FRM真题解析，备考生必看！

发布时间：2022-03-27 08:57编辑：融跃教育FRM

在备考FRM考试中做大量的练习题是很重要的，尤其是备考的后期，下文是列举的相关真题解析，希望对备考的你有所帮助！

According to the Merton model, if the face value of firmABC's bond is $70 and the value of the firm is $100. When debt matures, what are the payoffs to the bond holders and the shareholder?

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B) Payoff to Bond Holders: $70, Payoff to Shareholders: $70

C) Payoff to Bond Holders: $30, Payoff to Shareholders: $30

D) Payoff to Bond Holders: $70, Payoff to Shareholders: $100

答案：A

解析：The payment to debtholders = min(V, B) = min(100, 70) = 70

The payment to shareholder = max(V – B, 0) = max(100 – 70, 0) = 30

243. Savid, Inc. has an expected market value of assets in one year of $20 million.

The annual volatility of asset returns (standard deviation) for Savid has been determined to be $4.2 million. If the distance to default is 2.7, Savid's default threshold is closest to:

A) $4.2 million.

B) $6.9 million.

C) $9.43 million.

D) $8.66 million.

答案：D

解析：The default threshold is calculated as:

Distance to default = ($20 million–default threshold) / $4.2 million = 2.7

Default threshold = $8.66 million

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