Chapter 4 Establishing New Banks, Branches, ATMs, Telephone Services, and Web Sites
兹维博迪金融学第二版试题库4TB(1)
Chapter FourAllocating Resources Over TimeThis chapter contains 46 multiple-choice questions, 18 short problems and 9 longer problems. Multiple Choice1.________ is the process of going from present value to future value, whereas ________ isfinding the present value of some future amount.(a)Discounting; compounding(b)Compounding; annualizing(c)Compounding; discounting(d)Discounting; leasingAnswer: (c)2.________ refers to the interest rate at which money received before the end of the planninghorizon can be reinvested.(a)Internal rate(b)Reinvestment rate(c)Cost of equity(d)Compound interestAnswer: (b)3.The difference between an immediate annuity and an ordinary annuity is ________.(a)the number of periods(b)the amount of the payments(c)the interest rate(d)the timing of the paymentsAnswer: (d)4.The preferred stock of Tavistock Realty offers a cash dividend of $2.28 per year and it isselling at a price of $110 per share. What is the yield of Tavistock Realty preferred stock?(a)2.07%(b)2.12%(c)2.28%(d)48.25%Answer: (a)5.Consider the situation where you have won a $10 million lottery to be received in 25 annualequal payments of $400,000. What will happen to the present value of these winnings if the interest rate increases during the next 25 years?(a)it will not change(b)it will be worth more(c)it will be worth less(d)it cannot be determinedAnswer: (c)6.What is the effective annual rate on a bank account that has APR of 8 percent with interestcompounded quarterly?(a)6.12%(b)8.24%(c)8.48%(d)17.17%Answer: (b)7.You take out a loan with an APR of 10% with monthly compounding. What is the effectiveannual rate on your loan?(a)23.87%(b)21.6%(c)19.56%(d)18%Answer: (a)8.The CFO of CyberHelp Inc. has $250,000 in cash today that he wants to invest. How muchwill this investment be worth in four years if the current interest rate is 8%?(a)$270,000(b)$330,000(c)$340,125(d)$342,150Answer: (c)9.If you purchase a $12,000 certificate of deposit today with an APR of 14%, with quarterlycompounding, what will the CD be worth when it matures in 5 years?(a)$20,846.99(b)$20,865.60(c)$23,104.97(d)$23,877.47Answer: (d)10.The CFO of CyberChain Inc. plans to unleash a media campaign that is expected to cost $15million four years from today. How much cash should she set aside to pay for this if the current interest rate is 13%?(a)$9.2 million(b)$13.3 million(c)$14.4 million(d)$16.9 millionAnswer: (a)11.The NPV is a measure of how much your ________ wealth changes as a result of your choiceand if the NPV is ________it does not pay to undertake that choice.(a)future; negative(b)current; negative(c)current; positive(d)future; positiveAnswer: (b)12.The ________ is the rate that one can earn somewhere else if one did not invest in the projectunder evaluation.(a)opportunity cost of capital(b)cost of debt(c)cost of equity(d)weighted average cost of capitalAnswer: (a)13.You are trying to decide whether or not to buy a bond for $990 that will make one paymentfor $1,050 four years from today. What is the internal rate of return on the bond’s cash flows?(a)1.06%(b)1.48%(c)10.6%(d)14.8%Answer: (b)14.Calculate the NPV of the following cash flows: you invest $3,000 today and receive $300 oneyear from now, $700 two years from now, and $1,100 starting four years from now. Assume that the interest rate is 7%.(a)–$1,962.62(b)–$1,269.04(c)$1,269.04(d)$1,962.62Answer: (b)15.After each payment of an amortized loan, the outstanding balance is reduced by the amountof principal repaid. Therefore, the portion of the payment that goes toward the payment of interest is ________ than the previous period’s interest payment and the portion going toward repayment of principal is ________ than the previous period’s.(a)greater; lower(b)lower; lower(c)greater; greater(d)lower; greaterAnswer: (d)16.The present value of a future amount can be calculated with the equation ________.(a) PV = FV(1 + i)n(b) PV = FV(1 + i)(n)(c) PV = FV/(1 + i)n[NOTE: this should be formatted as a stacked fraction](d) PV = FV/(1 + i)(n) [NOTE: this should be formatted as a stacked fraction]Answer: (c)17.To compute the future value of a present amount use the compound amount factor defined as________.(a) FV = PV(1 + i)n(b) FV = PV(1 + i)(n)(c) FV = PV/(1 + i)n [NOTE: this should be formatted as a stacked fraction](d) FV = PV/(1 + i)(n) [NOTE: this should be formatted as a stacked fraction]Answer: (a)18.The earnings of BGB Computers have grown from $3.20 to $6.90 in 6 years. Determine theannual compound rate.(a)1.14%(b)13.7%(c)15.6%(d)115.6%Answer: (b)19.In five years you intend to go to graduate school. For each of your four years in graduateschool, you need to have a fund that will provide $25,000 per year at the beginning of each year. If the interest rate is 9% throughout, how much must you put in the fund today?(a)$64,996(b)$57,379(c)$50,184(d)$16,249Answer: (b)20.As part of your new job at CyberInc. the company is providing you with a new Jeep. Yourfirm will lease this $34,000 Jeep for you. The terms of the lease are seven annual payments at an interest rate of 10%, which will fully amortize the cost of the car. What is the annual lease payment?(a)$6,984.39(b)$5,342.86(c)$4,857.14(d)$3,584.00Answer: (a)21.A rule of thumb with using the internal rate of return is to invest in a project if the IRR is________ the opportunity cost of capital.(a)greater than(b)less than(c)less than or equal to(d)one-half ofAnswer: (a)22.When considering the timeframe of an investment, a rule followed by some is to choose theinvestment with ______ payback period.(a)the longest(b)the shortest(c)no(d)an infiniteAnswer: (b)23.A major problem with using the internal rate of return rule is ________.(a)there may be multiple cash outflows and multiple cash inflows(b)the internal rate of return may not exist(c)the internal rate of return may not be unique(d)all of the aboveAnswer: (d)24.The NPV is the difference between the ________ value of all ________ cash inflowsminus the ________ value of all current and future cash outflows.(a)future; present; present(b)present; future; present(c)present; present; future(d)present; future; futureAnswer: (b)25.When considering effective interest rates, as the compounding frequency increases, theeffective annual rate gets ________ and ________ but approaches ________.(a)larger; larger; a limit(b)smaller; smaller; a limit(c)larger; larger; infinity(d)smaller; smaller; infinityAnswer: (a)26.In 10 years you wish to own your business. How much will you have in your bankaccount at the end of 10 years if you deposit $300 each quarter (assume end of the period deposits)? Assume the account is paying an interest rate of 12% compounded quarterly.(a)$20,220(b)$21,060(c)$21,626(d)$22,620Answer: (d)27.The director of marketing for CyberProducts Inc. plans to unleash a media blitz that isexpected to cost $4.7 million three years from today. How much cash should she set aside today to pay for this if the current interest rate is 11%?(a) $6.43 million(b) $4.23 million(c) $3.62 million(d) $3.44 millionAnswer: (d)28.If you purchased a $10,000 certificate of deposit today with an APR of 12%, with monthlycompounding, what would be the CD worth when it matures in 6 years?(a) $56,340(b) $20,468(c) $19,738(d) $5,066Answer: (b)29.The manufacturing manager of CyberProducts Inc. estimates that she can save the company$16,000 cash per year over the next 8 years by implementing a recycling plan. What is the value of the savings today if the appropriate interest rate for the firm is 9%? Assume cash flows occur at the end of the year.(a) $64,240(b) $88,557(c) $96,527(d) $128,000Answer: (b)30.If the exchange rate between the U.S. dollar and the French Franc is $0.17 per French Franc,the dollar interest rate is 5.5% per year, and the French Franc interest rate is 4.5% per year, what is the "break-even" value of the future dollar/French Franc exchange rate one year from now?a)$0.172 per FFb)$0.179 per FFc)$5.827 per FFd)$5.882 per FFAnswer: (a)31.In any time value of money calculation, the cash flows and the interest rate must bedenominated ________.a)in the same currencyb)in different currenciesc)in terms of a third currencyd)in terms of the ECUAnswer: (a)32.If the exchange rate between the U.S. dollar and the Japanese yen is $0.00745 per yen, thedollar interest rate is 6% per year, and the Japanese interest rate is 7% per year, what is the “break-even” value of the future dollar/yen exchange rate one year from now?a)$135.49 per yenb)$134.23 per yenc)$0.00752 per yend)$0.00738 per yenAnswer: (d)33.Consider the situation where you are trying to decide if you should invest in a Swiss projector an American project. Both projects require an initial outlay of $15,000. The Swiss project will pay you 17,100 Swiss Francs per year for 6 years, whereas the American one will pay you $11,000 per year for 6 years. The dollar interest rate is 5% per year, the Swiss Franc interest rate is 6% per year, and the current dollar price of a Swiss Franc is $0.68 per Swiss Franc. Which project has the higher NPV?a)the U.S. project; its NPV is $55,832b)the U.S. project; its NPV is $40,833c)the Swiss project; its NPV is $42,179d)the Swiss project; its NPV is $57,178Answer: (c)34.The ________ is the rate denominated in dollars or in some other currency, and the ________is denominated in units of consumer goods.a)nominal interest rate; inflation interest rateb)nominal interest rate; real interest ratec)real interest rate; inflation interest rated)real interest rate; nominal interest rateAnswer: (b)35.Consider the situation where you are trying to decide if you should invest in a British projector U.S. project. Both projects require an initial outlay of $55,000. The British project will pay you 30,000 pounds per year for 6 years, whereas the American one will generate $40,000 per year for 6 years. The British interest rate is 5% per year, and the American interest rate is 6% per year; the current dollar price of a pound sterling is $1.6320 per pound sterling. Which project has the higher NPV?a)choose the U.S. one, it has a NPV of $196,693b)choose the U.S. one, it has a NPV of $141,693c)choose the British one, it has a NPV of $248,506d)choose the British one, it has a NPV of $193,506Answer: (d)36.What is the real interest rate if the nominal interest rate is 9% per year and the rate ofinflation is 6% per year?a) 1.5%b) 2.75%c) 2.83%d)7.5%Answer: (c)37.What is the nominal interest rate if the real rate of interest is 4.5% and the rate of inflation is6% per year?a)10.5%b)10.77%c)10.86%d)14.5%Answer: (b)38.What is the real rate of interest if the inflation rate is 6% per year and the nominal interestrate per year is 12.5%?a) 1.32%b) 6.13%c) 5.78%d)11.79%Answer: (b)pute the real future value, to the nearest dollar, of $2,000 in 35 years time. The realinterest rate is 3.2%, the nominal interest rate is 8.36%, and the rate of inflation is 5%.a)$6,023b)$6,853c)$33,223d)$11,032Answer: (a)40.The real interest rate is 3.2%, the nominal interest rate is 8.36% and the rate of inflation is 5%.We are interested in determining the future value of $200 in 35 years time. What is the future price level?a) 2.91b) 3.012c) 5.516d)16.61Answer: (c)41.Suppose your child is 9 years old and you are planning to open a fund to provide for thechild’s college education. Currently, tuition for one year of college is $22,000. How much must you invest now in order to pay enough for the first year of college nine years from now, if you think you can earn a rate of interest that is 4% more than the inflation rate?a)$21,154b)$16,988c)$15,585d)$15,457Answer: (d)42.Suppose you have a child who is 10 years old and you are planning to open a fund to providefor the child’s college education. Currently, tuition for one year is $22,000. Your child is planning to travel for two years before starting college. How much must you invest now in order to pay enough for the first year of college ten years from now, if you think you can earna rate of interest that is 5% more than the inflation rate?a)$10,190b)$13,506c)$13,660d)$20,952Answer: (b)43.When considering a plan for long run savings, if one does not have an explicit forecast ofinflation, then one can make plans in terms of:a)constant real payments and a real rate of interestb)constant nominal payments and a nominal rate of interestc)constant real payments and a nominal rate of interestd)constant nominal payments and a real rate of interestAnswer: (a)44.If the real rate is 4% and the rate of inflation is 6%, what is the nominal rate?a)8.16%b)10.16%c)10.24%d)10.36%Answer: (c)45.You have an investment opportunity with a nominal rate of 6% compounded daily. If youwant to have $100,000 in your investment account in 15 years, how much should you deposit today, to the nearest dollar?a.$43,233b.$41,727c.$40,930d.$40,660Answer: (d)46.You have determined the present value of an expected cash inflow stream. Which of thefollowing would cause the stream to have a higher present value?a)The discount rate increases.b)The cash flows are paid over a shorter period of time.c)The discount rate decreases.d)Statements (b) and (c) are both correct.Answer: (d)Short Problems1.CyberNow is opening an office in the U.S. CyberNow expects cash flows to be $500,000 forthe first year, $530,000 for the second year, $560,000 in the third year. If CyberNow uses 12 percent as its discount rate, what is the present value of the cash flows? Assume cash flows are made at the end of the year.Answer: PV = FV/(1 + i)n= 500,000/(1.12)1 + 530,000/(1.12)2 + 560,000/(1.12)3= 446,429 + 422,513 + 398,597= $1,267,5392. GeorgiaSun Inc. has preferred stock that pays an annual dividend of $10.50. If the securityhas no maturity (an “infinite” life), what is its value to an investor who wishes to obtain an8.5 percent rate of return?Answer: PV of a level Perpetuity = $10.50/0.085= $123.533.Let us suppose you have a choice between investing in a bank savings account that pays 9%compounded annually (Bank Yearly) and one that pays 8.5% compounded daily (Bank Daily).(Assume this is based on 365 days). Using only effective annual rates, which bank would you prefer?Answer: Effective annual rate: Bank Yearly = 9%Effective annual rate: Bank Daily = [1 + 0.085/365]365 – 1= 8.87%You would prefer Bank Yearly because you will earn more money.4.Steptoe’s bank account has a floating interest rate on certain deposits. That is, every year theinterest rate is adjusted. Four years ago Steptoe deposited $35,000 into the bank account, when interest rates were 6%. The following year the rate was 6.5%, last year the rate was 8% and this year the rate fell to 7.5%. How much will be in his account at the end of the year?Assume annual compounding.Answer: Amount = $35,000 x 1.06 x 1.065 x 1.08 x 1.075= $45,872.855.Calculate the net present value of the following cash flows: you invest $4,000 today andreceive $400 one year from now, $900 two years from now and $2000 three years from now.Assume the interest rate is 9%.Answer: NPV = $400/(1.09) +$900/(1.09)2 + $2,000(1.09)3 –$4,000= $366.97 + $757.51 + $1,544.37 – $4,000= $ -1,331.156.The manufacturing manager of CyberNow Inc. estimates that she can save the company$20,000 cash per year over the next 5 years by implementing a recycling plan. What is the value of the savings today if the appropriate interest rate for the firm is 8%. Assume that cash flows occur at the end of the year.Answer:n i PV FV PMT Result5 8 ? 0 $20,000 PV = $79,854.207.Stroll Inc. has been offered a $2,000,000 jet under a 10 year loan agreement. The loanrequires Stroll Inc. to make equal, annual, end-of-year payments that include both principal and interest on the outstanding balance. The interest rate on the loan is 11%. Calculate the amount of these annual payments.Answer:n i PV FV PMT Result10 11 –$2,000,000 0 ? PMT = $339,602.85 8.Herb Flint decides to put $2,000 a year into an IRA fund over his 35 year working life andthen retire. Assume the deposits are made at the end of the year. If the account earns 11% compounded annually, what will Herb have in the account when he retires?Answer:n i PV FV PMT Result35 11 0 ? $2,000 FV = $683,179.119.Regarding retirement funds, there is some debate as to whether investors should invest at thebeginning of the year rather than at the end of the year. If an investor invests $2,000 per year at 12% over a 35 year period, what is the difference between the two funds?Answer: End of Year Fund:n i PV FV PMT Result35 12 0 ? $2,000 PV = $863,326.99Under an immediate annuity the entire amount earns interest for an additional year. So the FV for the immediate annuity is $863,326.99 X 1.12 = $996,926.23.Therefore the difference between the funds is: $996,926.23 – $863,326.99 = $103,599.24 10.You have the chance to buy a bond for $900 that will make one payment of $1,100 six yearsfrom today. What is the internal rate of return in the bond’s cash flows?Answer: 900(1 + i)6 = 1,100(1 + i)6 = 1.222i = (1.222)1/6 - 1i= 3.40%11.Consider the situation where you are trying to decide if you should invest in an Australianproject or an American project. Both projects require an initial outlay of $20,000. TheAustralian project will pay you Aust $40,000 per year for 6 years, whereas the American one will generate $25,000 per year for 6 years. The Australian dollar interest rate is 6% per year and the American interest rate is 5% per year; the current dollar price of an Australian dollar is $0.65 per Australian dollar. Which project has the higher NPV?Answer:American Project:n i PV FV PMT PV Result6 5 ? 0 $25,000 $126,892Australian Project:n i PV FV PMT PV Result6 6 ? 0 $40,000 $196,693 (Aust)NPV US project = $126,892 - $20,000 = $106,892Today the Australian project is worth A$196,693 x $0.65 per Aust= $127,850.45 (in U.S. dollars)NPV Aust project = $127,850.45 - $20,000 = $107,850.45Choose the Australian project since it has a higher NPV.12.If the exchange rate between the U.S. dollar and the Dutch Guilder is $0.49903 per Guilder,the dollar interest rate is 7% per year and the Dutch interest rate is 8% per year, what is the “break-even” value of the future dollar/Guilder exchange rate one year from now?Answer:Today One Year From Now$1 @7% $1.072.00389 Guilders @8% 2.16420 Guilders“Break-even” point = $1.07/2.16420 Guilders= $0.49441 per Guilder13.What is the real rate of interest if the nominal rate is 11.5% per year and the rate of inflationis 7% per year?Answer:Real interest rate = Nominal interest rate – rate of inflation1 + rate of inflation= 0.115 – 0.071.07= 0.04206Real interest rate = 4.21%14.I have $200 today and am interested in finding out what its equivalent real future value willbe in 40 years. What are the two ways I have available to me in computing the real future value?Answer:pute the future value using the real rate of interest.pute the nominal future value using the nominal rate, and then deflate it tofind the real future value.15.The real rate of interest is 3.756%, the nominal rate of interest is 10.5% and the rate ofinflation is 6.5%. What is the real future value of $2,000 in 40 years time? Show bothmethods.Answer:Method One:Real future value = $,2000 x 1.0375640= $8,741Method Two:Nominal future value = $2,000 x 1.10540= $108,522.83Future price level = 1.06540= 12.16Real FV = nominal future valuefuture price level= $108,522.8312.416= $8,74116.As part of your new job at CyberInc. the company is providing you with a new Jeep. Yourfirm will lease this $34,000 Jeep for you. The terms of the lease are seven annual payments at an interest rate of 10%, which will fully amortize the cost of the car. Assuming that allpayments are made on time and no additional money is paid towards the lease in any year, what percent of the 5th payment will go towards repayment of principal?Answer:n i PV FV PMT Result7 10 –$34,000 0 ? PMT = $6,984.39The monthly payment = $6,984.39Of the monthly payment, principal = $5,247% principal repayment in 5th payment =$5,247/$6,984.39= 75.12%17.You have decided to buy a car that costs $35,000. The dealer offers you a 5 year loan withmonthly payments of $814 per month. What is the annual interest rate on the loan?Answer:n i PV FV PMT Result60 ? –$35,000 0 $814 i = 1.165The annual nominal interest rate = 1.165 * 12= 13.98% per year18.A subscription to the magazine “National Tattler” states that you can purchase a one yearsubscription for $45 today, which can be renewed after a year at this rate. Alternately, you can purchase a two year subscription for $80 today. If you wish to subscribe to the magazine for two years and your required rate of return is 9% per year, which subscription offer should you choose?Answer:PV of the two year subscription = $80PV of one year subscription and renewal = $45 + 45/1.09= $86.28The two year subscription is the cheaper alternative.Longer Problems1.Heathcliff is currently 25 years old and expects to retire at age 65. Suppose that Heathclifftakes a job immediately and can earn $35,000 for the remainder of his working life. What is the present value of his future earnings?Answer:n i PV FV PMT Result40 5 ? 0 $35,000 PV = $600,5682.In order to finance your dream home, you are considering borrowing $120,000. The annualpercentage rate is 9% and payments are made annually over 5 years. Construct the loan-amortization schedule for the annual paymentsAnswer:n i PV FV PMT Result5 9 –$120,000 0 ? PMT = $30,856Loan Amortization Schedule is as follows:3.You are 60 years old and are considering whether it pays to buy an annuity from an insurancecompany. For a cost of $25,000, the insurance company will pay you $3,000 per year for the rest of your life. If you can earn 8% per year on your money in a bank account and expect to live until age 80, is it worth buying the annuity? What implied interest rate is the insurance company paying you?Answer: First compute the present value of the annuity.n i PV FV PMT Result20 8 ? 0 $3,000 PV = $29,454.44Now compute the NPV of the investment of the annuity:NPV = $29,454.44 - $25,000= $4,454.44So the annuity looks worth buying.To compute the implied interest rate on the annuity, we need to find the discountrate that makes the NPV zero. On a financial calculator, we find the answer to be10.32% per year.4. Gemma Peel is 30 years today and she wishes to accumulate enough money over the next 35 years to provide for a 20 year retirement annuity of $100,000 at the beginning of each year, starting with her 65th birthday. Assume the rate of the return over the entire period will be 11%. What is the present value of this annuity?Answer:n i PV FV PMT Result20 11 ? 0 $100,000 PV = $883,9295. The exchange rate between the Canadian dollar and the U.S. dollar is currently $0.69190 perCanadian dollar, the dollar interest rate is 6% per year, and the Canadian dollar interest rate is7% per year. You have $100,000 in a one-year account that allows you to choose betweeneither currency and it pays the corresponding interest rate. What is the “break-even” valueof the dollar/Canadian dollar exchange rate one year from now?Answer:U.S. today One year from now$1 @6% $1.06Canadian today One year from now$1.44530(Cdn) @7% $1.54647“Break-even” point = $1.06/1.54647 (Cdn dollar)= $0.68543 per Canadian dollar6.Assume that you have just taken out a $300,000 30 year mortgage with monthly payments atan annual 8 percent rate. At the end of the 3rd year (after 36 payments), you begin paying anadditional $100 each month towards the mortgage. That is, for months 37 onward you makethe scheduled payment plus an extra $100 each month. To the nearest whole number, howmany additional payments (payments in addition to the first 36) must you make before themortgage is paid off?Answer:First compute the monthly payment-PV FV Interest N Result________-300,000 0 0.67 360 360 PMT = $2,201.29Initially, you made $2,201.29 for the first three years. After 36 payments, the remaining balance = $291,840.45. After period 37, compute number of additional payments now that your monthly paymentis $2,301.29.PV FV Interest PMT Result__-$291,840.45 0 0.67 $2,301.29 N = 281You must make 281 additional payments before the mortgage is paid off.7.The company you work for has been experiencing financial difficulties and has just filed areorganization plan. Three years ago, one of the firm’s creditors lent the firm $80,000 on a ten year annual payment loan at a 15% interest rate. Immediately after the firm made the third payment, as a result of the court settlement, the creditor agreed to decrease the current outstanding balance of the loan by 20%, to lower the interest rate to 10%, and to increase the remaining term of the loan to 15 years. What will be the new annual payments on the firm’s loan, assuming all these changes take place?Answer:Under the original plan, your firm had annual payment obligations of:n i PV FV PMT Result10 15 –$80,000 0 ? PMT = $15,940Originally, your firm had to pay $15,940 per year to its creditors.After the third balance, the remaining balance = $66,318Under the new arrangement, new outstanding balance = $66,318 X 0.80= $53,054Under the new payment arrangement, annual payments are:n i PV FV PMT Result15 10 –$53,054 0 ? PMT = $6,975.218.Five banks offer CDs at the following stated annual percentage rates:Bank A: 10% APR compounded annuallyBank B: 9.8% APR compounded semiannuallyBank C: 9.6% APR compounded quarterlyBank D: 9.5% APR compounded monthlyBank E: 9.4% APR compounded dailyAnton has inherited $150,000 and decides to invest the money in a 20 year CD. He decides to invest the money with Bank E. If Anton had invested his money in the CD offering the best rate instead of Bank E, how much more money would he have had after 20 years?Answer:First determine the effective annual rates at each bank.Bank A: Effective Annual Rate = 10% per yearBank B: Effective Annual Rate = 10.04% per yearBank C: Effective Annual Rate = 9.95% per yearBank D: Effective Annual Rate = 9.92% per yearBank E: Effective Annual Rate = 9.85% per yearBest Account = Bank BAfter 20 years, the FV at Bank B:n i PV FV PMT Result20 10.04 –$150,000 ? 0 FV = $1,016,489.49Compare the above with the FV at Bank E after 20 years:n i PV FV PMT Result20 9.85 –$150,000 ? 0 FV = $981,957.03If Anton had invested with Bank B, he would have earned $1,016,489.49 - $981,957.03 = $34,532.46 more.。
新编金融英语教程ChapterCommercialBanks
Supervision and Regulations of Commercial Banks
Trust business
Manage assets and handle affairs on behalf of clients, and charge a certain handling fee.
Agency business
Handling various financial services on behalf of clients, such as agency collection and payment, agency insurance, etc.
Credit risk: refers to the possibility that the borrower or debtor, due to various reasons, fails to fulfill their obligations as stipulated in the contract, resulting in losses for creditors or investors.
Operational risk refers to the risk caused by internal processes, personnel, systems, and other issues, such as internal fraud, errors, process defects, etc.
Credit intermediary: absorbs deposits, issues loans, and plays a role in transferring risks and financing funds.
美国,我们的故事09-12中英文字幕（无时间轴）
美国，我们的故事第九集：萧条-----------------------------01第十集：二战-----------------------------18第十一集：超级大国-------------------36第十二集：黄金时代-------------------56美国曾经繁荣然而此刻却满眼萧条 America boom. But now, it's bust.大萧条席卷全国 The Great Depression explodes across America.社会动荡民生凋敝旱情四起 Social upheaval, poverty, drought.考验美国的时刻到了 It's time for America...to fight back.美国精神也正是在 The American spirit is forged大萧条的烈火中铸就 in the fires of Great Depression.我们是前锋也是先驱 We are pioneers...and trailblazers.我们为自由而战 We fight for freedom.我们将梦想付诸现实 We transform our dreams into the truth.我们的奋斗将换来一个国家的新生 Our struggles will become a nation.美国: 我们的故事第九集萧条20世纪20年代是美国的繁荣时期 The 1920s is boom time in America.金钱如潮涌来油井不断开采 Money flows and oil wells explode.农民们挣扎求生城市却飞速扩张 Though farmers are struggling, cities expand. 摩天大楼擎天之势让高攀的股指也望尘莫及 Skyscrapers go higher than the stock market.对汽车和类似好莱坞的 Aspirations run wild for cars近郊豪宅的渴望急剧膨胀 and suburban housing projects like Hollywoodland.到1929年 By 1929,广告业产值超过了国民教育支出 more money is spent on advertising than on education. 所谓消费至上和资本主义让我们有点飘飘然了 We got a little carried away with consumerism and capitalism珍妮特·沃尔斯 [著名作家]到头来反受其害 and it bite us in the butt.繁荣的根基是银行信用体系 The boom is built on credit.1929年 In 1929,美国人用信用卡买了60亿美元的商品 $6 billion of goods are bought on credit,与此同时 80%的美国人却没有丝毫积蓄 but 80% of Americans have no savings at all. 有的股票市值高达 Some stocks are valued at其实际价值的50倍 50 times what they're really worth.一个巨大的泡沫即将破灭 A giant bubble just ready to burst.1929年10月该来的还是来了 By October 1929, the inevitable happens.股票市场3个星期内 The stock market loses 12 times蒸发掉的市值 more money in three weeks,相当于美国政府一年财政开支的12倍还多 than the US government uses in a year. 整个国家很可能就此一蹶不振 The entire country could've gone down--汤姆·布罗考 [原NBC新闻主播]从经济角度来看也确实几乎如此 and almost did, from an economic point of view. 股市崩溃后整整一年 For a year after the stock-market crash,美国经济徘徊在深渊的边缘 America's economy teeters on the edge of the abyss. 1930年12月 December 1930.纽约街头非常平静 The streets of New York are quiet.离1929年股市崩溃已经一年多了 It's been a year since the stock-market crash of 1929,不过只有2%的人口是股民 but only 2% of the population own stocks.其他98%的人生活依旧如常 The other 98% get on with their lives.直到这一天 Until today.这个人即将从根本上 This man is about to shake动摇美国人对银行体系的信心 America's confidence in its banks to its very core. 他在一间本地银行存了钱 He's put his money in his local bank.合众国银行 The Bank of United States,几小时后这家银行将面临倒闭的命运 a bank that has only hours left to exist. 他从报上读到了一则质疑该银行稳定性的消息 But a newspaper article questions his bank's stability.4家银行并购提案取消正是从这一刻起一石激起千层浪 This is the moment that begins a chain reaction 整个国家的经济体系变得岌岌可危... that will shake the whole country's economy... 我们并不清楚这人姓甚名谁 yet we don't even know the man's name.只知道《纽约时报》刊载了他的故事 But his story was recorded by "The New York Times." 一名布朗克斯区的小商贩 A small merchant in the Bronx来到合众国银行的一家支行 went to a branch of the Bank of United States要求银行职员 and asked bank officials to把他的股票抛售掉 dispose of his stock in the institution.您好先生有什么可以为您效劳的 Good day, sir, how may I help you?好的我想卖掉我在这家银行的股份 Yes, I'd like to withdraw my shares from the bank.再说一遍好吗先生 I beg your pardon, sir?银行的规章制度此时已是一纸空文 Bank regulations are virtually nonexistent at the time.由于房地产投资失败 Bad real-estate investments mean这家银行只能靠做假帐来勉强维持 the bank has only kept itself afloat by cooking the books.您好先生需要我帮忙吗 Good day, sir, how may I be of assistance?我要卖掉我的股份 I'd like to sell my shares.先生这投资很不错 Well, the stock is a good investment, sir.我建议您不要卖 I would advise against the sale.我要拿回我的钱 I want my money.这家银行最怕的就是客户大规模提现 The last thing the bank needs is to hand out all its cash.最近我们面临的又一次金融危机 We almost witnessed that fairly recently历史惊人地相似悲剧重演了 and I've seen what can go on, and I've seen travesty. 唐纳德·J·特朗普 [美国地产大亨]显然他走后散布了一个谣言 He departed and apparently spread a false report, 说这家银行拒绝兑现他的股份 that the bank had refused to sell his stock.中午时分 By mid-afternoon,一大批人聚集在银行外面 a considerable crowd had gathered outside the bank,人数估计有两万到两万五 estimated at between 20,000 and 25,000 persons.就在这一天担忧化为了恐慌 This is the day worry turns to panic.银行会走上股市的老路吗 Would the banks go the same way as the stock market?歇斯底里的情绪像野火一样蔓延着 Hysteria spreads like wildfire.仅这一家支行就被提走了两百万美元 $2 million are withdrawn from this branch alone. 即便在银行关门前 Even though all the anxious depositors who所有情绪激动的提款人都顺利领到了钱 asked for their money before closing time were given it...他们还是焦躁不安 the crowd became restless.一小队警察出面控制局势 A squad of police were sent in to control them.翻译：小坏 remembertoi Jose ww艾取子小Q校对：安小七精校：小坏 Joanna时间轴：马小样顾问：小跳后期：鱼骨头总监：小坏风波也殃及了其他支行 The trouble spreads to other branches.第二天早上 By the next morning,合众国银行倒闭 the Bank of United States has collapsed.民众对美国银行体系的信心土崩瓦解 Confidence in US banks disintegrates.1930年最后两个月 600家银行倒闭 In the last 60 days of 1930, 600 banks shut. 一波又一波银行倒闭狂潮席卷全国 Banks close in wave after wave across the country. 1933年全美有28个州没一家银行营业 By 1933, there are 28 states without a single bank open.与如今不同 Unlike today,当时联邦政府并不为银行担保 the federal government does not bail out the banks. 失业人数从1930年的400万 Unemployment goes from 4 million in 1930飙升至1932年的1200万 to 12 million in 1932.每天有1000个家庭流离失所 Every day, 1,000 homes are repossessed.20万名流浪儿无家可归 200,000 vagrant children wander the country.3400万美国人丧失经济来源 34 million Americans have no source of income.大萧条是美国的悲剧 It was an American tragedy, the Depression was,布莱恩·威廉斯 [NBC晚间新闻主播]只有美国人自己的智慧才能拯救自己 and it took American ingenuity to lift America out of it.复兴之路从这里开始 The fight back starts here.由政府出资私人承建的大型工程项目Vast building projects, publiclyfunded...privately built.这就是人称"快手"的弗兰克·克罗 This is Frank "Hurry Up" Crowe.他已成功承建6座水坝按时完工且不超预算 He's already built six dams on time and under budget.现在他把目光投向了更大的目标 And now he has his eye on something even bigger: 科罗拉多河 the Colorado River.我十分渴望修建这个大坝 I was wild to build this dam,使之成为最宏伟无与伦比的大坝 the biggest dam ever built by anyone, anywhere. 科罗拉多河是世上 The Colorado River is one of the水流最湍急的河之一 most powerful rivers in the world.从这些峡谷里每秒钟奔腾而下的水量 Every second, twice as much water相当于尼亚加拉大瀑布水流量的两倍 tears through these canyons than goes over Niagara Falls.弗兰克·克罗的计划是驾驭这条河 Frank Crowe's plan is to harness it.这条河所蕴含的水和水力发电 The water and hydroelectricity将改变整个西南部 will transform the whole of the Southwest.1931年3月4日 March 4, 1931.联邦政府一声令下 The government gives the go-ahead开始修建胡佛水坝 to build the Hoover Dam.胡佛水坝尚未动工之时 The Hoover Dam, even before they started building it,就被视为一种象征 it became a metaphor,人们视之为美国精神的象征不屈不挠 people saw it as a statement of the American's fortitude,詹姆斯·梅格斯 [《大众机械》杂志总编]独具匠心迎难而上 of our ingenuity, of our talent for hard work勇往直前 and for our willingness to改造世界 transform the environment around us.这座水坝的造价 The Hoover Dam will cost相当于今天的10亿美元 nearly $1 billion in today's money.弗兰克·克罗如果能迅速完工 Frank Crowe is offered a 2.5% cut of the dam's profits 便可得到水坝盈利的2.5%作为报酬 if he gets the job done quickly.预计要花6年才能建成水坝 It should take 6 years to build,但弗兰克说他只需4年即可完工 but Frank says it can be done in 4.全国各地共有四万两千人 42,000 men come from across the country来这个美国最大的工地找工作 looking for jobs on the biggest construction site in America.弗兰克·克罗收了五千名 Frank Crowe takes 5,000 men最能吃苦耐劳且干活麻利的 willing to work harder and faster than anyone else. 优胜劣汰 The survival of the fittest.人们为了得到工作不惜一切代价 Men are ready to do anything for work.美国有着一种人定胜天的精神 There's a large cando attitude in the United States 鲍勃·鲁兹 [前通用汽车公司副总裁]几个世纪以来的事实也表明 and it come soon the fact that over the centuries,尽管前路有着许多艰难险阻 there has been a lot of adversity,我们终能凯旋而归 and we have usually triumphed.首先是成功开发了 First was the triumph of这片辽阔的大陆 developing this whole vast continent,然后又在大平原上铺设了铁路 putting in railroad lines,还建成了所有这些宏大的工程 putting in all the civil engineering to support it, 建设胡佛水坝 putting in Hoover Dam.全都是不可思议的巨大挑战 These were all incredible challenges.建成水坝需要两个步骤 There are two stages to building the dam.第一步让河水改道绕过工地周围 First, divert the river around the worksite. 第二步建起这座巨堤 Second, build the colossal wall.为了让水流湍急的科罗拉多河改道 To divert the raging Colorado,需要钻透长达3英里的岩石 four massive tunnels are建成4条巨大的隧道 drilled through 3 miles of solid rock.每条隧道的宽度堪比四车道高速公路 Each tunnel is as wide as a four lane highway 高度则有5层楼 and is tall as a 5-story building.每秒钟有150万加仑的水 A million and a half gallons of water从这些隧道中奔腾而过 flow through here every second.胡佛水坝是 The Hoover Dam was a statement美国最好的写照 about what America is all about.不惜一切代价 Nothing is too big to take on.我们必将改变这个国家 We are going to change this country.弗兰克·克罗本就分秒必争 If Frank Crow was in a hurry before,现在更是压力倍增 now the pressure is double.无论时间还是资金 Time and money.隧道只能在枯水季节挖掘 The tunnels can only be dug when the river is low.而枯水期每年只有四个月 That's only four months in a year.资金也是个问题 And the money.工程每延期一天 There is a $3,000 fine for every day就要罚款3000美元 the project falls behind the schedule.时间不等人 The clock is ticking.弗兰克的解决之道一如既往地大胆 Frank's answer is as bold as he is.巨大的移动钻孔机 Gigantic mobile drilling rigs.4层脚手架搭在卡车上面 4 stories of scaffolding mounted on the backs of trucks. 多达30名工人 Up to 30 men drill into一天24小时不停地钻 the rock around the clock, 24 hours a day.比通常的钻孔进度快上10倍 They move ten times faster than normal drilling.隧道内温度高至华氏140度[60摄氏度] Temperatures hit 140 degrees in the tunnels. 弗兰克还是催得更急 Frank just pushes harder.他要求钻孔工人们相互竞争 The drilling crews compete against each other.哪队每天能钻更多 Which will drill the furthest every day?正如钻孔工人马里昂·艾伦所言 As drill man Marion Allen puts it:其实干多干少并不会怎么样 It didn't make any difference what you did,但你必须要比其他人多干 but you had to beat that other crew.卡车排放出致命废气 Deadly fumes pump out of the trucks.这些气体在隧道里聚集 They build up in the tunnel.进入工人们的肺部和血液中 They get into the men's lungs, into their blood.你派几个人把他弄出去 You men, get him out of here.一氧化碳毒倒了数百人 Carbon monoxide poisoning claims hundreds of men.有天晚上我在那干活 I went to work down there one night,队里本来有17个人 and there was 17 men in my crew.第二天早上 The next morning,只剩下我和另外3个了 myself and three others was all that was left.其他的都病倒了条件非常艰苦 All the rest was taken out sick. It was rough.克罗对工作只有一个要求 Crowe has only one working rule.别给我借口我要结果 To hell with excuses-- get results.但这样急于求成 But the drive to get results quickly将导致致命后果 will have deadly consequences.竭力保住工作的工人不免忙中出错 Men desperate to keep their jobs make mistakes 诸如爆破还没完成就试图去清理碎石 like trying to clear rubble before the blasting is finished.爆破之后还需要挖掘清理 You are having to dynamite areas and you have to dig out. 埃尔·卡玛里罗 [斯坦福大学教授]虽然有机器 There's machinery,但仍然要用锄头和铲子去挖 but you're still using a lot of pick and shovel.危险重重 Treacherous work.一名矿工的妻子还记得 A miner's wife remembers有位竭力想保住工作的工人 one worker, desperate to keep his job.每个人都想进隧道里工作 Everybody was trying to work in the tunnels.这个人太急于表现 This man was so anxious to work太快就冲进了隧道中 that he just went into the tunnel too quick.刚把铲子伸进去一个炸弹延时爆炸了 Just as he put his shovel in, there was a delayed blast.公司称96人在事故中身亡 The company says 96 men died.工人们说其实有好几百人 The workers claim it's hundreds.隧道提前11个月完工 The tunnels are finished 11 months ahead of time.但对于胡佛水坝来说这只能算是开了个头 But that's just the beginning of the Hoover Dam.最大的困难还在前面 The hardest job is yet to come:建起地球上最大的混凝土建筑 building the biggest concrete structure on earth. 弗兰克·克罗大力推进 Frank Crowe is driving ahead the胡佛水坝的建设 building of the Hoover Dam,这是美国前所未有的最大工程项目 the biggest engineering project America has ever seen.他要求快马加鞭 He's driving his men hard.工人们夜以继日地工作 The crews work day and night.一片混凝土的海洋在峡谷中拔地而起 A sea of concrete rises in the canyon,厚度相当于两个足球场并排的长度 as thick as two football fields laid end to end. 五千工人五万台机器和工具 5,000 men, 50,000 machines and tools,当世最杰出的工程师 the best engineers alive,所用原材料足以装满一列1000英里长的火车 enough materials to fill a train 1,000 miles long.这座大坝可谓 This is the 1930s' equivalent20世纪30年代的"登月"计划 of putting a man on the moon.建造大坝要倾倒660万吨混凝土 6.6 million tons of concrete have to be poured. 足以铺设一条四英尺宽的人行道环绕地球一圈 That's enough to lay a 4-foot-wide sidewalk around the earth.如何将如此大量的混凝土 How to pour that much concrete倾倒在特定的地点呢 and get it where it's needed?弗兰克·克罗设计了历史上 Frank Crowe designs the most最为复杂的缆索系统 sophisticated cable system ever built.开底式巨桶 Giant bottom-opening buckets.能将混凝土准确地倒入 They pour the concrete into molds指定地点的模具中 exactly where it is wanted.罗马人早在2000年前就发明了混凝土 Concrete was invented by the Romans 2,000 years ago,但胡佛水坝却是历史上 but the Hoover Dam is the第一座由混凝土建成的大坝 first large concrete dam in history.现如今几乎所有的水坝均由混凝土建成 Today virtually all dams are made of concrete.混凝土易成形又很坚固 It's malleable and it's strong.是建筑中使用最广泛的材料 It's the world's favorite building material for any structure.时间紧迫弗兰克需要解决一个重大问题 Frank is up against the clock, and he has a big problem.混凝土凝固过程中会释放热量 The curing concrete generates heat.若这些混凝土一次性持续倾倒 If the dam were constructed in a single, continuous pour,产生的热量足以 it would put out enough heat to bake连续三年每天烘烤50万片面包 half a million loaves of bread every day for three years.更糟的是这让大坝要过125年才能完全硬化 But worse, the dam would take 125 years to harden.弗兰克·克罗可等不起 Frank Crowe's got no time for that.布莱恩·威廉斯 [NBC晚间新闻主播]无路可退我们终于真正认清自己 Backs against the wall, we figured out who we were. 拼尽全力安然度过了大萧条时期 We worked our way out of that Depression.让混凝土冷却下来的法宝 The secret of cooling the concrete就藏于大坝之内 lies within the dam itself.直径1英寸总长582英里的水管 582 miles of 1-inch pipes自大坝所要制服的科罗拉多河引来冰冷的河水 carry ice-cold water from the very river the dam is taming.詹姆斯·梅格斯 [《大众机械》杂志总编]那是一次创举 No one had ever thought of this before,这些水管如今依然留在胡佛大坝中 and those pipes are still in the Hoover Dam today. 弗兰克·克罗未辜负其快手之名 Frank "Hurry Up" Crowe lives up to his name.胡佛大坝于1935年9月30日竣工 The Hoover Dam is completed on September 30,1935, 提前两年完工 two years ahead of schedule.弗兰克获得了一笔 Frank receives a bonus worth相当于如今400多万美元的巨额奖金 over $4 million in today's money.汤姆·布罗考 [原NBC新闻主播]对于那些工人来说建造了胡佛水坝 For those workers to have built something as monumental如此富有挑战又意义深远的建筑物 and as challenging as Hoover Dam was,实在是建筑史上一次惊人的壮举 it was an astonishing feat of construction让我们相信一切皆有可能 and I think it gave us all a sense of the possible. 1936年胡佛大坝 1936. The Hoover Dam成为世界上最大的 is the largest hydroelectric水力发电设施 power-producing facility in the world.这里共17座发电机 Each of the 17 generators weighs每座的重量都超过4架巨型飞机 more than four jumbo jets.这些发电机可以给像洛杉矶这样 Together, they can supply power to 750,000 people 迅速发展的城市里75万人口提供电力 in booming cities like Los Angeles.这座大坝造就了密德湖 The dam creates Lake Mead,美国最大的水库 the biggest reservoir in America,蓄水量足以将整个纽约州 big enough to flood the entire覆盖在一英尺深的水下 state of New York under a foot of water.让加利福尼亚成为 It helps California produce more food,美国粮食产量最大的州 for the United States than any other state.胡佛大坝建筑工人还带动了周围地区的发展 The Hoover Dam workers make something else boom as well.他们常去30英里外的 A little town 30 miles away where一座小镇喝酒赌博 they go to drink and gamble.小镇的名字叫做 Its name:拉斯维加斯 Las Vegas.胡佛大坝一名建筑工人的妻子如是说 As the wife of one Hoover Dam worker puts it: 他们的工作如此危险 When men worked in such dangerous surroundings,所以偶尔放纵一下 you couldn't blame a lot of fellas也是无可厚非 for sort of letting their hair down.他们开心就好 They were having fun.1930年拉斯维加斯城居民共5000人 1930. 5,000 people live in Las Vegas.然后来了建筑大坝的工人 Then the dam workers arrive.然后是游客然后是赌博业的兴起 Then the tourists. Then the gambling.现如今每年有3700多万人 Now, over 37 million people来到拉斯维加斯吃喝玩乐 come every year to party in Las Vegas.建成七十余年胡佛大坝依然 After 70 years, the Hoover Dam still为内华达州亚利桑那州 supplies power to the people of Nevada, Arizona,以及加州居民供电 and California.拉斯维加斯一家酒店有着全世界最大的探照灯 One Las Vegas hotel has the biggest flashlight on earth,这盏灯拥有400亿烛光功率 40 billion candle power.借助其灯光 You can read a newspaper人们可在10英里外的地方看报 10 miles out in space by its light.1934年黑暗笼罩着整个美国 1934. Darkness falls across America.这是美国历史上最严重的一次环境灾害 The worst environmental disaster in American history.沙尘暴侵袭纽约芝加哥和波士顿 Dust storms hit New York, Chicago and Boston. 曼哈顿区正午都不得不点亮路灯以照明 In Manhattan, the streetlights come on at midday.这场沙尘暴祸及1800英里土地 A monstrous dust storm 1,800 miles wide从大平原直到大西洋 from the Great Plains to the Atlantic Ocean.空中满是沙尘 The air turns to earth.这场沙尘暴为每个美国人带来3吨沙尘 The storm carries 3 tons of dust for every American alive.船只只能滞留在东海岸 Ships stop off the Eastern Seaboard,不清楚岸上的情况 not sure what is happening.滚滚的沙尘让"德意志"号的船长以为 The cloud reminds the captain of the ship "The Deutschland"是撒哈拉沙漠的狂沙被吹来了海里 of the sands of the Sahara blowing out to sea. 而现在沙尘暴正吞噬着自由女神像 But now the clouds are devouring the Statue of Liberty.这场沙尘暴产生于一片100万英亩的死亡地带 Dust storms were born out of a 100 million-acre dead zone就在两千英里之外的俄克拉荷马 2,000 miles away in Oklahoma,德克萨斯堪萨斯与科罗拉多州一带 Texas, Kansas and Colorado.中央大平原曾是 The Great Plains had once been世界上最富饶的草原地带 the most fertile grasslands on earth.土壤耕种层深达6英尺 The topsoil was 6 feet deep,但经过四代美国农民的耕作 but it has been plowed up and used up这片土地已然贫瘠 by four generations of farmers.而太阳的烘烤又使它干透 Now the sun has dried it up.H.W.布兰茨 [德克萨斯大学教授]真正使农民严重受损的 What really did the farmers in是一场环境灾变 was an environmental cataclysm包括大范围干旱强风 that involved an extended drought, high winds,以及损失上百万吨耕种层土壤 and the loss of millions and millions of tons of topsoil.就仿佛上天 It was almost as though the heavens themselves都在和农民作对 had turned against the farmers.1930年这里几乎没有降水 By 1930, the rains virtually stop.重量较轻的有机物最肥沃的土壤 The lighter organic matter, the best soil,几乎都被风刮走了 is literally gone with the wind.小颗粒的沙尘悬浮在空中 The tiny particles of soil are suspended in the air.这引起了异常现象 Then a freakish phenomenon happens.地面与灰尘之间产生静电 Static electricity builds between the earth and the dust. 就像磁铁一样 Like a magnet,这种静电将更多沙尘吸入空中 the static electricity sucks up more and more dust, 滚雪球般越滚越大沙尘范围和威力剧增 feeding itself, growing in size and power. 灾难由此产生 A monster is created.沙尘到达一万英尺的高空 The dust is lifted up to 10,000 feet.借助高空风力 Powered by high-altitude winds,灾害肆虐全国 the monster rips across the country looking for prey.1935年4月14日科罗拉多州拉马尔城 April 14, 1935. Lamar, Colorado.露易丝·沃尔顿曾经的百老汇舞者和女演员 Louise Walton, once a Broadway dancer and an actress.放弃了喧嚣浮华 She gives up the glamour只为到草原来呼吸新鲜干燥的空气 to breathe the clean, dry air of the prairies. 医嘱说如此方能治其肺病 The doctors say her lungs need it.露易丝在南部平原过得很好 Louise thrives on the Southern Plains,她6岁的女儿珍妮也是如此 and so did her six-year-old daughter Jeanne...直到最近 until recently.他们的田园梦成了噩梦一场 Their rural dream has become a nightmare.过去三个月中就发生了49次沙尘暴 49 dust storms in the last three months.这一天天高气爽 But today the air is crisp and clear.珍妮刚刚出院 Jeanne has just got out of hospital她患的是沙尘暴引起的呼吸道疾病 with respiratory problems because of the dust storms.那天清晨 Early that morning,600英里以北 600 miles north,一股来自加拿大的冷锋 a cold front from Canada遭遇高压暖锋 had hit a warm high-pressure front--恰好形成了推动沙尘暴前进的强风 perfect conditions to create the winds for a dust storm.这可不是一般的沙尘暴 But this is not just any duster.这场沙尘暴到达北达科他州的俾斯麦城时 By the time it passes Bismarck, North Dakota,其规模与强度之大 it's the biggest, strongest dust storm在美国已经是前所未有 ever seen in America.冷锋推动沙尘暴在草原地区向南趋近 The cold front drives the storm south across the prairies.以65英里的时速 It's heading straight for向露易丝与珍妮所在处进发 Louise and Jeanne's place at 65 miles per hour.力量愈加强大 It grows more and more powerful.产生的静电 It produces enough static足以为纽约全市供电 electricity to power New York City.到达科罗拉多州拉马尔城时 By the time the storm reaches Lamar, colorado,沙尘暴已横跨200英里 it is 200 miles wide.气温骤降 The temperature plunges.下午2:40 2:40 p.M.珍妮发现沙尘暴正在靠近 Jeanne finds herself looking into the heart of the storm. 妈妈 Mommy!珍妮 Jeannie?我仿佛陷入漩涡 It was like I was caught in a whirlpool.突然之间四周一片黑暗 All of a sudden, it got completely dark.伸手不见五指 I couldn't see a thing.妈妈 Mommy!这些沙尘中带有30万吨 The dust clouds contain over 300,000 tons中央大平原的表层土壤 of Great Plains topsoil.人们要把自己用绳子绑住 People tie themselves to ropes才敢去几百英尺外的畜棚 before going to a barn just a few hundred feet away.牲畜大量死亡人们把尸体切开时 Cattle die, and when they are cut open,它们胃里满是沙土 their stomachs are full of sand.埃尔·卡玛里罗 [斯坦福大学教授]人们对此记忆深刻 There are these memories of people他们整天整天足不出户 that go for days and days and days holed up就呆在小平房里 inside of their little ranch houses,不见天日 and they never see the light of day因为沙尘太多 because the dust is so severe太密集蔓延几百英里 and it's so thick, over hundreds of miles.连续数天不见天日 For days, they don't see light.沙尘微粒进入了珍妮的肺部 The tiny dust particles drill into the child's lungs. 她患上了尘肺病一种在满天黄沙中蔓延的瘟疫 She comes down with dust pneumonia, the brown plague.在堪萨斯科罗拉多和德克萨斯 The Red Cross set up six emergency hospitals红十字会建立了6座急救医院 in Kansas, Colorado, and Texas来治疗沙尘暴引发的大量呼吸道感染 to deal with the rise of respiratory infections. 露易丝·沃尔顿来科罗拉多是为了呼吸新鲜空气 Louise Walton had come to Colorado for the air,可此时医生告诉她 and now doctors tell her她的女儿可能会因为这空气而丧命 that her little girl could die of it.中央大平原上上演了现实版的 There is an Exodus of Biblical proportions圣经出埃及记 underway on the Great Plains.到1936年农民们每天损失高达2500万 By 1936, farmers are losing $25 million a day. 这里已不再适宜耕种 Farming is no longer a possibility.大萧条接踵而至 The Great Depression takes hold.按揭贷款到期他们却无力支付 Their mortgage comes due, they can't pay it--因为没有任何收成 they're not growing crops.他们失去了家庭农场已经不能再算是农民了 They lose the family farm, they lose their identity.。
国际经贸高级英语精读第4单元课文翻译及答案
Though the majority of European government officials are currently optimistic, the difficulties that have been experienced do not bode well for the future of the EMU in its present form. While current problems center on controlling government deficits to meet Maastricht conditions, the exchange rate crises of the recent past call into question the basic desirability of the project. Until these issues are addressed, national economies should not be forced to fit Maastricht conditions and arbitrary deadlines, as such action will only create unnecessary economic turmoil. The current delays in monetary unification are necessary; more caution would be in the best interest of the people of Europe.
expecting payment in French francs will see the value of that payment fall if the franc depreciates against the German mark. The volatility of exchange rates is, in effect, a cost that international firms must take into account when estimating profits. However, under the system in place before the beginning of the present monetary unification process, this cost was also quite small. Under that system, nations set the exchange rates that their central banks used for conversion between currencies. Then, whenever a nation increased the money supply, the market exchange rate would fall a bit, but the banks’ exchange rate would remain stable. Arbitraguers would not take advantage of small differences between the central bank’s pegged rates and market rates because regulations on capital flow made such
2018考研英语阅读题源经济学人文章：New banks
2018考研英语阅读题源经济学人文章：New banksNew banks新兴银行Ripe for disruption扰乱时机正当时A rush of new entrants hope to shake up banking新兴银行这股狂流欲重组银行业“I PROMISE to open a bank account for a British citizen in just two minutes”, says Nazzim Ishaque brightly. With a background in IT, banking and asset management, he is submitting plans to the regulators to start a new bank called Lintel; the two-minute pledge is one of his selling points. Mr Ishaque reckons that he can do better than the existing banks, and is putting plenty of his own money where his mouth is, as part of the ￡5m ($7.5m) start-up cost. He hopes to start doing business early next year.Nazzim Ishaque明确表示：“我承诺可以两分钟内为英国人民开通银行账户。
”他从事过互联网、银行和资产管理行业，现向多家监管机构提交新建银行Lintel的计划方案，卖点之一就是两分钟开户的承诺。
Ishaque认为他可以比现有银行做得更好，而且为了更具说服力，拿出自己的大量资金投放到总数500万欧元(750万美元)的启动资金中。
他希望明年年初开始营业。
国际贸易与金融II(双语)课程国际金融1
FIGURE 10.1 International payments process
15
Balance-of-Payments Structure
Current account of the balance of payments
Monetary value of international flows:
residents
9
Double-Entry Accounting
U.S. debit transaction (-)
Merchandise imports Transportation and travel expenditures Income paid on the investments of foreigners Gifts to foreign residents Aid given by the U.S. government Overseas investment by U.S. residents
Deficit
Balance on a sub-account (sub-accounts) is negative
13
International payments process
In theory
Importers in a country pay the exporters in that same country in the national currency
Payments（Chapter 5） Exchange-Rate Systems and Currency Crises（Chapter 6） Macroeconomic Policy in an Open Economy （Chapter 7） International Banking: Reserves, Debt and Risk
商务英语阅读Chapter4 The Incredible Shrinking Europe 难以置信的退缩着的欧洲
Chapter4 The Incredible Shrinking Europe 难以置信的退缩着的欧洲It was supposed to be the moment Europe grew muscles.这本该是欧洲茁壮成长的时期。
去年秋天，在结束了为简化决策制定，使欧盟在国内外更具实力更为强壮的十年努力之后，最后仅有的一些抵抗国家签署了总达1000页的文件，就是世人熟知的里斯本条约。
11月，欧盟选拔了其第一任正式总统和外交部长。
亲欧盟派们重温旧梦：一个新建的世界强权来安抚动荡地区，在能力可及之地给予援助和劝服，但同时准备在万不得已之时派遣军队。
布鲁塞尔将率战反抗气候变化。
欧洲经济将证明给北美和亚洲无情的自由市场，社会市场仍是摆脱经济危机的最佳方式。
The dream didn’t last a month.这个梦想连一个月都没撑过。
在12月哥本哈根的气候变化会议上，对最终决议竭力辩争的是中美两国，而欧盟则当了旁观者。
欧盟的2010年并非以一个外交政策的大胜利开头，而是毫不适宜的在争论是否要救助希腊，它的债务已经拖垮了欧盟的货币。
同时，美国总统巴拉克·奥巴马宣布并不会出席五月份在西班牙举行的欧美洽谈会。
于无数迁就欧盟的会议来讲，这有点泄气。
难怪欧盟发觉自己处在忧心忡忡的自疑的周期循环中。
也难怪世界上其他人都在疑问：欧洲代表着什么？它哪里适应这个似乎被中美所主导的世界？如果它消失了，会有人注意吗？Let’s get one thing straight让我们讲明一点：欧洲是个无与伦比的居住佳所。
欧盟的许多成员国都在世界最富裕国家之列。
欧洲的工人通常都享有漫长的假期，慷慨的产假和舒适的养老方案。
普遍的健康保险被认作基本的社会契约中的一部分。
欧洲政治稳定，而且是世界上最为慷慨的发展援助金捐献者。
当然，税金很高，但大多数欧洲人似乎很愿意交纳更多的税金来换取更高—且有保证的—生活质量。
去年，总部设在伦敦的“思想库”——欧洲改革中心主任查理斯·格兰特说到：“欧盟展现了一个极为吸引人的社会、经济、政治模式。
商务英语写作第三版 答案[26页]
![商务英语写作第三版 答案[26页]](https://img.taocdn.com/s3/m/3f3cdaa4f242336c1eb95eee.png)
课后练习参考答案A Overview of Business Communication1.What is effective communication?（答案略）2.What would be the most efficient way of dealing with the following communication situations?（答案略）Chapter One Parts and Formats of Business Letters1. Use the following information to type a letter:Human Resources, Global SecuritiesWorld Financial Center, North Tower - 250 Vesey StreetNew York, NY 10281-1332July 20, 2007Professor Lyndon KentonBusiness Department, University of TennesseeKronxwille, Tennessee 37916Dear Professor Lyndon Kenton,We are considering Joanne Tucker for our Analyst Training Program at Global Securities. She is a promising candidate, and we need more detailed information about her education and your opinion of her ability to handle the rigors of training. Ms. Tucker submitted your name not only as her professor but also as her faculty advisor.In addition to the long hours involved in training, candidates must have a sound, logical approach to problem solving. We are looking for people who are not afraid to express their ideas and who exude confidence in their manner and deed. The job of financial analyst requires not only technical knowledge of the market but also extensive people skills, and we appreciate any information about Joanne Tucker that will help guide our decision.We need your letter of recommendation no later than May 30, but would appreciate it earlier, if convenient. Your evaluation will be kept strictly confidential in accordance with our governing by-laws. Thank you for your time on Ms. Tucker's behalf.Sincerely yours,Sandra Blackmon2. Read the following passage, list the main points and then discuss about it.（答案略）Chapter two Sales Letters1.Translate the following sales letter into Chinese:尊敬的顾客：我们P&S系统有限公司向您介绍即将为您提供的新系列产品，可确保您的办公室更加安全。
Chapter 4_952407431
FIRSTBANK’S balance sheet Assets Liabilities reserves $1,000 deposits $1,000
LESSON:
100%-reserve banking has no impact on size of money supply.
and loan the rest out:
THIRDBANK’S balance sheet Assets Liabilities
reserves $640 $128 loans $512 $0
deposits $640
CHAPTER 4
The Monetary System
16
Finding the total amount of money:
Original deposit
+ + + + Firstbank lending Thirdbank lending other lending…
= $1000
= $ 800 = $ 512
Secondbank lending = $ 640
Total money supply = (1/rr ) $1,000 where rr = ratio of reserves to deposits In our example, rr = 0.2, so M = $5,000
1. Fiat money
has no intrinsic value example: the paper currency we use
2. Commodity money
has intrinsic value examples:
《个人理财》第四章 管理你的现金和储蓄Chapter 4 Managing Your Cash and Savings
These depository financial institutions are briefly described in Exhibit 4.2.
Chapter 4
11
Chapter 4
12
fraternal [frəˈtə:nəl] a.兄弟般的
Chapter 4
13
Nondepository Financial Institutions Other types of financial institutions that offer banking services, but don’t accept deposits like traditional banks, are considered nondepository institutions.
Types of Financial Institutions
Financial institutions can be classified into two broad groups—depository and nondepository—based on whether or not they accept deposits as traditional banks do. Depository Financial Institutions The vast majority of financial transactions take place at depository financial institutions—commercial banks (both brick-and-mortar and Internet), savings and loanassociations (S&Ls), savings banks, and credit unions.
货币金融学chapter 4英文习题
Economics of Money, Banking, and Financial Markets, 11e, Global Edition (Mishkin) Chapter 4 The Meaning of Interest Rates4.1 Measuring Interest Rates1) The concept of ________ is based on the common-sense notion that a dollar paid to you in the future is less valuable to you than a dollar today.A) present valueB) future valueC) interestD) deflationAnswer: AAACSB: Application of Knowledge2) The present value of an expected future payment ________ as the interest rate increases.A) fallsB) risesC) is constantD) is unaffectedAnswer: AAACSB: Reflective Thinking3) An increase in the time to the promised future payment ________ the present value of the payment.A) decreasesB) increasesC) has no effect onD) is irrelevant toAnswer: AAACSB: Reflective Thinking4) With an interest rate of 6 percent, the present value of $100 next year is approximatelyA) $106.B) $100.C) $94.D) $92.Answer: CAACSB: Analytical Thinking5) What is the present value of $500.00 to be paid in two years if the interest rate is 5 percent?A) $453.51B) $500.00C) $476.25D) $550.00Answer: AAACSB: Analytical Thinking6) If a security pays $55 in one year and $133 in three years, its present value is $150 if the interest rate isA) 5 percent.B) 10 percent.C) 12.5 percent.D) 15 percent.Answer: BAACSB: Analytical Thinking7) To claim that a lottery winner who is to receive $1 million per year for twenty years has won $20 million ignores the process ofA) face value.B) par value.C) deflation.D) discounting the future.Answer: DAACSB: Analytical Thinking8) A credit market instrument that provides the borrower with an amount of funds that must be repaid at the maturity date along with an interest payment is known as aA) simple loan.B) fixed-payment loan.C) coupon bond.D) discount bond.Answer: AAACSB: Application of Knowledge9) A credit market instrument that requires the borrower to make the same payment every period until the maturity date is known as aA) simple loan.B) fixed-payment loan.C) coupon bond.D) discount bond.Answer: BAACSB: Application of Knowledge10) Which of the following are TRUE of fixed payment loans?A) The borrower repays both the principal and interest at the maturity date.B) Installment loans and mortgages are frequently of the fixed payment type.C) The borrower pays interest periodically and the principal at the maturity date.D) Commercial loans to businesses are often of this type.Answer: BAACSB: Reflective Thinking11) A fully amortized loan is another name forA) a simple loan.B) a fixed-payment loan.C) a commercial loan.D) an unsecured loan.Answer: BAACSB: Application of Knowledge12) A credit market instrument that pays the owner a fixed coupon payment every year until the maturity date and then repays the face value is called aA) simple loan.B) fixed-payment loan.C) coupon bond.D) discount bond.Answer: CAACSB: Application of Knowledge13) A ________ pays the owner a fixed coupon payment every year until the maturity date, when the ________ value is repaid.A) coupon bond; discountB) discount bond; discountC) coupon bond; faceD) discount bond; faceAnswer: CAACSB: Analytical Thinking14) The ________ is the final amount that will be paid to the holder of a coupon bond.A) discount valueB) coupon valueC) face valueD) present valueAnswer: CAACSB: Application of Knowledge15) When talking about a coupon bond, face value and ________ mean the same thing.A) par valueB) coupon valueC) amortized valueD) discount valueAnswer: AAACSB: Application of Knowledge16) The dollar amount of the yearly coupon payment expressed as a percentage of the face value of the bond is called the bond'sA) coupon rate.B) maturity rate.C) face value rate.D) payment rate.Answer: AAACSB: Application of Knowledge17) The ________ is calculated by multiplying the coupon rate times the par value of the bond.A) present valueB) face valueC) coupon paymentD) maturity paymentAnswer: CAACSB: Analytical Thinking18) If a $1000 face value coupon bond has a coupon rate of 3.75 percent, then the coupon payment every year isA) $37.50.B) $3.75.C) $375.00.D) $13.75Answer: AAACSB: Analytical Thinking19) If a $5,000 coupon bond has a coupon rate of 13 percent, then the coupon payment every year isA) $650.B) $1,300.C) $130.D) $13.Answer: AAACSB: Analytical Thinking20) An $8,000 coupon bond with a $400 coupon payment every year has a coupon rate ofA) 5 percent.B) 8 percent.C) 10 percent.D) 40 percent.Answer: AAACSB: Analytical Thinking21) A $1000 face value coupon bond with a $60 coupon payment every year has a coupon rate ofA) .6 percent.B) 5 percent.C) 6 percent.D) 10 percent.Answer: CAACSB: Analytical Thinking22) All of the following are examples of coupon bonds EXCEPTA) corporate bonds.B) U.S. Treasury bills.C) U.S. Treasury notes.D) U.S. Treasury bonds.Answer: BAACSB: Analytical Thinking23) A bond that is bought at a price below its face value and the face value is repaid at a maturity date is called aA) simple loan.B) fixed-payment loan.C) coupon bond.D) discount bond.Answer: DAACSB: Application of Knowledge24) A ________ is bought at a price below its face value, and the ________ value is repaid at the maturity date.A) coupon bond; discountB) discount bond; discountC) coupon bond; faceD) discount bond; faceAnswer: DAACSB: Analytical Thinking25) A discount bondA) pays the bondholder a fixed amount every period and the face value at maturity.B) pays the bondholder the face value at maturity.C) pays all interest and the face value at maturity.D) pays the face value at maturity plus any capital gain.Answer: BAACSB: Reflective Thinking26) Examples of discount bonds includeA) U.S. Treasury bills.B) corporate bonds.C) U.S. Treasury notes.D) municipal bonds.Answer: AAACSB: Analytical Thinking27) Which of the following are TRUE for discount bonds?A) A discount bond is bought at par.B) The purchaser receives the face value of the bond at the maturity date.C) U.S. Treasury bonds and notes are examples of discount bonds.D) The purchaser receives the par value at maturity plus any capital gains.Answer: BAACSB: Reflective Thinking28) The interest rate that equates the present value of payments received from a debt instrument with its value today is theA) simple interest rate.B) current yield.C) yield to maturity.D) real interest rate.Answer: CAACSB: Application of Knowledge29) Economists consider the ________ to be the most accurate measure of interest rates.A) simple interest rate.B) current yield.C) yield to maturity.D) real interest rate.Answer: CAACSB: Reflective Thinking30) For simple loans, the simple interest rate is ________ the yield to maturity.A) greater thanB) less thanC) equal toD) not comparable toAnswer: CAACSB: Application of Knowledge31) If the amount payable in two years is $2420 for a simple loan at 10 percent interest, the loan amount isA) $1000.B) $1210.C) $2000.D) $2200.Answer: CAACSB: Analytical Thinking32) For a 3-year simple loan of $10,000 at 10 percent, the amount to be repaid isA) $10,030.B) $10,300.C) $13,000.D) $13,310.Answer: DAACSB: Analytical Thinking33) If $22,050 is the amount payable in two years for a $20,000 simple loan made today, the interest rate isA) 5 percent.B) 10 percent.C) 22 percent.D) 25 percent.Answer: AAACSB: Analytical Thinking34) If a security pays $110 next year and $121 the year after that, what is its yield to maturity if it sells for $200?A) 9 percentB) 10 percentC) 11 percentD) 12 percentAnswer: BAACSB: Analytical Thinking35) The present value of a fixed-payment loan is calculated as the ________ of the present value of all cash flow payments.A) sumB) differenceC) multipleD) logAnswer: AAACSB: Analytical Thinking36) Which of the following are TRUE for a coupon bond?A) When the coupon bond is priced at its face value, the yield to maturity equals the coupon rate.B) The price of a coupon bond and the yield to maturity are positively related.C) The yield to maturity is greater than the coupon rate when the bond price is above the par value.D) The yield is less than the coupon rate when the bond price is below the par value. Answer: AAACSB: Reflective Thinking37) The ________ of a coupon bond and the yield to maturity are inversely related.A) priceB) par valueC) maturity dateD) termAnswer: AAACSB: Reflective Thinking38) The price of a coupon bond and the yield to maturity are ________ related; that is, as the yield to maturity ________, the price of the bond ________.A) positively; rises; risesB) negatively; falls; fallsC) positively; rises; fallsD) negatively; rises; fallsAnswer: DAACSB: Reflective Thinking39) The yield to maturity is ________ than the ________ rate when the bond price is ________ its face value.A) greater; coupon; aboveB) greater; coupon; belowC) greater; perpetuity; aboveD) less; perpetuity; belowAnswer: BAACSB: Reflective Thinking40) The ________ is below the coupon rate when the bond price is ________ its par value.A) yield to maturity; aboveB) yield to maturity; belowC) discount rate; aboveD) discount rate; belowAnswer: AAACSB: Reflective Thinking41) A $10,000 8 percent coupon bond that sells for $10,000 has a yield to maturity ofA) 8 percent.B) 10 percent.C) 12 percent.D) 14 percent.Answer: AAACSB: Analytical Thinking42) Which of the following $1,000 face-value securities has the highest yield to maturity?A) a 5 percent coupon bond selling for $1,000B) a 10 percent coupon bond selling for $1,000C) a 12 percent coupon bond selling for $1,000D) a 12 percent coupon bond selling for $1,100Answer: CAACSB: Analytical Thinking43) Which of the following $5,000 face-value securities has the highest yield to maturity?A) a 6 percent coupon bond selling for $5,000B) a 6 percent coupon bond selling for $5,500C) a 10 percent coupon bond selling for $5,000D) a 12 percent coupon bond selling for $4,500Answer: DAACSB: Analytical Thinking44) Which of the following $1,000 face-value securities has the highest yield to maturity?A) a 5 percent coupon bond with a price of $600B) a 5 percent coupon bond with a price of $800C) a 5 percent coupon bond with a price of $1,000D) a 5 percent coupon bond with a price of $1,200Answer: AAACSB: Analytical Thinking45) Which of the following $1,000 face-value securities has the lowest yield to maturity?A) a 5 percent coupon bond selling for $1,000B) a 10 percent coupon bond selling for $1,000C) a 15 percent coupon bond selling for $1,000D) a 15 percent coupon bond selling for $900Answer: AAACSB: Analytical Thinking46) Which of the following bonds would you prefer to be buying?A) a $10,000 face-value security with a 10 percent coupon selling for $9,000B) a $10,000 face-value security with a 7 percent coupon selling for $10,000C) a $10,000 face-value security with a 9 percent coupon selling for $10,000D) a $10,000 face-value security with a 10 percent coupon selling for $10,000 Answer: AAACSB: Analytical Thinking47) A coupon bond that has no maturity date and no repayment of principal is called aA) consol.B) cabinet.C) Treasury bill.D) Treasury note.Answer: AAACSB: Application of Knowledge48) The price of a consol equals the coupon paymentA) times the interest rate.B) plus the interest rate.C) minus the interest rate.D) divided by the interest rate.Answer: DAACSB: Analytical Thinking49) The interest rate on a consol equals theA) price times the coupon payment.B) price divided by the coupon payment.C) coupon payment plus the price.D) coupon payment divided by the price.Answer: DAACSB: Analytical Thinking50) A consol paying $20 annually when the interest rate is 5 percent has a price ofA) $100.B) $200.C) $400.D) $800.Answer: CAACSB: Analytical Thinking51) If a perpetuity has a price of $500 and an annual interest payment of $25, the interest rate isA) 2.5 percent.B) 5 percent.C) 7.5 percent.D) 10 percent.Answer: BAACSB: Analytical Thinking52) The yield to maturity for a perpetuity is a useful approximation for the yield to maturity on long-term coupon bonds. It is called the ________ when approximating the yield for a coupon bond.A) current yieldB) discount yieldC) future yieldD) star yieldAnswer: AAACSB: Reflective Thinking53) The yield to maturity for a one-year discount bond equals the increase in price over the year, divided by theA) initial price.B) face value.C) interest rate.D) coupon rate.Answer: AAACSB: Analytical Thinking54) If a $10,000 face-value discount bond maturing in one year is selling for $5,000, then its yield to maturity isA) 5 percent.B) 10 percent.C) 50 percent.D) 100 percent.Answer: DAACSB: Analytical Thinking55) If a $5,000 face-value discount bond maturing in one year is selling for $5,000, then its yield to maturity isA) 0 percent.B) 5 percent.C) 10 percent.D) 20 percent.Answer: AAACSB: Analytical Thinking56) A discount bond selling for $15,000 with a face value of $20,000 in one year has a yield to maturity ofA) 3 percent.B) 20 percent.C) 25 percent.D) 33.3 percent.Answer: DAACSB: Analytical Thinking57) The yield to maturity for a discount bond is ________ related to the current bond price.A) negativelyB) positivelyC) notD) directlyAnswer: AAACSB: Reflective Thinking58) A discount bond is also called a ________ because the owner does not receive periodic payments.A) zero-coupon bondB) municipal bondC) corporate bondD) consolAnswer: AAACSB: Application of Knowledge59) Another name for a consol is a ________ because it is a bond with no maturity date. The owner receives fixed coupon payments forever.A) perpetuityB) discount bondC) municipalityD) high-yield bondAnswer: AAACSB: Application of Knowledge60) If the interest rate is 5%, what is the present value of a security that pays you $1, 050 next year and $1,102.50 two years from now? If this security sold for $2200, is the yield to maturity greater or less than 5%? Why?Answer: PV = $1,050/(1. +.05) + $1,102.50/(1 + 0.5)2PV = $2,000If this security sold for $2200, the yield to maturity is less than 5%. The lower the interest rate the higher the present value.AACSB: Analytical Thinking4.2 The Distinction Between Interest Rates and Returns1) The ________ is defined as the payments to the owner plus the change in a security's value expressed as a fraction of the security's purchase price.A) yield to maturityB) current yieldC) rate of returnD) yield rateAnswer: CAACSB: Application of Knowledge2) Which of the following are TRUE concerning the distinction between interest rates and returns?A) The rate of return on a bond will not necessarily equal the interest rate on that bond.B) The return can be expressed as the difference between the current yield and the rate of capital gains.C) The rate of return will be greater than the interest rate when the price of the bond falls during the holding period.D) The return can be expressed as the sum of the discount yield and the rate of capital gains. Answer: AAACSB: Reflective Thinking3) The sum of the current yield and the rate of capital gain is called theA) rate of return.B) discount yield.C) perpetuity yield.D) par value.Answer: AAACSB: Analytical Thinking4) What is the return on a 5 percent coupon bond that initially sells for $1,000 and sells for $1,200 next year?A) 5 percentB) 10 percentC) -5 percentD) 25 percentAnswer: DAACSB: Analytical Thinking5) What is the return on a 5 percent coupon bond that initially sells for $1,000 and sells for $900 next year?A) 5 percentB) 10 percentC) -5 percentD) -10 percentAnswer: CAACSB: Analytical Thinking6) The return on a 5 percent coupon bond that initially sells for $1,000 and sells for $950 next year isA) -10 percent.B) -5 percent.C) 0 percent.D) 5 percent.Answer: CAACSB: Analytical Thinking7) Suppose you are holding a 5 percent coupon bond maturing in one year with a yield to maturity of 15 percent. If the interest rate on one-year bonds rises from 15 percent to 20 percent over the course of the year, what is the yearly return on the bond you are holding?A) 5 percentB) 10 percentC) 15 percentD) 20 percentAnswer: CAACSB: Analytical Thinking8) I purchase a 10 percent coupon bond. Based on my purchase price, I calculate a yield to maturity of 8 percent. If I hold this bond to maturity, then my return on this asset isA) 10 percent.B) 8 percent.C) 12 percent.D) there is not enough information to determine the return.Answer: BAACSB: Analytical Thinking9) If the interest rates on all bonds rise from 5 to 6 percent over the course of the year, which bond would you prefer to have been holding?A) a bond with one year to maturityB) a bond with five years to maturityC) a bond with ten years to maturityD) a bond with twenty years to maturityAnswer: AAACSB: Analytical Thinking10) An equal decrease in all bond interest ratesA) increases the price of a five-year bond more than the price of a ten-year bond.B) increases the price of a ten-year bond more than the price of a five-year bond.C) decreases the price of a five-year bond more than the price of a ten-year bond.D) decreases the price of a ten-year bond more than the price of a five-year bond.Answer: BAACSB: Analytical Thinking11) An equal increase in all bond interest ratesA) increases the return to all bond maturities by an equal amount.B) decreases the return to all bond maturities by an equal amount.C) has no effect on the returns to bonds.D) decreases long-term bond returns more than short-term bond returns.Answer: DAACSB: Analytical Thinking12) Which of the following are generally TRUE of bonds?A) A bond's return equals the yield to maturity when the time to maturity is the same as the holding period.B) A rise in interest rates is associated with a fall in bond prices, resulting in capital gains on bonds whose terms to maturity are longer than the holding periods.C) The longer a bond's maturity, the smaller is the size of the price change associated with an interest rate change.D) Prices and returns for short-term bonds are more volatile than those for longer-term bonds. Answer: AAACSB: Reflective Thinking13) Which of the following are generally TRUE of all bonds?A) The longer a bond's maturity, the greater is the rate of return that occurs as a result of the increase in the interest rate.B) Even though a bond has a substantial initial interest rate, its return can turn out to be negative if interest rates rise.C) Prices and returns for short-term bonds are more volatile than those for longer term bonds.D) A fall in interest rates results in capital losses for bonds whose terms to maturity are longer than the holding period.Answer: BAACSB: Reflective Thinking14) The riskiness of an asset's returns due to changes in interest rates isA) exchange-rate risk.B) price risk.C) asset risk.D) interest-rate risk.Answer: DAACSB: Application of Knowledge15) Interest-rate risk is the riskiness of an asset's returns due toA) interest-rate changes.B) changes in the coupon rate.C) default of the borrower.D) changes in the asset's maturity.Answer: AAACSB: Application of Knowledge16) Prices and returns for ________ bonds are more volatile than those for ________ bonds, everything else held constant.A) long-term; long-termB) long-term; short-termC) short-term; long-termD) short-term; short-termAnswer: BAACSB: Reflective Thinking7) There is ________ for any bond whose time to maturity matches the holding period.A) no interest-rate riskB) a large interest-rate riskC) rate-of-return riskD) yield-to-maturity riskAnswer: AAACSB: Analytical Thinking18) All bonds that will not be held to maturity have interest rate risk which occurs because of the change in the price of the bond as a result ofA) interest-rate changes.B) changes in the coupon rate.C) default of the borrower.D) changes in the asset's maturity date.Answer: AAACSB: Application of Knowledge19) Your favorite uncle advises you to purchase long-term bonds because their interest rate is 10%. Should you follow his advice?Answer: It depends on where you think interest rates are headed in the future. If you think interest rates will be going up, you should not follow your uncle's advice because you would then have to discount your bond if you needed to sell it before the maturity date. Long-term bonds have a greater interest-rate risk.AACSB: Reflective Thinking4.3 The Distinction Between Real and Nominal Interest Rates1) The ________ interest rate is adjusted for expected changes in the price level.A) ex ante realB) ex post realC) ex post nominalD) ex ante nominalAnswer: AAACSB: Application of Knowledge2) The ________ interest rate more accurately reflects the true cost of borrowing.A) nominalB) realC) discountD) marketAnswer: BAACSB: Analytical Thinking3) The nominal interest rate minus the expected rate of inflationA) defines the real interest rate.B) is a less accurate measure of the incentives to borrow and lend than is the nominal interest rate.C) is a less accurate indicator of the tightness of credit market conditions than is the nominal interest rate.D) defines the discount rate.Answer: AAACSB: Analytical Thinking4) When the ________ interest rate is low, there are greater incentives to ________ and fewer incentives to ________.A) nominal; lend; borrowB) real; lend; borrowC) real; borrow; lendD) market; lend; borrowAnswer: CAACSB: Reflective Thinking5) The interest rate that describes how well a lender has done in real terms after the fact is called theA) ex post real interest rate.B) ex ante real interest rate.C) ex post nominal interest rate.D) ex ante nominal interest rate.Answer: AAACSB: Analytical Thinking6) The ________ states that the nominal interest rate equals the real interest rate plus the expected rate of inflation.A) Fisher equationB) Keynesian equationC) Monetarist equationD) Marshall equationAnswer: AAACSB: Application of Knowledge7) If the nominal rate of interest is 2 percent, and the expected inflation rate is -10 percent, the real rate of interest isA) 2 percent.B) 8 percent.C) 10 percent.D) 12 percent.Answer: DAACSB: Analytical Thinking8) In which of the following situations would you prefer to be the lender?A) The interest rate is 9 percent and the expected inflation rate is 7 percent.B) The interest rate is 4 percent and the expected inflation rate is 1 percent.C) The interest rate is 13 percent and the expected inflation rate is 15 percent.D) The interest rate is 25 percent and the expected inflation rate is 50 percent.Answer: BAACSB: Analytical Thinking9) In which of the following situations would you prefer to be the borrower?A) The interest rate is 9 percent and the expected inflation rate is 7 percent.B) The interest rate is 4 percent and the expected inflation rate is 1 percent.C) The interest rate is 13 percent and the expected inflation rate is 15 percent.D) The interest rate is 25 percent and the expected inflation rate is 50 percent.Answer: DAACSB: Analytical Thinking10) If you expect the inflation rate to be 15 percent next year and a one-year bond has a yield to maturity of 7 percent, then the real interest rate on this bond isA) 7 percent.B) 22 percent.C) -15 percent.D) -8 percent.Answer: DAACSB: Analytical Thinking11) If you expect the inflation rate to be 12 percent next year and a one-year bond has a yield to maturity of 7 percent, then the real interest rate on this bond isA) -5 percent.B) -2 percent.C) 2 percent.D) 12 percent.Answer: AAACSB: Analytical Thinking12) If you expect the inflation rate to be 4 percent next year and a one year bond has a yield to maturity of 7 percent, then the real interest rate on this bond isA) -3 percent.B) -2 percent.C) 3 percent.D) 7 percent.Answer: CAACSB: Analytical Thinking13) In the United States during the late 1970s, the nominal interest rates were quite high, but the real interest rates were negative. From the Fisher equation, we can conclude that expected inflation in the United States during this period wasA) irrelevant.B) low.C) negative.D) high.Answer: DAACSB: Reflective Thinking14) The interest rate on Treasury Inflation Indexed Securities can be roughly interpreted asA) the real interest rate.B) the nominal interest rate.C) the rate of inflation.D) the rate of deflation.Answer: AAACSB: Analytical Thinking15) Assuming the same coupon rate and maturity length, the difference between the yield on a Treasury Inflation Indexed Security and the yield on a nonindexed Treasury security provides insight intoA) the nominal interest rate.B) the real interest rate.C) the nominal exchange rate.D) the expected inflation rate.Answer: DAACSB: Analytical Thinking16) Assuming the same coupon rate and maturity length, when the interest rate on a Treasury Inflation Indexed Security is 3 percent, and the yield on a nonindexed Treasury bond is 8 percent, the expected rate of inflation isA) 3 percent.B) 5 percent.C) 8 percent.D) 11 percent.Answer: BAACSB: Analytical Thinking17) Would it make sense to buy a house when mortgage rates are 14% and expected inflation is 15%? Explain your answer.Answer: Even though the nominal rate for the mortgage appears high, the real cost of borrowing the funds is -1%. Yes, under this circumstance it would be reasonable to make this purchase.AACSB: Reflective Thinking4.4 Web Appendix: Measuring Interest-Rate Risk: Duration1) Duration isA) an asset's term to maturity.B) the time until the next interest payment for a coupon bond.C) the average lifetime of a debt security's stream of payments.D) the time between interest payments for a coupon bond.Answer: CAACSB: Application of Knowledge2) Comparing a discount bond and a coupon bond with the same maturityA) the coupon bond has the greater effective maturity.B) the discount bond has the greater effective maturity.C) the effective maturity cannot be calculated for a coupon bond.D) the effective maturity cannot be calculated for a discount bond.Answer: BAACSB: Reflective Thinking3) The duration of a coupon bond increasesA) the longer is the bond's term to maturity.B) when interest rates increase.C) the higher the coupon rate on the bond.D) the higher the bond price.Answer: AAACSB: Reflective Thinking4) All else equal, when interest rates ________, the duration of a coupon bond ________.A) rise; fallsB) rise; increasesC) falls; fallsD) falls; does not changeAnswer: AAACSB: Reflective Thinking5) All else equal, the ________ the coupon rate on a bond, the ________ the bond's duration.A) higher; longerB) higher; shorterC) lower; shorterD) greater; longerAnswer: BAACSB: Reflective Thinking。
全新版大学英语第四册 01 (2)
retreat: move back or withdraw when faced with danger or difficulty 撤退
1.After a fierce battle, the troops retreated southward. 2. We adopted the following strategies: when the enemy advances, we retreat; when they retreat, we pursue. 我们采用了以下策略：敌进我退，敌退我进。
2021/6/14
. engage 与···交战 ；使从事；占用
1.The commander ordered the soldiers to engage the enemy immediately. 2.I have no time to engage in gossip . engage sb in sth The teacher tried to engage the shy boy in conversation .
2021/6/14
Conquest: defeat ,征服，打败
1.The year 1939 had witnessed the conquest of Poland by Germany. 2. Hitler badly miscalculated when he assumed the conquest of the USSR would be simple.
1.WTO is considered as the most powerful economic alliance in modern world 2. Japan and Germany made their formal alliance in 1940.
金融英语银行双语阅读
金融英语银行双语阅读推荐文章金融英语双语阅读三篇热度：银行业务双语阅读热度：金融英语双语阅读两篇热度：金融英语双语阅读：成本会计系统热度：金融财经双语阅读：《西方银行增加发行人民币债券》热度：下面店铺为大家带来金融英语银行双语阅读，欢迎大家学习!银行双语阅读：活期存折和储蓄存款The savings deposit is a method of deposit that sets no limits on maturity date, time and amount of deposit or withdrawal. According to the different methods of deposit or withdrawal, there are four types of savings deposits: current passbook deposit, current check deposit, time-demand optional deposit, debit card deposit and notice deposit, etc.活期储蓄存款是指不确定存期、客户可随时存取款、存取金额不限的一种储蓄方式。
按其存取款方式，活期储蓄存款又可分为活期存折存款、活期支票存款、定活两便存款、借记卡及通知存款等。
I. Definition定义Current passbook deposit is defined as one that does not have definite term with the minimum amount of 1 RMB yuan in the account; that the depositors can make deposits or withdrawals at any time without subject to amount limits after you are issued a deposit passbook by the savings office.活期存折储蓄存款是指不确定存期，起存金额为1元人民币，开户后由储蓄机构发给存折，凭存折存取款，存取金额不受限制的一种储蓄方式。
货币金融学(全英)chapter 4习题
• 16.if the present value of security is $150 which interest payment is $55 next year and you will get $133 in the end of third year, the interest rate is ( )
• B next year$6m, and every year$4m in next 4 year after that
• C every year be paid $1m, the last year be paid $6
• D above forms have the same present value
• 5. if interest rate raise from 4%to 5%, the bond holder will be benefit.
• 6. if all kinds of bond’s interest rate decrease from8% to 6% in one year’s time, you prefer bonds with longer maturities.
Choose the best answer
• 1. the present value of security that interest payment is $52.5 next year and $110.25 the second year, interest rate is 5%
• A $162.5 • B $50 • C $100 • D $150 •d
• A 4% • B5% • C6% • D7% •c • 21. which has the lowest yield to maturity of the following
曼昆宏观经济学原版——货币
Banks and the Money Supply: An Example
Suppose $100 of currency is in circulation. To determine banks’ impact on money supply, we calculate the money supply in 3 different cases: 1. No banking system 2. 100% reserve banking system: banks hold 100% of deposits as reserves, make no loans
29
The Monetary System
PRINCIPLES OF
ECONOMICS
FOURTH EDITION
N. G R E G O R Y M A N K I W
PowerPoint® Slides by Ron Cronovich
© 2007 Thomson South-Western, all rights reserved
3
The 2 Kinds of Money
Commodity money: takes the form of a commodity with intrinsic value Examples: gold coins, cigarettes in POW camps Fiat money: money without intrinsic value, used as money because of govt decree
CHAPTER 29 THE MONETARY SYSTEM 13
Banks and the Money Supply: An Example
商业银行十三章
Managing Nondeposit Liabilities and Other Sources of Borrowed Funds
McGraw-Hill/Irwin ©2008 The McGraw-Hill Companies, All Rights Reserved
• Domestic CDs – Issued By Domestic Banks in the U.S. • Euro CDs – Dollar Denominated CDs Issued Outside the U.S. • Yankee CDs – Issued By Foreign Banks in the U.S. • Thrift CDs – Issued By Large Savings and Loans and Other Nonbanks in the U.S.
A Bank With Immediate Reserve Needs Can Borrow From the Federal Reserve. There are Three Types of Loans for Different Needs, Each With Its Own Interest Rate. There are Restrictions on the Frequency of Borrowing at the Federal Reserve.
• Eurodollars are Dollar-Denominated Deposits Placed in Banks Outside the U.S. • Eurocurrency Deposits Originally Were Developed in Western Europe to Provide Liquid Funds to Swap Among Institutions or Lend to Customers • Labeled ‘Liabilities to Foreign Branches’ When a Foreign Branch Lends Eurodeposits to its Home Office
货币、银行和金融体系课件 HO_MB1e_ch11
HUBBARD
ANTHONY PATRICK
O’BRIEN
Money, Banking, and the Financial System
© 2012 Pearson Education, Inc. Publishing as Prentice Hall
11 C H A P T E R
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11.1 Learning Objective Explain how investment banks operate.
© 2012 Pearson Education, Inc. Publishing as Prentice Hall
Investment bankers are involved in the following activities: 1. Providing advice on new security issues 2. Underwriting new security issues 3. Providing advice and financing for mergers and acquisitions 4. Financial engineering, including risk management 5. Research 6. Proprietary trading
Investment Banking
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Providing Advice on New Security Issues • Firms turn to investment banks for advice on how to raise funds by issuing
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External Factors that Affect Decision for New Charter 新执照决策的外部因素P103
• Level of Economic Activity • Growth of Local Economic Activity • The Need for a New Bank • The Strength and Character of Local Competition in Supplying Financial Services
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Key topics
1.chartering new financial-service institutions 2.the performance of new banks 3.establishing full-service branches 4.in-store branching 5.establishing limited-service facilities 6.ATMs and telephone centers 7.the internet and online banking
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Benefits of a National Charter 国民银行执照的好处P101
• Brings Added Prestige Due to Stricter Standards Which May Bring Larger Deposits • In Times of Trouble, Technical Assistance May Be Better
Expected Rate of Return 分支机构的预期收益分析 p109
The Decision of Whether to Establish a Branch Office is a Capital Budgeting Decision. The Present Value of the Net Future Cash Flows Should Be Larger Than the Initial Outlay
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Internal Factors that Affect Decision for New Bank新执照决策 的内部因素
• Qualifications and Contacts of Organizers • Management Quality • Capital Pledged
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Total Operating Expense $180,000.00 $189,000.00 $198,450.00 $208,372.50 $218,791.13 $229,730.68 $241,217.22 $253,278.08 $265,941.98 $279,239.08 $293,201.03 $307,861.08 $323,254.14 $339,416.85 $356,387.69 $374,207.07 $392,917.43 $412,563.30 $433,191.46 $454,851.04
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Questions for Organizers of New Banks P102
① Population and Geographic Boundaries of Primary Service Area (PSA) ② Competing Financial Institutions in PSA ③ Number and Types of Businesses in PSA ④ Traffic Patterns in PSA ⑤ Population Growth in PSA ⑥ Banking History in PSA ⑦ Amount and Holders of Stock in New Bank ⑧ Business and Banking Experience of Organizers ⑨ Projections for New Bank in First 3 to 5 Years
Desirable Sites for New Branches P108 新支行的理想场所
① Heavy Traffic Count 交通流量大的场所 ② Large Number of Retail Shops and Stores周围有大量的零售商 店和商场 ③ Above Average Age of Local Populations超过人口平均年龄 ④ Area Contains Substantial Number of Managers, Business Owners and Professionals 居民包括大量企业管理者、专业人 士、从商人员和职场妇女 ⑤ Steady or Declining Number of Service Facilities Operated by Competitors 竞争者提供的服务设施稳定或趋于下降 ⑥ Above Average Population Growth 高人口增长率 ⑦ Above Average Population Density 高人口密度 ⑧ Relatively High Target Population per Branch 单位网点服务人 口较高 4-12 ⑨ Above Average Levels of Household Income 居民收入较高
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Reasons for Oversight of Charters 银行注册制度存在的原因P100
• Financial Institutions Hold the Public’s Savings • Financial Institutions are the Heart of the Payment System • Financial Institutions Create Money
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Benefits of a State Charter 州立银行执照的好处P101
① May Be Easier and Less Costly to Secure a State Charter ② Bank Does Not Need to Join the Federal Reserve System ③ State May Allow Bank to Lend More of its Capital to a Single Borrower ④ May Be Able to Offer Wider Range of Loans and Other Services
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Charters for New Banks 注册新银行
• Office of the Comptroller of the Currency for National Banks • State Banking Commissions in the 50 States for State Banks
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Geographic Diversification
Reducing a Bank’s Overall Risk Exposure to its Total Return By Establishing Service Facilities in Different Market Areas Whose Individual Returns are Not Highly Correlated with the Returns from a Bank’s Existing Market Locations
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I.
Introduction
• A. The Importance of Convenience and Timely Access to Customers(P99-100) • B. Service Options Available Today(P100)
– 1. Chartering New (De Novo) Financial Institutions(注册新的金融机构） – 2. Establishing New Full-Service Branches（建立服务分支机构） – 3. Setting Up Limited-Service Facilities（设立有限服务的设施）
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P122
Cost of initial banking facility Other organizing expenses Total Revenue of first year
Problem 1
$3,200, 000.00 $700,00 0.00 $510,0.00 6.00% $180,00 0.00 5.00% 10.00%
Chapter Four
Establishing New Banks, Branches, ATMs, Telephone Services, and Web Sites 新银行、支行、自动柜员机、电话银行与银行 网络服务的建设
Goal of This Chapter
• The purpose of this chapter is to learn how new banks are chartered by state and federal authorities in the United States, to determine what makes a good site for a new branch office, to recognize how the role of branch offices is changing, and to explore the advantages and disadvantages of automated banking facilities.
Total Revenue $510,000.00 $540,600.00 $573,036.00 $607,418.16 $643,863.25 $682,495.04 $723,444.75 $766,851.43 $812,862.52 $861,634.27 $913,332.33 $968,132.26 $1,026,220.20 $1,087,793.41 $1,153,061.02 $1,222,244.68 $1,295,579.36 $1,373,314.12 $1,455,712.97 $1,543,055.75 11.71% $591,641.65