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CFA一级
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Which of the following is a discount market rate to be made for a single payment in the future? A Spot rate. B Forward rate. C Simple yield. 查看解析 上一题 下一题 正确答案A 您的答案A本题平均正确率:86% Valuation with spot rates难度:一般 推荐: 答案解析 A spot rate is a discount rate for a single future payment. Simple yield is a measure of a bond's yield that accounts for coupon interest and assumes straight-line amortization of a discount or premium. A forward rate is an interest rate for a future period, such as a 3-month rate six months from today. 问:1.图中紫色部分的英文怎么翻译,究竟是3月到6月这块的利率代表forward rate吗?2.远期利率也是后一笔现金流折到前一个时间点啊,所以也是single 单一的payment啊,A为啥错?请逐次回答 谢谢
03.单选题 已收藏 标记 纠错 Current spot rates are as follows: 1-Year: 6.5% 2-Year: 7.0% 3-Year: 9.2% Which of the following is CORRECT : A For a 3-year annual pay coupon bond, all cash flows can be discounted at 9.2% to find the bond's arbitrage-free value. B The yield to maturity for 3-year annual pay coupon bond can be found by taking the geometric average of the 3 spot rates. C For a 3-year annual pay coupon bond, the first coupon can be discounted at 6.5%, the second coupon can be discounted at 7.0%, and the third coupon plus maturity value can be discounted at 9.2% to find the bond's arbitrage-free value. 查看解析 上一题 下一题 正确答案C 您的答案B本题平均正确率:88% Valuation with spot rates难度:一般 推荐: 答案解析 Spot interest rates can be used to price coupon bonds by taking each individual cash flow and discounting it at the appropriate spot rate for that year’s payment. Note that the yield to maturity is the bond’s internal rate of return that eq 问:(1+SP1)(1+SP2)(1+SP3)=(1+YTM)³,这里存在这样的关系吗,如果存在,B感觉是对的啊?
查看试题 已回答wave 1是 up trend,不应该是consist of 5 upward waves and 3downward waves。 那不应该是8个 small waves吗 为什么这边A选项说包含5个?
查看试题 已回答精品问答
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- 前面在讲Aggregate demand curve的时候说,价格上涨使消费下降,而这里又说价格下降消费变少,为什么存在矛盾?
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- 对于老师讲的这部分,1. 我理解FRA的Payoff始终等于利率期货的Payoff部分进行折现(除以1个大于1的数),也就是说,FRA的Payoff的变动幅度 应该 始终小于利率期货的变动幅度。2. 至于是涨多跌少,还是涨少跌多,其实MRR在分母上,可以根据1/x的曲线特点来理解,无非就是MRR上升时1/(1+MRR)的变动幅度 小于 MRR下降时1/(1+MRR)的变动幅度,所以如果MRR上升时,Payoff是上升的,那么就是涨少跌多,如果MRR上升时,Payoff是下降的,那就是涨多跌少。以上2点,我理解的对吗?
- 为什么B选项要考虑借股还股?而A选项没有考虑借钱买然后还钱?可以都不考虑吗?还是借股还股一定要在这个流程中体现?



