2020年CFA考试《CFA一级》考试共240题，分为单选题。小编为您整理Quantitative Methods5道练习题，附答案解析，供您备考练习。

1、An analyst does research about yield to maturity and gathers the followinginformation about a corporate bond paying interest semiannually:

If the bond is currently selling for $ 980 and expected inflation is 5% , thebond's yield to maturity is closest to:【单选题】

A.3.14%

B.6.28%

C.6.47%

正确答案:B

答案解析:FV = 1 000，PMT = 6% × 1 000 /2 = 30，PV= -980，N = 10 ×2 =20。
算出 I/Y =3.14%，到期收益率(yield to maturity) =2 ×3.14% =6.28%。

2、Which of the following is most likely to be considered a momentum indicator?【单选题】

A.Put-call ratio

B.Breadth of market

C.Mutual fund cash position

正确答案:B

答案解析:“Technical Analysis,” Frank K. Reilly, CFA and Keith Brown, CFA
2010 Modular Level I, Vol. 1, pp. 576-582
Study Session 3-12-c
List and describe examples of each major category of technical trading rules and indicators.
Breadth of market is a momentum indicator. Put-call ratio and mutual fund cash position are contrary-opinion rules.

3、Assume that the real risk-free rate of return is 3% and that the expected inflation premium is 5%. If the risk premium incorporates default risk, liquidity risk, and any maturity premium, an observed (nominal) interest rate of 12% implies that the risk premium is closest to:【单选题】

A.4%.

B.8%.

C.10%.

正确答案:A

答案解析:“The Time Value of Money,” Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E. Runkle
2012 Modular Level I, Vol. 1, pp. 256–258
Study Session 2-5-b
Explain an interest rate as the sum of a real risk-free rate, expected inflation, and premiums that compensate investors for distinct types of risk.
A is correct. The nominal rate = real risk-free rate of return + an inflation premium + risk premiums (default, liquidity, maturity preference).
In this case, 12 = 3 + 5 + X. Solve for X. X = 4.

4、If no other unbiased estimator of the same parameter has a sampling distributionwith smaller variance, the estimator can be best described as:【单选题】

A.efficiency.

B.unbiasedness.

C.consistency.

正确答案:A

答案解析:有效性(efficiency)是指对于同样参数，没有其他的无偏估计有更小的样本分布方差；当样本数量不断增加，用样本去估计总体参数会越来越精确是一致性（consistency)的特征。无偏性(unbiasedness)是指该统计的预期值是所有样本统计变量中最接近总体参数的。

5、On 7 January 2008, an investor purchases 100 shares of stock for $32.50 a share. On 7 January 2009, the investor purchases 100 more shares of the same stock for $36.70 a share. On 7 January 2010, the investor sells all 200 shares of the stock for $42.00 a share. The internal rate of return for this investment is best described as an example of a:【单选题】

A.geometric mean return.

B.time-weighted rate of return.

C.money-weighted rate of return.

正确答案:C

答案解析:“Discounted Cash Flow Applications,” Richard A. Defusco, CFA, Dennis W. McLeavey, CFA, Jerald E. Pinto, CFA, and David E. Runkle, CFA
2010 Modular Level I, Vol. 1, pp. 246-247
Study Session 2-6-c
Calculate, interpret, and distinguish between the money-weighted and time-weighted rates of return of a portfolio and appraise the performance of portfolios based on these measures.
The money-weighted return is the internal rate of return for the portfolio.