CFA Level 1 － 模考试题(1)(PM) Q101-105

catherine

Question 101
! ?7 o! \' V  T/ f
2 {) ~' u8 p2 b8 d) LConsider 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.
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.
4 Q- G9 g& S) ]  S! |' t3 OAre these statements correct or incorrect?
       Statement 1      Statement 2
9 @# z. \8 B3 Z9 V! F7 s9 J7 m& jA)    Correct                Incorrect
B)   Correct                Correct
$ a, H. A, D6 y; f: ]C)   Incorrect          Incorrect
/ s' \+ @" e/ D- u4 a0 DD)   Incorrect          Correct
( S1 j5 h& a' k
  b4 _: K7 Q" e/ v" f答案和详解如下:
+ P# B2 e$ Q' i* D- u

游客，如果您要查看本帖隐藏内容请回复

( C& K* C& b+ j, ?, u5 ^* SQuestion 102
9 o' \0 Y( C+ q0 k2 p# P
7 w7 T& E0 K; m- MJane 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)   $459.
" u) d5 b7 I  o$ S; d" {; hD)   $574.
, @- w& b& r! N, j
* z! d2 Z& T* F2 Z+ a答案和详解如下:

游客，如果您要查看本帖隐藏内容请回复

$ d- w  h; [0 j
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.
B)   8.41.
C)   7.42.
D)   9.53.
$ m. @: Y/ T+ \( ~
2 j/ l% Q, A, x答案和详解如下:

游客，如果您要查看本帖隐藏内容请回复

: j# s/ E# {7 Z7 V2 ?6 L) p
  d6 l, Q% z! XQuestion 104
: l' N+ B+ k" m' m
8 }( _3 f0 Z/ I( N% k& YThe 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.
2 P9 V# i3 P& X& }C)   liquidity preference theory.
2 H& {9 R7 {5 A/ r% C4 lD)   pure expectations theory.

答案和详解如下:

游客，如果您要查看本帖隐藏内容请回复

6 R# I8 t& a  A9 U. ~% h
( \3 X( c+ I" Q# f& J+ k# iQuestion 105

- j# P: k, Z4 h6 u7 m; qAn $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:
) }7 t# b9 G6 ~/ H% ?6 gA)    increase by 22.5%.
B)   increase by $4.00.
: E4 @4 S3 N* a1 c" \C)   decrease by $22.50.
D)   increase by $34.00.

答案和详解如下:
8 r5 S0 {* Y5 ^; [

游客，如果您要查看本帖隐藏内容请回复

Ean

谢谢分享！

fanfan

谢谢分享！

lxyz061524

。。。。。。

hlbt930

99999999999999999999999999999999999999999

ccclrh

888888888888

woohaodelai

wohai efidf a fe