11月FRM考试，8月31日第二阶段报名截止！

发布时间：2020-08-26 09:28编辑：融跃教育FRM

广大考生请注意，11月FRM考试，第二阶段的报名将于8月31日截止报名了。想要报名参加FRM考试的考生，要抓紧时间报名了。

FRM考试报名共分为三个阶段，越到最后，报名费用是最高的。具体报名费用如下所示：

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下面小编给大家两个例题，可以提前感受一下FRM考试：

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.

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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%.