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、The risk that Ramirez notes is prevalent in client portfolios is most likely:【单选题】

A.interest rate risk.

B.contingent claim risk.

C.cap risk.

正确答案:B

答案解析:When such assets as mortgage-backed securities have a contingent claim provision, explicit or implicit, there is an associated risk. As rates fall, the security might have coupons halted and principal repaid. This results in reinvestment risk and also limits any potential upside as would be seen with a noncallable security. Mortgaged-backed securities exhibit negative convexity. But corporate bonds, if noncallable, are positively convex.

2、【单选题】

A.EUR740,026 and receives CHF400,000.

B.CHF400,000 and receives EUR740,026.

C.CHF800,000 and receives EUR900,901.

正确答案:B

答案解析:B is correct. In order to raise 100 million Swiss francs, Millau needs to issue bonds totaling 

3、【单选题】

A.can be used for non-US 

B.captures the net present value of growth investment opportunities available 

C.

正确答案:A

答案解析:A is correct. The Fed model, although developed in the United States, can be applied to the 

4、【单选题】

A.€640,747.

B.€665,747.

C.€678,158.

正确答案:C

答案解析:C is correct.

5、【单选题】

A.$96.

B.$160.

C.$256.

正确答案:B

答案解析:B is correct. The implicit cost estimate is the difference between the actual execution price and