16、Hailey Donnelly works long hours as an investment analyst and is studying for Level I of the CFA Examination. She is concerned that she is not adequately prepared for the exam. Desperate to pass, Donnelly writes several formulas on a small piece of paper which she takes into the examination room. During the exam Donnelly realizes that she does not need the formulas. Has Donnelly violated any CFA Institute Standards?

Select exactly 1 answer(s) from the following:

A. No.

B. Yes, with respect to fair dealing.

C. Yes, with respect to duty to employer.

D. Yes, with respect to responsibilities as a CFA Candidate.

17、Abigail Unger, CFA, is a portfolio manager at Cascade Investments (CI). After thoroughly researching mortgage-backed securities and checking client investment objectives for appropriateness, Unger purchases two of the bonds for several clients. Following steep declines in the mortgage-backed securities, several clients complain to CI, claiming the bonds were unsuitable investments. Has Unger violated any CFA Institute Standards?

Select exactly 1 answer(s) from the following:

A. No.

B. Yes, with respect to suitability.

C. Yes, with respect to misconduct.

D. Yes, with respect to diligence and reasonable basis.

18、A. L. Guzdar is a portfolio manager at Woodstock Investments (WI). Guzdar manages a billion-dollar hedge fund and two large mutual funds. Market declines cause significant losses for all of the accounts. Unable to find bids for certain thinly-traded stocks, Guzdar trades the stocks between the accounts to provide liquidity and pricing. Guzdar least likely violates the CFA Institute Standard relating to:

Select exactly 1 answer(s) from the following:

A. Misconduct.

B. Misrepresentation.

C. Market Manipulation.

D. Loyalty, Prudence, and Care.

19、A money manager has $1,000,000 to invest for one year. She has identified two alternative one-year certificates of deposit (CD) shown below:

Which CD has the highest effective annual rate (EAR) and how much interest will it earn?

 Highest EAR Interest earned

Select exactly 1 answer(s) from the following:

A. AnswerA.

B. AnswerB.

C. AnswerC.

D. AnswerD.

20、Jorge MacDonald is shopping for a home. His budget will support a monthly payment of $1,300 on a 30-year mortgage with an annual interest rate of 7.2%. If MacDonald puts a 10% down payment on the home, the most he can pay for his new home is closest to:

Select exactly 1 answer(s) from the following:

A. $189,755.

B. $191,518.

C. $210,840.

D. $212,800.

16 Correct answer is D

Standards of Practice Handbook, 9th edition (CFA Institute, 2005), p. 131
Standards I-VII
2008 Modular Level I, Vol. 1, pp. 101-102
Study Session 1-2-a
demonstrate a thorough knowledge of the Code of Ethics and Standards of Professional Conduct by applying the Code and Standards to specific situations presenting multiple issues of questionable professional conduct
Candidates must not participate in any conduct which compromises the reputation or integrity of the CFA Examination.

17 Correct answer is A

Standards of Practice Handbook, 9th edition (CFA Institute, 2005), pp. 25-27, 33, 69-71
Standards I-VII
2008 Modular Level I, Vol. 1, pp. 29-30, 35, 60-62
Study Session 1-2-a
demonstrate a thorough knowledge of the Code of Ethics and Standards of Professional Conduct by applying the Code and Standards to specific situations presenting multiple issues of questionable professional conduct
Unger exercised diligence in her research; had a reasonable basis for the investment; and confirmed the suitability of the investment for her clients. Her actions were consistent with the Standards of Professional Conduct.

18 Correct answer is D

Standards of Practice Handbook, 9th edition (CFA Institute, 2005), p. 49
Standards I-VII
2008 Modular Level I, Vol. 1, pp. 31, 36, 47, 50
Study Session 1-2-a
demonstrate a thorough knowledge of the Code of Ethics and Standards of Professional Conduct by applying the Code and Standards to specific situations presenting multiple issues of questionable professional conduct
Guzdar least likely violates the Standard relating to Loyalty, Prudence, and Care as he attempted to provide liquidity to his clients. However, Guzdar’s actions inflate trading volumes and distort prices and thus violate the Standard relating to Market Manipulation. Guzdar violates the Standard relating to Misconduct because market manipulation reflects adversely on his professional integrity. Guzdar may also violate the Standard relating to Misrepresentation if he misrepresents the actual liquidity and value of the stocks held in the portfolios.

19 Correct answer is C

“The Time Value of Money,” RichardA. Defusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. Runkel
2008 Modular Level I, Vol. 1, pp. 179-183
Study Session 2-5-c
calculate and interpret the effective annual rate, given the stated annual interest rate and the frequency of compounding, and solve time value of money problems when compounding periods are other than annual
The effective annual rate (EAR) and interest earned on the alternative investments is:

Quarterly:   EAR = (1.02)4 - 1 = 1.082432 - 1 = 0.082432 = 8.2432%
  Interest = $1,000,000 x 8.2432% = $82,432
Continuous:EAR =
e0.0795x1 = 1.082746 = 8.2746%
  Interest = $1,000,000 x 8.2746% = $82,746

Therefore, the CD paying 7.95% compounded continuously offers the highest effective annual rate. Note that the EAR is the same concept as the effective annual yield (EAY) presented in Reading 6.

20 Correct answer is D

“The Time Value of Money,” RichardA. Defusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. Runkel
2008 Modular Level I, Vol. 1, pp. 190-208
Study Session 2-5-d, e
calculate and interpret the future value (FV) and present value (PV) of a single sum of money, an ordinary annuity, an annuity due, a perpetuity (PV only), and a series of unequal cash flows;
draw a time line, specify a time index, and solve time value of money applications (for example, mortgages and savings for college tuition or retirement)
MacDonald’s budget will support a monthly payment of $1,300. Given a 30-year mortgage at 7.2%, the loan amount will be $191,517.76 (N = 360, %I = 0.6, PMT = 1,300, solve for PV). If MacDonald makes a 10% down payment, then the most he can pay for his new home = $191,517.76 / (1 - 0.10) = $212,797.51 ≈ $212,800.

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[此贴子已经被作者于2008-11-10 11:11:59编辑过]

36

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