2025年CFA《固定收益》练习卷.docxVIP

2025年CFA《固定收益》练习卷

考试时间：______分钟总分：______分姓名：______

一、

Acompanyhasabondissueoutstandingwithafacevalueof$1,000andan8%annualcouponrate,payablesemi-annually.Thebondhas5yearsremainingtomaturity.Themarketyieldtomaturity(YTM)is7%.Whatistheapproximatepriceofthebond?

A)$1,050

B)$1,020

C)$980

D)$950

二、

Whichofthefollowingstatementsabouttherelationshipbetweenabondspriceanditsyieldtomaturity(YTM)iscorrect?

A)ThereisaninverserelationshipbetweenabondspriceanditsYTM.WhentheYTMincreases,thebondspriceincreases.

B)ThereisadirectrelationshipbetweenabondspriceanditsYTM.WhentheYTMdecreases,thebondspricedecreases.

C)ThereisaninverserelationshipbetweenabondspriceanditsYTM.WhentheYTMincreases,thebondspricedecreases.

D)TherelationshipisunpredictableandcanvarybasedonthebondscouponraterelativetotheYTM.

三、

Abondhasadurationof4.5years.Ifthemarketinterestrateincreasesby1%,whatistheapproximatepercentagechangeinthepriceofthebond?

A)+4.5%

B)+3.0%

C)-4.5%

D)-3.0%

四、

Whichofthefollowingstatementsbestdescribestheconceptofconvexityforabond?

A)Convexitymeasuresthesensitivityofabondspricetochangesinitsyieldtomaturity.

B)Convexityisthesecondderivativeofthebondprice-yieldrelationshipandindicatesthecurvatureofthatrelationship.

C)Convexityisthesameasdurationandprovidesthesamepercentageestimateofpricechangeforagivenyieldchange.

D)Convexityonlyappliestobondswithembeddedoptions.

五、

Abondissellingatadiscount.Whichofthefollowingstatementsismostlikelytrue?

A)Thebondscouponrateisequaltoitsyieldtomaturity.

B)Thebondscouponrateisgreaterthanitsyieldtomaturity.

C)Thebondsyieldtomaturityisgreaterthanitscouponrate.

D)Thebondspriceisexpectedtoincreaseovertimeasitapproachesmaturity.

六、

Whatistheapproximatemo