2025年CFA真题及解析答案.docxVIP

2025年CFA真题及解析答案

考试时间：______分钟总分：______分姓名：______

考生姓名：______________

考试日期：______________

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一、选择题：

1.Aninvestorisconsideringaddinganewstocktotheirportfolio.Thestockhasanexpectedreturnof12%andastandarddeviationof20%.Theportfoliocurrentlyconsistsof80%stockswithastandarddeviationof15%and20%bondswithastandarddeviationof5%.Thecorrelationcoefficientbetweenthestocksreturnandtheportfoliosreturnis0.6.Whatistheapproximateexpectedreturnandstandarddeviationofthenewstockifitisaddedtotheportfolioinaproportionthatkeepstheoverallportfolioweightsunchanged?

A.ExpectedReturn:12%,StandardDeviation:20%

B.ExpectedReturn:12%,StandardDeviation:15%

C.ExpectedReturn:12%,StandardDeviation:Approximately14.4%

D.ExpectedReturn:12%,StandardDeviation:Cannotbedeterminedwiththegiveninformation.

2.AccordingtotheCapitalAssetPricingModel(CAPM),theexpectedreturnofanassetisdeterminedby:

A.Therisk-freerate,theassetsbeta,andthemarketriskpremium.

B.Theassetsbetaanditscovariancewiththemarketportfolio.

C.Theassetsstandarddeviationandthemarketportfoliosstandarddeviation.

D.Therisk-freerateandtheassetsalpha.

3.Acompanyisevaluatingaprojectwithaninitialinvestmentof$1,000,000.Theprojectisexpectedtogeneratecashinflowsof$300,000attheendofeachyearfor5years.Therequiredrateofreturnfortheprojectis10%.WhatistheNetPresentValue(NPV)oftheproject?

A.$63,058

B.$86,394

C.$100,000

D.$150,000

4.WhichofthefollowingstatementsregardingtheEfficientMarketHypothesis(EMH)ismostaccurate?

A.TheEMHsuggeststhatallpubliclyavailableinformationisinstantlyreflectedinstockprices,makingitimpossibletoconsistentlyachievereturnsabovethemarketaverage.

B.TheEMHimpliesthati