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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:
$ s2 a! i' R7 ]! S, hStatement #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.0 Y3 U+ L1 p" h' _3 ?
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.+ N% }* _: R2 _0 I8 ^% O
Are these statements correct or incorrect?
" H+ D% ~* W! L- i       Statement 1      Statement 2
, u& @8 u4 S, X' H) d* mA)    Correct                Incorrect" V# V' }. i6 M1 L
B)   Correct                Correct; e1 M' G: ?  x) d  J
C)   Incorrect          Incorrect
- _2 x3 r- m- J4 D6 fD)   Incorrect          Correct* s5 Y7 `/ f5 G) J4 ?# J

3 H( c& V- o* W' e  C答案和详解如下:' A& P! H6 M) I7 G# b" ^
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Question 1028 }+ ?; d+ m$ c
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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?0 b- Q8 d7 M" i( m3 l
A)    $624.' M3 [; D  L( j; ?# Q0 \
B)   $724.0 H$ X2 |2 J8 G% Z; c
C)   $459.
4 |, W! w* {% G! c6 t2 Y" k' @D)   $574.0 a! Y" Q% H0 r1 z+ ^5 Y: p$ p9 x' p
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答案和详解如下:9 I# O; ]1 [9 _! [  J
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) f# [; `! }$ @& w6 |Question 1035 g  p. A$ _, {
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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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:: E6 ?  Q" U1 Q: b, d1 Z  f
A)    12.25.& h: b  t" `% x5 D. o
B)   8.41.
7 A3 m4 }. |5 W; }C)   7.42.% J2 L- G4 y- y$ D
D)   9.53.  z* V% X, G+ R6 b4 }! {4 Q% P' e6 @
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答案和详解如下:
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! M) A& [$ U0 `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:
( g9 p* {3 K' \) t+ V6 aA)    market segmentation theory./ j: q2 J7 E  Y
B)   preferred habitat theory.5 j; z: }% R. [3 X8 g0 D) Z" C
C)   liquidity preference theory.
2 D4 l# G; U9 A* F" o% y" L1 [D)   pure expectations theory., s9 L0 ^0 R- W, J9 I" \4 m. v# j

; }7 S3 ?; J3 k/ P9 H答案和详解如下:) P4 F4 x5 h  a) C5 q
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Question 105
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/ [$ q3 E0 @& F/ yAn $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:' L& k" }6 W' X; V/ C/ J
A)    increase by 22.5%.8 O' o+ S# I5 i( o( V8 ~
B)   increase by $4.00.7 J2 y; B9 V2 j& D0 ~2 V2 D
C)   decrease by $22.50.
4 y9 j/ A" R. }- Z4 L3 m3 ND)   increase by $34.00.
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+ ^2 G/ [" _) o1 A答案和详解如下:
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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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