NO.PZ2020042003000020
问题如下：
The return on the asset is 9%, and the costof the debt is 3%. An investor bought the asset with equity of 15 and debt of30. What is the return on equity?
选项：
A. 27%
B. 21%
C. 18%
D. 12%
解释：
考点：对Leverage的理解
答案：本题选B
解析：
Return on equity = Leverage ratio × Return on asset – (Leverage ratio – 1 ) × Returnon Debt
=3 × 9% - 2 × 3% = 27% - 6% = 21%
roe＝r/e roa＝r/a＝9% 两式相除 roe＝9%*（a/e)＝27%
