FRM考试之前，记得回顾常用的公式，FRM一级考试中计算题较多，熟记公式让你做题更加迅速。
　　1.A 12-year, 8 percent annual coupon bond with $100 par value currently sells at par. The bond is callable at 102. What is the effective duration of the bond assuming interest rates change by 100 basis points?
　　A. 5.85.
　　B. 7.55.
　　C. 10.50.
　　D. 4.58.
　　2.Political risk is most accurately defined as the:
　　A. risk that a foreign government, acting in concert with its central bank, will limit or prevent domestic borrowers from repaying debt.
　　B. relationship between the constitution of a country and the means by which it is enforced.
　　C. economic and financial risk factors associated with a country as distinctly separate from those of the borrower.
　　D. risk of loss due to inadequate monitoring systems, management failure, defective controls, fraud, and/or human errors.
　　3.A primary criticism with the comparative advantage argument as justification for the existence of swaps is related to which of the following?
　　A. Perceived advantage in one market over the other.
　　B. Constant spreads over London Interbank Offered Rate (LIBOR).
　　C. Credit risk.
　　D. Inefficient credit markets.
　　Answer:
　　1.D
　　Since the bond is selling at par, its yield = coupon rate = 8%.
　　V0 = Par = 100.
　　I/Y = 7.00; FV = 100; N = 12; PMT = 0.08 x 100 = 8; PV = V- = 107.94.
　　Since the call price is 102 which is lower than 107.94, we use V- = 102
　　I/Y = 9.00; FV = 100; N = 12; PMT = 0.08 x 100 = 8; PV = V+ = 92.84
　　D = Duration = (V- - V+)/2V0(Δy)
　　= (102-92.84)/(200x0.01)
　　= 4.58
　　2.B
　　Political risk is the relationship between the constitution of a country and the means by which it is enforced. In some countries, the constitution is held in high esteem, while in others the constitution is used as a vehicle for governments to achieve their goals, not the wants and needs of its citizens.
　　3.C
　　Credit risk is the main criticism of the comparative advantage argument, which fails to take into account the fact that a swap participant faces credit risk.