CFA Level 1 － 模考试题(1)(PM) Q101-105

catherine

Question 101
- G9 R" M9 W/ X/ @" M& {
Consider 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?
       Statement 1      Statement 2
A)    Correct                Incorrect
# g  z2 l  m% f' J4 v9 {B)   Correct                Correct
C)   Incorrect          Incorrect
D)   Incorrect          Correct

答案和详解如下:
/ ~- r3 `4 E- v

游客，如果您要查看本帖隐藏内容请回复

, i* p5 p& _2 D  G! |/ C0 r* |  g" I
Question 102
. Z8 U9 x8 W) }: e) E
4 L* Q/ k9 t% l" Z! V3 IJane 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.
; ^8 M) k1 m; G3 D8 [" DB)   $724.
; O: A) H* V8 pC)   $459.
D)   $574.

" B9 o3 _5 D5 v, a0 s答案和详解如下:
7 g8 n5 t' ~' f2 W; [! K

游客，如果您要查看本帖隐藏内容请回复

# \& L. K: U: p; O% _. qQuestion 103

7 L4 K6 c# }7 l3 q) |& D3 ~9 Z& [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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:
A)    12.25.
B)   8.41.
3 O$ `  v3 z5 p, R' ^C)   7.42.
D)   9.53.

4 m# u3 |9 \4 i5 s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 104

% A, F1 l1 G1 _% _8 i- lThe 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.
B)   preferred habitat theory.
* {$ A  p( V% e) KC)   liquidity preference theory.
, J# ~: T: d* F5 N" T8 ~8 B1 GD)   pure expectations theory.
+ [' N/ v4 t4 {; I0 P! ?  t
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 105

2 p4 P$ o- W' `, UAn $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.
D)   increase by $34.00.
) o9 t9 U' f! G7 ^
2 E! o6 s6 X+ a. `( ^6 m答案和详解如下:

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