CFA Level 1 － 模考试题(1)(PM) Q101-105

catherine

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.
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?
" H+ D% ~* W! L- i       Statement 1      Statement 2
, u& @8 u4 S, X' H) d* mA)    Correct                Incorrect
B)   Correct                Correct
C)   Incorrect          Incorrect
- _2 x3 r- m- J4 D6 fD)   Incorrect          Correct

3 H( c& V- o* W' e  C答案和详解如下:

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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?
A)    $624.
B)   $724.
C)   $459.
4 |, W! w* {% G! c6 t2 Y" k' @D)   $574.

答案和详解如下:

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) f# [; `! }$ @& w6 |Question 103

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:
A)    12.25.
B)   8.41.
7 A3 m4 }. |5 W; }C)   7.42.
D)   9.53.

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.
B)   preferred habitat theory.
C)   liquidity preference theory.
2 D4 l# G; U9 A* F" o% y" L1 [D)   pure expectations theory.

; }7 S3 ?; J3 k/ P9 H答案和详解如下:

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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:
A)    increase by 22.5%.
B)   increase by $4.00.
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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