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单项选择题

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.

题目列表

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单项选择题

An 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 percent per year, what is the present value of this annuity（）

A. $ 556.38.
B. $1377.57.
C. $ 496.76.
单项选择题

If $2000 a year is invested at the end of each of the next 45 years in a retirement account yielding 8.5 percent, how much will an investor have at retirement 45 years from today（）

A. $100135.
B. $ 277700.
C. $ 901060.
单项选择题

If X and Y are independent events, which of the following must be TRUE（）

A. P( X or Y)=P(X)+P(Y).
B. X and Y cannot occur together.
C. P(X|Y)=P(X).
单项选择题

When creating intervals around the mean to indicate the dispersion of outcomes, which of the following measures is the most useful The（）

A. variance.
B. median.
C. standard deviation.
单项选择题

For a stock, which of the following is NOT a random variable（）

A. Its most recent closing price.
B. Its P/E ratio.
C. Its stock symbol.
单项选择题

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 kurtosis.
单项选择题

If event A and event B cannot occur simultaneously, then events A and B are said to be:（）

A. collectively exhaustive.
B. statistically independent.
C. mutually exclusive.
单项选择题

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（）

A. 16.00%.
B. 10.00%.
C. 8.75%.
单项选择题

Use the results from the following survey of 500 firms to answer the question.（）

A．20.4%.
B．15.4%.
C．3.4%.
单项选择题

Portfolio A earned an annual return of 15 percent with a standard deviation of 28 percent. If the mean return on Treasury bills ( T - bills) is 4 percent, the Sharpe ratio for the portfolio is :（）

A. 0.54.
B. 0.39.
C. 1.87.
单项选择题

The owner of a company has recently decided to raise the salary of one employee, who was already making the highest salary in the company, by 40 percent. Which of the following value (s) is (are) expected to be affected by this raise（）

A. median only.
B. mean and median only.
C. mean only.
单项选择题

An investor has a $15000 portfolio consisting of $10000 in stock A with an expected return of 20 percent and $ 5000 in stock B with an expected return of 10 percent. What is the investor's expected return on the portfolio（）

A.7.9%.
B.12.2%.
C.16.7%.
单项选择题

Nortel 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 of 8.5 percent, how much should he be willing to pay for a share of Nortel preferred stock（）

A. $44.12.
B. $31.88.
C. $37.50.
单项选择题

Bill Jones is creating a charitable trust to provide six annual payments of $ 20000 each, beginning next year. How much must Jones set aside now at 10 percent interest compounded annually to meet the required disbursements（）

A. $ 95815.74.
B. $ 87105.21.
C. $169743.42.
单项选择题

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.
单项选择题

Jamie Morgan needs to accumulate $ 2000 in 18 months. If she can earn 6 percent at the bank, compounded quarterly, how much must she deposit today（）

A. $1829.08.
B. $1832.61.
C. $1840.45.
单项选择题

A 1 - month loan has a holding period yield of 1 percent. What is the annual yield of this loan on a bond -equivalent basis（）

A. 6.15%.
B. 12.30%.
C. 12.00%.
单项选择题

In a frequency distribution histogram, the frequency of an interval is given by the:（）

A. width of the corresponding bar.
B. height multiplied by the width of the corresponding bar.
C. height of the corresponding bar.
单项选择题

Given: $1000 investment, compounded monthly at 12% find the future value after one year.（）

A. $1120.00.
B.$1121.35.
C. $1126.83.
单项选择题

Use the results from the following survey of 500 firms to answer the question.（）

A．400 up to 500
B．400 up to 500
C．700 up to 800
单项选择题

A portfolio of options had a return of 22 percent with a standard deviation 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.
单项选择题

T - bill yields can be thought of as :（）

A. real risk -free rates because they contain an inflation premium.
B. real rates because they contain an inflation premium.
C. nominal risk -free rates because they contain an inflation premium.
单项选择题

An investor expects a stock currently selling for $ 20 per share to increase to $ 25 by year - end. The dividend last year was $1 but he expects this year's dividend to be $1.25. What is the expected holding period return on this stock（）

A. 28.50%.
B. 24.00%.
C. 31.25%.
单项选择题

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 be 20% and if the economy is bad, your returns will be 10%. What is your expected return（）

A. 15%.
B. 17%.
C. 13%.
单项选择题

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 rate of interest that the bank is paying on these accounts（）

A.4.59%.
B.4.50%.
C.4.65%.
单项选择题

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.
单项选择题

If the odds against an event occurring are twelve to one, what is the probability that it will occur（）

A. 0.0769.
B. 0.0833.
C. 0.9167.
单项选择题

Use the following probability distribution to calculate the expected return for the portfolio.（）

A．2.5%
B．6.6%
C．4.3%
单项选择题

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.
单项选择题

One year ago, an investor made five separate investments with the invested amounts and returns shown below. What is the arithmetic and geometric mean return on all of the investor's investments（）

A．15.79%
B．2.3%
C．10.79%
单项选择题

An investor purchases a 10 - year, $1000 par value bond that pays annual coupons of $100. If the market rate of interest is 12 percent, what is the current market value of the bond()

A. $ 950.
B. $1100.
C. $ 887.
单项选择题

Given P(X =2, Y= 10) =0.3, P(X=6, Y=2.5) =0.4, and P(X =10,Y=0)=0.3, then Cov(XY) is:（）

A. -12.0.
B. 24.0.
C. 6.0.
单项选择题

Given the following annual returns, what is the range（）

A．22.0%.
B．15%
C．5%
单项选择题

The mean and standard deviation of returns for Stock A is represented below.（）

A．0.4
B．0.3
C．0.2
单项选择题

A Treasury bill with a face value of $1000000 and 45 days until maturity is selling for $987000. The Treasury bill's bank discount yield is closest to:（）

A. 5.20%.
B. 7.90%.
C. 10.40%.
单项选择题

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.
单项选择题

Given a 5 percent discount rate, the present value of $ 500 to be received three years from today is :（）

A. $ 432.
B. $ 400.
C. $ 452.
单项选择题

A portfolio has a return of 14.2 percent and a Sharpe's 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%.
单项选择题

Use the results from the following survey of 500 firms to answer the question.

A．Number of Employees
B．Frequency
C．300 up to 400
D．40
E．400 up to 500
F．62
G．500 up to 600
H．78
I．600 up to 700
J．101
K．700 up to 800
L．131
M．800 up to 900
N．88
单项选择题

A stock is currently worth $ 75. If the stock was purchased one year ago for $ 60, and the stock paid a $1.50 dividend over the course of the year, what is the holding period return（）

A．24.0%.
B．22.0%.
C．27.5%.
单项选择题

A joint probability of A and B must always be:（）

A. less than or equal to the conditional probability of A given B.
B. greater than or equal to the conditional probability of A given B.
C. greater than or equal to than the probability of A or B.
单项选择题

Given: an 11 percent annual rate compounded quarterly for 2 years ; compute the FV of $ 8000 today.（）

A. $ 9857.
B. $ 8962.
C. $ 9939.
单项选择题

With respect to the units each is measured in, which of the following is the most easily directly applicable measure of dispersion The:（）

A. standard deviation.
B. variance.
C. covariance.
单项选择题

The bank discount of a $1000000 T - bill with 135 days until maturity that is currently selling for $ 979000 is :（）

A. 6.1%.
B.5.6%.
C.5.2%.
单项选择题

Find the mean and the mean absolute deviation (MAD) of a series of stock market returns.（）

A．2%
B．3%
C．4%
单项选择题

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.
单项选择题

An investor deposits $ 4000 in an account that pays 7.5 percent, compounded annually. How much will this investment be worth after 12 years（）

A. $ 9358.
B. $ 7600.
C. $ 9527.
单项选择题

As the number of compounding periods increases, what is the effect on the EAR（）

A. EAR does not increase.
B. EAR increases at a decreasing rate.
C. EAR increases at a constant rate.
单项选择题

Wei Zhang has funds on deposit with Iron Range bank. The funds are currently earning 6% interest. If he withdraws $15000 to purchase an automobile, the 6% interest rate can be best thought of as a(n) :（）

A. discount rate.
B. required rate of return.
C. opportunity cost.
单项选择题

Let A and B be two mutually exclusive events with P(A) =0.40 and P(B)=0.20. Therefore :（）

A. P(B|A)=0.20.
B. P(A and B)=0.
C. P(A or B)=0.52.
单项选择题

There is a 30 percent probability of rain this afternoon. There is a 10 percent probability of having an umbrella if it rains. What is the chance of it raining and having an umbrella（）

A. 33%.
B.9%.
C. 3%.
单项选择题

How much should an investor have in a retirement account on his 65th birthday if he wishes to withdraw $ 40000 on that birthday and each of the following 14 birthdays, assuming his retirement account is expected to earn 14.5 percent（）

A. $ 234422.
B. $ 274422.
C. $ 272977.
单项选择题

If two events are independent, the probability that they both will occur is:（）

A. 0.00.
B. 0.50.
C. Cannot be determined from the information given.
单项选择题

The probability of each of three independent events is shown in the table below. What is the probability of A and C occurring, but not B（）

A．15%
B．42%
C．8.9%.
单项选择题

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.
单项选择题

ff an investment of $ 4000 will grow to $ 6520 in four years with monthly compounding, the effective annual interest rate will be closest to:（）

A.11.21%.
B.12.28%.
C.12.99%.
单项选择题

If a distribution is positively skewed, then generally you could say:（）

A. mean ＞ median ＞ mode.
B. mean ＜ median ＜ mode.
C. mean ＞ median ＜ mode.
单项选择题

A summary measure that is computed to describe a population characteristic from a sample is called a :（）

A. census.
B. summary.
C. statistic.
单项选择题

An investment with a cost of $ 5000 is expected to have cash inflows of $ 3000 in year 1, and $4000 in year 2. The internal rate of return (IRR) for this investment is closest to.（）

A. 15%.
B. 30%.
C. 25%.
单项选择题

Steve Hall wants to give his son a new car for his graduation. If the cost of the car is $15000 and Hall finances 80 percent of the value of the car for 36 months at 8 percent annual interest, his monthly payments will be:（）

A. $289.
B.$413.
C. $376.
单项选择题

What is the effective annual yield of a T - bill that has a money market yield of 5. 665 percent and 255 days to maturity（）

A. 5.79 percent.
B. 4.01 percent.
C. 5.92 percent.
单项选择题

A distribution of returns that has a greater percentage of small deviations from the mean and a greater percentage of large deviations from the mean compared to a normal distribution:（）

A. is positively skewed.
B. has positive excess kurtosis.
C. is negatively skewed.
单项选择题

Use the results from the following survey of 500 firms to answer the question.（）

A．50
B．150
C．100
单项选择题

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.
单项选择题

What is the effective annual yield for a Treasury bill priced at $ 98853 with a face value of $100000 and 90 days remaining until maturity（）

A. 1.16%.
B. 4.64%.
C. 4.79%.
单项选择题

What's the effective rate of return on an investment that generates a return of 12 percent, compounded quarterly（）

A. 14.34%.
B. 12.00%.
C. 12.55%.
单项选择题

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.
单项选择题

After repeated experiments, the average of the outcomes should converge to :（）

A. the expected value.
B. the variance.
C. zero.
单项选择题

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 equivalent yield (BEY) is:（）

A. MMY ＜ EAY ＜ BEY.
B. MMY ＜ BEY ＜ EAY.
C. BEY ＜ MMY ＜ EAY.
单项选择题

It will cost $ 20000 a year for four years when an 8 - year old child is ready for college. How much should be invested today if the child will make the first of four annual withdrawals 10 - years from today The expected rate of return is 8 percent.（）

A. $ 30683.
B. $ 66243.
C. $ 33138.
单项选择题

A distribution that is more peaked than normal is:（）

A. skewed.
B. platykurtic.
C. leptokurtic.
单项选择题

If a distribution is positively skewed:（）

A. the mean is greater than the median.
B. the mode is greater than the median.
C. the median, mean, and mode are equal.
单项选择题

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.
单项选择题

Given investors require an annual 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.
单项选择题

An investor invested $ 10000 into an account five years ago. Today, the account value is $18682. What is the investor's annual rate of return on a continuously compounded basis（）

A. 13.31%.
B. 11.33%.
C. 12.50%.
单项选择题

A bond that pays $ 100 in interest each year was purchased at the beginning of the year for $1050 and sold at the end of the year for $1100. An investor's holding period return is:（）

A. 14.3%.
B. 10.0%.
C. 10.5%.
单项选择题

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.
单项选择题

Consider a 10 - year annuity that promises to pay out $10000 per year; given this is an ordinary annuity and that an investor can earn 10 percent on her money, the future value of this annuity, at the end of 10 years, would be:（）

A. $159374.
B. $175312.
C. $152500.
单项选择题

Given Cov (X,Y) = 1000000. What does this indicate about the relationship between X and Y（）

A. It is strong and positive.
B. It is weak and positive.
C. Only that it is positive.
单项选择题

If Stock X's expected return is 30 percent and its expected standard deviation is 5 percent, Stock X's expected coefficient of variation is:（）

A. 0.167.
B. 1.20.
C. 0.833.
单项选择题

If the outcome of event A is not affected by event B, then events A and B are said to be:（）

A. mutually exclusive.
B. statistically independent.
C. collectively exhaustive.
单项选择题

For the last four years, the returns for XYZ Corporation's 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%.
单项选择题

An investor sold a 30 - year bond at a price of $ 850 after he purchased it at $ 800 a year ago. He received $ 50 of interest at the time of the sale. The annualized holding period return is:（）

A. 15.0%.
B. 10.0%.
C. 12.5%.
单项选择题

The mean monthly return on U.S. Treasury bills ( T - bills) is 0.42 percent. The mean monthly return for an index of small stocks is 4.56 percent, with a standard deviation of 3.56 percent. What is the Sharpe measure for the index of small stocks（）

A. 10.60%.
B. 16.56%.
C. 1.16%.
单项选择题

Which of the following sets of numbers does NOT meet the requirements for a set of probabilities（）

A. (0.50, 0.50).
B. (0.25, 0.25, 0.25, 0.25).
C. (0.10, 0.20, 0.30, 0.40, 0.50).
单项选择题

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 portfolio's expected return（）

A. 10.00%.
B. 10.75%.
C. 10.50%.
单项选择题

Use the results from the following survey of 500 firms to answer the question.（）

A．6
B．10
C．15
单项选择题

You borrow $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.
单项选择题

What is the present value of a 10 -year, $100 annual annuity due if interest rates are 0 percent（）

A. $ 900.
B. $1100.
C. $1000.
单项选择题

The probability of A is 0.4. The probability 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.
单项选择题

A local bank offers an account that pays 8 percent, compounded quarterly, for any deposits of $10000 or more that are left in the account for a period of 5 years. The effective annual rate of interest on this account is.（）

A. 9.01%.
B.4.65%.
C. 8.24%.
单项选择题

A bond was purchased exactly one year ago for $910 and was sold today for $1020. During the year, the bond made two semi - annual coupon payments of $ 30. What is the holding period return（）

A. 6.0%.
B. 12.1%.
C. 18.7%.
单项选择题

The probabilities of earning a specified return from a portfolio are shown below:（）

A．4/3.
B．3/2.
C．5/2.
单项选择题

Selmer Jones has just inherited some money and wants to set some of it aside for a vacation in Hawaii one year from today. His bank will pay him 5 % interest on any funds he deposits. In order to determine how much of the money must be set aside and held for the trip, he should use the 5% as a(n).（）

A. opportunity cost.
B. discount rate.
C. required rate of return.
单项选择题

Which of the following statements about statistical concepts is FALSE（）

A. A frequency distribution is a tabular display of data summarized into a relatively small number of intervals.
B. An interval is a set of return values within which an observation falls.
C. A sample contains all members of a specified group, but a population contains only a subset.
单项选择题

Fisher, Inc. , is evaluating the benefits of investing in a new industrial printer. The printer will cost $ 28000 and increase after - tax cash flows by $ 8000 during each of the next five years. What is the internal rate of return (IRR) and net present value (NPV) of the printer project if Fisher’s required rate of return is 11 percent IRR NPV（）①A. 5.56% -$ 3180 ②B. 17.97% $ 5844 ③C. 13.20% $ 1567

A. ①
B. ②
C. ③
单项选择题

Which of the following statements regarding skewness is FALSE（）

A. A positively skewed distribution is characterized by many small losses and a few extreme gains.
B. A distribution that is not symmetrical has skew not equal to zero.
C. In a skewed distribution, 95% of all values will lie within plus or minus two standard deviations of the mean.
单项选择题

Which of the following statements regarding frequency distributions is FALSE Frequency distributions:（）

A. help in the analysis of large amounts of statistical data.
B. organize data into overlapping groups.
C. work with all types of measurement scales.
单项选择题

Consider the 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 between 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.
单项选择题

Which of the following statements concerning kurtosis is FALSE A:（）

A. distribution that is more peaked than a normal distribution is lept0kurtic.
B. distribution that is less peaked than a normal distribution is platykurtic.
C. leptokurtic distribution has excess kurtosis less than zero.
单项选择题

The First State Bank is willing to lend $100000 for 4 years at a 12 percent rate of interest, with the loan to be repaid in equal semi - annual payments. Given the payments are to be made at the end of each 6 - month period, how much will each loan payment be（）

A. $ 32925.
B. $16104.
C. $ 25450.
单项选择题

In three years, an investor deposits the first of eight $1000 payments into a special fund. The fund will earn interest at the rate of 5% per year until the end of the fifth year. Thereafter, all money accumulated in the fund will earn a reduced interest rate of 4% compounded annually until the end of the tenth year. How much money will the investor have in the fund at the end often years assuming no withdrawals are made（）

A. $8416.32.
B. $8872.93.
C. $9251.82.
单项选择题

Which one of the following statements best describes the components of the required interest rate on a security（）

A. The real risk - free rate, the expected inflation rate, the default risk premium, a liquidity premium and a premium to reflect the risk associated with the maturity of the security.
B. The real risk -free rate, the default risk premium, a liquidity premium and a premium to reflect the risk associated with the maturity of the security.
C. The real risk - free rate, the expected inflation rate and a liquidity premium.
单项选择题

Which of the following statements about probability is TRUE（）

A. A conditional probability is the probability that two or more events will happen concurrently.
B. An outcome is the calculated probability of an event.
C. An event is a set of one or more possible values of a random variable.
单项选择题

An investor is considering purchasing ACQ. There is a 30 percent probability that ACQ will be acquired in the next two months. If ACQ is acquired, there is a 40 percent probability of earning a 30 percent return on the investment and a 60 percent probability of earning 25 percent. If ACQ is not acquired, the expected return is 12 percent. What is the expected return on this investment（）

A. 16.5%.
B. 18.3%.
C. 12.3%.
单项选择题

A local loan shark offers 4 for 5 on payday. What it involves is that you borrow $ 4 from him and repay $ 5 on the next payday (one week later). What would the stated annual interest rate be on this loan, with weekly compunding What is the effective annual interest rate on this loan Assume 52 weeks in one year, and select the answer closest to your numbers. Stated Interest Rate Effective Interest Rate（）①A. 25% 300% ②B. 25% 1300% ③C. 1300% 10947544%

A. ①
B. ②
C. ③
单项选择题

Which of the following statements concerning skewness is FALSE A distribution with:（）

A. positive skewness has a long left tail.
B. negative skewness has a large number of outliers on its left side.
C. a distribution with skew equal to 1 is not symmetrical.
单项选择题

Five years ago, an investor borrowed $5000 from a financial institution that charged a 6% annual interest rate and immediately took his family to five in Nepal. He made no payments during the time he was away. When he returned, he agreed to repay the original loan plus the accrued interest by making five end - of - year payments starting one year after he returned. If the interest rate on the loan is heldconstant at 6% per year,, what annual payment must the investor make in order to retire the loan（）

A. $1338.23.
B. $1588.45.
C. $1638.23.
单项选择题

Peter Wallace wants to deposit $10000 in a bank certificate of deposit (CD). Wallace is considering the following banks: Bank A offers 5.72 percent annual interest rate compounded quarterly. Bank B offers 5.75 percent annual interest rate compounded monthly. Bank C offers 5.70 percent annual interest compounded daily. Which bank offers the highest effective interest rate and how much（）

A. Bank A, 5.88%.
B. Bank B, 5.90%.
C. Bank C, 5.87%.
单项选择题

An analyst obtains the following annual returns for a group of stocks: 10%, 8% ,7% ,9% , 10%, 12%,11%,10%,30%, and 13%. This:（）

A. distribution has a median greater than its mode.
B. distribution’s 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.
单项选择题

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 reach her goal（）

A. $50000.
B. $28725.
C. $11005.
单项选择题

Sarah Parker is buying a new $ 25000 car. Her trade - in is worth $5000 so she needs 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 Sarah’s monthly car payment（）

A. $480.57.
B. $416.67.
C. $483.58.
单项选择题

Sarah Kelley, CFA, is analyzing two mutually exclusive investment projects. Kelley has calculated the net present value (NPV) and internal rate of return (IRR) 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（）①A. Accept Reject ②B. Accept Accept ③C. Reject Accept

A. ①
B. ②
C. ③>
单项选择题

Which of the following statements about compounding and interest rates is FALSE（）

A. All else equal, 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.
单项选择题

Use a stated rate of 9 percent compounded periodically to answer the following three questions. Select the choice that is the closest to the correct answer.

 

The semi - annual effective rate is :（）

A.9.20%.
B.9.00%.
C. 10.25%.
单项选择题

Which of the following statements about skewness and kurtosis is FALSE（）

A. Kurtosis is measured using deviations raised to the fourth power.
B. Values of relative skewness in excess of 0.5 in absolute value indicate large levels of skewness.
C. Positive values of kurtosis indicate a distribution that has fat tails.
单项选择题

Which one of the following alternatives best describes the primary use of descriptive statistics（）

A. They are used to summarize important characteristics of large data sets.
B. They are used to obtain data about the characteristics of any data set that can be used to assess the likelihood of the occurrence of future events.
C. They are used to make forecasts based on large data sets.
单项选择题

An investor has a portfolio with 10 percent cash, 30 percent bonds, and 60 percent stock. Last year, the cash returns was 2.0 percent, the bonds’ return was 9.5 percent, and the stock’s return was - 32.5 percent. What was the return on the investor’s portfolio（）

A. -7.00%.
B. -33.33%.
C. - 16.45%.
单项选择题

The financial manager at Kyser Jones is considering two mutually exclusive projects with the following projected cash flows:
If Kyser Jones’ required rate of return is 11 percent, which project would be chosen and why（）

A. Project M, because it has the higher internal rate of return.
B. Project Z, because it has the higher net present value.
C. Both projects, because their net present values are positive.
单项选择题

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 sample’s characteristics are attributed to the population as a whole.
单项选择题

There is a 40% chance that the economy will be good next year and a 60% chance that it will be bad. If the economy is good, there is a 50 percent chance of a bull market, a 30% chance of a normal market, and a 20% chance of a bear market. If the economy is bad, there is a 20% chance of a bull market, a 30% chance of a normal market, and a 50% chance of a bear market. What is the probability of a bull market next year（）

A.32%.
B.50%.
C. 12%.
单项选择题

Helen Pedersen has all her money invested in either of two mutual funds (A and B). She knows that there is a 40 percent probability that fund A will rise in price and a 60 percent chance that fund B will rise in price if fund A rises in price. What is the probability that both fund A and fund B will rise in price（）

A. 0.24.
B. 0.40.
C. 0.70.
单项选择题

Which of the following is an empirical probability（）

A. On a random draw, the probability of choosing a stock of a particular industry from the S＆P 500 based on the number of firms.
B. A politician’s 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.
单项选择题

What is the main difference between descriptive statistics and inferential statistics（）

A. Descriptive statistics are used to make forecasts about the likelihood of upcoming events while inferential statistics are used to summarize any data set.
B. Descriptive statistics are calculations based on small samples while inferential statistics are calculations based on large samples.
C. Descriptive statistics are used to summarize a large data set while inferential statistics involves procedures used to make forecasts or judgments about a large data set by examining a smaller sample.
单项选择题

How is the relative frequency of an interval computed（）

A. Subtracting the lower limit of the interval by the upper limit.
B. Dividing the frequency of that interval by the sum of all frequencies.
C. Multiplying the frequency of the interval by 100.
单项选择题

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.
单项选择题

For a given corporation, which of the following is an example of a conditional probability The probability the corporation’s :（）

A. earnings increase and dividend increases.
B. financial condition improves.
C. dividend increases given its earnings increase.
单项选择题

An investor has the choice of two investments. Investment A offers interest at 7.25 percent compounded quarterly. Investment B offers interest at the annual rate of 7.40 percent. Which investment offers the higher dollar return on an investment of $ 50000 for two years, and by how much（）

A. Investment B offers a $ 36.92 greater return.
B. Investment A offers a $122.18 greater return.
C. Investment A offers a $ 53.18 greater return.
单项选择题

Use a stated rate of 9 percent compounded periodically to answer the following three questions. Select the choice that is the closest to the correct answer.
An investment offers $100 per year forever. If Peter Wallace’s required rate of return on this investment is 10 percent, how much is this investment worth to him（）

A. $500 million.
B. $100 million.
C. $1000 million.
单项选择题

Which of the following is NOT a problem with the internal rate of return (IRR)（）

A. Non - normal cash flow patterns may result in multiple IRRs.
B. For mutually exclusive projects, IRR and net present value (NPV) can give conflicting project rankings.
C. Sometimes the IRR exceeds the cost of capital.
单项选择题

There is a 40% chance that the economy will be good next year and a 60% chance that it will be bad. If the economy is good, there is a 50% chance of a bull market, a 30% chance of a normal market, and a 20% chance of a bear market. If the economy is bad, there is a 20% chance of a bull market, a 30% chance of a normal market, and a 50% chance of a bear market. What is the joint probability of a good economy and a bull market（）

A. 12%.
B.20%.
C.32%.
单项选择题

The internal rate of return (IRR) method and net present value (NPV) method of project selection will always provide the same accept or reject decision when:（）

A. the projects are mutually exclusive.
B. the projects are independent.
C. the projects terminate within five years.
单项选择题

Which of the following is a priori probability（）

A. On a random draw, the probability of choosing a stock of a particular industry from the S＆P 500.
B. A politician’s 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.
单项选择题

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 rate 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.
单项选择题

The financial manager at Johnson & Smith estimates that its required rate of return is 11 percent. Which of the following independent projects should Johnson & Smith accept（）

A. Project A requires an up- front expenditure of $1000000 and generates an NPV of -$4600.
B. Project B requires an up - front expenditure of $ 600000 and generates a positive internal rate of return of 12.0%.
C. Project C requires an up - front expenditure of $100000 and generates a negative IRR of 3.2%.
单项选择题

WhichofthefollowingstatementsconcerningadistributionwithpositiveskewnessandpositiveexcesskurtosisisFALSE（）

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.
单项选择题

Financial managers should always select the project that provides the highest net present value (NPV) whenever NPV and IRR methods conflict, because maximizing:（）

A. revenues is the goal of financial management.
B. earnings per share is the goal of financial management.
C. shareholder wealth is the goal of financial management.
单项选择题

Use a stated rate of 9 percent compounded periodically to answer the following three questions. Select the choice that is the closest to the correct answer.
The quarterly effective rate is:（）

A.9.31%.
B.9.00%.
C.9.20%.
单项选择题

The capital budgeting director of Green Manufacturing is evaluating a laser imaging project with the following characteristics: Cost: $150000 Expected life: 3 years After-tax cash flows: $ 60317 per year Salvage value : $ 0 If Green Manufacturing’s cost of capital is 11.5 percent, what is the project’s internal rate of return (IRR)（）

A. $ 3875.
B. 2.49 years.
C. 10.0%.
单项选择题

Given the following frequency distribution:

Which of the following statements is FALSE()

A. The interval size is 20.
B. The relative interval frequency of the second interval is 14.28.
C. The interval frequency of the third interval is 15.
单项选择题

Elise Corrs, hedge fund manager and 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 each 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 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.
单项选择题

Which of the following is TRUE with respect to the relationship of the money - weighted return to the time - weighted return If funds are contributed to a portfolio just prior to a period of favorable performance, the :（）

A. money - weighted rate of return will tend to be depressed.
B. time - weighted rate of return will tend to be elevated.
C. money - weighted rate of return will tend to be elevated.
单项选择题

Which of the following best describes a frequency distribution A frequency distribution is a grouping of:（）

A. data into intervals (classes) so that the number of observations in each of the non - overlapping intervals (classes) can be seen and tallied.
B. selected data into intervals (classes) so that the number of observations in each of the non - overlapping intervals (classes) can be seen and tallied.
C. dependent intervals (classes) so that they can be seen and tallied.
单项选择题

Concerning an ordinary annuity and an annuity due with the same payments and positive interest rate, which of the following statements is TRUE（）

A. There is no relationship.
B. The present value of the ordinary annuity is equal to annuity due.
C. The present value of the ordinary annuity is less than an annuity due.
单项选择题

Which of the following is the most correct statement about stated and effective annual interest rates（）

A. The stated rate adjusts for the frequency of compounding.
B. The nominal rate is used to find the stated rate.
C. The stated annual interest rate is used to find the effective annual rate.
单项选择题

Which one of the following alternatives best describes the primary use of inferential statistics（）

A. They are used to approximate the characteristics of any data set.
B. They are used to make forecasts based on large data sets.
C. They are used to make forecasts, estimates or judgments about a large set of data based on statistical characteristics of a smaller sample.
单项选择题

Data shows that 75 out of 100 tourists who visit New York City visit the Empire State Building. 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.
单项选择题

The financial manager at IBFM, a farm implement distributor, is contemplating the following three mutually exclusive projects. IBFM’s required rate of return is 9.5 percent. Based on the information provided, which should the financial manager select and why（）

A. Project A with the lowest initial investment.
B. Project B with the highest internal rate of return.
C. Project C with the highest net present value.
单项选择题

The holding period yield for a T - Bill maturing in 110 days is I. 90 percent. What are the equivalent annual yield (EAY) and the money market yield (MMY) EAY MMY（）①A. 5.25% 5.59% ②B. 6.90% 6.80% ③C. 6.44% 6.22%

A. ①
B. ②
C. ③
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