[CFA入门] CFA level1 mock的题目请教

invested, included, includes, 答案

老觉得答案自相矛盾啊
118. According to the CAPM,the market portfolio:
A. includes all risky assets invested in equal amounts.
B. is exposed to both unsystematic and systematic risk.
C. is perfectly positively correlated with other portfolios on the CML.

B is correct. According to the CAPM the market portfolio is perfectly positively correlated with all other portfolio on the CML. All risky assets are included in the market portfolio in proportion to their market value, not in equal amounts. The market portfolio contains only systematic risk since it is completely diversified.

最后一句不是货只包含systematic risk，怎么B又是对的呢？

111. A real estate investment has the following characteristics:
Annual rental income          $1,800,000
Annual operating expenses $1,200,000
Available mortgage rate       6%
Financing percentage          90%
Capitalization Rate             15%
Estimated holding period    5 years
Investor’s tax rate             25%
Based on the income approach, the value of the investment is closest to:
A. $4,000,000.
B. $5,455,000.
C. $6,133,000.

答案：Using the income approach:
($1,800,000 – $1,200,000)/0.15 = $4,000,000.

不是5年吗？？？1,800,000和1,200,000 不是每年的吗？NOI不是算的是gross income吗？不需要乘以5？？？？？