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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 1014 }' U2 W% ~. ?# E
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Consider the following two statements about putable bonds:' w( x4 w* X. B9 s
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.1 o: {& U5 J$ e% M. g- R8 @
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.7 f/ p  p3 U, o& Y+ F
Are these statements correct or incorrect?
5 G" u* g% v4 H. T       Statement 1      Statement 29 }, z& y: M7 A8 Q, H1 ?
A)    Correct                Incorrect
- P9 B6 {( Q9 ?8 u; u4 b$ iB)   Correct                Correct5 `' C6 [  z* @# }: S& ^
C)   Incorrect          Incorrect+ m, M! s# {& B7 R
D)   Incorrect          Correct5 L: @, k" b& V
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答案和详解如下:
6 q5 J, D$ O) ^8 d7 w% c1 A, s$ n
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9 v% Y( z" I0 A  j1 R" O; F- YQuestion 102- n2 u: D' i+ f* z$ y
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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?3 n5 d% @8 h- b. ~8 Z0 C; B
A)    $624.4 H6 E. I4 v! e' `
B)   $724.9 ~4 c' |' {  p; `! D4 Q; D7 |- d
C)   $459.# A; {8 L& b0 G1 [. a" M7 U! H- ]
D)   $574.
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& V1 q" h  Z3 A5 U( n6 [( r# s5 d答案和详解如下:
* F3 Z0 V5 W3 I  f
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Question 103+ Y' w- a, b8 \
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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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:
0 Z, C3 \+ t% ?3 `" DA)    12.25.
+ |* N& p/ K8 B0 e! g* G/ @1 r, U  ~B)   8.41.0 `* A1 T  o0 K) C2 s/ y  _# s  X
C)   7.42.$ j" y$ l" L/ m* m  K; i
D)   9.53.
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! R' x, [. {( G$ U7 M! \" L6 N答案和详解如下:
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Question 104
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5 i% P) H5 u+ L' PThe term structure of interest rate theory that says long-term maturities have greater market risk than shorter maturities is called the:- E# v% D/ k: g; k: y( u
A)    market segmentation theory.
' u$ R+ V5 S) N& c& FB)   preferred habitat theory.# b/ i4 ~' y  d$ C$ R, J
C)   liquidity preference theory.& |) X8 ^0 O5 Z5 T* e$ P1 g5 Y
D)   pure expectations theory.
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答案和详解如下:
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9 z  S  m' a) [( _( M. G- i5 UQuestion 105
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+ ?7 S$ ?4 p0 @6 NAn $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:
8 J$ h' b, e2 m! H! Z5 o: T  _) ]A)    increase by 22.5%.( }( O" g7 N# ?
B)   increase by $4.00.
% J% W8 k; H5 U: |* aC)   decrease by $22.50.
8 s. R4 ]" e7 S6 JD)   increase by $34.00.
( [- R6 O# }) U$ w8 N9 y& S, Q7 S8 \6 A
答案和详解如下:$ C3 Z  ^# x; t6 c2 i. ]
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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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发表于 2019-5-18 14:50:38 来自手机 | 显示全部楼层
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