投资学第7版Test Bank答案
27. Assume that at retirement you have accumulated $500,000 in a variable annuity
contract. The assumed investment return is 6% and your life expectancy is 15 years. What is the hypothetical constant benefit payment?
A) $30,000.00
B) $33,333.33
C) $51,481.38
D) $52,452.73.
E) cannot tell without additional information.
Answer: C Difficulty: Moderate
Rationale: PV = -500,000, i = 6, n = 15, PMT = 51,481.38.
28. Assume that at retirement you have accumulated $500,000 in a variable annuity
contract. The assumed investment return is 6% and your life expectancy is 15 years. If the first year's actual investment return is 8%, what is the starting benefit payment?
A) $30,000.00
B) $33,333.33
C) $51,481.38
D) $52,452.73
E) cannot tell without additional information
Answer: D Difficulty: Difficult
Rationale: See 26.27, B = 51,481.38 (1.08/1.06) = 52,452.73
29. The first step a pension fund should take before beginning to invest is to __________.
A) establish investment objectives
B) develop a list of investment managers with superior records to interview
C) establish asset allocation guidelines
D) decide between active and passive management
E) none of the above
Answer: A Difficulty: Easy
Rationale: The first step for any investor is to determine the goals and objectives of the
portfolio. All subsequent steps in the investment process follow (such as B, C, D, and other factors).
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