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CFA Level 1 Formulas With Complete Solutions Latest Update
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CFA Level 1 Formulas With CompleteSolutions Latest Update
Price change based on convexity - correct answers -duration(change in yield)
+1/2(convexity)(change in yield)^2
Effective Duration - correct answers Required if a bond has embedded options:
[(v-)-(v+)]/[2V0(change in curve)]
Modified Duration - correct answers [(v-)-(v+)]/[2V0(change in yield)]
Future Value - correct answers PV(1+(I/Y)^N)
PV - correct answers FV/(1+r)^n
PV of perpetuity - correct answers PMT / discount rate
Approximate percentage price change of a bond - correct answers (-)(modified
duration)(ΔYTM)
Nominal Risk Free - correct answers Real Risk Free + expected inflation
Required Return - correct answers Nominal risk free + liquidity premiums + default
risk premium + maturity risk premium
,EAR - correct answers [(1+periodic rate)^N ] - 1
EAR continuous - correct answers e^r - 1
Bank discount yield - correct answers (FV - Price)/(FV) * (360/T)
HPY - correct answers [(P1+D1)/P0] - 1
EAY - correct answers (1+HPY)^(365/T) - 1
HPY (MMY equation) - correct answers MMY * (T/360)
MMY - correct answers HPY * (360/T)
Geometric return - correct answers [(1+r1)(1+r2)(1+r3)]^(1/n) - 1
Time weighted return - correct answers [(1+HPY1)(1+HPY2)(1+HPY3)]^(1/n) - 1
Harmonic Mean - correct answers [N/(sum of (1/sample means))]
Position of observation - correct answers (n+1)*(k/100)
Excess kurtosis - correct answers Sample kurtosis - 3 (3 is normal kurtosis)
, Mean absolute deviation - correct answers sum of: (mean - sample mean)/n-1
Variance - correct answers (x-mean)^2/N (population) and divided by (n-1) for a
sample
Coefficient of Variation - correct answers Sample standard deviation/sample mean
Sharpe Ratio - correct answers Risk of portfolio - risk free / Standard deviation of
portfolio
Joint Probability - correct answers P(AB) = P(A|B) * P(B)
Addition rule - correct answers P(A or B) = P(A) + P(B) - P(AB)
Multiplication rule - correct answers P(A and B) = P(A)*P(B)
Total Probability Rule - correct answers P(A) = P(A|B1)*P(B1)...+P(A|B2)*P(B2)
Expected Value - correct answers P(x)*(x)
Covariance - correct answers P[(Ra - E(Ra) * (Rb - E(Rb)] - sum for all probabilities
that sum to 1 OR [SDa*SDb*correlation)
Correlation - correct answers Covariance(A,B) / SDa*SDb
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