CFA歷年考題以及相關(guān)資料 2

1、二、investment tools: quantitative methods1.a.: time value of moneyquestion id: 20976a certain investment product promises to pay $25,458 at the end of 9 years. if an investor feels this investment should produce a rate of return of 14 percent, compounded annually, whats the most he should be willing

2、to pay for it?a.$7,618.b.$8,342.c.$9,426.d.$7,828.d=9; i/y=14; fv=-25,458; pmt=0; cpt pv=$7,828.question id: 20973an investor deposits $4,000 in an account that pays 7.5 percent, compounded annually. how much will this investment be worth after 12 years?a.$9,527.b.$7,600.c.$9,358.d.$5,850.an=12; i/y

3、=7.5; pv=-4,000; pmt=0; cpt fv=$9,527.question id: 18489if a person needs $20,000 in 5 years from now and interest rates are currently 6% how much do they need to invest today? a.$15,301b.$14,683c.$14,945d.$14,284 cpv=fv/(1+r)n =20000/(1.06)5 = 20000/1.33823 = 14,945 n = 5, i/yr = 6%, pmt = 0, fv =

4、$20,000, compute pv = -$14,945.16 question id: 20978how long will it take $20,000 to grow to $50,000, given an investor can earn 12 percent (compounded annually) on his money?a.5.8 years.b.8.1 years.c.7.5 years.d.6.0 years.bi/y=12; pv=-20,000; fv=50,000; pmt=0; cpt n=8.08question id: 19376a leading

5、brokerage firm has advertised money multiplier certificates that will triple your money in 9 years (i.e., invest $10,000 today, and it'll be worth $30,000 in 9 years). approximately what rate of return will investors be earning on these certificates?a.16.0%.b.8.8%.c.13.0%.d.12.5%.cusing your cal

6、culator: n=9; pv=-10,000; fv=30,000; pmt=0; cpt i/y=12.98.question id: 19378what is the present value of a 12-year annuity due that pays $5,000 per year, given a discount rate of 7.5 percent?a.$36,577.b.$41,577.c.$38,676.d.$23,857.busing your calculator: n=11; i/y=7.5; pmt=-5,000; fv=0; cpt pv=36,57

7、7+5,000=$41,577. or set your calculator to bgn mode and n=12; i/y=7.5; pmt=-5,000; fv=0; cpt pv=$41,577. question id: 18492an annuity will pay eight annual payments of $100, with the first payment to be received one year from now. if the interest rate is 12% per year, what is the present value of th

8、is annuity? a.$556.38b.$1,377.57c.$496.76d.$1,229.97 cn = 8, i/yr = 12%, pmt = -$100, fv = 0, compute pv = $496.76question id: 19919consider a 10-year annuity that promises to pay out $10,000 per year; given this is an ordinary annuity and that an investor can earn 10 percent on her money, the futur

9、e value of this annuity, at the end of 10 years, would be:a.$175,312.b.$152,500.c.$110.000.d.$159,374.danswer: n=10; i/y=10; pmt=-10,000; pv=0; cptfv=$159,374.question id: 20981a 5-year, $50,000 loan requires annual end-of-the-year payments of $13,528. what rate of interest is the borrower paying on

10、 this loan (assume annual compounding)?a.11.0%.b.9.5%.c.10.5%.d.9.0%.an=5; pv=-50,000; fv=0; pmt=13,528; cpt i/y=11.0%question id: 20982the hgm co. is thinking about taking out a $100,000 loan that is to be paid off in annual (end-of-the-year) payments of $12,042. if the bank agrees to lend the mone

11、y at 8.5 percent, compounded annually, how many years will it take hgm to pay off the loan?a.15.0 years.b.10.9 years.c.8.3 years.d.12.5 years.ai/y=8.5; pv=-100,000; pmt=12,042; fv=0; cpt n=15.0.question id: 20985given investors require an annual return of 12.5 percent, a perpetual bond (i.e., a bond

12、 with no maturity/due date) that pays $87.50 a year in interest should be valued at:a.$1,093.b.$875.c.$700.d.$70.c87.50/.125=$700.question id: 19381nortal industries has a preferred stock outstanding that pays (fixed) annual dividends of $3.75 a share. if an investor wants to earn a rate of return o

13、f 8.5 percent, how much should he be willing to pay for a share of nortel preferred stock?a.$37.50.b.$31.88.c.$44.12.d.$42.10.cpv=3.75/.085 = $44.12.question id: 20986the preferred shares of awa co. are currently trading in the market at $75.00 a share. what rate of return are investors earning on t

14、hese preferred stock, given they pay (fixed) annual dividends of $6.00 a share?a.8.0%.b.12.5%.c.7.5%.d.6.0%.a6.00/75.00=0.08.question id: 20989given the following cash flow stream:  end of yearannual cash flow1$4,0002$2,0003-0-4-$1,000using a 10 percent discount rate, the present value of this

15、cash flow stream is:a.$3,636.b.$2,225.c.$3,415.d.$4,606.dpv(1): n=1; i/y=10; fv=-4,000; pmt=0; cpt pv=3,636pv(2): n=2; i/y=10; fv=-2,000, pmt=0; cpt pv=1,653pv(3): 0pv(4): n=4; i/y=10; fv=1,000; pmt=0; cpt pv=-683total pv=3,636+1,653+0-683=4,606question id: 18503suppose you are going to deposit $1,0

16、00 this year, $1,500 next year, and $2,000 the following year in an savings account. how much money will you have in three years if the rate of interest is 10% each year? a.$4,000.00b.$5,346.00c.$5,750.00d.$6,800.00 bfuture value of? $1000 for 3 periods at 10% is 1331future value of $1500 for 2 peri

17、ods at 10% is? 1815future value of $2000 for 1 period at 10% is? 2200total = $5346n = 3, pv = -$1000, i/yr = 10%, compute fv = $1331n = 2, pv = -$1500, i/yr = 10%, compute fv = $1815n = 1, pv = -$2000, i/yr = 10%, compute fv = $2200question id: 19925the bbc co. is evaluating an investment that promi

18、ses to generate the following annual cash flows:end of yearcash flows1$5,0002$5,0003$5,0004$5,0005$5,0006-0-7-0-8$2,0009$2,000given bbc uses an 8 percent discount rate, this investment should be valued at:a.$19,963.b.$22,043.c.$27,027.d.$23,529.banswer: pv(1-5): n=5; i/y=8; pmt=-5,000; fv=0; cpt?

19、68;pv=19,963pv(6-7): 0pv(8): n=8; i/y=8; fv=-2,000; pmt=0; cpt?¨pv=1,080pv(9): n=9; i/y=8; fv=-2,000; pmt=0; cpt?¨pv=1,000total pv=19,963+0+1,080+1,000=22,043.question id: 19383given the following cash flow stream: end of yearannual cash flow 1       

20、0;                                                 $4,000 2&

21、#160;                                                 &

22、#160;      $2,000 3                                          

23、0;              0 4                                    

24、                     -$1,000 using a 10 percent discount the present value of this cash flow stream is: a.$2,225.b.$4,606.c.$3,415.d.$3,636.bpv(1): n=1; i/y=10; fv=-4,000; pmt=0; cpt pv=3,636pv(2): n=

25、2; i/y=10; fv=-2,000, pmt=0; cpt pv=1,653pv(3): 0pv(4): n=4; i/y=10; fv=1,000; pmt=0; cpt pv=-683 total pv = 3,636 + 1,653 + 0 - 683 = 4,606 question id: 19385what is the maximum price an investor should be willing to pay (today) for a 10 year annuity that will generate $500 per quarter (such paymen

26、ts to be made at the end of each quarter), given he wants to earn 12 percent, compounded quarterly?a.$6,440.b.$11,557.c.$5,862.d.$11,300. busing a financial calculator: n= 10x4 = 40; i/y = 12/4 = 3; pmt= -500; fv=0; cpt pv = 11,557.question id: 18508given: an 11% annual rate paid quarterly; pv = 800

27、0; time is 2 years; compute fv. a.$8,446b.$9,939c.$8,962d.$9,857 bdivide the interest rate by the number of compound periods and multiply the number of years by the number of compound periods. i=11/4=2.75; n=(2)(4)=8; pv =8000question id: 20995a major brokerage house is currently selling an investme

28、nt product that offers an 8 percent rate of return, compounded monthly. based on this information, it follows that this investment has:a.a nominal effective rate of 6.67%b.an effective annual rate of 8.00%c.a periodic interest rate of 0.667%.d.a stated rate of 0.830%.cperiodic rate = 8.0/12=0.667. s

29、tated rate is 8.0% and effective rate is 8.30%.question id: 20996which of the following statements about stated and effective annual interest rates is/are true?i. the stated rate adjusts for frequency of compounding.ii. the periodic interest rate is used to find the effective annual rate.iii. so lon

30、g as interest is compounded more than once a year, the effective rate will always be more than the stated rate.a.iii only.b.ii and iii only.c.i only.d.i and ii only.bstatements ii and iii are true; statement i is wrong since its the effective annual rate that adjusts for frequency of compounding.que

31、stion id: 19387a local bank advertises that it will pay interest at the rate of 4.5 percent, compounded monthly, on regular savings accounts. what is the effective rate of interest that the bank is paying on these accounts?a.4.65%.b.4.88%.c.4.59%.d.4.50%. c(1+.045/12)12 - 1 = 1.0459 - 1 = 0.0459.que

32、stion id: 19388lois weaver wants to have $1.5 million in a retirement fund when she retires in 30 years. if weaver can earn a 9 percent rate of return on her investments, approximately how much money must she invest at the end of each of the next 30 years in order to reach her goal?a.$11,005.b.$50,0

33、00.c.$7,350.d.$28,725. ausing a financial calculator: n=30; i/y=9; fv=-1,500,000; pv=0; cpt pmt = 11,004.52.question id: 20999the first state bank is willing to lend $100,000 for 4 years at a 12 percent rate of interest, with the loan to be amortized in equal semi-annual payments. given the payments

34、 are to be made at the end of each 6-month period, how big will each loan payment be?a.$18,500.b.$16,104.c.$32,925.d.$25,450.bn=4x2=8; i/y=12/2=6; pv=-100,000; fv=0; cpt pmt=16,103.59.question id: 18509given: $1,000 investment, compounded monthly at 12% find the future value after one year. a.$1,126

35、.83b.$1,120.00c.$1,121.35d.$1,1233.57 adivide the interest rate by the number of compound periods and multiply the number of years by the number of compound periods. i=12/12=1; n=(1)(12)=12; pv=1000question id: 19924given a preferred stock is trading in the market at $100.00 a share, if the rate of

36、return on this investment is 15 percent, it follows that the stock must be paying (fixed) annual dividends of:a.$5.00 a share.b.$12.50 a share.c.$15.00 a share.d.$7.50 a share.canswer: $100x.15=$15.00.question id: 18488how much will $10,000 grow in 5 years if the annual interest rate is 8%, compound

37、ed monthly? a.$14,693.28b.$14,000.00c.$14,898.46d.$14,802.44 cfv(t=5) = $10,000 x (1+.08/12)60 = $14,898.46n = 60 (12*5), pv = -$10,000, i/yr = 8%, compute fv = $14,898.46question id: 18493an annuity will pay eight annual payments of $100, with the first payment to be received three years from now.

38、if the interest rate is 12% per year, what is the present value of this annuity? a.$496.76b.$400.00c.$800.53d.$396.01 dfirst solve for present value in 3 years: n = 8, pmt = 100, i/yr = 12%, fv = 0, compute pv = $496.76 now discount back two years: n = 2, pmt = 0, i/yr = 12%, fv = $496.76, compute p

39、v = $396.01question id: 20006whats the effective rate of return on an investment that generates a return of 12 percent, compounded quarterly?a.13.33%b.12.55%c.12.00%d.14.34%banswer: (1+.12/4)4-1=1.1255-1=.1255.1.b: statistical concepts and market returnsquestion id: 19684which of the following state

40、ments regarding the terms population and sample is false?a.a sample includes all members of a specified group.b.a descriptive measure of a sample is called a statistic.c.a sample seeks to describe a population as a whole.d.observing all members of a population can be expensive or time consuming.aa p

41、opulation includes all members of a specified group. a sample is a portion, or subset of the population of interest.question id: 19685which of the following is an example of a parameter?a.sample standard deviation.b.sample mode.c.sample mean.d.population variance.da parameter is any descriptive meas

42、ure of a population. the population variance describes a population while the sample standard deviation, sample mean, and sample mode are each descriptive measures of samples.question id: 19686which measure of scale has a true zero point as the origin?a.ordinal scale.b.nominal scale.c.ratio scale.d.

43、interval scale.cratio scales are the strongest level of measurement; they quantify differences in the size of data and have a true zero point as the origin.question id: 19687fifty mutual funds are ranked according to performance. the five best performing funds are assigned the number 1, while the fi

44、ve worst performing funds are assigned the number 10. this is an example of the:a.ratio scale.b.nominal scale.c.interval scale.d.ordinal scale.dthe ordinal scale of measurement categorizes and orders data with respect to some characteristic. in this example, the ordinal scale tells us that a fund ra

45、nked “1” performed better than an fund ranked “10,” but it does not tell us anything about the difference in performance.question id: 19688which of the following statements regarding frequency distributions is false? frequency distributions:a.organize data into overlapping groups.b.work with all typ

46、es of measurement scales.c.help in the analysis of large amounts of statistical data.d.summarizes data into a small number of intervals.adata in a frequency distribution must belong to only one group or interval. intervals are mutually exclusive and non-overlapping.question id: 18880which of the fol

47、lowing best describes a frequency distribution? a frequency distribution is a grouping of:a.selected data into classes so that the number of observations in each of the non-overlapping classes can be seen and tallied.b.raw data into classes so that the number of observations in each of the non-overl

48、apping classes can be seen and tallied.c.independent classes so that they can be seen and tallied.d.dependent classes so that they can be seen and tallied. bby definition.question id: 18878use the results from the following survey of 500 firms to answer the question. number of employees frequency 30

49、0 up to 400 40 400 up to 500 62 500 up to 600 78 600 up to 700 101 700 up to 800 131 800 up to 900 88 the class frequency of the third class is: a.500b.78c.180d.156 bthe third class in 500 - 600 with a frequency of 78question id: 19689a stock is currently worth $75. if the stock was purchased one ye

50、ar ago for $60, and the stock paid a $1.50 dividend over the course of the year, that is the holding period return?a.24.0%.b.22.0%.c.2.5%.d.27.5%.d(75 60 + 1.50)/60 = 27.5%question id: 19371a bond was purchased exactly one year ago for $910 and was sold today for $1,020. during the year, the bond ma

51、de two semi-annual coupon payments of $30. what is the holding period return?a.18.7%.b.12.1%.c.6.0%.d.6.6%. ahpy = (1,020 + 30 + 30 910)/910 = 0.1868 or 18.7%question id: 18937if an investor started with $1,000 and four months later ended up with $1,100, what would be their annualized holding period

52、 return?a.1.33b.2.10c.3.30d.1.10 ahpr=1100/1000=1.1 which represents a 4 month total return of 10% that must be annualized. annualized hpr = hpr1/n=(1.1)1/.333=(1.1)3=1.33question id: 19690within a frequency distribution, an interval:a.contains all members of a specified group.b.is a set of return v

53、alues within which an observation falls.c.is calculated by taking the frequency divided by the total number of frequencies.d.is the difference between the largest and smallest values in a data set.ban interval within a frequency distribution is defined as the set of return values within which an obs

54、ervation falls. a population contains all members of a specified group; the relative frequency is calculated by taking the frequency divided by the total number of frequencies; and the range is the difference between the largest and smallest values in a data set.question id: 19373given the following

55、 frequency distribution:returnfrequency-10% up to 0%50% up to 10%710% up to 20%920% up to 30%630% up to 40%3what is the relative frequency of the 0 percent to 10 percent interval?a.23.3%.b.33.3%.c.40.0%.d.10.0%. atotal number of frequencies = 30. 7/30 = 23.3%.question id: 19692given the following frequency distribution:returnfrequency-10% up to 0%50% up to 10%710% up to 20%920% up to 30%630% up to 40%3what is the relative frequency of the 30 percent up to 40 percent return interval?a.23.3%.b.40.0%.c.10.0%.d.33.3%.ctotal number of frequencies = 30. 3/30