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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 1017 I) k$ D0 H7 _" ~* c

' n  T5 v9 f9 Q( y2 `9 [Consider the following two statements about putable bonds:
3 o' F! D" K" s) G8 f" _2 iStatement #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.
/ {6 O% Z: [: uStatement #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.
; Y) D8 ^4 J: Q9 e9 {. g6 y6 J+ y5 j7 TAre these statements correct or incorrect?8 z% T- e5 s5 d, F
       Statement 1      Statement 24 K: p' n& N" Q2 q
A)    Correct                Incorrect
* K4 L  c- @5 m" [* |. t" u( u- {( \B)   Correct                Correct
6 p- z9 @5 W. W% Z* _  ^C)   Incorrect          Incorrect% X9 J+ p; B- p; A) ^8 R$ C
D)   Incorrect          Correct
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答案和详解如下:# l/ k! V% E4 o1 o$ O5 W8 K. ?
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Question 1022 W6 [3 b9 t5 X/ P5 T

) |* T2 T# u; p5 s) f' F1 l) j2 jJane 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?
  d9 N9 F5 Y3 lA)    $624.
! W5 C; g2 `. J2 w# AB)   $724.
8 d9 N7 j6 M& q- A$ mC)   $459.8 s4 ~; _- D+ }# w8 b
D)   $574.4 x2 A9 u. F- J. F( g
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答案和详解如下:; F' y2 A/ z8 X1 I- a5 d8 }
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Question 103
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3 q( A7 H2 L9 x: c5 A0 EPam 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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:
7 m. f+ L5 ~" P$ W; a; ]A)    12.25.4 W& n9 e" n4 F4 g6 n1 w; B
B)   8.41.0 P# N' e) ~8 C0 T8 ~/ b
C)   7.42.6 p" \1 V% x+ z4 K3 b7 t
D)   9.53.9 V% x4 O' }6 t0 J: M# F( u

9 z: k# o( ]5 ?7 r答案和详解如下:
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Question 104* F! S7 ~" |- U3 G0 g* `3 U+ ^7 X
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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:" Q9 E3 \2 a& ^% x$ \& e
A)    market segmentation theory.
- \3 l# D4 C! r! L% ?. k+ h6 h1 iB)   preferred habitat theory.
! ~" c6 y# Q. w2 o8 s- i8 X& J9 lC)   liquidity preference theory.) d% J* Z, ^8 ~2 M5 x+ ^/ m
D)   pure expectations theory.
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答案和详解如下:
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) F' h6 ^' P9 q& OQuestion 105  K% R6 x2 g8 @9 X/ P" O+ J* w
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An $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:
6 j/ f- ^5 W$ DA)    increase by 22.5%.
/ Q/ k1 Q" U. l7 x9 p! D: c$ aB)   increase by $4.00.+ R" U$ X' f# z7 N; K
C)   decrease by $22.50.8 a% Q9 f+ e( n  u
D)   increase by $34.00.( m3 n4 x- s- `/ b" |
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答案和详解如下:
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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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