2022历年CFA考试真题及答案解析

2022历年CFA考试真题及答案解析

1.RossDunder,CFA,istheCIOforBlingTrust(BT),aninvestment

advisor.Dunderrecentlyassignedoneofhisportfoliomanagers,Joey

Chetch,tomanageseveralaccountsthatprimarilyinvestinthinlytraded

micro-capstocks.DundersoonnoticesthatChetchplacesmanystock

tradesfortheseaccountsonthelastdayofthemonth,towardsthe

market'sclose.Dunderfindsthistradingactivityunusualandspeaksto

Chetchwhoexplainsthatthetradingactivitywascompletedattheclient,

srequest.Dunderdoesnotinvestigatefurther.Sixmonthslater

regulatoryauthoritiessanctionBTformanipulatingmicro-capstock

pricesatmonthendinordertoboostaccountvalues.DidDunderviolate

anyCFAInstituteStandardsofProfessionalConduct?资料来源：文得学

习网，更多考试资料题库视频，上文得学习网查找。

A.No.

B.Yes,becausehefailedtoreasonablysuperviseChetch.

C.Yes,becausehedidnotreporthisfindingstoregulatory

authorities.

【答案】B

2.Whichofthefollowingisnotaformofplagiarism,accordingto

codeofethics?

A.UsingchartsandgraphsretrievedfromtheInternetwithout

specificreference.

B.PresentingfactualmaterialssuppliedbyStandardandPoor'sor

Moody'swithoutacknowledgment.

C.Citingquotationssaidtobeattributabletouleadinganalystsvor

uinvestmentexperts“withoutspecificreference.

【答案】B

3.NewCoalCorp.(NCC)isasmallcompanythatclaimstohavea

proprietaryformulathatconvertscoalintoacleanenergysource.NCC

hiresAmandaCovington,CFA,topreparearesearchreportonthe

company.AmandareliesonNCCforinformationontheformula?s

effectiveness.Anxioustoissuethereport,hedoesnotconfirmthe

informationwithothersources.NCCwidelydistributesAmanda's

researchreportandpostsitonthecorporatewebsite.NCC'sstockprice

risesfrom$7to$35pershareinthefollowingtwelvemonths.Senior

NCCmanagementtakestheopportunitytosellalloftheircompany

shares.AccordingtotheStandardsofPracticeHandbook,didAmanda

violateanyCFAInstituteStandardsofProfessionalConduct?

A.No.

B.Yes,becausehisreportwasbasedonmaterialnonpublic

information.

C.Yes,becausehefailedtohaveareasonableandadequatebasis

forhisresearchreport.

【答案】c

4.WalterFord,CFA,isaskedtoreviewhisfirm'ssoftdollar

practices.Aspartofthereview,henotesthathisfirmhasfailedto

disclosethepracticestothefirm'sclientsinwritingasrequiredbylaw.

Walterquicklypreparesanddistributestheappropriatedisclosure.He

doesnotreportthefirm'sviolationtotheappropriateregulatory

authority.AccordingtotheStandardsofPracticeHandbook,bynot

reportingtheviolationtotheregulatoryauthority,hasWalterviolated

anyCFAInstituteStandardsofProfessionalConduct?

A.No.

B.Yes,becausehefailedtoactinthebestinterestofheremployer.

C.Yes,becauseheisrequiredtoreportlegalviolationstothe

appropriateauthority.

【答案】A

5.MirandaGrafton,CFA,purchasedalargeblockofstockonbehalf

ofspecificaccountsshemanaged.Thestockrealizedasignificantgainin

valuebeforethecloseofbusiness,soGraftonreviewedheraccounts

againtodeterminewheretheblocksharesshouldbeallocated.

AccordingtotheStandardsofPracticeHandbook,Grafton?smost

appropriateactionistoallocatethesharesto:

A.onlythoseaccountsforwhichtheblockshareswereoriginally

intended.

B.onlythoseunderperformingaccountsforwhichshehas

discretionaryauthority.

C.allunderperformingaccountsshemanages.

【答案】A

6.JamesSimone,CFA,thechieffinancialofficerofapubliclylisted

company,seekstoimprovethequalityofhiscompany'scommunication

withinstitutionalfundmanagers.Heholdsaninvestorbriefingwiththis

grouptheeveningbeforethecompanyearningsareannounced.The

company'squarterlyearningsarebroadcastinapressreleasethenext

daybeforethemarketopens.Theearningsinformationintheinvestor

briefingisidenticaltothatinthepressrelease.DidSimonemostlikely

violatetheCFAInstituteStandardsofProfessionalConduct?

A.Yes

B.No,becausethecompanyreleasesinformationwhilethemarket

isclosed

C.No,becauseinvestorbriefingandpressreleaseinformationare

identical

【答案】A

7.DianaFairbanks,CFA,ismarriedtoanauditorwhoisemployedat

alargeaccountingfirm.Whenherhusbandmentionsthatacomputer

firmheauditswillreceiveaqualifiedopinion,shethinksnothingofit.

Laterthatweek,whenshereviewsanewclientaccount,shenotices

therearesubstantialholdingsofthiscomputerfirm.Whenshedoesa

thoroughinternetsearchfornewsonthecompany,shedoesnotfind

anythingaboutitsmostrecentauditoranyotheradverseinformation.

Whichofthefollowingactionsconcerningthecomputerstockshould

FairbanksmostlikelytaketoavoidviolatingtheCFAInstituteStandards

ofProfessionalConduct?

A.Completeathoroughanddiligentanalysisofthecompanyand

thensellthestock.

B.Sellthestockimmediatelybecauseshehasareasonablebasisfor

takingthisinvestmentaction.

C.Takenoinvestmentaction.

【答案】C

8.MargieGermainne,CFA,isariskmanagementconsultantwho

hasbeenaskedbyasmallinvestmentbanktorecommendpoliciesto

preventbankemployeesfromfrontrunningclientorders.Theseclients

generallyinvestinoneormoreofthebank'slargecapequityunittrusts.

ToensurecompliancewiththeCFAInstituteStandardsofProfessional

Conduct,Germainneshouldleastlikelyrecommendwhichofthe

following?Employeesshouldberestrictedfromtrading:

A.equity-relatedsecurities.

B.withoutpriorpermission.

C.duringestablishedtimeperiods.

【答案】A

9.MollyBurnett,CFA,isaportfoliomanagerforafundthatonly

investsinenvironmentallyfriendlycompanies.Amultinationalutility

companyrecentlyacquiredoneofthefund'sbest-performing

investments,awindpowercompany.Thewindpowercompany's

shareholdersreceivedutilitycompanysharesaspartofthemerger

agreement.Theutilityhasoneoftheworstenvironmentalrecordsinthe

industry,butitsshareshavebeenoneofthetopperformersoverthe

past12months.Becausetheutilitypaysahighdividendeverythree

months,Burnettholdstheutilitysharesuntiltheremainingtwo

dividendsarepaidfortheyearthensellstheshares.Burnettmostlikely

violatedtheCFAInstituteStandardofProfessionalConductconcerning:

A.DisclosureofConflicts.

B.Suitability.

C.IndependenceandObjectivity.

【答案】B

10.JohannesMeir,CFA,isacomplianceofficerforFamilyEstate

Planning,LLC,aprivatewealthconsultingfirm.Manyofhiscolleagues

havefamilymemberswhohavestartedtheirownretailbusinesses.

SomeofMeir'scolleagueshavebeenaskedbyrelativestoserveas

non-executivedirectorsoradviserstotheircompanies.Meirshouldmost

likelyrecommendwhichofthefollowingpoliciestoensurecompliance

withtheCFAInstituteStandardsofProfessionalConduct?

A.Requireemployeestodeclareallincomesourcesannually

B.Requireemployeestodeclarealloutsidebusinessinterests

C.Prohibitemployeesfrombecomingdirectorsoradvisers

【答案】B

11.Whichofthefollowingstatementsconcerningrequirements

underStandardV(B)-communicationwithClientsandProspectiveClients

isleastlikelyaccurate?Thisstandardrequiresmembersandcandidates

to:

A.divulgethenumberofinvestmentrelatedpersonnelresponsible

forexternalcommunication.

B.distinguishbetweenfactandopinioninthepresentationof

investmentanalysisandrecommendations.

C.disclosethebasicformatandgeneralprinciplesoftheinvestment

process.

【答案】A

12.GabrielleGabbe,CFAhasbeenaccusedofprofessional

misconductbyoneofhercompetitors.TheallegationsconcernGabbe's

personalbankruptcyfiling10yearsagowhenshewasacollegestudent

andhadalargeamountofmedicalbillsshecouldnotpay.Bynot

disclosingthebankruptcyfilingtoherclients,didGabbemostlikely

violateanyCFAInstituteStandardsofProfessionalConduct?

A.No

B.Yes,relatedtoMisconduct

C.Yes,relatedtoMisrepresentation

【答案】A

13.ChanLiu,CFA,isthenewresearchmanageratthePacific

MicroCapFund.Liuobservedthefollowingactivitiesaftershepublished

aresearchreportonathinlytradedmicro-capstockthatincludeda

"buy"recommendation:

,PacifictraderspurchasedthestockforPacific'sproprietaryaccount

andthenpurchasedthesamestockforallclientaccounts;

,AndPacificmarketingdepartmentemployeesdisseminated

positive,butfalse,informationaboutthestockinwidelyreadinternet

forums.

Liunotesthestock'spriceincreasedmorethan50%withinaperiod

oftwodaysandwasthensoldforPacific'saccount.Whichofthe

followingstepsismostappropriateforLiutotaketoavoidviolatingthe

CFAInstituteStandardsofProfessionalConduct?

A.Removehernamefromthemicro-capstockresearchreport.

B.Publiclyrefutethefalseinformationpostedoninternetforums.

C.Reporttheobservedactivitiestoheremployer.

【答案】C

14.FrancescaNdenda,CFA,andGraceRutabingwaworkinthe

samedepartmentforNewAgeManagers,withRutabingwareportingto

Ndenda.NdendalearnsthatRutabingwareceivedaNoticeofEnquiry

fromtheProfessionalConductProgramatCFAInstituteregardinga

potentialcheatingviolationwhenshesatfortheCFAexaminJune.As

Rutabingwa'ssupervisor,NdendaisafraidthatRutabingwa'sbehavior

willbeseenasaviolationoftheCodeandStandards.DoesNdendamost

likelyhavecauseforconcern?

A.No,notuntilRutabingwaisfoundguiltyofcheating

B.Yes

C.No,becauseherresponsibilitiesdonotapply

【答案】C

15.AccordingtheGIPSstandards,forperiodsbeginningonorafter

1January2011,theaggregatefairvalueoftotalfirmassetsmostlikely

includesall:

A.fee-payingdiscretionaryaccounts.

B.fee-andnon-fee-payingdiscretionaryaccounts.

C.fee-andnon-fee-payingdiscretionaryandnon-discretionary

accounts.

【答案】C

16.ForyearsJohnBerger,aCFAcharterholderandCEOofa

company,relieduponasetofreasonableproceduresforpreventing

violationsoftheCodeandStandardsofProfessionalConductinthefirm.

TonotbeliableforaviolationoftheStandards,Bergermust:

A.donothingmorethanhavethesetofproceduresinplaceas

stated.

B.periodicallyreviewtheprocedures.

C.bothperiodicallyreviewtheproceduresandensurethe

proceduresaremonitoredandenforced.

【答案】C

17.AccordingtotheStandardsofPracticeHandbook,inorderto

fulfillthebasicprovisionandprocedureofthesuitabilitystandards,

shouldaclient?swritteninvestmentpolitystatement(IPS):

TakeperformancemeasurementBereviewedat

leastannually?

benchmarksintoconsideration?

A.YesYes

B.YesNo

C.NoYes

【答案】A

18.Ananalystmeetswithanewclient.Duringthemeeting,the

analystseesthatthenewclient1sportfolioisheavilyinvestedinone

over-the-counterstock.Theanalysthasbeenfollowingthestockand

thinksitwillperformwellinthelongrun.Theanalystarrangesthrougha

brokeragefirmtosimultaneouslysellalargenumberofsharesofthe

stockviaaseriesofcrosstradesfromthenewclient'sportfolioto

variousexistingclients.Hearrangesthetradestobeexecutedataprice

thatapproximatesthecurrentmarketprice.Thisactionis:

A.notinviolationoftheStandards.

B.aviolationofStandard111(A),Loyalty,Prudence,andCare.

C.aviolationofStandard111(B),FairDealing.

【答案】A

19.Ananalystgatheredthefollowinginformationaboutthe

monthlyreturnsoverthesametimeperiodfromtwodiversified

investmentportfolios:

TheanalyststatedthatPortfolioXisnegativelyskewedand

PortfolioYispositivelyskewed.Istheanalystcorrectwithrespectto:

PortfolioX?PortfolioY?

A.NoNo

B.NoYes

C.YesNo

【答案】A

20.Apensionfundexpectstopayobligationsof$5,000,0004

yearsfromtoday.Thefundwillfundthisobligationbymaking5annual,

equaldepositsintoanaccountearning3%,withthefirstdeposit

occurringtoday,andthelastoccurringatthetimetheobligationisdue.

Whatsizemusteachannualdepositbe?

A.$904,874.

B.$941,773.

C.$1,125,662.

【答案】B

21.Comparedtoanormaldistribution,alognormaldistributionis

leastlikelytobe:

A.skewedtotheright.

B.skewedtotheleft.

C.usefulindescribingthedistributionofstockprices.

【答案】B

22.,Meanannualreturn4%

,Meanexcessreturn8.6%

,Standarddeviationofannualreturns23.4%

,Portfoliobeta1.6

ThecoefficientofvariationandSharpemeasure,respectively,for

theportfolioareclosestto:

CoefficientofvariationSharpemeasure

A.0.820.37

B.1.321.23

C.1.320.37

【答案】c

23.MeiTekeijusthadabirthdayandis22.Whensheis27,shewill

receivea$100,000inheritance.Tekeineedsfundsforthedownpayment

onaco-opinManhattanandhasfoundabankthatwillgiveherthe

presentvalueofherinheritanceamount(assuming8.0percentinterest

compoundedcontinuously).Willtheproceedsfromthebankbe

sufficienttocoverhertotalcostclosingcostsof$65,000?

A.Yes,Tekeiwillreceive$68,058.

B.No,Tekeiwillonlyreceive$49,182.

C.Yes,Tekeiwillreceive$67,032.

【答案】C

24.Ananalysthasrecentlydeterminedthatonly70percentofall

U.S.pensionfundshaveholdingsinhedgefunds.Inevaluatingthis

probability,arandomsampleof40U.S.pensionfundsistaken.The

numberofU.S.pensionfundsinthesampleof40thathavehedgefunds

intheirportfoliowouldmostaccuratelybedescribedas:

A.multivariaterandomvariable

B.acontinuousrandomvariable

C.abinomialrandomvariable

【答案】C

25.Withrespecttothefourmajormeasurementscales(ratio,

ordinal,interval,andnominal)thescalethatrepresentstheweakest

levelofmeasurementisthe:

A.nominalscale

B.ordinalscale

C.intervalscale

【答案】A

26.Ananalystisinvestigatingonestockwithhighafter-taxreturn

abovethebenchmarkandisconcernedabouthisperceptionsof

slowdowninthemacroeconomicnextyear.Soheadjuststhehistorical

probabilityofthestock'sreturnabovethebenchmark.Theanalystis

bestcharacterizedasgaininga(n):

A.Aprioriprobability.

B.Empiricalprobability.

C.Subjectiveprobability.

【答案】C

27.Aneconomistpredictsthatoverthenextyear,thereisa56

percentprobabilitythatoilpriceswillfallslightlyanda17percent

probabilitythatnewestatetaxlegislationwillbeenacted.Accordingto

thisprediction,theprobabilitythatatleastoneoftheseindependent

eventswilloccurisclosestto:

A.13.6%

B.44.7%

C.63.5%

【答案】c

28.Ananalystisinvestigatingtheperformanceofthreeportfolio

overthesametimeperiodandgatheredthefollowinginformation:

Ifthereturnsfromallportfolioswerenormallydistributed,the

portfoliothatmaximizedtheprobabilityofearninglessthantherisk-free

rateofreturnismostlikelyportfolio:

A.1.

B.2.

C.3.

【答案】A

29.On1January2009,thevalueofaninvestor'sportfoliois

$89,000.Theinvestorplanstodonate$4,000tocharityorganizationand

pay$2,000tohisinsuranceaccounton31Decemberof2009,but

meanwhilehedoesnotwanttheyear-endportfoliovaluetobebelow

$89,000.Iftheexpectedreturnontheexistingportfoliois12percent

withavarianceof0.0125,thesafety-firstratiothatwouldbeusedto

evaluatetheportfoliobasedonRoy'scriterionisclosestto:

A.0.365

B.0.546

C.0.471

【答案】c

30.Ananalystisinvestigatingastockindexandgatheredthe

followinginformation:

Iftheanalysttakesasampleof56companiesfromtheindex,the

standarderrorofthesamplemeanisclosestto:

A.$80,178.

B.$240,535.

C.$320,713.

【答案】C

31.Ananalysisdeterminedthatapproximately99percentofthe

observationsofdailysalesforacompanywerewithintheintervalfrom

$250,000to$580,000andthatdailysalesforthecompanywere

normallydistributed.Themeandailysalesandstandarddeviationof

dailysales,respectively,forthecompanywereclosestto:

MeandailysalesStandarddeviationofdailysales

A.$415,000$41,667

B.$415,000$55,000

C.$355,115$41,667

【答案】B

32.Thejointprobabilityofreturns,forsecuritiesAandB,areas

follows:

ThecovarianceofreturnsofAandBis:

A.6%

B.12%

C.24%

【答案】A

33.Doesthequantitytheoryofmoneyassumethatinthelongrun:

PotentialGDPisinfluencedthepricelevelisinfluenced

bythequantityofmoney?bythequantityofmoney?

A.NoNo

B.NoYes

C.YesNo

【答案】B

34.Whichofthefollowingconditionisleastlikelytobetheobstacle

totheefficientallocationofproductiveresources:

A.Pricecontrols

B.Taxesandtraderestrictions

C.Perfectcompetition

【答案】C

35.Whichofthefollowingconditionisleastlikelytobethereason

thatablackmarketisgenerallyinefficient:

A.Unenforceablecontract

B.Increasedpricesrequiredbysuppliersduetotheriskof

prosecution

C.Intensivecontrolbythegovernment

【答案】C

36.ThecountryofHokahuses30unitsoflabortoproduceaunitof

cheeseand35unitsoflabortoproduceaunitofleather.Thecountryof

Ymeruses25unitsoflabortoproduceaunitofcheeseand20unitsof

labortoproduceaunitofleather.Whichofthefollowingstatementsis

mostaccurate?

A.Ymer'sopportunitycostofoneunitofleatheris0.80unitsof

cheese.

B.Hokah'sopportunitycostofoneunitofcheeseis1.167unitsof

leather.

C.Ymerhasanabsoluteandacomparativeadvantageinboth

cheeseandleather.

【答案】A

37.Asoutputquantitiesexpandinanindustrywitha

downward-slopinglong-runindustrysupplycurve,whatisthemostlikely

long-runeffectontheequilibriumsellingpriceperunitoftheindustry's

output?

A.Increase,becauseofupwardpressureoninputprices.

B.Decrease,becauseoflowerinputcostsperunitofoutput.

C.Noeffect,becausesellingpriceisonlyaffectedintheshortrun.

【答案】B

38.Ifthegovernmentregulatesanaturalmonopolyandenforcesan

averagecostpricing,whataretheeffectsonoutputquantityandprice

comparedtoanunregulatednaturalmonopoly?

A.Botharelowerunderaveragecostpricing.

B.Botharehigherunderaveragecostpricing.

C.Oneishigherandoneislowerunderaveragecostpricing.

【答案】C

39.Assumethatoneyearago,theexchangeratebetweenthe

Japaneseyenandtheeurowas100JPY/EUR,andtheexchangerate

betweentheJapaneseyenandtheU.S.dollarwas80JPY/USD.Current

exchangeratesare104.2JPY/EURand76.6JPY/USD.Whichofthe

followingstatementsismostaccurate?

A.TheUSDhasdepreciatedrelativetotheEUR.

B.TheJPYhasdepreciated4.2%relativetotheEUR.

C.ThecurrentU.S.dollartoeuroexchangerateisapproximately

1.25USD/EUR.

【答案】A

40.Oligopolistshaveanincentivetocheatoncollusiveagreements

inorderto:

A.avoidcompetitivepractices.

B.increasetheirindividualshareofthejointprofit.

C.restrictoutputandputupwardpressureonprice.

【答案】B

41.Thepriceofagoodfallsfrom$15to$13.Giventhisdeclinein

price,thequantitydemandedofthegoodrisesfrom100unitsto120

units.Thearcpriceelasticityofdemandforthegoodisclosestto:

A.1.3.

B.1.5.

C.10.0.

【答案】A

42.Ifthequantitydemandedofpearsfallsby4%whenthepriceof

applesdecreasesby3%,thenapplesandpearsarebestdescribedas:

A.inferiorgoods.

B.complements.

C.substitutes.

【答案】C

43.Threefirmsoperateunderperfectcompetition,producing900

unitsofthesameproductbutusingdifferentproductiontechnologies.

Eachcompany'scoststructureisindicatedinthetable:

Whichofthefollowingstatementsismostaccurate?Iftheunit

sellingpriceis:

A.$4.50,allfirmsshouldcontinuetooperateintheshortrun,but

exitthemarketinthelongruniftheseconditionsareexpectedto

persist.

B.$3.00,FirmXshouldcontinuetooperateintheshortrun,but

FirmsYandZshouldshutdownproduction.

C.$6.00,allfirmsshouldexitthemarketinthelongrun.

【答案】B

44.Thefollowinginternationaltradeinformationisavailablefora

hypotheticaleconomy:

Followinga12%depreciationintheDCU,thetradebalancewillbe

closestto:

A.-1,674.

B.-1,648.

C.-1,726.

【答案】B

45.Anexpansionaryfiscalpolicyismostlikelyassociatedwith:

A.anincreaseincapitalgainstaxrates.

B.crowdingoutofprivateinvestments.

C.anincreaseingovernmentspendingonsocialinsuranceand

benefits.

【答案】B

31.Ifatwo-tailedhypothesistesthasa5%probabilityofrejecting

thenullhypothesiswhenthenullistrue,itismostlikelythatthe:

A.powerofthetestis95%.

B.confidencelevelofthetestis95%.

C.probabilityofaTypeIerroris2.5%.

【答案】B

32.Whichofthefollowingstatementsabouthypothesistestingis

mostaccurate?

A.RejectingatruenullhypothesisisaTypeIerror.

B.Thepowerofatestistheprobabilityoffailingtorejectthenull

hypothesiswhenitisfalse.

C.Foraone-tailedtestinvolvingX,thenullhypothesiswouldbeHO:

X=0,andthealternativehypothesiswouldbeHA:X丰0.

【答案】A

33.Abusinesscycletheorydevelopedbyapplyingutilitytheoryand

budgetconstraintstomacroeconomicmodelsismostcloselyassociated

withwhichschoolofeconomicthought?

A.Austrian.

B.NewClassical.

C.NewKeynesian.

【答案】B

34.Alossofeconomicefficiencyfrompriceregulationisleastlikely

toresultfroma:

A.rentceilingthateffectivelyincreasesrenters'searchtimesfor

availableunits.

B.minimumwagethatisgreaterthantheequilibriumwagefor

unskilledworkers.

C.maximumpriceforelectricitysetatapricelevelatwhichthe

quantityofelectricitysuppliedisgreaterthanthequantitydemanded.

【答案】C

35.Considerthefollowingforeignexchangeandinterestrate

information:

•Spotrate:1.3382USD/EUR.

,OneyearrisklessUSDrate=2.5%.

,OneyearrisklessEURrate=3.5%.

Theone-yeararbitrage-freeforwardexchangerateisclosestto:

A.1.2391USD/EUR.

B.1.3253USD/EUR.

C.1.3513USD/EUR.

【答案】B

51.Inaperiodofdecliningpricesandstableorincreasinginventory

quantities,whichofthefollowingdescriptionsontheimpactofLIFOand

FIFOonfinancialstatements(is)aretrue?

LIFOFIFO

I.InventoryHigherLower

II.NetincomeHigherLower

III.CashflowfromoperationsHigherLower

A.Illonly.

B.IandIIonly.

C.IandIIIonly.

【答案】B

52.Asteelmanufacturingcompanyclassifiesshippingcostscharge

tocustomersasrevenueandclassifiespaymentsthatthecompany

makestoshipperasselling,generalandadministrativeexpense.Allelse

beingequal,thecompany'streatmentofshippingcostismostlikelyto:

A.overstateoperatingincome

B.overstatethegrossprofitmargin

C.understateoperatingincome

【答案】B

53.In2009,theaveragemarketpriceofacompany'scommon

stockwas$60pershareandbasicearningspersharewas$1.60.With

respecttothecomputationof2009dilutedearningspershareforthat

company,useofthetreasurystockmethodwouldmostlikelyresultin

incrementalsharesoutstandingrelatedtothecompany's:

A.7%convertiblebonds.

B.optionswithanexerciseof$65pershare.

C.warrantswi