注册金融分析师-注册金融分析师一级分类模拟14

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1、注册金融分析师一级分类模拟14单项选择题WhichofthefollowingbondpricecalculationsisINCORRECT?Aninvestorwouldpay:A.$9684・38fora$10000Treasurynotequotedat9627/32・B・$941.00fora$1000Treasurybondquotedat9410/32・C・$956.25fora$1000corporatebondquotedat9520/32・2^Ananalystgatheredthefollowinginformation:Taxablesecuri

2、ty,quotedyield9•8%Tax-exemptsecurity,quotedyield5-7%Investor1smarginaltaxrmte35%Forthetax-exemptsecurityztheinvestor1stax-equivalentyieldisclosesttoA.5.7%B・8.8%C・10.7%3、WhichofthefollowingstatementsdoesNOTdescribeacharacteristicofanilliquidassetormarket?A.Largeblocktradesthatdonotmateria

3、llyaffectprices-B.Widebid-askspreads.C・Smalltradingvolumes•4、Aninvestorischoosingbetweena10%corporatebondanda6%municipalbondwithsimilarriskandsimilarmaturity.Whatisthemarginaltaxratethatwillmaketheinvestorindifferentbetweenthetwobonds?A.0%.B・30%.C・40%.5^Whichofthefollowinginvestorsisleas

4、tlikelytohaveliquidityriskconcerns?A:A•financialinstitutionheavilyinvolvedintherepurchasemarket.B•portfoliomanagerforanemerging-marketfund•C.traderwhoinvestsexclusivelyinTreasurybonds.6^Amunicipalbondsellingat12%aboveparoffersayieldof3.2%•AtaxableTreasurynotesellingatan8%discountoffersay

5、ieldof4.6%.Aninvestorinthe32.5%taxbracketwishestopurchaseanequaldollaramountofbothbonds.Theafter-taxyieldofthetwo-bondportfolioisclosestto:A.2.63%.B・3.90%.C・3.15%.7、WhichofthefollowingisTRUEaboutabondwithadeferredcallprovision?A.Itcouldbecalledmtanytimeduringtheinitialcallperiod,butnot"t

6、er•B•Itcouldnotbecalledrightafterthedateofissue-C.Principalrepaymentcanbedeferreduntilitreachesmaturity.8、Whendeterminingcreditriskspread,thebenchmarksecurityismostlikelya(n):A.Low-yieldcorporatebond.B.Treasurybond.C.AAratedbond.9、BenjaminZoellerandTaraMcGonigalarepreparingfortheLevelICF

7、Aexamination•Zoellerisstudyingcreditspreadrisk•McGonigalisfartheralonginherstudies,buthasforgottenhowtodeterminethedefaultfreerateifgiventheyieldonabondratedBBB+of9.50percentandariskpremiumof3.00percent.WhatdoesZoellertellhertouseforthedefaultfreetmte?A.12.50%.B・4.50%.C・6