Question： Ileana Inkster, CFA, was recently offered a senior management position within the trust department at a regional bank. The department is new, but the bank has plans to expand it significantly over the next few months. Inkster has been told she will be expected to help grow the client base

  The point at which the marginal cost of capital intersects the investment opportunity schedule is the optimal capital budget. CFA Level I “Capital Budgeting,” John D. Stowe and Jacques R. Gagné Section 4.7 “Cost of Capital,” Yves Courtois, Gene C. Lai, and Pamela Peterson Drake Section 2.3     CFA特许金融分析师

the P/E to the earnings yield, which is the earnings-to-price ratio (E/P): 1/12.5 = 8%. Because the after-tax cost of the external funds is higher than the earnings yield (i.e., 9% > 8%), the EPS will decrease after the repurchase. CFA Level I “Dividends and Share Repurchases: Basics,” George H.

也是你选择学校时要注意的事情。如今是网络时代，很多人在选择英语培训机构的时候大受网络影响，从而报读了一所根本不适合自己的英语培训培训机构，所以在选择英语培训机构之前，在这里也给各位一点建议，最终学习是自己学的，自身的体验才是“重中之重”。所以要提醒在报读英语培训机构之前一定要申请免费体验。 4、外教是关键 外教​是很关键的，外教水平不好是绝对不可取的，所以专业的英语培训机构的外教必须是持有相关证书的，且要来自母语国家要有纯正的英语发音，做的比较好的，比如沪江英语对外教的要求：5年英语教学经验;持有TEFL或TESOL证书;两次考核;为期两个月的专业在线教学内部考核。 5、课程安排要合理 优秀的英语培训机构首先根据学生不同的起点和不同的理想目标，设定更具针对性，细分化的课程。从而让教学的节奏进度更适合自己。 (另：选择英语培训机构时，如果你学的是口语，一定要看有没有区分英美式口语，如果学的是语法，一定要搞清楚有没有设置语法专项。) 6、性价比一定要高。 性价比是个很实际的问题，对于排名靠前的英语培训机构，性价比一般都比较好。 以上就是关于如何选择英语培训学校的介绍，大家一定仔细看，一定用得到。

Question： sample of 240 managed portfolios has a mean annual return of 0.11 and a standard deviation of returns of 0.23. The standard error of the sample mean is closest to: A. 0.00096.  B. 0.00710.  C. 0.01485.  Answer = C  For a sample, the standard error of the mean is where s is the sample standard deviation and n is the sample size), which here is: 0.23/√240 = 0.01485. CFA Level I  "Sampling and Estimation," Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and David E.  Runkle  Section 3.1      CFA特许金融分析师1-3级【沪江金程联合开发】 19年12月-22年6月考季的考生，助力通过金融第一考 查看折扣 CFA1级1912考季【沪江金程联合开发】 权威名师倾情打造，助力通过金融第一考 查看折扣 金融英语【沪江金程联合开发】 为零基础学员提供学习指导 查看折扣 更多精彩： CFA和FRM的区别 这可能是目前zui快通过CFA、FRM双证的捷径了  

Question： The option-free bonds issued by ALS Corp. are currently priced at 108.50. Based on a portfolio  manager's valuation model, a 1bp increase in interest rates will result in the bond price falling to  108.40, whereas a 1bp decrease in interest rates will result in the bond price rising to 108.59. The  price value of a basis point (PVBP) for the bonds is closest to: A. 0.190.  B. 0.095.  C. 0.088.    Answer = B  The bond's PVBP is computed using  so,  CFA Level 1  "Understanding Fixed-Income Risk and Return," James F. Adams and Donald J. Smith  Section 3.5    CFA特许金融分析师1-3级【沪江金程联合开发】 19年12月-22年6月考季的考生，助力通过金融第一考 查看折扣 CFA1级1912考季【沪江金程联合开发】 权威名师倾情打造，助力通过金融第一考 查看折扣 金融英语【沪江金程联合开发】 为零基础学员提供学习指导 查看折扣 更多精彩： CFA一级权益复习策略 CFA考试难吗？适合哪些人考？ 这可能是目前zui快通过CFA、FRM双证的捷径了  

Question： If a stock's continuously compounded return is normally distributed, then the distribution of the future stock price is best described as being:  A. a Student's t. B. lognormal.  C. normal.  Answer = B  If a stock's continuously compounded return is normally distributed, then the future stock price is necessarily lognormally distributed.  CFA Level I  "Common Probability Distributions," Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, and  David E. Runkle  Section 3.4      CFA特许金融分析师1-3级【沪江金程联合开发】 19年12月-22年6月考季的考生，助力通过金融第一考 查看折扣 CFA1级1912考季【沪江金程联合开发】 权威名师倾情打造，助力通过金融第一考 查看折扣 金融英语【沪江金程联合开发】 为零基础学员提供学习指导 查看折扣 更多精彩： 要进投行？是不是必须要考CFA！？ CFA和FRM的区别  

  C. cross sectional.    Answer = C  Data on some characteristics of companies at a single point in time are cross-sectional data.  CFA Level I  "Sampling and Estimation," Richard A. Defusco, Dennis W. McLeavey, Jerald E. Pinto, and David E.  Runkle  Section 2.3    CFA特许金融分析师1-3级【沪江金程联合开发】 19年12月-22年6月考季的考生，助力通过金融第一考 查看折扣 CFA1级1912考季【沪江金程联合开发】 权威名师倾情打造，助力通过金融第一考 查看折扣 金融英语【沪江金程联合开发】 为零基础学员提供学习指导 查看折扣 更多精彩： CFA考试介绍及难度 CPA证书和CFA证书哪个比较难考？哪个比较实用？

Question： Convenience yield is best described as a nonmonetary benefit of holding a(n):  A. forward contract.  B. option contract.  C. asset.  Answer = C  Convenience yield represents the nonmonetary advantage of holding the asset.  CFA Level I  "Basics of Derivative Pricing and Valuation," Don M.

for the plant, and the €200 thousand gain should be recognized in the revaluation surplus account on the balance sheet with no impact on net income. Therefore, only the €100 thousand will affect net  income. CFA Level I “Long-Lived Assets,” Elaine Henry and Elizabeth A. Gordon Section 8       CFA特许