"Fixed Income":Convexity effect
学习是一个不断积累的过程，每天学习一点，每天进步一点！为了帮助大家更高效地备考2021年CFA考试，正保会计网校每日为大家上新CFA习题供大家练习。让网校与您一起高效备考2021年CFA考试，梦想成真！
Questions 1:
The value of a 10-year, 6% coupon, $100 par value bond with semiannual payments, assuming an annual discount rate of 7%, is closest to:
A 、$99.07.
B 、$92.89.
C 、$107.44.
Questions 2:
The option-free bonds of Argus Corporation have a duration of eight years. When interest rates rise by 100 bps, the bond’s price declines by 7.9%. When interest rates fall by 100 bps, however, the price rises by 8.2%. The asymmetrical price change is most likely caused by the:
A 、coupon effect.
B 、maturity effect.
C、 convexity effect.
B is correct. A security with 19 semiannual payments of $3 interest and a 20th payment of $103 (interest plus return of face value) with a semiannual discount rate of 3.5% is computed as:
A is incorrect because it is equal to $106/1.07.
C is incorrect because it reverses the coupon rate and the discount rate.
C is correct. A fall in interest rates will result in a higher percentage rise in the bond’s price compared with the percentage fall in the bond’s price when interest rates rise by the same amount.
A is incorrect because the coupon effect relates to the sensitivity of bond price changes to changes in the coupon rate.
B is incorrect because the maturity effect relates to the sensitivity of bond price changes to the time to maturity.
成功=时间+方法，自制力是这个等式的保障。世上无天才，高手都是来自刻苦的练习。而人们经常只看到“牛人”闪耀的成绩，其成绩背后无比寂寞的勤奋。小编相信，每天都在勤奋练习，即使是一点点的进步，大家一定可以成为人人称赞的“牛人”。更多CFA考试资讯，点击了解>
