1历年CFA考试真题及答案解析1、Thenominal(quoted)annualinterestrateonanautomobileloanis10%.Theeffectiveannualrateoftheloanis10.47%.Thefrequencyofcompoundingperiodsperyearfortheloanisclosestto:【单项选择题】A.weekly.B.monthly.C.quarterly.正确答案:B答案解析:“TheTimeValueofMoney,〞RichardA.DeFusco,CFA,DennisW.McLeavey,CFA,JeraldE.Pinto,CFA,andDavidE.Runkle,CFA2021ModularLevelI,Vol.1,Reading5,Section3.3StudySession2-5-c,dCalculateandinterprettheeffectiveannualrate,giventhestatedannualinterestrateandthefrequencyofcompounding.Solvetimevalueofmoneyproblemsfordifferentfrequenciesofcompounding:Biscorrect.Usetheformulaforeffectiveannualrate:IterativelysubstitutethepossiblefrequencyofcompoundinguntiltheEARis10.47%.Thus,thecorrectanswerismonthlycompounding.2、WhichofthefollowingisaconstraintasdefinedintheInternationalFinancialReportingStandards(IFRS)FrameworkforthePreparationandPresentationofFinancialStatements?【单项选择题】A.NeutralityB.TimelinessC.Goingconcern正确答案:B答案解析:“FinancialReportingStandards,〞ThomasR.Robinson,CFA,JanHendrikvanGreuning,CFA,KarenO'ConnorRubsam,CFA,R.ElaineHenry,CFA,andMichaelA.Broihahn,CFATimelinessisaconstraintintheIFRSFramework.NeutralityisafactorthatcontributestoreliabilityandgoingconcernisanassumptionoftheFramework.3、Whichmethodofcalculatingthefirm'scostofequityismostlikelytoincorporatethelong-runreturnrelationshipbetweenthefirm'sstockandthemarketportfolio?【单项选择题】A.DividenddiscountmodelB.CapitalassetpricingmodelC.Bond-yield-plusrisk-premium正确答案:B答案解析:“CostofCapital〞YvesCourtois,CFA,GeneC.Lai,andPamelaPetersonDrake,CFAThecapitalassetpricingmodelusesthefirm'sequitybeta,whichiscomputedfromamarketmodelregressionofthecompany'sstockreturnsagainstmarketreturns.4、Fora90-dayU.S.Treasurybillsellingatadiscount,whichofthefollowingmethodsmostlikelyresultsinthehighestyield?【单项选择题】2A.MoneymarketyieldB.Discount-basisyieldC.Bondequivalentyield正确答案:C答案解析：“WorkingCapitalManagement,〞EdgarNorton,Jr.,KennethL.Parkinson,andPamelaPetersonDrakeFacevalue—PurchasepriceDBY=----------------------:------------——XFacevalue—Purchaseprice---------…卩*两亦亦丽⑷>附^Y-MMYX^BEY>MMY>DBY5、Aninvestorgathersthefollowingdata.Toestimatethestock'sjustifiedforwardP/E,theinvestorpreferstousethecompoundedannualearningsgrowthandtheaverageofthepayoutratiosovertherelevantperiod(i.e.,2021—2021).Iftheinvestoruses11.5%asherrequiredrateofreturn,thestock'sjustifiedforwardP/Eisclosestto:【单项选择题】A.10.B.12.C.21.正确答案:C答案解析:“EquityValuation:ConceptsandBasicTools,〞JohnJ.NagorniakandStephenE.Pa/fi=p/(r-g)=0.61/(0.115-0.086)=二Wilcox6、AbondportfoliomanagerisconsideringthreeBonds-A,B,andC-forhisportfolio.BondAallowstheissuertocallthebondbeforestatedmaturity,BondBallowstheinvestortoputthebondbacktotheissuerbeforestatedmaturity,andBondCcontainsnoembeddedoptions.Thebondsareotherwiseidentical.Themanagertellshisassistant,“BondAandBondBshouldhavelargernominalyieldspreadstoaU.S.TreasurythanBondCtocompensatefortheirembeddedoptions.〞Isthemanagermostlikelycorrect?【单项选择题】A.Yes.B.No,BondA'snominalyieldspreadshouldbelessthanBondC's.C.No,BondB'snominalyieldspreadshouldbelessthanBondC's.正确答案:CFac&valueDaystomaturityPurchasepriceFacevalue—PurchasepriceBEY---------------:-----------------365PurchasepriceDaystomaturity3答案解析:“UnderstandingYieldSp...
