Schweser Practice test 1 morning session q 11

This has been bugging me since I first took this exam. Now doing some review and got stuck again.

The answer was 15.5% and it was the only right answer that was logical. what I don’t get is in exhibit 3 they tell you the return for EF was 12%. That was my first choice and I only picked 15.5 after 12% was not there because I had calculated it using APT in another question. So, had both 12 and 15.5 been there how would we have known which one to choose?

I think you should use the calculation answer unless they tell you specifically that the EF return from APT was 12. It’s unclear in the vignette whether the 12% came from CAPM or APT.

OK, thanks. I was just looking to see if there was some logic I missed about why we use the APT return here. It sounds like there was not other than it was calculated and the only possible other option was not available as a choice