答案和详解如下： Q9. Which measure of central tendency can be used for both numerical and categorical variables?
A) Mean.
B) Mode.
C) Median.
Correct answer is B) The mode is the only choice that makes sense since you cannot take an average or median of categorical data such as bond ratings (AAA, AA, A, etc.) but the mode is simply the most frequently occurring number or category.
Q10. Given the following annual returns, what are the median and mode returns, respectively? 1995 1996 1997 1998 1999 15% 2% 5% -7% 0% A) 2.00%; 3.00%. B) 2.00%; no mode exists. C) no median exists; no mode exists. Correct answer is B) 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. Q11. For the last four years, the returns for XYZ Corporation’s stock have been 10.4%, 8.1%, 3.2%, and 15.0%. The equivalent compound annual rate is: A) 9.1%. B) 9.2%. C) 8.9%. Correct answer is A) (1.104 × 1.081 × 1.032 × 1.15)0.25 − 1 = 9.1% Q12. The respective arithmetic mean and geometric mean returns of the following series of stock market returns are: Year 1 14% Year 2 6% Year 3 −5% Year 4 20% A) 8.75%; 8.62%. B) 8.90%; 8.62%. C) 8.75%; 8.34%. Correct answer is C) (14 + 6 + (-5) + 20) / 4 = 8.75. ((1.14 × 1.06 × 0.95 × 1.20)0.25 – 1 = 8.34%. Q13. What is the compound annual growth rate for stock A which has annual returns of 5.60%, 22.67%, and -5.23%? A) 6.00%. B) 7.08%. C) 8.72%. Correct answer is B) Compound annual growth rate is the geometric mean. (1.056 × 1.2267 × 0.9477)1/3 – 1 = 7.08% | 
发表于 2009-1-6 11:09
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