Chapter_04

合集下载

Java应用教程_04Chapter

Java应用教程_04Chapter

4.1.3 对象的清除
Java平台允许你创建任意个对象(当然也会 受到系统的限制),在当对象不再使用的时候被 清除的,这个过程就是所谓的“垃圾收集”。 Java运行时系统通过垃圾收集周期地释放无 用对象所使用的内存,完成对象的清除工作。 Java的垃圾收集器自动扫描对象的动态内存区, 对被引用的对象加标记,然后把没有引用的对象 作为垃圾收集起来并释放。
class Point { int x,y; Point() {x=10; y=16;} Point(int a,int b) {x=a; y=b; }}
2013年8月31日星期六
Java对象的创建案例
public class Testobject
{ public static void main(String args[]) { Point p1,p2; p1=new Point(); //为对象分配内存,使用 new 和类中的构造方法 p2=new Point(111,222); System.out.println("点p1的x坐标是:"+p1.x); System.out.println("点p1的y坐标是:"+p1.y);


一维数组的声明方式:
type var[] 或 type[] var;
例如:
int a[]; int[] a1; double b[]; Mydate []c;

Java语言中声明数组时不能指定其长度(数 组中元素的个数),例如:
int a[5]; //非法
2013年8月31日星期六
一维数组的创建
//b.day = 2;
b.year = 2003;
//不合法,无权访问该私有属性

Chapter_04

Chapter_04
1. 2.
Contribution of new knowledge only partially captured by creator From one new idea springs another knowledge can grow indefinitely
4-10
N and the Endogenous Growth Model
4-6
Mechanics of Endogenous Growth


Need to modify the production function to allow for selfsustaining, endogenous growth Economy illustrated in Figure 4-1 (b) is described by a production function with a constant MPK: Y = aK (1)
4-1
Chapter 4
Growth and Policy
• • • • Item Item Item Etc.
McGraw-Hill/Irwin Macroeconomics, 10e
© 2008 The McGraw-Hill Companies, Inc., All Rights Reserved. 4-2

[Insert Figure 4-1 (a) and (b) here]
If savings above required investment, economy is growing as more capital is added process continues until savings equals required investment (reach the steady state)

新编简明英语语言学教程04Chapter-4-gram

新编简明英语语言学教程04Chapter-4-gram
10
The criteria on which categories are determined
确定词的范畴的标准
Meaning (意义) Inflection (屈折变化) Distribution(分布)
11
Word categories often bear some relationship with its meaning. e.g.
9
Major lexical categories play a very important role in sentence formation. They differ from minor lexical categories in that they are often assumed to be the heads around which phrases are built.
14
‘s; -ed, -ing; -er, -est… Although inflection is very helpful in determining a
word’s category, it does not always suffice. Some words do not take inflections. Moisture, fog, sheep; Frequent, intelligent Note: The most reliable criterion of determining a word’s category is its distribution.
因此, 一个词的分布情况与其意义和屈折变化 能力的信息一起对于确定它的句法范畴有帮助.
16
Phrase categories and their structures

美国家庭万用亲子英文英语8000句_部分4

美国家庭万用亲子英文英语8000句_部分4

Want to get into the tub now? 现在要进去浴缸了吗?Is the water warm? 水是温温的吗?Mom,the water's warm/cold. 妈妈,水温温的/很冷。

Let's add some more warm/cold water. 多加一些温/冷水。

Bring my toys to me. 拿玩具给我。

This is floating like a boat. 这个像船一样浮在水上。

Don't fool around.Wash yourself. 不要捣蛋了。

洗澡了。

Let's take a quick shower. 我们赶快淋个浴吧。

Rub the soap and make some foam. 搓一下肥皂,会有泡泡喔。

Let me wash you well. 让我好好帮你洗洗。

Wash your body thoroughly. 把你的身体彻底地洗干净。

Get some body cleanser on the sponge. 弄点沐浴乳在海绵上。

Rub the sponge to make some foam. 揉搓海绵,把泡泡弄出来。

Clean yourself well using the soap form. 用这些肥皂泡沫好好洗澡。

The soap got into my eyes. 肥皂跑进我眼睛了。

Let's rub the dirt off your body. 我们把你身上的污垢搓掉吧。

Your neck is so dirty. 你的脖子好脏喔。

Look! I've got soap bubble. 看!我身上的肥皂泡泡。

Mom,it hurts! 妈,很痛耶!Ouch! My eyes sting. 哎呦!我的眼睛很刺痛。

Let's wash off the soap now. 我们把肥皂洗掉吧。

第04章 市场风险:风险价值VaR

第04章 市场风险:风险价值VaR
1000 X 2.5% 1% 1000

解得:X=600(万美元)
32/64
4.4 VAR和资本金

由于一笔贷款违约时,另外一笔贷款会盈利20 万美元,因此将这一盈利考虑在内,可得贷款 组合1年期99%的VaR=580万美元。
单笔贷款的VaR之和=200+200=400(万美 元) 这一结果再次与“贷款组合会带来风险分散效 应”的论断相悖。
CHAPTER 04 市场风险:风险价值VAR
引言

金融机构的投资组合价值往往取决于成百上千 个市场变量。
某些用于考察某些特殊市场变量对于投资组合 价值影响的度量指标,如Delta、Gamma、 Vega等,尽管这些风险度量很重要,但并不能 为金融机构高管和监管人员提供一个关于整体 风险的完整图像。


对于信用风险和操作风险,监管机构往往要求 在资本金计算中,要采用1年的持有期和99.9 %的置信度。
20/64
4.4 VAR和资本金

对于99.9%的置信度和1年时间,某个组合的VaR 为5000万美元,这意味着在极端条件下(理论上, 每1000年出现一次),该组合在1年时间内的损 失会超过5000万美元。
VaR是两个变量的函数:持有期T 和置信度X% VaR可以由投资组合收益(Profit)的概率分布得 出,也可以由投资组合损失(Loss)的概率分布 得出。
5/64

4.1 VAR的定义

当采用收益分布时,VaR等于收益分布第(100X) %分位数的负值
6/64
4.1 VAR的定义

当采用损失分布时,VaR等于损失分布第X% 分位数。
也就是说,我们有99.9%的把握认为,持有该组 合的金融机构不会在1年内完全损失所持有的资 本金。 如果要确定资本金数量,VaR是最好的风险测度 选择吗?

罗斯公司理财Chap004全英文题库及答案

罗斯公司理财Chap004全英文题库及答案

Chapter 04 Discounted Cash Flow Valuation Answer KeyMultiple Choice Questions1. An annuity stream of cash flow payments is a set of:A. level cash flows occurring each time period for a fixed length of time.B. level cash flows occurring each time period forever.C. increasing cash flows occurring each time period for a fixed length of time.D. increasing cash flows occurring each time period forever.E. arbitrary cash flows occurring each time period for no more than 10 years.Difficulty level: EasyTopic: ANNUITYType: DEFINITIONS2. Annuities where the payments occur at the end of each time period are called _____, whereas _____ refer to annuity streams with payments occurring at the beginning of each time period.A. ordinary annuities; early annuitiesB. late annuities; straight annuitiesC. straight annuities; late annuitiesD. annuities due; ordinary annuitiesE. ordinary annuities; annuities dueDifficulty level: EasyTopic: ANNUITIES DUEType: DEFINITIONS3. An annuity stream where the payments occur forever is called a(n):A. annuity due.B. indemnity.C. perpetuity.D. amortized cash flow stream.E. amortization table.Difficulty level: EasyTopic: PERPETUITYType: DEFINITIONS4. The interest rate expressed in terms of the interest payment made each period is called the _____ rate.A. stated annual interestB. compound annual interestC. effective annual interestD. periodic interestE. daily interestDifficulty level: EasyTopic: STATED INTEREST RATESType: DEFINITIONS5. The interest rate expressed as if it were compounded once per year is called the _____ rate.A. stated interestB. compound interestC. effective annualD. periodic interestE. daily interestDifficulty level: EasyTopic: EFFECTIVE ANNUAL RATEType: DEFINITIONS6. The interest rate charged per period multiplied by the number of periods per year is called the _____ rate.A. effective annualB. annual percentageC. periodic interestD. compound interestE. daily interestDifficulty level: EasyTopic: ANNUAL PERCENTAGE RATEType: DEFINITIONS7. Paying off long-term debt by making installment payments is called:A. foreclosing on the debt.B. amortizing the debt.C. funding the debt.D. calling the debt.E. None of the above.Difficulty level: EasyTopic: AMORTIZATIONType: DEFINITIONS8. You are comparing two annuities which offer monthly payments for ten years. Both annuities are identical with the exception of the payment dates. Annuity A pays on the first of each month while annuity B pays on the last day of each month. Which one of the following statements is correct concerning these two annuities?A. Both annuities are of equal value today.B. Annuity B is an annuity due.C. Annuity A has a higher future value than annuity B.D. Annuity B has a higher present value than annuity A.E. Both annuities have the same future value as of ten years from today.Difficulty level: MediumTopic: ORDINARY ANNUITY VERSUS ANNUITY DUEType: CONCEPTS9. You are comparing two investment options. The cost to invest in either option is the same today. Both options will provide you with $20,000 of income. Option A pays five annual payments starting with $8,000 the first year followed by four annual payments of $3,000 each. Option B pays five annual payments of $4,000 each. Which one of the following statements is correct given these two investment options?A. Both options are of equal value given that they both provide $20,000 of income.B. Option A is the better choice of the two given any positive rate of return.C. Option B has a higher present value than option A given a positive rate of return.D. Option B has a lower future value at year 5 than option A given a zero rate of return.E. Option A is preferable because it is an annuity due.Difficulty level: MediumTopic: UNEVEN CASH FLOWS AND PRESENT VALUEType: CONCEPTS10. You are considering two projects with the following cash flows:Which of the following statements are true concerning these two projects?I. Both projects have the same future value at the end of year 4, given a positive rate of return. II. Both projects have the same future value given a zero rate of return.III. Both projects have the same future value at any point in time, given a positive rate of return. IV. Project A has a higher future value than project B, given a positive rate of return.A. II onlyB. IV onlyC. I and III onlyD. II and IV onlyE. I, II, and III onlyDifficulty level: MediumTopic: UNEVEN CASH FLOWS AND FUTURE VALUEType: CONCEPTS11. A perpetuity differs from an annuity because:A. perpetuity payments vary with the rate of inflation.B. perpetuity payments vary with the market rate of interest.C. perpetuity payments are variable while annuity payments are constant.D. perpetuity payments never cease.E. annuity payments never cease.Difficulty level: EasyTopic: PERPETUITY VERSUS ANNUITYType: CONCEPTS12. Which one of the following statements concerning the annual percentage rate is correct?A. The annual percentage rate considers interest on interest.B. The rate of interest you actually pay on a loan is called the annual percentage rate.C. The effective annual rate is lower than the annual percentage rate when an interest rate is compounded quarterly.D. When firms advertise the annual percentage rate they are violating U.S. truth-in-lending laws.E. The annual percentage rate equals the effective annual rate when the rate on an account is designated as simple interest.Difficulty level: MediumTopic: ANNUAL PERCENTAGE RATEType: CONCEPTS13. Which one of the following statements concerning interest rates is correct?A. The stated rate is the same as the effective annual rate.B. An effective annual rate is the rate that applies if interest were charged annually.C. The annual percentage rate increases as the number of compounding periods per year increases.D. Banks prefer more frequent compounding on their savings accounts.E. For any positive rate of interest, the effective annual rate will always exceed the annual percentage rate.Difficulty level: MediumTopic: INTEREST RATESType: CONCEPTS14. Which of the following statements concerning the effective annual rate are correct?I. When making financial decisions, you should compare effective annual rates rather than annual percentage rates.II. The more frequently interest is compounded, the higher the effective annual rate.III. A quoted rate of 6% compounded continuously has a higher effective annual rate than if the rate were compounded daily.IV. When borrowing and choosing which loan to accept, you should select the offer with the highest effective annual rate.A. I and II onlyB. I and IV onlyC. I, II, and III onlyD. II, III, and IV onlyE. I, II, III, and IVDifficulty level: MediumTopic: EFFECTIVE ANNUAL RATEType: CONCEPTS15. The highest effective annual rate that can be derived from an annual percentage rate of 9% is computed as:A. .09e - 1.B. e.09 ⨯ q.C. e ⨯ (1 + .09).D. e.09 - 1.E. (1 + .09)q.Difficulty level: MediumTopic: CONTINUOUS COMPOUNDINGType: CONCEPTS16. The time value of money concept can be defined as:A. the relationship between the supply and demand of money.B. the relationship between money spent versus money received.C. the relationship between a dollar to be received in the future and a dollar today.D. the relationship between interest rate stated and amount paid.E. None of the above.Difficulty level: EasyTopic: TIME VALUEType: CONCEPTS17. Discounting cash flows involves:A. discounting only those cash flows that occur at least 10 years in the future.B. estimating only the cash flows that occur in the first 4 years of a project.C. multiplying expected future cash flows by the cost of capital.D. discounting all expected future cash flows to reflect the time value of money.E. taking the cash discount offered on trade merchandise.Difficulty level: EasyTopic: CASH FLOWSType: CONCEPTS18. Compound interest:A. allows for the reinvestment of interest payments.B. does not allow for the reinvestment of interest payments.C. is the same as simple interest.D. provides a value that is less than simple interest.E. Both A and D.Difficulty level: EasyTopic: INTERESTType: CONCEPTS19. An annuity:A. is a debt instrument that pays no interest.B. is a stream of payments that varies with current market interest rates.C. is a level stream of equal payments through time.D. has no value.E. None of the above.Difficulty level: EasyTopic: ANNUITYType: CONCEPTS20. The stated rate of interest is 10%. Which form of compounding will give the highest effective rate of interest?A. annual compoundingB. monthly compoundingC. daily compoundingD. continuous compoundingE. It is impossible to tell without knowing the term of the loan.Difficulty level: EasyTopic: COMPOUNDINGType: CONCEPTS21. The present value of future cash flows minus initial cost is called:A. the future value of the project.B. the net present value of the project.C. the equivalent sum of the investment.D. the initial investment risk equivalent value.E. None of the above.Difficulty level: EasyTopic: PRESENT VALUEType: CONCEPTS22. Find the present value of $5,325 to be received in one period if the rate is 6.5%.A. $5,000.00B. $5,023.58C. $5,644.50D. $5,671.13E. None of the above.Difficulty level: EasyTopic: PRESENT VALUE - SINGLE SUMType: PROBLEMS23. If you have a choice to earn simple interest on $10,000 for three years at 8% or annually compounded interest at 7.5% for three years which one will pay more and by how much?A. Simple interest by $50.00B. Compound interest by $22.97C. Compound interest by $150.75D. Compound interest by $150.00E. None of the above.Simple Interest = $10,000 (.08)(3) = $2,400;Compound Interest = $10,000((1.075)3 - 1) = $2,422.97;Difference = $2,422.97 - $2,400 = $22.97Difficulty level: EasyTopic: SIMPLE & COMPOUND INTERESTType: PROBLEMS24. Bradley Snapp has deposited $7,000 in a guaranteed investment account with a promised rate of 6% compounded annually. He plans to leave it there for 4 full years when he will make a down payment on a car after graduation. How much of a down payment will he be able to make?A. $1,960.00B. $2,175.57C. $8,960.00D. $8,837.34E. $9,175.57$7,000 (1.06)4 = $8,837.34Difficulty level: EasyTopic: FUTURE VALUE - SINGLE SUMType: PROBLEMS25. Your parents are giving you $100 a month for four years while you are in college. At a 6% discount rate, what are these payments worth to you when you first start college?A. $3,797.40B. $4,167.09C. $4,198.79D. $4,258.03E. $4,279.32Difficulty level: EasyTopic: ORDINARY ANNUITY AND PRESENT VALUEType: PROBLEMS26. You just won the lottery! As your prize you will receive $1,200 a month for 100 months. If you can earn 8% on your money, what is this prize worth to you today?A. $87,003.69B. $87,380.23C. $87,962.77D. $88,104.26E. $90,723.76Difficulty level: EasyTopic: ORDINARY ANNUITY AND PRESENT VALUEType: PROBLEMS27. Todd is able to pay $160 a month for five years for a car. If the interest rate is 4.9%, how much can Todd afford to borrow to buy a car?A. $6,961.36B. $8,499.13C. $8,533.84D. $8,686.82E. $9,588.05Difficulty level: EasyTopic: ORDINARY ANNUITY AND PRESENT VALUEType: PROBLEMS28. You are the beneficiary of a life insurance policy. The insurance company informs you that you have two options for receiving the insurance proceeds. You can receive a lump sum of $50,000 today or receive payments of $641 a month for ten years. You can earn 6.5% on your money. Which option should you take and why?A. You should accept the payments because they are worth $56,451.91 today.B. You should accept the payments because they are worth $56,523.74 today.C. You should accept the payments because they are worth $56,737.08 today.D. You should accept the $50,000 because the payments are only worth $47,757.69 today.E. You should accept the $50,000 because the payments are only worth $47,808.17 today.Difficulty level: MediumTopic: ORDINARY ANNUITY AND PRESENT VALUEType: PROBLEMS29. Your employer contributes $25 a week to your retirement plan. Assume that you work for your employer for another twenty years and that the applicable discount rate is 5%. Given these assumptions, what is this employee benefit worth to you today?A. $13,144.43B. $15,920.55C. $16,430.54D. $16,446.34E. $16,519.02Difficulty level: MediumTopic: ORDINARY ANNUITY AND PRESENT VALUEType: PROBLEMS30. You have a sub-contracting job with a local manufacturing firm. Your agreement calls for annual payments of $50,000 for the next five years. At a discount rate of 12%, what is this job worth to you today?A. $180,238.81B. $201,867.47C. $210,618.19D. $223,162.58E. $224,267.10Difficulty level: MediumTopic: ORDINARY ANNUITY AND PRESENT VALUEType: PROBLEMS31. The Ajax Co. just decided to save $1,500 a month for the next five years as a safety net for recessionary periods. The money will be set aside in a separate savings account which pays 3.25% interest compounded monthly. It deposits the first $1,500 today. If the company had wanted to deposit an equivalent lump sum today, how much would it have had to deposit?A. $82,964.59B. $83,189.29C. $83,428.87D. $83,687.23E. $84,998.01Difficulty level: MediumTopic: ANNUITY DUE AND PRESENT VALUEType: PROBLEMS32. You need some money today and the only friend you have that has any is your ‘miserly' friend. He agrees to loan you the money you need, if you make payments of $20 a month for the next six months. In keeping with his reputation, he requires that the first payment be paid today. He also charges you 1.5% interest per month. How much money are you borrowing?A. $113.94B. $115.65C. $119.34D. $119.63E. $119.96Difficulty level: MediumTopic: ANNUITY DUE AND PRESENT VALUEType: PROBLEMS33. You buy an annuity which will pay you $12,000 a year for ten years. The payments are paid on the first day of each year. What is the value of this annuity today at a 7% discount rate?A. $84,282.98B. $87,138.04C. $90,182.79D. $96,191.91E. $116,916.21Difficulty level: MediumTopic: ANNUITY DUE AND PRESENT VALUEType: PROBLEMS34. You are scheduled to receive annual payments of $10,000 for each of the next 25 years. Your discount rate is 8.5%. What is the difference in the present value if you receive these payments at the beginning of each year rather than at the end of each year?A. $8,699B. $9,217C. $9,706D. $10,000E. $10,850Difference = $111,040.97 - $102,341.91 = $8,699.06 = $8,699 (rounded)Note: The difference = .085 $102,341.91 = $8,699.06Difficulty level: MediumTopic: ORDINARY ANNUITY VERSUS ANNUITY DUEType: PROBLEMS35. You are comparing two annuities with equal present values. The applicable discount rate is 7.5%. One annuity pays $5,000 on the first day of each year for twenty years. How much does the second annuity pay each year for twenty years if it pays at the end of each year?A. $4,651B. $5,075C. $5,000D. $5,375E. $5,405Because each payment is received one year later, then the cash flow has to equal: $5,000 (1 + .075) = $5,375Difficulty level: MediumTopic: ORDINARY ANNUITY VERSUS ANNUITY DUEType: PROBLEMS36. Martha receives $100 on the first of each month. Stewart receives $100 on the last day of each month. Both Martha and Stewart will receive payments for five years. At an 8% discount rate, what is the difference in the present value of these two sets of payments?A. $32.88B. $40.00C. $99.01D. $108.00E. $112.50Difference = $4,964.72 - $4,931.84 = $32.88Difficulty level: MediumTopic: ORDINARY ANNUITY VERSUS ANNUITY DUEType: PROBLEMS37. What is the future value of $1,000 a year for five years at a 6% rate of interest?A. $4,212.36B. $5,075.69C. $5,637.09D. $6,001.38E. $6,801.91Difficulty level: EasyTopic: ORDINARY ANNUITY AND FUTURE VALUEType: PROBLEMS38. What is the future value of $2,400 a year for three years at an 8% rate of interest?A. $6,185.03B. $6,847.26C. $7,134.16D. $7,791.36E. $8,414.67Difficulty level: EasyTopic: ORDINARY ANNUITY AND FUTURE VALUEType: PROBLEMS39. Janet plans on saving $3,000 a year and expects to earn 8.5%. How much will Janet have at the end of twenty-five years if she earns what she expects?A. $219,317.82B. $230,702.57C. $236,003.38D. $244,868.92E. $256,063.66Difficulty level: EasyTopic: ORDINARY ANNUITY AND FUTURE VALUEType: PROBLEMS40. Toni adds $3,000 to her savings on the first day of each year. Tim adds $3,000 to his savings on the last day of each year. They both earn a 9% rate of return. What is the difference in their savings account balances at the end of thirty years?A. $35,822.73B. $36,803.03C. $38,911.21D. $39,803.04E. $40,115.31Difference = $445,725.65 - $408,922.62 = $36,803.03Note: Difference = $408,922.62 .09 = $36,803.03Difficulty level: MediumTopic: ANNUITY DUE VERSUS ORDINARY ANNUITYType: PROBLEMS41. You borrow $5,600 to buy a car. The terms of the loan call for monthly payments for four years at a 5.9% rate of interest. What is the amount of each payment?A. $103.22B. $103.73C. $130.62D. $131.26E. $133.04Difficulty level: EasyTopic: ORDINARY ANNUITY PAYMENTSType: PROBLEMS42. You borrow $149,000 to buy a house. The mortgage rate is 7.5% and the loan period is 30 years. Payments are made monthly. If you pay for the house according to the loan agreement, how much total interest will you pay?A. $138,086B. $218,161C. $226,059D. $287,086E. $375,059Total interest = ($1,041.83 ⨯ 30 ⨯ 12) - $149,000 = $226,058.80 = $226,059 (rounded) Difficulty level: MediumTopic: ORDINARY ANNUITY PAYMENTS AND COST OF INTERESTType: PROBLEMS43. The Great Giant Corp. has a management contract with its newly hired president. The contract requires a lump sum payment of $25 million be paid to the president upon the completion of her first ten years of service. The company wants to set aside an equal amount of funds each year to cover this anticipated cash outflow. The company can earn 6.5% on these funds. How much must the company set aside each year for this purpose?A. $1,775,042.93B. $1,798,346.17C. $1,801,033.67D. $1,852,617.25E. $1,938,018.22Difficulty level: EasyTopic: ORDINARY ANNUITY PAYMENTS AND FUTURE VALUEType: PROBLEMS44. You retire at age 60 and expect to live another 27 years. On the day you retire, you have $464,900 in your retirement savings account. You are conservative and expect to earn 4.5% on your money during your retirement. How much can you withdraw from your retirement savings each month if you plan to die on the day you spend your last penny?A. $2,001.96B. $2,092.05C. $2,398.17D. $2,472.00E. $2,481.27Difficulty level: MediumTopic: ORDINARY ANNUITY PAYMENTS AND PRESENT VALUEType: PROBLEMS45. The McDonald Group purchased a piece of property for $1.2 million. It paid a down payment of 20% in cash and financed the balance. The loan terms require monthly payments for 15 years at an annual percentage rate of 7.75% compounded monthly. What is the amount of each mortgage payment?A. $7,440.01B. $8,978.26C. $9,036.25D. $9,399.18E. $9,413.67Amount financed = $1,200,000 (1 - .2) = $960,000Difficulty level: MediumTopic: ORDINARY ANNUITY PAYMENTS AND PRESENT VALUEType: PROBLEMS46. You estimate that you will have $24,500 in student loans by the time you graduate. The interest rate is 6.5%. If you want to have this debt paid in full within five years, how much must you pay each month?A. $471.30B. $473.65C. $476.79D. $479.37E. $480.40Difficulty level: MediumTopic: ORDINARY ANNUITY PAYMENTS AND PRESENT VALUEType: PROBLEMS47. You are buying a previously owned car today at a price of $6,890. You are paying $500 down in cash and financing the balance for 36 months at 7.9%. What is the amount of each loan payment?A. $198.64B. $199.94C. $202.02D. $214.78E. $215.09Amount financed = $6,890 - $500 = $6,390Difficulty level: MediumTopic: ORDINARY ANNUITY PAYMENTS AND PRESENT VALUEType: PROBLEMS48. The Good Life Insurance Co. wants to sell you an annuity which will pay you $500 per quarter for 25 years. You want to earn a minimum rate of return of 5.5%. What is the most you are willing to pay as a lump sum today to buy this annuity?A. $26,988.16B. $27,082.94C. $27,455.33D. $28,450.67E. $28,806.30Difficulty level: MediumTopic: ORDINARY ANNUITY PAYMENTS AND PRESENT VALUEType: PROBLEMS49. Your car dealer is willing to lease you a new car for $299 a month for 60 months. Payments are due on the first day of each month starting with the day you sign the lease contract. If your cost of money is 4.9%, what is the current value of the lease?A. $15,882.75B. $15,906.14C. $15,947.61D. $16,235.42E. $16,289.54Difficulty level: MediumTopic: ANNUITY DUE PAYMENTS AND PRESENT VALUEType: PROBLEMS50. Your great-aunt left you an inheritance in the form of a trust. The trust agreement states that you are to receive $2,500 on the first day of each year, starting immediately and continuing for fifty years. What is the value of this inheritance today if the applicable discount rate is 6.35%?A. $36,811.30B. $37,557.52C. $39,204.04D. $39,942.42E. $40,006.09Difficulty level: MediumTopic: ANNUITY DUE PAYMENTS AND PRESENT VALUEType: PROBLEMS51. Beatrice invests $1,000 in an account that pays 4% simple interest. How much more could she have earned over a five-year period if the interest had compounded annually?A. $15.45B. $15.97C. $16.65D. $17.09E. $21.67Ending value at 4% simple interest = $1,000 + ($1,000 ⨯ .04 ⨯ 5) = $1,200.00; Ending value at 4% compounded annually = $1,000 ⨯ (1 +.04)5 = $1,216.65;Difference = $1,216.65 - $1,200.00 = $16.65Difficulty level: EasyTopic: SIMPLE VERSUS COMPOUND INTERESTType: PROBLEMS52. Your firm wants to save $250,000 to buy some new equipment three years from now. The plan is to set aside an equal amount of money on the first day of each year starting today. The firm can earn a 4.7% rate of return. How much does the firm have to save each year to achieve its goal?A. $75,966.14B. $76,896.16C. $78,004.67D. $81.414.14E. $83,333.33Difficulty level: MediumTopic: ANNUITY DUE PAYMENTS AND FUTURE VALUEType: PROBLEMS53. Today is January 1. Starting today, Sam is going to contribute $140 on the first of each month to his retirement account. His employer contributes an additional 50% of the amount contributed by Sam. If both Sam and his employer continue to do this and Sam can earn a monthly rate of ½ of 1 percent, how much will he have in his retirement account 35 years from now?A. $199,45.944B. $200,456.74C. $249,981.21D. $299,189.16E. $300,685.11Difficulty level: MediumTopic: ANNUITY DUE PAYMENTS AND FUTURE VALUEType: PROBLEMS54. You are considering an annuity which costs $100,000 today. The annuity pays $6,000 a year. The rate of return is 4.5%. What is the length of the annuity time period?A. 24.96 yearsB. 29.48 yearsC. 31.49 yearsD. 33.08 yearsE. 38.00 yearsDifficulty level: MediumTopic: ORDINARY ANNUITY TIME PERIODS AND PRESENT VALUEType: PROBLEMS55. Today, you signed loan papers agreeing to borrow $4,954.85 at 9% compounded monthly. The loan payment is $143.84 a month. How many loan payments must you make before the loan is paid in full?A. 29.89B. 36.00C. 38.88D. 40.00E. 41.03Difficulty level: MediumTopic: ORDINARY ANNUITY TIME PERIODS AND PRESENT VALUEType: PROBLEMS56. Winston Enterprises would like to buy some additional land and build a new factory. The anticipated total cost is $136 million. The owner of the firm is quite conservative and will only do this when the company has sufficient funds to pay cash for the entire expansion project. Management has decided to save $450,000 a month for this purpose. The firm earns 6% compounded monthly on the funds it saves. How long does the company have to wait before expanding its operations?A. 184.61 monthsB. 199.97 monthsC. 234.34 monthsD. 284.61 monthsE. 299.97 monthsDifficulty level: MediumTopic: ORDINARY ANNUITY TIME PERIODS AND FUTURE VALUEType: PROBLEMS57. Today, you are retiring. You have a total of $413,926 in your retirement savings and have the funds invested such that you expect to earn an average of 3%, compounded monthly, on this money throughout your retirement years. You want to withdraw $2,500 at the beginning of every month, starting today. How long will it be until you run out of money?A. 185.00 monthsB. 213.29 monthsC. 227.08 monthsD. 236.84 monthsE. 249.69 monthsDifficulty level: MediumTopic: ANNUITY DUE TIME PERIODS AND PRESENT VALUEType: PROBLEMS58. The Bad Guys Co. is notoriously known as a slow-payer. It currently needs to borrow $25,000 and only one company will even deal with Bad Guys. The terms of the loan call for daily payments of $30.76. The first payment is due today. The interest rate is 21% compounded daily. What is the time period of this loan?A. 2.88 yearsB. 2.94 yearsC. 3.00 yearsD. 3.13 yearsE. 3.25 yearsDifficulty level: MediumTopic: ANNUITY DUE TIME PERIODSType: PROBLEMS59. The Robertson Firm is considering a project which costs $123,900 to undertake. The project will yield cash flows of $4,894.35 monthly for 30 months. What is the rate of return on this project?A. 12.53%B. 13.44%C. 13.59%D. 14.02%E. 14.59%This can not be solved directly, so it's easiest to just use the calculator method to get an answer. You can then use the calculator answer as the rate in the formula just to verify that your answer is correct.Difficulty level: MediumTopic: ORDINARY ANNUITY INTEREST RATEType: PROBLEMS60. Your insurance agent is trying to sell you an annuity that costs $100,000 today. By buying this annuity, your agent promises that you will receive payments of $384.40 a month for the next 40 years. What is the rate of return on this investment?A. 3.45%B. 3.47%C. 3.50%D. 3.52%E. 3.55%This can not be solved directly, so it's easiest to just use the calculator method to get an answer. You can then use the calculator answer as the rate in the formula just to verify that you answer is correct.Difficulty level: MediumTopic: ORDINARY ANNUITY INTEREST RATEType: PROBLEMS61. You have been investing $120 a month for the last 15 years. Today, your investment account is worth $47,341.19. What is your average rate of return on your investments?A. 9.34%B. 9.37%C. 9.40%D. 9.42%E. 9.46%This can not be solved directly, so it's easiest to just use the calculator method to get an answer. You can then use the calculator answer as the rate in the formula just to verify that you answer is correct.Difficulty level: MediumTopic: ORDINARY ANNUITY INTEREST RATEType: PROBLEMS。

国际商务谈判教案Chapter4(预习复习)

国际商务谈判教案Chapter4(预习复习)

国际商务谈判教案Chapter4(预习复习)Chapter 04 - Negotiation: Strategy and PlanningChapter 4Negotiation: Strategy and PlanningOverviewIn this chapter, we discuss what negotiators should do before opening negotiations. Effective strategy and planning are the most critical precursors for achieving negotiation objectives. With effective planning and target setting, most negotiators can achieve their objectives; without them, results occur more by chance than by negotiator effort. Regrettably, systematic planning is not something that most negotiatorsdo willingly. Although time constraints and work pressures make it difficult to find the time to plan adequately, for many planning is simply boring and tedious, easily put off in favor of getting into the action quickly. It is clear, however, that devoting insufficient time to planningis one weakness that may cause negotiators to fail.The discussion of strategy and planning begins by exploring the broad process of strategy development, starting with defining the negotiator’s goals and objectives then moves to developing a strategy to address the issues and achieve one’s goals. Finally, we address the typical stages and phases of an evolving negotiation and how different issues and goals will affect the planning process.Learning Objectives1. Goals – The focus that drives a negotiation strategy.2. Strategy– The overall plan to achieve one’s goals.3. Getting ready to implement the strategy: The planning process.I. Goals – The Focus That Drives a Negotiation StrategyA. Direct effects of goals on choice of strategy1. There are four important aspects to understand about how goals affect negotiations: a. Wishes are not goals, especially in negotiation. b. Goals are often linked to the other party’s goals. c. There are boundaries or limits to what goals can be.d. Effective goals must be concrete, specific and measurable. If they are not, then itwill be hard to:(1) Communicate to the other party what we want (2) Understand what the other party wants(3) Determine whether an offer on the table satisfies our goals.2. Goals can be tangible or procedural.4-1Chapter 04 - Negotiation: Strategy and Planning3. The criteria used to determine goals depend on your specific objectives and your priorities among multiple objectives.B. Indirect effects of goals on choice of strategy1. Short-term thinking affects our choice of strategy; in developing and framing our goals, we may ignore the present or future relationship with the other party in a concern for achieving a substantive outcome only.2. Negotiation goals that are complex or difficult to define may requirea substantial change in the other party’s attitude. In most cases, progress will be madeincrementally, and may depend on establishing a relationship with the other party.II. Strategy – The Overall Plan to Achieve One’s GoalsA. Strategy versus Tactics1. A major difference between strategy and tactics is that of scale, perspective or immediacy.2. Tactics are short-term, adaptive moves designed to enact or pursue broad strategies, which in turn provide stability, continuity, and direction for tactical behaviors.3. Tactics are subordinate to strategy: they are structured, directed, and driven by strategic considerations.B. Unilateral versus bilateral approaches to strategy1. A unilateral choice is made without the active involvement of the other party.2. Unilaterally pursued strategies can be wholly one-sided and intentionally ignorant of any information about the other negotiator.3. Unilateral strategies should evolve into ones that fully consider the impact of the other’s strategy on one’s own.C. The dual concerns model as a vehicle for describing negotiation strategies. This model proposes that individuals have two levels of related concerns: a concern for their own outcomes, and a level of concern for the other’s outcomes.1. Alternative situational strategiesa. There are at least four different types of strategies when assessing the relativeimportance and priority of the negotiator’s substantive outcome versus the relational outcome: competitive, collaboration, accommodation, and avoidance2. The nonengagement strategy: Avoidancea. There are many reasons why negotiators may choose not to negotiate:(1) If one is able to meet one’s needs without negotiating at all, it may make sense to use an avoidance strategy(2) It simply may not be worth the time and effort to negotiate (although there are sometimes reasons to negotiate in such situations4-2Chapter 04 - Negotiation: Strategy and Planning(3) The decision to negotiate is closely related to the desirability of availablealternatives – the outcomes that can be achieved if negotiations don’t work out3. Active-engagement strategies: Competition, collaboration, and accommodation a. Competition is distributive win-lose bargaining. b. Collaboration is integrative or win-win negotiation.c. Accommodation is as much a win-lose strategy as competition, although it has adecidedly different image it involves an imbalance of outcomes, but in the opposite direction. (“I lose, you win” as opposed to “I win, you lose.”) d. There are drawbacks to these strategies if applied blindly, thoughtlessly orinflexibly:(1) Distributive strategies tend to create “we-they” or “superiority-inferiority” patterns, which may result in a distortion of the other side’s contributions, as well as their values, needs and positions.(2) If a negotiator pursues an integrative strategy without regard to the other’s strategy, then the other may manipulate and exploit the collaborator and take advantage of the good faith and goodwill being demonstrated.(3) Accommodative strategies may generate a pattern of constantly giving in to keep the other happy or to avoid a fight.III. Understanding the Flow of Negotiations: Stages and PhasesA. Phase models of negotiation:1. Initiation2. Problem solving3. ResolutionB. Greenhalgh (2001) suggests that there are seven key steps to an ideal negotiation process:1. Preparation: deciding what is important, defining goals, thinking ahead how to work together with the other party.2. Relationship building: getting to know the other party, understanding how you and the other are similar and different, and building commitment toward achieving a mutually beneficial set of outcomes.3. Information gathering: learning what you need to know about the issues, about the other party and their needs, about the feasibility of possible settlements, and about what might happen if you fail to reach agreement with the other side.4. Information using: at this stage, negotiators assemble the case they want to make for their preferred outcomes and settlement, one that will maximize the negotiator’s own needs.5. Bidding: the process of making moves from one’s initial, ideal position to the actual outcome.6. Closing the deal: the objective here is to build commitment to the agreement achieved in the previous phase.7. Implementing the agreement: determining who needs to do what once hands are shaken and the documents signed.4-3Chapter 04 - Negotiation: Strategy and PlanningIV. Getting Ready to Implement the Strategy: The Planning Process A. Defining the issues1. Usually begins with an analysis of what is to be discussed in the negotiation.2. The number of issues in a negotiation, along with the relationship between thenegotiator and the other party, are often the primary determinant of whether one uses a distributive or integrative strategy.3. In any negotiation, a complete list of the issues at stake is best derived from the following sources:a. An analysis of all the possible issues that need to be decided.b. Previous experience in similar negotiations.c. Research conducted to gather information.d. Consultation with experts in that industry.B. Assembling the issues and defining the bargaining mix1. The combination of lists from each side in a negotiation determines the bargaining mix.2. There are two steps a negotiator can use to prioritize the issues on an agenda: a. Determine which issues are most important and which are less important. b. Determine whether the issues are linked together or are separate.C. Defining Interests1. Interests may be:a. Substantive, that is, directly related to the focal issues under negotiation.b. Process-based, that is, related to how the negotiators behave as they negotiate.c. Relationship-based, that is, tied to the current or desired future relationshipbetween the parties.2. Interests may also be based on intangibles of negotiation.D. Knowing limits and alternatives1. Good preparation requires that you establish two clear points:a. Resistance point – the place where you decide that you should absolutely stop thenegotiation rather than continue.b. Alternatives – other agreements negotiators could achieve and still meet theirneeds. Alternatives define whether the current outcome is better than another possibility.E. Setting targets and openings1. Two key points should be defined in this step:a. The specific target point where one realistically expects to achieve a settlement4-4Chapter 04 - Negotiation: Strategy and Planningb. The asking price, representing the best deal one can hope to achieve.2. Target setting requires positive thinking about one’s own objectives.3. Target setting often requires considering how to package several issues and objectives.4. Target setting requires an understanding of trade-offs and throwaways.F. Assessing constituents and the social context of a negotiation1. When people negotiate in a professional context, there may be more than two parties. a. There may be more than two negotiators at the table. Multiple parties often leadto the formation of coalitions.b. Negotiators also have constituents who will evaluate and critique them.c. Negotiation occurs in a context of rules – a social system of laws, customs,common business practices, cultural norms, and politicalcross-pressures.2. “Field analysis” can be used to assess all the key parties in a negotiation. a. Who is, or should be, on the team on my side of the field?b. Who is on the other side of the field?c. Who is on the sidelines and can affect the play of the game? Who are thenegotiation equivalents of owners, managers and strategists?d. Who is in the stands? Who is watching the game, is interested in it, but can onlyindirectly affect what happens?e. What is going on in the broader environment in which the negotiation takesplace?f. What is common and acceptable practice in the ethical system in which the deal isbeing done?g. What is common and acceptable practice given the culture in which thenegotiation is conducted?G. Analyzing the other party1. Learning the other’s issues, preferences, priorities, interests, alternatives and constraints is almost as important as determining one’s own.2. Several key pieces of background information will be of great importance, including: a. The other party’s resources, issues, and bargaining mix – investigate:(1) Other party’s business history or previous negotiations. (2) Financial data. (3) Inventories.(4) Visit or speak with the other party’s friends and peers. (5) Question past business partners. b. The other party’s interests and needs.(1) Conduct a preliminary interview including a broad discussion of what the other party would like to achieve in the upcoming negotiations. (2) Anticipating the other party’s interests.(3) Asking others who know or have negotiated with the other party. (4) Reading how the other party portrays him/herself in the media.4-5。

使用CorelDRAW中的“交互式网格填充”工具填充对象

使用CorelDRAW中的“交互式网格填充”工具填充对象

使用CorelDRAW中的“交互式网格填充”工具填充对象使用交互网格填充工具使用“交互式网格填充”工具可以创建出变化丰富的渐变填充效果。

例如苹果、花瓣、树叶等图形,我们都可以通过使用该工具轻松实现。

需注意的是网格填充只能应用于封闭对象或单条路径。

接下来将通过实例的操作,从而使用读者掌握“交互式网格填充”工具的使用方法和操作技巧。

(1)启动CorelDRAW,新建一个工作文档,单击属性栏中的“横向”按钮,将页面横向摆放,其他参数保持默认设置。

(2)执行“文件”→“导入”命令,导入本书附带光盘\Chapter-04\“背景2.jpg”文件,然后调整图片的大小和位置,使其与页面对齐,如图4-110所示。

图4-110 导入素材图片(3)选择工具箱中的“贝塞尔”工具,在页面中绘制出苹果图形的轮廓路径,然后将其填充色设置为白色,轮廓色设置为60%黑色,如图4-111所示。

(4)读者也可以通过执行“文件”→“导入”命令,导入本书附带光盘\Chapter-04\“苹果外形轮廓.cdr”文件。

并将其放置到绘图页面中相应的位置。

图4-111 绘制苹果轮廓图形(5)确定苹果轮廓图形的选择状态,然后选择工具箱中的“交互式网格填充”工具,这时苹果图形上将出现带有节点的网格线,选择多余的节点,按下<Delete>键将其删除,从而使网格更加平滑且更利于之后的编辑操作,如图4-112所示。

提示:将鼠标指针放置在网格线上会变成“形状”工具图标,读者可以像编辑普通曲线那样对网格线进行编辑。

合理地控制节点数量不仅可以达到理想的画面效果,还可以避免在对其调整时由于网格及节点数量过多带来的诸多不便。

图4-112 删除多余节点技巧:在使用“交互式网格填充”工具选择对象之前,读者可在其属性栏中,设置其“网格大小”参数,然后再选择需要应用网格填充的对象。

这样添加网格对象上的节点将会最少。

更有利于编辑操作。

如图4-113所示。

展示了设置网格大小后再选择对象的效果。

04Chapter_4_gram

04Chapter_4_gram

11
1.3 Relation of Co-occurrence CoIt means that words of different sets of clauses may permit, or require, the occurrence of a word of another set or class to form a sentence or a particular part of a sentence.
NP Det N V S VP NP Det N
The girl ate the apple
17
Word-level N=noun A=adjective V=verb P=preposition Det=determiner Adv=adverb Conj=conjunction
Phrasal NP=noun phrase AP=adjective phrase VP=verb phrase PP=preposition phrase S=sentence or clause
the basic sentence, the prepositional phrase, the predicate (verb + object) construction, and the connective (be + complement) construction.
22
The boy smiled. (Neither constituent can smiled. substitute for the sentence structure as a whole.) He hid behind the door. (Neither door. constituent can function as an adverbial.) He kicked the ball. (Neither constituent ball. stands for the verb-object sequence.) verbJohn seemed angry. (After division, the angry. connective construction no longer exists.)

chap04 数据库的创建和使用

chap04 数据库的创建和使用
概念:
控制表间数据的一致性,尤其是不同表的主关键字和 外部关键字之间数据的一致性。
如何编辑参照完整性:
右击表之间的纽带连线; 选择“编辑参照完整性”命令,系统提示要求“清理
数据库” ; “数据库”菜单→“清理数据库”命令 ; 重新选择“编辑参照完整性”命令,打开“编辑参照
完整性”对话框。
标题:控制字段输出时显示的字段名称。
9
数据库表的字段扩展属性
字段验证规则
一种与字段相关的有效性规则,主要控制某个 字段输入数据是否合理合法。
规则:输入有效数据的表达式 信息:输入数据返回规则或者输入数据不合法时的
提示信息,必须要加双引号
默认值:系统给某个字段输入的一个初始值, 如果是字符数据也必须加双引号。
19
参照完整性规则
更新规则(主表记录被修改时触发):
级联:子表同步更新 限制:禁止主表更新,不允许主表更新 忽略:允许主表更新,子表保持不变
删除规则(主表记录被删除时触发) :
级联:子表同步删除
主表物理删除,子表逻辑删除;主表逻辑删除,子表逻辑 删除
限制:禁止主表删除,不允许主表删除 忽略:允许主表删除,子表保持原样
通过“新建”对话框新建:
保存后,自动打开数据库设计器,但数据库没有包含在项目 中,而是需要用户自己把新建的数据库添加到项目管理器中。
命令方式:
命令窗口:create database 数据库名
5
数据库的使用
打开数据库:open database 数据库名 设置当前数据库:set database to 数据库名 关闭数据库:
一对多关系:表之间的一种关系,在这种关系中,主 表中的每一个记录与相关表中的多个记录相关联(每 一个主关键字值在相关表中可出现多次)。

Chapter04_PPT

Chapter04_PPT
• Selection Structures
– If/Then
• Single-selection structure
– If/Then/Else
• Double-selection structure
– Select Case
• Multiple-selection structure
2002 Prentice Hall. All rights reserved.
Fig. 4.2
2002 Prentice Hall. All rights reserved.
Visual Basic keywords.
12
4.4 Control Structures
Private RaiseEvent Rem Select Short Stop SyncLock True Until WithEvents #If...Then...#Else Property ReadOnly RemoveHandler Set Single String Then Try When WriteOnly Protected ReDim Resume Shadows Static Structure Throw TypeOf While Xor -= Public Region Return Shared Step Sub To Unicode With #Const &
2002 Prentice Hall. All rights reserved.
6
4.4 Control Structures
• Transfer of control
– GoTo statement
• It causes programs to become quite unstructured and hard to follow

国际商务谈判(第二版)课件 (1)[47页]

国际商务谈判(第二版)课件 (1)[47页]
—Liu Baiyu
Contents
1 Words and Expressions
2 Background Information
3
Байду номын сангаас
Lead-in
4
Section A Text Study
5
Humor
6
Section B Text Study
7
Situational Dialogue
8
Exercises
— The computer doesn’t mimic human thought; it reaches
the same ends by different means.
计算机模仿不了人类的思维;它通过不同的方式达到相同的
目的。
back
Words and Expressions
7. feat: n. a notable achievement 功绩 , 伟业
Chapter 04 Negotiation Strategy and Tactics
Section A What Strategy and Tactics to
Choose?
Words and Expressions
1. bogey: n. A bogey is something or someone that people are worried about, perhaps without much cause or reason. 人们无缘 无故担心的问题
someone with elaborate and insincere talk 花言巧语的劝说
— That new man who’s running for Congress makes a lot of

《corporate finance》罗斯版 英文版 Chapter 04书本课后习题及答案

《corporate finance》罗斯版 英文版 Chapter 04书本课后习题及答案

Chapter 041.An annuity stream of cash flow payments is a set of:A. e qual cash flows occurring each time period over a fixed length of time.B. e qual cash flows occurring each time period forever.C. e ither equal or varying cash flows occurring at set intervals of time for a fixed period.D. i ncreasing cash flows occurring at set intervals of time that go on forever.E. a rbitrary cash flows occurring each time period for no more than 10 years.2.Annuities where the payments occur at the end of each time period are called _____, whereas_____ refer to annuity streams with payments occurring at the beginning of each time period.A. o rdinary annuities; early annuitiesB. l ate annuities; straight annuitiesC. s traight annuities; late annuitiesD. a nnuities due; ordinary annuitiesE. o rdinary annuities; annuities due3. A flow of unending and equal payments that occur at regular intervals of time is called a(n):A. a nnuity due.B. i ndemnity.C. p erpetuity.D. a mortized cash flow stream.E. a mortization table.4.An interest rate that is compounded monthly, but is expressed as if the rate were compoundedannually, is called the _____ rate.A. s tated interestB. c ompound interestC. e ffective annualD. p eriodic interestE. d aily interest5.The interest rate charged per period multiplied by the number of periods per year is called the_____ rate.A. e ffective annualB. a nnual percentageC. p eriodic interestD. c ompound interestE. d aily interest6.Binder and Sons borrowed $138,000 for three years from their local bank and now they arepaying monthly payments that include both principal and interest. Paying off debt by making installments payments, such as Binder and Sons is doing, is referred to as:A. f oreclosing on the debt.B. a mortizing the debt.C. f unding the debt.D. c alling the debt.E. r efunding the debt.7.Ted purchased an annuity today that will pay $1,000 a month for five years. He received his firstmonthly payment today. Allison purchased an annuity today that will pay $1,000 a month for five years. She will receive her first payment one month from today. Which one of the followingstatements is correct concerning these two annuities?A. B oth annuities are of equal value today.B. A llison’s annuity is an annuity due.C. T ed’s annuity has a higher present value than Allison’s.D. A llison’s annuity has a higher present value than Ted’s.E. T ed’s annuity is an ordinary annuity.8.You are comparing two investment options, each of which will provide $15,000 of total income.Option A pays five annual payments starting with $5,000 the first year followed by four annual payments of $2,500 each. Option B pays five annual payments of $3,000 each. Which one of the following statements is correct given these two investment options?A. B oth options are of equal value today.B. G iven a positive rate of return, Option A is worth more today than Option B.C. O ption B has a higher present value than Option A given a positive rate of return.D. O ption B has a lower present value than Option A given a zero rate of return.E. O ption A is preferable because it is an annuity due.9.You are considering two projects with the following cash flows:Assuming both projects have the same initial cost, you know that:A. t here are no conditions under which the projects can have equal values.B. P roject B has a higher net present value than Project A.C.Project A is more valuable than Project B given a positive discount rate.D.both projects offer the same rate of return.E.both projects have equal net present values at any discount rate.10.A perpetuity differs from an annuity because:A. p erpetuity payments vary with the rate of inflation.B. p erpetuity payments vary with the market rate of interest.C. p erpetuity payments are variable while annuity payments are constant.D. p erpetuity payments never cease.E. a nnuity payments occur at irregular intervals of time.11.The annual percentage rate:A. c onsiders interest on interest.B. i s the actual cost of a loan with monthly payments.C. i s higher than the effective annual rate when interest is compounded quarterly.D. i s the interest rate charged per period divided by (1 + n), when n is the number of periods peryear.E. e quals the effective annual rate when the interest on an account is designated as simpleinterest.12.You would be making a wise decision if you chose to:A. b ase decisions regarding investments on effective rates and base decisions regarding loanson annual percentage rates.B. a ssume all loans and investments are based on simple interest.C. a ccept the loan with the lower effective annual rate rather than the loan with the lower annualpercentage rate.D. i nvest in an account paying 6 percent, compounded quarterly, rather than an account paying 6percent, compounded monthly.E. i gnore the effective rates and concentrate on the annual percentage rates for all transactions.13.The highest effective annual rate that can be derived from an annual percentage rate of 9% iscomputed as:A. [1 + (.09 / 365)] × 365.B. e.09×q.C. e × (1 + .09).D. e.09−1.E. [1 + (.09 / 365)]365−1.14.Given a stated interest rate, which form of compounding will yield the highest effective rate ofinterest?A. a nnual compoundingB. m onthly compoundingC. d aily compoundingD. c ontinuous compoundingE. s emiannual compounding15.The net present value of a project is equal to the:A. p resent value of the future cash flows.B. p resent value of the future cash flows minus the initial cost.C. f uture value of the future cash flows minus the initial cost.D. f uture value of the future cash flows minus the present value of the initial cost.E. s um of the project’s anticipated cash flows.16.What is the present value of $6,811 to be received in one year if the discount rate is 6.5 percent?A.$6,395.31B.$6,023.58C.$6,643.29D.$6,671.13E.$7,253.7217.You plan to invest $6,500 for three years at 4 percent simple interest. What will your investmentbe worth at the end of the three years? A. $6,941.11A. A NSB. $7,280.00B. $7,311.62C. $7,250.00D. $6,760.0018.Shawn has $2,500 invested at a guaranteed rate of 4.35 percent, compounded annually. Whatwill his investment be worth after five years?A. $2,997.04B. $3,288.00C. $3,321.32D. $3,093.16E. $2,857.5919.Your parents plan to give you $200 a month for four years while you are in college. At a discountrate of 6 percent, compounded monthly, what are these payments worth to you when you first start college?A. $8,797.40B. $8,409.56C. $8,198.79D. $8,516.06E. $8,279.3220.You just won the lottery! As your prize you will receive $1,500 a month for 150 months. If you canearn 7 percent, compounded monthly, on your money, what is this prize worth to you today?A. $137,003.69B. $149,676.91C. $137,962.77D. $148,104.26E. $150,723.7621.Olivia is willing to pay $185 a month for four years for a car payment. If the interest rate is 4.9percent, compounded monthly, and she has a cash down payment of $2,500, what price car can she afford to purchase?A. $10,961.36B. $10,549.07C. $8,533.84D. $8,686.82E. $8,342.0522.You are the beneficiary of a life insurance policy. The insurance company offers two options forreceiving the proceeds: a lump sum of $50,000 today or payments of $550 a month for ten years.If you can earn 6 percent, compounded monthly, which option should you take and why?A. Y ou should accept the lump sum because the payments are only worth $49,540.40 today.B. Y ou should accept the payments because they are worth $51,523.74 today.C. Y ou should accept the payments because they are worth $53,737.08 today.D. Y ou should accept the $50,000 because the payments are only worth $49,757.69 today.E. Y ou should accept the $50,000 because the payments are only worth $48,808.17 today.23.Your employer contributes $50 a week to your retirement plan. Assume you work for youremployer for another twenty years and the applicable discount rate is 5 percent, compounded weekly. Given these assumptions, what is this employee benefit worth to you today?A. $29,144.43B. $35,920.55C. $32,861.08D. $26,446.34E. $36,519.0224.Wilt has a consulting contract with a firm that states that he will receive annual payments of$50,000 a year for five years with the first payment due today. What is the current value of this contract if the discount rate is 8.4 percent?A. $214,142.50B. $201,867.47C. $195,618.19D. $197,548.43E. $224,267.1025.Uptown Industries just decided to save $3,000 a quarter for the next three years. The money willearn 2.75 percent, compounded quarterly, and the first deposit will be made today. If thecompany had wanted to deposit one lump sum today, rather than make quarterly deposits, how much would it have had to deposit today to have the same amount saved at the end of the three years?A. $34,441.56B. $34,678.35C. $33,428.87D. $33,687.23E. $34,998.0126.You need some money today and the only friend you have that has any is your ‘miserly' friend.He agrees to loan you the money you need, if you make payments of $20 a month for the next six months. In keeping with his reputation, he requires that the first payment be paid today. He also charges you 1.5% interest per month. How much total interest does he expect to earn?A. $3.94B. $4.35C. $1.34D. $3.63E. $5.9627.Lois is purchasing an annuity that will pay $5,000 annually for 20 years, with the first annuitypayment made on the date of purchase. What is the value of the annuity on the purchase date given a discount rate of 7 percent?A. $54,282.98B. $52,970.07C. $56,677.98D. $56,191.91E. $66,916.2128.Denise will receive annual payments of $10,000 for the next 25 years. The discount rate is 6.8percent. What is the difference in the present value of these payments if they are paid at the beginning of each year rather than at the end of each year?A. $8,069B. $9,217C. $9,706D. $8,382E. $8,85029.You are comparing two annuities with equal present values. The applicable discount rate is 6.5percent. One annuity will pay $2,000 annually, starting today, for 20 years. The second annuity will pay annually, starting one year from today, for 20 years. What is the annual payment for the second annuity?A. $2,225B. $2,075C. $2,000D. $2,130E. $2,40530.Kay owns two annuities that will each pay $500 a month for the next 12 years. One payment isreceived at the beginning of each month while the other is received at the end of each month. Ata discount rate of 7.25 percent, compounded monthly, what is the difference in the present valuesof these annuities?A. $289.98B. $265.42C. $299.01D. $308.00E. $312.5031.What is the future value of $845 a year for seven years at an interest rate of 11.3 percent?A. $6,683.95B. $6,075.69C. $8,343.51D. $8,001.38E. $8,801.9132.What is the future value of $3,100 a year for six years at interest rate of 8.9 percent?A. $20,255.40B. $26,847.26C. $27,134.16D. $23,263.57E. $24,414.6733.Janet saves $3,000 a year at an interest rate of 4.2 percent. What will her savings be worth at theend of 35 years?A. $229,317.82B. $230,702.57C. $230,040.06D. $234,868.92E. $236,063.6634.You plan to save $2,400 a year and earn an average rate of interest of 5.6 percent. How muchmore will your savings be worth at the end of 40 years if you save at the beginning of each year rather than at the end of each year?A. $17,822.73B. $18,821.10C. $18,911.21D. $19,103.04E. $18,115.3135.You borrow $12,600 to buy a car. The terms of the loan call for monthly payments for five yearsat an interest rate of 4.65 percent, compounded monthly. What is the amount of each payment?A. $253.22B. $243.73C. $230.62D. $235.76E. $233.0436.You borrow $199,000 to buy a house. The mortgage rate is 5.5 percent, compounded monthly.The loan period is 30 years, and payments are made monthly. If you pay for the house according to the loan agreement, how much total interest will you pay?A. $218,086B. $198,161C. $207,764D. $211,086E. $185,05937.Luis has a management contract which grants him a lump sum payment of $20 million be paidupon the completion of his first five years of service. The company wants to set aside an equal amount of funds each year to cover this anticipated cash outflow. The company can earn 4.5 percent on these funds. How much must the company set aside each year for this purpose?A. $3,775,042.93B. $3,798,346.17C. $3,801,033.67D. $3,655,832.79E. $4,038,018.2238.On the day you retire, you have $389,900 in your retirement savings. You expect to earn 4.5percent, compounded monthly, and live 24 more years. How much can you withdraw from your savings each month during your retirement if you plan to die on the day you spend your last penny?A. $2,181.96B. $2,092.05C. $2,398.17D. $2, 072.00E. $2,216.2939.Donaldson’s purchased some property for $1.2 million, paid 25 percent down in cash, andfinanced the balance for 12 years at 7.2 percent, compounded monthly. What is the amount of each monthly mortgage payment?A. $8,440.01B. $8,978.26C. $9,351.66D. $9,399.18E. $9,513.6740.Assume you graduate with $31,300 in student loans at an interest rate of 5.25 percent,compounded monthly. If you want to have this debt paid in full within three years, how much must you pay each month?A. $871.30B. $873.65C. $876.79D. $941.61E. $980.4041.You are buying a car for $7,500, paying $900 down in cash, and financing the balance for 24months at 6.5 percent, compounded monthly. What is the amount of each monthly loanpayment?A. $318.64B. $294.01C. $302.02D. $264.78E. $245.0942.You want to purchase an annuity that will pay you $1,200 a quarter for 15 years and earn a returnof 5.5 percent, compounded quarterly. What is the most you should pay to purchase thisannuity?A. $52,988.16B. $48,811.20C. $47,455.33D. $48,450.67E. $52,806.3043.A car dealer is willing to lease you a car for $319 a month for 60 months. Payments are due onthe first day of each month starting with the day you sign the lease contract. If your cost of money is 4.9 percent, compounded monthly, what is the current value of the lease?A. $17,882.75B. $17,906.14C. $17,014.34D. $16,235.42E. $16,689.5444.Sara is the recipient of a trust that will pay her $500 on the first day of each month, startingimmediately and continuing for 40 years. What is the value of this inheritance today if theapplicable discount rate is 7.3 percent, compounded monthly?A. $76,811.30B. $67,557.52C. $89,204.04D. $78,192.28E. $80,006.0945.Beatrice invests $1,000 in an account that pays 5 percent simple interest. How much more couldshe have earned over a 10-year period if the interest had compounded annually?A. $132.45B. $135.97C. $128.89D. $117.09E. $121.6746.Nu-Tools plans to set aside an equal amount of money each year, starting today, so that it willhave $25,000 saved at the end of three years. If the firm can earn 4.7 percent, how much does it have to save annually?A. $7,596.61B. $7,689.16C. $8,004.67D. $8,414.14E. $8,333.3347.Starting today, Alicia is going to contribute $100 a month to her retirement account. Her employermatches her contribution by 50 percent. If these contributions remain constant, and she earns a monthly rate of .55 percent, how much will her savings be worth 40 years from now?A. $399,459.44B. $300,456.74C. $349,981.21D. $299,189.16E. $354,087.8848.An annuity costs $70,000 today, pays $3,500 a year, and earns a return of 4.5 percent. What isthe length of the annuity time period?A.54.96 yearsB.49.48 yearsC.52.31 yearsD.43.08 yearsE.48.00 years49.You are borrowing $5,200 at 7.8 percent, compounded monthly. The monthly loan payment is$141.88. How many loan payments must you make before the loan is paid in full?A. 30B. 36C. 40D. 42E. 4850.You are retired, have $264,500 in your savings, withdraw $2,000 each month, and earn 4.5percent, compounded monthly. How long will it be until you run out of money?A. 13.67 yearsB. 15.25 yearsC. 22.08 yearsD. 13.02 yearsE. 18.78 years51.A project is expected to produce cash flows of $48,000, $39,000, and $15,000 over the next threeyears, respectively. After three years, the project will be worthless. What is the present value of this project if the applicable discount rate is 15.25 percent?A. $89,201.76B. $80,809.09C. $73,457.96D. $97,808.17E. $93,132.4852.You are considering two savings options that each provide a rate of return of 4.65 percent. Thefirst option requires annual savings of $2,000, $2,500, and $3,000 over the next three years, respectively, with the first deposit due one year from today. The other option is to save one lump sum amount today. If you want to have the same balance in your savings at the end of the three years, regardless of the savings method you select, how much do you need to save today if you select the lump sum option?A. $6,811.50B. $6,791.42C. $7,128.23D. $6,607.23E. $7,500.0053.You are considering two insurance settlement offers. The first offer includes annual payments of$36,000, $42,000, and $50,000 over the next three years, respectively, with the first payment being made one year from today. The other offer is the payment of one lump sum amount today.The relevant discount rate is 7 percent. What is the minimum amount you should accept today if you are to select the lump sum offer?A. $119,877.67B. $111,144.18C. $105,000.10D. $118,924.27E. $114,556.8854.You are considering a 3-year job offer. The job offers an annual salary of $48,000, $51,000, and$55,000 a year for the next three years, respectively. The offer also includes a starting bonus of $2,500 payable immediately. What is this offer worth to you today at a discount rate of 6.5percent?A. $129,640.14B. $134,383.56C. $132,283.56D. $138,066.75E. $130,983.5655.You are considering a project with projected annual cash inflows of $32,200, $41,800, $22,900for the next three years, respectively. What is the value of the project today at a discount rate of14 percent?A. $86,487.47B. $75,866.20C. $77,103.18D. $81,292.25E. $66,549.3056.You expect an investment to return $11,300, $14,600, $21,900, and $38,400 annually over thenext four years, respectively. What is this investment worth to you today if you desire a rate of return of 16.5 percent?A. $64,253.91B. $58,700.89C. $63,732.41D. $55,153.57E. $59,928.1657.A 3-year project is expected to produce a cash flow of $82,400 in the first year and $148,600 inthe second year. The project has a present value of $303,764.34 at a discount rate of 12.75 percent. What is the expected cash flow in the third year of the project?A. $163,100B. $163,800C. $164,900D. $164,400E. $163,70058.Two years ago, the Fun Center deposited $3,200 in an investment account for the purpose ofbuying new equipment three years from today. Today, it is adding another $5,000 to this account.It plans on making a final deposit of $3,500 to the account next year. How much will be available when it is ready to buy the equipment, assuming the account earns a rate of return of 6.85percent?A. $13,619.29B. $13,430.84C. $12,746.17D. $14,194.54E. $14,552.2159.Anna has $38,654 in a savings account that pays 2.3 percent interest. Assume she withdraws$10,000 today and another $10,000 one year from today. If she waits and withdraws theremaining entire balance four years from today, what will be the amount of that withdrawal?A. $20,916.78B. $20,109.08C. $20,676.53D. $19,341.02E. $19,608.0760.Theo is depositing $1,300 today in an account with an expected rate of return of 8.1 percent. If hedeposits an additional $3,200 two years from today, and $4,000 three years from today, what will his account balance be ten years from today?A. $14,044.89B. $16,412.31C. $15,182.53D. $15,699.54E. $17,741.7161.Leo received $7,500 today and will receive another $5,000 two years from today. He will investthese funds when he receives them and expects to earn a rate of return of 11.5 percent. What value does he expect his investments to have five years from today?A. $18,758.04B. $18,806.39C. $19,856.13D. $20,314.00E. $19,904.3662.Suzette is receiving $10,000 today, $15,000 one year from today, and $25,000 four years fromtoday. She will immediately invest these funds for retirement. If she earns 9.6 percent on her investments, how much will she have in savings 30 years from today?A. $586,124.93B. $591,414.14C. $646,072.91D. $620,008.77E. $641,547.3963.BJ’s goal is to have $50,000 saved at the end of Year 5. At the end of Year 2, they can add$7,500 to their savings but they want to deposit the remainder they need to reach their goal today, Year 0, as a lump sum deposit. If they can earn 4.5 percent, how much must they deposit today? A. $31,867.74A. A NSB. $33,254.58B. $33,108.09C. $34,276.34D. $34,642.2864.The government imposed a fine on the Not-So-Legal Company. The fine calls for a payment of $100,000 today, $150,000 one year from today, and $200,000 two years from today. Thegovernment will hold the funds until the final payment is collected and then donate the entire amount to charity. The government has agreed to pay annual interest of 3 percent on the held funds. How much will be donated to charity in two years?A. $475,000.00B.$460,590.00C. $447,174.76D. $451,050.05E.$474,407.7065.Benson’s established a trust fund that provides $125,000 in college scholarships each year. Thetrust fund earns a rate of return of 6.15 percent and distributes only its annual income. How much money did Benson’s contribute to establish the trust fund?A.$2,291,613.13B.$2,032,520.33C.$2,150,000.00D.$2,018,970.44E.$1,987,408.1566.A preferred stock pays an annual dividend of $6.50 a share and has an annual rate of return of7.35 percent. What is the stock price?A. $74.50B. $71.78C. $92.09D.$88.44E.$77.7867.You want to establish a trust fund that will provide $50,000 a year forever for your heirs. If thefund can earn a guaranteed rate of return of 4.5 percent, how much must you deposit in a lump sum to establish this trust? This will be the only deposit you make to the fund.A.$1,333,333.33B.$2,250,000.00C.$1,250,000.00D.$1,666,666.67E.$1,111,111.1168.You just paid $525,000 for a security that will pay you and your heirs $25,000 a year forever.What rate of return will you earn?A. 4.95%B. 4.39%C. 4.76%D. 5.00%E. 4.50%69.Anna’s grandmother established a trust and deposited $250,000 into it. The trust pays aguaranteed 4.25 percent rate of return. Anna will receive all of the interest earnings on an annual basis and a charity will receive the principal amount at Anna’s passing. How much incom e will Anna receive each year?A. $10,000B. $8,500C. $12,400D.$10,625E.$12,75070.The preferred stock of ABC Co. offers a rate of return of 7.87 percent. The stock is currentlypriced at $63.53 per share. What is the amount of the annual dividend?A. $5.20B. $5.00C. $4.60D. $5.50E. $6.0071.Your credit card company charges you 1.35 percent per month. What is the annual percentagerate on your account?A. 16.45%B. 16.30%C. 16.39%D. 16.20%E. 16.56%72.What is the annual percentage rate on a loan that charges interest of 1.65 percent per quarter?A. 6.50%B. 6.45%C. 6.54%D. 6.60%E. 6.72%73.A credit card compounds interest monthly and has an effective annual rate of 12.67 percent.What is the annual percentage rate?A. 12.35%B. 12.00%C. 11.99%D. 11.87%E. 11.93%74.What is the effective annual rate if your credit card charges you 10.64 percent compoundeddaily? (Assume a 365-day year.)A. 10.79%B. 11.22%C. 11.95%D. 11.48%E. 12.01%75.Taylor’s Hardware offers credit at an APR of 14.9 percent and compounds interest monthly. Whatis the actual rate of interest they are charging?A. 13.97%B. 14.90%C. 15.48%D. 15.96%E. 16.10%76.The pawn shop adds 2 percent to loan balances for every two weeks a loan is outstanding. Whatis the effective annual rate they are charging?A. 79.97%B. 73.08%C. 51.21%D. 67.34%E. 83.43%77.You have $2,500 to deposit into a savings account. The five banks in your area offer the followingrates. In which bank should you deposit your savings?A. B ank A: 3.75%, compounded annuallyB. B ank B: 3.69%, compounded monthlyC. B ank C: 3.70% compounded semi-annuallyD. B ank D: 3.67% compounded continuouslyE. B ank E; 3.65% compounded quarterly78.What is the effective annual rate of 13.52 percent compounded continuously?A. 14.23%B. 13.84%C. 13.97%D. 14.48%E. 14.56%79.What is the effective annual rate of 10.25% compounded continuously?A. 10.98%B. 11.11%C. 10.79%D. 11.04%E. 10.86%80.The Smart Bank wants to be competitive based on quoted loan rates and thus must offer loans atan annual percentage rate of 7.9 percent. What is the maximum rate the bank can actually earn based on this quoted rate?A. 7.90%B. 8.18%C. 8.20%D. 8.22%E. 8.39%81.Thirty-five years ago, your father invested $2,000. Today that investment is worth $98,407. Whatrate of return has your father earned on his investment?A. 10.94%B. 11.33%C. 10.50%D. 11.77%E. 9.99%82.What is the future value of investing $5,650 for 14 years at a continuously compounded rate of8.6 percent?A. $17,933.54B. $16,685.44C. $19,369.83D. $18,833.85E. $13,183.8583.Assume you could invest $25,000 at a continuously compounded rate of 10 percent. What wouldyour investment be worth at the end of 50 years?A. $2,933,054B. $3,500,824C. $3,911,215D. $3,710,329E. $3,648,02984.A trust has been established to fund scholarships in perpetuity. The next annual distribution willbe $1,200 and future payments will increase by 3 percent per year. What is the value of this trust at a discount rate of 7.4 percent?A. $17,189.19B. $19,960.00C. $27,272.73D. $24,609.11E. $30,388.1885.Stu can purchase a one-bedroom house near his college today for $110,000, including the cost ofsome minor repairs. He expects to be able to resell it in four years for $150,000 if he just puts a little effort into cleaning up the property. At a discount rate of 6.5 percent, what is the expected net present value of this purchase opportunity?A. $3,001.61B. $2,487.43C. $6,598.46D. $7,208.18E. $4,311.02。

微观经济学Ch04

微观经济学Ch04

CHAPTER 4 INDIVIDUAL AND MARKET DEMAND1. Explain the difference between each of the following terms:a. a price consumption curve and a demand curve;A price consumption curve identifies the utility maximizing combinations of two goods as the price of one of the goods changes. When the price of one of the goods declines, thebudget line will pivot outwards, and a new utility maximizing bundle will be chosen. Theprice consumption curve connects all such bundles. A demand curve is a graphical relationship between the price of a good and the (utility maximizing) quantity demanded ofa good, all else the same. Price is plotted on the vertical axis and quantity demanded on thehorizontal axis.b. an individual demand curve and a market demand curve;An individual demand curve identifies the (utility maximizing) quantity demanded by oneperson at any given price of the good. A market demand curve is the sum of the individual demand curves for any given product. At any given price, the market demand curveidentifies the quantity demanded by all individuals, all else the same.c. an Engel curve and a demand curve;A demand curve identifies the quantity demanded of a good for any given price, holding income and all else the same. An Engel curve identifies the quantity demanded of a good forany given income, holding prices and all else the same.d. an income effect and a substitution effect;The substitution effect measures the effect of a change in the price of a good on theconsumption of the good, utility held constant. This change in price changes the slope of thebudget line and causes the consumer to rotate along the current indifference curve. The income effect measures the effect of a change in purchasing power (caused by a change inthe price of a good) on the consumption of the good, relative prices held constant. Forexample, an increase in the price of good 1 (on the horizontal axis) will rotate the budget linedown along the indifference curve as the slope of the budget line (the relative price ratio) changes. This is the substitution effect. This new budget line will then shift inwards to reflect the decline in purchasing power caused by the increase in the price of the good. Thisis the income effect.3. Explain whether the following statements are true or false.a. The marginal rate of substitution diminishes as an individual moves downward alongthe demand curve.This is true. The consumer will maximize his utility by choosing the bundle on his budgetline where the price ratio is equal to the MRS. Suppose the consumer chooses the quantity ofgoods 1 and 2 such that P 1P 2MRS . As the price of good 1 falls, the price ratio becomes a smaller number and hence the MRS becomes a smaller number. This means that as the priceof good 1 falls, the consumer is willing to give up fewer units of good 2 in exchange foranother unit of good 1.b. The level of utility increases as an individual moves downward along the demandcurve.This is true. As the price of a good falls, the budget line pivots outwards and the consumer isable to move to a higher indifference curve.c.Engel curves always slope upwards.This is false. The Engel curve identifies the relationship between the quantity demanded of agood and income, all else the same. If the good is inferior, then as income increases, quantitydemanded will decrease, and the Engel curve will slope downwards.5. Which of the following combinations of goods are complements and which are substitutes? Could they be either in different circumstances? Discuss.a. a mathematics class and an economics classIf the math class and the economics class do not conflict in scheduling, then the classes couldbe either complements or substitutes. The math class may illuminate economics, and theeconomics class can motivate mathematics. If the classes conflict, they are substitutes.b. tennis balls and a tennis racketTennis balls and a tennis racket are both needed to play a game of tennis, thus they arecomplements.c. steak and lobsterFoods can both complement and substitute for each other. Steak and lobster can compete, i.e.,be substitutes, when they are listed as separate items on a menu. However, they can alsofunction as complements because they are often served together.d. a plane trip and a train trip to the same destinationTwo modes of transportation between the same two points are substitutes for one another.e. bacon and eggsBacon and eggs are often eaten together and are, therefore, complementary goods. Byconsidering them in relation to something else, such as pancakes, bacon and eggs can functionas substitutes.7. Which of the following events would cause a movement along the demand curve for U.S.-produced clothing, and which would cause a shift in the demand curve?a. the removal of quotas on the importation of foreign clothesThe removal of quotas will shift the demand curve inward for domestically-produced clothes,because foreign-produced goods are substitutes for domestically-produced goods. Both theequilibrium price and quantity will fall as foreign clothes are traded in a free marketenvironment.b. an increase in the income of U.S. citizensWhen income rises, expenditures on normal goods such as clothing increase, causing thedemand curve to shift out. The equilibrium quantity and price will increase.c. a cut in the industry’s costs of producing domestic clothes that is passed on to the market in theform of lower clothing pricesA cut in an industry’s costs will shift the supply curve out. The equilibri um price will fall andquantity will increase. There is a movement along the demand curve.9. Suppose that the average household in a state consumes 800 gallons of gasoline per year. A 20-cent gasoline tax is introduced, coupled with a $160 annual tax rebate per household. Will the household be better or worse off under the new program?If the household does not change its consumption of gasoline, it will be unaffected by the tax-rebate program, because in this case the household pays 0.20*800=$160 in taxes and receives$160 as an annual tax rebate. The two effects would cancel each other out. To the extent thatthe household reduces its gas consumption through substitution, it must be better off. Thenew budget line (price change plus rebate) will pass through the old consumption point of 800gallons of gasoline, and any now affordable bundle that contains less gasoline must be on ahigher indifference curve. The household will not choose any bundle with more gasolinebecause these bundles are all inside the old budget line, and hence are inferior to the bundlewith 800 gallons of gas.11. Explain which of the following items in each pair is more price elastic.a.The demand for a specific brand of toothpaste and the demand for toothpaste in general.The demand for a specific brand is more elastic since the consumer can easily switch toanother brand if the price goes up.b.The demand for gasoline in the short run and the demand for gasoline in the long run.Demand in the long run is more elastic since consumers have had more time to adjust to thechange in price.1. An individual sets aside a certain amount of his income per month to spend on his two hobbies, collecting wine and collecting books. Given the information below, illustrate both the price consumption curve associated with changes in the price of wine, and the demand curve for wine.The price consumption curve connects each of the four optimal bundles given in the tableabove. As the price of wine increases, the budget line will pivot inwards and the optimalbundle will change.4. a. Orange juice and apple juice are known to be perfect substitutes. Draw the appropriate price-consumption (for a variable price of orange juice) and income-consumption curves.We know that the indifference curves for perfect substitutes will be straight lines. In this case,the consumer will always purchase the cheaper of the two goods. If the price of orange juice isless than that of apple juice, the consumer will purchase only orange juice and the priceconsumption curve will be on the “orange juice axis” of the graph (point F). If apple juice ischeaper, the consumer will purchase only apple juice and the price consumption curve will beon the “apple juice axis” (point E). If the two goods have the same price, the consumer will beindifferent between the two; the price consumption curve will coincide with the indifferencecurve (between E and F). See the figure below.Assuming that the price of orange juice is less than the price of apple juice, the consumer willmaximize her utility by consuming only orange juice. As the level of income varies, only theamount of orange juice varies. Thus, the income consumption curve will be the “orange juiceaxis” in the figure below.4.b. Left shoes and right shoes are perfect complements. Draw the appropriate price-consumption and income-consumption curves.For goods that are perfect complements, such as right shoes and left shoes, we know that theindifference curves are L-shaped. The point of utility maximization occurs when the budgetconstraints, L1 and L2 touch the kink of U1 and U2. See the following figure.In the case of perfect complements, the income consumption curve is also a line through thecorners of the L-shaped indifference curves. See the figure below.6. Two individuals, Sam and Barb, derive utility from the hours of leisure (L) they consume and fromthe amount of goods (G) they consume. In order to maximize utility they need to allocate the 24 hours in the day between leisure hours and work hours. Assume that all hours not spent working areleisure hours. The price of a good is equal to $1 and the price of leisure is equal to the hourly wage. We observe the following information about the choices that the two individuals make:Graphically illustrate Sam’s leisure demand curve and Barb’s leisure demand curve. Place price on the vertical axis and leisure on the horizontal axis. Given that they both maximize utility, how can you explain the difference in their leisure demand curves?It is important to remember that less leisure implies more hours spent working at the higher wage. Sam’s leisure demand curve is downward sloping. As the price of leisure (the wage)rises, he chooses to consume less leisure to spend more time working at a higher wage tobuy more goods. Barb’s leisure demand curve is upward sloping. As the price of leisurerises, she chooses to consume more leisure since her working hours are generating more income. This difference in demand can be explained by examining the income andsubstitution effects for the two individuals. The substitution effect measures the effect of thechange in the price of leisure, keeping utility constant (the budget line will rotate around the current indifference curve). Since the substitution effect is always negative, a rise in theprice of leisure will cause both individuals to consume less leisure. The income effectmeasures the change in purchasing power caused by the change in the price of leisure. Here, when the price of leisure (the wage) rises, there is an increase in purchasing power (the newbudget line will shift outwards). Assuming both individuals consider leisure to be a normalgood (this is not a necessary assumption for Sam), then the increase in purchasing powerwill increase demand for leisure. For Sam, the reduction in leisure demand caused by the substitution effect outweighs the increase in demand for leisure caused by the income effect.For Barb, her income effect is larger than her substitution effect.7. The director of a theatre company in a small college town is considering changing the way he prices tickets. He has hired an economic consulting firm to estimate the demand for tickets. The firm has classified people who go the theatre into two groups, and has come up with two demand functions. The demand curves for the general public (Q gp ) and students (Q s ) are given below.Q gp =500-5PQ s =200-4Pa. Graph the two demand curves on one graph, with P on the vertical axis and Q on the horizontal axis. If the current price of tickets is $35, identify the quantity demanded by eachgroup.Both demand curves are downward sloping and linear. For the general public, the vertical intercept is 100 and the horizontal intercept is 500. For the students, the vertical interceptis 50 and the horizontal intercept is 200. The general public demands Q gp =500-5(35)=325tickets and the students demand Q s =200-4(35)=60 tickets.b. Find the price elasticity of demand for each group at the current price and quantity.The elasticity for the general public is εgp=-5(35)325=-0.54 and the elasticity for the students is εgp =-4(35)60=-2.33. If the price of tickets increases by one percent then the general public will demand .54% fewer tickets and the students will demand 2.33% fewertickets.c. Is the director maximizing the revenue he collects from ticket sales by charging $35 for eachticket? Explain.No he is not maximizing revenue since neither one of the calculated elasticities is equal to –1.Since demand by the general public is inelastic at the current price, the director could increase the price and quantity demanded would fall by a smaller amount in percentageterms, causing revenue to increase. Since demand by the students is elastic at the currentprice, the director could decrease the price and quantity demanded would increase by alarger amount in percentage terms, causing revenue to increase.d. What price should he charge each group if he wants to maximize revenue collected from ticketsales?To figure this out, find the formula for elasticity, set it equal to –1, and solve for price and quantity. For the general public:εgp =-5PQ=-15P=Q=500-5PP=50Q=250.For the students:εs =-4PQ=-14P=Q=200-4PP=25Q=100.9. The ACME Corporation determines that at current prices the demand for its computer chips has a price elasticity of -2 in the short run, while the price elasticity for its disk drives is -1.a. If the corporation decides to raise the price of both products by 10 percent, what will happen toits sales? To its sales revenue?We know the formula for the elasticity of demand is:EQP P=%%∆∆.For computer chips, E P = -2, so a 10 percent increase in price will reduce the quantity sold by20 percent. For disk drives, E P = -1, so a 10 percent increase in price will reduce sales by 10percent.Sales revenue is equal to price times quantity sold. Let TR1 = P1Q1 be revenue before the pricechange and TR2 = P2Q2 be revenue after the price change.For computer chips:∆TR cc = P2Q2 - P1Q1∆TR cc= (1.1P1 )(0.8Q1 ) - P1Q1 = -0.12P1Q1, or a 12 percent decline.For disk drives:∆TR dd = P2Q2 - P1Q1∆TR dd = (1.1P1 )(0.9Q1 ) - P1Q1 = -0.01P1Q1, or a 1 percent decline.Therefore, sales revenue from computer chips decreases substantially, -12 percent, while thesales revenue from disk drives is almost unchanged, -1 percent. Note that at the point on thedemand curve where demand is unit elastic, total revenue is maximized.b. Can you tell from the available information which product will generate the most revenue forthe firm? If yes, why? If not, what additional information do you need?No. Although we know the responsiveness of demand to changes in price, we need to knowboth quantities and prices of the products to determine total sales revenue.10. By observing an individual’s behavior in the situations outlined below, determine the relevant income elasticities of demand for each good (i.e., whether the good is normal or inferior). If you cannot determine the income elasticity, what additional information might you need?a. Bill spends all his income on books and coffee. He finds $20 while rummaging through a usedpaperback bin at the bookstore. He immediately buys a new hardcover book of poetry.Books are a normal good since his consumption of books increases with income. Coffee is anormal or neutral good since consumption of coffee did not fall when income increased.b. Bill loses $10 he was going to use to buy a double espresso. He decides to sell his new book at adiscount to his friend and use the money to buy coffee.Coffee is clearly a normal good.c. Being bohemian becomes the latest teen fad. As a result, coffee and book prices rise by 25percent. Bill lowers his consumption of both goods by the same percentage.Books and coffee are both normal goods since his response to a decline in real income is todecrease consumption of both goods.d. Bill drops out of art school and gets an M.B.A. instead. He stops reading books and drinkingcoffee. Now he reads The Wall Street Journal and drinks bottled mineral water.His tastes have changed completely, and we do not know exactly how he would respond toprice and income changes. We need more information regarding his new level of income, andrelative prices of the goods to determine the income elasticities.11. Suppose the income elasticity of demand for food is 0.5, and the price elasticity of demand is –1.0. Suppose also that Felicia spends $10,000 a year on food, the price of food is $2, and her income is $25,000.a.If a sales tax on food were to cause the price of food to increase to $2.50, what wouldhappen to her consumption of food? (Hint: Since a large price change is involved, youshould assume that the price elasticity measures an arc elasticity, rather than a pointelasticity.)The price of food increases from $2 to $2.50, so arc elasticity should be used:.We know that E P = -1, P = 2, ∆P = 0.5, and Q=5000. We also know that Q2, the new quantity, is Thus, if there is no change in income, we may solve for ∆Q:-1=∆Q0.5⎛⎝⎫⎭2+2.525,000+5,000+∆Q()2⎛⎝⎫⎭⎪⎪⎪.By cross-multiplying and rearranging terms, we find that ∆Q = -1,000. This means that she decreases her consumption of food from 5,000 to 4,000 units.b.Suppose that she is given a tax rebate of $2,500 to ease the effect of the sales tax.What would her consumption of food be now?A tax rebate of $2,500 implies an income increase of $2,500. To calculate the response of demand to the tax rebate, use the definition of the arc elasticity of income..We know that E I= 0.5, I = 25,000, ∆I = 2,500, Q = 4,000 (from the answer to 11.a). Assuming no change in price, we solve for ∆Q.0.5=∆Q2,500⎛⎝⎫⎭⎪25,000+27,50024,000+4,000+∆Q()2⎛⎝⎫⎭⎪⎪⎪.By cross-multiplying and rearranging terms, we find that ∆Q= 195 (approximately). This means that she increases her consumption of food from 4,000 to 4,195 units.c.Is she better or worse off when given a rebate equal to the sales tax payments? Draw agraph and explain.Felicia is likely to be better off after the rebate. The amount of the rebate is enough to allow her to purchase her original bundle of food and other goods. Recall that originally she consumed 5000 units of food. When the price went up by fifty cents per unit, she needed an extra 5000*$0.50=$2,500 to afford the same quantity of food without reducing the quantity of the other goods consumed. This is the exact amount of the rebate. However, she did not choose to return to her original bundle. We can therefore infer that she found a better bundle that gave her a higher level of utility. In the graph below, when the price of food increases, the budget line will pivot inwards. When the rebate is given, this new budget line will shift outwards. The bundle after the rebate is on that part of the new budget line that was previously unaffordable, and that lies above the original indifference curve.13. Suppose you are in charge of a toll bridge that costs essentially nothing to operate. The demand for bridge crossings Q is given by P =15-12Q . a. Draw the demand curve for bridge crossings. The demand curve is linear and downward sloping. The vertical intercept is 15 and thehorizontal intercept is 30.b.How many people would cross the bridge if there were no toll? At a price of zero, the quantity demanded would be 30. c. What is the loss of consumer surplus associated with a bridge toll of $5?If the toll is $5 then the quantity demanded is 20. The lost consumer surplus is the area below the price line of $5 and to the left of the demand curve. The lost consumer surplus canbe calculated as (5*20)+0.5(5*10)=$125.d. The toll bridge operator is considering an increase in the toll to $7. At this new higher price, how many people would cross the bridge? Would the toll bridge revenueincrease or decrease? What does your answer tell you about the elasticity of demand?At a toll of $7, the quantity demanded would be 16. The initial toll revenue was $5*20=$100.The new toll revenue is $7*16=$112. Since the revenue went up when the toll was increased, demand is inelastic (the increase in price (40%) outweighed the decline in quantitydemanded (20%)).e. Find the lost consumer surplus associated with the increase in the price of the tollfrom $5 to $7.The lost consumer surplus is (7-5)*16+0.5(7-5)(20-16)=$36.。

IntermediateAccountingChapter4中级会计学第四章课后习题答案

IntermediateAccountingChapter4中级会计学第四章课后习题答案

Chapter 4The Income Statement and Statement of Cash FlowsQUESTIONS FOR REVIEW OF KEY TOPICSQuestion 4-5The term earnings quality refers to the ability of reported earnings (income) to predict a company’s future earnings. After all, an income statement simply reports on events that already have occurred. The relevance of any historical-based financial statement hinges on its predictive value.Question 4-7The process of intraperiod tax allocation matches tax expense or tax benefit with each major component of income, specifically continuing operations and any item reported below continuing operations. The process is necessary to achieve the desired result of separating the total income effects of continuing operations from the two separately reported items - discontinued operations and extraordinary items, and also to show the after-tax effect of each of those two components.Question 4-9Extraordinary items are material gains and losses that are both unusual in nature and infrequent in occurrence, taking into account the environment in which the entity operates.Question 4-11GAAP permit alternative treatments for similar transactions. Common examples are the choice among FIFO, LIFO, and average cost for the measurement of inventory and the choice among alternative revenue recognition methods. A change in accounting principle occurs when a company changes from one generally accepted treatment to another.In general, we report voluntary changes in accounting principles retrospectively. This means revising all previous periods’ financial statements as if the new method were used in those periods. In other words, for each year in the comparative statements reported, we revise the balance of each account affected. Specifically, we make those statements appear as if the newly adopted accounting method had been applied all along. Also, if retained earnings is one of the accounts whose balance requires adjustment (and it usually is), we revise the beginning balance of retained earnings for the earliest period reported in the comparative statements of shareholders’ equity (or statements of retained earnings if they’re presented instead).Then we create a journal entry to adjust all account balances affected as of the date of the change. In the first set of financial statements after the change, a disclosure note would describe the change and justify the new method as preferable. It also would describe the effects of the change on all items affected, including the fact that the retained earnings balance was revised in the statement of shareholders’ equity along with the cumulative effect of the change in retained earnings.An exception is a change in depreciation, amortization, or depletion method. These changes are accounted for as a change in estimate, rather than as a change in accounting principle. Changes in estimates are accounted for prospectively. The remaining book value is depreciated, amortized, or depleted, using the new method, over the remaining useful life.Question 4-15Comprehensive income is the total change in equity for a reporting period other than from transactions with owners. Reporting comprehensive income can be accomplished with a separate statement or by including the information in either the income statement or the statement of changes in shareholders’ equity.Question 4-22U.S. GAAP designates cash outflows for interest payments and cash inflows from interest and dividends received as operating cash flows. Dividends paid to shareholders are classified as financing cash flows. IFRS allows more flexibility. Companies can report interest and dividends paid as either operating or financing cash flows and interest and dividends received as either operating or investing cash flows. Interest and dividend payments usually are reported as financing activities. Interest and dividends received normally are classified as investing activitiesBRIEF EXERCISESBrief Exercise 4-6*$850,000 x 40%Note: Restructuring costs, interest revenue, and loss on sale of investments are included in income before income taxes and extraordinary item.Brief Exercise 4-9*$5,800,000 x 30%** Loss from operations of discontinued component:Impairment loss ($8 million book value less$7 million net fair value) $(1,000,000) Operating loss (3,600,000) Total before-tax loss $(4,600,000)EXERCISES Exercise 4-3* 30% x $440,000Pretax income from continuing operations $14,000,000Income tax expense (5,600,000) Income from continuing operations 8,400,000 Less: Net income 7,200,000 Loss from discontinued operations $1,200,000 $1,200,000 60%* = $2,000,000 = before tax loss from discontinued operations.*1-tax rate of 40% = 60%Pretax income of division $4,000,000 Add: Loss from discontinued operations 2,000,000 Impairment loss $6,000,000 Fair value of division’s assets$11,000,000 Add: Impairment loss 6,000,000 Book value of division’s assets$17,000,000Requirement 1This is a change in accounting estimate.Requirement 2$2,400,000 Cost$240,000 Previous annual amortization ($2,400,000 ÷ 10 years) x 21/2 yrs. 600,000 Amortization to date (2009-2011)1,800,000 Book value÷ 5 yrs. Estimated remaining life(given)$ 360,000 New annual amortizationTiger EnterprisesStatement of Cash FlowsFor the Year Ended December 31, 2011($ in thousands)Cash flows from operating activities:Net income $ 900Adjustments for noncash effects:Depreciation expense 240Changes in operating assets and liabilities:Decrease in accounts receivable 80Increase in inventory (40)Increase in prepaid insurance (30)Decrease in accounts payable (60)Decrease in administrative and other payables (100)Increase in income taxes payable 50Net cash flows from operating activities $1,040 Cash flows from investing activities:Purchase of plant and equipment (300) Cash flows from financing activities:Proceeds from issuance of common stock 100Proceeds from note payable 200Payment of dividends (1) (940)Net cash flows from financing activities(640)Net increase in cash 100 Cash, January 1 200 Cash, December 31 $ 300(1)Retained earnings, beginning $540+ Net income 900- Dividends x x = $940Retained earnings, ending $500The T-account analysis of the transactions related to operating cash flows is shown below. To derive the cash flows, the beginning and ending balances in the related assets and liabilities are inserted, together with the revenue and expense amounts from the income statements. In each balance sheet account, the remaining (plug) figure is the other half of the cash increases or decreases.Based on the information in the T-accounts above, the operating activities section of the SCF for Tiger Enterprises would be as shown next.Exercise 4-23 (concluded)Tiger EnterprisesStatement of Cash FlowsFor the Year Ended December 31, 2011($ in thousands)Cash flows from operating activities:Collections from customers $ 7,080Prepayment of insurance (130)Payment to inventory suppliers (3,460)Payment for administrative & other exp. (1,900)Payment of income taxes (550)Net cash flows from operating activities $ 1,040CPA / CMA REVIEW QUESTIONSCPA Exam Questions1. c. U.S. GAAP requires that discontinued operations be disclosed separatelybelow income from continuing operations.2. d.Other than sales, COGS, and administrative expenses, only the gain or lossfrom disposal of equipment is considered part of income from continuingoperations. Income from continuing operations was ($5,000,000 - 3,000,000- 1,000,000 + 200,000) = $1,200,000.3. a. In a single-step income statement, revenues include sales as well as otherrevenues and gains.Sales revenue $187,000Interest revenue 10,200Gain on sale of equipment 4,700Total $201,900The discontinued operations and the extraordinary gain are reported belowincome from continuing operations.4.a.The $400,000 impairment loss and the $1,000,000 loss from operationsshould be combined for a total loss of $1,400,000.5.d. The change in the estimate for warranty costs is based on new informationobtained from experience and qualifies as a change in accounting estimate. Achange in accounting estimate affects current and future periods and is notaccounted for by restating prior periods. The accounting change is a part ofcontinuing operations.6. a. Dividends paid to shareholders is considered a financing cash flow, not anoperating cash flow.7. c. Issuing common stock for cash is considered a financing cash flow, not aninvesting cash flow.CMA Exam Questions1.d. Discontinued operations and extraordinary gains and losses are shownseparately in the income statement, below income from continuing operations.The cumulative effect of most voluntary changes in accounting principle isaccounted for by retrospectively revising prior years’ financial statements.2.c.The operating section of a retailer’s income statement includes all revenuesand costs necessary for the operation of the retail establishment, e.g., sales,cost of goods sold, administrative expenses, and selling expenses.3 a. Extraordinary items should be presented net of tax after income fromoperations.PROBLEMSProblem 4-9Requirement 1Diversified Portfolio CorporationStatement of Cash FlowsFor the Year Ended December 31, 2011Cash flows from operating activities:Collections from customers (1)$880,000Payment of operating expenses (2)(660,000)Payment of income taxes (3)(85,000)Net cash flows from operating activities $135,000Cash flows from investing activities:Sale of investments 50,000Net cash flows from investing activities 50,000Cash flows from financing activities:Proceeds from issue of common stock 100,000Payment of dividends (80,000)Net cash flows from financing activities 20,000Increase in cash 205,000Cash and cash equivalents, January 1 70,000Cash and cash equivalents, December 31 $275,000(1)$900,000 in service revenue less $20,000 increase in accounts receivable.(2) $700,000 in operating expenses less $30,000 in depreciation less $10,000 increase in accounts payable.(3)$80,000 in income tax expense plus $5,000 decrease in income taxes payable.Problem 4-9 (concluded)Requirement 2Diversified Portfolio CorporationStatement of Cash FlowsFor the Year Ended December 31, 2011Cash flows from operating activities:Net income $120,000Adjustments for noncash effects:Depreciation expense 30,000Changes in operating assets and liabilities:Increase in accounts receivable (20,000)Increase in accounts payable 10,000Decrease in income taxes payable (5,000)Net cash flows from operating activities $135,000。

《深入浅出WPF》笔记——绑定篇(二)

《深入浅出WPF》笔记——绑定篇(二)

一、Binding对数据的校验与转化在上一篇中有提到过绑定像是一座桥梁,在桥梁两端要有源和目标以及在桥梁上面我们可以设立关卡对数据进行验证,除此之外,源提供的数据有时不一定是目标想要的类型,但是可以通过转化成为目标需要的类型。

1.1Binding的数据验证在软件设计过程中,数据的验证是经常要实现的。

要实现Binding的数据验证,主要通过Binding的ValidationRoles属性来实现。

下面让我们认识一下ValidationRoles(验证条件):可以看到ValidationRoles是复数形式,应该可以想到他是一个Collection<ValidationRole>类型的的属性,而ValidationRole是一个抽象类,所以我们要向验证条件集合里面添加的应该是继承自ValidationRole的一个实例,既然要继承抽象类,那么就要实现Validate方法,其形式为public abstract ValidationResult Validate(object value, CultureInfo cultureInfo),其中Value是要验证的值,cultureInfo暂不用理会,方法的返回值为ValidationResult类型的,Validate具有两个形参(一个是否通过验证,一个是错误信息)。

为什么验证条件要用集合类型的呢?这是因为在一个绑定中可以有一个源,每一个源可以有很多属性,而且一个绑定可以对应多个目标。

所以就可能有多个验证(由于上面文字涉及的变量比较多,建议在VS上面转到定义上,好好理解一下)。

我们暂且还拿TextBox文本框与Slider控件的相互绑定为例吧!现在的需求是想让用户在滑动Slider和填写TextBox时,验证滑动范围和填写数字范围在0-100之间,如果不是在这个范围里,就提示输入数字不合理,且文本框的边框显示红色。

A、实现Validate方法代码RangeValidationRule.csusing System;using System.Collections.Generic;using System.Linq;using System.Text;using System.Windows.Controls;namespace CommonLib{public class RangeValidationRule : ValidationRule{public override ValidationResult Validate(object value,System.Globalization.CultureInfo cultureInfo){double d = 0;if (double.TryParse(value.ToString(), out d)){if (d >= 0 && d <= 80){return new ValidationResult(true, null);}}return new ValidationResult(false,"输入数字不合理!!");}}B、XAML代码View CodeC、cs代码CS效果图如图1:图1本段代码重在理解Binding的数据校验,还有很多细节要进行优化。

恋人交换生PPT模板

恋人交换生PPT模板
05 样魔鬼辅导员

补 之 花 样 魔 鬼辅导员考前的恶
chapter05
பைடு நூலகம்
(一) (二) (三) (四) (五) (六)
chapter06甜蜜的相处之再
06 探神秘西校区
chapter06甜蜜的相处 之再探神秘西校区
(一) (二) (三) (四) (五)
chapter07突现的疑团之熟
09 相渐渐浮出水面
chapter09意外的发现 之真相渐渐浮出水面
(一) (二) (三) (四) (五)
chapter10完美的回忆之百
10 分之三十的爱恋
chapter10完美的回忆 之百分之三十的爱恋
(一) (二) (三) (四) (五)
感谢聆听
07 悉的红色发带

团 之 熟 悉 的 红色发带突现的疑
chapter07
(一) (二) (三) (四) (五) (六)
chapter08美好的出行之喜
08 忧参半的假期
chapter08美好的出行 之喜忧参半的假期
(一) (二) (三) (四) (五)
chapter09意外的发现之真
chapter03悲惨的命运之拯
03 救我的花样王子
chapter03悲惨的命运 之拯救我的花样王子
(一) (二) (三) (四) (五)
chapter04尴尬的要求之意
04 外之吻和恐怖探险
chapter04尴尬的要求 之意外之吻和恐怖探险
(一) (二) (三) (四) (五)
chapter05考前的恶补之花
202x
恋人交换生
演讲人
2 0 2 x - 11 - 11
chapter01错位的开始之偶
相关主题
  1. 1、下载文档前请自行甄别文档内容的完整性,平台不提供额外的编辑、内容补充、找答案等附加服务。
  2. 2、"仅部分预览"的文档,不可在线预览部分如存在完整性等问题,可反馈申请退款(可完整预览的文档不适用该条件!)。
  3. 3、如文档侵犯您的权益,请联系客服反馈,我们会尽快为您处理(人工客服工作时间:9:00-18:30)。
• Half-Adder (HA), a 2-input bit-wise addition functional block, • Full-Adder (FA), a 3-input bit-wise addition functional block, • Ripple Carry Adder, an iterative array to perform binary addition, and • Carry-Look-Ahead Adder (CLA), a hierarchical structure to improve performance.
X
C S
Y
Chapter 4
9
Functional Block: Full-Adder
§ A full adder is similar to a half adder, but includes a carry-in bit from lower stages. Like the half-adder, it computes a sum bit, S and a carry bit, C. Z 0 0 0 • For a carry-in (Z) of X 0 0 1 0, it is the same as the half-adder: +Y +0 +1 +0 CS • For a carry- in (Z) of 1: Z X +Y CS 00 1 0 +0 01 01 1 0 +1 10 01 1 1 +0 10
(d ) S = ( X + Y) C (a) S = X Y + X Y C = ( X + Y) C=X Y ( b) S = ( X + Y) ( X + Y) (e ) S = X ⊕ Y C=X Y C=X Y ( c ) S = ( C+ X Y) C=X Y
§ (a), (b), and (e) are SOP, POS, and XOR implementations for S. § In (c), the C function is used as a term in the AND -NOR implementation of S, and in (d), the C function is used in a POS term for S.
S
0
C 0 0 0 1 0 1 1 1
S 0 1 1 0 1 0 0 1
Y
C
11
5
3
12
6
13
2
X
14
17
X
4
15 17 16
Z
Chapter 4 11
Z
Equations: Full-Adder
§ From the K-Map, we get: § The S function is the three-bit XOR function (Odd Function):
Chapter 4 8
Implementations: Half-Adder
§ The most common half adder implementation is:
X Y
S (e) C
S = X⊕Y C=X Y
§ A NAND only implementation is:
S = ( X + Y) C C = (( X Y))
Chapter 4 3
Block Diagram of a 1D Iterative Array
§ Example: n = 32
• • • • • Number of inputs = ? Truth table rows = ? Equations with up to ? input variables Equations with huge number of terms Design impractical!
Description Carry In Augend Addend Sum Carry out Subscript 3210 0110 1011 0011 1110 0011
Name Ci Ai Bi Si
Ci+1
Chapter 4
14
4-bit Ripple-Carry Binary Adder
C = X Y + ( X ⊕ Y) Z
§ The term X·Y is carry generate. § The term X⊕Y is carry propagate.
Chapter 4 12
Implementation: Full Adder
§ Full Adder Schematic
Chapter 4
6
Logic Simplification: Half-Adder
§ The K-Map for S, C is: S § This is a pretty trivial map! By inspection:
Y
0
C
0
Y
1
11
3
S = X Y+X Y = X⊕Y S = ( X + Y) al Block: Half-Adder
§ A 2-input, 1-bit width binary adder that performs the following computations: X 0 0 1 1 +Y +0 +1 +0 +1
CS 00 01 01 10 § A half adder adds two bits to produce a two-bit sum § The sum is expressed as a X Y C S sum bit , S and a carry bit, C 0 0 0 0 § The half adder can be specified 0 1 0 1 as a truth table for S and C ⇒ 1 0 0 1 1 1 1 0
• Design by contraction
Chapter 4 2
Iterative Combinational Circuits
§ Arithmetic functions
• Operate on binary vectors • Use the same subfunction in each bit position
§ Here X, Y, and Z, and C (from the previous pages) are A, B, Ci and Co, respectively. Also, G = generate and P = propagate. § Note: This is really a combination of a 3-bit odd function (for S)) and Ci+1 Carry logic (for Ci+1):
0 1 +1 10 1 1 +1 11
10
Chapter 4
Logic Optimization: Full-Adder
§ Full-Adder Truth Table:
X Y Z 0 0 0 0 0 1 0 1 0 0 1 1 1 0 0 1 0 1 1 1 0 1 1 1
Y
0 1
§ Full-Adder K-Map:
§ Iterative array takes advantage of the regularity to make design feasible
Chapter 4 4
Functional Blocks: Addition
§ Binary addition used frequently § Addition Development:
§ A four-bit Ripple Carry Adder made from four 1-bit Full Adders:
B3 A3 B2 A2 B1 A1 B0 A0
FA
C3
FA
C2
FA
C1
FA
C0
C4
S3
S2
S1
S0
Chapter 4
15
Carry Propagation & Delay
§ Can design functional block for subfunction and repeat to obtain functional block for overall function § Cell - subfunction block § Iterative array - an array of interconnected cells § An iterative array can be in a single dimension (1D) or multiple dimensions
Logic and Computer Design Fundamentals
Overview
§ Iterative combinational circuits § Binary adders
• Half and full adders • Ripple carry and carry lookahead adders
Ci+1 = Gi + Pi · Ci
Gi
Ai Bi
Pi
Ci
Si
(G = Generate) OR (P =Propagate AND Ci = Carry In)
Chapter 4
13
Binary Adders
相关文档
最新文档