CFA 2018 quest bank questions reading 08 statistical concepts and market returns

OGÿ,++,ÿ+ÿLIMIÿ+ÿGÿ++,ÿK./0ÿMMÿÿIPPMQJI.Rÿ%1"&1 OGMÿÿJMÿ/PMÿM.ILÿÿGÿJIÿÿGÿ/MKÿ+ÿGÿSTOÿMM `LÿGÿ+..H0ÿII.ÿMVÿHGIÿIMÿGÿ0JM,ÿI/ÿIMGJ,ÿJIÿMMVÿP,L.RN &aa& &aa &aa &aa" &aa3.

Iÿ<#J%'B"A%:ÿK&$%AL"%&'(ÿ9?$ÿ#M:#$$ÿB"A%'$&$ÿ<#$$ÿ%9?(ÿN#A'O

IÿK&$%AL"%&'(ÿ%9?%ÿ$ÿ@'A#ÿJ#?B#Kÿ%9?(ÿ?ÿ('A@?<ÿK&$%AL"%&'(ÿ&$ÿ<#J%'B"A%:O

Iÿ<#J%'B"A%:ÿK&$%AL"%&'(ÿ9?$ÿ;?%%#Aÿ?&<$ÿ%9?(ÿ?ÿ('A@?<ÿK&$%AL"%&'(O

I::'AK&(>ÿ%'ÿP9#LQ$9#RS$ÿ*(#T"?<&QUÿ'Aÿ?(QÿK&$%AL"%&'(Uÿ=9?%ÿ$ÿ%9#ÿ@&(&@"@ÿJ#A:#(%?>#ÿ';ÿ'L$#AR?%&'($ÿ%9?%ÿ#ÿ=&%9&(ÿ%9A##

$%?(K?AKÿK#R&?%&'($ÿ';ÿ9#ÿ@#?(H

/0ÿ;4:ÿÿ/ÿ40ÿ>ÿA/,ÿW0A24ÿ21;ÿ01ÿ0ÿ344NÿP0Aÿ01ÿÿ/0:ÿ3ÿ:4401QX&$7@ÿX&"7@ÿX&7'@ÿX&77ÿ0:ÿX&#7,Y/ÿ0A24ÿ0:01:ÿ:>0ÿÿZHDEKEFÿ

#!,",

#"','',

& ,$,

./0ÿÿ/ÿ;A2:ÿ004ÿM1N/ÿ10ÿ31ÿ;<ÿ[ÿN/;/ÿ/0ÿ004ÿ1ÿ3ÿ7,('8@ÿ$$,("8@ÿ0:ÿ-7,$#85

NO G &?  ?  &?  D &?  )? 

d- - ,ÿ I 8 0 &?  &?  D &?  D ?  )? 

QR4S 5ÿ `V ÿ e5RXÿ RXfÿ g\ 6h5Z 6\ iXÿ j Xk iZ lR7 \ iX

W6657 e5RXÿ m57 YZ X nRZ \ RXo5

NO G ? E ? 

p

OGÿ,++,ÿ+ÿLIMIÿ+ÿGÿ++,ÿK./0ÿMMÿÿIPPMQJI.Rÿ%1"&1

OGMÿÿJMÿ/PMÿM.ILÿÿGÿJIÿÿGÿ/MKÿ+ÿGÿSTOÿMM

`LÿGÿ+ H0ÿII.ÿMVÿHGIÿIMÿGÿ0JM,ÿI/ÿIMGJ,ÿJIÿMMVÿP,L.RN

&aa& &aa) &aa &aa" &aa3

?FÿCFBÿFEÿ?FÿFÿB@FEÿMBAI

>?ÿ@FÿKEAÿLBFBÿ?Fÿ?ÿ@MI

TEFMÿUEEKVÿTWXVÿÿFÿFFEHÿK?ÿFÿBFEYFÿCDMÿN@ÿB@Iÿ>MFHVÿÿCÿ?ÿ;FBBÿY@FEÿUEEKÿ?

CEEKLÿFAEÿFMÿBGÿ?Fÿ?ÿZBÿ@ÿ@ABIZÿ>?ÿFAEÿAEKÿLNÿCNÿHFBÿCÿFFEÿBÿCBÿ[FBEHÿ\]>

^FEÿFÿN@ÿ_FMÿFÿEFBLÿBAFÿF;FB@ÿAEMLIÿ[FBEHÿ\]>ÿNÿÿD@@BDÿ;B;BIÿ*0R.`ÿWBÿ?GVÿDFEDEFÿ?ÿ@FÿBBÿLÿ?ÿQ/ab,.Ra:ÿ,.Q9I_

cQ-4 ÿ d` ÿ e99+Q4 ÿ R +/ 96ÿ f 9ÿ gh e66.R i.Q/ ÿ di.Q/ ÿ ji.Q/ ÿ ki.Q/ ÿ li.Q/ ÿ

[FB E Hÿ \] > !<I # =I # !"I # 'I # !"I#

X;FB  @ ÿ UE ML !#I # Y !I # =I # =I # 'I #

nÿCÿ?ÿCCDÿFFÿALÿÿZBÿ@ÿ@ABVZÿAÿÿ?ÿDFEEMÿFKFHÿÿFÿ@;BFÿ@LIÿoÿCFBV?ÿFFDFEDEFMÿ?ÿNFBFDÿCÿ?ÿF;FB@ÿAEMLÿBBÿFÿ!<I($pIÿqÿF@Mÿ?Fÿ?ÿBBÿLNÿB;Bÿ?ÿ

;;EFÿCÿBI_rKVÿUEEKÿ@ÿ?ÿ?ÿKBOI

UEEKÿ?EMÿDDEMÿ?Fÿ?ÿFMFBMÿMNFÿCÿ?

@82ÿ8ÿ?9ÿ@8ÿÿ3ÿ@8ÿÿ?98+

@82ÿ8ÿ?8ÿ@8ÿÿ3ÿ@8ÿÿ?98+

Aÿ<230ÿ=/9+

QRRSTL ÿ UOJ SV RIÿ HRÿ QWXÿ YSJ STL ÿ ZSR[

&& &&% &&! && &&' &&- &&# &&* &&& %"""

EM'LM

EM'VLM

I0+,ÿ

VFWD Eÿ bY ÿ gEF[ÿ F[hÿ iJ GjE] GJ k[ÿ l [m k] nFH J k[

ZGGEH gEF[ÿ oEH \] [ pF] J F[qE

& '= $& ;= & '= !& '= & '= %& '= ;& '= $& '= > <& ;= & '=

?@AÿA:ÿ@ÿA:@BCÿBAÿ::ÿADÿ@ÿEB:CÿBAÿ::FÿGCHIJFÿ:ÿLMNÿOAIÿPDÿK:ÿ@ÿG:Dÿ9A:ÿÿ9A:ÿ'Q

%&$=Rÿ<& =&

%&$=Rÿ;&<=&

&$=Rÿ<& =&

OC@AIÿS@ITA:ÿÿDJEÿK:ÿ@ÿUHIÿNPLÿVABA&ÿ:Eÿ@ÿ:HWÿKÿBA:ÿKÿC:AIÿDCJFÿ@ÿDCDÿCAICIAÿ@ÿEB:CÿAH:AEÿKÿ@ÿAGG:CAXDG:CAÿKÿ@ÿ@BÿH:ÿ@ÿIAÿHÿJA:&ÿYEÿCBGA:AZIÿAIÿADBA:[ÿDAAÿ@ÿZAÿKBÿAÿICAIÿAIÿAÿAGG:A:FS@ITA:ÿCAICIAÿ@ÿJA:>>JA:ÿG:CAEÿC@AEÿÿ@ÿHAIÿK

@ÿ@BÿAÿKIIWÿ$'Fÿ;Fÿ'Fÿ;Fÿ;&ÿ\@ÿEB:Cÿ::ÿÿ],32/20ÿ

&<'=&

&!=&

'&''=&

:Zÿ^ÿ@AÿAÿBAÿKÿ'ÿADÿAÿADA:DÿDHAÿKÿ$'&ÿ:Zÿ9ÿÿDCAIÿÿ:Zÿ^ÿÿAIIGCÿVCG

@AÿAC@ÿZ:HAÿÿ:Zÿ9ÿÿ@:ÿBÿ@ÿHAIÿKÿAÿC::GDEÿZ:HAÿÿ:Zÿ^&ÿ\@ÿBAÿAD

"0 ?0

@0"?0

"0!?0

D/',*2ÿ+ÿ)ÿ)'3ÿ+ÿ'ÿ*,-8ÿ'((,*/ÿÿ<)-7)5=ÿC'278ÿ1)'ÿÿ)ÿ...ÿ3,('/ÿ+ÿ-,5'ÿ)'ÿ121)ÿEFG1ÿ'*',*ÿ*5'ÿ+ÿ)ÿ.'H

R+Bÿ,.+Bÿ,.;

R.Bÿ,.+Bÿ,+;