CFA Level 1 － 模考试题(1)(PM) Q101-105

catherine

Question 101
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: a/ a" K) e' k  s  p( k+ WConsider the following two statements about putable bonds:
  _! N6 t: ]! r$ K1 CStatement #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.
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.
Are these statements correct or incorrect?
       Statement 1      Statement 2
A)    Correct                Incorrect
" a; }) G  T* f% m5 u+ H5 n  wB)   Correct                Correct
# @6 Y$ v$ _; X- n+ e' [9 J/ U4 mC)   Incorrect          Incorrect
D)   Incorrect          Correct

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" }) H5 s& Q! s8 }3 a; }* NQuestion 102

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.
B)   $724.
C)   $459.
D)   $574.
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+ k4 s/ E4 A2 ^) X2 |" c$ U2 K' Y8 h答案和详解如下:
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5 M1 Z9 }# o$ T' G( u* y2 V; fQuestion 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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:
0 n: a  ]" r2 D# z$ g1 k  b! E2 mA)    12.25.
# Z8 y! y! ~' a; J" ?; mB)   8.41.
0 N. y# e# `  vC)   7.42.
D)   9.53.
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答案和详解如下:
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& f( d) {) r3 HQuestion 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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: F; O$ W5 \% y) u$ ?. z- ]答案和详解如下:

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Question 105

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%.
/ ~; N" l8 {3 R% aB)   increase by $4.00.
9 X' _  R5 ~5 ]- H5 r+ ?6 v/ LC)   decrease by $22.50.
D)   increase by $34.00.

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Ean

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