数量方法：基本概念(二)及答案解析.doc

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1、数量方法：基本概念(二)及答案解析(总分：50.00，做题时间：90 分钟)一、B单项选择题/B(总题数：50，分数：50.00)1.A $500 investment offers a 7.5 percent annual rate of return. How much will it be worth in four years ? A. $ 650. B. $ 668. C. $ 753.（分数：1.00）A.B.C.D.2.For the last four years, the returns for XYZ Corporations stock have been 10.4%,

2、8.1%, 3.2%, and 15.0%. The equivalent compound annual rate is: A.9.1%. B.8.9%. C.9.2%.（分数：1.00）A.B.C.D.3.A conditional expectation involves : A. determining the expected joint probability. B. calculating the conditional variance. C. refining a forecast because of the occurrence of some other event.（

3、分数：1.00）A.B.C.D.4.Which of the following statements regarding the terms population and sample is least accurate? A. Observing all members of a population can be expensive or time consuming. B. A sample includes all members of a specified group. C. A samples characteristics are attributed to the popu

4、lation as a whole.（分数：1.00）A.B.C.D.5.For an unconditional probability: A. there are at least two events. B. the joint probability rule is important. C. there is only one random variable of concern.（分数：1.00）A.B.C.D.6.Sarah Parker is buying a new $ 25000 car. Her trade - in is worth $5000 so she needs

5、 to borrow $ 20000. The loan will be paid in 48 monthly installments and the annual interest rate on the loan is 7.5%. If the first payment is due at the end of the first month, what is Sarahs monthly car payment? A. $480.57. B. $416.67. C. $483.58.（分数：1.00）A.B.C.D.7.Given investors require an annua

6、l return of 12.5 percent, a perpetual bond (i. e. , a bond with no maturity/due date) that pays $ 87.50 a year in interest should be valued at : A. $1093. B. $875. C. $700.（分数：1.00）A.B.C.D.8.The probabilities of earning a specified return from a portfolio are shown below: Probability Return0.20 10%0

7、.20 20%0.20 22%0.20 15%0.20 25%What are the odds of earning at least 20 percent? A. Two to three. B. Three to two. C. Three to five.（分数：1.00）A.B.C.D.9.A distribution with a mean that is less than its median is most likely: A. is negatively skewed. B. is positively skewed. C. has negative excess kurt

8、osis.（分数：1.00）A.B.C.D.10.Which of the following statements regarding the money -weighted and time -weighted rates of return is least accurate? A. The time - weighted rate of return reflects the compound rate of growth of one unit of currency over a stated measurement period. B. The time - weighted r

9、ate of return is the standard in the investment management industry. C. The money - weighted rate of return removes the effects of the timing of additions and withdrawals to a portfolio.（分数：1.00）A.B.C.D.11.Data shows that 75 out of 100 tourists who visit New York City visit the Empire State Building

10、. It rains or snows in New York City one day in five. What is the joint probability that a randomly choosen tourist visits the Empire State Building on a day when it neither rains nor snows? A. 95 percent. B. 20 percent. C. 60 percent.（分数：1.00）A.B.C.D.12.Which of the following is a priori probabilit

11、y? A. On a random draw, the probability of choosing a stock of a particular industry from the SP 500. B. A politicians opinion concerning a recession prior to an election. C. For a stock, based on prior patterns of up and down days, the probability of the stock having a down day tomorrow.（分数：1.00）A.

12、B.C.D.13.An investor has the following assets:$ 5000 in bonds with an expected return of 8%.$ 10000 in equities with an expected return of 12%.$ 5000 in real estate with an expected return of 10%.What is the portfolios expected return? A. 10.00%. B. 10.75%. C. 10.50%.（分数：1.00）A.B.C.D.14.Consider the

13、 following statements about the geometric and arithmetic means as measures of central tendency. Which statement is least accurate? A. The geometric mean may be used to estimate the average return over a one -period time horizon because it is the average of one - period returns. B. The difference bet

14、ween the geometric mean and the arithmetic mean increases with an increase in variability between period- to- period observations. C. The geometric mean calculates the rate of return that would have to be earned each year to match the actual, cumulative investment performance.（分数：1.00）A.B.C.D.15.Giv

15、en a 5 percent discount rate, the present value of $ 500 to be received three years from today is : A. $ 432. B. $ 400. C. $ 452.（分数：1.00）A.B.C.D.16.A 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 ra

16、te of interest that the bank is paying on these accounts? A.4.59%. B.4.50%. C.4.65%.（分数：1.00）A.B.C.D.17.A portfolio has a return of 14.2 percent and a Sharpes measure of 3.52. If the risk - free rate is 4.7 percent, what is the standard deviation of returns? A. 2.6%. B.3.9%. C.2.7%.（分数：1.00）A.B.C.D.

17、18.If two fair coins are flipped and two fair six - sided dice are rolled, all at the same time, what is the probability of ending up with two heads (on the coins) and two sixes (on the dice)? A. 0.4167. B. 0.0039. C. 0.0069.（分数：1.00）A.B.C.D.19.An analyst obtains the following annual returns for a g

18、roup of stocks: 10%, 8% ,7% ,9% , 10%, 12%,11%,10%,30%, and 13%. This: A. distribution has a median greater than its mode. B. distributions arithmetic mean is 12 and the median is 10.5. C. distribution is skewed to the right and the mean is greater than the mode.（分数：1.00）A.B.C.D.20.Which of the foll

19、owing statements concerning a distribution with positive skewness and positive excess kurtosis is FALSE? A. The mean will be greater than the mode. B. It has a lower percentage of small deviations from the mean than a normal distribution. C. There are a large number of positive outliers.（分数：1.00）A.B

20、.C.D.21.The real risk - free rate can be thought of as : A. approximately the nominal risk -free rate plus the expected inflation rate. B. approximately the nominal risk -free rate reduced by the expected inflation rate. C. exactly the nominal risk -free rate reduced by the expected inflation rate.（

21、分数：1.00）A.B.C.D.22.If two events are mutually exclusive, the probability that they both will occur at the same time is : A. 0.50. B. 1.00. C. 0.00.（分数：1.00）A.B.C.D.23.There is a 30% chance that the economy will be good and a 70% chance that it will be bad. If the economy is good, your returns will b

22、e 20% and if the economy is bad, your returns will be 10%. What is your expected return? A. 15%. B. 17%. C. 13%.（分数：1.00）A.B.C.D.24.Given P(X=2) =0.3, P(X=3) =0.4, P(X=4) =0.3. What is the variance of X? A.0.3. B.0.6. C. 3.0.（分数：1.00）A.B.C.D.25.Which of the following is an empirical probability? A.

23、On a random draw, the probability of choosing a stock of a particular industry from the SP 500 based on the number of firms. B. A politicians opinion concerning a recession prior to an election. C. For a stock, based on prior patterns of up and down days, the probability of the stock having a down d

24、ay tomorrow.（分数：1.00）A.B.C.D.26.Use the results from the following survey of 500 firms to answer the question. Number of Employees Frequency300 up to 400 40400 up to 500 62500 up to 600 78600 up to 700 101700 up t0 800 131800 up to 900 88The width of each interval (class) for this frequency table is

25、: A. 50. B. 101. C. 100.（分数：1.00）A.B.C.D.27.Lois 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 rea

26、ch her goal? A. $50000. B. $28725. C. $11005.（分数：1.00）A.B.C.D.28.Jane Acompora is calculating equivalent annualized yields based on the 1.3% holding period yield of a 90 - day loan. The correct ordering of the equivalent annual money market yield MMY), effective annual yield ( EAY), and bond equival

27、ent yield (BEY) is: A. MMY EAY BEY. B. MMY BEY EAY. C. BEY MMY EAY.（分数：1.00）A.B.C.D.29.Use the results from the following survey of 500 firms to answer the question. Number of Employees Frequency300 up to 400 40400 up to 500 62500 up to 600 78600 up to 700 101700 up to 800 131800 up to 900 88The fre

28、quency of the third class is: A. 156. B. 78. C. 180.（分数：1.00）A.B.C.D.30.If $ 2500 were put into an account at the end of each of the next 10 years earning 15 percent annual interest, how much would be in the account at the end of ten years? A. $ 27461. B. $ 50759. C. $41965.（分数：1.00）A.B.C.D.31.You b

29、orrow $15000 to buy a car. The loan is to be paid off in monthly payments over 5 years at 12 percent annual interest. What is the amount of each payment? A. $ 456. B. $ 334. C. $ 546.（分数：1.00）A.B.C.D.32.Which of the following statements about compounding and interest rates is FALSE? A. All else equa

30、l, the longer the term of a loan, the lower will be the total interest you pay. B. Compounding essentially means earning interest on interest. C. Present values and discount rates move in opposite directions.（分数：1.00）A.B.C.D.33.A portfolio of options had a return of 22 percent with a standard deviat

31、ion of 20 percent. If the risk - free rate is 7.5 percent, what is the Sharpe ratio for the portfolio? A. 0.725. B. 0.147. C. 0.267.（分数：1.00）A.B.C.D.34.Which of the following statements concerning skewness is FALSE? A distribution with: A. positive skewness has a long left tail. B. negative skewness

32、 has a large number of outliers on its left side. C. a distribution with skew equal to 1 is not symmetrical.（分数：1.00）A.B.C.D.35.Which of the following statements regarding frequency distributions is FALSE? Frequency distributions: A. help in the analysis of large amounts of statistical data. B. orga

33、nize data into overlapping groups. C. work with all types of measurement scales.（分数：1.00）A.B.C.D.36.Find the mean and the mean absolute deviation (MAD) of a series of stock market returns. Yr.1 14 percentYr.2 20 percentYr.3 24 percentYr.4 22 percentMean MADA. 20 12%B. 20 3%C. 22 12%A. B. C. （分数：1.00

34、）A.B.C.D.37.If Stock Xs expected return is 30 percent and its expected standard deviation is 5 percent, Stock Xs expected coefficient of variation is: A. 0.167. B. 1.20. C. 0.833.（分数：1.00）A.B.C.D.38.What is the effective annual yield of a T - bill that has a money market yield of 5. 665 percent and

35、255 days to maturity? A. 5.79 percent. B. 4.01 percent. C. 5.92 percent.（分数：1.00）A.B.C.D.39.The capital budgeting director of Green Manufacturing is evaluating a laser imaging project with the following characteristics:Cost: $150000Expected life: 3 yearsAfter-tax cash flows: $ 60317 per yearSalvage

36、value : $ 0If Green Manufacturings cost of capital is 11.5 percent, what is the projects internal rate of return (IRR) ? A. $ 3875. B. 2.49 years. C. 10.0%.（分数：1.00）A.B.C.D.40.How is the relative frequency of an interval computed? A. Subtracting the lower limit of the interval by the upper limit. B.

37、 Dividing the frequency of that interval by the sum of all frequencies. C. Multiplying the frequency of the interval by 100.（分数：1.00）A.B.C.D.41.Sarah Kelley, CFA, is analyzing two mutually exclusive investment projects. Kelley has calculated the net present value (NPV) and internal rate of return (I

38、RR) for each project: Project 1: NPV=$230; IRR=15% Project 2: NPV=$4000; IRR=6% Kelley should make which of the following recommendations concerning the two projects: Project 1 Project 2 A. Accept Reject B. Accept Accept C. Reject Accept A. B. C. （分数：1.00）A.B.C.D.42.Elise Corrs, hedge fund manager a

39、nd avid downhill skier, was recently granted permission to take a 4 month sabbatical. During the sabbatical, (scheduled to start in 11 months), Corrs will ski at approximately 12 resorts located in the Austrian, Italian, and Swiss Alps. Corrs estimates that she will need $ 6000 at the beginning of e

40、ach month for expenses that month. (She has already financed her initial travel and equipment costs. ) Her financial planner estimates that she will earn an annual rate of 8.5 percent during her savings period and an annual rate of return during her sabbatical of 9.5 percent. How much does she need

41、to put in her savings account at the end of each month for the next 11 months to ensure the cash flow she needs over her sabbatical? Each month, Cons should save approximately: A. $ 2065. B. $ 2070. C. $ 2080.（分数：1.00）A.B.C.D.43.The bank discount of a $1000000 T - bill with 135 days until maturity t

42、hat is currently selling for $ 979000 is : A. 6.1%. B.5.6%. C.5.2%.（分数：1.00）A.B.C.D.44.The money -weighted return also is known as the: A. perfect return for a portfolio. B. internal rate of return (IRR) of a portfolio. C. measure of the compound rate of growth of $1 over a stated measurement period

43、.（分数：1.00）A.B.C.D.45.Which of the following is NOT a correct statement concerning covariance? A. It can only apply to two variables at a time. B. A covariance of zero rules out any relationship. C. It can be negative.（分数：1.00）A.B.C.D.46.An investor has a $15000 portfolio consisting of $10000 in stoc

44、k A with an expected return of 20 percent and $ 5000 in stock B with an expected return of 10 percent. What is the investors expected return on the portfolio? A.7.9%. B. 12.2%. C. 16.7%.（分数：1.00）A.B.C.D.47.A Treasury bill with a face value of $1000000 and 45 days until maturity is selling for $98700

45、0. The Treasury bills bank discount yield is closest to: A. 5.20%. B. 7.90%. C. 10.40%.（分数：1.00）A.B.C.D.48.In any given year, the chance of a good year is 40 percent, an average year is 35 percent, and the chance of a bad year is 25 percent. What is the probability of having two good years in a row?

46、 A. 16.00%. B. 10.00%. C. 8.75%.（分数：1.00）A.B.C.D.49.A distribution that has positive excess kurtosis: A. is more peaked than a normal distribution. B. is less peaked than a normal distribution. C. has thinner tails than a normal distribution.（分数：1.00）A.B.C.D.50.The probability of A is 0.4. The proba

47、bility of AC is 0.6. The probability of (B|A) is 0.5, and the probability of ( B| AC) is 0.2. Using Bayes formula, what is the probability of ( A|B) ? A. 0.625. B. 0.875. C. 0.125.（分数：1.00）A.B.C.D.数量方法：基本概念(二)答案解析(总分：50.00，做题时间：90 分钟)一、B单项选择题/B(总题数：50，分数：50.00)1.A $500 investment offers a 7.5 percen

48、t annual rate of return. How much will it be worth in four years ? A. $ 650. B. $ 668. C. $ 753.（分数：1.00）A.B. C.D.解析：N=4; I/Y=7.5; PV=-500; PMT=0; CPTFV=667.73.OR 500 (1.075)4=667.732.For the last four years, the returns for XYZ Corporations stock have been 10.4%, 8.1%, 3.2%, and 15.0%. The equivalent compound annual rate is: A.9.1%. B.8.9%. C.9.2%.（分数：1.00）A. B.C.D.解析：*3.A conditional expectation involves : A. determining the expected joint probability. B. calculating the conditional variance. C. refining a forecast because