2025年CFA二级考试重点解析.docxVIP

2025年CFA二级考试重点解析

考试时间：______分钟总分：______分姓名：______

Section1

1.Aninvestorisconsideringaddingastocktotheirportfolio.Thestockhasanexpectedreturnof12%andastandarddeviationof20%.Theportfoliocurrentlyconsistsof70%stockswithastandarddeviationof15%and30%bondswithastandarddeviationof5%.Thecorrelationcoefficientbetweenthestockandtheportfoliois0.6.Whatistheexpectedreturnandstandarddeviationoftheportfolioafteraddingthestock,assumingtheweightsofthestock,bonds,andtheexistingstockportionareadjustedtomaintaina70/30stock/bondallocation?

2.Acompanyisexpectedtopayadividendof$2persharenextyear,withdividendsexpectedtogrowataconstantrateof5%peryearindefinitely.Iftherequiredrateofreturnonthestockis10%,whatistheintrinsicvalueofthestockusingtheDividendDiscountModel(DDM)?

3.Aninvestorisconsideringbuyingacalloptiononastockwithastrikepriceof$50andapremiumof$2.Thestockcurrentlytradesat$48.Theinvestoralsoconsidersbuyingaputoptiononthesamestockwithastrikepriceof$50andapremiumof$1.Whatisthemaximumlossandthebreak-evenpointforthestraddlestrategyiftheinvestorbuysonecallandoneputoption?

4.Abondwithafacevalueof$1,000andacouponrateof6%paysinterestsemi-annually.Thebondhas5yearstomaturityandayieldtomaturityof5%.Whatisthedurationofthebond?

5.Aninvestorisevaluatingtwomutualfunds.FundAhasanalphaof1.5%andabetaof1.2.FundBhasanalphaof-0.5%andabetaof0.8.Assumingtherisk-freerateis2%andthemarketreturnis10%,whichfundhasahigherSharperatio?

6.Acompanysfinancialstatementsshowthatitscurrentassetsare$500,000,currentliabilitiesare$300,000,long-termassetsare$700,000,long-termliabilitiesare$400,000,andequityis$600,000.Whatisthecompanysdebt-to-equityratio?

7.Acompanysincom