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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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" Q6 g. W0 C7 g; i' w( m' ^Consider the following two statements about putable bonds:
4 f* W" d% n' i" ~0 G1 C, wStatement #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.3 p: M1 z( F+ v& x7 O
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.
% ?! \- j$ @9 J8 o# j% F4 iAre these statements correct or incorrect?* n" o! Z  g' h4 v
       Statement 1      Statement 2
9 w! z7 P7 d8 A1 i5 vA)    Correct                Incorrect5 b4 [8 B9 F8 E6 m+ e0 i( I/ s5 f- D
B)   Correct                Correct
( M2 v) y1 E2 j: h2 t) sC)   Incorrect          Incorrect
5 u; o' Z6 G, F9 M0 r! G7 MD)   Incorrect          Correct4 J  S. I9 A% S/ F# C

4 A7 u9 N2 \. o& F* `$ W" j答案和详解如下:
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. ?  B7 g- d' E- p) |Question 1028 n8 U% |6 T* o
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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?
% N) L: V) a: t( w3 k; ~3 m; ?6 ]A)    $624.! r7 n0 ], j  u- R  K/ z- g4 Q
B)   $724.# }: A4 y- m7 N- s3 D" ]
C)   $459.
5 n/ R: Z' C' `5 Q% QD)   $574., r) p! T, d5 h3 A$ b$ B
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答案和详解如下:
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$ W; S- V3 u& Y" s. _9 X- H  }2 CQuestion 1031 }# M/ @& Z' w9 F6 R( m0 Y; h

4 E& R! B, n8 ]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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:
- N; z/ V, h9 Q! J: f3 d8 K! PA)    12.25.
& |9 Z2 S. w9 i8 cB)   8.41.
2 L0 M7 m" H+ O  \$ A1 UC)   7.42.7 H. y3 D5 ~! \* T5 S0 s
D)   9.53., M1 `* e$ ]3 ~( v" w
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答案和详解如下:8 E. x: y. ?$ `2 V0 |9 D/ m
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; B& I1 L; ~) R( V1 @0 YQuestion 104. H" k( s, a/ ^

# j3 ]! \+ f* }4 bThe term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:
; {2 [- X7 G% F" ^" R2 d& _  I1 SA)    market segmentation theory.
- I' k6 A4 e# y1 w. a3 iB)   preferred habitat theory.
0 ]* f/ N7 d+ N0 r8 h: ?+ U! T7 JC)   liquidity preference theory." m6 a0 ?- N! e& U
D)   pure expectations theory.
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答案和详解如下:
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Question 105
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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:: y. x3 s* T- h! y8 S
A)    increase by 22.5%.3 ~- S) z) X7 P/ X6 B0 d
B)   increase by $4.00.
: c7 @, i: O' c- o, [; `C)   decrease by $22.50.
* ]$ f+ W- C- z1 z8 \  f; _D)   increase by $34.00.. `9 J4 q( W' a4 Y4 U- T, Y: w

7 @  r8 x$ I1 b7 f! N( [/ N答案和详解如下:6 m& M3 Z, g+ i- ^- A* T+ L
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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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