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

Free Test Prep CFA-Level-I Real Questions (page: 117)

Past experience of a large manufacturing firm with administering a test to recent college graduates who had applied for a job revealed that the mean test score was 500, and the standard deviation was 50. The distribution of the test scores was normal. Based on this experience, management is considering placing a person whose scores is in the upper 6 percent of the distribution directly into a responsible position. What is the lowest score a college graduate must earn to qualify for a responsible position?

  1. None of these answers
  2. 460
  3. 625
  4. 578
  5. 50

Answer(s): D

Explanation:

Find the z value representing 44% of the area under the curve. From the z tables, z = 1.55. Using z = (x-u)/ sigma. 1.55 = (x-500)/50. x = 577.5



You are examining a portfolio composed of 33% money-market investments, 9.5% bonds, and 57.5% stocks. Last year, the return on the money-market investments was 4%; the return on bonds was 9%, and the return on stocks was -11%. What is the contribution of stocks toward the portfolio weighted average return?

  1. -57.50%.
  2. -11.00%.
  3. -4.15%.
  4. -6.325%.

Answer(s): D

Explanation:

The portfolio weighted-average mean return is equal to the sum (as i goes from 1 to n) of w_i * X_i, where w_i is the percentage weight in the portfolio of the ith asset, and X_i is the investment return of the ith asset. The contribution of any asset will equal its weight in the portfolio times its return. Here, we get 0.575 * -0.11 = - 6.325%.



When comparing the riskiness of investments with different expected returns, one must use ________.

  1. none of these answers
  2. skewness
  3. the coefficient of variation
  4. the standard deviation
  5. kurtosis

Answer(s): C

Explanation:

The coefficient of variation equals the ratio of the standard deviation to the mean. Thus, it standardizes the variation in the returns in terms of the expected values.



What annual interest rate, compounded annually, would cause a series of 20 deposits of $500 to accumulate to $18,000, if the first deposit is made one year from today?

  1. 6.15%
  2. 4.94%
  3. 7.25%
  4. 2.78%
  5. 5.80%

Answer(s): E

Explanation:

On the BAII Plus, press 20 N, 0 PV, 500 PMT, 18000 +/- FV, CPT I/Y. On the HP12C, press 20 n, 0 PV, 500 PMT, 18000 CHS FV, i.



The heights of the five members in a family have been measured and found to be (in centimeters):
146, 162, 165, 187, 152
The range and the mean deviation of the heights are:

  1. 41, 46.9
  2. 41, 54.4
  3. 41, 10.9
  4. 49, 61.8

Answer(s): C

Explanation:

range = maximum value - minimum value = 187 - 146 = 41 centimeters. To calculate the mean deviation, you have to first calculate the mean. The mean equals (146 + 162 + 165 + 187 + 152)/5 = 162.4. The total deviation is abs(146-162.4) + abs(162-162.4) + abs(165-162.4) + abs(187-162.4) + abs(152-162.4) = 16.4 + 0.4 + 2.6 + 24.6 + 10.4 = 54.4. Therefore, MD = 54.4/5 = 10.88.



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