Chapter 2 answers
计算机组成与体系结构英文版课后练习题含答案
Chapter 1 - Introduction
Exercise 1.1
What are the three mn functions of a computer?
What is the purpose of the control unit?
Answer:The purpose of the control unit is to control the flow of data and instructions within the CPU.
Exercise 4.2
Chapter 5 - Memory Organization
Exercise 5.1
What is the difference between RAM and ROM?
Answer:RAM (Random Access Memory) is volatile memory that can be read from and written to. ROM (Read-Only Memory) is non-volatile memory that can only be read.
What is the difference between a RISC and a CISC processor?
Answer:A RISC (Reduced Instruction Set Computer) processor has a simplified instruction set with fewer instructions that are executed more quickly. A CISC (Complex Instruction Set Computer) processor has a more complex instruction set with more instructions that can perform complex operations in a single instruction.
英语《阅读教程》第一册答案
P35-4 1.weather 2.slowly 3.typical 4.extreme 5.temperatures 6.storms 7.floods 8.rain 9.damage 10.worse
P53
1
1.diet 2.diet 3.fast food 4.universal 5.tacos and burrios 6.diabetes 7.low-carb diet plex carbohydrates 9.soy products 10.dairy
5) Some examples of directions from residents of the American Midwest are “Take this road here. Go straight north for two miles,” or, “Keep to the left around the curve. Then merge with Local Route 12 .”
w 7.public 8.restaurants 9.habits 10.health
Chapter 5
Part 1
5) A. family in the past
1. biometeorologists 2.atmosphere 3.rain,snow,humidity, air pressure 4.weather 5.strokes 6. sudden stopping of the heart 7.flu 8.lungs 9. emotional conditions and feelings 10. Seasonal Affective Disorder, long periods of darkness
新编简明英语语言学教程第2版学习指南答案
新编简明英语语言学教程第2版学习指南答案Study Guide for New Concise English Linguistics Tutorial 2nd Edition AnswersIntroductionThe New Concise English Linguistics Tutorial 2nd Edition is a comprehensive guide to the study of the English language. This study guide provides answers to the exercises and questions found in the textbook, helping students to better understand the concepts and theories discussed in each chapter.Chapter 1: Introduction to Linguistics1.1 What is Linguistics?Linguistics is the scientific study of language and its structure, including phonology, morphology, syntax, semantics, and pragmatics.1.2 What are the subfields of Linguistics?The subfields of linguistics include phonetics, phonology, morphology, syntax, semantics, and pragmatics.1.3 What is the difference between prescriptive and descriptive grammar?Prescriptive grammar is concerned with rules for what is considered "correct" language use, while descriptive grammar describes how language is actually used by speakers.Chapter 2: Phonetics and Phonology2.1 What is phonetics?Phonetics is the study of the physical properties of speech sounds, including their production, transmission, and reception.2.2 What is phonology?Phonology is the study of the sound system of a language, including the patterns and rules that govern the pronunciation of words.2.3 What is the difference between consonants and vowels?Consonants are speech sounds that are produced with some degree of obstruction in the vocal tract, while vowels are speech sounds that are produced without obstruction.Chapter 3: Morphology3.1 What is morphology?Morphology is the study of the structure of words and how words are formed from smaller units called morphemes.3.2 What are free and bound morphemes?Free morphemes can stand alone as words, while bound morphemes must be attached to other morphemes to form a complete word.3.3 What is the difference between inflectional and derivational morphemes?Inflectional morphemes modify the grammatical function of a word (e.g., tense, number), while derivational morphemes create new words or change the meaning of existing words.Chapter 4: Syntax4.1 What is syntax?Syntax is the study of the structure of sentences and how words are combined to create meaningful phrases and sentences.4.2 What is the difference between phrases and clauses?Phrases are groups of words that function as a single unit within a sentence, while clauses are larger structures that contain a subject and a predicate.4.3 What is the difference between syntax and semantics?Syntax deals with the structure of language, while semantics is concerned with the meaning of language.Chapter 5: Semantics and Pragmatics5.1 What is semantics?Semantics is the study of meaning in language, including how words and sentences convey meaning.5.2 What is pragmatics?Pragmatics is the study of how context influences the interpretation of language, including the social and cultural factors that affect communication.5.3 What are speech acts?Speech acts are actions that are performed through speech, such as making a request or giving an order.ConclusionThis study guide provides answers to the exercises and questions found in the New Concise English Linguistics Tutorial 2nd Edition, helping students to deepen their understanding of the core concepts and theories in the study of English linguistics. By using this guide, students can enhance their knowledge andskills in the field of linguistics and improve their overall comprehension of the English language.。
雅思口语知识点解析chapter 2
Chapter 2 Talking about studyWhat’s your major? 你的专业是什么？Introduction：在雅思考试中，，作为考官对你个人背景了解之一的常问问题就是“专业”，其中包括最基本的个人专业的英文表达，选择专业的原因，是否喜爱自己的专业。
如果是高中在读的同学虽然还没有专业，不过也可以说说自己是文科生arts students还是理科生science students。
并且可以谈谈自己以后想学的专业。
在此节中重点要掌握如何表达自己的专业，和对专业喜爱的原因。
Task 1: you are going to hear two conversations, while listening, underline some useful phrases about Study.Conversation 1:Ann：Steve, who are the two women over there?Steve：Oh, their names are Shirley and Linda. Hi, Shirley. This is Ann. She is from Canada. Ann：Hello. Shirley, nice to meet you.Shirley：Hi, Ann. Nice to meet you, too. What do you study here?Ann：I’m studying Biology. And what’s your subject?Shirley：It’s engineering.Ann：Hi, Linda. What are you studying here?Linda：I’m studying Arts.Ann：Oh, that sounds interesting.Steve：Shirley. And Linda are from the UK.Ann：Oh, where are you from in the UK?Shirley：I’m from Edinburgh.Linda：And I come from Leeds.Conversation 2:Lily: What’s your major?Mike: I come to China just to study Chinese.Lily: Where are you studying now?Mike: At the Beijing Language and Culture University.Lily: How many years have you studied?Mike: I've already studied for three years. One year left for graduation.Lily: Are you going back to your country after graduation?Mike: Yes, I'll return to my country and look for a job.Lily: Is it difficult to find a job?Mike: Not very difficult, because there is not many people in my country who know Chinese.Lily: Mike, tell me why you chose to study Chinese?Mike: well, to be honest, I chose it based on my personal interest. You know, since I was a boy I have always been interested in language. And I reckon Chinese is a very interesting language to study.Lily: Good. Wish you good luck.Mike: Thanks.Task 2: Pair Work. Now, role-play the conversations in Task 1 with your partner. Then it is required for you to remember these phrases and expressions below. Inquiring about study:What are you studying? / What’s your major? / What’s your subject? 你的专业是什么What subjects do you like most and what subjects do you dislike most?你最喜欢/最不喜欢的专业是什么Why did you choose this major? 你为什么选择这个专业？What do you think of your major? 你觉得你的专业怎么样？Answering:I major in Finance. I am studying Finance. My subject is Finance. 我是金融专业的。
Chapter 2 answers
CHAPTER 2PRICING OF BONDSANSWERS TO QUESTIONS FOR CHAPTER 2(Questions are in bold print followed by answers.)1. A pension fund manager invests $10 million in a debt obligation that promises to pay7.3% per year for four years. What is the future value of the $10 million?To determine the future value of any sum of money invested today, we can use the future value equation, which is: P n= P0 (1 + r)n where n = number of periods, P n= future value n periods from now (in dollars), P0= original principal (in dollars) and r = interest rate per period (in decimal form). Inserting in our values, we have: P4 = $10,000,000(1.073)4 = $10,000,000(1.325558466) = $13,255,584.66.2. Suppose that a life insurance company has guaranteed a payment of $14 million to a pension fund 4.5 years from now. If the life insurance company receives a premium of $10.4 million from the pension fund and can invest the entire premium for 4.5 years at an annual interest rate of 6.25%, will it have sufficient funds from this investment to meet the $14 million obligation?To determine the future value of any sum of money invested today, we can use the future value equation, which is: P n= P0 (1 + r)n where n = number of periods, P n= future value n periods from now (in dollars), P0= original principal (in dollars)and r = interest rate per period (in decimal form). Inserting in our values, we have: P4.5 = $10,400,000(1.0625)4.5 = $10,400,000(1.313651676) = $13,661,977.43. Thus, it will be short $13,661,977.43 – $14,000,000 = –$338,022.57.3. Answer the following questions.(a) The portfolio manager of a tax-exempt fund is considering investing $500,000 in a debt instrument that pays an annual interest rate of 5.7% for four years. At the end of four years, the portfolio manager plans to reinvest the proceeds for three more years and expects that for the three-year period, an annual interest rate of 7.2% can be earned. What is the future value of this investment?At the end of year four, the portfolio manager’s amount is given by: P n= P0 (1 + r)n. Inserting in our values, we have P4= $500,000(1.057)4 = $500,000(1.248245382) = $624,122.66. In three more years at the end of year seven, the manager amount is given by: P7= P4(1 + r)3. Inserting in our values, we have: P7= $624,122.66(1.072)3 = $624,122.66(1.231925248) = $768,872.47. (b) Suppose that the portfolio manager in Question 3, part a, has the opportunity to invest the $500,000 for seven years in a debt obligation that promises to pay an annual interest rate of 6.1% compounded semiannually. Is this investment alternative more attractive than theone in Question 3, part a?At the end of year seven, the portfolio manager’s amount is given by the following equation, which adjusts for semiannual compounding. We have: P n = P 0(1 + r/2)2(n). Inserting in our values, we have P 7 = $500,000(1 + 0.061/2)2(7) = $500,000(1.0305)14 = $500,000(1.522901960) =$761,450.98. Thus, this investment alternative is not more attractive. It is less by the amount of $761,450.98 – $768,872.47 = –$7,421.49.4. Suppose that a portfolio manager purchases $10 million of par value of an eight-year bond that has a coupon rate of 7% and pays interest once per year. The first annual coupon payment will be made one year from now. How much will the portfolio manager have if she(1) holds the bond until it matures eight years from now, and (2) can reinvest all the annual interest payments at an annual interest rate of 6.2%?At the end of year eight, the portfolio manager’s amount is given by the following equation, which adjusts for annual compounding.We have:()11+ Par Value n n + r P A r ⎡⎤-=⎢⎥⎢⎥⎣⎦where A = coupon rate times par value. Inserting in our values, we have:88(1 + 0.062 1) = 0.07($10,000,000) 0.062P ⎡⎤-⎢⎥⎣⎦+ $10,000,000 = $700,000[9.9688005] + $10,000,000 = $6,978,160.38 + $10,000,000 = $16,978,160.38.5. Answer the following questions.(a) If the discount rate that is used to calculate the present value of a debt obligation’s cash flow is increased, what happens to the price of that debt obligation?A fundamental property of a bond is that its price changes in the opposite direction from thechange in the required yield. The reason is that the price of the bond is the present value of the cash flows. As the required yield increases, the present value of the cash flow decreases; hence the price decreases. The opposite is true when the required yield decreases: The present value of the cash flows increases, and therefore the price of the bond increases.(b) Suppose that the discount rate used to calculate the present value of a debt obligation’s cash flow is x %. Suppose also that the only cash flows for this debt obligation are $200,000 four years from now and $200,000 five years from now. For which of these cash flows will the present value be greater?Cash flows that come earlier will have a greater value. As long as x% is positive and the amount is the same, the present value will be greater for the $200,000 four years from now compared to fiveyears from now. This can also be seen by noting that if x > 0 then ()()4511 1x 1x ⎡⎤⎡⎤>⎢⎥⎢⎥++⎣⎦⎣⎦. The latter inequality implies ()()4511$2,000 $2,0001x 1x ⎡⎤⎡⎤>⎢⎥⎢⎥++⎣⎦⎣⎦will hold.6. The pension fund obligation of a corporation is calculated as the present value of the actuarially projected benefits that will have to be paid to beneficiaries. Why is the interest rate used to discount the projected benefits important?The present value increases as the discount rate decreases and decreases as the discount rate increases. Thus, in order to project the benefits accurately, we need an accurate estimate of the discount rate. If we underestimate the discount rate then we will be projecting more available pension funds than we will actually have.7. A pension fund manager knows that the following liabilities must be satisfied:Years from Now Liability (in millions)1 2.02 3.03 5.44 5.8Suppose that the pension fund manager wants to invest a sum of money that will satisfy this liability stream. Assuming that any amount that can be invested today can earn an annual interest rate of 7.6%, how much must be invested today to satisfy this liability stream?To satisfy year one’s liability (n = 1), the pension fund manager must invest an amount today that is equal to the future value of $2.0 million at 7.6%. We have:To satisfy year two’s liability (n = 2), the pension fund manager must invest an amount today thatis equal to the future value of $3.0 million at 7.6%. We have: To satisfy year three’s liability (n = 3), the pension fund manager must invest an amount today that is equal to the future value of $5.4 million at 7.6%. We have:To s atisfy year four’s liability (n = 4), the pension fund manager must invest an amount today thatis equal to the future value of $5.8 million at 7.6%. We have: If we add the four present values, we get $1,858,736.06 + $2,591,174.80 + $4,334,679.04 + $4,326,920.42 = $13,111,510.32, which is the amount the pension fund manager needs to invest today to cover the liability stream for the next four years.8. Calculate for each of the following bonds the price per $1,000 of par value assuming semiannual coupon payments.Bond Coupon Rate (%) Years to Maturity Required Yield (%)A 8 9 7B 9 20 9C 6 15 10D 0 14 8A. Consider a 9-year 8% coupon bond with a par value of $1,000 and a required yield of 7%. GivenC = 0.08($1,000) / 2 = $40, n = 2(9) = 18 and r = 0.07 / 2 = 0.035, the present value of the coupon payments is:()111 r P = C r ⎡⎤-⎢⎥+⎢⎥⎣⎦ = ()1811 1.035$40 0.035⎡⎤-⎢⎥⎢⎥⎣⎦= 1.857489211 $400.0035⎡⎤-⎢⎥⎢⎥⎣⎦ = []0.53836111 $40 0.4035⎡⎤-⎢⎥⎣⎦= []13.1896$40 817 = $$527,587.The present value of the par or maturity value of $1,000 is: ()1n M + r = ()80$1,0001.035= $1,00015.6757375= $538,361. Thus, the price of the bond (P) = present value of coupon payments + present value of par value = $527,587 + $538,361 = $1,065.95.B. Consider a 20-year 9% coupon bond with a par value of $1,000 and a required yield of 9%. Given C = 0.09($1,000) / 2 = $45, n = 2(20) = 40 and r = 0.09 / 2 = 0.045, the present value of the coupon payments is:()111 r P = C r ⎡⎤-⎢⎥+⎢⎥⎣⎦ = ()4011 1.045$45 0.045⎡⎤-⎢⎥⎢⎥⎣⎦ = 11 5.81863645$45 0.045⎡⎤-⎢⎥⎢⎥⎣⎦ = 1 0.1719287 $45 0.045-⎡⎤⎢⎥⎣⎦=$45[18.401584] = $828.071.The present value of the par or maturity value of $1,000 is: ()1n M + r = ()40$1,0001.045 = $1,0005.81863645= $171.929. Thus, the price of the bond (P) = $828.071+ $171.929= $1,000.00. [NOTE. We already knew the answer would be $1,000 because the coupon rate equals the yield to maturity.]C. Consider a 15-year 6% coupon bond with a par value of $1,000 and a required yield of 10%. Given C = 0.06($1,000) / 2 = $30, n = 2(15) = 30 and r = 0.10 / 2 = 0.05, the present value of the coupon payments is:()111n r P = C r ⎡⎤-⎢⎥+⎢⎥⎣⎦ = ()3011 1.05$30 0.05⎡⎤-⎢⎥⎢⎥⎣⎦ = 11 4.3219424$300.05⎡⎤-⎢⎥⎢⎥⎣⎦ = 10.2313774 $30 0.05-⎡⎤⎢⎥⎣⎦=$30[15.372451] = $461.174.The present value of the par or maturity value of $1,000 is: ()1n M + r = ()30$1,0001.05 =3219424.4000,1$ =231.377. Thus, the price of the bond (P) = $461.174+ $231.377= $692.55.D. Consider a 14-year 0% coupon bond with a par value of $1,000 and a required yield of 8%. Given C = 0($1,000) / 2 = $0, n = 2(14) = 28 and r = 0.08 / 2 = 0.04, the present value of the coupon payments is:()111n r P = C r ⎡⎤-⎢⎥+⎢⎥⎣⎦=2811 (1.04)$0 0.04⎡⎤-⎢⎥⎢⎥⎣⎦=11 2.998703319$0 0.055⎡⎤-⎢⎥⎢⎥⎣⎦= 055.0 0.33477471 1 0$⎥⎦⎤⎢⎣⎡-=$0[16.66306322] = $0. [NOTE. We already knew the answer because the coupon rate is zero.]The present value of the par or maturity value of $1,000 is: ()1n M + r = ()28$1,0001.04 = $1,0002.99870332 =$333.48. Thus, the price of the bond (P) = $0 + $333.48 = $333.48.9. Consider a bond selling at par ($100) with a coupon rate of 6% and 10 years to maturity.(a) What is the price of this bond if the required yield is 15%?We have a 10-year 6% coupon bond with a par value of $1,000 and a required yield of 15%. GivenC = 0.06($1,000) / 2 = $30, n = 2(10) = 20 and r = 0.15 / 2 = 0.075, the present value of the coupon payments is:()111n r P = C r ⎡⎤-⎢⎥+⎢⎥⎣⎦ = 2011 (1.075)$30 0.075⎡⎤-⎢⎥⎢⎥⎣⎦ = 11 4.2478511$30 0.075⎡⎤-⎢⎥⎢⎥⎣⎦ = 1 0.2354131$30 0.075-⎡⎤⎢⎥⎣⎦=$30[10.1944913] = $305.835.The present value of the par or maturity value of $1,000 is: ()1n M + r = ()20$1,0001.075 = $1,0004.2478511 =235.413. Thus, the price of the bond (P) = $305.835 + $235.413 = $541.25.(b) What is the price of this bond if the required yield increases from 15% to 16%, and by what percentage did the price of this bond change?If the required yield increases from 15% to 16%, then we have:()111n r P = C r ⎡⎤-⎢⎥+⎢⎥⎣⎦=2011 (1.08)$30 0.08⎡⎤-⎢⎥⎢⎥⎣⎦= [] 9.8181474 30$= $294.544.The present value of the par or maturity value of $1,000 is: ()1n M + r = ()20$1,0001.08= $214.548.Thus, the price of the bond (P) = $294.544 + $214.548= $509.09.The bond price falls with percentage fall is equivalent to $509.09$541.25$541.25- = -0.059409 orabout –5.94%.(c) What is the price of this bond if the required yield is 5%?If the required yield is 5%, then we have:()111n r P = C r ⎡⎤-⎢⎥+⎢⎥⎣⎦ = 2011 (1.025)$30 0.025⎡⎤-⎢⎥⎢⎥⎣⎦= [] 15.5891623 30$= $467.675.The present value of the par or maturity value of $1,000 is: ()1n M+ r = ()20$1,0001.025= $610.271.Thus, the price of the bond (P) = $467.675 + $610.271 = $1,077.95.(d) What is the price of this bond if the required yield increases from 5% to 6%, and by what percentage did the price of this bond change?If the required yield increases from 5% to 6%, then we have:()111n r P = C r ⎡⎤-⎢⎥+⎢⎥⎣⎦ =2011 (1.03)$30 0.03⎡⎤-⎢⎥⎢⎥⎣⎦= [] 614.8774748 30$= $446.324.The present value of the par or maturity value of $1,000 is: ()1n M + r =)03.1(000,1$20 = $553.676.The price of the bond (P) = $446.324 + $553.676 = $1,000.00. [NOTE. We already knew the answer would be $1,000 because the coupon rate equals the yield to maturity.]The bond price falls with the percentage fall equal to ($1,000.00 – $1,077.95) / $1,077.95 = -0.072310 or about –7.23%.(e) From your answers to Question 9, parts b and d, what can you say about the relative price volatility of a bond in a high-interest-rate environment compared to a low-interest-rate environment?We can say that there is more volatility in a low-interest-rate environment because there was a greater fall (–7.23% versus –5.94%).10. Suppose that you purchased a debt obligation three years ago at its par value of $100,000 and nine years remaining to maturity. The market price of this debt obligation today is $90,000. What are some reasons why the price of this debt obligation could have declined from the time you purchased it three years ago?The price of a bond will change for one or more of the following three reasons:(i) There is a change in the required yield owing to changes in the credit quality of the issuer.(ii) There is a change in the price of the bond selling at a premium or a discount, without anychange in the required yield, simply because the bond is moving toward maturity.(iii) There is a change in the required yield owing to a change in the yield on comparable bonds (i.e., a change in the yield required by the market).The first and third reasons are the likely reasons for the situation where the bond has plummeted from $100,000 to $90,000. The bond has plummeted in value because the credit quality of the issuer has fallen and/or the bond has plummeted because the yield on comparable bonds has increased.11. Suppose that you are reviewing a price sheet for bonds and see the following prices (per $100 par value) reported. You observe what seem to be several errors. Without calculating the price of each bond, indicate which bonds seem to be reported incorrectly, and explain why.Bond Price Coupon Rate (%) Required Yield (%)U 90 6 9V 96 9 8W 110 8 6X 105 0 5Y 107 7 9Z 100 6 6If the required yield is the same as the coupon rate then the price of the bond should sell at its par value. This appears to be the case of bond Z. If the required yield decreases below the coupon rate then the price of a bond should increase. This is the case for bond W. This is not the case for bond V so this bond is not reported correctly. If the required yield increases above the coupon rate then the price of a bond should decrease. This is the case for bond U. This is not the case for bonds X and Y so these bonds are not reported correctly. Thus, bonds V, X, and Y are incorrectly reported because the change in the bond price is not consistent with the difference between the coupon rate and the required yield.12. What is the maximum price of a bond?Consider an extreme case of a 100-year 20% coupon bond with a par value of $1,000 that after one year falls so that the required yield is 1%. Given C = 0.2 ($1,000) / 2 = $100, n = 2(99) = 198 and r = 0.01 / 2 = 0.005, the present value of the coupon payments is:()111 r P = C r ⎡⎤-⎢⎥+⎢⎥⎣⎦= 11 (1.005)$100 0.005⎡⎤-⎢⎥⎢⎥⎣⎦= 11 2.684604$100 0.005⎡⎤-⎢⎥⎢⎥⎣⎦=1 0.3724944 $100 0.005-⎡⎤⎢⎥⎣⎦= $100[125.50112] = $12,550.112.The present value of the par value of $1,000 is: ()1n M + r =()198$1,0001.005= $1,0002.684604 = $372.494.Thus, the price of the bond (P) = $12,550.112 + $372.494 = $12,922.61.This is a percent increase of ($12,922.6 – $1,000) / $1,000 = 11.92606 or about 1,192.61%.If the required yield falls to 0.001%, then the bond price would increase to $20,778.33, which would be a percent increase of about 1,977.83%.If the required yield falls to 0.00001%, then the bond price would increase to $20,778.33, which would be a percent increase of about 1,977.83%.If the required yield falls to 0.0000000001%, then the bond price would increase to $20,801.76, which would be a percent increase of about 1,980.18%.Thus, we see that even for these extreme numbers (that are highly unlikely), we find there appears to be a limit on how high a bond price might rise assuming that rates do not reach negative numbers.If the required yield is a negative number then there would be no limit to how high a bond price might rise. For example, if the required yield becomes a negative 1%, then the bond price would increase to $70,468.18. If it becomes a negative 10%, then the bond price becomes$2,296,218.049,925.23.13. What is the “dirty” price of a bond?The “dirty” (or “full”) price is the amount that the buyer agrees to pay the seller, which is the agreed-upon price plus accrued interest. The price of a bond without accrued interest is called the clean price. The exceptions are bonds that are in default. Such bonds are said to be quoted flat, that is, without accrued interest.14. Explain why you agree or disagree with the following statement: “The price of a floater will always trade at its par value.”One would disagree with the statement: “The price of a floater will always trade at its par value.”First, the coupon rate of a floating-rate security (or floater ) is equal to a reference rate plus some spread or margin. For example, the coupon rate of a floater can reset at the rate on a three-month Treasury bill (the reference rate) plus 50 basis points (the spread).Next, the price of a floater depends on two factors: (1) the spread over the reference rate and (2) any restrictions that may be imposed on the resetting of the coupon rate. For example, a floater may have a maximum coupon rate called a cap or a minimum coupon rate called a floor . The price of a floater will trade close to its par value as long as (1) the spread above the reference rate that the market requires is unchanged and (2) neither the cap nor the floor is reached.However, if the market requires a larger (smaller) spread, the price of a floater will trade below (above) par. If the coupon rate is restricted from changing to the reference rate plus the spread because of the cap, then the price of a floater will trade below par.15. Explain why you agree or disagree with the following statement: “The price of an inverse floater will increase when the reference rate decreases.”One would disagree with the statement: “The price of an inverse floater will increase when the reference rate decreases.”In general, an inverse floater is created from a fixed-rate security. The security from which the inverse floater is created is called the collateral. From the collateral two bonds are created: a floater and an inverse floater. The two bonds are created such that (1) the total coupon interest paid to the two bonds in each period is less than or equal to the collateral’s coupon intere st in each period, and (2) the total par value of the two bonds is less than or equal to the collateral’s total par value. The total par value of the floater and inverse floater equals the par value of the collateral. Regardless of the level of the reference rate, the combined coupon rate for the two bonds is equal to the coupon rate of the collateral. However, if the reference rate exceeds a certain percentage, then the formula for the coupon rate for the inverse floater will be negative. To prevent this from happening, a floor is placed on the coupon rate for the inverse floater. Typically, the floor is set at zero. Because of the floor, the coupon rate on the floater must be restricted so that the coupon interest paid to the two bonds does not exceed the collateral’s coupon interest. Thus, when a floater and an inverse floater are created from the collateral, a floor is imposed on the inverse and a cap is imposed on the floater.The price of an inverse floater is found by determining the price of the collateral and the price of the floater. This can be seen as follows: collateral’s price = floater’s price + inverse’s price. Therefore, inverse’s price = collateral’s price –floater’s price.The factors that affect the price of an inverse floater are affected by the reference rate only to the extent that it affects the restrictions on the floater’s rate. This is quite an important result. Some investors mistakenly believe that because the coupon rate rises, the price of an inverse floater should increase if the reference rate decreases. This is not true. The key in pricing an inverse floater is how changes in interest rates affect the price of the collateral. The reference rate is important only to the extent that it restricts the coupon rate of the floater.。
奥本海姆《信号与系统》第二版信号与系统答案
4 3
(e)
x 2[n] = e
j(
n
2
) 8
,
x 2[n] =1. therefore, E = x 2[n] = ,
2
Байду номын сангаас
2
P
N = lim 1 N 2 N 1 n N
n
x 2[n]
2
N 1 lim 1 1. N 2 N 1 n N
(d)
1
T
1 COS (2t ) 1 dt 2 2
n
2 1 u[n] . Therefore, E = [n] 2 1 1 u[n] , [ n ] [ n ] x1 x 1 x n0 4 4 2 P =0，because E < .
v 1
1
(b) Since (c)
x1(t) is an odd signal,
x [ n] x
v 2
is zero for all values of t.
1 [ n] v x3 2
n n 1 1 1 [ n ] [ n ] u [ n 3] u [ n 3] x1 x1 2 2 2
1
(b) {x (t )} 2 cos( ) cos(3t 2 ) cos(3t ) e 0t cos(3t 0) 2 (c) {x (t )} e t sin(3 t ) e t sin(3t ) 3 2 (d) 1.9. (a)
Signals & Systems
朗文2Bchapter2练习
LWTE 2B Chapter 2Choose the correct answers.( ) 1. I want to make ________ fruit cake. Is there ________ fruit in the fridge?A. some; anyB. a; anyC. a; some( ) 2. -Are there _________ bananas? -Sorry. There aren’t _______ bananas. A. any; some B. some; some C. any; any( ) 3. I need ________ sugar. Is there ________ sugar?A. some; anyB. any; anyC. any; some( ) 4. There’s ________ egg, _________ orange and ________ butter.A. a; a; aB. an; an; someC. a; a; some( ) 5. ________ there any mangoes? – Yes, there _______.A. Is; isB. Are; areC. Are; isn’t( ) 6. ________ there any flour? -No, there ________.A. Is; isB. Are; isn’tC. Is; isn’t( ) 7. __________ make a cake.A. LetsB. Let’sC. Let( ) 8. ________ only one apple in the basket. But ________ some milk.A. There are; there isB. There is; there areC. There is; there is ( ) 9. -Are there any birds in the park? -Yes, ________ some birds.A. there isB. there areC. there aren’t( ) 10. Mary has a party this Sunday. She _______ some friends _______ her party.A. invite; toB. invites; inC. invites; to( ) 11. I can see some _______ in the fridge.A. cookies and chickenB. cookie and chocolateC. raisin and butters ( ) 12. ________ are some cats under the table, ________ are black.A. The; theyB. There; theyC. They; there ( ) 13. There _______ any grapes. There _______ any ham.A. are; isB. aren’t; isn’tC. are; isn’t ( ) 14. There _______ some mangoes but there _______ any grapes.A. is; isn’tB. are; areC. are; aren’t ( ) 15. Are there ______ potatoes? No, but there ______ some tomatoes.A. any; areB. some; aren’tC. any; aren’tRead and choose.读短文，选择正确的答案：。
商务英语Chapter 2参考译文及答案
商务英语Chapter 2参考译文及答案In this chapter, we will provide a reference translation and answers for the exercises in Chapter 2 of your business English textbook. The translation and answers are presented in a clear and organized manner, ensuring a smooth reading experience. Please note that the following text does not contain any links or headings, as per your request.Translation:Text 1:Good morning, ladies and gentlemen. My name is John Smith, and I am the sales manager of XYZ Corporation. I would like to take this opportunity to introduce our new product line to all of you. Our company has been working tirelessly to develop innovative products that meet the needs of our customers, and I am proud to say that this new line is a result of those efforts. We believe that these products will greatly benefit your businesses, and we are excited to showcase them today. Thank you for your attention.Answer to exercise 1:John Smith introduces the new product line of XYZ Corporation and expresses his belief that the products will be beneficial for all attendees.Answer to exercise 2:The purpose of this talk is to provide information about the new product line of XYZ Corporation and generate interest among the audience.Text 2:Dear Mr. Johnson, I am writing to confirm the details of our upcoming meeting on Friday, September 15 at 2:00 PM. The meeting will be held in Conference Room A on the 9th floor of our office building. The agenda for the meeting includes a discussion on the new marketing strategy for our product launch and an update on the current sales figures. I kindly request that you come prepared with any relevant materials or data for these discussions. Please let me know if you have any questions or concerns. Thank you, and I look forward to meeting with you.Answer to exercise 1:The email confirms the date, time, and location of the upcoming meeting, as well as the agenda topics.Answer to exercise 2:The purpose of this email is to provide the necessary information about the meeting and request the recipient to come prepared with relevant materials.Text 3:To whom it may concern, I am writing to inquire about the availabilityof your products for wholesale purchase. I represent a retail company that specializes in home appliances, and we are interested in carrying your brand. Could you please provide me with information on the minimum order quantity, pricing, and any applicable discounts? Additionally, I would like to know if there are any exclusive distributorship opportunities in our area. Thank you for your attention to this matter, and I look forward to your prompt response. Best regards, Emily JohnsonAnswer to exercise 1:The email inquires about the availability of the products for wholesale purchase and asks for information on pricing, order quantity, and distributorship opportunities.Answer to exercise 2:The purpose of this email is to gather information about the availability of products for wholesale purchase and explore potential business opportunities with the company.。
c语言程序设计现代方法(第二版)习题答案
Chapter 2Answers to Selected Exercises2. [was #2] (a) The program contains one directive (#include) and four statements (three calls of printf and one return).(b)Parkinson's Law:Work expands so as to fill the timeavailable for its completion.3. [was #4]#include <stdio.h>int main(void){int height = 8, length = 12, width = 10, volume;volume = height * length * width;printf("Dimensions: %dx%dx%d\n", length, width, height);printf("Volume (cubic inches): %d\n", volume);printf("Dimensional weight (pounds): %d\n", (volume + 165) / 166);return 0;}4. [was #6] Here's one possible program:#include <stdio.h>int main(void){int i, j, k;float x, y, z;printf("Value of i: %d\n", i);printf("Value of j: %d\n", j);printf("Value of k: %d\n", k);printf("Value of x: %g\n", x);printf("Value of y: %g\n", y);printf("Value of z: %g\n", z);return 0;}When compiled using GCC and then executed, this program produced the following output:Value of i: 5618848Value of j: 0Value of k: 6844404Value of x: 3.98979e-34Value of y: 9.59105e-39Value of z: 9.59105e-39The values printed depend on many factors, so the chance that you'll get exactly these numbers is small.5. [was #10] (a) is not legal because 100_bottles begins with a digit.8. [was #12] There are 14 tokens: a, =, (, 3, *, q, -, p, *, p, ), /, 3, and ;.Answers to Selected Programming Projects4. [was #8; modified]#include <stdio.h>int main(void){float original_amount, amount_with_tax;printf("Enter an amount: ");scanf("%f", &original_amount);amount_with_tax = original_amount * 1.05f;printf("With tax added: $%.2f\n", amount_with_tax);return 0;}The amount_with_tax variable is unnecessary. If we remove it, the program is slightly shorter:#include <stdio.h>int main(void){float original_amount;printf("Enter an amount: ");scanf("%f", &original_amount);printf("With tax added: $%.2f\n", original_amount * 1.05f);return 0;}Chapter 3Answers to Selected Exercises2. [was #2](a) printf("%-8.1e", x);(b) printf("%10.6e", x);(c) printf("%-8.3f", x);(d) printf("%6.0f", x);5.[was #8] The values of x, i, and y will be 12.3, 45, and .6, respectively. Answers to Selected Programming Projects1. [was #4; modified]#include <stdio.h>int main(void){int month, day, year;printf("Enter a date (mm/dd/yyyy): ");scanf("%d/%d/%d", &month, &day, &year);printf("You entered the date %d%.2d%.2d\n", year, month, day);return 0;}3. [was #6; modified]#include <stdio.h>int main(void){int prefix, group, publisher, item, check_digit;printf("Enter ISBN: ");scanf("%d-%d-%d-%d-%d", &prefix, &group, &publisher, &item,&check_digit);printf("GS1 prefix: %d\n", prefix);printf("Group identifier: %d\n", group);printf("Publisher code: %d\n", publisher);printf("Item number: %d\n", item);printf("Check digit: %d\n", check_digit);/* The five printf calls can be combined as follows:printf("GS1 prefix: %d\nGroup identifier: %d\nPublishercode: %d\nItem number: %d\nCheck digit: %d\n",prefix, group, publisher, item, check_digit);*/return 0;}Chapter 4Answers to Selected Exercises2.[was #2] Not in C89. Suppose that i is 9 and j is 7. The value of (-i)/j could be either –1 or –2, depending on the implementation. On the other hand, the value of -(i/j) is always –1, regardless of the implementation. In C99, on the other hand, the value of (-i)/j must be equal to the value of -(i/j).9. [was #6](a) 63 8(b) 3 2 1(c) 2 -1 3(d) 0 0 013. [was #8] The expression ++i is equivalent to (i += 1). The value of both expressions is i after the increment has been performed.Answers to Selected Programming Projects2. [was #4]#include <stdio.h>int main(void){int n;printf("Enter a three-digit number: ");scanf("%d", &n);printf("The reversal is: %d%d%d\n", n % 10, (n / 10) % 10, n / 100);return 0;}Chapter 5Answers to Selected Exercises2. [was #2](a) 1(b) 1(c) 1(d) 14. [was #4] (i > j) - (i < j)6. [was #12] Yes, the statement is legal. When n is equal to 5, it does nothing, since 5 is not equal to –9.10. [was #16] The output isonetwosince there are no break statements after the cases.Answers to Selected Programming Projects2. [was #6]#include <stdio.h>int main(void){int hours, minutes;printf("Enter a 24-hour time: ");scanf("%d:%d", &hours, &minutes);printf("Equivalent 12-hour time: ");if (hours == 0)printf("12:%.2d AM\n", minutes);else if (hours < 12)printf("%d:%.2d AM\n", hours, minutes);else if (hours == 12)printf("%d:%.2d PM\n", hours, minutes);elseprintf("%d:%.2d PM\n", hours - 12, minutes);return 0;}4. [was #8; modified]#include <stdio.h>int main(void){int speed;printf("Enter a wind speed in knots: ");scanf("%d", &speed);if (speed < 1)printf("Calm\n");else if (speed <= 3)printf("Light air\n");else if (speed <= 27)printf("Breeze\n");else if (speed <= 47)printf("Gale\n");else if (speed <= 63)printf("Storm\n");elseprintf("Hurricane\n");return 0;}6. [was #10]#include <stdio.h>int main(void){int check_digit, d, i1, i2, i3, i4, i5, j1, j2, j3, j4, j5, first_sum, second_sum, total;printf("Enter the first (single) digit: ");scanf("%1d", &d);printf("Enter first group of five digits: ");scanf("%1d%1d%1d%1d%1d", &i1, &i2, &i3, &i4, &i5);printf("Enter second group of five digits: ");scanf("%1d%1d%1d%1d%1d", &j1, &j2, &j3, &j4, &j5);printf("Enter the last (single) digit: ");scanf("%1d", &check_digit);first_sum = d + i2 + i4 + j1 + j3 + j5;second_sum = i1 + i3 + i5 + j2 + j4;total = 3 * first_sum + second_sum;if (check_digit == 9 - ((total - 1) % 10))printf("VALID\n");elseprintf("NOT VALID\n");return 0;}10. [was #14]#include <stdio.h>int main(void){int grade;printf("Enter numerical grade: ");scanf("%d", &grade);if (grade < 0 || grade > 100) {printf("Illegal grade\n");return 0;}switch (grade / 10) {case 10:case 9: printf("Letter grade: A\n");break;case 8: printf("Letter grade: B\n");break;case 7: printf("Letter grade: C\n");break;case 6: printf("Letter grade: D\n");break;case 5:case 4:case 3:case 2:case 1:case 0: printf("Letter grade: F\n");break;}return 0;}Chapter 6Answers to Selected Exercises4.[was #10] (c) is not equivalent to (a) and (b), because i is incremented before the loop body is executed.10. [was #12] Consider the following while loop:while (…) {…continue;…}The equivalent code using goto would have the following appearance:while (…) {…goto loop_end;…loop_end: ; /* null statement */}12. [was #14]for (d = 2; d * d <= n; d++)if (n % d == 0)break;The if statement that follows the loop will need to be modified as well:if (d * d <= n)printf("%d is divisible by %d\n", n, d);elseprintf("%d is prime\n", n);14. [was #16] The problem is the semicolon at the end of the first line. If we remove it, the statement is now correct:if (n % 2 == 0)printf("n is even\n");Answers to Selected Programming Projects2. [was #2]#include <stdio.h>int main(void){int m, n, remainder;printf("Enter two integers: ");scanf("%d%d", &m, &n);while (n != 0) {remainder = m % n;m = n;n = remainder;}printf("Greatest common divisor: %d\n", m);return 0;}4. [was #4]#include <stdio.h>int main(void){float commission, value;printf("Enter value of trade: ");scanf("%f", &value);while (value != 0.0f) {if (value < 2500.00f)commission = 30.00f + .017f * value;else if (value < 6250.00f)commission = 56.00f + .0066f * value;else if (value < 20000.00f)commission = 76.00f + .0034f * value;else if (value < 50000.00f)commission = 100.00f + .0022f * value;else if (value < 500000.00f)commission = 155.00f + .0011f * value;elsecommission = 255.00f + .0009f * value;if (commission < 39.00f)commission = 39.00f;printf("Commission: $%.2f\n\n", commission);printf("Enter value of trade: ");scanf("%f", &value);}return 0;}6. [was #6]#include <stdio.h>int main(void){int i, n;printf("Enter limit on maximum square: ");scanf("%d", &n);for (i = 2; i * i <= n; i += 2)printf("%d\n", i * i);return 0;}8. [was #8]#include <stdio.h>int main(void){int i, n, start_day;printf("Enter number of days in month: ");scanf("%d", &n);printf("Enter starting day of the week (1=Sun, 7=Sat): "); scanf("%d", &start_day);/* print any leading "blank dates" */for (i = 1; i < start_day; i++)printf(" ");/* now print the calendar */for (i = 1; i <= n; i++) {printf("%3d", i);if ((start_day + i - 1) % 7 == 0)printf("\n");}return 0;}Chapter 7Answers to Selected Exercises3. [was #4] (b) is not legal.4.[was #6] (d) is illegal, since printf requires a string, not a character, as its first argument.10.[was #14] unsigned int, because the (int) cast applies only to j, not j * k.12. [was #16] The value of i is converted to float and added to f, then the result is converted to double and stored in d.14. [was #18] No. Converting f to int will fail if the value stored inf exceeds the largest value of type int.Answers to Selected Programming Projects1.[was #2] short int values are usually stored in 16 bits, causing failure at 182. int and long int values are usually stored in 32 bits, with failure occurring at 46341.2. [was #8]#include <stdio.h>int main(void){int i, n;char ch;printf("This program prints a table of squares.\n");printf("Enter number of entries in table: ");scanf("%d", &n);ch = getchar();/* dispose of new-line character following number of entries *//* could simply be getchar(); */for (i = 1; i <= n; i++) {printf("%10d%10d\n", i, i * i);if (i % 24 == 0) {printf("Press Enter to continue...");ch = getchar(); /* or simply getchar(); */}}return 0;}5. [was #10]#include <ctype.h>#include <stdio.h>int main(void){int sum = 0;char ch;printf("Enter a word: ");while ((ch = getchar()) != '\n')switch (toupper(ch)) {case 'D': case 'G':sum += 2; break;case 'B': case 'C': case 'M': case 'P':sum += 3; break;case 'F': case 'H': case 'V': case 'W': case 'Y': sum += 4; break;case 'K':sum += 5; break;case 'J': case 'X':sum += 8; break;case 'Q': case 'Z':sum += 10; break;default:sum++; break;}printf("Scrabble value: %d\n", sum);return 0;}6. [was #12]#include <stdio.h>int main(void){printf("Size of int: %d\n", (int) sizeof(int));printf("Size of short: %d\n", (int) sizeof(short));printf("Size of long: %d\n", (int) sizeof(long));printf("Size of float: %d\n", (int) sizeof(float));printf("Size of double: %d\n", (int) sizeof(double));printf("Size of long double: %d\n", (int) sizeof(long double));return 0;}Since the type of a sizeof expression may vary from one implementation to another, it's necessary in C89 to cast sizeof expressions to a known type before printing them. The sizes of the basic types are small numbers, so it's safe to cast them to int. (In general, however, it's best to cast sizeof expressions to unsigned long and print them using %lu.) In C99, we can avoid the cast by using the %zu conversion specification.Chapter 8Answers to Selected Exercises1.[was #4] The problem with sizeof(a) / sizeof(t) is that it can't easily be checked for correctness by someone reading the program. (The reader would have to locate the declaration of a and make sure that its elements have type t.)2. [was #8] To use a digit d (in character form) as a subscript into the array a, we would write a[d-'0']. This assumes that digits have consecutive codes in the underlying character set, which is true of ASCII and other popular character sets.7. [was #10]const int segments[10][7] = {{1, 1, 1, 1, 1, 1},{0, 1, 1},{1, 1, 0, 1, 1, 0, 1},{1, 1, 1, 1, 0, 0, 1},{0, 1, 1, 0, 0, 1, 1},{1, 0, 1, 1, 0, 1, 1},{1, 0, 1, 1, 1, 1, 1},{1, 1, 1},{1, 1, 1, 1, 1, 1, 1},{1, 1, 1, 1, 0, 1, 1}};Answers to Selected Programming Projects2. [was #2]#include <stdio.h>int main(void){int digit_count[10] = {0};int digit;long n;printf("Enter a number: ");scanf("%ld", &n);while (n > 0) {digit = n % 10;digit_count[digit]++;n /= 10;}printf ("Digit: ");for (digit = 0; digit <= 9; digit++)printf("%3d", digit);printf("\nOccurrences:");for (digit = 0; digit <= 9; digit++)printf("%3d", digit_count[digit]);printf("\n");return 0;}5. [was #6]#include <stdio.h>#define NUM_RATES ((int) (sizeof(value) / sizeof(value[0]))) #define INITIAL_BALANCE 100.00int main(void){int i, low_rate, month, num_years, year;double value[5];printf("Enter interest rate: ");scanf("%d", &low_rate);printf("Enter number of years: ");scanf("%d", &num_years);printf("\nYears");for (i = 0; i < NUM_RATES; i++) {printf("%6d%%", low_rate + i);value[i] = INITIAL_BALANCE;}printf("\n");for (year = 1; year <= num_years; year++) {printf("%3d ", year);for (i = 0; i < NUM_RATES; i++) {for (month = 1; month <= 12; month++)value[i] += ((double) (low_rate + i) / 12) / 100.0 * value[i]; printf("%7.2f", value[i]);}printf("\n");}return 0;}8. [was #12]#include <stdio.h>#define NUM_QUIZZES 5#define NUM_STUDENTS 5int main(void){int grades[NUM_STUDENTS][NUM_QUIZZES];int high, low, quiz, student, total;for (student = 0; student < NUM_STUDENTS; student++) {printf("Enter grades for student %d: ", student + 1);for (quiz = 0; quiz < NUM_QUIZZES; quiz++)scanf("%d", &grades[student][quiz]);}printf("\nStudent Total Average\n");for (student = 0; student < NUM_STUDENTS; student++) {printf("%4d ", student + 1);total = 0;for (quiz = 0; quiz < NUM_QUIZZES; quiz++)total += grades[student][quiz];printf("%3d %3d\n", total, total / NUM_QUIZZES);}printf("\nQuiz Average High Low\n");for (quiz = 0; quiz < NUM_QUIZZES; quiz++) {printf("%3d ", quiz + 1);total = 0;high = 0;low = 100;for (student = 0; student < NUM_STUDENTS; student++) {total += grades[student][quiz];if (grades[student][quiz] > high)high = grades[student][quiz];if (grades[student][quiz] < low)low = grades[student][quiz];}printf("%3d %3d %3d\n", total / NUM_STUDENTS, high, low); }return 0;}Chapter 9Answers to Selected Exercises2. [was #2]int check(int x, int y, int n){return (x >= 0 && x <= n - 1 && y >= 0 && y <= n - 1);}4. [was #4]int day_of_year(int month, int day, int year){int num_days[] = {31, 28, 31, 30, 31, 30, 31, 31, 30, 31, 30, 31}; int day_count = 0, i;for (i = 1; i < month; i++)day_count += num_days[i-1];/* adjust for leap years, assuming they are divisible by 4 */if (year % 4 == 0 && month > 2)day_count++;return day_count + day;}Using the expression year % 4 == 0 to test for leap years is not completely correct. Centuries are special cases: if a year is a multiple of 100, then it must also be a multiple of 400 in order to be a leap year. The correct test isyear % 4 == 0 && (year % 100 != 0 || year % 400 == 0)6. [was #6; modified]int digit(int n, int k){int i;for (i = 1; i < k; i++)n /= 10;return n % 10;}8. [was #8] (a) and (b) are valid prototypes. (c) is illegal, since it doesn't specify the type of the parameter. (d) incorrectly specifies that f returns an int value in C89; in C99, omitting the return type is illegal.10. [was #10](a)int largest(int a[], int n){int i, max = a[0];for (i = 1; i < n; i++)if (a[i] > max)max = a[i];return max;}(b)int average(int a[], int n){int i, avg = 0;for (i = 0; i < n; i++)avg += a[i];return avg / n;}(c)int num_positive(int a[], int n){int i, count = 0;for (i = 0; i < n; i++)if (a[i] > 0)count++;return count;}15. [was #12; modified]double median(double x, double y, double z) {double result;if (x <= y)if (y <= z) result = y;else if (x <= z) result = z;else result = x;else {if (z <= y) result = y;else if (x <= z) result = x;else result = z;}return result;}17. [was #14]int fact(int n){int i, result = 1;for (i = 2; i <= n; i++)result *= i;return result;}19. [was #16] The following program tests the pb function:#include <stdio.h>void pb(int n);int main(void){int n;printf("Enter a number: ");scanf("%d", &n);printf("Output of pb: ");pb(n);printf("\n");return 0;}void pb(int n){if (n != 0) {pb(n / 2);putchar('0' + n % 2);}}pb prints the binary representation of the argument n, assuming that n is greater than 0. (We also assume that digits have consecutive codes in the underlying character set.) For example:Enter a number: 53Output of pb: 110101A trace of pb's execution would look like this:pb(53) finds that 53 is not equal to 0, so it callspb(26), which finds that 26 is not equal to 0, so it calls pb(13), which finds that 13 is not equal to 0, so it calls pb(6), which finds that 6 is not equal to 0, so it callspb(3), which finds that 3 is not equal to 0, so it callspb(1), which finds that 1 is not equal to 0, so it callspb(0), which finds that 0 is equal to 0, so it returns, causingpb(1) to print 1 and return, causingpb(3) to print 1 and return, causingpb(6) to print 0 and return, causingpb(13) to print 1 and return, causingpb(26) to print 0 and return, causingpb(53) to print 1 and return.Chapter 10Answers to Selected Exercises1. [was #2] (a) a, b, and c are visible.(b) a, and d are visible.(c) a, d, and e are visible.(d) a and f are visible.Answers to Selected Programming Projects3. [was #4]#include <stdbool.h> /* C99 only */#include <stdio.h>#include <stdlib.h>#define NUM_CARDS 5#define RANK 0#define SUIT 1/* external variables */int hand[NUM_CARDS][2];/* 0 1____ ____0 |____|____|1 |____|____|2 |____|____|3 |____|____|4 |____|____|rank suit*/bool straight, flush, four, three;int pairs; /* can be 0, 1, or 2 *//* prototypes */void read_cards(void);void analyze_hand(void);void print_result(void);/********************************************************** * main: Calls read_cards, analyze_hand, and print_result * * repeatedly. * **********************************************************/ int main(void){for (;;) {read_cards();analyze_hand();print_result();}}/********************************************************** * read_cards: Reads the cards into the external variable * * hand; checks for bad cards and duplicate * * cards. * **********************************************************/ void read_cards(void){char ch, rank_ch, suit_ch;int i, rank, suit;bool bad_card, duplicate_card;int cards_read = 0;while (cards_read < NUM_CARDS) {bad_card = false;printf("Enter a card: ");rank_ch = getchar();switch (rank_ch) {case '0': exit(EXIT_SUCCESS);case '2': rank = 0; break;case '3': rank = 1; break;case '4': rank = 2; break;case '5': rank = 3; break;case '6': rank = 4; break;case '7': rank = 5; break;case '8': rank = 6; break;case '9': rank = 7; break;case 't': case 'T': rank = 8; break;case 'j': case 'J': rank = 9; break;case 'q': case 'Q': rank = 10; break;case 'k': case 'K': rank = 11; break;case 'a': case 'A': rank = 12; break;default: bad_card = true;}suit_ch = getchar();switch (suit_ch) {case 'c': case 'C': suit = 0; break;case 'd': case 'D': suit = 1; break;case 'h': case 'H': suit = 2; break;case 's': case 'S': suit = 3; break;default: bad_card = true;}while ((ch = getchar()) != '\n')if (ch != ' ') bad_card = true;if (bad_card) {printf("Bad card; ignored.\n");continue;}duplicate_card = false;for (i = 0; i < cards_read; i++)if (hand[i][RANK] == rank && hand[i][SUIT] == suit) { printf("Duplicate card; ignored.\n");duplicate_card = true;break;}if (!duplicate_card) {hand[cards_read][RANK] = rank;hand[cards_read][SUIT] = suit;cards_read++;}}}/********************************************************** * analyze_hand: Determines whether the hand contains a * * straight, a flush, four-of-a-kind, * * and/or three-of-a-kind; determines the * * number of pairs; stores the results into * * the external variables straight, flush, * * four, three, and pairs. * **********************************************************/ void analyze_hand(void){int rank, suit, card, pass, run;straight = true;flush = true;four = false;three = false;pairs = 0;/* sort cards by rank */for (pass = 1; pass < NUM_CARDS; pass++)for (card = 0; card < NUM_CARDS - pass; card++) {rank = hand[card][RANK];suit = hand[card][SUIT];if (hand[card+1][RANK] < rank) {hand[card][RANK] = hand[card+1][RANK];hand[card][SUIT] = hand[card+1][SUIT];hand[card+1][RANK] = rank;hand[card+1][SUIT] = suit;}}/* check for flush */suit = hand[0][SUIT];for (card = 1; card < NUM_CARDS; card++)if (hand[card][SUIT] != suit)flush = false;/* check for straight */for (card = 0; card < NUM_CARDS - 1; card++)if (hand[card][RANK] + 1 != hand[card+1][RANK])straight = false;/* check for 4-of-a-kind, 3-of-a-kind, and pairs bylooking for "runs" of cards with identical ranks */card = 0;while (card < NUM_CARDS) {rank = hand[card][RANK];run = 0;do {run++;card++;} while (card < NUM_CARDS && hand[card][RANK] == rank); switch (run) {case 2: pairs++; break;case 3: three = true; break;case 4: four = true; break;}}}/********************************************************** * print_result: Prints the classification of the hand, * * based on the values of the external * * variables straight, flush, four, three, * * and pairs. * **********************************************************/ void print_result(void){if (straight && flush) printf("Straight flush");else if (four) printf("Four of a kind");else if (three &&pairs == 1) printf("Full house");else if (flush) printf("Flush");else if (straight) printf("Straight");else if (three) printf("Three of a kind");else if (pairs == 2) printf("Two pairs");else if (pairs == 1) printf("Pair");else printf("High card");printf("\n\n");}5. [was #6]#include <stdbool.h> /* C99 only */#include <stdio.h>#include <stdlib.h>#define NUM_RANKS 13#define NUM_SUITS 4#define NUM_CARDS 5/* external variables */int num_in_rank[NUM_RANKS];int num_in_suit[NUM_SUITS];bool straight, flush, four, three;int pairs; /* can be 0, 1, or 2 *//* prototypes */void read_cards(void);void analyze_hand(void);void print_result(void);/********************************************************** * main: Calls read_cards, analyze_hand, and print_result * * repeatedly. * **********************************************************/ int main(void){for (;;) {read_cards();analyze_hand();print_result();}}/********************************************************** * read_cards: Reads the cards into the external * * variables num_in_rank and num_in_suit; * * checks for bad cards and duplicate cards. * **********************************************************/void read_cards(void){bool card_exists[NUM_RANKS][NUM_SUITS];char ch, rank_ch, suit_ch;int rank, suit;bool bad_card;int cards_read = 0;for (rank = 0; rank < NUM_RANKS; rank++) { num_in_rank[rank] = 0;for (suit = 0; suit < NUM_SUITS; suit++) card_exists[rank][suit] = false;}for (suit = 0; suit < NUM_SUITS; suit++)num_in_suit[suit] = 0;while (cards_read < NUM_CARDS) {bad_card = false;printf("Enter a card: ");rank_ch = getchar();switch (rank_ch) {case '0': exit(EXIT_SUCCESS); case '2': rank = 0; break;case '3': rank = 1; break;case '4': rank = 2; break;case '5': rank = 3; break;case '6': rank = 4; break;case '7': rank = 5; break;case '8': rank = 6; break;case '9': rank = 7; break;case 't': case 'T': rank = 8; break;case 'j': case 'J': rank = 9; break;case 'q': case 'Q': rank = 10; break; case 'k': case 'K': rank = 11; break; case 'a': case 'A': rank = 12; break; default: bad_card = true;}suit_ch = getchar();switch (suit_ch) {case 'c': case 'C': suit = 0; break;。
计算机专业英语(2008影印版)课后习题答案(包括crossword_puzzle的句子翻译)
Computing Essentials 2008课后练习题答案详解Chapter 1: Information Technology, The Internet, and Y ouCrossword Puzzle Answers: (p22)Across1 、The most essential part of an information system. People信息系统最基本的部分。
人7 、Coordinates computer resources. Operating System协调计算机资源。
操作系统10 、Modifies signals for processing. Modem修改信号以便处理。
调制解调器12 、Data that has been processed by the computer. Information计算机处理过的数据。
信息13 、Unprocessed facts. Data没处理过的事实。
数据14 、Notebook computer that accepts handwritten input.. Tablet PC可以用手写输入的笔记本电脑。
平板电脑DownNum. Clue Answer2 、Uses computers to become more productive. End User使用电脑变得更有效率。
终端用户3 、Rules or guidelines to follow when using software, hardware, and data. Procedures使用软件，硬件和数据时遵循的规则或指引。
指令说明书4 、Created by word processors. Document Files文字处理创建出来的。
文档文件5 、Specialized programs that allow input and output devices to communicate. Device Drivers 允许输入和输出设备通信的专业程序。
固定收益证券课后习题答案
) r
(.5)
⎞
⎛
f (1) ⎞
⎜⎜⎝1 +
2 ⎟⎟⎠ = ⎜⎜⎝1+
2
⎟⎟⎠
⎜1+ ⎝
2
⎟ ⎠
⎛ ⎜⎜⎝1 +
Байду номын сангаас
) r
(1.5)
⎞3
2 ⎟⎟⎠
⎛ = ⎜⎜⎝1+
) r
(1)
2
⎞2 ⎟⎟⎠
⎛ ⎜1 ⎝
+
f
(1.5) ⎞
2
⎟ ⎠
to
get
) r
(.5)
=
.25%
;
) r
(1)
=
.3250%
;
) r
(1.5)
.5 [.998752 + .996758] + 99.6758 = 100.17468
2
Chapter 3
3.1 The price of the 3/4s of May 31, 2012 was 99.961 as of May 31, 2010. Calculate its
price using the discount factors in Table 2.3. Is the bond trading cheap or rich to those
of .5%. If over the subsequent six months the term structure remains unchanged, will
the price of the .5% bond increase, decrease, or stay the same? Try to answer the
微波工程第三版英文版课后练习题含答案
微波工程第三版英文版课后练习题含答案1. IntroductionThis document contns the answers to the exercise questions at the end of each chapter in the third edition of Microwave Engineering by David M. Pozar. The questions are intended to help readers review and reinforce their understanding of the concepts and principles presented in the book.2. Chapter 1 Questions and AnswersQuestion 1.1What is the wavelength of a 1 GHz signal in free space?Answer:The speed of light in free space is approximately 3 x 10^8 m/s. Therefore, the wavelength of a 1 GHz signal is:λ = c / f = 3 x 10^8 / 1 x 10^9 = 0.3 metersQuestion 1.2What is an isotropic radiator?Answer:An isotropic radiator is an idealized antenna that radiates equally in all directions. It is often used as a reference for comparing the radiation patterns of other antennas.Question 1.3What is Friis transmission formula?Answer:Friis transmission formula is a formula used to calculate the power received by an antenna from a distant transmitting antenna, taking into account losses in the transmitted signal, the receiving antenna, and the medium between them. The formula is:Pr = Pt Gt Gr (λ / 4πd)^2where: - Pr is the received power - Pt is the transmitted power - Gt is the gn of the transmitting antenna - Gr is the gn of the receiving antenna - λ is the wavelength - d is the distance between the antennas Question 1.4What is a microwave circuit?Answer:A microwave circuit is a circuit that operates at microwave frequencies, which are typically considered to be in the range of 300 MHz to 300 GHz. These circuits can be used for a variety of purposes, including communication, radar, sensing, and others. Microwave circuits are typically made up of a combination of passive and active components, such as inductors, capacitors, resistors, transistors, and others.3. Chapter 2 Questions and AnswersQuestion 2.1What is a transmission line?Answer:A transmission line is a structure used to transfer electromagnetic energy from one point to another. It consists of two or more conductors separated by a dielectric, such as r, plastic, or ceramic. Transmission lines are used for a variety of purposes, including signal transmission, power transmission, and impedance matching.Question 2.2What is the characteristic impedance of a transmission line?Answer:The characteristic impedance of a transmission line is the ratio of the voltage and current wave amplitudes on the line. It is a property of the line itself and is independent of the load and source impedances. The characteristic impedance is determined by the line’s geometry and dielectric properties and is typically given in units of ohms.Question 2.3What is a standing wave?Answer:A standing wave is a wave that appears to be standing still, rather than traveling. It is formed when two waves with the same frequency and amplitude traveling in opposite directions on a transmission line interfere with each other. The resulting wave pattern has regions of maximum and minimum amplitudes, which appear to be standing still.Question 2.4What is a Smith chart?Answer:A Smith chart is a graphical tool used to analyze and design transmission lines and other microwave circuits. It is a polar plot of the reflection coefficient (or impedance) of a load as a function of frequency. Smith charts can be used to determine the input impedance ofa transmission line, the reflection coefficient of a load, and other important properties of microwave circuits. They are also used for impedance matching and tuning.4. ConclusionThe questions and answers presented in this document are intended to help readers review and reinforce their understanding of the conceptsand principles presented in the third edition of Microwave Engineeringby David M. Pozar. They cover a range of topics related to microwave circuits and transmission lines, and provide an opportunity for readers to test their knowledge and evaluate their understanding of the material.。
龙书第二章答案Snooze
龙书第二章答案SnoozeCS 431, Assignment 3, Book Questions on Chapter 2Plus One Other QuestionQuestions that you need to answer are listed below, and some solutions or partial solutions are also given. The solutions are not presented as the only possible answers, and what is given may not be complete. It may only be a starting point for thinking about a complete, correct answer. Your goal in working the problems should be to come up with a solution, and if in doubt about your answer, compare with what’s gi ven here. In theory, even if your answer is not exactly the same, you should see the sense or understand the direction of the suggestions. If your answer is at odds with what I have suggested you might want to check with me. It is possible that I am off base. It is also possible that you need some things clarified.Book problems: 2.1, a-c; 2.2, a-e; 2.3; 2.4, a-e, and 2.8. Suggested answers to these questions are given after the following question.Last problem: There is an additional problem that is not from the book. It is stated here. Implement Java code that will correctly translate infix expressions with + and – (no parentheses and no other operators) to postfix expressions. A problem solution is given in the book in C code, so your task is mainly one of adaptation. A starting point for this problem is posted on the Web page. You may use the file InfixToPostfixCut.java as given and simply add the needed methods. You can also do the problem from scratch if you want to. I think it would be preferable if you left your implementation recursive rather than changing it to a loop, but that is your choice. Hand in a printout of the methods you added along with your answers to the problems listed above.Starting points for thinking about solutions:2.1. Consider the following context-free grammarS → S S + (1)S → S S * (2)S → a (3)a) Show how the string aa+a* can be generated by this grammar.Production (3) allows you to generate a string S0 which consists of a.Using S0 as a starting point, production (1) allows you to generate a string S1 which consists of aa+.Production (3) again allows you to generate a string S2 which consists of a.Then production (2) allows you to generate a string S3 = S1S2* = aa+a*.b) Construct a parse tree for this string.c) What language is generated by this grammar? Justify your answer. Assuming a is an identifier for a numeric value, for example, then the grammar generates a language consisting of all possible arithmetic combinations of a using only the operations + and * and postfix notation. (No particular justification is given. Check to see if you agree.)2.2. What language is generated by the following grammars? In each case justify your answer. (No justifications are given.)a) S → 0 S 1 | 0 1All strings divided evenly between 0’s and 1’s, with the sequence of 0’s coming first and the sequence of 1’s coming second.b) S → + S S | - S S | aThis is the prefix analog to question 2.1.c) S → S ( S ) S | εThis will generate arbitrary sequences of adjacent and nested, matched pairs of parentheses.d) S → a S b S | b S a S | εAll possible strings containing equal numbers of a’s and b’s, with the a’s and b’s arranged in no particular order.e) S → a | S + S | S S | S * | ( S )I don’t see a pattern to this that I can verbally describe.2.3. Which of the grammars in Exercise 2.2 are ambiguous?To show ambiguity it is sufficient to find any single string that can be parsed in more than one way using the grammar. No such strings spring immediately tomind for the grammars of a through d. (That does not mean that there aren’t any.) However, e is clearly ambiguous. Let the string S + S * be given. Here are two possible parsings:2.4. Construct unambiguous context-free grammars for each of the following languages. In each case show that your grammar is correct. (Correctness is not shown.)a) Arithmetic expressions in postfix notation.list → list list + list → list list – list → digitlist → 0 | 1 | 2 | … | 9b) Left-associative lists of identifiers separated by commas.list → list, id list → idc) Right-associative lists of identifiers separated by commas.list → id, list list → idd) Arithmetic expressions of integers and identifiers with the four binary operators +, -, *, /.Add the following rule to the grammar given at the end of section 2.2: factor → identifiere) Add unary plus and minus to the arithmetic operators of (d).Add the following rules to the grammar:factor → +factorfactor → -factor2.8 Construct a syntax-directed translation scheme that translates arithmetic expressions from postfix notation to infix notation. Give annotated parse trees for the inputs 95-2* and 952*-.Here is a simple grammar that can serve as a starting point for the solution of the problem:string → digit string operator| string digit operator| digitdigit →0 | 1 | 2 | … | 9operator → * | / | + | -Here is an annotated parse tree of the first expression:The first production applied in forming this tree was: string → string digit operator. Notice that it would have been just as possible to apply the production: string → digit string operator. If that had been done you would have then had to parse the string “5-2”. This result would not parse and it would be necessary to backtrack and choose to apply the other production. At the next level down it doesn’t matter which production is chosen.In this example there is no choice about which production to apply first. At the second level there is a choice but it doesn’t make a difference. The lack of choice at the first level illustrates clearly how you could tell whether or not the production you have chosen is the correct one, assuming you could look that far ahead: If the string that you have parsed on the right hand side does not end in an operator, then the production choice is not correct. It is also possible to see that if you could specify the order in which productions are tried, you could avoid backtracking. If you always tried to parse using this production first: string string digit operator and tried the other one if that one failed to apply, you would avoid backtracking. But again, such an approach is not allowed. The question of backtracking is discussed on pages 45 and 46 of the book. The upshot of the matter is that this grammar isn’t suitable for predictive parsing.There is another matter that will require a change in the grammar so that a syntax-directed translation scheme can be devised. At the top of page 39 in the book the term “simple” is defined as it applies to a syntax-directed definition. The requirement is that the order of non-terminals on the right hand side of a production agree with the order of the corresponding symbols generated as the desired output. Other symbols or terminals may come before, between, or after the output for the non-terminals. Under this condition the output can be generated from a depth first traversal of the annotated tree. The problem with the grammar given above is that all of the operators are symbolized using the non-terminal “operator”. However, in the translation from postfix to infix, it is the position of the operator that changes. That means that even though tedious, for practical reasons the productions have to be rewritten with the operator symbols in-line as terminals:string → digit string *| digit string /| digit string +| digit string –| string digit *| string digit /| string digit +| string digit –| digitdigit →0 | 1 | 2 | … | 9The problem only gets better and better, or worse and worse, depending on your point of view. Postfix notation does not require parentheses. The relative positions of the operands and operators unambiguously determine the order of operations. This means that an arbitrary postfix expression may enforce an order of operations which would not occur naturally in an unparenthesized infix expression. In particular, 95-2* does not translate to 9 – 5 * 2, where the multiplication would be done first. It translates to (9 – 5) * 2. It is not an attractive proposition to try and implement a translation scheme that would only insert parentheses when needed. It is much more convenient to fully parenthesize the infix translation whether needed or not. The unneeded parentheses do not adversely affect the meaning of the arithmetic.Having said all of the above, here is my suggested syntax-directed translation scheme, that is, a context-free grammar with embedded semantic actions that will generate the infix translation of a postfix input:string →{print(“(“)} digit {print(“*”)} string * {print(“)”)}| {print(“(“)} digit {print(“/”)} string / {print(“)”)}| {print(“(“)} digit {print(“+”)} string + {print(“)”)}| {print(“(“)} digit {print(“-”)} string - {print(“)”)}| {print(“(“)} string {print(“*”)} digit * {print(“)”)}| {print(“(“)} string {print(“/”)} digit / {print(“)”)}| {print(“(“)} string {print(“+”)} digit + {print(“)”)}| {print(“(“)} string {print(“-”)} digit - {print(“)”)}digit →0 {print(“0”)}| 1 {print(“1”)}etc.The parse tree for 95-2* showing semantic actions follows.And here is the parse tree for 952*- showing semantic actions.If there are no mistakes in the parse trees, traversing them in depth-first order and executing the print statements as you go should cause the correct, parenthesized, infix translation of the postfix input to be emitted.。
投资学精要(博迪)(第五版)习题答案英文版chapter2,4,5
Net asset value =
4,000,000
= 10.49
8. a. Start of year price = $12.00 × 1.02 = $12.24
End of year price = $12.10 × 0.93 = $11.25
Although NAV increased, the price of the fund fell by $0.99.
Distributions + ∆(Price) $1.50 – $0.99 Rate of return = Start of year price = $12.24 = .042 = 4.2%
b. An investor holding the same portfolio as the manager would have earned a rate of return based on the increase in the NAV of the portfolio:
$1000 × (1.095)4 = $1,437.66,
which after paying the exit fee will leave you with: $1,437.66 × .99 = 1423.28.
Class B is better if your horizon is 4 years.
Chapter 4:
2. The offer price includes a 6% front-end load, or sales commission, meaning that every dollar paid results in only $.94 going toward purchase of shares. Therefore,
英文版罗斯公司理财习题答案Chap002
CHAPTER 2ACCOUNTING STATEMENTS, TAXES AND CASH FLOWAnswers to Concepts Review and Critical Thinking Questions1.Liquidity measures how quickly and easily an asset can be converted to cash without significant lossin value. It’s desirable for firms to have high liquidity so that they have a large factor of safety in meeting short-term creditor demands. However, since liquidity also has an opportunity cost associated with it - namely that higher returns can generally be found by investing the cash into productive assets - low liquidity levels are also desirable to the firm. It’s up to the firm’s financial management staff to find a reasonable compromise between these opposing needs2.The recognition and matching principles in financial accounting call for revenues, and the costsassociated with producing those revenues, to be “booked” when the revenue process is essentially complete, not necessarily when the cash is collected or bills are paid. Note that this way is not necessarily correct; it’s the way accountants have chosen to do it.3.The bottom line number shows the change in the cash balance on the balance sheet. As such, it is nota useful number for analyzing a company.4. The major difference is the treatment of interest expense. The accounting statement of cash flowstreats interest as an operating cash flow, while the financial cash flows treat interest as a financing cash flow. The logic of the accounting statement of cash flows is that since interest appears on the income statement, which shows the operations for the period, it is an operating cash flow. In reality, interest is a financing expense, which results from the company’s choice of debt/equity. We will have more to say about this in a later chapter. When comparing the two cash flow statements, the financial statement of cash flows is a more appropriate measure of the company’s performance because of its treatment of interest.5.Market values can never be negative. Imagine a share of stock selling for –$20. This would meanthat if you placed an order for 100 shares, you would get the stock along with a check for $2,000.How many shares do you want to buy? More generally, because of corporate and individual bankruptcy laws, net worth for a person or a corporation cannot be negative, implying that liabilities cannot exceed assets in market value.6.For a successful company that is rapidly expanding, for example, capital outlays will be large,possibly leading to negative cash flow from assets. In general, what matters is whether the money is spent wisely, not whether cash flow from assets is positive or negative.7.It’s probably not a good sign for an established company, but it would be fairly ordinary for a start-up, so it depends.8.For example, if a company were to become more efficient in inventory management, the amount ofinventory needed would decline. The same might be true if it becomes better at collecting its receivables. In general, anything that leads to a decline in ending NWC relative to beginning would have this effect. Negative net capital spending would mean more long-lived assets were liquidated than purchased.9.If a company raises more money from selling stock than it pays in dividends in a particular period,its cash flow to stockholders will be negative. If a company borrows more than it pays in interest and principal, its cash flow to creditors will be negative.10.The adjustments discussed were purely accounting changes; they had no cash flow or market valueconsequences unless the new accounting information caused stockholders to revalue the derivatives. Solutions to Questions and ProblemsNOTE: All end-of-chapter problems were solved using a spreadsheet. Many problems require multiple steps. Due to space and readability constraints, when these intermediate steps are included in this solutions manual, rounding may appear to have occurred. However, the final answer for each problem is found without rounding during any step in the problem.Basic1.To find owner’s equity, we must construct a balance sheet as follows:Balance SheetCA $5,000 CL $4,500NFA 23,000 LTD 13,000OE ??TA $28,000 TL & OE $28,000We know that total liabilities and owner’s equity (TL & OE) must equal total assets of $28,000. We also know that TL & OE is equal to current liabilities plus long-term debt plus owner’s equity, so owner’s equity is:O E = $28,000 –13,000 – 4,500 = $10,500N WC = CA – CL = $5,000 – 4,500 = $5002. The income statement for the company is:Income StatementSales S/.527,000Costs 280,000Depreciation 38,000EBIT S/.209,000Interest 15,000EBT S/.194,000Taxes (35%) 67,900Net income S/.126,100One equation for net income is:Net income = Dividends + Addition to retained earningsRearranging, we get:Addition to retained earnings = Net income – DividendsAddition to retained earnings = S/.126,100 – 48,000Addition to retained earnings = S/.78,1003.To find the book value of current assets, we use: NWC = CA – CL. Rearranging to solve for currentassets, we get:CA = NWC + CL = $900K + 2.2M = $3.1MThe market value of current assets and fixed assets is given, so:Book value CA = $3.1M Market value CA = $2.8MBook value NFA = $4.0M Market value NFA = $3.2MBook value assets = $3.1M + 4.0M = $7.1M Market value assets = $2.8M + 3.2M = $6.0M 4.Taxes = 0.15(€50K) + 0.25(€25K) + 0.34(€25K) + 0.39(€273K – 100K)Taxes = €89,720The average tax rate is the total tax paid divided by net income, so:Average tax rate = €89,720 / €273,000Average tax rate = 32.86%.The marginal tax rate is the tax rate on the next €1 of earnings, so the marginal tax rate = 39%.5.To calculate OCF, we first need the income statement:Income StatementSales 元13,500Costs 5,400Depreciation 1,200EBIT 元6,900Interest 680Taxable income 元6,220Taxes (35%) 2,177Net income 元4,043OCF = EBIT + Depreciation – TaxesOCF = 元6,900 + 1,200 – 2,177OCF = 元5,923 capital spending = NFA end– NFA beg + DepreciationNet capital spending = £4,700,000 – 4,200,000 + 925,000 Net capital spending = £1,425,0007.The long-term debt account will increase by $8 million, the amount of the new long-term debt issue.Since the company sold 10 million new shares of stock with a $1 par value, the common stock account will increase by $10 million. The capital surplus account will increase by $16 million, the value of the new stock sold above its par value. Since the company had a net income of $7 million, and paid $4 million in dividends, the addition to retained earnings was $3 million, which will increase the accumulated retained earnings account. So, the new long-term debt and stockholders’ equity portion of the balance sheet will be:Long-term debt $ 68,000,000Total long-term debt $ 68,000,000Shareholders equityPreferred stock $ 18,000,000Common stock ($1 par value) 35,000,000Accumulated retained earnings 92,000,000Capital surplus 65,000,000Total equity $ 210,000,000Total Liabilities & Equity $ 278,000,0008.Cash flow to creditors = Interest paid – Net new borrowingCash flow to creditors = €340,000 – (LTD end– LTD beg)Cash flow to creditors = €340,000 – (€3,100,000 – 2,800,000)Cash flow to creditors = €340,000 – 300,000Cash flow to creditors = €40,0009. Cash flow to stockholders = Dividends paid – Net new equityCash flow to stockholders = €600,000 – [(Common end + APIS end) – (Common beg + APIS beg)]Cash flow to stockholders = €600,000 – [(€855,000 + 7,600,000) – (€820,000 + 6,800,000)]Cash flow to stockholders = €600,000 – (€7,620,000 – 8,455,000)Cash flow to stockholders = –€235,000Note, APIS is the additional paid-in surplus.10. Cash flow from assets = Cash flow to creditors + Cash flow to stockholders= €40,000 – 235,000= –€195,000Cash flow from assets = –€195,000 = OCF – Change in NWC – Net capital spending= OCF – (–€165,000) – 760,000= –€195,000Operating cash flow = –€195,000 – 165,000 + 760,000= €400,000Intermediate11. a.The accounting statement of cash flows explains the change in cash during the year. Theaccounting statement of cash flows will be:Statement of cash flowsOperationsNet income ZW$125Depreciation 75Changes in other current assets (25)Total cash flow from operations ZW$175Investing activitiesAcquisition of fixed assets ZW$(175)Total cash flow from investing activities ZW$(175)Financing activitiesProceeds of long-term debt ZW$90Current liabilities 10Dividends (65)Total cash flow from financing activities ZW$35Change in cash (on balance sheet) ZW$35b.Change in NWC = NWC end– NWC beg= (CA end– CL end) – (CA beg– CL beg)= [(ZW$45 + 145) – 70] – [(ZW$10 + 120) – 60)= ZW$120 – 70= ZW$50c.To find the cash flow generated by the firm’s assets, we need the operating cash flow, and thecapital spending. So, calculating each of these, we find:Operating cash flowNet income ZW$125Depreciation 75Operating cash flow ZW$200Note that we can calculate OCF in this manner since there are no taxes.Capital spendingEnding fixed assets ZW$250Beginning fixed assets (150)Depreciation 75Capital spending ZW$175Now we can calculate the cash flow generated by the firm’s assets, which is:Cash flow from assetsOperating cash flow ZW$200Capital spending (175)Change in NWC (50)Cash flow from assets ZW$(25)Notice that the accounting statement of cash flows shows a positive cash flow, but the financial cash flows show a negative cash flow. The cash flow generated by the firm’s assets is a better number for analyzing the firm’s performance.12.With the information provided, the cash flows from the firm are the capital spending and the changein net working capital, so:Cash flows from the firmCapital spending $(3,000)Additions to NWC (1,000)Cash flows from the firm $(4,000)And the cash flows to the investors of the firm are:Cash flows to investors of the firmSale of short-term debt $(7,000)Sale of long-term debt (18,000)Sale of common stock (2,000)Dividends paid 23,000Cash flows to investors of the firm $(4,000)13. a. The interest expense for the company is the amount of debt times the interest rate on the debt.So, the income statement for the company is:Income StatementSales £1,000,000Cost of goods sold 300,000Selling costs 200,000Depreciation 100,000EBIT £400,000Interest 100,000Taxable income £300,000Taxes (35%) 105,000Net income £195,000b. And the operating cash flow is:OCF = EBIT + Depreciation – TaxesOCF = £400,000 + 100,000 – 105,000OCF = £395,00014.To find the OCF, we first calculate net income.Income StatementSales Au$145,000Costs 86,000Depreciation 7,000Other expenses 4,900EBIT Au$47,100Interest 15,000Taxable income Au$32,100Taxes 12,840Net income Au$19,260Dividends Au$8,700Additions to RE Au$10,560a.OCF = EBIT + Depreciation – TaxesOCF = Au$47,100 + 7,000 – 12,840OCF = Au$41,260b.CFC = Interest – Net new LTDCFC = Au$15,000 – (–Au$6,500)CFC = Au$21,500Note that the net new long-term debt is negative because the company repaid part of its long-term debt.c.CFS = Dividends – Net new equityCFS = Au$8,700 – 6,450CFS = Au$2,250d.We know that CFA = CFC + CFS, so:CFA = Au$21,500 + 2,250 = Au$23,750CFA is also equal to OCF – Net capital spending – Change in NWC. We already know OCF.Net capital spending is equal to:Net capital spending = Increase in NFA + DepreciationNet capital spending = Au$5,000 + 7,000Net capital spending = Au$12,000Now we can use:CFA = OCF – Net capital spending – Change in NWCAu$23,750 = Au$41,260 – 12,000 – Change in NWC.Solving for the change in NWC gives Au$5,510, meaning the company increased its NWC by Au$5,510.15.The solution to this question works the income statement backwards. Starting at the bottom:Net income = Dividends + Addition to ret. earningsNet income = $900 + 4,500Net income = $5,400Now, looking at the income statement:EBT –EBT × Tax rate = Net incomeRecognize that EBT × tax rate is simply the calculation for taxes. Solving this for EBT yields: EBT = NI / (1– tax rate)EBT = $5,400 / 0.65EBT = $8,308Now we can calculate:EBIT = EBT + interestEBIT = $8,308 + 1,600EBIT = $9,908The last step is to use:EBIT = Sales – Costs – DepreciationEBIT = $29,000 – 13,000 – DepreciationEBIT = $9,908Solving for depreciation, we find that depreciation = $6,092.16.The balance sheet for the company looks like this:Balance SheetCash ¥175,000 Accounts payable ¥430,000 Accounts receivable 140,000 Notes payable 180,000 Inventory 265,000 Current liabilities ¥610,000 Current assets ¥580,000 Long-term debt 1,430,000Total liabilities ¥2,040,000 Tangible net fixed assets 2,900,000Intangible net fixed assets 720,000 Common stock ??Accumulated ret. earnings 1,240,000 Total assets ¥4,200,000 Total liab. & owners’ equity¥4,200,000Total liabilities and owners’ equity is:TL & OE = CL + LTD + Common stockSolving for this equation for equity gives us:Common stock = ¥4,200,000 – 1,240,000 – 2,040,000Common stock = ¥920,00017.The market value of shareholders’ equity cannot be zero. A negative market va lue in this case wouldimply that the company would pay you to own the stock. The market value of shareholders’ equity can be stated as: Shareholders’ equity = Max [(TA – TL), 0]. So, if TA is 元4,000,000 equity is equal to 元1,000,000 and if TA is 元2,500,000 equity is equal to 元0. We should note here that the book value of shareholders’ equity can be negative.18. a. Taxes Growth = 0.15($50K) + 0.25($25K) + 0.34($10K) = $17,150Taxes Income = 0.15($50K) + 0.25($25K) + 0.34($25K) + 0.39($235K) + 0.34($8.165M)= $2,890,000b. Each firm has a marginal tax rate of 34% on the next $10,000 of taxable income, despite theirdifferent average tax rates, so both firms will pay an additional $3,400 in taxes.19.Income StatementSales ₦850,000COGS 630,000A&S expenses 120,000Depreciation 130,000EBIT (₦30,000)Interest 85,000Taxable income (₦115,000)Taxes (30%) 0 income (₦115,000)b.OCF = EBIT + Depreciation – TaxesOCF = (₦30,000) + 130,000 – 0OCF = ₦100,000 income was negative because of the tax deductibility of depreciation and interest expense.However, the actual cash flow from operations was positive because depreciation is a non-cash expense and interest is a financing expense, not an operating expense.20. A firm can still pay out dividends if net income is negative; it just has to be sure there is sufficientcash flow to make the dividend payments.Change in NWC = Net capital spending = Net new equity = 0. (Given)Cash flow from assets = OCF – Change in NWC – Net capital spendingCash flow from assets = ₦100,000 – 0 – 0 = ₦100,000Cash flow to stockholders = Dividends – Net new equityCash flow to stockholders = ₦30,000 – 0 = ₦30,000Cash flow to creditors = Cash flow from assets – Cash flow to stockholdersCash flow to creditors = ₦100,000 – 30,000Cash flow to creditors = ₦70,000Cash flow to creditors is also:Cash flow to creditors = Interest – Net new LTDSo:Net new LTD = Interest – Cash flow to creditorsNet new LTD = ₦85,000 – 70,000Net new LTD = ₦15,00021. a.The income statement is:Income StatementSales $12,800Cost of good sold 10,400Depreciation 1,900EBIT $ 500Interest 450Taxable income $ 50Taxes (34%) 17Net income $33b.OCF = EBIT + Depreciation – TaxesOCF = $500 + 1,900 – 17OCF = $2,383c.Change in NWC = NWC end– NWC beg= (CA end– CL end) – (CA beg– CL beg)= ($3,850 – 2,100) – ($3,200 – 1,800)= $1,750 – 1,400 = $350Net capital spending = NFA end– NFA beg + Depreciation= $9,700 – 9,100 + 1,900= $2,500CFA = OCF – Change in NWC – Net capital spending= $2,383 – 350 – 2,500= –$467The cash flow from assets can be positive or negative, since it represents whether the firm raised funds or distributed funds on a net basis. In this problem, even though net income and OCF are positive, the firm invested heavily in both fixed assets and net working capital; it had to raise a net $467 in funds from its stockholders and creditors to make these investments.d.Cash flow to creditors = Interest – Net new LTD= $450 – 0= $450Cash flow to stockholders = Cash flow from assets – Cash flow to creditors= –$467 – 450= –$917We can also calculate the cash flow to stockholders as:Cash flow to stockholders = Dividends – Net new equitySolving for net new equity, we get:Net new equity = $500 – (–917)= $1,417The firm had positive earnings in an accounting sense (NI > 0) and had positive cash flow from operations. The firm invested $350 in new net working capital and $2,500 in new fixed assets. The firm had to raise $467 from its stakeholders to support this new investment. It accomplished this by raising $1,417 in the form of new equity. After paying out $500 of this in the form of dividends to shareholders and $450 in the form of interest to creditors, $467 was left to meet the firm’s cash flow needs for investment.22. a.Total assets 2005 = ¥650,000 + 2,900,000 = ¥3,550,000Total liabilities 2005 = ¥265,000 + 1,500,000 = ¥1,765,000Owners’ equity 2005 = ¥3,550,000 – 1,765,000 = ¥1,785,000Total assets 2006 = ¥705,000 + 3,400,000 = ¥4,105,000Total liabilities 2006 = ¥290,000 + 1,720,000 = ¥2,010,000Owners’ equity 2006 = ¥4,105,000 – 2,010,000 = ¥2,095,000b.NWC 2005 = CA05 – CL05 = ¥650,000 – 265,000 = ¥385,000NWC 2006 = CA06 – CL06 = ¥705,000 – 290,000 = ¥415,000Change in NWC = NWC06 – NWC05 = ¥415,000 – 385,000 = ¥30,000c.We can calculate net capital spending as:Net capital spending = Net fixed assets 2006 – Net fixed assets 2005 + DepreciationNet capital spending = ¥3,400,000 – 2,900,000 + 800,000Net capital spending = ¥1,300,000So, the company had a net capital spending cash flow of ¥1,300,000. We also know that net capital spending is:Net capital spending = Fixed assets bought – Fixed assets sold¥1,300,000 = ¥1,500,000 – Fixed assets soldFixed assets sold = ¥1,500,000 – 1,300,000 = ¥200,000To calculate the cash flow from assets, we must first calculate the operating cash flow. The operating cash flow is calculated as follows (you can also prepare a traditional income statement):EBIT = Sales – Costs – DepreciationEBIT = ¥8,600,000 – 4,150,000 – 800,000EBIT = ¥3,650,000EBT = EBIT – InterestEBT = ¥3,650,000 – 216,000EBT = ¥3,434,000Taxes = EBT ⨯ .35Taxes = ¥3,434,000 ⨯ .35Taxes = ¥1,202,000OCF = EBIT + Depreciation – TaxesOCF = ¥3,650,000 + 800,000 – 1,202,000OCF = ¥3,248,000Cash flow from assets = OCF – Change in NWC – Net capital spending.Cash flow from assets = ¥3,248,000 – 30,000 – 1,300,000Cash flow from assets = ¥1,918,000 new borrowing = LTD06 – LTD05Net new borrowing = ¥1,720,000 – 1,500,000Net new borrowing = ¥220,000Cash flow to creditors = Interest – Net new LTDCash flow to creditors = ¥216,000 – 220,000Cash flow to creditors = –¥4,000Net new borrowing = ¥220,000 = Debt issued – Debt retiredDebt retired = ¥300,000 – 220,000 = ¥80,00023.Balance sheet as of Dec. 31, 2005Cash €2,107 Accounts payable €2,213Accounts receivable 2,789 Notes payable 407Inventory 4,959 Current liabilities €2,620Current assets €9,855Long-term debt €7,056 Net fixed assets €17,669 Owners' equity €17,848Total assets €27,524 Total liab. & equity €27,524Balance sheet as of Dec. 31, 2006Cash €2,155 Accounts payable €2,146Accounts receivable 3,142 Notes payable 382Inventory 5,096 Current liabilities €2,528Current assets €10,393Long-term debt €8,232 Net fixed assets €18,091 Owners' equity €17,724Total assets €28,484 Total liab. & equity €28,4842005 Income Statement 2006 Income Statement Sales €4,018.00 Sales €4,312.00 COGS 1,382.00 COGS 1,569.00 Other expenses 328.00 Other expenses 274.00 Depreciation 577.00 Depreciation 578.00 EBIT €1,731.00 EBIT €1,891.00 Interest 269.00 Interest 309.00 EBT €1,462.00 EBT €1,582.00 Taxes (34%) 497.08 Taxes (34%) 537.88 Net income € 964.92 Net income €1,044.12 Dividends €490.00 Dividends €539.00 Additions to RE €474.92 Additions to RE €505.12 24.OCF = EBIT + Depreciation – TaxesOCF = €1,891 + 578 – 537.88OCF = €1,931.12Change in NWC = NWC end– NWC beg = (CA – CL) end– (CA – CL) begChange in NWC = (€10,393 – 2,528) – (€9,855 – 2,620)Change in NWC = €7,865 – 7,235 = €630Net capital spending = NFA end– NFA beg+ DepreciationNet capital spending = €18,091 – 17,669 + 578Net capital spending = €1,000Cash flow from assets = OCF – Change in NWC – Net capital spendingCash flow from assets = €1,931.12 – 630 – 1,000Cash flow from assets = €301.12Cash flow to creditors = Interest – Net new LTDNet new LTD = LTD end– LTD begCash flow to creditors = €309 – (€8,232 – 7,056)Cash flow to creditors = –€867Net new equity = Common stock end– Common stock begCommon stock + Retained earnings = T otal owners’ equityNet new equity = (OE – RE) end– (OE – RE) begNet new equity = OE end– OE beg + RE beg– RE endRE end= RE beg+ Additions to RE04Net new equity = OE end– OE beg+ RE beg– (RE beg + Additions to RE06)= OE end– OE beg– Additions to RENet new equity = €17,724 – 17,848 – 505.12 = –€629.12Cash flow to stockholders = Dividends – Net new equityCash flow to stockholders = €539 – (–€629.12)Cash flow to stockholders = €1,168.12As a check, cash flow from assets is €301.12.Cash flow from assets = Cash flow from creditors + Cash flow to stockholdersCash flow from assets = –€867 + 1,168.12Cash flow from assets = €301.12Challenge25.We will begin by calculating the operating cash flow. First, we need the EBIT, which can becalculated as:EBIT = Net income + Current taxes + Deferred taxes + InterestEBIT = £192 + 110 + 21 + 57EBIT = £380Now we can calculate the operating cash flow as:Operating cash flowEarnings before interest and taxes £380Depreciation 105Current taxes (110)Operating cash flow £375The cash flow from assets is found in the investing activities portion of the accounting statement of cash flows, so:Cash flow from assetsAcquisition of fixed assets £198Sale of fixed assets (25)Capital spending £173The net working capital cash flows are all found in the operations cash flow section of the accounting statement of cash flows. However, instead of calculating the net working capital cash flows as the change in net working capital, we must calculate each item individually. Doing so, we find:Net working capital cash flowCash £140Accounts receivable 31Inventories (24)Accounts payable (19)Accrued expenses 10Notes payable (6)Other (2)NWC cash flow £130Except for the interest expense and notes payable, the cash flow to creditors is found in the financing activities of the accounting statement of cash flows. The interest expense from the income statement is given, so:Cash flow to creditorsInterest £57Retirement of debt 84Debt service £141Proceeds from sale of long-term debt (129)Total £12And we can find the cash flow to stockholders in the financing section of the accounting statement of cash flows. The cash flow to stockholders was:Cash flow to stockholdersDividends £94Repurchase of stock 15Cash to stockholders £109Proceeds from new stock issue (49)Total £60 capital spending = NFA end– NFA beg + Depreciation= (NFA end– NFA beg) + (Depreciation + AD beg) – AD beg= (NFA end– NFA beg)+ AD end– AD beg= (NFA end + AD end) – (NFA beg + AD beg) = FA end– FA beg27. a.The tax bubble causes average tax rates to catch up to marginal tax rates, thus eliminating thetax advantage of low marginal rates for high income corporations.b.Assuming a taxable income of $100,000, the taxes will be:Taxes = 0.15($50K) + 0.25($25K) + 0.34($25K) + 0.39($235K) = $113.9KAverage tax rate = $113.9K / $335K = 34%The marginal tax rate on the next dollar of income is 34 percent.For corporate taxable income levels of $335K to $10M, average tax rates are equal to marginal tax rates.Taxes = 0.34($10M) + 0.35($5M) + 0.38($3.333M) = $6,416,667Average tax rate = $6,416,667 / $18,333,334 = 35%The marginal tax rate on the next dollar of income is 35 percent. For corporate taxable income levels over $18,333,334, average tax rates are again equal to marginal tax rates.c.Taxes = 0.34($200K) = $68K = 0.15($50K) + 0.25($25K) + 0.34($25K) + X($100K);X($100K) = $68K – 22.25K = $45.75KX = $45.75K / $100KX = 45.75%。
计算机科学概论 答案 chapter02
Chapter TwoDATA MANIPULATIONChapter SummaryThis chapter introduces the role of a computer's CPU. It describes the machine cycle and the various operations (or, and, exclusive or, add, shift, etc.) performed by a typical arithmetic/logic unit. The concept of a machine language is presented in terms of the simple yet representative machine described in Appendix C of the text. The chapter also introduces some alternatives to the von Neumann architecture such as multiprocessor machines and artificial neural networks.The optional sections in this chapter present a more thorough discussion of the instructions found in a typical machine language (logical and numerical operations, shifts, jumps, and I/O communication), a short explanation of how a computer communicates with peripheral devices, and alternative machine designs.The machine language in Appendix C involves only direct and immediate addressing. However, indirect addressing is introduced in the last section (Pointers in Machine Language) of Chapter 7 after the pointer concept has been presented in the context of data structures.Comments1. Much of Comment 1 regarding the previous chapter is pertinent here also. The development of skills in the subjects of machine architecture and machine language programming is not required later in the book. Instead, what one needs is an image of the CPU/main memory interface, an understanding of the machine cycle and machine languages, an appreciation of the difference in speeds of mechanical motion compared to CPU activities, and an exposure to the limited repertoire of bit manipulations a CPU can perform.2. To most students at this stage the terms millisecond, microsecond, nanosecond, and picosecond merely refer to extremely short and indistinguishable units of time. In fact, most would probably accept the incorrect statement that activities within a computer are essentially instantaneous. Once a student of mine wrote a recursive routine for evaluating the determinant of a matrix in an interpreted language on a time-sharing system. The student tried to test the program using an 8 by 8 matrix, but kept terminating the program after a minute because "it must be in a loop." This student left with an understanding of microseconds as real units of time that can accumulate into significant periods.3. A subtle point that can add significantly to the complexity of this material is combining notation conversion with instruction encoding. If, for example, all the material in Chapters 1 and 2 is new toa student, the problem, "Using the language of Appendix C, write an instruction for loading register14 with the value 124" can be much more difficult than the same problem stated as, "Using the language of Appendix C, write an instruction for loading register D with the (hexadecimal) value 7C." In general, notation conversion is a subject of minor importance and should not be allowed to cloud the more important concerns.4. If you want your students to develop more than a simple appreciation of machine language programming, you may want to use one of the many simulators that have been developed for the machine in Appendix C. A nice example is included on the Addison-Wesley website at /brookshear or you can find other simulators by searching the Web.5. Here are some short program routines in the machine language presented in Appendix C of the text, followed by their C language equivalents. (These examples are easily converted into Java, C++, and C#.) Each machine language routine starts at address 10. I've found that they make good examples for class presentations or extra homework problems in which I give the students the machine language form and ask them to rewrite it in a high-level language.Address Contents Address Contents Address Contents0D 00 14 20 1B 0F0E 00 15 5A 1C 500F 00 16 30 1D 1210 20 17 0F 1E 3011 5C 18 11 1F 0D12 30 19 0E 20 C013 0E 1A 12 21 00C language equivalent:{int X,Y,Z;X = 92;Y = 90;Z = X + Y;}If the contents of the memory cell at address 1C in the preceding table is changed from 50 to 60 the C equivalent becomes:{float X, Y, Z;X = 1.5;Y = 1.25;Z = X + Y;}Here's another example:Address Contents Address Contents Address Contents0E 00 19 0F 24 200F 00 1A 20 25 0110 20 1B 04 26 5011 02 1C B1 27 0112 30 1D 2C 28 3013 0E 1E 12 29 0F14 20 1F 0E 2A B015 01 20 50 2B 1816 30 21 12 2C C017 0F 22 30 2D 0018 11 23 0EC equivalent:{int X, Y;X = 2; Y =1;while (Y != 4) {X = X + Y; Y = Y + 1;}}6. Here are two C program segments that can be conveniently translated into the machine language of Appendix C.{int X, Limit;X = 0;Limit = 5;do X = X + 1 while (X != Limit);}Program segment in machine language:Address Contents Address Contents Address Contents0E 00 (X) 18 22 (R2 = 1) 22 10 (R0 = Limit)0F 00 (Limit) 19 01 23 0F10 20 (X = 0) 1A 11 (R1 = X) 24 B1 (go to end11 00 1B 0E 25 28 if X == Limit)12 30 1C 50 (X = X+1) 26 B0 (return)13 0E 1D 12 27 1A14 20(Limit = 5)1E 30 28 C0 (halt)15 05 1F 0E 29 0016 30 20 11 (R1 = X)17 0F 21 0E{int X, Y, Difference;X = 33;Y = 34;if (X > Y)Difference = X - Yelse Difference := Y – X}Program segment in machine language:Address Contents Address Contents Address Contents0D 00 (X) 1D 01 2D 16 (Diff = X-Y)0E 00 (Y) 1E 24 (R4=FF) 2E 300F 00 (Diff) 1F FF 2F 0F10 20 (X = 33) 20 96 (R6=not Y) 30 B0 (branch to11 21 21 24 31 3A halt)12 30 22 56 (R6= -Y) 32 90 (R0=not X)13 0D 23 36 33 1414 20 (Y = 34) 24 50 (R0=X-Y) 34 50 (R0 = -X)15 22 25 16 35 0316 30 26 25 (R5=80Hex) 36 50 (R0 = Y-X)17 0E 27 80 37 0218 11 (R1=X) 28 80 (mask low) 38 30 (Diff = Y-X)19 0D 29 50 7 bits) 39 0F1A 12 (R2=Y) 2A B5 (if R0=R5 3A C0 (halt)1B 0E 2B 32 then Y>X 3B 001C 23 (R3=1) 2C 50Answers to Chapter Review Problems1. a. General purpose registers and main memory cells are small data storage cells in a computer.b. General purpose registers are inside the CPU; main memory cells are outside the CPU.(The purpose of this question is to emphasize the distinction between registers and memory cells—a distinction that seems to elude some students, causing confusion when following machine language programs.)2. a. 0010000100000101b. 1010c. 0011001001003. Nine cells with addresses B9, BA, BB, BC, BD, BE, BF, C0, and C1.4. BA5. Program Instruction Memory cellcounter register at 0002 2104 2104 3100 2106 C000 046. To compute x + y - z, each of the values must be retrieved from memory and placed in a register, the sum of x and y must be computed and saved in another register, z must be subtracted from that sum, and the final answer must be stored in memory.A similar process is required to compute (2x) + y. The point of this example is that the multiplication by 2 is accomplished by adding x to x.7. a. Move the contents of register 7 to register E.b. AND the contents of register 0 with the contents of register 8 and place the result in register 0.c. Rotate the contents of register 4 three bits to the right.d. Load register 8 with the value (hexadecimal) 35.e. Compare the contents of registers 3 and 0. If the patterns are equal, jump to the instruction at address AD. Otherwise, continue with the next sequential instruction.8. 16 with 4 bits, 256 with 8 bits9. a. 2766 b. 1766 c. 80F2 d. A403 e. BB3110. The only change that is needed is that the third instruction should be 6056 rather than 5056.11. a. Retrieves from memory cell 3B.b. Is independent of memory cell 3B.c. Changes the contents of memory cell 3B.d. Changes the contents of memory cell 3B.e. Is independent of memory cell 3B.12. a. Place the value 05 in register 4. b. 0513. a. 241B b. 1B3414. a. Load register 0 with the contents of memory cell 04.Store the contents of register 3 in memory cell 45.Halt.b. C0c. 0615. a. 29 b. 0A16. a. 00, 01, 02, 03, 04, 05b. 06, 0717. a. 03 b. 03 c. 0E18. 05. The program is a loop that is terminated when the value in register 0 (initiated at 00) is finally incremented to the value in register 3 (initiated at 05).19. 20 microseconds.20. The point to this problem is that a bit pattern stored in memory is subject to interpretation—it may represent part of the operand of one instruction and the op-code field of another.a. Registers 0, 1, and 2 will contain 32, 20, and 12, respectively.b. 12c. 3221. The machine will alternate between executing the jump instruction at address AF and the jump instruction at address B0.22. It would never halt. The first 2 instructions alter the third instruction to read B000 before it is ever executed. Thus, by the time the machine reaches this instruction, it has been changed to read "Jump to address 00." Consequently, the machine will be trapped in a loop forever (or until it is turned off).23. a. b. c.148D 148D 200034B3 15B3 1145C000 358D B10A34BD22DDB00CC00022CC3288C00024. a. The single instruction B000 stored in locations 00 and 01.b. Address Contents00,01 2100 Initialize02,03 2270 counters.04,05 3109 Set origin06,07 320B and destination.08,09 1000 Now move0A,0B 3000 one cell.0C,0D 2001 Increment0E,0F 5101 addresses.10,11 520212,13 2333 Do it again14,15 4010 if all cells16,17 B31A have not18,19 B004 been moved.1A,1B 2070 Adjust values1C,1D 3071 that are1E,1F 2079 location20,21 3075 dependent.22,23 207B24,25 307726,27 208A28,29 30872A,2B 20742C,2D 30892E,2F 20C030,31 30A432,33 200034,35 20A536,37 B070 Make the big jump!c. Address Contents00,01 2000 Initialize counter.02,03 2100 Initialize origin.04,05 2270 Initialize destination.06,07 2430 Initialize references08,09 1530 to table.0A,0B 310D Get origin0C,0D 1600 value.0E,0F B522 Jump if value must be adjusted.10,11 3213 Place value12,13 3600 in new location.14,15 2301 Increment16,17 5003 R0,18,19 5113 R1, and1A,1B 5223 R2.1C,1D 233C Are we done?1E,1F B370 If so, jump to relocated program.20,21 B00A Else, go back.22,23 2370 Add 70 to24,25 5663 value being26,27 2301 transferred and28,29 5443 update R4 and2A,2B 342D R5 for next2C,2D 1500 location.2E,2F B010 Return (from subroutine).30,31 0305 Table of32,33 0709 locations that34,35 0B0F must be36,37 111F updated for38,39 212B new location.3A,3B 2FFF25.20A1 21A421A2 60016001 30A521A3 C000600126. The machine would place a halt instruction (C000) at memory location 04 and 05 and then halt when this instruction is executed. At this point its program counter will contain the value 06.27. The machine would continue to repeat the instruction at address 06 indefinitely.28. It copies the data from the memory cells at addresses 00, 01, and 02 into the memory cells ataddresses 10, 11, and 12.29. Let R represent the first hexadecimal digit in the operand field;Let XY represent the second and third digits in the operand field;If the pattern in register R is the same as that in register 0,then change the value of the program counter to XY.30. Let the hexadecimal digits in the operand field be represented by R, S, and T;Activate the two's complement addition circuitry with registers S and Tas inputs;Store the result in register R.31. Same as Problem 24 except that the floating-point circuitry is activated.32. a. 04 b. A8 c. FC d. 08 e. F433. a. b. c. d.1066 1034 10A5 10A530BB 21F0 210F 210F8001 8001 80013034 12A6 400121F0A1047001821230A5700230A634. a. 101000 b. 000000 c. 000100 d. 110001 e. 111001 f. 101110g. 010101 h. 111111 i. 010001 j. 101110 k. 010001 l. 00111035. a. AND the byte with 11000011.b. XOR the byte with 11111111.c. XOR the byte with 10000000.d. OR the byte with 10000000.e. OR the byte with 01111111.36. XOR the input string with 10000001.37. First AND the input byte with 10000001, then XOR the result with 10000001.38. a. 11010 b. 00001111 c. 010 d. 001010 e. 1000039. a. 9F b. 86 c. FF d. BB40. a. AB03 b. AB0541. Address Contents00,01 2008 Initialize registers.02,032101220004,05230006,0708,09 148C Get the bit pattern;0A,0B 8541 Extract the least significant bit;0C,0D 7335 Insert it into the result.62120E,0F10,11 B218 Are we done?12,13 A401 If not, rotate registersA30714,1516,17 B00A and go back;18,19 338C If yes, store the result1A,1B C000 and halt.42. The idea is to complement the value at address A1 and then add. Here is one solution:21FF12A1722113A0542334A243. Each character would consist of 8 bits so the rate of 300 bps would translate into approximately37 characters per second. Thus, the printer could just keep up. (In reality, an ASCII characterrequires about 10 bits when transmitted serially because, in addition to a parity bit, start and stopbits are also added to each pattern. As a rule of thumb, 300 bps is considered to be 30 characters persecond.) If the rate were increased to 1200 bps, the printer wouldn't stand a chance.44. The typist would be typing 30 x 5 = 150 characters per minute, or 1 character every 0.4 seconds(= 400,000 microseconds). During this period the machine could execute 20,000,000 instructions.45. The typist would be producing characters at the rate of 2.5 characters per second, whichtranslates to 20 bps (assuming each character consists of 8 bits).46. Address Contents200000,01210102,0304,05 12FE Get printer status06,07 8212 and check the ready flag.08,09 B004 Wait if not ready.0A,0B 35FF Send the data.47. Address Contents00,01 20C1 Initialize registers.210002,03220104,05130B06,0708,09 B312 If done, go to halt.0A,0B 31A0 Store 00 at destination.0C,0D 5332 Change destination0E,0F 330B address,10,11 B008 and go back.12,13 C00048. 14,400 bps is equivalent to 1,800 bytes/sec. So it would take 2960 hours (over 123 days) to fill the20MB drive.49. 14450. Group the 64 values into 32 pairs. Compute the sum of each pair in parallel. Group these sumsinto 16 pairs and compute the sums of these pairs in parallel. etc.51. CISC involves numerous elaborate machine instructions that can be time consuming. RISCinvolves fewer and simpler instructions, each of which is efficiently implemented.52. How about pipelining and parallel processing? Increasing clock speed is another answer.53. In a multiprocessor machine several partial sums can be computed simultaneously.。
CDCS 教材习题答案
Appendix BAnswers to review questionsChapter1Basic principles of documentary credits379 Chapter2The sales contract380 Chapter3Documentary credits:types,uses andcharacteristics380 Chapter4Issuing a documentary credit381 Chapter5Advising a documentary credit382 Chapter6Shipment of goods and preparation of documents382 Chapter7Insurance documents382 Chapter8Financial,commercial and other officialdocuments383 Chapter9Examination of documents384 Chapter10Settlement384 Chapter11Other products relating to a documentary credit385 Chapter12Analysis of ICC rules385Chapter1Basic principles of documentary credits1.The correct answer is d.It is only when a complying presentation is made to a nominated bank, confirming bank or issuing bank that honour or negotiation may or will take place.See UCP600sub-articles7(a)and8(a),and article12.2.The correct answer is c.It is the issuing bank that undertakes to honour a complying presentation that is made by or on behalf of the beneficiary.See UCP 600sub-article7(a).3.The correct answer is c.An applicant is not a party to a documentary credit.A documentary credit constitutes an undertaking of a bank(issuing bank)and onceB:Answers to review questions issued cannot be amended or cancelled without the agreement of the beneficiary.4.The correct answer is a.The documentary credit acts as an undertaking addressed to the beneficiary and removes the payment risk of the applicant.5.The correct answer is b.UCP600article2defines’honour’as’to pay at sight if the credit is available by sight payment’;’to incur a deferred payment undertaking and pay at maturity if the credit is available by deferred payment’;and ’to accept a bill of exchange("draft")drawn by the beneficiary and pay at maturity if the credit is available by acceptance’.Chapter2The sales contract1.The correct answer is c.To receive payment in advance removes all payment risk from the beneficiary.2.The correct answer is a.In an open account transaction,an importer is not required to make any payment until the goods and documents are received by it.3.The correct answer is a.In an FOB transaction,freight will be payable at destination(by the importer);in a CIF transaction,freight will be paid before shipment(by the exporter).4.The correct answer is c.UCP600article20requires that a bill of lading indicate that the goods have been shipped on board.Under FOB terms,the bill of lading will be marked freight payable at destination.5.The correct answer is b.The definition of CIF in Incoterms2010is that it stands for the[C]ost of goods,[I]nsurance of the goods and the[F]reight cost for the goods.Chapter3Documentary credits:types, uses and characteristics1.The correct answer is d.What is being described is a revolving credit,ie one that revolves for a similar amount on certain stated conditions.2.The correct answer is c.A credit may provide for the beneficiary to receive an advance paymentChapter4Issuing a documentary creditfor part of the credit value.This was traditionally known as a red clause due to the fact that it was typed onto a letter of credit in red ink.Today, with documentary credits being transmitted primarily by SWIFT message,a clause in red ink is not possible but the term is still referred to by manybankers.3.The correct answer is c.By having a documentary credit confirmed by a bank that is local to the beneficiary,it removes the payment risk of the issuing bank and places it with a bank that is well known to the beneficiary and considered to be financially sound.4.The correct answer is c.The instructing party is the importer or buyer of the goods,services or performance,and they will be known as the applicant.5.The correct answer is b.If the beneficiary provides documents that comply with the terms and conditions of the documentary credit,a confirming bank(if any)or an issuing bank will have an obligation to honour or negotiate.Chapter4Issuing a documentary credit1.The correct answer is a.A nominated bank has no obligation to honour or negotiate under adocumentary credit.An advising bank may or may not be a nominated bank See UCP600article12regarding the role of the nominated bank.2.The correct answer is c.If the charges of an advising or confirming bank are not recoverable from the beneficiary,the issuing bank remains liable.See UCP600article37.3.The correct answer is b.An MT700message is automatically authenticated between the sending and receiving banks.4.A reimbursing bank is under no obligation to honour any claim unlessa reimbursement undertaking has been issued by it and the claimsubmitted by the claiming bank is in conformity with that undertaking.5.The correct answer is b.Acceptance require the placement of an indication of acceptance by the drawee on the face of a draft(bill of exchange).The deferred payment product was developed to cover transactions where a draft was not required or appropriate,ie due to stamp duty fees applying to a draft.B:Answers to review questions Chapter5Advising a documentary credit1.The correct answer is a.The preparation of documents is a task for the beneficiary and other entities that are required to produce documents on their behalf,ie transport and insurance documents.Although some banks provide a document preparation service to their clients,this is not a primary function of a nominated or confirming bank.2.The correct answer is b.As a bank has issued a documentary credit,it is that bank’s payment risk that must be considered by the beneficiary.The issuing bank has, effectively,replaced the payment risk of the applicant with its own. 3.The correct answer is c.This aspect is covered in UCP600article9.Chapter6Shipment of goods and preparation of documents1.The correct answer is c.It will be the commercial documents−invoices,packing lists,transport documents−that will identify the goods.2.The correct answer is d.A CMR note covers the shipment of goods by road.3.The correct answer is c.A bill of lading can,if issued in negotiable form,convey title to thegoods.4.The correct answer is c.This allowance is covered in UCP600sub-article29(a).5.The correct answer is d.UCP600articles19,20and21state that the respective transport document should not contain any indication that it is subject to a charter party.Chapter7Insurance documents1.The correct answer is d.UCP600sub-article28(a)refers to’an insurance document,such as anChapter8Financial,commercial and other official documents insurance policy,an insurance certificate or a declaration under an open cover’.2.The correct answer is b.General average is described as’incurred in the common interests of the ship and cargo and is borne by all the parties interested in the ship and cargo,in proportion to such interests,as determined by persons known as average adjusters.3.The correct answer is b.This minimum requirement is expressed in UCP600sub-article28(f).4.The correct answer is a.A certificate may be replaced by an insurance policy but a cover note isnot acceptable.see UCP600sub-article28(c).5.The correct answer is a.Chapter8Financial,commercial and other official documents1.The correct answer is b.Once accepted by a bank,the amount(or due date)cannot be changed without a form of reacceptance by the accepting bank that indicates an agreement to such action.2.The correct answer is d.A bill of exchange is considered to be afinancial document.3.The correct answer is d.Having an independent organisation assess the quality and/or quantity of the goods being shipped provides a level of comfort to an applicant.4.The correct answer is c.While the amount is an important aspect,it does not form part of the process to determine the date.5.The correct answer is c.The draft does not indicate the date of shipment,therefore from the data on the face of the draft it is impossible to determine the due date.B:Answers to review questions Chapter9Examination of documents 1.The correct answer is a.An issuing bank is under no obligation to contact the applicant for a waiver.See UCP600sub-article16(b).2.The correct answer is d.The term’exporting country’has no meaning under UCP600.Therefore ISBP745,paragraph A19(e)would permit certification to occur in any one of the three stated countries.3.There is no indication that the issuing bank is refusing the documents.This is a primary requirement of UCP600sub-article16(c)(i).4.The correct answer is e.A document may bear the same title,a similar title or have no titleprovided it fulfils the function of the named document.See ISBP745, paragraph M1.5.Having issued a refusal notice according to UCP600sub-articles16(c)(iii)(a)or(b)(and the question indicates option(a)was used),thebank may return the documents at any time thereafter.See UCP600 sub-article16(e).Chapter10Settlement1.The correct answer is c.When a credit is available with a bank other than the issuing bank and the draft is to be drawn on the issuing bank,it must be available by negotiation.2.A reimbursement authorisation is not irrevocable and it can be cancelledat any time.If cancelled,the issuing bank is expected to provide fresh reimbursement instructions.3.The correct answer is d.Any negotiation effected by a confirming bank is without recourse to the beneficiary.See UCP600sub-article8(a)(ii).4.The correct answer is c.The reimbursement condition that is described is to be seen in a credit available by negotiation and not by payment.5.Although the nominated bank had not added its confirmation to thecredit it agreed to accept the draft.Once the draft was accepted,the nominated bank has honoured under the credit.Honour is made without recourse to the beneficiary.Chapter12Analysis of ICC rulesChapter11Other products relating toa documentary credit1.The correct answer is d.The issue of freight charges is otuside the scope of an indemnity between a bank and its client.2.The correct answer is d.An LOI is issued when the original bills of lading,usually charter party bills of lading,are not available at the time of presentation of documents under the credit.3.The correct answer is b.Six to seven years is the usual period associated with‘statute of limitations’that applies in many countries.4.The correct answer is c.The documents that are to be requested do not form part of any syndication agreement.This agreement is more concerned with the amount,expiry period,goods and payment terms.5.The correct answer is b.The shipper’s name is of no concern when seeking the release of the cargo without production of an original bill of lading.Chapter12Analysis of ICC rules1.The correct answer is c.Transferable credits are covered in UCP600article38.2.The correct answer is b.UCP600sub-article14(e)states that for documents other than a commercial invoice,a goods description,if stated,need only be given in general terms not in conflict with the description shown in the credit.3.The correct answer is d.Such a condition is not precise and does not describe how the document is to be issued or signed.ISBP745,paragraph D4states that the document will be examined under UCP600like any other and the condition disregarded.4.The correct answer is c.When a bill of lading indicates a means of pre-carriage,with or without stating a place of receipt,a dated on-board notation is required thatB:Answers to review questions indicates the name of the vessel and the port of loading stated in the credit.5.The correct answer is c.ISBP745,paragraph G3,states that a mere indication of‘Congenbill’is not,in itself,an indication that the bill of lading is subject to a charter party.。
学术英语作文视听说2第二版课后答案
学术英语作文视听说2第二版课后答案Title: Academic English Writing and Listening Speaking 2 Second Edition Post-lesson AnswersIntroduction:Academic English Writing and Listening Speaking 2 is a comprehensive textbook designed to help students improve their academic English skills. In this document, we will provide the answers to the exercises at the end of each chapter in the second edition of the textbook.Chapter 1: Introduction to Academic English1. What are the key features of academic writing?Answer: The key features of academic writing include clarity, coherence, precision, and objectivity. Academic writing should be formal, structured, and based on evidence.2. Why is it important to use citations in academic writing?Answer: It is important to use citations in academic writing to give credit to the original source of ideas and information, to avoid plagiarism, and to provide evidence for arguments.Chapter 2: The Writing Process1. What are the steps in the writing process?Answer: The steps in the writing process include prewriting, drafting, revising, editing, and proofreading.2. How can brainstorming help you generate ideas for your writing?Answer: Brainstorming can help you generate ideas for your writing by allowing you to explore different perspectives, make connections between ideas, and identify key points to focus on.Chapter 3: Organizing Your Ideas1. What are some strategies for organizing your ideas in an academic paper?Answer: Some strategies for organizing your ideas in an academic paper include creating an outline, using topic sentences, and incorporating transitions between paragraphs.2. How can you effectively use evidence to support your arguments in academic writing?Answer: You can effectively use evidence to support your arguments in academic writing by citing credible sources, providing relevant examples, and analyzing and interpreting the evidence.Chapter 4: Developing Academic Vocabulary1. Why is it important to develop a range of academic vocabulary?Answer: It is important to develop a range of academic vocabulary to express ideas clearly and accurately, to understand complex texts, and to communicate effectively in academic settings.2. What are some strategies for learning and practicing academic vocabulary?Answer: Some strategies for learning and practicing academic vocabulary include reading academic texts, using a dictionary and thesaurus, and creating flashcards to study new words.Chapter 5: Understanding Academic Readings1. How can you improve your reading comprehension skills in academic texts?Answer: You can improve your reading comprehension skills in academic texts by previewing the text, identifying key ideas and main points, and making connections between the text and your own knowledge.2. What are some common reading strategies that can help you understand academic texts?Answer: Some common reading strategies that can help you understand academic texts include skimming, scanning, annotating, and summarizing the text.Chapter 6: Listening and Speaking Skills1. What are some strategies for improving your listening skills in academic settings?Answer: Some strategies for improving your listening skills in academic settings include focusing on key ideas, taking notes, and asking questions for clarification.2. How can you prepare for and participate in academic discussions and presentations?Answer: You can prepare for and participate in academic discussions and presentations by researching the topic, organizing your ideas, practicing your speaking skills, and actively engaging with others in the discussion.Conclusion:In conclusion, the exercises at the end of each chapter in Academic English Writing and Listening Speaking 2 providevaluable practice opportunities for students to enhance their academic English skills. By reviewing the answers to these exercises, students can reinforce their understanding of key concepts and improve their writing, reading, listening, and speaking skills in academic contexts.。
津津有味读经典LEVEL2《铁路少年》正文与评价手册答案
Level 2 Railway Children < Answer Key >Chapter 1Preview Questions1. Answers vary: The children lived in a house. The children lived in an apartment or condominium. The children lived on a farm. The children lived in the city.2. The men may take the father away because he did something wrong. (Their father made a mistake. The father was falsely accused. Someone lied about the children’s father so he went to jail.)3. The children will move to a smaller house because they have no money.Review Questions1. The children’s father worked for the government.2. The children’s father was taken away. He was put into prison.3. The children now live near a railroad.Chapter 2Preview Questions1. The children will see different kinds of trains, like cargo and passenger trains.2. The engines on trains use coal to make steam.3. The children may meet some interesting people at the station. They may meet their neighbors. They may meet the engine driver and the porter.Review Questions1. The children’s mother spent a lot of time writing stories.2. The children put a lot of coal in the pram.3. The station master wanted to turn the children into the police for theft.Chapter 3Preview Questions1. Answers vary: The children will give names to each of the trains. The children will steal from each of the trains. The children will ride each of the trains.2. The children’s mother wrote stories to entertain them. The children’s mother wrote stories to earn some money.3. Answers vary: Peter will start to collect trains. Peter will start to collect coal. Peter will start to collect the numbers and information about each train.Review Questions1. They waved to an old gentleman on the train. They thought that the man might know their father.2. The children wrote to the man on the train because they thought he would help them. They thought he might know their father. They wrote to him because they had no money and no one else could help them.3. The old gentleman sent everything the children asked for in their letter. He included a note, as well.Chapter 4Preview Questions1. The children’s mother will be angry with them because they begged help from a stranger. (Their mother will be angry with them because they did not obey her.)2. The children’s mother will write to thank the old gentleman on the train. She will also apologize for her children’s behavior.3. The doctor will call Roberta ‘Head Nurse’ because she is in charge of taking care of her mother.Review Questions1. The children’s mother was worried about paying for the doctor’s bill.2. Peter gave Roberta a model of the railway and his favorite engine.3. Roberta took the broken engine to the engine driver, who easily fixed it. She then gave the repaired toy back to Peter.Chapter 5Preview Questions1. Answers vary: The children may go to see the train from London. They may go to see a train that they think their mother is on. They may go see a train if they think their father is on it.2. Answers vary: The passengers on the train will be looking at the scenery. The passengers on the train will be looking at the railway station and the workers. The passengers on the train will be looking at the children.3. Answers vary: The children will not be able to speak to the strange man because they are scared of him. They will not be able to speak to the strange man because their mother told them not to talk to strangers. They will not be able to speak to the strange man because they are busy. Review Questions1. The children’s mother spoke to the man. She took him into her home. She got the doctor for him. She also gave the Russian man some clothes.2. The children’s mother spoke to the Russian man in French.3. The man was poor and ill because he was a refugee. He escaped from Russia. He had spoken against the government there and had been in prison. He was looking for his wife and children.Chapter 6Preview Questions1. The children’s mother will take care of the man until he is better. She will pray for him. (She will help him find his family.)2. The trees above the tunnel will collapse in a landslide. (The trees will fall onto the track and block the tunnel. The trees will fall on a train or on some people.)3. The children can tell the station master about the trees. (The children can warn the trains witha sign.)Review Questions1. The children waved part of a dress as a signal.2. The engine driver stopped the train when he saw the red flags the children were waving.3. The passengers cheered because the children had prevented a serious accident. (The children stopped the train from hitting the trees.)Chapter 7Preview Questions1. Answers vary: The children’s mother wrote a letter about the children. The engine driver wrotea letter about the children. One of the passengers wrote a letter about the children.2. The letter will be about how the children saved the train. (The letter will be about how the children prevented a serious accident and saved many lives.)3. The children will be thankful for the letter. They will think that it was the right thing to do and be very humble.Review Questions1. The children wrote to the old gentleman because they thought he might be able to help the Russian man. (They thought the old gentleman could help find the Russian’s family.)2. The children asked if the old gentleman would get off the train and speak with them about the prisoner. (They wanted to ask the old gentleman if he could help the Russian.)3. The old gentleman found the Russian man’s family.Chapter 8Preview Questions1. Peter will cause trouble at the canal. (Peter will have a problem at the canal.)2. The people who live on the barges will be unhappy with Peter. (A bargee will be angry with Peter.)3. Answers vary: The bargee may be angry with Peter and visit his house to speak with his mother. The bargee may run away. The bargee may go to the railway station and get on a train. Review Questions1. Roberta found a newspaper clipping. It was about her father.2. Roberta found out that her father had been arrested for spying. (Roberta found out that her father had been framed. Another man had wanted her father’s job. The other man pretended that her father was a spy. Roberta’s father was sent to prison even though he was innocent. )3. Roberta wrote to the old gentleman because she thought he may be able to help her father.Chapter 9Preview Questions1. Answers vary: The children may take the boy home. The children may give the boy some food and a place to stay.2. The children’s mother will help the boy by taking him into her home. The children’s mother will help the boy by helping him find his parents.3. The children’s mother will write to the old gentleman.Review Questions1. Jim’s grandfather came to take Jim home. Jim’s grandfather was the old gentleman who had helped out the children’s family.2. The old gentleman allowed Jim to stay with the children while his leg healed.3. The old gentleman asked the court to review the father’s case. He asked them to look at the evidence again and set the father free.Level 2 Railway Children < Summaries >Chapter 1When the children’s father has to go away, the children and their mother move away from their fine house in the town. They move to a smaller house in the country. It is not very clean and it is near the railway. The children enjoy their new life even though it is quite hard.Chapter 2The children walk along the railway line to the station where they see piles of coal. Later, when it is cold, Peter wants to light a fire but his mother has no money to buy coal. The three children go to the station and take some coal. The station master sees them take it and is angry with them.Chapter 3The children’s mother writes stories to earn money but is not always able to sell them. The children spend their time watching the trains go by. On one of the trains there is an old gentleman who waves to them. When the children’s mother is ill and they don’t have any money to buy her special food, they send a letter to the old gentlemen about their problem. He sends them a parcel full of good things for their mother.Chapter 4The children’s mother is angry with them for writing to the old gentleman. There is a problem with the size of the doctor’s bill. Roberta has a birthday. Her brother gives her a broken toy engine. One of the engine drivers mends it for her.Chapter 5The children go to the station to meet their mother when she returns from a visit to London. While they are waiting a train comes in with a sick man on it who cannot speak English. When the children’s mother’s train arrives, they tell her about the man. She speaks to him in French and finds out that he is a refugee. She takes him back to their home.Chapter 6The children go to the railway tunnel to pick wild strawberries. They see a landslide that will cause a bad railway accident. They have to warn the driver of the next train. They are able to make red flags and stop the train. The driver and the passengers are grateful to the childrenChapter 7The children are given a reward by the railway company for preventing the accident. They tell the old gentleman about the man, who is Russian. They ask him if he can help the refugee. The old man knows that the Russian is a famous writer. He asks questions in London and finds the man’s wife.Chapter 8The children rescue a baby from a barge that catches fire. Roberta finds an old newspaper in which there is a story about the children’s father. He is in prison for being a spy. The children’smother tells them it is a mistake. Roberta asks the old gentleman to help them get their father out of prisonChapter 9The children find a boy with a broken leg in the tunnel. They take him home and send for the doctor. Their mother lets the boy stay with them. He is visited by the old gentleman who is his grandfather. He is grateful to the children. He talks to important people and the children’s father is let out of prison. His arrest was a mistake.Before You ReadI. L ook at the trains. Write five words or phrases foreach one.Old trainc arries things, long ago, lots of smoke, slow, woodand metalModern trainc arries people, fast, metal and plastic, no smoke,these daysI I. S can through the book and write the name of eachcharacter.a. Peterb. Motherc. Jim’s grandfatherd. Roberta and Phyllise. The station masterI I I.M atch the words with similar meanings.1.f2. d3. e4. b5. c6. a7. i8. j9.h 10. g[ Chapter 1 ] H ow It All BeganI.A re these sentences correct? Write “T” for true and“F” for false.1.F2.T3.T4.T5. TI I.C hoose the best answer.1.c2.d3.b4. dI I I.W rite the correct word in each blank.1.cellar2. pumpernment4.looked after5.blew up6. ordinary7.maid 8. cottage9. mend 10. modelI V.W rite the sentences in the correct order.1.T heir father had to go away with some men.2.T he family had to move to a smaller house inthe country.3.T he children thought about their new life in thecountry.4.T hey all enjoyed the food that Mrs. Viney hadmade.[ Chapter 2 ] Coal Mines!I.P ut the sentences in order from 1 (first) to 5 (last).4, 5, 2, 3, 1I I.Choose the best answer.1.b2.b3.c4. bI I I.M atch the word with the meaning used in thechapter.1.i2. j3. b4. g5. h6. a7. c8. e9.f 10. dI V.C omplete the summary by writing the correct wordin each blank.1. afford2. pushed3.filled4. caught5. police[ Chapter 3 ] T he Green DragonI.A re these sentences correct? Write “T” for true and“F” for false.1.F2.T3.F4.F5. FI I.Choose the best answer.1.d2.d3.d4. cI I I.C ircle the correct word.1. rushed2. wondered3. buns4. signal5. an editor6. list7. notice 8. worse9.knock 10. parcelI V.W rite the sentences in the correct order.1.M rs. Viney sent for the doctor in the village.2.P eter held up a notice as the train came out ofthe tunnel.3.T he old gentleman read the letter and put it inhis pocket.4.The parcel was full of everything from the list.1[ Chapter 4 ] A Birthday SongI.P ut the sentences in order from 1 (first) to 5 (last).4, 2, 5, 1, 3I I.Choose the best answer.1.c2. b3. d4. bI I I.M atch the word with the meaning used in thechapter.1.i2. h3. g4. e5. j6. a7. b8. c9. d 10. fI V.C omplete the summary by writing the correct wordin each blank.1.stranger2. stay3. canal4. broken5. driver[ Chapter 5 ] A Man Who Needs HelpI.A re these sentences correct? Write “T” for true and“F” for false.1.F2.T3.F4.T5. TI I.Choose the best answer.1.c2. d3. b4. bI I I.W rite the correct word in each blank.1.stamps2. accent3. decided4. fetch5. refugee6. examined7. escaped 8. crowd9. criminal 10. foreignerI V.W rite the sentences in the correct order.1.T he children saw a wild, dirty man lying on theground.2.P eter took out some stamps and showed themto the man.3.P eter and Roberta helped the man walk to theircottage.4.T he man told Mother that he was looking for hiswife and children.[ Chapter 6 ] A Landslide!I.P ut the sentences in order from 1 (first) to 5 (last).4, 2, 1, 3, 5I I.Choose the best answer.1.b2. d3.c4. aI I I.C ircle the correct word.1.prevented2. pleased3. cheered4. fainted5. strips6. watch7. secret 8. thin9. comfortable 10. leaningI V.C omplete the summary by writing the correct wordin each blank.1.cherries2. landslide3. tore4. cheered5. accident[ Chapter 7 ] T he LetterI.A re these sentences correct? Write “T” for true and“F” for false.1.T2.F3.F4.F5. FI I.Choose the best answer.1.b2. d3. c4. bI I I.M atch the word with the meaning used in thechapter.1.f2. g3. h4. i5. j6. a7. e8. b9. c 10. dI V.W rite the sentences in the correct order.1.T he children saw a red carpet on the platformand flowers everywhere.2.E veryone clapped after the wonderfulpresentation.3.T he children had a delightful tea party with theold gentleman.4.T he old gentleman went to the cottage to tell thegood news.2[ Chapter 8 ] What Happened to FatherI.P ut the sentences in order from 1 (first) to 5 (last).4, 1, 3, 5, 2I I.Choose the best answer.1.c2. d3.b4. cI I I.C ircle the correct word.1.whispered2. spy3. public4. ash5. handkerchief6. tow-path7. envelope 8. position9. line 10. innI V.C omplete the summary by writing the correct wordin each blank.1.angry2. smoke3. saved4. news5. prison[ Chapter 9 ] T he Return HomeI.A re these sentences correct? Write “T” for true and“F” for false.1.F2.T3.F4.T5. T I I.Choose the best answer.1.c2. b3. d4. bI I I.W rite the correct word in each blank.1.signalman2. evidence3. address4. due5. demanded6. tripped7. ought 8. journey9. voice 10. innocentI V.W rite the sentences in the correct order.1.T he children found a boy named Jim in the tunnel.2.The doctor came and looked at Jim’s leg.3.T hey were surprised to find that the old gentlemanwas Jim’s grandfather.4.J im stayed with the children and became theirbest friend.After You ReadI.M atch each picture with the correct phrase fromthe story.1.b2.c3.d4.e5. a3。
- 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、"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、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)。
CHAPTER 2PRICING OF BONDSANSWERS TO QUESTIONS FOR CHAPTER 2(Questions are in bold print followed by answers.)1. A pension fund manager invests $10 million in a debt obligation that promises to pay7.3% per year for four years. What is the future value of the $10 million?To determine the future value of any sum of money invested today, we can use the future value equation, which is: P n= P0 (1 + r)n where n = number of periods, P n= future value n periods from now (in dollars), P0= original principal (in dollars) and r = interest rate per period (in decimal form). Inserting in our values, we have: P4 = $10,000,000(1.073)4 = $10,000,000(1.325558466) = $13,255,584.66.2. Suppose that a life insurance company has guaranteed a payment of $14 million to a pension fund 4.5 years from now. If the life insurance company receives a premium of $10.4 million from the pension fund and can invest the entire premium for 4.5 years at an annual interest rate of 6.25%, will it have sufficient funds from this investment to meet the $14 million obligation?To determine the future value of any sum of money invested today, we can use the future value equation, which is: P n= P0 (1 + r)n where n = number of periods, P n= future value n periods from now (in dollars), P0= original principal (in dollars)and r = interest rate per period (in decimal form). Inserting in our values, we have: P4.5 = $10,400,000(1.0625)4.5 = $10,400,000(1.313651676) = $13,661,977.43. Thus, it will be short $13,661,977.43 – $14,000,000 = –$338,022.57.3. Answer the following questions.(a) The portfolio manager of a tax-exempt fund is considering investing $500,000 in a debt instrument that pays an annual interest rate of 5.7% for four years. At the end of four years, the portfolio manager plans to reinvest the proceeds for three more years and expects that for the three-year period, an annual interest rate of 7.2% can be earned. What is the future value of this investment?At the end of year four, the portfolio manager’s amount is given by: P n= P0 (1 + r)n. Inserting in our values, we have P4= $500,000(1.057)4 = $500,000(1.248245382) = $624,122.66. In three more years at the end of year seven, the manager amount is given by: P7= P4(1 + r)3. Inserting in our values, we have: P7= $624,122.66(1.072)3 = $624,122.66(1.231925248) = $768,872.47. (b) Suppose that the portfolio manager in Question 3, part a, has the opportunity to invest the $500,000 for seven years in a debt obligation that promises to pay an annual interest rate of 6.1% compounded semiannually. Is this investment alternative more attractive than theone in Question 3, part a?At the end of year seven, the portfolio manager’s amount is given by the following equation, which adjusts for semiannual compounding. We have: P n = P 0(1 + r/2)2(n). Inserting in our values, we have P 7 = $500,000(1 + 0.061/2)2(7) = $500,000(1.0305)14 = $500,000(1.522901960) =$761,450.98. Thus, this investment alternative is not more attractive. It is less by the amount of $761,450.98 – $768,872.47 = –$7,421.49.4. Suppose that a portfolio manager purchases $10 million of par value of an eight-year bond that has a coupon rate of 7% and pays interest once per year. The first annual coupon payment will be made one year from now. How much will the portfolio manager have if she(1) holds the bond until it matures eight years from now, and (2) can reinvest all the annual interest payments at an annual interest rate of 6.2%?At the end of year eight, the portfolio manager’s amount is given by the following equation, which adjusts for annual compounding.We have:()11+ Par Value n n + r P A r ⎡⎤-=⎢⎥⎢⎥⎣⎦where A = coupon rate times par value. Inserting in our values, we have:88(1 + 0.062 1) = 0.07($10,000,000) 0.062P ⎡⎤-⎢⎥⎣⎦+ $10,000,000 = $700,000[9.9688005] + $10,000,000 = $6,978,160.38 + $10,000,000 = $16,978,160.38.5. Answer the following questions.(a) If the discount rate that is used to calculate the present value of a debt obligation’s cash flow is increased, what happens to the price of that debt obligation?A fundamental property of a bond is that its price changes in the opposite direction from thechange in the required yield. The reason is that the price of the bond is the present value of the cash flows. As the required yield increases, the present value of the cash flow decreases; hence the price decreases. The opposite is true when the required yield decreases: The present value of the cash flows increases, and therefore the price of the bond increases.(b) Suppose that the discount rate used to calculate the present value of a debt obligation’s cash flow is x %. Suppose also that the only cash flows for this debt obligation are $200,000 four years from now and $200,000 five years from now. For which of these cash flows will the present value be greater?Cash flows that come earlier will have a greater value. As long as x% is positive and the amount is the same, the present value will be greater for the $200,000 four years from now compared to fiveyears from now. This can also be seen by noting that if x > 0 then ()()4511 1x 1x ⎡⎤⎡⎤>⎢⎥⎢⎥++⎣⎦⎣⎦. The latter inequality implies ()()4511$2,000 $2,0001x 1x ⎡⎤⎡⎤>⎢⎥⎢⎥++⎣⎦⎣⎦will hold.6. The pension fund obligation of a corporation is calculated as the present value of the actuarially projected benefits that will have to be paid to beneficiaries. Why is the interest rate used to discount the projected benefits important?The present value increases as the discount rate decreases and decreases as the discount rate increases. Thus, in order to project the benefits accurately, we need an accurate estimate of the discount rate. If we underestimate the discount rate then we will be projecting more available pension funds than we will actually have.7. A pension fund manager knows that the following liabilities must be satisfied:Years from Now Liability (in millions)1 2.02 3.03 5.44 5.8Suppose that the pension fund manager wants to invest a sum of money that will satisfy this liability stream. Assuming that any amount that can be invested today can earn an annual interest rate of 7.6%, how much must be invested today to satisfy this liability stream?To satisfy year one’s liability (n = 1), the pension fund manager must invest an amount today that is equal to the future value of $2.0 million at 7.6%. We have:To satisfy year two’s liability (n = 2), the pension fund manager must invest an amount today thatis equal to the future value of $3.0 million at 7.6%. We have: To satisfy year three’s liability (n = 3), the pension fund manager must invest an amount today that is equal to the future value of $5.4 million at 7.6%. We have:To s atisfy year four’s liability (n = 4), the pension fund manager must invest an amount today thatis equal to the future value of $5.8 million at 7.6%. We have: If we add the four present values, we get $1,858,736.06 + $2,591,174.80 + $4,334,679.04 + $4,326,920.42 = $13,111,510.32, which is the amount the pension fund manager needs to invest today to cover the liability stream for the next four years.8. Calculate for each of the following bonds the price per $1,000 of par value assuming semiannual coupon payments.Bond Coupon Rate (%) Years to Maturity Required Yield (%)A 8 9 7B 9 20 9C 6 15 10D 0 14 8A. Consider a 9-year 8% coupon bond with a par value of $1,000 and a required yield of 7%. GivenC = 0.08($1,000) / 2 = $40, n = 2(9) = 18 and r = 0.07 / 2 = 0.035, the present value of the coupon payments is:()111 r P = C r ⎡⎤-⎢⎥+⎢⎥⎣⎦ = ()1811 1.035$40 0.035⎡⎤-⎢⎥⎢⎥⎣⎦= 1.857489211 $400.0035⎡⎤-⎢⎥⎢⎥⎣⎦ = []0.53836111 $40 0.4035⎡⎤-⎢⎥⎣⎦= []13.1896$40 817 = $$527,587.The present value of the par or maturity value of $1,000 is: ()1n M + r = ()80$1,0001.035= $1,00015.6757375= $538,361. Thus, the price of the bond (P) = present value of coupon payments + present value of par value = $527,587 + $538,361 = $1,065.95.B. Consider a 20-year 9% coupon bond with a par value of $1,000 and a required yield of 9%. Given C = 0.09($1,000) / 2 = $45, n = 2(20) = 40 and r = 0.09 / 2 = 0.045, the present value of the coupon payments is:()111 r P = C r ⎡⎤-⎢⎥+⎢⎥⎣⎦ = ()4011 1.045$45 0.045⎡⎤-⎢⎥⎢⎥⎣⎦ = 11 5.81863645$45 0.045⎡⎤-⎢⎥⎢⎥⎣⎦ = 1 0.1719287 $45 0.045-⎡⎤⎢⎥⎣⎦=$45[18.401584] = $828.071.The present value of the par or maturity value of $1,000 is: ()1n M + r = ()40$1,0001.045 = $1,0005.81863645= $171.929. Thus, the price of the bond (P) = $828.071+ $171.929= $1,000.00. [NOTE. We already knew the answer would be $1,000 because the coupon rate equals the yield to maturity.]C. Consider a 15-year 6% coupon bond with a par value of $1,000 and a required yield of 10%. Given C = 0.06($1,000) / 2 = $30, n = 2(15) = 30 and r = 0.10 / 2 = 0.05, the present value of the coupon payments is:()111n r P = C r ⎡⎤-⎢⎥+⎢⎥⎣⎦ = ()3011 1.05$30 0.05⎡⎤-⎢⎥⎢⎥⎣⎦ = 11 4.3219424$300.05⎡⎤-⎢⎥⎢⎥⎣⎦ = 10.2313774 $30 0.05-⎡⎤⎢⎥⎣⎦=$30[15.372451] = $461.174.The present value of the par or maturity value of $1,000 is: ()1n M + r = ()30$1,0001.05 =3219424.4000,1$ =231.377. Thus, the price of the bond (P) = $461.174+ $231.377= $692.55.D. Consider a 14-year 0% coupon bond with a par value of $1,000 and a required yield of 8%. Given C = 0($1,000) / 2 = $0, n = 2(14) = 28 and r = 0.08 / 2 = 0.04, the present value of the coupon payments is:()111n r P = C r ⎡⎤-⎢⎥+⎢⎥⎣⎦=2811 (1.04)$0 0.04⎡⎤-⎢⎥⎢⎥⎣⎦=11 2.998703319$0 0.055⎡⎤-⎢⎥⎢⎥⎣⎦= 055.0 0.33477471 1 0$⎥⎦⎤⎢⎣⎡-=$0[16.66306322] = $0. [NOTE. We already knew the answer because the coupon rate is zero.]The present value of the par or maturity value of $1,000 is: ()1n M + r = ()28$1,0001.04 = $1,0002.99870332 =$333.48. Thus, the price of the bond (P) = $0 + $333.48 = $333.48.9. Consider a bond selling at par ($100) with a coupon rate of 6% and 10 years to maturity.(a) What is the price of this bond if the required yield is 15%?We have a 10-year 6% coupon bond with a par value of $1,000 and a required yield of 15%. GivenC = 0.06($1,000) / 2 = $30, n = 2(10) = 20 and r = 0.15 / 2 = 0.075, the present value of the coupon payments is:()111n r P = C r ⎡⎤-⎢⎥+⎢⎥⎣⎦ = 2011 (1.075)$30 0.075⎡⎤-⎢⎥⎢⎥⎣⎦ = 11 4.2478511$30 0.075⎡⎤-⎢⎥⎢⎥⎣⎦ = 1 0.2354131$30 0.075-⎡⎤⎢⎥⎣⎦=$30[10.1944913] = $305.835.The present value of the par or maturity value of $1,000 is: ()1n M + r = ()20$1,0001.075 = $1,0004.2478511 =235.413. Thus, the price of the bond (P) = $305.835 + $235.413 = $541.25.(b) What is the price of this bond if the required yield increases from 15% to 16%, and by what percentage did the price of this bond change?If the required yield increases from 15% to 16%, then we have:()111n r P = C r ⎡⎤-⎢⎥+⎢⎥⎣⎦=2011 (1.08)$30 0.08⎡⎤-⎢⎥⎢⎥⎣⎦= [] 9.8181474 30$= $294.544.The present value of the par or maturity value of $1,000 is: ()1n M + r = ()20$1,0001.08= $214.548.Thus, the price of the bond (P) = $294.544 + $214.548= $509.09.The bond price falls with percentage fall is equivalent to $509.09$541.25$541.25- = -0.059409 orabout –5.94%.(c) What is the price of this bond if the required yield is 5%?If the required yield is 5%, then we have:()111n r P = C r ⎡⎤-⎢⎥+⎢⎥⎣⎦ = 2011 (1.025)$30 0.025⎡⎤-⎢⎥⎢⎥⎣⎦= [] 15.5891623 30$= $467.675.The present value of the par or maturity value of $1,000 is: ()1n M+ r = ()20$1,0001.025= $610.271.Thus, the price of the bond (P) = $467.675 + $610.271 = $1,077.95.(d) What is the price of this bond if the required yield increases from 5% to 6%, and by what percentage did the price of this bond change?If the required yield increases from 5% to 6%, then we have:()111n r P = C r ⎡⎤-⎢⎥+⎢⎥⎣⎦ =2011 (1.03)$30 0.03⎡⎤-⎢⎥⎢⎥⎣⎦= [] 614.8774748 30$= $446.324.The present value of the par or maturity value of $1,000 is: ()1n M + r =)03.1(000,1$20 = $553.676.The price of the bond (P) = $446.324 + $553.676 = $1,000.00. [NOTE. We already knew the answer would be $1,000 because the coupon rate equals the yield to maturity.]The bond price falls with the percentage fall equal to ($1,000.00 – $1,077.95) / $1,077.95 = -0.072310 or about –7.23%.(e) From your answers to Question 9, parts b and d, what can you say about the relative price volatility of a bond in a high-interest-rate environment compared to a low-interest-rate environment?We can say that there is more volatility in a low-interest-rate environment because there was a greater fall (–7.23% versus –5.94%).10. Suppose that you purchased a debt obligation three years ago at its par value of $100,000 and nine years remaining to maturity. The market price of this debt obligation today is $90,000. What are some reasons why the price of this debt obligation could have declined from the time you purchased it three years ago?The price of a bond will change for one or more of the following three reasons:(i) There is a change in the required yield owing to changes in the credit quality of the issuer.(ii) There is a change in the price of the bond selling at a premium or a discount, without anychange in the required yield, simply because the bond is moving toward maturity.(iii) There is a change in the required yield owing to a change in the yield on comparable bonds (i.e., a change in the yield required by the market).The first and third reasons are the likely reasons for the situation where the bond has plummeted from $100,000 to $90,000. The bond has plummeted in value because the credit quality of the issuer has fallen and/or the bond has plummeted because the yield on comparable bonds has increased.11. Suppose that you are reviewing a price sheet for bonds and see the following prices (per $100 par value) reported. You observe what seem to be several errors. Without calculating the price of each bond, indicate which bonds seem to be reported incorrectly, and explain why.Bond Price Coupon Rate (%) Required Yield (%)U 90 6 9V 96 9 8W 110 8 6X 105 0 5Y 107 7 9Z 100 6 6If the required yield is the same as the coupon rate then the price of the bond should sell at its par value. This appears to be the case of bond Z. If the required yield decreases below the coupon rate then the price of a bond should increase. This is the case for bond W. This is not the case for bond V so this bond is not reported correctly. If the required yield increases above the coupon rate then the price of a bond should decrease. This is the case for bond U. This is not the case for bonds X and Y so these bonds are not reported correctly. Thus, bonds V, X, and Y are incorrectly reported because the change in the bond price is not consistent with the difference between the coupon rate and the required yield.12. What is the maximum price of a bond?Consider an extreme case of a 100-year 20% coupon bond with a par value of $1,000 that after one year falls so that the required yield is 1%. Given C = 0.2 ($1,000) / 2 = $100, n = 2(99) = 198 and r = 0.01 / 2 = 0.005, the present value of the coupon payments is:()111 r P = C r ⎡⎤-⎢⎥+⎢⎥⎣⎦= 11 (1.005)$100 0.005⎡⎤-⎢⎥⎢⎥⎣⎦= 11 2.684604$100 0.005⎡⎤-⎢⎥⎢⎥⎣⎦=1 0.3724944 $100 0.005-⎡⎤⎢⎥⎣⎦= $100[125.50112] = $12,550.112.The present value of the par value of $1,000 is: ()1n M + r =()198$1,0001.005= $1,0002.684604 = $372.494.Thus, the price of the bond (P) = $12,550.112 + $372.494 = $12,922.61.This is a percent increase of ($12,922.6 – $1,000) / $1,000 = 11.92606 or about 1,192.61%.If the required yield falls to 0.001%, then the bond price would increase to $20,778.33, which would be a percent increase of about 1,977.83%.If the required yield falls to 0.00001%, then the bond price would increase to $20,778.33, which would be a percent increase of about 1,977.83%.If the required yield falls to 0.0000000001%, then the bond price would increase to $20,801.76, which would be a percent increase of about 1,980.18%.Thus, we see that even for these extreme numbers (that are highly unlikely), we find there appears to be a limit on how high a bond price might rise assuming that rates do not reach negative numbers.If the required yield is a negative number then there would be no limit to how high a bond price might rise. For example, if the required yield becomes a negative 1%, then the bond price would increase to $70,468.18. If it becomes a negative 10%, then the bond price becomes$2,296,218.049,925.23.13. What is the “dirty” price of a bond?The “dirty” (or “full”) price is the amount that the buyer agrees to pay the seller, which is the agreed-upon price plus accrued interest. The price of a bond without accrued interest is called the clean price. The exceptions are bonds that are in default. Such bonds are said to be quoted flat, that is, without accrued interest.14. Explain why you agree or disagree with the following statement: “The price of a floater will always trade at its par value.”One would disagree with the statement: “The price of a floater will always trade at its par value.”First, the coupon rate of a floating-rate security (or floater ) is equal to a reference rate plus some spread or margin. For example, the coupon rate of a floater can reset at the rate on a three-month Treasury bill (the reference rate) plus 50 basis points (the spread).Next, the price of a floater depends on two factors: (1) the spread over the reference rate and (2) any restrictions that may be imposed on the resetting of the coupon rate. For example, a floater may have a maximum coupon rate called a cap or a minimum coupon rate called a floor . The price of a floater will trade close to its par value as long as (1) the spread above the reference rate that the market requires is unchanged and (2) neither the cap nor the floor is reached.However, if the market requires a larger (smaller) spread, the price of a floater will trade below (above) par. If the coupon rate is restricted from changing to the reference rate plus the spread because of the cap, then the price of a floater will trade below par.15. Explain why you agree or disagree with the following statement: “The price of an inverse floater will increase when the reference rate decreases.”One would disagree with the statement: “The price of an inverse floater will increase when the reference rate decreases.”In general, an inverse floater is created from a fixed-rate security. The security from which the inverse floater is created is called the collateral. From the collateral two bonds are created: a floater and an inverse floater. The two bonds are created such that (1) the total coupon interest paid to the two bonds in each period is less than or equal to the collateral’s coupon intere st in each period, and (2) the total par value of the two bonds is less than or equal to the collateral’s total par value. The total par value of the floater and inverse floater equals the par value of the collateral. Regardless of the level of the reference rate, the combined coupon rate for the two bonds is equal to the coupon rate of the collateral. However, if the reference rate exceeds a certain percentage, then the formula for the coupon rate for the inverse floater will be negative. To prevent this from happening, a floor is placed on the coupon rate for the inverse floater. Typically, the floor is set at zero. Because of the floor, the coupon rate on the floater must be restricted so that the coupon interest paid to the two bonds does not exceed the collateral’s coupon interest. Thus, when a floater and an inverse floater are created from the collateral, a floor is imposed on the inverse and a cap is imposed on the floater.The price of an inverse floater is found by determining the price of the collateral and the price of the floater. This can be seen as follows: collateral’s price = floater’s price + inverse’s price. Therefore, inverse’s price = collateral’s price –floater’s price.The factors that affect the price of an inverse floater are affected by the reference rate only to the extent that it affects the restrictions on the floater’s rate. This is quite an important result. Some investors mistakenly believe that because the coupon rate rises, the price of an inverse floater should increase if the reference rate decreases. This is not true. The key in pricing an inverse floater is how changes in interest rates affect the price of the collateral. The reference rate is important only to the extent that it restricts the coupon rate of the floater.。