投资学期末题库答案和分析一Word文档下载推荐.docx
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投资学期末题库答案和分析一Word文档下载推荐.docx
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Easy Rationale:
($40+$70+$10)/3=$40. 2.Thevalue-weightedindexconstructedwiththethreestocksusingadivisorof100isA) B)1200C)490D)4900E)49 Answer:
CDifficulty:
Moderate Rationale:
Thesumofthevalueofthethreestocksdividedby100is490:
[($40x200)+($7 0x500)+($10x600)]/100=490 3.Assumeatthesepricesthevalue-weightedindexconstructedwiththethreestocksis 490.WhatwouldtheindexbeifstockBissplit2for1andstockC4for1?
A)265B)430C)355 1 D)490E)1000 Answer:
DDifficulty:
Value-weightedindexesarenotaffectedbystocksplits. 4.Aninvestorpurchasesonemunicipalandonecorporatebondthatpayratesofreturn of8%and10%,respectively.Iftheinvestorisinthe20%marginaltaxbracket,hisorheraftertaxratesofreturnonthemunicipalandcorporatebondswouldbe________and______,respectively.A)8%and10%B)8%and8%C)%and8%D)%and10%E)10%and10%Answer:
rc=(1-)=,or8%;
rm=(1-0)=8%. 5.A%20-yearmunicipalbondiscurrentlypricedtoyield%.Forataxpayerin the33%marginaltaxbracket,thisbondwouldofferanequivalenttaxableyieldof:
A)%.B)%.C)%.D)%.E)noneoftheabove.Answer:
Moderate Rationale:
=rm(1-t);
=rm/();
rm==%6.Inorderforyoutobeindifferentbetweentheaftertaxreturnsonacorporatebond paying%andatax-exemptmunicipalbondpaying%,whatwouldyourtaxbracketneedtobe?
A)33%B)72%C)15%D)28%E)Cannottellfromtheinformationgiven.0612=.085(1-t);
(1-t)=;
t=.28 7.Supposeaninvestorisconsideringacorporatebondwitha%before-taxyieldand amunicipalbondwitha%before-taxyield.Atwhatmarginaltaxratewouldtheinvestorbeindifferentbetweeninvestinginthecorporateandinvestinginthemuni?
A)%B)%C)%D)%E)% tm=1-(%/%)=% Usethefollowingtoanswerquestions8to9:
2 8.Basedontheinformationgiven,foraprice-weightedindexofthethreestocks calculate:
A)therateofreturnforthefirstperiod(t=0tot=1).B)thevalueofthedivisorinthesecondperiod(t=2).AssumethatStockAhada2-1 splitduringthisperiod. C)therateofreturnforthesecondperiod(t=1tot=2). A.Theprice-weightedindexattime0is(70+85+105)/3=Theprice-weightedindex attime1is(72+81+98)/3=Thereturnontheindexis/-1=-%. B.Thedivisormustchangetoreflectthestocksplit.Becausenothingelsefundamentally changed,thevalueoftheindexshouldremainSothenewdivisoris(36+81+98)/=Theindexvalueis(36+81+98)/= C.Therateofreturnforthesecondperiodis/-1=% 9.Basedontheinformationgivenforthethreestocks,calculatethefirst-periodratesof return(fromt=0tot=1)onA)amarket-value-weightedindex.B)anequally-weightedindex.C)ageometricindex. A.Thetotalmarketvalueattime0is$70*200+$85*500+$105*300=$88,000.The totalmarketvalueattime1is$72*200+$81*500+$98*300=$84,300.Thereturnis$84,300/$88,000-1=-%. B.ThereturnonStockAforthefirstperiodis$72/$70-1=%.ThereturnonStockB forthefirstperiodis$81/$85-1=-%.ThereturnonStockCforthefirstperiodis$98/$105-1=-%.Thereturnonanequallyweightedindexofthethreestocksis(%-%-%)/3=-% C.Thegeometricaveragereturnis[(1+.0286)()()](1/3)-1= [()()()]-1=-% 10.Discusstheadvantagesanddisadvantagesofcommonstockownership,relativetootherinvestmentalternatives. CHAPTER03 1.Assumeyoupurchased200sharesofXYZcommonstockonmarginat$70pershare fromyourbroker.Iftheinitialmarginis55%,howmuchdidyouborrowfromthebroker?
A)$6,000B)$4,000C)$7,700D)$7,000E)$6,300 Answer:
EDifficulty:
Moderate Rationale:
200shares*$70/share*()=$14,000*()=$6,300. 3 2.Yousoldshort200sharesofcommonstockat$60pershare.Theinitialmarginis60%.YourinitialinvestmentwasA)$4,800.B)$12,000.C)$5,600.D)$7,200.E)noneoftheabove. Answer:
200shares*$60/share*=$12,000*=$7,200 3.Youpurchased100sharesofABCcommonstockonmarginat$70pershare. Assumetheinitialmarginis50%andthemaintenancemarginis30%.Belowwhatstockpricelevelwouldyougetamargincall?
Assumethestockpaysnodividend;
ignoreinterestonmargin.A)$21B)$50C)$49D)$80E)noneoftheabove Answer:
Difficult Rationale:
100shares*$70*.5=$7,000*=$3,500(loanamount);
=(100P- $3,500)/100P;
30P=100P-$3,500;
-70P=-$3,500;
P=$50. 4.Youpurchased100sharesofcommonstockonmarginat$45pershare.Assumethe initialmarginis50%andthestockpaysnodividend.Whatwouldthemaintenancemarginbeifamargincallismadeatastockpriceof$30?
Ignoreinterestonmargin.A) B) C) D) E) Answer:
100shares*$45/share*=$4,500*=$2,250(loanamount);
X=[100($30) -$2,250]/100($30);
X= 5.Youpurchased300sharesofcommonstockonmarginfor$60pershare.Theinitial marginis60%andthestockpaysnodividend.Whatwouldyourrateofreturnbeifyousellthestockat$45pershare?
Ignoreinterestonmargin.A)25%B)-33%C)44%D)-42%E)–54% Answer:
300($60)()=$10,800investment;
300($60)=$18,000*()=$7,200loan;
Proceedsaftersellingstockandrepayingloan:
$13,500-$7,200=$6,300;
Return=($6,300-$10,800)/$10,800=-%. 6.Assumeyousellshort100sharesofcommonstockat$45pershare,withinitial marginat50%.Whatwouldbeyourrateofreturnifyourepurchasethestockat 4 $40/share?
Thestockpaidnodividendsduringtheperiod,andyoudidnotremoveanymoneyfromtheaccountbeforemakingtheoffsettingtransaction.A)20%B)25%C)22%D)77%E)noneoftheabove Answer:
Profitonstock=($45-$40)*100=$500,$500/$2,250(initialinvestment)= % 7.YouwanttopurchaseXYZstockat$60fromyourbrokerusingaslittleofyourown moneyaspossible.Ifinitialmarginis50%andyouhave$3000toinvest,howmanysharescanyoubuy?
A)100sharesB)200sharesC)50sharesD)500sharesE)25shares Answer:
ADifficulty:
.5=[(Q*$60)-$3,000]/(Q*$60);
$30Q=$60Q-$3,000;
$30Q=$3,000;
Q=100. 8.Youbuy300sharesofQualitycorpfor$30pershareanddepositinitialmarginof 50%.ThenextdayQualitycorp’spricedropsto$25pershare.Whatisyouractualmargin?
A)50%B)40%C)33%D)60%E)25% Answer:
AM=[300($25)-.5(300)($30)]/[300($25)]=.40 9.Yousoldshort100sharesofcommonstockat$45pershare.Theinitialmarginis 50%.YourinitialinvestmentwasA)$4,800. B)$12,000.C)$2,250.D)$7,200.E)noneoftheabove. Answer:
100shares*$45/share*=$4,500*=$2,250 10.ListthreefactorsthatarelistingrequirementsfortheNewYorkStockExchange. Whydoestheexchangehavesuchrequirements?
CHAPTER04 1.MultipleMutualFundshadyear-endassetsof$457,000,000andliabilitiesof $17,000,000.Therewere24,300,000sharesinthefundatyear-end.Whatwas 5
MultipleMutual’sNetAssetValue?
A)$B)$C)$D)$E)$ Answer:
(457,000,000-17,000,000)/24,300,000=$ 2.DiversifiedPortfolioshadyear-endassetsof$279,000,000andliabilitiesof $43,000,000.IfDiversified’sNAVwas$,howmanysharesmusthavebeenheldinthefund?
A)43,000,000B)6,488,372C)5,601,709D)1,182,203E)Noneoftheabove. Answer:
($279,000,000-43,000,000)/$=5,601, 3.PinnacleFundhadyear-endassetsof$825,000,000andliabilitiesof$25,000,000.If Pinnacle’sNAVwas$,howmanysharesmusthavebeenheldinthefund?
A)21,619,346,92B)22,930,C)24,860,D)25,693,E)Noneoftheabove. Answer:
($825,000,000-25,000,000)/$=24,860, 4.TheProfitabilityFundhadNAVpershareof$onJanuary1,2005.On December31ofthesameyearthefund’sNAVwas$Incomedistributionswere$andthefundhadcapitalgaindistributionsof$Withoutconsideringtaxesandtransactionscosts,whatrateofreturndidaninvestorreceiveontheProfitabilityfundlastyear?
A)%B)%C)%D)%E)% Answer:
R=($-+.75+)/$=% 5.PattyO’Furniturepurchased100sharesofGreenIslemutualfundatanetassetvalue of$42pershare.DuringtheyearPattyreceiveddividendincomedistributionsof$pershareandcapitalgainsdistributionsof$pershare.Attheendoftheyeartheshareshadanetassetvalueof$40pershare.WhatwasPatty’srateofreturnonthisinvestment?
A)%B)% 6 C)%D)%E)% /42=% 6.Amutualfundhadyear-endassetsof$560,000,000andliabilitiesof$26,000,000. Therewere23,850,000sharesinthefundatyearend.Whatwasthemutualfund’sNetAssetValue?
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