2020年CFA考试《CFA三级》考试共题，分为。小编每天为您准备了5道每日一练题目（附答案解析），一步一步陪你备考，每一次练习的成功，都会淋漓尽致的反映在分数上。一起加油前行。

1、【单选题】

A.Aschel

B.Permot

C.Rosaiso

正确答案:B

答案解析:B is correct. Permot has the highest percentage of floating-coupon bonds and inflation-linked bonds. 

2、The quarterly data available for non-traditional energy sources are best described as data with a:【单选题】

A.time-period bias.

B.smoothing bias.

C.survivorship bias.

正确答案:B

答案解析:Smoothed, or appraisal, data arise when appraised values are used instead of market values, which tends to make correlation magnitudes smaller and underestimate volatility.

3、【单选题】

A.Strategy 1.

B.Strategy 2.

C.Strategy 3.

正确答案:B

答案解析:B is correct. Strategy 2 (40% stock/40% bonds/20% NAREIT Index) satisfies the board’s mandate because:

4、Based on the information in Exhibit 1, the maximum profit per contract for Strategy A is closest to:【单选题】

A.$9,015.

B.$5,855.

C.$2,545.

正确答案:C

答案解析:In the butterfly spread, using calls the investor goes long the $1,100 and $1,150 strikes and short two of the $1,125 strike. The maximum profit is when the index is at $1,125. The maximum profit per contract = Profit on long $1,100 + Profit on two short $1,125 + Profit on long $1,150 = ($1,125 – $1,100) – $95.85 + (2 × $80.50) – $64.70 = $25.45. The profit per contract = $25.45 × $100 = $2,545.

5、【单选题】

A.Buy 3-year 

B.Receive fixed/pay floating on a 3-year 

C.Buy the T-note 

正确答案:B

答案解析:B is correct. In order to be duration-neutral and currency-neutral, the trade must lend long/borrow short in one market and