注册金融分析师-其他金融产品投资.doc其他金融产品投资单选选择Isthetrueriskoflossesofhedgefundsusingarbitrmgestrategiesmostlikelytobeunderstatedifthatriskismeasuredby:Standarddeviation? Traditionalvalueatrisk(VaR)measures?①A・NoNo②B・YesYes③C・YesNoA・① B・②C・③2^eoftheproperty?EstimatedMarketValue$600000CapitalizationRate20%Taxes$27000OperatingExpenses$1137000$・$98800・C.$^Kelly,CFAZwanttobuyETFsthatinvestinindexfuturescontractsandotherderivatives,paredwithotherexchangetradedfunds(ETFs) ?•Trackingerrorrisk•4、Whichclassificationofhedgefundsisleastlikelytouseashortpositioninstockasapartofitsstrategy?Market-neutralfunds•Riskarbitrageinmergersandacquisitions•C•Emerging-marketfunds•5^atheredthefollowinginformationAboutarealestateinvestment:Costoftheproperty$800000Amountfinancedbymortgageloan80%InterestrateonmortgAgeloan13%Presentvalueofafter-taxcashflowsfromtheinvestment$156000Investorfsrequiredrateofreturnforanequityinvestment15%Theinvestment'snetpresentvalue(NPV)andyieldtoanequityinvestor,respectivelyArebestdescribedasbeing:Investment*sNPVInvestment1syieldtoanequityinvestor①%②B・PositiveLessthan15%③C・NegativeLessthan15%A・① B・② C・③6^emethodforrealestatevaluationdoesNOT:A•requireadiscountedcashflowmodel•^PhilipFanara,CFA,gatheredthefollowinginformationaboutarealestateinvestment:Amountfinancedbymortgaegloan$640000Interestrateonmortgageloan10%e$160000Year1estimatedvacancyandcollectiomlosses5%Year1estimatedinsurance,taxes,andelectricity$35000Year1estimatedrepairsandmaintenance$20000Annualstraight-linedepreciatiom$25000Investor1staxrate3C%Themortgageloanrequireslevelend-of-yearannualpaymentof$-taxcashflowinYear1isclosestto:$26309・B・$30800・$^ArielAndres,CFA,$$,ting$35000
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