小編導(dǎo)讀：為了方便各位學(xué)員能更加系統(tǒng)地掌握考試大綱的重點(diǎn)知識，幫助大家充分備考，體驗(yàn)實(shí)戰(zhàn)，高頓網(wǎng)校2015年FRM考試輔導(dǎo)高清課程、免費(fèi)題庫已經(jīng)開通，通過針對性地講解、訓(xùn)練、答疑、?？迹瑢W(xué)習(xí)過程進(jìn)行全程跟蹤、分析、指導(dǎo)，可以幫助考生全面提升備考效果。高頓FRM題庫>>>點(diǎn)擊進(jìn)入“每日一練——免費(fèi)在線測試”
　　The Merton model and the Moody’s KMV model use different approaches to determine the probability of default. Which of the following is consistent with Moody’s KMV model?
　　A.     The distance to default is 1.96, so there is a 2.5% probability of default.
　　B.     The distance to default is 1.96, so there is a 5.0% probability of default.
　　C.     The historical frequency of default for corporate bonds has been 6%. Updating this with Altman’s Z-score analysis would provide a probability of default that is somewhat different than 6%.
　　D.     The distance to default is 1.96 and, historically, 1.2% of firms with this characterization have defaulted, so there is a 1.2% probability of default.
　　Answer: D
　　Moody’s KMV model *uates the historical frequency of default for firms with similar distances to default and uses this as the probability of default.