Generic numerical entry instructions: Enter only your final numerical answer, rounded and expressed as requested and the only non-number you should enter (if appropriate) is a period as 12.34 or a minus sign immediately in front of an answer to denote a negative number. The system will insert a comma for you for large numbers. Do not include an equals sign, dollar sign, percent sign, quotes, a space, any text, or punctuation (except the period or minus sign if appropriate). For example, if asked to round to the nearest 2 decimal places, -$1,234.567 should be entered as -1234.57, not as -$1,234.57 with the dollar sign, not as (1234.57) with parentheses, and not as -1234.56 which is rounded incorrectly. If asked for the nearest integer, enter 1234 and nothing else. The negative sign (if needed) should be to the left of the + sign on your keyboard. A rate of return of 12.36% rounded to the nearest 3 decimal places should be entered as 0.124, not as 12.4%, not as 0.123, not as 0.1236, etc., but only as 0.124). Please read again how your answer is to be expressed before entering it.

Today's yield curve for risk-free, zero-coupon bonds looks as follows: 1-year rate is 5.2%, 2-year rate is 6.8%, 3-year rate is 7.5%, and 4-year rate is 8.3%. If you buy a three-year zero coupon today, what do you expect your rate of return will be over the next year if you expect that one year from today the yield curve will look the same as it does today? Express your answer in decimal format, rounded accurately to 4 decimal places (e.g., 1.23456% should be entered as 0.1235 and nothing else).

Generic numerical entry instructions: Enter only your final numerical answer, rounded and expressed as requested and the only non-number you should enter (if appropriate) is a period as 12.34 or a minus sign immediately in front of an answer to denote a negative number. The system will insert a comma for you for large numbers. Do not include an equals sign, dollar sign, percent sign, quotes, a space, any text, or punctuation (except the period or minus sign if appropriate). For example, if asked to round to the nearest 2 decimal places, -$1,234.567 should be entered as -1234.57, not as -$1,234.57 with the dollar sign, not as (1234.57) with parentheses, and not as -1234.56 which is rounded incorrectly. If asked for the nearest integer, enter 1234 and nothing else. The negative sign (if needed) should be to the left of the + sign on your keyboard. A rate of return of 12.36% rounded to the nearest 3 decimal places should be entered as 0.124, not as 12.4%, not as 0.123, not as 0.1236, etc., but only as 0.124). Please read again how your answer is to be expressed before entering it.

Last year the portfolio you manage had a return of 12% and a standard deviation of 14%, and the market benchmark had a return of 19% and a standard deviation of 21%. If the risk-free rate was 3%, what was the M-squared measure for the portfolio you manage? Enter your answer in decimal format accurate and expressed rounded to the nearest 4 decimal places (e.g., 1.2345% should be entered as 0.1235 and nothing else).

Generic numerical entry instructions: Enter only your final numerical answer, rounded and expressed as requested and the only non-number you should enter (if appropriate) is a period as in 12.34 or a minus sign immediately in front of an answer to denote a negative number. The system will insert a comma for you for large numbers. Do not include an equals sign, dollar sign, percent sign, quotes, a space, any text, or punctuation (except the period or minus sign if appropriate). For example, if asked to round to the nearest 2 decimal places, -$1,234.567 should be entered as -1234.57, not as -$1,234.57 with the dollar sign, not as (1234.57) with parentheses, and not as -1234.56 which is rounded incorrectly. If asked for the nearest integer, enter 1234 and nothing else. The negative sign (if needed) should be to the left of the + sign on your keyboard. A rate of return of 12.36% rounded to the nearest 3 decimal places should be entered as 0.124, not as 12.4%, not as 0.123, not as 0.1236, etc., but only as 0.124). Please read carefully below for how your answer is to be calculated.

What is the present value of a 20-payment annual annuity of $60,000. The first payment is due three years from today? The discount rate to use is 8.5% per year. Round and express your answer to the nearest whole dollar (i.e., nearest integer). Do not include a dollar sign.