Of letters sent through a certain post office, 20% have insufficient postage, 48% have the wrong zip code, and 58% have one or both of these problems. What is the probability that a letter has both insufficient postage and the wrong zip code?

A retail client of yours is interested in knowing how high an annual return a major stock index might have, as a once in a twenty year event. The index in question has had an annual return of 11% with a standard deviation of 22%. You believe these returns have been normally distributed. What is the high return that could be expected once in twenty years?

Suppose a portfolio manager purchases $2 million of par value of a Treasury inflation protection security. The real rate is 2.6%. Assume that at the end of the first six months the CPI-U is 3.2%. The inflation-adjusted principal at the end of the first six months is

John MacDaniel, CFA, is a trust officer for Confederation Trust Company. MacDaniel has been using
Joe Stein, a broker, almost exclusively for trust account brokerage transactions. For those stocks in which
Stein's firm makes a market, Stein has been giving MacDaniel lower prices for personal purchases and higher prices for personal sales than he has given MacDaniel's trust accounts and other investors.
John's actions violate which of the following CFA Institute's Standards of Professional Conduct:
I). Standard III (B) Fair Dealing and Standard III (C) Suitability.
II). Standard IV (B), Additional Compensation Arrangements.
III). Standard I (B), Independence and Objectivity
IV). Standard III (A), Loyalty, Prudence and Care.

Bramley Company has declared a 20% stock dividend. At the close of trading just prior to going ex-dividend, Bramley was at $50 per share. At the open of trading on the ex-date, the price will be closest to