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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+ P% C: z2 w5 @: `6 t
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Consider the following two statements about putable bonds:1 X5 `& x2 S2 X5 Z5 h4 `" S1 ]: L
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.
0 q3 Z; R/ c9 r; y1 ?' ^( W% zStatement #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.
+ ]/ a% D8 S8 V# f9 K* kAre these statements correct or incorrect?
& R3 ~8 V4 Y9 m7 x  J( q       Statement 1      Statement 2" i3 l8 Z" z& h, t; O
A)    Correct                Incorrect8 A! y+ P- D+ s: @: d& @/ |
B)   Correct                Correct6 D& j, v$ d2 ]. C6 P9 }
C)   Incorrect          Incorrect
+ Q7 f% O+ z* z; ?& _D)   Incorrect          Correct# A7 t( l0 `0 r' R" E

+ R1 k; X1 R/ o/ Z( V& f答案和详解如下:- t; h* l+ s4 X: x
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Question 102
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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?, ?& r: H0 N$ J- b: {- s3 E6 q
A)    $624.0 R" k9 M' i! N+ |7 [
B)   $724.* y" J: q: _0 Y, d4 z5 g# t
C)   $459.
. d7 o& t7 X5 \3 J" hD)   $574.
2 Q, q% R2 X$ G. h9 c% r- Q# m+ l5 H7 d: O/ u
答案和详解如下:
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Question 103! h) W6 [- Q( w
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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 $1,076.50 to yield 8.11%. If the yield changes by 25 basis points, the effective duration of this bond is closest to:
% u! |6 Q. h' m. HA)    12.25.
+ \4 G) Z" `% E- c/ {/ rB)   8.41.) M. e8 D+ Z- ], Y) e# I
C)   7.42.# y. v' q. |) O3 g. ^. {1 d4 O
D)   9.53.
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% z/ I1 U# J% v0 \; \5 x答案和详解如下:
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# d9 C: Y5 O$ t0 m# A1 |/ xQuestion 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:2 B2 c& r: b4 Y4 `1 e( j3 Y
A)    market segmentation theory.
2 r& U) H$ F! g; Q  X5 mB)   preferred habitat theory.2 _, l( X& ]+ q0 [) G. R
C)   liquidity preference theory.
; }% u/ r! Y7 K' `, Z. y; jD)   pure expectations theory.! i+ i& V' [- r) C

( S1 e6 @. D0 ^3 t* d* Y/ u: m0 t7 Q答案和详解如下:
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5 Q/ ?& D' ]0 R, ]6 nQuestion 1057 t6 j$ t( n( S0 Z' o' h8 s$ V

) f/ T, @$ R" h- vAn $850 bond has a modified duration of 8. If interest rates fall 50 basis points, the bond's price will:
/ O! Z9 P+ A$ Q2 {' {' X4 b2 G4 oA)    increase by 22.5%.
0 Y# |  V1 x& u: a6 eB)   increase by $4.00.
7 j6 S# j9 `1 F* }0 F, ~C)   decrease by $22.50.
; _3 O/ s* p* ^$ E5 E8 uD)   increase by $34.00.$ U$ {9 b7 g: D! j5 q+ C+ x

' ]5 S# \2 P9 c& T答案和详解如下:& u$ ]. ]+ q4 r# A5 J/ B
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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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