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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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