2020年CFA考試《CFA三級》考試共題，分為。小編每天為您準備了5道每日一練題目（附答案解析），一步一步陪你備考，每一次練習的成功，都會淋漓盡致的反映在分數(shù)上。一起加油前行。

1、The risk that Ramirez notes is prevalent in client portfolios is most likely:【單選題】

A.interest rate risk.

B.contingent claim risk.

C.cap risk.

正確答案:B

答案解析:When such assets as mortgage-backed securities have a contingent claim provision, explicit or implicit, there is an associated risk. As rates fall, the security might have coupons halted and principal repaid. This results in reinvestment risk and also limits any potential upside as would be seen with a noncallable security. Mortgaged-backed securities exhibit negative convexity. But corporate bonds, if noncallable, are positively convex.

2、【單選題】

A.EUR740,026 and receives CHF400,000.

B.CHF400,000 and receives EUR740,026.

C.CHF800,000 and receives EUR900,901.

正確答案:B

答案解析:B is correct. In order to raise 100 million Swiss francs, Millau needs to issue bonds totaling 

3、【單選題】

A.can be used for non-US 

B.captures the net present value of growth investment opportunities available 

C.

正確答案:A

答案解析:A is correct. The Fed model, although developed in the United States, can be applied to the 

4、【單選題】

A.€640,747.

B.€665,747.

C.€678,158.

正確答案:C

答案解析:C is correct.

5、【單選題】

A.$96.

B.$160.

C.$256.

正確答案:B

答案解析:B is correct. The implicit cost estimate is the difference between the actual execution price and