"quantity"exercise:null hypothesis
学习是一个不断积累的过程，每天学习一点，每天进步一点！为了帮助大家更高效地备考2021年CFA考试，正保会计网校每日为大家上新CFA习题供大家练习。让网校与您一起高效备考2021年CFA考试，梦想成真！
Questions 1:
An investor purchases one share of stock for $85. Exactly one year later, the company pays a dividend of $2.00 per share. This is followed by two more annual dividends of $2.25 and $2.75 in successive years. Upon receiving the third dividend, the investor sells the share for $100. The money-weighted rate of return on this investment is closest to:
A 、7.97%.
B、 8.15%.
C、 8.63%.
Questions 2:
A one-tailed hypothesis testing has a p-value for a test statistic of 3%. An analyst would not reject the null hypothesis at a significance level of:
A 、0.01.
B 、0.05.
C 、0.10.
B is correct. The money-weighted rate of return is the internal rate of return (IRR) of the cash flows associated with the investment. The following figure represents the timeline for the problem:
A is incorrect. It adds all three dividends together and (incorrectly) calculates the HPR of the investment as (2 + 2.25 + 102.75)/85 = 1.25882353. Then the third root of this number is taken and 1 is subtracted. The result is 7.97%.
C is incorrect. It is calculated by subtracting 1 from 1.25882353 (see Justification A) and dividing the remainder by 3. The result is 8.63%.
A is correct. By the definition of p-value, 0.03 is the smallest level of significance at which the null hypothesis can be rejected. An analyst cannot reject the null hypothesis at the 0.01 significance level.
B is incorrect. As explained in choice A
C is incorrect. As explained in choice A.
成功=时间+方法，自制力是这个等式的保障。世上无天才，高手都是来自刻苦的练习。而人们经常只看到“牛人”闪耀的成绩，其成绩背后无比寂寞的勤奋。小编相信，每天都在勤奋练习，即使是一点点的进步，大家一定可以成为人人称赞的“牛人”。
