Correct                Incorrect6 r" Q: H' }* X: z, |3 ~+ D1 I
B)   Correct                Correct; y7 @& e1 m- _6 f5 w# u% r
C)   Incorrect          Incorrect
$ i* m8 {" @) X/ J. ~D)   Incorrect          Correct
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答案和详解如下:) {5 u0 `; o' d& c" q3 B
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Question 102; n/ O3 p0 e, l2 t2 k' z! D2 n
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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?  v3 c& J# g8 N6 ]0 W  ?
A)    $624.
! ~2 e, }) t' ]# hB)   $724.
( |5 g& n  Y' u5 U# ]5 x7 {7 d, zC)   $459.! H: [6 T  B: H* N) o% D  f
D)   $574.# y6 P9 j2 d+ D* u1 a3 @

5 N0 {* r$ K# W) `# `! f答案和详解如下:9 \8 k6 F$ @6 Y" Z
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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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:. w) M9 Y! |0 u* ?- O
A)    12.25.- M* d& G4 k8 m* g8 c9 B
B)   8.41.
' b2 X1 R4 u# |C)   7.42.
& K; @# M" R- g- K! i1 YD)   9.53.
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答案和详解如下:
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Question 104
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/ J/ u7 Y5 A, }& QThe term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:
1 V5 w6 ]+ d7 q/ g  [% `A)    market segmentation theory.4 _) N# E9 s5 ]% e7 _7 h! P- u
B)   preferred habitat theory.
' _( I% U& \5 N% R& o( `0 Z# }C)   liquidity preference theory.
5 V& G  k1 i, {- ED)   pure expectations theory.
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0 a- v- _; @) h9 m% U7 C' E4 b7 g答案和详解如下:3 O7 j. [8 E4 {$ g# {1 K3 y! m0 ~
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) k# W1 M! W9 ]; m: |Question 105
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$ n. o+ u0 T( p, ?7 [" }1 |An $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:+ `$ t! F. l' V7 E+ a  o0 U9 b
A)    increase by 22.5%.
- a8 J* b' |6 a6 A1 iB)   increase by $4.00., \5 x# K' d/ }% }5 B5 R
C)   decrease by $22.50.
1 h6 @4 Y! Y% V' `: GD)   increase by $34.00.. t+ W8 y! c7 d  }9 M9 B) Z9 C

/ ~5 I/ q' n* V# L. I答案和详解如下:, k& i7 l& P8 d$ E5 x# d
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发表于 2015-7-23 22:12:48 | 显示全部楼层
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发表于 2019-5-14 10:32:09 | 显示全部楼层
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发表于 2019-5-18 14:50:38 来自手机 | 显示全部楼层
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