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2025年CFA《固定收益》模拟试卷
考试时间：______分钟总分：______分姓名：______
一、
Acompanyissuesa5-yearbondwithafacevalueof$1,000andasemi-annualcouponrateof6%.Whatisthepriceofthebondiftheyieldtomaturity(YTM)is5%?
A.$1,024.57
B.$1,000.00
C.$975.40
D.$990.60
二、
WhichofthefollowingstatementsaboutdurationisTRUE?
A.Macaulaydurationmeasuresthesensitivityofabondspricetochangesintheyieldtomaturity.
B.ModifieddurationprovidesamoreaccuratemeasureofpricevolatilitythanMacaulayduration.
C.Abondwithahigherdurationhaslowerinterestraterisk.
D.Durationisunaffectedbychangesinthecouponrateofthebond.
三、
Abondhasayieldtomaturityof4%andadurationof7.5years.Iftheyieldtomaturityincreasesby0.5%,whatistheapproximatepercentagechangeinthebondsprice?
A.-3.75%
B.-4.00%
C.-7.50%
D.-8.25%
四、
Whatistheeffectiveannualyield(EAY)forabondthatpaysasemi-annualcouponof3%ona$1,000facevalue,ifthebondiscurrentlytradingatapriceof$980?
A.3.03%
B.3.06%
C.3.09%
D.3.12%
五、
Abondhasaconvexityof80.Ifthebondspriceiscurrently$1,050anditsmodifieddurationis8.5,whatistheapproximatenewpriceofthebondiftheyieldtomaturityincreasesby0.25%?(Ignorethedurationeffectforthiscalculation.)
A.$1,048.50
B.$1,049.25
C.$1,050.75
D.$1,052.00
六、
Whichofthefollowingisameasureofcreditrisk?
A.Yieldtomaturity
B.Convexity
C.Defaultprobability
D.Macaulayduration
七、
AcompanysbondsareratedBBB-.WhichofthefollowingstatementsismostlikelyTRUE?
A.Thebondshaveaveryhighriskofdefault.
B.Thebondsareconsideredinvestment-grade.
C.ThebondshaveahighercreditspreadthanbondsratedAAA.
D.Thebondsareconsideredspeculative-grade.
八、
Whatisthecreditspreadofabondifitsyieldtomaturityis6%andtheyieldonaTreasurybondwiththesamematurityis4%?
A.1.00%
B.1.50%
C.2.00%
D.2.50%
九、
Whichofthefo
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