CFA历年考题以及相关资料 2.docVIP

PAGE PAGE 37 二、Investment Tools: Quantitative Methods 1.A.: Time Value of Money Question ID: 20976 A certain investment product promises to pay $25,458 at the end of 9 years. If an investor feels this investment should produce a rate of return of 14 percent, compounded annually, what’s the most he should be willing to pay for it? A. $7,618. B. $8,342. C. $9,426. D. $7,828. D =9; I/Y=14; FV=-25,458; PMT=0; CPT PV=$7,828. Question ID: 20973 An investor deposits $4,000 in an account that pays 7.5 percent, compounded annually. How much will this investment be worth after 12 years? A. $9,527. B. $7,600. C. $9,358. D. $5,850. A N=12; I/Y=7.5; PV=-4,000; PMT=0; CPT FV=$9,527. Question ID: 18489If a person needs $20,000 in 5 years from now and interest rates are currently 6% how much do they need to invest today? A. $15,301 B. $14,683 C. $14,945 D. $14,284 C PV=FV/(1+r)n =20000/(1.06)5 = 20000/1.33823 = 14,945 n = 5, i/yr = 6%, PMT = 0, FV = $20,000, Compute PV = -$14,945.16 Question ID: 20978 How long will it take $20,000 to grow to $50,000, given an investor can earn 12 percent (compounded annually) on his money? A. 5.8 years. B. 8.1 years. C. 7.5 years. D. 6.0 years. B I/Y=12; PV=-20,000; FV=50,000; PMT=0; CPT N=8.08 Question ID: 19376 A leading brokerage firm has advertised money multiplier certificates that will triple your money in 9 years (i.e., invest $10,000 today, and itll be worth $30,000 in 9 years). Approximately what rate of return will investors be earning on these certificates? A. 16.0%. B. 8.8%. C. 13.0%. D. 12.5%. C Using your calculator: N=9; PV=-10,000; FV=30,000; PMT=0; CPT I/Y=12.98. Question ID: 19378 What is the present value of a 12-year annuity due that pays $5,000 per year, given a discount rate of 7.5 percent? A. $36,577. B. $41,577. C. $38,676. D. $23,857. B Using your calculator: N=11; I/Y=7.5; PMT=-5,000; FV=0; CPT PV=36,577+5,000=$41,577. Or set your calculator to BGN mode and N=12; I/Y=7.5; PMT=-5,000; FV=0; CPT PV=$41,577. Questio