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發(fā)布時(shí)間:2020-08-26 09:28編輯:融躍教育FRM
廣大考生請注意,11月FRM考試,第二階段的報(bào)名將于8月31日截止報(bào)名了。想要報(bào)名參加FRM考試的考生,要抓緊時(shí)間報(bào)名了。
FRM考試報(bào)名共分為三個(gè)階段,越到最后,報(bào)名費(fèi)用是最高的。具體報(bào)名費(fèi)用如下所示:
如果你不僅想要省一筆錢,還想要早些備考,那還等什么,快報(bào)名吧!【資料下載】點(diǎn)擊下載[Kaplan]FRM 2020 SchweserNotes Part I
如果你對FRM報(bào)名流程不熟悉,沒關(guān)系,選擇融躍FRM免費(fèi)代報(bào)名服務(wù),點(diǎn)擊下方鏈接了解詳情!
https://jinshuju.net/f/jqnGhS?x_field_1=guanwang
下面小編給大家兩個(gè)例題,可以提前感受一下FRM考試:
1. Consider a convertible bond that is trading at a conversion premium of 20 percent. If the value of the underlying stock rises by 25 percent, the value of the bond will:
A. Rise by less than 25%.
B. Rise by 25%.
C. Rise by more than 25%.
D. Remain unchanged.
>>>點(diǎn)擊領(lǐng)取2020FRM備考資料大禮包(戳我免費(fèi)領(lǐng)?。?/span>
2. If a cash flow of $10,000 in two years' time has a PV of $8,455, the annual percentage rate, assuming continuous compounding is CLOSEST to:
A. 8.13%.
B. 8.39%.
C. 8.75%.
D. 8.95%.
Answers:
1. Correct answer: A
The convertible bond implicitly gives bondholders a call option on the underlying stock. The delta of this option will vary between 0 (when the option is extremely out of the money) and 1 (when the option is extremely in the money). In this case, the bond is trading at a conversion premium of 20% so the delta must be somewhere between zero and one, and hence the price of the convertible bond will rise by less than the price of the underlying stock.
2. Correct answer: B
Continuously compounded rate = ln(FV/PV)/N = ln(10000 / 8455) / 2 = 8.39%.
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