CFA Level 1 － 模考试题(1)(PM) Q101-105

catherine

Question 101

Consider 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.
7 N+ J7 l4 h" \: b$ U: F: UStatement #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
B)   Correct                Correct
+ {2 _' e3 D, A+ T: e0 D$ sC)   Incorrect          Incorrect
D)   Incorrect          Correct

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Question 102
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, X4 d7 p3 K9 q0 E& M0 jJane 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)   $459.
3 c# F: t3 Q2 W$ c& y& ]# [D)   $574.

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:
A)    12.25.
B)   8.41.
C)   7.42.
+ J) g/ o! }. S# yD)   9.53.

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7 d/ s0 k6 t+ q7 C. qQuestion 104
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$ |% R+ R: q) c: V# ^9 F  b2 u+ KThe 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.
1 @, m! {7 ?) a- K0 g! n- r4 |B)   preferred habitat theory.
9 p0 u9 Q# A( y- y; s/ N2 U8 A, F' [) GC)   liquidity preference theory.
! v9 \& N6 t( C9 y: G/ SD)   pure expectations theory.

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Question 105
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  q/ f, z- e9 n* eAn $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%.
  S& M, Q2 I! o5 @  i# vB)   increase by $4.00.
C)   decrease by $22.50.
- B: v+ f- h7 K# h* fD)   increase by $34.00.
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