The IIMs have published the answers of Common Admission Test (CAT) '08, held on November 16, 2008 on CAT official website - www.CATIIM.in. IIMs official answers list states that there is one question, answer to which was not taken in consideration while drawing out CAT percentiles. The official CAT website CATIIM.in says, "The key for item 39 of form 111, item 47 of form 222, item 32 of form 333 and item 46 of form 444 has not been provided because of an anomaly in the test item and therefore dropped from consideration."
Mumbai based IMS Learning had noticed the error in this question first and shared with MBAUniverse.com on November 21. Responding on behalf of IMS Learning, Mr Vinayak Kudva, Product Head-Test Prep, IMS Learning Resources said, "IMS was the first institute to mention the error in Q 39 of paper 111. IMS has stated both [1] and [4] to be the correct options for this question. We have given a detailed explanation for this question as to why both the options [1] and [4] are correct. Visit http://220.226.203.68/cat_2008/pdfs/CAT-error.pdf for details."
Earlier, when MBAUniverse.com asked why IIMs did not release the official answers to the CAT paper soon after the exams, Dr Pankaj Chandra, Director, IIM Bangalore said, "It's a good suggestion to declare the answers early. But CAT group perhaps has some reasons. I will check on the same."
According to CAT paper, a copy of which is with MBAUnivers.ecom, the question which had the error reads as follows:
Direction: Abdul, Bikram and Chetan are three professional traders who trade in shares of a company XYZ Ltd. Abdul follows the strategy of buying at the opening of the day at 10 am and selling the whole lot of the close of the day at 3 pm. Bikram follows the strategy of buying at hourly intervals: 10 am, 11 am, 12 noon, 1 pm and 2 pm, and selling the whole lot of the close of the day. Further, he buys an equal number of shares in each purchase. Chetan follows a similar pattern as Bikram but his strategy is somewhat different. Chetan's total investment amount is divided equally among his purchases. The profit or loss made by each investor is the difference between the sale value at the close of the day less the investment in purchase. The "return" for each investor is defined as the ratio of the profit or loss to the investment amount expressed as a percentage.
