国际金融考试1

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1、IllustrativeQuestionsfortheMaterialCoveredBetweenTestsIandII(Answerkeyisattheend.)1.Thenominalinterestrateperannumis3%intheU.S.and5%inSwitzerland.AspertheInternationalFisherEffect,basedontheseinterestrates,wewould____________.(a)ExpecttheSwissfranctoappreciaterelativetotheU.S.d

2、ollarbyabout3%(b)ExpecttheSwissfranctodepreciaterelativetotheU.S.dollarbyabout1%(c)ExpecttheSwissfranctoappreciaterelativetotheU.S.dollarbyabout2%(d)ExpecttheSwissfranctoappreciaterelativetotheU.S.dollarbyabout4%(e)NoneoftheaboveUsetheFollowingInformationtoAnswertheNextThreeQue

3、stions.Currently,thespotexchangerateis€0.8715/$andtheTHREE-MONTHforwardexchangerateis€0.8710/$.Theinterestrateis8%perannumintheU.S.and5%perannuminFrance.Assumethatyoucanborrowasmuchas$1,000,000oritseuroequivalent.Youwanttorealizetheprofitindollars.2.Whatwouldbethemainstepincarr

4、yingoutthecoveredinterestarbitragebasedontheaboveinformation?a.Borrowatthedollarinterestrateandlendattheeurointerestrate.b.Borrowattheeurointerestrateandlendatthedollarinterestrate.c.Borrowattheeurointerestrateandlendattheeurointerestrate.d.Borrowatthedollarinterestrateandlenda

5、tthedollarinterestrate.e.Noneoftheabove3.Whichofthefollowingwouldbeastepincarryingoutthecoveredinterestarbitragebasedontheaboveinformation?Choosethemostappropriateanswer.a.Purchasethefuturevalueof$forwardwith€attheforwardrate.b.Sellthefuturevalueof€forwardfor$attheforwardrate.c

6、.Purchasethefuturevalueof€forwardwith$attheforwardrate.d.Noneoftheabove4.Howmuchwouldbethearbitrageprofitifcoveredinterestarbitrageiscarriedout?a.$15,397b.$7,231c.$6,919d.$6,197e.NoneoftheabovePage1of185.Whichofthefollowingapproachesisbasedonthepremisethathistoryrepeatsitself?(

7、a)Efficientmarketapproach(b)Technicalapproach(c)TheFundamentalapproach(d)Alloftheabove(e)Noneoftheabove6.ThespotrateisC$0.7512/$.rC$=4%perannumr$=3%perannumBasedonIRP,thethree-monthforwardratewouldbe__________________a.C$0.7531/$b.C$0.7585/$c.C$0.7493/$d.C$0.7440/$e.Noneoftheab

8、ove.7.ThespotrateisC$0.7512/$.rC$=4%perannumr$=3%peran