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

Free Test Prep CFA® LEVEL 1 Real Questions (page: 152)

How much must you deposit today if you wish to have $60,000 in 10 years, assuming that interest accumulates at 10%, compounded annually?

  1. $20,153.37
  2. $21,500.00
  3. $9,143.39
  4. $26,474.73
  5. $23,132.60

Answer(s): E

Explanation:

On the BAII Plus, press 10 N, 10 I/Y, 0 PMT, 60000 FV, CPT PV. On the HP12C, press 10 n, 10 i, 0 PMT, 60000 FV, PV. Note that the answer is displayed as a negative number.



The results of the regressions using 200 observation on a variable Y against X are as follows:

Coefficient Standard error
intercept 3.62.1
slope-8.11.3
R square = 49%

The correlation coefficient between X and Y is ________.

  1. -0.49
  2. -0.70
  3. + 0.70
  4. -8.10

Answer(s): B

Explanation:

In a univariate regression, the correlation coefficient between the dependent and the independent variables equals the square root of R-square. However, you should also be careful about the sign, which is not given by the R-square. Rather, you have to look at the sign of the slope coefficient. In this case, the slope coefficient is negative, implying that the dependent and the independent variables are negatively correlated and the correlation coefficient equals -sqrt(0.49) = -0.7.



A researcher has a sample of 400 observations from a population whose standard deviation is known to be 136. The mean of the sample is calculated to be 17.2. The null hypothesis is stated as Ho: mean = 4. The p- value under the alternative hypothesis H1: mean > 4 equals ________.

  1. 3.92%
  2. 5.2%
  3. 1.96%
  4. 2.6%

Answer(s): D

Explanation:

The z-statistic under the null is calculated to be (17.2 - 4)/(136/(400^.5)) = 1.94. The right-tailed probability of observing a z-statistic at least as big as 1.94 equals 1.0 - 0.9738 = 0.026 = 2.6%. This is the p-value of the right-tailed test in this sample.



You are given a portfolio mean return of 15%, and a standard deviation of portfolio return is 20%, and a Sharpe ratio of 0.51. What is the risk-free rate?

  1. None of these answers is correct.
  2. 4.0%.
  3. 5.0%.
  4. 4.2%.

Answer(s): A

Explanation:

The Sharpe measure of risk-adjusted performance is equal to (rbar_p - rbar_f)/sigma_p, where rbar_p is the mean portfolio return, rbar_f is the mean risk-free return, and sigma_p is the standard deviation of portfolio return. In our case, we have (15% - x%) / 20% = 0.51. Solving for x, we obtain x = 0.15 - 0.51
* 0.20 = 0.15 - 0.102 = 0.048 = 4.8%.



If you deposit $500 today into an account paying 8% per year, compounded quarterly, how much will be in the account after 60 months?

  1. $717.54
  2. $702.48
  3. $751.59
  4. $724.46
  5. $742.97

Answer(s): E

Explanation:

There are 20 quarters in 60 months (60 divide 3 =). On the BAII Plus, press 20 N, 8 divide 4 = I/Y, 500 PV, 0 PMT, CPT FV. On the HP12C, press 20 n, 8 ENTER 4 divide i, 500 PV, 0 PMT, FV. Note that the answer will be displayed as a negative number. Make sure the BAII Plus has the value of P/Y set to 1.



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