CFA Level 1 － 模考试题(1)(PM) Q101-105

catherine

Question 101

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.
- h+ \3 {8 `# G3 z  Y7 FStatement #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.
2 X, l& v) k8 x+ Z* i6 K4 sAre these statements correct or incorrect?
2 g  p9 P7 j0 E* m" t       Statement 1      Statement 2
A)    Correct                Incorrect
# r. g! b" b. _B)   Correct                Correct
C)   Incorrect          Incorrect
8 ]$ F* ]3 p/ P( H; w; V! HD)   Incorrect          Correct
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) i3 Q2 |, c3 e答案和详解如下:
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Question 102
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3 I: w. J* W: S( }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?
A)    $624.
; {" g- F/ Y! T# Z3 p2 y. V. SB)   $724.
9 E! l/ l  p" R. L$ hC)   $459.
D)   $574.

答案和详解如下:

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Question 103
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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:
A)    12.25.
B)   8.41.
C)   7.42.
D)   9.53.

答案和详解如下:

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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.
" ~  l& W1 C6 s5 K$ B: jB)   preferred habitat theory.
' g! g7 }3 }& f5 r% T/ L0 @1 j* Z7 gC)   liquidity preference theory.
) x9 A6 A, v5 ~! Q! p! [D)   pure expectations theory.

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:
4 J; D5 E* z: E. W* wA)    increase by 22.5%.
B)   increase by $4.00.
4 o9 L# ?0 @* Z" N$ m, WC)   decrease by $22.50.
D)   increase by $34.00.
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答案和详解如下:

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