備考CFA考試題沖刺階段是需要大量做的，不管是備考一級還是二三級都是需要的，那這兩道考試題難不難？考察的是什么知識？
一、The null hypothesis is most likely to be rejected when the p-value of the test statistic:
A．exceeds a specified level of significance.
B．is negative.
C．falls below a specified level of significance.
【答案】C
【解析】
If the p-value is less than the specified level of significance, the null hypothesis is rejected.
二、Over the past four years, a portfolio experienced returns of 4%,4%,17%, and -12%. The geometric mean return of the portfo lioover the four-year period is closest to:
A．0.99%.
B．-0.37%.
C．0.25%.
【答案】B
【解析】
Add one to each of the given returns, then multiply them together and take the fourth root of the resulting product.0.92×1.04×1.17×0.88=0.985121; 0.985121 raised to the 0.25 power is 0.996259.Subtracting one and multiplying by 100 gives the correct geometric mean return:[(0.92×1.04×1.17×0.88)0.25-1]×100 =-0.37%.
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