高顿项目

国内财会

国际财会

金融证书

公务员

考研

考研

继续教育

继续教育

在职硕博

学历学位

国企求职

军队文职

军队文职

职业提升

语言培训

出国留学

海外留学

2003年5月北美精算师考试SOA真题系列：Course6（四）

来源：高顿网校 2014-08-31

　　以下则是高顿网校小编为您整理的一套考前珍贵资料：2003年5月北美精算师考试SOA真题系列：Course6（四），请一定笑纳。
　　11.

　　ASSERTION

　　The large number of issuers and

　　dollar amount outstanding make the

　　credit card asset-backed securities

　　(ABS) sector a particularly active

　　secondary market.

　　BECAUSE

　　REASON

　　The spreads for credit card ABS are

　　a benchmark for other ABS sectors.

　　12.

　　ASSERTION

　　Scenario approaches to assessing

　　risks tend to result in asset risks that

　　are low by historical standards.

　　BECAUSE

　　REASON

　　There is a behavioral regularity that

　　makes people reluctant to forecast

　　explicitly low-probability events in

　　which extreme outcomes would

　　occur.

　　Course 6: Spring 2003 - 22 - GO ON TO NEXT PAGE

　　13.

　　ASSERTION

　　Proponents of the efficient market

　　hypothesis do not advocate

　　technical analysis.

　　BECAUSE

　　REASON

　　Technical analysis relies on earnings

　　and dividend prospects, expectations

　　of future interest rates, and risk

　　evaluation.

　　14.

　　ASSERTION

　　In times of high interest rates,

　　investors will accept lower yields

　　from a bond with a sinking fund

　　provision.

　　BECAUSE

　　REASON

　　A sinking fund provision enhances

　　the liquidity of the debt.

　　15.

　　ASSERTION

　　Contingent immunization provides

　　the flexibility to alternate between an

　　active investment strategy and an

　　immunized investment strategy.

　　BECAUSE

　　REASON

　　Contingent immunization has an

　　effective monitoring procedure to

　　ensure the safety net investment

　　return is not violated.

　　Course 6: Spring 2003 - 23 - GO ON TO NEXT PAGE

　　16. You are given the following with respect to a mutual fund:

　　? assets on January 1, 2002: 200 million

　　? shares outstanding throughout the year: 10 million

　　? dividend income: 2 million

　　? fund appreciation in 2002: 8%

　　? fees: 0.5%

　　No securities were sold during the year.

　　No capital gain distributions were made during the year.

　　Dividends and fees are paid on December 31, 2002.

　　Calculate the net asset value as of December 31, 2002.

　　(A) 20.2

　　(B) 21.5

　　(C) 21.6

　　(D) 21.7

　　(E) 21.8

　　Course 6: Spring 2003 - 24 - GO ON TO NEXT PAGE

　　USE THIS PAGE FOR YOUR SCRATCH WORK

　　Course 6: Spring 2003 - 25 - GO ON TO NEXT PAGE

　　17. You are given the following with respect to a callable bond:

　　? annual coupon rate: 5%

　　? time to maturity: 2 years

　　? call price: 100

　　? par value: 100

　　You are also given the following with respect to one-year interest rates:

　　? current rate r0 b g: 5.0%

　　? the lower rate one year forward rL b g: 4.25%

　　? standard deviation: 0.1

　　Using Fabozzi’s binomial interest rate tree, calculate the value of the bond.

　　(A) 95.23

　　(B) 95.50

　　(C) 99.91

　　(D) 100.00

　　(E) 100.26

　　Course 6: Spring 2003 - 26 - GO ON TO NEXT PAGE

　　USE THIS PAGE FOR YOUR SCRATCH WORK

　　Course 6: Spring 2003 - 27 - GO ON TO NEXT PAGE

　　18-23. Each of questions 18 through 23 consists of two lists. In the list at the left are two items,

　　lettered X and Y. In the list at the right are three items, numbered I, II, and III. ONE of the

　　lettered items is related in some way to EXACTLY TWO of the numbered items. Indicate the

　　related items using the following answer code:

　　Lettered Item

　　Is Related to Numbered Items

　　(A)

　　X

　　I and II only

　　(B)

　　X

　　II and III only

　　(C)

　　Y

　　I and II only

　　(D)

　　Y

　　I and III only

　　(E)

　　The correct answer is not given by (A), (B), (C) or (D).
　　作者不一定能写到老，但是他一定应该学到老。——高顿网校名人心得

扫一扫微信，关注精算师*7考试动态

版权声明：本条内容自发布之日起，有效期为一个月。凡本网站注明“来源高顿教育”或“来源高顿网校”或“来源高顿”的所有作品，均为本网站合法拥有版权的作品，未经本网站授权，任何媒体、网站、个人不得转载、链接、转帖或以其他方式使用。经本网站合法授权的，应在授权范围内使用，且使用时必须注明“来源高顿教育”或“来源高顿网校”或“来源高顿”，并不得对作品中出现的“高顿”字样进行删减、替换等。违反上述声明者，本网站将依法追究其法律责任。本网站的部分资料转载自互联网，均尽力标明作者和出处。本网站转载的目的在于传递更多信息，并不意味着赞同其观点或证实其描述，本网站不对其真实性负责。如您认为本网站刊载作品涉及版权等问题，请与本网站联系(邮箱fawu@gaodun.com，电话：021-31587497)，本网站核实确认后会尽快予以处理。

展开全文咨询在线

严选名师全流程服务

其他人还搜了热门推荐