CFA Level 1 － 模考试题(1)(PM) Q101-105

catherine

Question 101
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) K" G+ `0 S: G  v" YConsider the following two statements about putable bonds:
$ a# E# \" A* Y* gStatement #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.
  J7 a8 r; g; w: f$ aStatement #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.
1 I' g* f+ ]2 k# iAre these statements correct or incorrect?
       Statement 1      Statement 2
A)    Correct                Incorrect
B)   Correct                Correct
' Y) ]. Q3 c& g/ Y  MC)   Incorrect          Incorrect
D)   Incorrect          Correct
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! v( z6 j. b0 A答案和详解如下:

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2 Y! M+ q# @5 [4 X; ?Question 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?
A)    $624.
0 Y- ~' x. Q1 H) a. l  _4 rB)   $724.
C)   $459.
D)   $574.

6 m" f& n2 k1 M. ^8 j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:
; h1 h- z" ^) r6 s0 FA)    12.25.
B)   8.41.
$ c" w% G/ r" c, PC)   7.42.
D)   9.53.

3 u+ M) J9 r* i3 T; b4 U7 b答案和详解如下:
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9 c# @* Q1 l, _" u# S( S! S9 w* \  VQuestion 104

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.
C)   liquidity preference theory.
D)   pure expectations theory.
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9 Y. c8 G1 i- ^% V' @/ T答案和详解如下:

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Question 105

# |5 c& `  d' q8 u: Z% L/ iAn $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%.
# d1 W( }) H% i9 x6 }+ l* Y) p, gB)   increase by $4.00.
C)   decrease by $22.50.
D)   increase by $34.00.

答案和详解如下:
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