【導(dǎo)讀】A.$7,618.B.$8,342.C.$9,426.D.$7,828.=9;I/Y=14;FV=-25,458;PMT=0;CPTPV=$7,828.A.$9,527.B.$7,600.C.$9,358.D.$5,850.N=12;I/Y=;PV=-4,000;PMT=0;CPTFV=$9,527.n=5,i/yr=6%,PMT=0,FV=$20,000,ComputePV=-$14,(poundedannually)onhismoney?A.years.B.years.C.years.D.years.moneyin9years(.,invest$10,000today,andit'llbeworth$30,000in9years).A.%.B.%.C.%.D.%.A.$36,577.B.$41,577.C.$38,676.D.$23,857.PV=$41,577.B.$1,D.$1,A.$175,312.B.$152,500.C.$.D.$159,374.FV=$159,374.A.%.B.%.C.%.D.%.A.years.B.years.C.years.D.years.I/Y=;PV=-100,000;PMT=12,042;FV=0;CPTN=.A.$1,093.B.$875.

　　

【正文】 Deviation / Mean =(8/20)= and (5/15)= 31 Question ID: 19893 Which of the following statements regarding the Sharpe ratio is TRUE? The Sharpe ratio measures: A. dispersion relative to the mean. B. peakedness of a return distrubtion. C. excess return per unit of risk. D. total return per unit of risk. C The Sharpe ratio measures excess return per unit of risk. Remember that the numerator of the Sharpe ratio is (portfolio return – risk free rate), hence the importance of excess return. Note that dispersion relative to the mean is the definition of the coefficient of variation, and the peakedness of a return distribution is measured by kurtosis. Question ID: 19896 A distribution with a mean that is less than its median: A. is positively skewed. B. is negatively skewed. C. has positive excess kurtosis. D. has negative excess kurtosis. D A distribution with a mean that is less than its median is a negatively skewed distribution. A negatively skewed distribution is characterized by many small gains and a few extreme losses. Note that kurtosis is a measure of the peakedness of a return distribution. 32 Question ID: 19895 If a distribution is positively skewed: A. the mode is greater than the median. B. the mean is greater than the median. C. the median, mean, and mode are equal. D. the mode is greater than the mean. B For a positively skewed distribution, the mode is less than the median, which is less than the mean (the mean is greatest). Remember that investors are attracted to positive skewness because the mean return is greater than the median return. Question ID: 19897 Which of the following statements regarding skewness is FALSE? A. In a skewed distribution, 95% of all values will lie within plus or minus two standard deviations of the mean. B. A positively skewed distribution is characterized by many small losses and a few extreme gains. C. Skewness refers to a distribution that is not symmetrical. D. A normal distribution will have a mean that is equal to its median. A For a normal distribution, the mean will be equal to its median and 95% of all observations will fall within plus or minus two standard deviations of the mean. For a skewed distribution, because it is not symmetrical, this may not be the case. Chebyshev’s inequality tells us that at least 75% of observations will lie within plus or minus two standard deviations from the mean. 33 Question ID: 19386 Which of the following statements about kurtosis is FALSE? Kurtosis: A. measures the peakedness of a distribution reflecting a greater or lesser concentration of returns around the mean. B. describes the degree to which a distribution is not symmetric about its mean. C. is used to reflect a departure from the normal distribution. D. is used to reflect the probability of extreme outes for a return distribution. B The degree to which a distribution is not symmetric about its mean is measured by skewness. Kurtosis is used to reflect a departure from the normal distribution, measures the peakedness of a distribution, and is used to reflect the probability of extreme outes. Question ID: 19899 A distribution of returns that has a greater percentage of small deviations from the mean and a greater percentage of extremely large deviations from the mean: A. has negative excess kurtosis. B. is a normal distribution. C. is positively skewed. D. has positive excess kurtosis. D A distribution that has a greater percentage of small deviations from the mean and a greater percentage of extremely large deviations from the mean will be leptokurtic and will exhibit positive excess kurtosis. The distribution will be taller with fatter tails than a normal distribution. 34 Question ID: 19900 Which of the following statements about semilogarithmic scales is FALSE? A. Semilogarithmic scales provide a more realistic picture when graphing past performance. B. Arithmetic scales are based on straight numerical changes in an index. C. Semilogarithmic scales use a logarithmic scale on the horizontal axis, but an arithmetic scale on the vertical axis. D. Semilogarithmic scales are based on percentage changes of an index. C Semilogarithmic scales use a logarithmic scale on the vertical axis, but an arithmetic scale on the horizontal axis. This allows changes to be reflected on a percentage basis rather than a straight numerical basis, resulting in a more realistic picture when graphing past performance. Question ID: 18531 A stock had the following returns over the last four years: 15 percent, 2 percent, 9 percent, 44 percent, 23 percent. What is the geometric mean for this stock? A. B. C. D. D Geometric mean = ()()()()()20 –1 = – 1 = – 1 = 35 x 100 = Question ID: 18528 A stock had the following returns over the last four years: 45 percent, 12 percent, 15 percent, 75 percent, 9 percent. What is the geometric mean for this stock? A. B. C. D. B Geometric mean = ()()()()()20 –1 = – 1 = – 1 = x 100 = Question ID: 19369 Given the following frequency distribution, the sample size and frequency of the second interval are, respectively: Return Frequency 10% up to 0% 3 0% up to 10% 7 10% up to 20% 3 20% up to 30% 2 30% up to 40% 3 A. 5, 10 B. 18, 7 36 C. 10, 3 D. 10, 7 B The sample size is found by totaling all of the frequencies in the frequency distribution. (3+7+3+2+3) = 18. The frequency of the second interval is found simply by looking at the table: 7. Question ID: 18523 A portfolio realized a 10% return in Year 1 and a 10% return in Year 2. The geometric mean return over the two year period is: A. % B. % C. % D. % D (1+.10)()1/2 1 = ()()1/2 1 = square