2020年CFA考试《CFA二级》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、Using the backward induction method and the data in Exhibit 2, the value of the bond Hake has been asked to value is closest to:【单选题】

A.101.069

B.101.584

C.102.532

正确答案:C

答案解析:

2、【单选题】

A.$2,340.

B.–$3,266.

C.$3,266.

正确答案:A

答案解析:For this question, we must find the value of the FRA three months (90 days) after the inception of the contract. First find 

3、The maximum profit available from covered interest arbitrage in the USD/BUN market by borrowing $1,000 or the BUN equivalent is closest to:【单选题】

A.$19.05.

B.$31.50.

C.$72.50. 

正确答案:B

答案解析:Covered interest rate parity requires that

4、Using Withers’s assumptions for the H-model and the basic two-stage dividend discount model, the forecasted Ukon stock price at the end of the year 2021 for the H-model should be:【单选题】

A.lower than the basic two-stage model.

B.the same as the basic two-stage model.

C.higher than the basic two-stage model.

正确答案:A

答案解析:A is correct. During the first stage, the basic two-stage model has higher (i.e., 5%) growth than the H-model, in which growth is declining linearly from 5.0% to 3.5%. Higher growth rates result in higher forecasted dividends and stock prices at the beginning of the sustained growth phase. Because the long-term dividend growth rates are the same for both models, the difference in forecasted stock price arises from growth rate differences in the first stage.

5、Using Hernández’s initial financial predictions, the estimated annual after-tax operating cash flow is closest to:【单选题】

A.€780,000.

B.€1,000,000.

C.€1,075,000.

正确答案:B

答案解析:B is correct. Using equation CF = (S – C) × (1 – T) + TD, the numbers are: