Beruflich Dokumente
Kultur Dokumente
Morning Session
Economics 33-44 18
Derivatives 91-96 9
1. Jason Dawson, CFA is an equity portfolio manager at Star Real Advisors, a firm specializing in real
estate investments.
Dawson recently attended his first seminar on real estate investments. In the seminar, real estate
analysts discussed the bright prospects of real estate as an alternative investment & highly
recommended it considering the consistent above-average performance of real estate as an asset
class in the past 3 years.
On being excited with his new-found knowledge, Dawson immediately recommended to all his
clients an immediate allocation of 10% of their portfolio to real estate investments. After a week, he
allocated 10% of his own portfolio to real estate investments.
2. Emily Lynch, CFA is preparing advertising material of her sole proprietary investment management
concern.
The material states: “I am a CFA & have cleared all the three examinations in first attempt.”
Lynch has:
A. Violated the Standard VII (B) Reference to CFA Institute, CFA Designation & the CFA Program
by improperly referencing the CFA mark & by exaggerating her examination performance.
B. Violated the Standard VII (B) Reference to CFA Institute, CFA Designation & the CFA Program
by improperly referencing the CFA mark but not by mentioning her examination
performance.
C. Has not violated the Standard VII (B) Reference to CFA Institute, CFA Designation & the CFA
Program.
3. The CFA Institute Professional Conduct Program (PCP) is investigating some investment actions of
Edwin Schneider, CFA. These actions were suspected to be unsuitable for a few clients. PCP requires
Edwin to provide data of his clients he considered suitable for an exotic derivative which was
deemed to be very risky & speculative.
Edwin will:
Mock Test 1 – CFA Level I
A. Violate the Code & Standards if he discloses the names of the clients & their investments.
B. Not violate the Code & Standards if he discloses only their investments but not their names.
C. Will not violate the Code & Standards if he discloses the names of the clients & their
investments.
5. The supplemental provisions within the GIPS must be applied to which of the following asset classes?
6. Jonathan Graf, CFA a portfolio manager failed to intimate the broker of a trading instruction to sell a
stock from her client’s portfolio after issuing a sell recommendation. Graf was in charge of making
recommendations & taking investments actions for his client. This error resulted in a loss to the
client who was upset with Graf. In order to make good the loss, Graf promised him over-allocation
of a new IPO which was expected to be in great demand & having bright prospects.
Graf has most likely violated the standard concerning:
A. Market Manipulation.
B. Priority of Transactions.
C. Fair Dealing.
7. If any requirement of GIPS is in direct conflict with local reporting regulations, in order to be in full
compliance with GIPS, one must
A. Members must not knowingly make any misrepresentations relating to investment analysis,
recommendations, actions or other professional activities.
B. Promote the integrity of, and uphold the rules governing, capital markets.
C. Practice & encourage others to practice in a professional & ethical manner that will reflect
credit on themselves & the profession.
9. Which of the following is not considered plagiarism under CFA Institute Standards?
10. Standard III (E) Preservation of Confidentiality applies to information received from:
11. Ted Peters, CFA is a portfolio manager at a mutual fund. She is also a member of the Investment
Committee of the local club in which his son takes swimming lessons. He provides investment advice
to the club based on the general practices of the mutual fund. He is not paid for this advice but
receives free monthly membership of the swimming pool for his son which would have otherwise
cost $150. What should Ted do before making any recommendations to the club, in order to comply
with the CFA Institute’s Standards?
12. Rupert Young has been hired by a brokerage firm to supervise the actions of the traders & report to
the higher management if he suspects of any violations.
He finds that the compliance & the internal control system at the firm is inadequate & wanting in
many areas. He develops a system which he feels is adequate but the management tells him that
the new system will be implemented after 8 months when the new calendar year commences.
Rupert should:
13. Victor Carlos, CFA manages accounts for Drape Capital Advisors. Victor’s cousin is a client of the firm.
Carlos emails a recommendation to his cousin 3 days after emailing it to other clients so that the
other clients get ample time to trade on his recommendations before his cousin does.
Which of the following statement is most accurate?
A. Victor has complied with the Standards of Professional Conduct by giving priority to other
clients.
B. Victor has violated Standard of Professional Conduct by issuing recommendations to a
family account.
C. Victor has violated Standard of Fair Dealing by not treating his cousin’s account at par with
other clients.
14. Lucy Pique, CFA is caught shoplifting a box of expensive chocolates at a mall. She is found guilty &
sentenced to 100 hours of community service.
Lucy has:
15. Jose Coutinho, CFA is an analyst with a large equity research firm. His immediate superior has asked
him to prepare a report on Moss Inc., an electrical appliances manufacturer. Jose’s wife’s personal
portfolio comprises of significant investment in Moss’s stock. In order to comply with the Standards
of Professional Conduct, Jose should:
A. disclose his wife’s ownership of the stock to his supervisor & if asked to write the report,
disclose the same in his report.
B. sell the shares from his wife’s portfolio before writing the report.
C. decline to write the report because he is a beneficial owner of the stock.
Mock Test 1 – CFA Level I
16. Eva Jones, CFA Level III candidate, expresses her frustration a week after the exam on an online
analyst forum. She states “CFA Institute has committed a blunder by not testing GIPS this time. I had
spent so much time grasping & memorizing the GIPS but in vain!”
Jones is most likely:
A. in violation for criticizing the CFA Institute & for disclosing confidential information about
the exam.
B. in violation for disclosing confidential information about the exam but not for criticizing the
CFA Institute.
C. neither in violation for criticizing the CFA Institute nor for disclosing confidential information
about the exam.
17. As per Standard V (C) – Record Retention, CFA institute recommends a minimum holding-period of:
A. 5 years.
B. 7 years.
C. 8 years.
18. Stephen King, CFA resides in London & often refers his clients to a firm specialized in accounting &
taxation. King does not disclose any confidential information about the clients to the firm & does
not receive any monetary compensation for the referral. However, the firm often gives King tickets
of English Premiership League matches.
King:
A. need not disclose the benefits received for referring clients to the firm since it does not
involve monetary compensation.
B. must not accept the tickets under any circumstances.
C. must disclose the benefits received for referring clients to the accounting & taxation firm.
QUANTITATIVE METHODS
19. An investor will receive an annuity of $15,000 for 8 years. The first payment is to be received 6 years
from today. What is the present value of the annuity if the annual interest rate is 6%?
A. $84,595
B. $69,605
C. $65,665
Mock Test 1 – CFA Level I
20. You have borrowed $50,000 on 1st January 2010 at 8% interest to be paid quarterly over 5 years. The
repayment dates are 31st March, 30th June, 30th September, 31stDecember. Calculate the amount of
the outstanding balance for the loan on 31st March 2012 assuming the installment as on that date
has been paid.
A. $24,959
B. $29,927
C. $32,338
21. Mrs Dorothy Hudson will retire from her job after 4 years. Her life-long savings as on today amount
to $600,000. Assume she has no other expected pension income in future. After she retires, she
wants to support her existing lifestyle. She is considering a post-retirement plan to invest in today.
The plan offers a return of 8% annually. The plan will make 15 equal annual payments, the first one
being paid on the day Dorothy retires & the plan will cease after the last payment. What is the
annual payment Dorothy will receive in her post-retirement stage?
A. $88,303
B. $95,367
C. $99,014
22. An investor buys one share for $100. At the end of the year one he buys another share of the same
company for $104. At the end of year two he sells both the shares for $109 each. The share paid a
dividend of $1per share & $2 per share at the end of year one & two respectively. Calculate the
investor’s money-weighted return.
A. 6.146%
B. 5.862%
C. 4.657%
23. What is the effective annual yield of a commercial paper priced at $95,000 with a maturity value of
$100,000 & 90 days remaining to maturity?
A. 23.11%
B. 21.35%
C. 22.76%
Mock Test 1 – CFA Level I
24. If the stated annual interest rate is 8% & the frequency of the compounding is daily, what is the
effective annual interest rate?
A. 8.30%
B. 8.33%
C. 8.16%
25. Which type of measurement scale represents the most refined level of measurement?
A. Ordinal Scale
B. Interval Scale
C. Measurement Scale
26. For values that are not equal, the geometric mean will most likely be
27. The mean monthly return on T-bills is 0.30%. The mean monthly return & standard deviation for S&P
500 is 1.25% & 6% respectively.
Calculate the coefficient of variation (CV) & Sharpe-ratio of S&P 500.
CV Sharpe Ratio
A. 4.8 0.158
B. 0.208 0.158
C. 4.8 0.24
28. Regardless of the shape of the distribution, according to Chebyshev’s Inequality, what is the
minimum percentage of observations that will lie within +/- two standard deviations of the mean?
A. 56%
B. 68%
C. 75%
Mock Test 1 – CFA Level I
29. Which of the following statements regarding negative skewness & excess kurtosis is least accurate?
30. The Compensation Committee of Lucas Inc. has given a raise 25% to the best performing employee
of the company who is also the highest earning employee of the company. Which of the following
values will be affected by this raise?
31. Given the following annual returns, what is the mean absolute deviation?
Year
Return
2008 8%
2009 -4%
2010 9%
2011 12%
2012 0%
A. 6%
B. 5.6%
C. 4.6%
.
32. If the probability of both a new mall & a new theatre being constructed in a city is 72% & the
probability of a new mall being constructed is 88%, what is the probability of a new theatre being
constructed if a new mall is constructed?
A. 82%
B. 63%
C. 96%
Mock Test 1 – CFA Level I
Economics
33. Joe & Jane are discussing the topic of elasticity of demand.
Joe states that cross elasticity is negative for substitutes while positive for complements.
Jane states that inferior goods have negative income elasticity while normal goods have positive
income elasticity.
Whether Joe & Jane are correct?
34. Which of the following is not a factor that influences the elasticity of supply for a good?
A. The availability of substitutes for the inputs used to produce the good.
B. The price of the inputs used to produce the good.
C. The time that has elapsed since the price change.
35. Which of the following condition will exist when the quantity of goods in the economy are produced
at a point, where marginal cost equals marginal benefit?
36. What will be the effect of setting the price ceiling above the equilibrium price?
37. Which of the following action of the government will most likely result in increase of price paid by
the consumers for a product?
38. Which of the following set of factors of production is most likely to be variable in the short run?
39. Which of the following principle implies states that the greatest good occurs to the greatest good
occurs to the greater number of people when wealth is transferred from the rich to the poor to the
point where everyone has the same wealth?
A. Fairness Principle
B. Utilitarianism Principle
C. Symmetry Principle
A. Perfectly Inelastic
B. Perfectly Elastic
C. Relatively Inelastic
42. Which of the following is least likely to be a condition for price discrimination to work under a
monopoly?
A. There should be at least two identifiable groups of customers with different tastes &
preferences.
B. The seller must face a downward sloping demand curve.
C. Resale by customers must be prevented.
Mock Test 1 – CFA Level I
43. If the rate of inflation has increased beyond the acceptable range, the central bank would most
likely:
44. India & Pakistan have agreed to adhere to an arrangement that restricts the production of sugar
such that maximum economic profit will be realized by these two countries in Asia. The possible
outcomes of the arrangement are given in the table below.
Using Prisoners’ Dilemma, the most likely action taken by both the countries will be:
46. Which of the following is not a characteristic of an effective financial reporting framework?
A. Accuracy
B. Transparency
C. Comprehensiveness
47. Information about accounting methods & estimates used by management is provided in
A. Management Discussion & Analysis
B. Supplementary Schedules
C. Footnotes
Mock Test 1 – CFA Level I
48. If the financial statements are not prepared in accordance with the generally accepted accounting
principles & are materially departing from the required accounting standards, the auditor
A. will issue an adverse opinion.
B. will issue a qualified opinion.
C. will decline to issue an opinion.
49. Rana Builders has secured a contract to construct a bridge in 5 years for $15million. The estimated
cost of the project is $12million. Costs incurred by Rana in the initial 2 years are:
Year Costs
2010 $3 million
2011 $2 million
Calculate the net income of Rana Builders for 2010 & 2011 under Percentage of Completion
Method.
A. 2010-$600,000; 2011-$400,000
B. 2010-$750,000; 2011-$500,000
C. Nil in both years since project is not completed.
50. Rana Builders sold an apartment on installment basis for $500,000.The cost of constructing the
apartment is $400,000. Proceeds from the sale:
Year Proceeds
2010 $100,000
2011 $150,000
Calculate the net income of Rana Builders for 2010 & 2011 under Installment Basis.
A. 2010-$100,000; 2011-$0
B. 2010-$20,000; 2011-$30,000
C. 2010-$25,000; 2011-$37,500
51. Cosmo Inc. acquires machinery on 1st Jan 2011 for $250,000. The useful life is 5 years & the residual
value is $5000. Calculate the depreciation expense for the year 2013 under Double Declining
Balance Method.
A. $49,000
B. $36,000
C. $32,000
Mock Test 1 – CFA Level I
53. Which of the following does not constitute a discontinued operation for the purpose of reporting as
such in the current year?
A. An operation which the management has approved to discontinue but has not yet done
so.
B. An operation which has been discontinued in the current year after generating losses.
C. An operation which has been discontinued last year.
54. The net income of Mercury Inc. for the year ended 31st Dec 2010 is $45 million. It paid dividends of
$5 million & $3million to common & preferred stockholders respectively. Further information about
common stock is as follows:
A. $19.20
B. $20.36
C. $16.91
56. As per IFRS, substance over form, neutrality & prudence are specific factors that support which
qualitative characteristic of financial statements?
A. Relevance
B. Reliability
C. Understandability
Mock Test 1 – CFA Level I
57. Which of the following item is not included in other comprehensive income?
58. Reliable Inc. fully acquired Unreliable Inc. for $550 million cash.
Following is the extract of Balance Sheet of Unreliable just before the acquisition:
Book Value
(Million $)
Plant & machinery 820
Current Assets 120
Goodwill 20
Liabilities 500
Shareholders’ Equity 460
A. $30 million
B. $10 million
C. $90 million
60. Under US GAAP, tax paid on gain on sale of factory building is reported as outflow under
A. Investing Activities
B. Operating Activities
C. Financing Activities
61. From the given information calculate the amount of cash collected from the customers & payments
made to suppliers in Year 2010.
Interest $10,000
Total Expenses ($210,000)
Net Income $40,000
A. $258,000 $162,000
B. $242,000 $155,000
C. $238,000 $154,000
62. From the given information, calculate Free Cash Flow to the Firm:
A. $57,000
B. $55,000
C. $62,000
Mock Test 1 – CFA Level I
Which of the following is the best conclusion about the change in ROE of the company?
Sales $500,000
Gross Profit $125,000
Average Total Assets $300,000
Average Total Inventory $100,000
A. 1.67 5
B. 0.60 0.20
C. 1.67 3.75
A. $288.75
B. $279.50
C. $273.50
66. From the following inventory data of a company, answer the questions (22.) & (23.)
Which method of inventory valuation will yield the highest closing inventory value & COGS?
A. LIFO will yield highest closing inventory value while FIFO will yield highest COGS value.
B. FIFO will yield highest closing inventory value while LIFO will yield highest COGS value.
C. FIFO will yield highest closing inventory & COGS value.
67. What will be the effect on current ratio & quick ratio if the company was to use either FIFO or LIFO
respectively?
A. Under FIFO, current ratio will be higher while quick ratio will be the same under both
methods.
B. Under FIFO, current & quick ratio will be higher.
C. Under LIFO, current ratio will be higher while quick ratio will be same under both
methods.
68. Which of the following statement about inventory write-up is most accurate?
A. Under US GAAP, the write-up is allowed to the extent of the original write-down.
B. Under IFRS, the write-up is allowed beyond the original write-down & profit can be
recognized to that extent.
C. Under US GAAP, no write-up is allowed & the profit is recognized only on the sale of
inventory.
Mock Test 1 – CFA Level I
CORPORATE FINANCE
(a) NPV & Profitability Index methods will always yield the same result assuming the size of the
projects to be equal.
(b) If IRR >Required rate, then the project will always yield a positive NPV.
(c) The project with the higher IRR should always be selected while considering two mutually
exclusive projects.
A. 10.82%
B. 11.12%
C. 10.86%
71. A country risk premium is required to be incorporated in the cost of equity for a project which, U.S
Company Saturn Inc. is planning to commence in a developing country called Sparta. Following
information has been gathered :
Yield on 5-year Spartan government bond denominated in U.S $. = 9.5 %
Yield on 5-year U.S Treasury bond = 5 %
Mock Test 1 – CFA Level I
A. 14.74 %
B. 18.80%
C. 24.80%
73. The sole supplier of inputs of Uranus Inc. is seeking a revision in prices. Uranus Inc. is stipulated by a
working capital loan agreement with its bank, to keep the degree of total leverage (DTL) at 4 or
below.
The company’s estimated results without considering the revised input prices are as follows:
Sales $1,000,000
Variable Costs 70% of Sales
Fixed Costs $150,000
Interest $25,000
The maximum percentage increase in its input prices Uranus Inc. can allow without violating its
agreement with the bank, is closest to
A. 9.5%
B. 10.5%
C. 11.5%
74. Mars Inc., a closely-held company is planning to start a project in furniture manufacturing. Pluto Inc.
is a listed company & an established player in furniture manufacturing. Following is the data on
these two companies :
Mock Test 1 – CFA Level I
Mars Pluto
D/E 1.5 1.25
The βequity of Pluto Inc. is 1.25. Calculate βproject required in the calculation of WACC for the project.
A. 1.32
B. 1.42
C. 1.52
75. Which is the most accurate statement regarding the effect of share repurchase versus cash dividend
on the shareholder wealth, assuming equal amount of repurchase or cash dividend & same taxes in
either case?
76. Assuming everything else constant, the average days of payables of a company has increased
compared to previous year. The effect on the company’s operating cycle & cash conversion cycle is
77. A 91-day Treasury Bill currently quoted @ $97.5 has a face value of $100. What is the money-
market yield of this T-Bill?
A. 9.89%
B. 10.14%
C. 10.28%
78. The most preferred form of short-term financing for a large creditworthy company would be
EQUITY INVESTMENTS
79. Which of the following index assumes that the index portfolio invests an equal dollar amount in each
stock of the index?
A. Value-weighted index
B. Price-weighted index
C. Unweighted index
82. You have bought a share for $50. The initial margin requirement is 60% & the maintenance margin is
40%. At what price will the margin call trigger?
A. 30
B. 33.33
C. 20
83. You purchase 100 shares on margin, of Poseidon Inc. for $50 per share. The initial & maintenance
margin requirements are 60% & 30% respectively. After a year, the share price rises to $56 per share
& you sell the shares.3 months ago Poseidon paid a dividend of $3per share. What is the return on
investment?
A. 18%
B. 30%
C. 60%
Mock Test 1 – CFA Level I
A. 6.25%
B. 6.35%
C. 6.45%
85. Which form of efficient market hypothesis states that stock prices fully reflect all information from
public & private sources?
A. Strong-form
B. Semi-strong-form
C. Weak-form
86. Peter has recently acquired shares of Dig Earth Inc., a mining company since he believes it has bright
prospects. He is excited because a preliminary report which has suggested that the company is
about to announce a new find in Amazon forests. However, the environmentalists are lobbying
strongly to oppose any further mining activity in the forest area. In the last two years, four mining
companies were forced out of these forests by the environmentalists’ lobby.
Peter is however confident that Dig Earth will find a way to subvert the environmentalists
& purchases more shares of Dig Earth. Which bias is Peter exhibiting?
A. Over-confidence
B. Confirmation
C. Escalation
87. Which of the following is not a limitation on the market’s ability to produce informationally efficient
prices?
A. Processing news is costly & time-consuming
B. Sometimes transaction costs exceed the gains to be be made on small mispricings
C. Markets do not work round the clock.
89. Jubilant Inc.’s expected retention ratio is 40% & expected growth rate is 5%. What should be the
price-to-earnings multiple if the required return on this type of stocks is 10%?
A. 12x
B. 8x
C. 10x
DERIVATIVES
A. they are sometimes complex & hard to understand which makes them riskier.
B. the counterparty is unknown.
C. they are short-term in nature.
93. Consider a 60-day forward rate agreement based on 180-day LIBOR with a notional principal of $ 10
million. The FRA specifies a forward rate of 6%. If the 180-day LIBOR 60 days from now is 7%,
calculate the payment made at settlement & by whom.
94. The funds that must be deposited in the account with the broker to bring it to the level of initial
margin, is called
A. Variation Margin
B. Maintenance Margin
C. Minimum Margin
Mock Test 1 – CFA Level I
95. You have taken the long side in ten Acme Inc. futures contract. Each contract covers 50 shares of
Acme Inc. The contract price is $50 per share. Each contract requires a deposit of $150 initial margin
& has a maintenance margin of $100. Following are the price increase/decrease for the next 3 days.
Day 1 : 50 cents decrease
Day 2 : 80 cents decrease
Day 3 : $ 1 increase
What is the balance in the margin account at the end of 3rd day?
A. $2000
B. $1350
C. $1250
97. A 20-year, 9% annual coupon bond selling for $1,098.96 offers a yield of:
A. 8%
B. 10%
C. 9%
99. The 3-year spot rate is 10%, and the 4-year spot rate is 10.5%. What is the 1-year forward rate 3
years from now?
A. 10.0%
B. 12.0%
C. 11.0%
Mock Test 1 – CFA Level I
100. Harmon Moving has a 13.25% coupon semiannual coupon bond currently trading in the market at
$1,229.50. The bond has eight years remaining until maturity, but only two years until first call on
the issue at 107.50% of $1,000 par value. Which of the following is closest to the yield to first call on
the bond?
A. 5.16%
B. 9.14%
C. 4.72%
101. The type of credit risk that is defined as the possibility that a borrower will fail to pay interest or
repay principal when due is:
102. The price of a bond is equal to $101.76 if the term structure of interest rates is flat at 5%. The
following bond prices are given for up and down shifts of the term structure of interest rates. Using
the following information what is the effective duration of the bond?
A. 3.49
B. 1.56
C. 1.74
103. Which measure of duration should be matched to the bondholder’s investment horizon so that
reinvestment risk and market price risk offset each other?
A. Modified duration.
B. Effective duration.
C. Macaulay duration.
Mock Test 1 – CFA Level I
104. A bond has a convexity of 51.44. What is the approximate percentage price change of the bond due
to convexity if rates rise by 150 basis points?
A. 0.71%
B. 0.26%
C. 0.58%
105. A firm with a corporate family rating (CFR) of A3/A- issues secured bonds. Covenants to these
bonds include a limitation on liens and a change of control put. If credit rating agencies notch this
issue, its credit rating is most likely to be:
A. A2/A
B. Baa1/BBB+
C. Baa2/BBB
106. Ronald McDonald, CFA, is analyzing a client’s fixed income portfolio. As of the end of the last
quarter, the portfolio had a market value of $7,545,000 and a portfolio duration of 6.24. McDonald
is predicting that the yield for all of the securities in the portfolio will decline by 25 basis points next
quarter. If McDonald‘s prediction is accurate, the market value of the portfolio:
107. A $1,000 face, 10-year, 8.00% semi-annual coupon, option-free bond is issued at par (market rates
are thus 8.00%). Given that the bond price decreased 10.03% when market rates increased 150 basis
points (bp),if market yields decrease by 150 bp, the bond's price will:
108. Adjusting for convexity improves an estimated price change for a bond compared to using duration
alone because:
ALTERNATIVE INVESTMENTS
110. Which of the following is most likely a characteristic of seed stage in the life of a firm?
A. The sources of investment are mostly individuals
B. The sources of investments are venture capital firms who invest mainly through
ordinary or convertible preferred shares
C. Investments are made to fund initial commercial production and sales
111. The fees charged by a mutual fund at the time of redemption is called
A. Distribution fee
B. Front-end load
C. Back-end load
114. Which of the following is not a primary advantage of ‘the in-kind’ redemption process of ETFs?
A. provides more diversification.
B. reduces tax bill
C. keeps the market price of the shares of ETF close to NAV & avoids large premium or
discount.
Mock Test 1 – CFA Level I
PORTFOLIO MANAGEMENT
115. A portfolio consists of Galaxy Inc. & Neptune Inc. 40% of funds are invested in Galaxy while
remaining is invested in Neptune. The correlation between them is 0.6. Standard deviation of Galaxy
& Neptune is 15% & 20% respectively.
A. 18.23%
B. 16.32%
C. 14.94%
116. Which of the following is the first step in the portfolio management process?
A. Forecasting the economic conditions
B. Developing the investment strategy
C. Framing the policy statement
117. Which of the following portfolio will not lie on the efficient frontier?
A 21% 27%
B 25% 26%
C 12% 15%
D 8% 13%
E 10% 15%
F 8% 14%
A. A, C & F
B. A, E & F
C. B, D & E
118. Following is the information given on two stocks, Uranium Inc. & Plutonium Inc.
119. You can use only these two stocks to construct a portfolio. Which of the following portfolios will
result in a minimum variance portfolio?
A. 100% in Uranium & 0% in Plutonium
B. 50% in Uranium & 50% in Plutonium
C. 75% in Uranium & 25% in Plutonium