CFA Level 1 － 模考试题(1)(PM) Q101-105

catherine

Question 101
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6 L% A! @% ?- `2 J! m7 H. t! n& tConsider the following two statements about putable bonds:
$ B' V; b1 a+ k6 rStatement #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.
" H8 S' x* Z3 `8 Z" b  H+ sStatement #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.
Are these statements correct or incorrect?
) `2 D2 @: S5 A       Statement 1      Statement 2
A)    Correct                Incorrect
0 E8 Y. Y  j7 \8 Z8 h3 lB)   Correct                Correct
C)   Incorrect          Incorrect
/ m: R7 E( ]* @8 r8 }; m$ QD)   Incorrect          Correct

答案和详解如下:
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Question 102
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% d; {3 S; v3 s( m" sJane 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?
) V; a3 W4 F, CA)    $624.
B)   $724.
( a* b5 r6 W- a+ o) cC)   $459.
D)   $574.
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答案和详解如下:

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Question 103

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.
9 X, _2 e& t/ }* h/ T4 UB)   8.41.
C)   7.42.
D)   9.53.
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, M2 r! I0 p3 K, p0 \答案和详解如下:

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9 A2 q2 l! \3 d! l% s# VQuestion 104
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; B# h  @9 r  ~, rThe term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:
& s3 d% \( H0 Y9 eA)    market segmentation theory.
- s% U) S7 A% Q$ P: L. _( t/ LB)   preferred habitat theory.
C)   liquidity preference theory.
D)   pure expectations theory.

  R) J$ \, @7 Y答案和详解如下:

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Question 105
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An $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:
5 {' \* {0 |7 d& T3 G& l& y* |/ H: UA)    increase by 22.5%.
# C2 |( _* G* e! u. ]$ KB)   increase by $4.00.
+ m% P* [1 O( }, ZC)   decrease by $22.50.
4 s' ~* h2 u5 r2 A8 V- D7 I9 hD)   increase by $34.00.
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7 L1 P5 _; {5 \4 a- W5 i& x) U答案和详解如下:
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