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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 1012 ~: u2 p1 m# S% r6 J

3 A! h- o# z; w0 h6 pConsider the following two statements about putable bonds:% y( ~/ H% c( X, g; W' {
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.
. U# o# c( A: |Statement #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.) A3 ~. |4 m  N5 E! X$ x
Are these statements correct or incorrect?9 ?8 k# Q7 Z! ]" @: @' p4 Y  l4 R
       Statement 1      Statement 2" f8 K9 N/ g! r
A)    Correct                Incorrect0 h1 o! C) C/ C$ K1 B" G5 Q
B)   Correct                Correct: w# I2 j' G4 c# p
C)   Incorrect          Incorrect0 L( ~' @0 B. C% |/ y6 P
D)   Incorrect          Correct2 {& L  @" {4 H2 k) D8 n

; D( {3 H; h+ m, u% W答案和详解如下:
% l" H" s9 X# f
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Question 1022 t& u3 w. L5 ]5 @# a" N8 \" m

% i/ q7 }- U  |, j; DJane 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?
- c0 d* ^* {5 B* T/ a& ~3 NA)    $624.
4 d4 a4 `% S. c. b3 BB)   $724.9 F$ k, S8 e9 @3 t" x) S
C)   $459.% o$ U" R, y- w; Z8 y; H9 \
D)   $574.5 D* w* c1 ^' b( C

" ?1 P+ z$ O/ ?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:
$ {& u" U; z  j4 C5 X! MA)    12.25.
* V% f2 ?& O% rB)   8.41.* ?1 P4 S  y  ]) D: i2 t1 r, }
C)   7.42./ C  w+ I$ s4 }7 @! ?
D)   9.53.
$ [, c  Y9 e4 e5 `! b4 i( Q; Y7 ~! ^8 {7 s: w7 @+ Y0 M7 B" }/ B
答案和详解如下:
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9 u5 U5 j/ u" p. oQuestion 104/ ~7 H. ?$ N+ x2 Z

* h& _+ H" u& FThe term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:( E: Y$ |% i7 ]# E2 _2 F! [
A)    market segmentation theory.% s0 `  Q$ t4 j4 O" v
B)   preferred habitat theory.
; \# c5 h6 K2 k0 YC)   liquidity preference theory.# U4 _6 R' B8 {+ `  G4 w* \+ P
D)   pure expectations theory.+ y7 \% m2 q$ K

. C8 f9 U& x2 d$ R& V% x+ m答案和详解如下:/ k8 n* `# J& S9 g) E: G& c: H
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) e- t5 n9 y3 BQuestion 105
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  H3 K( `7 V* @& W$ A4 j% qAn $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:* _* C9 s2 L( a3 E1 e
A)    increase by 22.5%." K5 Z0 J% L" c0 a% x/ J7 S
B)   increase by $4.00.
2 D* u7 Q( u8 Y5 y" G! pC)   decrease by $22.50.4 P( p8 \- m* s* ]; X
D)   increase by $34.00.
* V: H4 ?" C  p6 V3 P" d, t, e0 P4 E' Z; M
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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