答案和详解如下： 11、Given the following annual returns, what are the median and mode returns, respectively? 1995
| 1996
| 1997
| 1998
| 1999 | | 15% | 2% | 5% | -7% | 0% | | |
| Median | Mode | | | | | | | | | |
A) 2.00% no mode exists B) 2.00% 3.00% C) no median exists 3.00% D) no median exists no mode exists The correct answer was A) Median: Arrange the return values from largest to smallest and take the middle value: (7%), 0%, 2%, 5%, 15%. The middle value is 2.00%. Mode: The mode is defined as the value that most often shows up in a distribution. Because no return value shows up more than once, this distribution has no mode. 12、Given the following annual returns, what are the geometric and arithmetic mean returns, respectively? 2002 | 2003 | 2004 | 2005 | 2006 | | 15% | 2% | 5% | -7% | 0% | | |
| Geometric Mean | Arithmetic Mean | | | | | | | | | |
A) 2.75% 5.80% B) 2.75% 3.00% C) 1.45% 5.80% D) 1.45% 3.00% The correct answer was B) Geometric Mean: (1.15 x 1.02 x 1.05 x 0.93 x 1.0)1/5 –1 = 1.14541/5 –1 = 2.75%
Arithmetic Mean: (15% + 2% + 5% - 7% + 0%) / 5 = 3.00% 13、An investor has a portfolio with 10 percent cash, 30 percent bonds, and 60 percent stock. Last year, the cash returns was 2.0 percent, the bonds’ return was 9.5 percent, and the stocks’ return was –32.5 percent. What was the return on the investor’s portfolio? A) –7.00%. B) –33.33%. C) +33.33%. D) –16.45%. The correct answer was D) Find the weighted mean. (0.10)(0.02) + (0.30)(0.095) + (0.60)(–0.325) = –16.45% 14、An investor has a $12,000 portfolio consisting of $7,000 in stock A with an expected return of 20 percent and $5,000 in stock B with an expected return of 10 percent. What is the investor’s expected return on the portfolio? A) 15.0%. B) 12.2%. C) 15.8%. D) 7.9%. The correct answer was C) Find the weighted mean where the weights equal the proportion of $12,000. (7000/12000)(0.20) + (5000/12000)(0.10) = 15.8% 15、What is the compound annual growth rate for stock A which has annual returns of 5.60 percent, 22.67 percent, and –5.23 percent? A) 7.08%. B) 6.00%. C) 8.72%. D) 17.44%. The correct answer was A) Compound annual growth rate is the geometric mean. (1.056 × 1.2267 × 0.9477)1/3 – 1 = 7.08% | 
发表于 2008-4-8 17:46
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