Test Prep CFA® Level I Chartered Financial Analyst CFA® LEVEL 1 Exam Questions in PDF

Free Test Prep CFA® LEVEL 1 Dumps Questions (page: 125)

The mean amount of gasoline and services charged by Key Refining Company credit customers is $70 per month. The distribution of amounts spent is approximately normal with a standard deviation of $10. What is the probability of selecting a credit card customer at random and finding the customer charged between $70 and $83?

  1. 0.4032
  2. None of these answers
  3. 0.1962
  4. 0.3413
  5. 0.4750

Answer(s): A

Explanation:

z = (x-u)/sigma. z1 = 70 - 70/10 = 0 and z2 = 83 - 70/10 = 1.3. For z = 1.3, the area under the curve is 0.4032.



Two events, A and B, are independent if:

  1. P(A and B) = 1
  2. P(A and B) = P(A) + P(B)
  3. P(A and B) = 0
  4. P(A and B) = P(A) P(B)

Answer(s): D

Explanation:

This is the definition of independence.



If you deposit $4,250 today into a savings account paying 6% per year, compounded semiannually, how much is in your account in 4 years?

  1. $5,365.53
  2. $6,773.85
  3. $6,000.00
  4. $4,783.41
  5. $5,383.77

Answer(s): E

Explanation:

On the BAII Plus, press 8 N, 6 divide 2 = I/Y, 4250 PV, 0 PMT, CPT FV. On the HP12C, press 8 n, 6 ENTER 2 divide i, 4250 PV, 0 PMT, FV. Note that the answer will be displayed as a negative number. Make sure the BAII Plus has the P/Y value set to 1.



A stock has the following returns over 4 years: +5%, -6%, +8%, +3%. The annual arithmetic and geometric rates of return over the 4 years are:

  1. 5%; 5.57%
  2. 2.5%; 9.79%
  3. 10%; 9.79%
  4. 2.5%; 2.36%

Answer(s): D

Explanation:

The mean equals (5% + (-6%) + 8% + 3%)/4 = 2.5%
The geometric mean equals (1.05 * 0.94 * 1.08 * 1.03)^(1/4) = 2.36% Note that the geometric mean is less than the mean.



What is the annual Internal Rate of Return of this series of annual cash flows: Year 0: <$15,000>, Year 1:
$5,000, Year 2: $8,000, Year 3: $11,000? (Note that the <> are used to indicate a negative number).

  1. 27.12%
  2. 23.74%
  3. 25.55%
  4. 26.61%
  5. 24.02%

Answer(s): E

Explanation:

On the BAII Plus, press CF 2nd CLRWork 15000 +/- ENTER DownArrow 5000 ENTER DownArrow DownArrow 8000 ENTER DownArrow DownArrow 11000 ENTER DownArrow DownArrow 2nd Quit. Then press Irr CPT.
On the HP12C, press these keys: 15000 CHS BlueShift CFo 5000 BlueShift CFj 8000 BlueShift CFj 11000 BlueShift CFj Then press YellowShift Irr. The "DownArrow" represents the downward-pointing arrow on the top row of the BAII Plus keyboard. Make sure the BAII Plus has the P/Y value set to 1.



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