CFA Level 1 － 模考试题(1)(PM) Q101-105

catherine

Question 101

& k" J+ }; O2 y3 D* s- [7 m; wConsider 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?
/ J6 U  \/ V; p2 k8 B0 x       Statement 1      Statement 2
A)    Correct                Incorrect
: [' l8 K( j: e: G, }B)   Correct                Correct
C)   Incorrect          Incorrect
D)   Incorrect          Correct
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答案和详解如下:
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5 D4 [4 k7 a. TQuestion 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?
5 T/ J) G5 j6 x+ \; |& V4 I8 r# aA)    $624.
! C% e0 D6 S: @1 k$ |B)   $724.
- H& \9 P- N, o5 R- x; A2 cC)   $459.
D)   $574.
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答案和详解如下:
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1 p  G1 _5 X3 Z; k, v$ \$ f. qQuestion 103

, G2 Q  {/ D' v5 y7 Q9 ~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:
0 t9 F( I9 j0 o0 JA)    12.25.
B)   8.41.
; d) G6 A: N4 X% d/ yC)   7.42.
D)   9.53.

答案和详解如下:
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/ c$ i8 D1 O* l
1 `" g8 U* G8 kQuestion 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:
" v$ k7 P: I5 J" }7 k+ G4 IA)    market segmentation theory.
B)   preferred habitat theory.
3 J5 s! w* `1 }+ PC)   liquidity preference theory.
5 P; r6 E4 E/ m5 w/ l* @D)   pure expectations theory.
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答案和详解如下:

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Question 105

, o/ ?3 H% N. f* tAn $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:
( D* w- T$ N) C; L3 [- Z- JA)    increase by 22.5%.
B)   increase by $4.00.
C)   decrease by $22.50.
D)   increase by $34.00.
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; J% l- w4 l' U+ U! o+ ?: T6 B2 p, k答案和详解如下:
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