2022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 floｏｒof 5% ａｎｄ annual reset. The 1-year LIBｏｒrate 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 reｓｅｔdate equals 1.5% + 3.00% = 4.5%, which is below the floｏｒof 5.00% so the coupon rate will be equal to the floor.

2、An investｏｒwho 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 fｏｒa 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 fｏｒyield-curve risk.

C is correct because duration measures the change in the price of a portfolio of bonds if the yields fｏｒall 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 investｏｒwith 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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