2020年CFA考試《CFA三級》考試共240題，分為單選題。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(xí)的成功，都會淋漓盡致的反映在分數(shù)上。一起加油前行。

1、【單選題】

A.40% equities/60% bonds.

B.70% equities/30% bonds.

C.100% equities/0% bonds.

正確答案:C

答案解析:C is correct. The Martins’ sub-portfolio is aspirational and a low priority. Investors are 

2、Using the data in Exhibit 2 and Fiske's preferred approach, the estimated expected annual return for US large-cap equities over the next 10 years is closest to:【單選題】

A.7.9%.

B.7.6%.

C.7.4%.

正確答案:B

答案解析:The Grinold–Kroner model formula is

3、【單選題】

A.7.1.

B.13.0.

C.17.9.

正確答案:C

答案解析:In a long butterfly call strategy, the investor purchases a call with a low strike price (X ), sells two calls with a strike price between the high and low strike prices (X ), and purchases a call with a high strike price (X ).

4、Which one of the following trader motivations best describes the Technology Company trade?【單選題】

A.Information-motivated.

B.Value-motivated.

C.Liquidity-motivated.

正確答案:A

答案解析:The Technology Company trade was based on information-motivated trading. Simpson's analyst must have obtained some 

5、【單選題】

A.Buy 417 contracts.

B.Sell 298 contracts.

C.Sell 417 contracts.

正確答案:C

答案解析:In order to adjust the allocation of an existing equity portfolio, two futures contracts are needed. The first contract should