掃碼下載APP
及時接收最新考試資訊及
備考信息
學習是一個不斷積累的過程,每天學習一點,每天進步一點!為了幫助大家更高效地備考2021年CFA考試,正保會計網校每日為大家上新CFA習題供大家練習。讓網校與您一起高效備考2021年CFA考試,夢想成真!
Questions 1:
An investor purchases an option-free bond paying an annual coupon rate of 10% and maturing in 10 years at its par value of $100. The investor sells the bond after seven years, receiving a total of seven coupons over this period. Assume that the coupons are reinvested at an annual interest rate of 8% over the investor’s holding period. The future value of the reinvested coupon payments at the end of the investor’s holding period is closest to:
A、 70.00.
B 、75.90.
C 、89.23.
Questions 2:
Which of the following statements is least accurate regarding the factors that affect the interest rate risk characteristics of an option-free bond?
A、 The lower the coupon rate, the greater the bond’s price sensitivity to changes in interest rates.
B、 The higher the yield, the greater the bond’s price sensitivity to changes in interest rates.
C、 The longer the bond’s maturity, the greater the bond’s price sensitivity to changes in interest rates.
C is correct. The future value of the reinvested coupon payments is computed as follows: 10(1.08)6 + 10(1.08)5 + 10(1.08)4 + 10(1.08)3 + 10(1.08)2 + 10(1.08)1 + 10 = 89.23 A is incorrect because it computes the future value of the coupon payment by just adding them up. 58 2019 Level I Mock Exam AM B is incorrect because it uses a reinvestment rate of 10% and a coupon payment of 8.00, as follows: 8(1.10)6 + 8(1.10)5 + 8(1.10)4 + 8(1.10)3 + 8(1.10)2 + 8(1.10)1 + 8 = 75.90
B is correct. Option-free bonds have positive convexity. The higher the yield to maturity, the lower the duration (and thus the lower the interest rate risk). A is incorrect because bonds with longer maturities have higher interest rate risks. C is incorrect because bonds with lower coupon rates have higher interest rate risks.
成功=時間+方法,自制力是這個等式的保障。世上無天才,高手都是來自刻苦的練習。而人們經常只看到“牛人”閃耀的成績,其成績背后無比寂寞的勤奮。小編相信,每天都在勤奮練習,即使是一點點的進步,大家一定可以成為人人稱贊的“牛人”。
Copyright © 2000 - m.electedteal.com All Rights Reserved. 北京正保會計科技有限公司 版權所有
京B2-20200959 京ICP備20012371號-7 出版物經營許可證 京公網安備 11010802044457號
套餐D大額券
¥
去使用 主站蜘蛛池模板: 日韩激情视频 | 国产精品久久久久久久久免费 | 亚洲一区二区精品在线 | 男人的天堂亚洲 | 农村黄性色生活片 | 深夜福利视频一区二区 | 久久久久伊人 | 亚洲a级黄色| 亚洲综合色婷婷 | 一区久久 | 久久久亚洲精品视频 | 精品在线一区二区三区 | 精品一区一区三区新区乱码 | 视频精品久久 | 亚洲欧美中文日韩在线v日本 | 另类在线 | 九九九九九依人 | 99精品一区二区三区 | 黄色网页大全 | 欧洲一区二区在线 | 色偷偷青青草 | 欧美性一区二区三区 | 亚洲国产精品自拍 | 亚洲成人av在线播放 | 毛片在线免费播放 | av簧片| 在线观看成人网 | 久久久www成人免费无遮挡大片 | 免费日韩一区二区三区 | 爱爱小视频网站 | 精品国产免费久久久久久尖叫 | 日韩免费视频在线观看 | 亚洲www| 国产中文字幕一区二区三区 | 精品久 | 色综合2| 国产一区二区三区在线视频观看 | 日韩a一级 | 99精品视频在线观看免费 | 日韩精品区 | 男女网站在线观看 |