BELEGGINGSBESTUUR 254 / INVESTMENT MANAGEMENT 254

Ekstra Oefeninge / Extra Exercises

Statistiek / Statistics

1. Die gemiddelde opbrengs vir ʼn fonds is 9.3% per jaar en die standaardafwyking van jaarlikse
opbrengs is 15%. Indien opbrengskoerse normaal verdeel is, wat is die 95% vertrouens-interval
van jaarlikse opbrengs? (1.1) The average return for a mutual fund is 9.3% per year and the
standard deviation of annual returns is 15%. If returns are distributed approximately normal,
what is the 95% confidence interval for annual returns? (1.1)

2. Aanvaar dat die jaarlikse verdienste per aandeel (VPA) vir 'n groot steekproef van maatskappye
is normaal verdeel met ʼn gemiddeld van R13 en 'n standaardafwyking van R3. / Assume that the
annual earnings per share (EPS) for a large sample of firms are normally distributed with a mean
of R13 and standard deviation of R3.

a. Bereken die waarskynlikheid dat 'n waargenome VPA tussen R8 en R19 val. (2.a) / Calculate
the probability of an observed EPS falling between R8 and R19. (2.a)
b. Bereken die waarskynlikheid dat ʼn waargenome VPA hoër as R25 sal val. (2.b) / Calculate the
probability of an observed EPS falling higher than R25. (2.b)

3. Aanvaar die jaarlikse risiko premie van u fonds is normaal verdeel met ʼn populasie gemiddeld
van 6% en populasie standaardafwyking van 18%. Oor die afgelope vier jaar het die gemiddelde
risiko premie -2% beloop. U het ʼn groot kliënt wat baie ongelukkig is hieroor. Evalueer sy
bekommernis. / Assume the annual risk premium of your fund is normally distributed with a
population mean of 6% and a population standard deviation of 18%. Over the last four years, risk
premiums have had a mean of -2%. You have a large client who is very upset about this. Evaluate
your client’s concerns.

a. Stel ʼn 95% vertrouensinterval rondom die populasie gemiddeld vir ʼn steekproef verdeling
van vier-jaar risiko premies. (3.a) / Construct a 95% confidence interval around the population
mean for a sampling distribution of four-year risk premiums. (3.a)
b. Wat is die waarskynlikheid om ʼn risiko premie van kleiner of gelyk aan -2% oor ʼn vier jaar
periode te verkry? (3.b) / What is the probability of achieving risk premiums equal or less
than -2% over a four year period? (3.b)
4. Jaarlikse opbrengskoerse op aandele het ‘n populasie gemiddeld van 13.5% en ‘n populasie
standaardafwyking van 22%. As die opbrengskoerse normaal verdeel is, bereken die 95%
vertrouensinterval vir gemiddelde steekproef opbrengskoerse oor ‘n 10 jaar periode. (4.1)
Gebruik die gepaste distribusie tabelle. / Annual rates of return on shares have a population
mean of 13.5% and a population standard deviation of 22%. If the rates of return are normally
distributed, calculate the 95% confidence interval on sample mean rates of return over a 10 year
period. (4.1) Use the appropriate distribution tables.

5.
Geskommelde antwoorde / Scrambled answers
92.97 -11.64 ↔ 23.64 0 -0.14 ↔ 27.14 -20.1 ↔ 38.7 18.67
Antwoorde soos vir vrae in rooi. / Answers as for questions in red.

5. U wil bewys dat gemiddelde maandelikse opbrengskoerse op ʼn sekere fonds beduidend laer is
as 3% per maand. Om dit te bepaal versamel u ʼn willekeurige steekproef van 30 maande se
opbrengskoerse in. Die gemiddelde opbrengskoers van die steekproef is 2.1%, terwyl die
standaardafwyking van die steekproef 6% is. Die populasie standaardafwyking is onbekend.
Maak van ʼn hipotese toets gebruik op die 5% vertrouensvlak om te bepaal of gemiddelde
maandelikse opbrengskoerse laer is as 3% per maand. / You want to prove that mean monthly
returns on a certain fund are significantly lower than 3%. To determine this, you collect a random
sample of 30 months of returns. The mean return of the sample is 2.1% and the standard
deviation of the sample is 6%. The population standard deviation is unknown. Make use of a
hypothesis test at the 5% level of significance to determine whether the mean monthly return is
lower than 3% per month.

Faal daarin om die nul-hipotese af te keur. / Fail to reject the null hypothesis.