答案和详解如下： 21.The beta of Stock A is 1.3. If the expected return of the market is 12 percent, and the risk-free rate of return is 6 percent, what is the expected return of Stock A? A) 15.6%. B) 14.2%. C) 8.5%. D) 13.8%. The correct answer was D) RRStock = Rf + (RMarket - Rf) * BetaStock, where RR= required return, R = return, and Rf = risk-free rate Here, RRStock = 6 + (12 - 6) * 1.3 = 6 + 7.8 = 13.8%. 22.What is the required rate of return for a stock with a beta of 1.2, when the risk-free rate is 6 percent and the market is offering 12 percent? A) 6.0%. B) 7.2%. C) 13.2%. D) 12.0%. The correct answer was C) RRStock = Rf + (RMarket - Rf) * BetaStock, where RR= required return, R = return, and Rf = risk-free rate. Here, RRStock = 6 + (12 - 6) *1.2 = 6 + 7.2 = 13.2%. 23.The expected market premium is 8%, with the risk-free rate at 7%. What is the expected rate of return on a stock with a beta of 1.3? A) 10.4%. B) 17.4%. C) 16.3%. D) 17.1%. The correct answer was B) RRStock = Rf + (RMarket - Rf) * BetaStock, where RR= required return, R = return, and Rf = risk-free rate, and (RMarket - Rf) = market premium Here, RRStock = 7 + (8 *1.3) = 7 + 10.4 = 17.4%. 24.The essence of the capital asset pricing model (CAPM) is embodied in which of the following equations? A) The capital market line (CML). B) The security market line (SML). C) Both the security market line (SML) and the capital market line (CML) as they are both the same equation. D) The arbitrage pricing theory (APT). The correct answer was B) The SML equation represents the essence of the CAPM. | 
发表于 2008-4-9 14:48
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