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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:
0 m$ w  `* ^4 ]3 mStatement #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.
, v  j+ `. M8 D8 B1 C2 {8 \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.
0 _: e+ g) m& w6 o- z1 PAre these statements correct or incorrect?" Y- ^' K9 e% \8 D: x
       Statement 1      Statement 2
/ Z9 |; o% H" U0 W& ^4 HA)    Correct                Incorrect
, J" Z( t+ s5 qB)   Correct                Correct; x8 `2 h9 j$ C5 R
C)   Incorrect          Incorrect
( e" p: {! v( jD)   Incorrect          Correct+ [" r8 f. d$ J: ]& D" B
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答案和详解如下:# g" L. L) x7 d9 N
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; O- I, [" s; q7 @6 T: }8 _5 l9 {8 eQuestion 1020 x  v% q$ f# i) h% R- `

; ?# F0 ?% M: @% B* R& YJane 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?
% `9 S/ S" @' N7 F' y  Q# pA)    $624.: x- w8 H. R* Y  V" o* u2 E* w
B)   $724.
9 }$ L3 \- l, V1 s$ l3 F9 o$ Z1 uC)   $459.& q. t, s# C. _% C
D)   $574.
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0 _$ Q- V: n) U2 s答案和详解如下:
2 D4 c9 x2 j/ S  w" d
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Question 103  q3 W% s- _& o" Z
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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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:/ z2 O5 W' ?0 F) ~5 B# a3 A- C
A)    12.25.# N( P! ^& t* e$ E; y. m5 F0 T
B)   8.41.3 N$ N9 M# r" k- H% Y+ P, g/ \  q% O
C)   7.42.# B9 `1 U& z- m
D)   9.53.0 p& h7 K7 ]6 Y% [

. z# q5 ]/ u; x# R% L" h  @6 l答案和详解如下:/ |6 Q3 r; [5 i1 D$ A7 S
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Question 104$ p$ @5 d( S5 f8 R4 K
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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:
; a& C+ M* K$ P" MA)    market segmentation theory.
( O: F$ c, M; V5 ^6 iB)   preferred habitat theory.
) x+ G9 y7 I" G' y7 n/ zC)   liquidity preference theory.
, Q5 q0 Y' r. R8 {" }D)   pure expectations theory.
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答案和详解如下:
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Question 1053 p% ^8 w% _) E0 {% k
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An $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:
; Q/ F) T& B7 k0 M$ }7 BA)    increase by 22.5%.4 w7 L: h$ V' q# L3 R: \/ S9 [
B)   increase by $4.00., A" [9 l  \5 E- L/ i7 l1 W
C)   decrease by $22.50.
, P/ K5 u, V( B% X% R/ AD)   increase by $34.00.6 x7 r6 ]0 d) @* ~! C* K# z. F9 @

2 }% L$ j$ Q. ~5 @% I7 K答案和详解如下:* A9 M0 ~! u) m& w+ ]; x
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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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