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2021年CFA考试《CFA一级》章节练习题精选
帮考网校 2021-05-14 09:45
2021年CFA考试《CFA一级》章节练习题精选

2021年CFA考试《CFA一级》试题共240题,均为单选题。帮考网为大家整理了Fixed Income Investments5道练习题,附答案解析,供各位小伙伴备考练习。

1、A 5-year floating-rate security was issued on January 1, 2006. The coupon rate formula was 1-year LIBOR + 300 bps with a cap of 10% and a floor of 5% and annual reset. The 1-year LIBOR rate on January 1st of each year of the security’s life is provided in the following table:

During 2010, the payments owed by the issuer were based on a coupon rate closest to:【单选题】

A.4.5%.

B.5.0%.

C.6.5%.

正确答案:B

答案解析:“Features of Debt Securities,” Frank J. Fabozzi, CFA

2011 Modular Level I, Vol. 5, p. 326-328

Study Session 15-61-b

Describe the basic features of a bond, the various coupon rate structures, and the structure of floating-rate securities.

B is correct because LIBOR + 300 bps at the reset date equals 1.5% + 3.00% = 4.5%, which is below the floor of 5.00% so the coupon rate will be equal to the floor.

2、An investor who has a 42% marginal tax rate is analyzing a tax-exempt bond that offers a yield of 3.74%. The taxable-equivalent yield of the bond is closest to:【单选题】

A.5.31%.

B.6.45%.

C.8.90%.

正确答案:B

答案解析:“Understanding Yield Spreads,” Frank J. Fabozzi, CFA

2011 Modular Level I, Vol. 5, pp. 464-465

Study Session 15-64-i

Calculate the after-tax yield of a taxable security and the tax-equivalent yield of a tax-exempt security.

B is correct because the tax-equivalent yield of a tax-exempt security is

3、An analyst does research about real estate investment and gathered the followingannual information about a real estate investment:

If the property above is valued at $3 925 000 based on the income approach, thecapitalization rate is closest to:【单选题】

A.8.8%

B.12.1%

C.15.8%

正确答案:B

答案解析:在收入法之下,appraisal price = NOI/market cap rate,因而有:

$3 925 000 = $475 000/market cap rate,得出market capitalization rate = 12.1%.

4、Duration is most accurate as a measure of interest rate risk for a bond portfolio when the slope of the yield curve:【单选题】

A.increases.

B.decreases.

C.stays the same.

正确答案:C

答案解析:“Risks Associated with Investing in Bonds,” Frank J. Fabozzi

2012 Modular Level I, Vol. 5, pp. 359–363

Study Session 15-54-g

Describe yield-curve risk, and explain why duration does not account for yield-curve risk.

C is correct because duration measures the change in the price of a portfolio of bonds if the yields for all maturities change by the same amount; that is, it assumes the slope of the yield curve stays the same.

5、An analyst does research about tax-exempt bonds.An investor with 28% marginaltax rate purchase a tax-exempt bond yielding 3.5%.The investor\\\\\\\\\\\'s taxequivalentyield is closest to:【单选题】

A.2.52%

B.4.86%

C.12.50%

正确答案:B

答案解析:设税收等同收益率(tax-equivalent yield)为 X,则 X × (1 - 28% ) = 3.5%,算出 X =4.86%。

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