PDF sample financial plan cfp,cfp -Investment Planning Answer Book 2013 - Happy Brain - CFP Investment Planning Practice Book Sample
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tudy Notes & CFP Practice Books for all modules at very special rate of Rs

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Forward

Roots Institute of Financial Markets is an advanced research institute Promoted by Mrs

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RIFM specializes in Financial Market Education and Services

- and Financial market Traders,

We are constantly engaged in providing a unique educational solution through continuous innovation

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INTRODUCTION TO INVESTMENT PLANNING 1-46

Investment Strategies

124-128

Regulation of an investment advisor

129-133

Application to Clients

134-137

- 138-150 151-165 166

167-170

Roots Institute of Financial Markets 1197 NHBC Mahavir Dal Road

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The inverse relationship between the price and interest rates of a fixed income instruments is an example of A

Business Risk B

Market Risk C

Which of the following are characteristics of money market securities

municipalities and large corporations that have high quality ratings

The time structure of a bond's cash flows The bond's interest-rate risk Both a and b above The default risk of the bond issue

Y has invested in the shares of BPL Ltd

will face a very high level of competition

Y in this scenario is faced with A

- other things being the same,

Have more interest-rate risk than bonds with smaller coupons B

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The value in a set are relatively less dispersed from the mean and hence less risky The value in a set are relatively more dispersed from the mean and hence less risky The value in a set are relatively more dispersed from the mean and hence more risky None of the above is true

Sumit invested in Morgan Stanley Dynamic Equity Fund which has a standard deviation of 15% and in Meril Lynch Top 100 Equity Fund which has a standard deviation of 10%

- 40% and 60% 60% and 40% 40% and 40% 70% and 30%

With lower coefficient of variation With Higher coefficient of variation With coefficient of variation equal to 1 None of the above is correct

Calculate the beta of a security with the help of the following details

- of stock=14% S

of market= 18% Coefficient of correlation= 0

Calculate the yield on a long term corporate bond having some probability of default if its bond default premium and the return on long term government paper are 0

37% and 10

- 36% respectively
- 37% Data insufficient

It is % age of total risk explained by the market C

It is % age of unsystematic risk explained by the market Roots Institute of Financial Markets 1197 NHBC Mahavir Dal Road

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Which statement is true with regard to risk free rate

The risk-free rate is the maximum return an investor expects from any investment

The total return for a 12% semi annual coupon bond purchased at 1005,

held for six months and sold for 1050 is A

- 45% None of the above

The total return on a bond purchased for Rs

- 1000 that pays interest of Rs
- 90 during the year and is sold for Rs
- 910 at the end of one year is A

-10% 1%

A perfectly diversified portfolio will fully eliminate ___________risk

The return relative for a stock bought at Rs

- sold at Rs
- and paying a Rs
- 1 dividend is A

- beginning price is 50,
- income is 2,
- and ending stock price is 46

The foreign currency depreciated 4 % against the dollar

The return to the U

investor after currency risk is accounted for is A

0016% 2%

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- 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40

D A C A B D'D A D'B D'D A D'A A C B C D'D A B B A C C D'B A B B D'B B A D'B D'B

- 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80

D D'D C A A B C A D'D B D'D C A A D'A B B A A A B A B B C B B A C A A A D'C B B

Answer Sheet Unit 1 81 C 121 82 B 122 83 B 123 84 A 124 85 B 125 86 A 126 87 C 127 88 C 128 89 C 129 90 D'130 91 C 131 92 C 132 93 B 133 94 B 134 95 A 135 96 B 136 97 B 137 98 C 138 99 A 139 100 A 140 101 D'141 102 D'142 103 C 143 104 C 144 105 A 145 106 C 146 107 A 147 108 C 148 109 B 149 110 D'150 111 B 151 112 C 152 113 C 153 114 B 154 115 A 155 116 B 156 117 A 157 118 C 158 119 B 159 120 D'160

- 161 162 163 164 165 166 167 168 1 2 3 4 5 169 170 171 172 173 174 175 176 1 2 177 1 2 178 179 180 181 182 183 184 185 186 187 188 189 190 191

B C A B A B C D'B D'B D'A C A A D'A A

- 192 193 194 195 196 197 198 199 1 2 200 201

A D'D A A C C C D'A C

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then the price of the stock would have to decrease

An increase in the market premium would also increase the discount rate used to value the stock

This higher discount rate will cause the present value of the cash flows to be smaller

Solution 8: Answer is option A

Non-diversifiable risks or systematic risks are those that affect the entire market,

- including market risk,
- interest rate risk,
- and purchasing power risk

ADRs are foreign shares denominated in U

dollars and do not eliminate currency risk

- thus statement #2 is false

- statement #5 is false

All other statements are true

Mortgage–backed securities are subject to the same risk as bonds plus the risk of prepayment Solution13: Answer is option A

the level of default risk is low

Solution 15: A retiree at 60 has little appetite for risk as he no longer has any earning power

- he needs certainty of income

- if he lives until say 80,

he will experience a drop in his standard of living

Answer 18: A change in the coupon payment from annual to semiannual will result in the coupons becoming more significant compared to the final payment on a weighted average basis and decreases the duration of a bond

An increase in the dividend growth rate leads to an increase in the stock price Solution 38: Beta only captures systematic non-diversifiable risk of a security

Investors form portfolios to eliminate non-systematic risk Solution 42 : Standard deviation of portfolio: бAB=[бA2W A2+бB2W B2+2W AW BрABбAбB]1/2 = [(8^2*0

- 40^2) + (5^2*0

60^2)+2*

- 28*8*5]^1/2 = 4
- 96% Solution 50: Bond Horizon Premium= Yield on Long term Government Bond- Return on Treasury Bills 0
- 95%= Yield on Long term Government Bond-7
- 85% Yield on Long term Government Bond= 0
- 80% Solution: 51 Minimum Possible Return = Mean-3SD = 22-(3*12) =
- -14% Maximum Possible Return = Mean +3SD = 22+(3x12) = 58% Solution 52: Equity risk Premium (ERP) = Return on equity-risk free rate 8 = Return on equity-7
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- 5% Price at the beginning = 100*100/115

50 = Rs

- 58 Solution 53: Equity risk premium (EPR)= Return on equity-risk free rate Return on equity= (108-90)/90*100=20% ERP=20-6
- 50% Solution 56: Coefficient of variation= S

50*19) +(0

35*12)+( 0

- 125% Solution 61: Weight of security A= 30/30+10= 0
- 75 or 75% Weight of security B= 10/30+10= 0
- 25 or 25% Solution 65: Covariance= 14*18*0

84 =211

- 68 Beta = Cov/Variance of market = 211

68/324 = 0

- 65 Solution 66: Yield on long term corporate bond= 10

37 = 10

- 73% Solution 68: Bond default premium= 10
- 50% Solution 69:

- 5% Solution 70: Bond Horizon Premium= Yield on Long term Government Bond- Return on Treasury Bills 0
- 87= Bond Horizon Premium= Yield on Long term Government Bond- 7
- 79 Yield on Long term Government Bond= 7
- 66% Solution 71: Asset Equity Mutual Funds GOI Relief Bonds ELSS

Amount Weights Invested Rs

4,00,000 0

3,00,000 0

12% 10%

64% 55%

1,00,000 0

2,00,000 0

4x64)+(0

3x55)+(0

2x59) = 54

75% = (0

4x-8)+(0

3x-5)+(0

- 2x5) Roots Institute of Financial Markets 1197 NHBC Mahavir Dal Road

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- 85% Solution 72: Minimum Possible Return = Mean-3SD = 9
- -(3x SD) = 9
- 5% Maximum Possible Return
- = Mean +3SD = 9
- 5 +(3xSD) = 9

of co-efficient of covariance terms = n (n-1)/12 = 20*19/2=190 Consider an equity mutual fund with an expected return of 15% and an expected standard deviation of 18%

The expected return on the market index is 16%,

and its standard deviation is 20%

An investor wishes to place 60% of her funds in the mutual fund and the remainder in riskless assets

Using this information,

- answer the next question

- of risk free asset is zero,

so Coefficient of correlation is also zero Therefore,

- 8% Solution 77: Standard deviation of portfolio: бAB=[бA2W A2+бB2W B2+2W AW BрABбAбB]1/2 = [(8^2*0
- 40^2) + (5^2*0

60^2)+2*

- 28*8*5]^1/2 = 4
- 96% Solution 78: Portfolio beta= 1
- 0975 Solution 86: Equity risk premium (ERP) = Return on equity- risk free rate Return on equity= (134-115)/115*100= 16
- 52% ERP= 16
- 02% Solution 87: Maximum Possible Return On Punj Lyold On Crompton Greaves Maximum Possible Return on his portfolio

= Mean + 3 SD = 22+3x8 = 46% = 18+3x5

5% = 46x0

Solution 90: Note: Price = Dividend / (rate of return – rate of growth of dividend) Next year dividend = 3

85 * (1

- 1195 40 = 4

1195 / (r-

- 07) Solving for r gives 17
- 298 Solution 94: Note: return on portfolio is sum of (expected return of individual asset* probability) Solution: 95 N =5 I=Solve =47
- 5 PV =-12000 PMT =1500 Roots Institute of Financial Markets 1197 NHBC Mahavir Dal Road

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- = 65000

V of a Stock=[(Dividend*(1+growth rate)] / (Return- growth rate) Solution 104: Answer is option C

only unexpected corporate earning growth would have a significant positive impact on the value of a stock

Under the Efficient Market Hypothesis,

any expected changes would already be reflected in the price of the common stock

Unexpected increases in inflation would increase the discount rate and reduce the value of the fund

Solution 107: Arbitrage Pricing Theory uses multiple regression (many factors) to determine a model or formula that has numerous factors

The CAPM is based on the single factor of Beta,

which measures the level of systematic risk within a portfolio

Solution 110: Answer is option D

Statement #4 is false,

because if the cost of capital is less than the IRR,

then the project should be accepted (NPV > 0)

- 02 PV =-100000 PMT = 15000 FV =145000 Solution 117: Return on Portfolio = 9+10+12+18/4=12
- 25% Solution 118: 17160=10000x1
- 20xR R = 17160/13200 R = 1
- 3 or 30% Solution 119: CWI=1
- 397088 Solution 120: Note: Rule of 72,

nper= 72/ rate of compounding,

- nper is no of years to double

- of years}
- -1]x100 CAGR = [{(29500/10000) ^1/5}-1] x100 Solution 122: CAGR= [{(End Value+ Dividend Received/Begin Value) ^1/No

of years}-1] x100 CAGR= [{650/120) ^1/10}-1] x100 =18

- 40% Solution 123: Expected Return=9x0
- 7% Solution 124: Difference = 2
- 3973 Return = 0
- 2 or 20% Solution 125: Return = 46-34=12 Total Return = 12+1=13 Return Relative = 1+ (13/34) =1
- 38 Solution 130: Return for French Investor=300-250+10=60 % Return=60/250x100=24% Solution 132:

- -10+30+15+23/4=14
- 5% Roots Institute of Financial Markets 1197 NHBC Mahavir Dal Road

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Solution 134: 23=12+35+(x)-5-13/5 X= 86% Return for year 2005 = 86% Solution 135: Real Rate of Return = [1+I/1+E]-1x100 1

- 10/1+E 1+E = 1

0185 E = 1

- 85% Solution 136: Real Rate of Return 1

05 =1+I/1

07 1+I = 1

- 1235 I = 12
- = [1+I/1+E]-1x100

04 = 1+ [0

- 12 (1-T)]/1

06 = 1+ [0

12(1-T)] 1

1024-1 = 0

- 12(1-T) (1-T) =
- 12 (1-T) = 0
- 8533 Tax Rate = 14
- 67% Solution 138: CAGR = (214948/100000) ^1/5-1x100 = 16
- 50% Solution 139: CWI =10000x1
- 98 = 12894 Solution 140: The Value of CWI at the end of 2007 is 151545 while the beginning index value was 100,000

- ? 151545 =100000x1
- 24xR R = 151545/157859 R = 0
- 96=-4% Solution 143:
- -15 X =-102%
- =x+35+10-5-13/5

Solution 144: Geometric Mean = (0

- 23)^1/4-1x100 = 12
- 78% Solution 145: R

093)^5 = 1

55991/1

249668 =1

2482 or 24

- 30% Solution 147: Real Rate of Return = [1+I/1+E]-1x100 =3
- 77% Solution 150: Tax Adjusted Real Rate of Return = [1+ {I (1-T)}/1+E]-1x100 Roots Institute of Financial Markets 1197 NHBC Mahavir Dal Road

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- 065]-1x100 =[1
- 065]-1x100 = 3
- 47% Solution 151:

Solution 152: (1

- 11)^5 = Rx1

77 R = 1

0058 = 1

6752 or 67

- 52% Solution 153:

- 23)^1/4-1x100 = 13

1375 or 13

- 75% Solution 155:

Arithmetic Mean =

- -12+30+15+23/4 =14%

of years Future price + current price 2 Solution 159:

Expected Value = (10x0

2) + (20x0

- 5) + (-25x0

Solution 162: Return = 45+60=105 % Total Return =105/1005x100=10

- 45% Solution 163: Total Return = (910-1000) +90=0 Solution165: Return = 38-40=-2 Total Return =
- -2+1=-1 Return =

-1/38=-0

- 026 Return Relative = 1-0
- 975 Solution 166: Loss on Trading = 46-50+2=-2 Currency Loss (to be converted into Rs

- 92(-) Total Loss =
- 92 % Loss = 3
- 92/50x100=-7

84% A U

investor buys a French stock when the value of the franc stated in dollars is $0

and the stock paid a dividend of 10 francs

The francs is now at $0

Answer the next two questions

- 05 = (129+D)-125/125 D'= 2
- 25 Solution 169: Tax Adjusted Real Rate of Return = [1+ {I (1-T)}/1+E]-1x100 I = 33% Roots Institute of Financial Markets 1197 NHBC Mahavir Dal Road

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Solution171: Rationale: A higher Sharpe measure than a passive strategy is indicative of the benefits of active management

- 06 Solution 177: Note: Correlation coeff: = covariance / (sigma a * sigma b) Solution 178: Sharpe Measure =11
- 15 Solution 179: Rationale: The manager with the highest Sharpe measure presumably has true forecasting abilities

If this portfolio also has a low degree of nonsystematic risk,

the portfolio is adequately diversified

Solution 181: Rationale: A purely passive strategy uses only index funds and keeps the proportions constant when there are changes in perceived market conditions

- - Risk Free Return Sharp Index = Standard Deviation of Portfolio (0

19 – 0

47826 = 0

unless the correlation coefficient bet ween the stocks is equal to one,

the standard deviation for the portfolio will be lower than the weighted average standard deviation for the portfolio

Sharpe uses standard deviation and Treynor uses beta Solution 185: Rationale: The Sharpe measure is commonly used to measure the performance of professional managers

- 55 Solution 189: By definition,

the Treynor Index uses beta as its risk measure Solution 190: By definition,

as the stocks are positively correlated,

they move in the same direction but Stock B will move three quarter as much as Stock A Solution 191: Calculations are as follows: (2

1) + (5

1)^2 + (6

1)^3 – 8

- 0 Solution 193: Rationale: Although one can engage in various degrees of active portfolio management (security selection without market timing and vice versa),

the most active portfolio management strategy consists of engaging in both pursuits

Solution 194: A purely passive strategy is one that calls for no market analysis

Solution 201: (7x0

2) + (12x0

3) + (20x0

15) + (5x0

35) = 9

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A security will not earn the yield-to-maturity that was promised when the security was purchased if which of the following conditions occurs

The issuer defaults on either the interest or principal payments

Cash flows from the security paid to the investor prior to its maturity date are held in cash or spent on consumption goods rather than reinvested

Which one of the following products is designed to provide both growth and income

Assuming that the current market yield for similar risk bonds is 8%,

determine the discounted present value of a Rs

- 1,000 bond with a 7
- 5% coupon rate,

which pays interest semiannually and matures in 17

5 years

Ruchi invested Rs

- 000 in a fixed deposit

what would be the amount that Rani would receive in five years time

- ? (use 2 decimal places) A

Fixed Deposits B

Mr Amit places his fixed deposit for one year with interest payable at maturity

Assuming that the deposit amount is Rs

100,000,

and using the same annual rate of 6%,

what is the difference in future value after one year

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Which of the following is CORRECT regarding zero-coupon securities

The yield to be earned on them cannot be determined until these securities are held to maturity They are only issued by corporations

They offer minimum price volatility

Is a promised yield B

Is calculated by assuming that investors reinvest all coupons received from a bond at a rate equal to the computed YTM on that bond C

- two years,

the Realized Compound Yield consists of A

The coupon income The price change The coupon income+ the price change The coupon income+ the price change the interest-on-interest

The yield to call is a promised yield The current yield is equal to coupon divided by current marker price

An increase in reinvestment rate risk A

Leads to a decline in coupon rates

Results from an increase in inflation

If bond investors do not reinvest the coupons received during the life of the bond,

- then the A

Current yield will equal the promised yield

The yield to call is often a better measure than YTM for bonds selling at a premium Roots Institute of Financial Markets 1197 NHBC Mahavir Dal Road

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The realized compound yield takes into account all intermediate cash flows and reinvestment rates C

The yield to maturity is the compound rate of return an investor will receive if the bond is held to maturity D

- 1000 has a coupon of 7
- 5% and is compounded quarterly duration 4 yrs

similar bond in market yield 8% what is pv of the bond

- 1000 has a coupon of 7
- 5% and is compounded semi annually duration 4

similar bond in market yield 8% what is PV of the bond

41 b) 982

42 c) 983

- 1000 has a coupon of 8
- 5% and is compounded annually,
- duration 12 yrs

similar bond in market yield 9% what is PV of the bond

200 each

- 50% of the value of these debentures is converted into one share of Rs
- 80 each after 4 years

Amit exercises his options after 4 yrs and receives 100 shares

300 467

a security is considered attractive for purchase if its computed intrinsic value is A

Less than its current price Greater than its current price Less than its book value Greater than its book value Roots Institute of Financial Markets 1197 NHBC Mahavir Dal Road

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The firm expects to pay a dividend of Rs

- 00 next year

The market risk premium is 8%

10% 12% 12

35% 15%

Onyx wealth solutions Ltd

- currently earns Rs
- 00 per share and currently pays Rs
- 20 per share in divindends

the market risk premium is 8%,

and the beta for this company is 1

The stock price is A

Choose the INCORRECT statement concerning the DDM: A

It is based on the position that the price of a stock is the discounted value of all future dividends B

Not all of its three growth rate cases involve a present value process C

The formula calls for the dividend to be paid this period The required rate of return is expected to be larger than the growth rate in dividends There is no present value process involved in the simple equation used in this case The answer obtained from this equation is the definitive value for the stock for all investors

Which of the following statements is INCORRECT about dividends

The DDM is operationalized by estimating the expected future dividends to be paid by a company and estimating the required rate of return D

The answer obtained from this equation is the definitive value for the stock for all investors 473

With regard to markets,

choose the CORRECT statement: A

Secondary markets exist for the trading of new securities Investment bankers often underwrite new issues by purchasing the securities If the issuer is selling securities for the first time,

these are referred to as seasoned issues All secondary equity markets are auction markets

You instruct your broker to sell your existing shares at a price that will assure you of receiving at least Rs

This is which type of order

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A market order A limit order to sell A stop order to buy A stop order to sell

- 200 per share on 60% margin

the percentage return on investment is A

- 45% 10% None of the above

- and a stock sells for Rs
- an investor with Rs
- 3000 of his own who wants to use the full Rs
- 3000 in a margin transaction A

- 2000 from the broker

- 3000 from the broker

You sell short 100 shares of stock at Rs

- 150 per share

- you have A

- 2000 A gain of Rs
- 3000 A loss of Rs
- 3000 None of the above

Suppose you invested an equal amount of money is Gold and Real Estate at the same point of time and soon the economy enters into depression

Physical settlement in a commodity futures market involves the delivery of: Profit Future Contract Underlying Commodity None of the above

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- 221 222 223 224 225 226 227 228 229 230 231 232 233 234 235 236 237 238 239 240 241 242 243 244 245/1 245/2 245/3 245/4 246 247 248 249 250 251 252 253 254 255

- 256 257 258 259 260 261 262 263 264 265 266 267 268 269 270 271 272 273 274 275 276 277 278 279 280 281 282 283 284 285 286 287 288 289 290 291 292 293

- 294 295 296 297 298 299 300 301 302 303 304 305 306 307 308 309 310 311 312 313 314 315 316 317 318 319 320 321 322 323 324 325 326 327 328 329 330 331

C D'D D'D A D'B A A B D'C C A B B A B A C B D'C D'C B D'B A C B B D'A C C D

- 332 333 334 335 336 337 338 339 340 341 342 343 344 345 346 347 348 349 350 351 352 353 354 355 356 357 358 359 360 361 362 363 364 365 366 367 368 369

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A A A C B B A A C B D'A B B B B D'B C D'A D'B B B C D'C D'B B A B A D'D A B

- 370 371 372 373 374 375 376 377 378 379 380 381 382 383 384 385 386 387 388 389 390 391 392 393 394 395 396 397 398 399 400 401/1 401/2 401/3 401/4 401/5 401/6 401/7

C C C B A C A C A B C B D'C A B C B A B A D'C A D'B A B B D'D B A C A B D'A

- 401/8 402 403 404 405 406 407 408 409 410 411 412 413 414 415 416 417 418 419 420 421 422 423 424 425 426 427 428 429 430 431 432 433 434 435 436 437 438

- 439 440 441 442 443 444 445 446 447 448 449 450 451 452 453 454 455 456 457 458 459 460 461 462 463 464 465 466 467 468 469 470 471 472 473 474 475 476

- 477 478 479 480 481 482 483 484 485 486 487 488 489 490 491 492 493 494 495 496 497 498 499 500 501 502 503 504 505 506 507 508 509 510 511 512 513 514

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C C B A C B D'C B A A C A A D'A D'C C D'A A C A B A B D'B D'D D'A C D'A D'A

- 515 516 517 518 519 520 521 522 523 524 525 526 527/1 527/2 527/3 528/1 528/2 528/3 529/1 529/2 529/3 529/4 530 531 532 533 534 535 536 537 538 539 540 541 542 543 544 545

Answers Unit 2 D'546 B 547 B 548 B 549 A 550 A 551 C 552 C 553 B 554 D'555 D'556 C 557 C 558 B 559 C 560 B 561 D'562 B 563 B 564 B 565 C 566 D'567 D'568 B 569 C 570 D'571 D'572 A 573 D'574 B B D'C D'C D'D B

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- 222 Solution: Convertible bonds generate current income from coupon payments and allow for growth through the stock conversion feature

- 223 Solution: Answer is option C N = 35 (17
- 5 x 2)i = 4 (8 _ 2)PMTOA = Rs
- 75 _ 2) FV = Rs
- 000PV = (Rs
- 34) 226 Solution: (100,000) x (1 + 0
- 015)^(4) – (100,000 x 1

06) = 136

- 36 229 Solution: (((((4985/4000)^(1/7))-1)*100)*2) 264 CMPD

I=Solve=9

N=3*2=6 PMT=4

0928*2=10

2955*2=10

- 287 Solution: Duration is directly related to maturity and inversely related to the coupon rate and yield to maturity (YTM)

Duration is approximately equal to the point in years where the investor receives half of the present value of the bond’s cash flows

- the greater the duration

the greater the duration (and vice versa)

- increasing the duration

The lower the coupon rate,

the greater the duration(and vice versa)

A lower coupon bond pays lower annual cash flows than a higher-coupon bond and thus has less influence on duration

- the higher the duration

the value (or cash flow) of a bond increases without increasing the time to maturity

I=8 PMT=60

- 298 Solution: Answer is option E

time weighted measure of payback

- 299 CMPD PV=-267

N=15*2=30 PMT=0

I=9/2=4

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321 CMPD

PV=-400

I=Solve=7

934 PMT=0

- 325 Answer: A change in the coupon payment from annual to semiannual will result in the coupons becoming more significant compared to the final payment on a weighted average basis and decreases the duration of a bond

All other factors will increase the duration of a bond

- 326 Solution Using the Growth Dividend Model,

the calculations are as follows: R = Risk free rate + risk premium Div1 = Div x (1 +g) P = Div1/(R – g) Where P = price Div1 = dividend in year 1 R = required rate of return or discount rate g = constant dividend growth rate R = 0

- 13 Div1 = 8 x (1 + 0

05) = 8

4 P = 8

13 – 0

- 05) = 105 336 Solution: All else constant,

bond with a longer maturity will be more sensitive to changes in interest rates

All else constant,

a bond with a lower coupon will have greater interest rate risk

- 337 A bond’s percentage change in price and dollar change in price are both tied to the underlying price volatility

The statement that a bond’s percentage change in price and dollar change in price are both tied to the underlying price volatility is true

- 00% change in interest rates (100 basis points equals 1
- 01 in decimal form)
- 338 The approximate bond price change is computed as follows: Estimated Bond Price Change=-5

47/100*98

63*2=-10

- 79 339 CMPD N=10

- 340 CMPD N=10

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PV=Solve=-935

- 344 Solution: = Yield to maturity (YTM)= Annual Interest+ (Bonds Par Value-current bond price)/ Bond's par value Current bond price Number of years to maturity Annual interest Bond's par value
- - Current bond price Bond's par value Current bond price Number of years to maturity Annual interest Bond's par value
- - Current bond price Yield to maturity (YTM) Therefore YTM = {15 + (-20/2)} / {(100+120)/2} = 4
- 55 % 345 Solution = (100-90) + 5 / 90*100 = 16
- 67% 355 Solution: Paid-up value- No

of premiums paid X sum assured /No

of premium payable + bonus if any

Surrender value,

- factor/100,

- 20,000/100 = Rs

000 + 84,

- 000 (bonus for 10 years Rs

700 per 1,

- 08,000 Surrender Value: 1,
- 08,000 X 25/100 = Rs

- 365 Solution: The option is out of the money

therefore the intrinsic value is zero

hence (a) 368 Unit purchased for dividend Total units held

=3/21=0

1428 =1

1428*22=25

- 14/20*100=25
- 372 Solution: It is generally accepted that the order is Bond Fund,

- 378 Assume that the Franklin Templeton Mutual fund annual returns for 4 consecutive years are 10
- 3% for 1999,-13
- 2% for 2000,+14
- 3% for 2001,and
- 9% for 2002

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- 379 Solution: NAV = (Market Value of Investment-Total Liabilities)/no
- of outstanding units = (700-0

5)/28 = 24

- 98 380 Terminal Wealth = 10000*1

143=10943

- 13 381 Solution: A money market fund invests only in short term money market instruments such as short term debt securities,

banker’s certificates of deposits and bank acceptances

As the instruments are highly liquid,

usually no notice for withdrawal is required

some money market funds provide quasi checking facilities

Money market funds can pay current income as the instruments mature in the short term

It should also be mentioned that money market funds have low interest rate risk because of the short tenor of the instruments

- 382 Solution: Only I and III are true

II There is no need for the manager to repurchase units

- 384 Solution: As both funds appreciated by the same amount,

the investor made identical returns from both funds: Rs

- 4000 x 18% = Rs

There is a misconception that a lower priced fund has a higher return

02 = 3921

- 57 units II is true

58 = 6896

- 55 units 385 Solution: Total return is calculated as follows: (P2 – P1 + Div)/P1 x 100,
- (112 – 113 + 6)/113 = 4
- 4% 393 Solution: The price is calculated as follows: (62 – 52)/52 = 19
- 192 = 48 401(1) The actual cost is Premium paid (Rs300) + Exercise value (50*100) = Rs5300 While the actual market value on the date of exercise is (57*100) = Rs 5700,

which leaves a profit of Rs 400

- 401(2) Market value after 6 months for five hundred shares of B is (35*500) = 17500 Exercise price after 6 months for five hundred shares of B is (45*500) =22500 Profit in put option is (22500- 3000) = 19500,

Rs 3000 is the premium paid for put option

Value in put option is 19500 – 17500 = Rs 2000

- 401(4) Note: Because the market price is lower than exercise price the buyer would prefer to buy in market than to exercise the option

- 408 Price of share = 8/0
- 125=64 40912
- 2=124000000/No
- of shares No

of shares =10163934 Roots Institute of Financial Markets 1197 NHBC Mahavir Dal Road

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- 415 Sol: Book value of share is 2000/40 ie 50,

- 417 Note: Price = Dividend / (rate of return – rate of growth of dividend) Next year dividend = 3

85 * (1

- 1195 40 = 4

1195 / (r-

- 07) Solving for r gives 17
- 298 418 Note: Price = Dividend / (rate of return – rate of growth of dividend) Next year dividend = 3

85 * (1

- 1195 40 = 4

1195 / (r-

- 07) Solving for r gives 17
- 298 419 Solution: Answer is option E

the intrinsic value of a share of common stock is equal to the discounted present value of its cash flows

- 420 Solution: Arbitrage Pricing Theory uses multiple regressions (many factors) to determine a model or formula that has numerous factors

which measures the level of systematic risk within a portfolio

- 421 Solution: The market risk premium is the additional return for accepting the risk of the market

If the market premium increases with all else remaining the same,

then the price of the stock would have to decrease

- 422 Solution: PV = Rs
- 36 FV = (Rs
- 00) N= 5 i = 8

02 d1 1

- 16 Value of common stock = == = Rs

12 – 0

- 04 RRR = Required Rate of Return g = growth rate 423 Solution: V = d0 (1 + g) = Rs

04) = Rs

- 84 (value using dividend growth model),
- 04 Since the value of Rs
- 84 is greater than the current market price,

the stock is underpriced in the market

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- 424 Solution: Answer is option B

Above the line would indicate a higher than expected return for the given risk level

Below the line would indicate lower than expected return for the given risk level 425 Solution: Answer is option C

This is a question regarding the constant dividend growth model for determining the value of a stock

The following formula is used for the constant dividend growth model: P0 = D1/k – g where: P0 = Price for the security

k = The investor’s required rate of return

Therefore,

- the value of the stock is Rs
- calculated as follows: (Rs
- 04) P0 = = Rs
- 04 429 Liquidation Value per share = 54-20/2=17 430

Book Value = Net Worth/No

of Equity Shares = 4700000/200000

- 5 432 Book Value per share=57/3=19 434 Price of share= 10/0
- 67 436 Dividend to be paid next year=3
- 00 Price of stock (P0)=3/0
- 00 P/E Ratio =/30x100=10% 437 Required Rate of Return = 7+2(11-7)=15% Next Year’s Dividend = 3x1
- 6 2nd Year’s Dividend = 3
- 32 Share Price =4
- 04 I=15 CASH Editor 1=0 2=3
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- 26 Dividend Yield=3

26x100=4

- 60% 439 Solution: M

- 02 Value of common stock = d1/ RRR – g = 1

12 – 0

04 = Rs

- 00 RRR = Required Rate of Return,

g = growth rate 443 Solution: 13*3 = 39 + 1*5 = 44

44/4 = Rs

- 00 445 I=18 CASH Editor 1=0 2=2

5992 4=2

963 NPV=5

- 6023 Next Year Dividend=2
- 14078 Share Price=3

14078/0

- 17 PV of share price=26

18^3=15

- 92 Current Price=15

6023=21

- 52 446 38=3/r-7 R=14
- 89% 449 Expected Dividend= 1
- 575 Expected Dividend Yield = 1
- 75x100=10% Dividend Next Year = 1
- 65375 Share Price Next Year = 1

65375/0

- 5375 Capital Gain = (16

5375-15

- 75x100=5% 450

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Price of Stock = D1/ (re- g) G=

- ? Press CMPD N=9

00 PV =

- -1 FV = 2 Price of Stock = D1/ (Ke- g) = 1x 1

08) = 1

07 = 15

- 42 452 Price of Stock = D1/ (re- g) = 2

07 = 39

- = Expected Return
- ? = Rf+β (Rm
- - Rf) = 5+1
- 10(14-5) = 14

069 = 17

- 39 454 Dividend at the end of 5th year =2x0
- 5475 Price at beginning of 5th year =1
- 5475/14-(-5) = 1

5475/19=8

07) = 1

07 = Rs

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- = D1/ (re- g)

40 = 2/ (1

- 15-g) 2/40 =1

15-g g = 1

- 1 or 10% 457

Price of Stock = D1/ (re- g) = 20/ 1

10 = Rs

- = Expected Return
- ? = Rf+β (Rm
- - Rf) = 6+0

85(8) = 12

07 = 25

- 86 459 Required Rate of Return =8+2(12-8) =16% Dividend (D1) =1

65 Price=1

50 EPS=1

- 65x100/30=5
- 5 P/E Ratio=Price of share/Earnings per share =27
- 5=5x 464 Outstanding Shares = 37000000/12=3083333
- 466 Price per share= Dividend/Growth Rate Dividend= 100x0
- 9 As Plough back Ratio is 0,

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- 468 Price of Stock = D1/ (re- g) 40 = 2/ (re – 0
- 05 = re – 0

07 re = 0

- 12 or 12% 469
- = Expected Return
- ? = Rf+β (Rm
- - Rf) = 6+1

0(8) = 14

Price of Stock = D1/ (re- g) = 1

07 = 18

Margin Paid=200*100*0

60=12000

67% 476

Maximum Shares investor can buy=5000/50=100 shares Loss per share=180-150=30 Total Loss=30*100=3000 479 Solution: A call option has unlimited price potential which means that writing a call without the stock as a hedge will provide the greatest loss potential

- 480 Solution: Answer is option A

Statements #1,

- #2 and #3 are true

Statement #4 is false because tax swaps generally take advantage of capital losses by selling bonds,

which have been devalued by increasing interest rates

- 481 Solution: Answer is option C

- a price of Rs
- 55 will be assured if she buys a Rs
- 482 Solution: Answer is option B

Selling a call option will allow her to generate income from the option premium with little risk since she does not expect the stock to continue to increase

If the stock does exceed Rs

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- 483 Solution: Answer is option D

investors evaluate performance of investments based on risk adjusted returns

A and B must be wrong since they only address one aspect of the risk-return relationship

the better the risk adjusted return

No calculation is needed for this question

because the performance measure is high (not low)

- 490 Margin requirement per share=40*0

of shares that can be bought=2000/16=125 491 Margin Required=100*16

- 75 492 Margin Required=200*100*0
- 60=12000 493 Initial Cash Outflow: Buy price of Shares=100*40=4000*50%=2000 Commissions=4000*1/100=40 Total Cash Outflows=2000+40=2040 Cash Inflow at year end: Sale Price=100*42=4200-2000=2200 Dividend Received=100*1=100 Interest Paid=2000*10/100=200 Commissions Paid=4200*1/100=42 Total Inflow=2200+100-200-42=2058 Total return=2058-2040=18 Return in %=18/2040*100=0
- 88% 496 Paper Loss per shares=65-40=25*100=Rs

2500 504

- 509 Dollar Return=-10*500=-5000 522 Solution: Initial investment = 200*Rs

(16,000)

- 100 of the shares is worth Rs
- 100 of the shares sells for Rs
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Net value is

- 534 Initial outlay

100=100

Amount received on expiry of the contract

- =900-800=Rs

- =900-800=Rs

No Profit No Loss 542 Mr

- 36 Lacs (24,

00,000*1

- 00,000) This way he will be able to protect himself,
- in case the market plunges

- 36 Lacs because the stock has a beta of 1
- 5 543 Premium Received on Writing Put = 28
- 50*600=17100 Cash outflow at expiry Net Loss
- =1250-1215=35*600=21000 = 21000-17100=3900
- 546 Intrinsic Value = Stock Price – Exercise Price = 52-50=2 Time Value

= Call Premium – Intrinsic Value = 3-2= Re

- 557 Go To Cash Flow I = 8
- 5 CASH EDITOR 1 =0 2= 120000 3 = 120000 4= 120000 Roots Institute of Financial Markets 1197 NHBC Mahavir Dal Road

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- 5 = 120000 6= 6520000 NPV= Solve=4729167 561 Press CMPD N= 10*12 I= 9
- 5/12 PV=-10000000 PMT=Solve=28935 FV=20000000 565 Solution: Suppose a loan of Rs 1,
- 00,000 Interest = 8% EMI for 15 Years=Rs 11682
- 95 EMI for 30 Years=Rs 8882
- 74 Rs 11682
- 95 < 2 * 8882
- 74 566 Solution: Annual rent receivable =300*(1000*12)*0
- 75 (A) Annual upkeep & maintenance =Rs 10 lakhs (B) Investment Planning – Question Bank IMS Proschool 43 Net income annually=Rs 17,
- 00,000 (A-B) Capitalization rate=10% Value of the complex=Net income / Capitalization rate 567 Solution: Average market capitalization rate: (4

20% + 5

45% + 6

00%)/3 = 5

- 22% Market value: Rs

15,600/0

0522 = Rs

- 207606124 Press CMPD N=20*12 I=8/12 PV=-30000000 PMT=100000 FV=Solve=88902041 Roots Institute of Financial Markets 1197 NHBC Mahavir Dal Road

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- 569 Press CMPD N=10*12 I=Solve=0

7254*12=8

- 70 PV=-10000000 PMT=2000 FV=2000000

3071*12=3

- 685 PV=-2000000 PMT=2000 FV=2600000 580 Solution: Answer is option C

it is only necessary to have assets that have a correlation less than positive one (+1)

- statement #2 is false

Statement #3 is false,

because diversifying across asset types is more,

- not less,

effective than within an asset type

Statement #4 is false,

because all the input variables in statement #1 help to create the efficient frontier

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Unit-3 Investment Strategies 575

Low Book Values C

Low Dividend Yields D

Low Margin of safety 576

Practice of allocating investments in different equities B

Practice of dividing resources among different categories of assets for generating optimum profit with lesser risk C

Practice of trading shares,

- bonds and other instruments D

What are the reasons that one should opt for an asset allocation policy

Minimize the risk Maximize the profit Diversify one’s investment All of the above

The stock market is considered strong when the volume of the market is increasing in a rising market

The market's direction will change when the percent of odd-lot short sales significantly increases or decreases

1 only B

- 1 & 2 only C
- 2 & 3 only D
- 1,2 & 3 582

Which of the following is a feature of Insured Asset Allocation

As long as the portfolio achieves a return above its base,

- one can exercise active C

If the portfolio should ever drop to the base value,

one should invest in risk-free assets so that the base value becomes fixed

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If it is assumed that the stock will return 10% p

- and bond will return 6% p

? What should be the strategic asset allocation of the client

- 45% in stock and 55% in debt 50% in stock and 50% in debt 55% in stock and 45% in debt 40% in stock and 60% in debt

- 2 lakh in equity,
- 5 lakh in debt and Rs
- 1lakh in his bank current account

- he needs to _____________

Do nothing

- 10000/- from equity and Rs
- 60000/- from debt to cash

He needs move Rs

- 7500/- to equity from debt and Rs
- 8750/-to cash from debt D

He needs to invest Rs

- 70000/- in debt and equity

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Answers Unit 3 575 A 576 B 577 D'578 B 579 C 580 C 581 D'582 D'583 C 584 B 585 C 586 A 587 B 588 B 589 A 590 B 591 C 592 C 593 B 594 D

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Unit-4 Regulation of an investment advisor 596

SEBI is the Regulator for _____________ companies A

Listed B