2020年CFA三級?？?（題目+解析）

2021考季CFA&FRM一手貨源微信：xuebajun888s金程教育專業(yè)·創(chuàng)新·增值QUESTION3Topic:manceionMinutes:12udy15-35-d,e,g,nLOS:ence:35Po1manceion,ions33.233&5.2.evemanagestheyFundatdownmanagerwithanabsolutetarget.amarginalcontributiontototalriskandionAe?ie??F?onlytotll1totsttthest?-i.withl氣rmomlatah(...Ye廿?withtte嚇tels什ribution-?toam1g-?toreteimmement血?:toFion=7%-*3.2%-12%)=-18%ion=*1.3%-3.=-eraction=7%-5%)*1.3%-3.2%)%theallocation,selectionandinteractione?ectsofcalculatedabove)withtheothercountiies'datagiven1weobtain5-18Add/上海市松花江路2539號復(fù)旦科技園1號樓?Tel/Web/2021考季CFA&FRM一手貨源微信：xuebajun888s專業(yè)·創(chuàng)新·增值$1millionx(1.06)s$1,338,226=x+(0.1x(1-0.30)]s$1,402,5527.0%=$1x(1.09)s,538,624-==$538,624x-$377,037+$1,377,037==wouldinefomaineof1s(1-==Tax-defened0.12x(6.6%/9.0%)0.088or8.8%==9%x(1-implies(1-TR)6.6%/9.0%==PartDFixedAnnuityby?cmgshoppmg?RoffVariableAnnuity?Mover10-18Add/上海市松花江路2539號復(fù)旦科技園1號樓?Tel/700-9596Web/2021考季CFA&FRM一手貨源微信：xuebajun888s專業(yè)·創(chuàng)新·增值(Endofperiodbondprice-Cunentperiod/Cunentbond(103.39-102.22)/102.22=1.145%PartE1.Whenthemarketapa1ticulargoverbondshavecreditrisk,theIspreadGspreaddoesnotprovideagoodrate.basedtheIGspread,thecreditriskinthepurchasedbondwillbebecauseitisbeingbenchmarkedagainstanuthatitselfca1Tiesrisk.11.Whenabondcontainsti血ngoffu血ecashisunce血Incase,theuseofOASismoreappropriatethanZspread.PartF1.TheCEO'sisaccmate.Theequityresearchusesabottomupapproachresearchingthevalueofindividualcompanies.Atopdownapproachconsidersmacroandvaluebetweensectorsconduc血gindividualcompany11.andrelateof血erestratecreditrisk,111.(CreditspreadxTargethorizon)-[(spread-spread)xSpread(2.00%X0.75)-[(1.50%-2.00%)X6.25)=1.50%-(3.125%)=4.625%1v.Expectedanualcreditloss=Ex