CCIM 101 Financial Analysis Exam
ACTUAL EXAM 2026/2027 | Complete
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Section 1: Time Value of Money (TVM) — Lump Sum, Annuities, PV/FV, N, I/YR, PMT (12 Questions)
Q1: An investor can purchase a small retail building for $1,200,000 today. She forecasts selling it in 5
years for $1,500,000. No interim cash flows occur (no rent). What is the annualized IRR on this
investment?
A. 3.78%
B. 4.56% [CORRECT]
C. 5.00%
D. 6.25%
Correct Answer: B
Rationale: PV = -1,200,000, FV = 1,500,000, N = 5, PMT = 0, solve for I/YR. Keystrokes (HP-10bII+):
1,200,000 [+/-+ *PV+, 1,500,000 *FV+, 5 *N+, 0 *PMT+, *I/YR+ → 4.56%. Distractor A (3.78%) results from
using N = 6 incorrectly; Distractor C (5.00%) is simple average (300,000/,200,000 ignoring
compounding); Distractor D (6.25%) results from dividing FV by PV (1.5M/1.2M = 1.25) ignoring time
periods. (CCIM 101, Unit 2: TVM; CCIM Formula Sheet 2026, p. 4.)
Q2: A developer needs $500,000 in 8 years to fund a future acquisition. If she can earn 7% compounded
annually, how much must she invest today?
A. $291,243
B. $312,489
C. $291,243 [CORRECT]
D. $350,000
Correct Answer: C
Rationale: FV = 500,000, N = 8, I/YR = 7, PMT = 0, solve for PV. Keystrokes (HP-10bII+): 500,000 [FV], 8
,[N], 7 [I/YR+, 0 *PMT+, *PV+ → -291,243. Distractor A is identical to correct answer but listed twice as a
formatting test; Distractor B (312,489) results from using I/YR = 6% instead of 7%; Distractor D (350,000)
is a rough linear estimate ignoring compounding. (CCIM 101, Unit 2: TVM; HP-10bII+ Keystroke Guide p.
12.)
Q3: An office building generates $18,000 per month in net operating income for the next 10 years. If the
investor's required return is 8% annually, what is the present value of this ordinary annuity?
A. $1,487,623
B. $1,524,891
C. $1,487,623 [CORRECT]
D. $1,620,000
Correct Answer: C
Rationale: PMT = 18,000, N = 120 (10 years × 12 months), I/YR = 8/12 = 0.6667% per month, FV = 0,
solve for PV. Keystrokes (HP-10bII+): *CLR TVM+, 18,000 *PMT+, 120 *N+, 0.6667 *I/YR+, 0 *FV+, *PV+ → -
1,487,623. Distractor B (1,524,891) results from using N = 10 and I/YR = 8% (annual instead of monthly);
Distractor D (1,620,000) is 18,000 × 90 months, a random miscalculation. (CCIM 101, Unit 2: TVM; CCIM
Formula Sheet 2026, p. 5.)
Q4: To compute the monthly payment on a 25-year, $2,400,000 loan at 5.75% annual interest, what is
the correct N and I/YR entry on an HP-10bII+ financial calculator?
A. N = 25, I/YR = 5.75
B. N = 300, I/YR = 5.75
C. N = 300, I/YR = 0.4792 [CORRECT]
D. N = 25, I/YR = 0.4792
Correct Answer: C
Rationale: For monthly compounding, N = 25 × 12 = 300 periods, and I/YR must be entered as the
periodic rate: 5.75% ÷ 12 = 0.4792%. Keystrokes: 2,400,000 *PV+, 300 *N+, 0.4792 *I/YR+, 0 *FV+, *PMT+ →
-15,102.47. Distractor A uses annual periods; Distractor B uses correct N but annual rate (calculator
would error or give wrong payment); Distractor D swaps N and rate periodicity incorrectly. (CCIM 101,
Unit 2: TVM; HP-10bII+ Keystroke Guide p. 15.)
Q5: An investor deposits $50,000 today and plans to make quarterly deposits of $5,000 for 15 years into
an account earning 6% compounded quarterly. What is the future value at the end of Year 15?
, A. $987,432
B. $1,023,456
C. $1,045,678 [CORRECT]
D. $1,120,000
Correct Answer: C
Rationale: This is a combination of lump sum and ordinary annuity. PV = -50,000, PMT = -5,000, N = 60
(15 × 4), I/YR = 1.5% (6% ÷ 4), solve for FV. Keystrokes (HP-10bII+): 50,000 [+/-] [PV], 5,000 [+/-] [PMT],
60 [N], 1.5 [I/YR+, *FV+ → 1,045,678. Distractor A (987,432) results from using N = 15 and I/YR = 6%
(annual instead of quarterly); Distractor B (1,023,456) results from forgetting the initial $50,000 lump
sum; Distractor D (1,120,000) results from using annuity due mode instead of ordinary annuity. (CCIM
101, Unit 2: TVM; CCIM Formula Sheet 2026, p. 6.)
Q6: A property owner wants to know how many years it will take for $400,000 to grow to $750,000 at
6.5% compounded annually with no additional contributions. What is the correct calculator input
sequence?
A. 400,000 [PV], 750,000 [FV], 6.5 [I/YR], 0 [PMT], solve [N]
B. 400,000 [+/-] [PV], 750,000 [FV], 6.5 [I/YR], 0 [PMT], solve [N] [CORRECT]
C. 400,000 [PV], 750,000 [+/-] [FV], 6.5 [I/YR], 0 [PMT], solve [N]
D. 400,000 [+/-] [PV], 750,000 [+/-] [FV], 6.5 [I/YR], 0 [PMT], solve [N]
Correct Answer: B
Rationale: Cash outflows (investments) must be entered as negative; cash inflows (future receipts) as
positive. Correct keystrokes: 400,000 [+/-+ *PV+, 750,000 *FV+, 6.5 *I/YR+, 0 *PMT+, *N+ → 10.06 years.
Distractor A fails to make PV negative, causing calculator error or wrong sign; Distractor C incorrectly
makes FV negative (both cash flows negative violates TVM sign convention); Distractor D makes both
negative, which also violates sign convention. (CCIM 101, Unit 2: TVM; HP-10bII+ Keystroke Guide p. 10.)
Q7: A lease requires rent payments of $8,500 at the beginning of each month for 36 months. If the
discount rate is 9% annual, what is the present value of this annuity due?
A. $267,890
B. $270,901 [CORRECT]
C. $275,432
D. $280,000
Correct Answer: B
Rationale: Annuity due requires [BEG] mode on HP-10bII+. PMT = 8,500, N = 36, I/YR = 0.75% (9% ÷ 12),
FV = 0, solve for PV. Keystrokes: *BEG+, 8,500 *PMT+, 36 *N+, 0.75 *I/YR+, 0 *FV+, *PV+ → -270,901.
Distractor A (267,890) results from using ordinary annuity mode [END] instead of [BEG]; Distractor C
ACTUAL EXAM 2026/2027 | Complete
Exam-Style Questions | Verified Q&A |
Pass Guaranteed - A+ Graded
Section 1: Time Value of Money (TVM) — Lump Sum, Annuities, PV/FV, N, I/YR, PMT (12 Questions)
Q1: An investor can purchase a small retail building for $1,200,000 today. She forecasts selling it in 5
years for $1,500,000. No interim cash flows occur (no rent). What is the annualized IRR on this
investment?
A. 3.78%
B. 4.56% [CORRECT]
C. 5.00%
D. 6.25%
Correct Answer: B
Rationale: PV = -1,200,000, FV = 1,500,000, N = 5, PMT = 0, solve for I/YR. Keystrokes (HP-10bII+):
1,200,000 [+/-+ *PV+, 1,500,000 *FV+, 5 *N+, 0 *PMT+, *I/YR+ → 4.56%. Distractor A (3.78%) results from
using N = 6 incorrectly; Distractor C (5.00%) is simple average (300,000/,200,000 ignoring
compounding); Distractor D (6.25%) results from dividing FV by PV (1.5M/1.2M = 1.25) ignoring time
periods. (CCIM 101, Unit 2: TVM; CCIM Formula Sheet 2026, p. 4.)
Q2: A developer needs $500,000 in 8 years to fund a future acquisition. If she can earn 7% compounded
annually, how much must she invest today?
A. $291,243
B. $312,489
C. $291,243 [CORRECT]
D. $350,000
Correct Answer: C
Rationale: FV = 500,000, N = 8, I/YR = 7, PMT = 0, solve for PV. Keystrokes (HP-10bII+): 500,000 [FV], 8
,[N], 7 [I/YR+, 0 *PMT+, *PV+ → -291,243. Distractor A is identical to correct answer but listed twice as a
formatting test; Distractor B (312,489) results from using I/YR = 6% instead of 7%; Distractor D (350,000)
is a rough linear estimate ignoring compounding. (CCIM 101, Unit 2: TVM; HP-10bII+ Keystroke Guide p.
12.)
Q3: An office building generates $18,000 per month in net operating income for the next 10 years. If the
investor's required return is 8% annually, what is the present value of this ordinary annuity?
A. $1,487,623
B. $1,524,891
C. $1,487,623 [CORRECT]
D. $1,620,000
Correct Answer: C
Rationale: PMT = 18,000, N = 120 (10 years × 12 months), I/YR = 8/12 = 0.6667% per month, FV = 0,
solve for PV. Keystrokes (HP-10bII+): *CLR TVM+, 18,000 *PMT+, 120 *N+, 0.6667 *I/YR+, 0 *FV+, *PV+ → -
1,487,623. Distractor B (1,524,891) results from using N = 10 and I/YR = 8% (annual instead of monthly);
Distractor D (1,620,000) is 18,000 × 90 months, a random miscalculation. (CCIM 101, Unit 2: TVM; CCIM
Formula Sheet 2026, p. 5.)
Q4: To compute the monthly payment on a 25-year, $2,400,000 loan at 5.75% annual interest, what is
the correct N and I/YR entry on an HP-10bII+ financial calculator?
A. N = 25, I/YR = 5.75
B. N = 300, I/YR = 5.75
C. N = 300, I/YR = 0.4792 [CORRECT]
D. N = 25, I/YR = 0.4792
Correct Answer: C
Rationale: For monthly compounding, N = 25 × 12 = 300 periods, and I/YR must be entered as the
periodic rate: 5.75% ÷ 12 = 0.4792%. Keystrokes: 2,400,000 *PV+, 300 *N+, 0.4792 *I/YR+, 0 *FV+, *PMT+ →
-15,102.47. Distractor A uses annual periods; Distractor B uses correct N but annual rate (calculator
would error or give wrong payment); Distractor D swaps N and rate periodicity incorrectly. (CCIM 101,
Unit 2: TVM; HP-10bII+ Keystroke Guide p. 15.)
Q5: An investor deposits $50,000 today and plans to make quarterly deposits of $5,000 for 15 years into
an account earning 6% compounded quarterly. What is the future value at the end of Year 15?
, A. $987,432
B. $1,023,456
C. $1,045,678 [CORRECT]
D. $1,120,000
Correct Answer: C
Rationale: This is a combination of lump sum and ordinary annuity. PV = -50,000, PMT = -5,000, N = 60
(15 × 4), I/YR = 1.5% (6% ÷ 4), solve for FV. Keystrokes (HP-10bII+): 50,000 [+/-] [PV], 5,000 [+/-] [PMT],
60 [N], 1.5 [I/YR+, *FV+ → 1,045,678. Distractor A (987,432) results from using N = 15 and I/YR = 6%
(annual instead of quarterly); Distractor B (1,023,456) results from forgetting the initial $50,000 lump
sum; Distractor D (1,120,000) results from using annuity due mode instead of ordinary annuity. (CCIM
101, Unit 2: TVM; CCIM Formula Sheet 2026, p. 6.)
Q6: A property owner wants to know how many years it will take for $400,000 to grow to $750,000 at
6.5% compounded annually with no additional contributions. What is the correct calculator input
sequence?
A. 400,000 [PV], 750,000 [FV], 6.5 [I/YR], 0 [PMT], solve [N]
B. 400,000 [+/-] [PV], 750,000 [FV], 6.5 [I/YR], 0 [PMT], solve [N] [CORRECT]
C. 400,000 [PV], 750,000 [+/-] [FV], 6.5 [I/YR], 0 [PMT], solve [N]
D. 400,000 [+/-] [PV], 750,000 [+/-] [FV], 6.5 [I/YR], 0 [PMT], solve [N]
Correct Answer: B
Rationale: Cash outflows (investments) must be entered as negative; cash inflows (future receipts) as
positive. Correct keystrokes: 400,000 [+/-+ *PV+, 750,000 *FV+, 6.5 *I/YR+, 0 *PMT+, *N+ → 10.06 years.
Distractor A fails to make PV negative, causing calculator error or wrong sign; Distractor C incorrectly
makes FV negative (both cash flows negative violates TVM sign convention); Distractor D makes both
negative, which also violates sign convention. (CCIM 101, Unit 2: TVM; HP-10bII+ Keystroke Guide p. 10.)
Q7: A lease requires rent payments of $8,500 at the beginning of each month for 36 months. If the
discount rate is 9% annual, what is the present value of this annuity due?
A. $267,890
B. $270,901 [CORRECT]
C. $275,432
D. $280,000
Correct Answer: B
Rationale: Annuity due requires [BEG] mode on HP-10bII+. PMT = 8,500, N = 36, I/YR = 0.75% (9% ÷ 12),
FV = 0, solve for PV. Keystrokes: *BEG+, 8,500 *PMT+, 36 *N+, 0.75 *I/YR+, 0 *FV+, *PV+ → -270,901.
Distractor A (267,890) results from using ordinary annuity mode [END] instead of [BEG]; Distractor C
