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下面小編給大家兩個例題，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.

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%.