CFA Level 1 － 模考试题(1)(PM) Q101-105

catherine

Question 101
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Consider the following two statements about putable bonds:
. Z6 a2 J  s4 ^+ U( E6 f! E$ b3 SStatement #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.
) n6 x( M% q; n5 q' h/ QStatement #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.
* z; |( }. k; Z! aAre these statements correct or incorrect?
       Statement 1      Statement 2
A)    Correct                Incorrect
B)   Correct                Correct
C)   Incorrect          Incorrect
* m- P( l+ i5 X9 bD)   Incorrect          Correct

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7 b- y9 s+ d9 n, `8 W6 YQuestion 102
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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?
5 ?; W% x0 p' W2 _6 pA)    $624.
B)   $724.
C)   $459.
D)   $574.

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2 ~; y, q- v( ?! F: M+ K  [) _% `1 rQuestion 103
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' D3 q8 Y6 s' XPam 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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:
) w) H8 R. M6 e: S* HA)    12.25.
B)   8.41.
C)   7.42.
5 M5 `/ @7 {% c4 P1 _) WD)   9.53.
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Question 104
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The term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:
A)    market segmentation theory.
B)   preferred habitat theory.
  {" n: w& I# S" _7 t2 Z0 @' u6 QC)   liquidity preference theory.
( ?% l7 I+ @* V( W6 pD)   pure expectations theory.
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. T, Y3 k/ z$ t5 l. \) G4 YQuestion 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:
A)    increase by 22.5%.
B)   increase by $4.00.
6 Q' p8 H1 u- a* iC)   decrease by $22.50.
) _1 p( S5 ]  |/ _# @/ ID)   increase by $34.00.

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