CFA Level 1 － 模考试题(1)(PM) Q101-105

catherine

Question 101

! J* F$ I( e8 {4 ~0 |$ XConsider the following two statements about putable bonds:
9 s' i  K' W, H. }) C4 R+ h# m" L7 ~+ p4 `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.
% i5 ?( K  G6 y8 w1 SStatement #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?
" h8 E$ V% d0 [  }! _       Statement 1      Statement 2
A)    Correct                Incorrect
6 B( }" l) \; Z; O+ Q, M. a- J2 gB)   Correct                Correct
C)   Incorrect          Incorrect
D)   Incorrect          Correct
4 r/ y& o* c2 T" ]- W! n9 S
# ^6 o( O3 L" Z- s2 V+ l- K8 C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 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.
D)   $574.

$ j+ ]2 R" n5 E) o( q5 K7 y) [答案和详解如下:
+ n* T' M3 J0 u6 s4 b! y

游客，如果您要查看本帖隐藏内容请回复

Question 103
( b1 h2 R1 _  X" _
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:
4 O0 i% Q! ~( N# F0 IA)    12.25.
6 d, Z, X* k. G  CB)   8.41.
C)   7.42.
0 i2 ~5 Y7 o% jD)   9.53.

答案和详解如下:

游客，如果您要查看本帖隐藏内容请回复

. X" x3 O. l3 M3 P: }
Question 104
1 g3 p9 E+ x+ U5 a' l! C
0 ]- c$ S: m3 i1 @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.
  H+ g6 k% _9 Y1 v6 T9 x+ zB)   preferred habitat theory.
% @# \0 O! e) b1 e/ YC)   liquidity preference theory.
D)   pure expectations theory.

3 l6 d( F* V# L' r$ n$ O( N* i: }答案和详解如下:

游客，如果您要查看本帖隐藏内容请回复

; m% H% K. {) Q! s, H( g& Q5 a) G7 T
( U; f8 C8 l* Z) {2 {. dQuestion 105

An $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.
" Z2 Z( M5 ^1 J# O) c- y2 DC)   decrease by $22.50.
; t/ x! ?, M) G- }, S+ X6 oD)   increase by $34.00.

答案和详解如下:
% h( @) G' z( Y+ G7 u$ A

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