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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 101( ~8 v, b! Q" c0 ^
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Consider the following two statements about putable bonds:: |8 p6 n% w* ~; j
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.
- h+ \3 {8 `# G3 z  Y7 FStatement #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.
2 X, l& v) k8 x+ Z* i6 K4 sAre these statements correct or incorrect?
2 g  p9 P7 j0 E* m" t       Statement 1      Statement 2" ^: |  Z5 w" ^- A0 u
A)    Correct                Incorrect
# r. g! b" b. _B)   Correct                Correct7 Q0 B1 C2 ^4 U
C)   Incorrect          Incorrect
8 ]$ F* ]3 p/ P( H; w; V! HD)   Incorrect          Correct
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) i3 Q2 |, c3 e答案和详解如下:
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Question 102
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3 I: w. J* W: S( }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?4 M, Q; l# e+ d" v1 A2 B' x% N( X
A)    $624.
; {" g- F/ Y! T# Z3 p2 y. V. SB)   $724.
9 E! l/ l  p" R. L$ hC)   $459.( E9 x; g! X. A
D)   $574.! J. ?7 V' @8 r. L' J9 u( q
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答案和详解如下:& c: o8 |% G+ L# d/ {+ j
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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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:* t2 k8 j% ~6 ?9 F4 [8 R, @5 K
A)    12.25.3 V0 l  S- M+ ?4 N
B)   8.41.# e. ^  {5 _7 {& l4 w  M
C)   7.42., i! D4 p, R' F4 R. N4 Q* y. j  K, C
D)   9.53.0 O/ y1 [3 \$ c! U1 V
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答案和详解如下:; X5 n( {8 C( H3 ]% E
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Question 104
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The term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:* k6 q# o" B& j, a( i* B1 v! E1 m
A)    market segmentation theory.
" ~  l& W1 C6 s5 K$ B: jB)   preferred habitat theory.
' g! g7 }3 }& f5 r% T/ L0 @1 j* Z7 gC)   liquidity preference theory.
) x9 A6 A, v5 ~! Q! p! [D)   pure expectations theory./ \! |" H2 [( M; R- e7 e0 i6 f: u: ^
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答案和详解如下:% q9 I( s' u- b! d: H
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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:
4 J; D5 E* z: E. W* wA)    increase by 22.5%.5 D1 ^( [+ D; z0 S6 Z# r1 K2 L
B)   increase by $4.00.
4 o9 L# ?0 @* Z" N$ m, WC)   decrease by $22.50.2 L! Q5 ^" }% M7 j
D)   increase by $34.00.
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答案和详解如下:8 x/ ~/ j% T; Z& Z+ Z+ n: W
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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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