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11第十一章课后答案翻译

11第十一章课后答案翻译
11第十一章课后答案翻译

11第十一章课后答案翻译

第十一章课后答案翻译

1.

a.

橘子种植者的交易$0.75/

$1.00/

$1.25/

出售橘子汁的收益$187,5

00

$250,0

00

$312,5

00

期货合约的现金流转$62,50

0栽培

者的

收入

$0 $62,50

0栽培

者的

支出

总收入$250,0

00 $250,0

00

$250,0

00

b.你将各有1/3的可能支付$187,500 (小于期望), $250,000 (与期望相同) 或$312,500 (超过期望).

c.没有可变性. 收入总是等于$250,000.

2.

a.取暖油批发商面临的风险是:由于他购买价$1.00/加仑,所以当取暖油价格跌至$0.90/加仑时,他将亏损;取暖油大户则将会面临油价上升的风险.

b.

取暖油用户的交易$.90/

加仑

$1.10/

加仑

购油成本$900,0

00 $1,100 ,000

期货合同的现金流转$100,0

00 油

用户

支出

$100,0

00油

用户

收入

总费用$1,000

,000 $1,000 ,000

取暖油用户的交易$.90/

加仑

$1.10/

加仑

售油收益$900,0

00 $1,100 ,000

期货合同的现今流转$100,0

00 油

批发

商收

$100,0

00 油

批发

商支

总费用$1,000

,000 $1,000 ,000

c. 尽管看起来在每种情况中一方获益于另一

方的支出上,但事实上双方都获益,因为双方能够将价格锁定在$1.00/每加仑上而避开所有风险

3.

a.

CFO旅馆的交易$1.25/

磅$1.50/

$1.75/

购咖啡成本$43,75

0 $52,50

$61,25

期货合同的现金流转$8,750

旅馆

支出

$0 $8,750

旅馆

收入

总费用$52,50

0 $52,50

$52,50

b.费用固定在$52,500.

c.不管交割日咖啡的价格如何,只要财务主管希望把价格锁定在$1.50每磅,. 他都进行了正确的交易.尽管他放弃了一切支付更低价格的机会,但他确保不会支付高于$1.50每磅,当不能预计未来价格而又要避免不确定带来的风险时,保值交易是唯一的有用的

4.

a.

财政主管的交易$.40/

磅$.60/

$.70/

期货合同的现金流转

-

$80,00

$0 +

$80,00

b.这不是一个降低风险的交易.因为你没有避免反而暴露了.

c.石油期货会得到与b同样的答案. 利率期货依赖具体情况. 目前你的投资组合中存在利率风险吗?或者说你处于暴露于风险中的位置吗?

5.

a.因为这对于你是暴露于风险中,因此是投机的.

b.$5,000 (期限终止, 无价值的) 或-100

.55-.50 =$ .05/磅

.05* 200,000 磅= $10,000

c. 净收益: $10,000 - $5,000 = $5,000

6.

a.你可以登这么一个广告:你愿意为了一架有着特殊性能的小面包车付$10,000 ,但是你不会需要那些得花6个月以上才能交货的。

b.那些想要在6个月之内卖出自己的小面包车,并且为找一个愿意支付$10,000当前价格的买者而发愁的人。

7.

a.你可以签订一个在明年支付$3,000的合同。

b.作为组织者,他们可能会为未来的降价而担忧,并乐于将你的预约锁定在当前价格。

8.

a.与一个交易对手签订一个每年收入/支出一笔现金,其数值等于27亿美元×(90日元/美元-当年的比率)的互换和约。

b.每年30,000,000美元或27亿日元。

c.那些对阻止美元对日元汇率可能发生的增值感兴趣的公司或个人。可能是一家在美国销售货物的日本公司。

9.

a.同意在每个结算日收入/支出一笔现金,其数值为100,000法郎×($0.20-当期的价格)

b.$100,000 x .18 = $18,000。根据互换和约:你将收入100,000法郎,并将之出售得到$18,000;那么你将从你的交易对手处得到100,000 x

(.20-.18) = $2,000 。总和等于$20,000。

c.$100,000 x .25 = $25,000。根据互换和约:你将收入100,000法郎,并将之出售得到$25,000;那么你将要向你的交易对手支付100,000 x

(.20-.25) = -$5,000。总和等于$20,000。

10.

Montgomery银行信托可以与一个交易对手签订利率互换和约。Montgomery将支付一个固定的比率(可能将比9%略少),而后得到一个数值为(国债+75个基点)的浮动比率。银行将会确保得到收益,且该收益在它通过发放贷款的所得比率与它支付的固定比率之间变化。浮动汇率缺口通过相等的流入和流出将二者消除。

11、你应该选择风险规避成本最小的那个。

12、

SOLUTION:

?(风险规避)

?(保险)

?(风险规避)

?(保险)

?(风险规避)

?(风险规避)

?(保险)

?(保险)

13、SOLUTION:

a.你可以支付$10,000拥有买入期权的权利(但不是义务) 来购买小面包车(车还没交易)

b.没有。你的支出取决于一年之后小面包车的估价,你愿意付出的金额绝对不会大于一年之后的价格和现在的价格之差。

14、SOLUTION:

你可以购买一个贷款担保或者向中国公司递交一份(银行发行的)信用证,如果公司欣赏银行的信用率(大致上比你公司值得信赖), 这样就可以接受。但信用证大概需要一定比例的较小的贷款票面金额成本或义务,这费用,甚至包括能否取得银行信用证都,取决于申请人的信用程度。

15、SOLUTION:

a.你可以从主办方那儿购买一份期权,这样你就可以以低于$3000的价格或者以明年夏天时的市场价格去旅行了。

b.你可以直接支付当前的市场价格或者同意支付$3,000又或者以高于市场价格适当百分比的价格支付。

16、SOLUTION:

你可以用信用卡代替现金或者信用卡和现金都接受,银行发行信用卡来保证这笔金额能够交付给你,但你得交一定的费用给银行,通常这费用是信用卡帐户金额的一定比例。

17、SOLUTION:

a.30年固定利率的贷款。

b.

N I PV FV PMT

0 Solve

360 .583 100,00

$665.0

3

c.每月的支付额仍为$665.03.

18、SOLUTION:

a.你应该选择从5%开始的可变利率贷款,并且利率上限为11%.

b.利率上限= 11%.

c.利率下限= 3%.

d. 因为你仍然受益于下降的比率,但是你不必对高于11% 的利率予以支付。但相对于4.5%,你以比较高费用支付那5%开始的可变利率贷款。

19、SOLUTION:

a.

橘林栽培者的交易$0.75/p

ound

$1.00/p

ound

$1.25/

pound

卖出期权费用-$25,00

0 -$25,00

-$25,0

00

橘林售卖收入无$250,00$312,5

0 00

卖出期权的现金流$250,00

0 paid

to

grower

Expires Expir

es

总收据$225,00

0 $225,00

$287,5

00

b.在风险规避中,你锁定$250,000. 如果价格上升到$1.00, 你将无利可收;在本例中,随这价格的上涨,你受益越多。当$1.25 /磅, 你将得到$287,500 而不是$250,000.

20、SOLUTION:

a.

财务主管的贸易$1.25/

pound $1.50/

pound

$1.75/

pound

买入期权成本-$2,00

0 -$2,00

-$2,00

咖啡购买费用$43,75

0 $52,50

None

执行买入期权的None None $52,50

现金流出0

总费用$45,75

0 $54,50

$54,50

c.如果不管咖啡在递送过程中的价格变化,把价格锁定在$1.50/磅的水平,你做了适当的交易。虽然你花在期权上的开支为$2,000 ,但是你仍然可以从较低的价格得到。期权只有在人们不知道一些项目的未来价格时才起作用, 因此需要保险来对抗不确定的危险。21.租赁同时拥有买入期权意味着3年后如果你想拥有自己的车,就有一个选择。你既可以实行期权,即用9000元买车,也可以以当时市场价格买一辆用过3年的二手车。只有市场价格高于9000,你才会行使期权。因此,当保持一个9000元的价格上限,你也可以从那些较低的价格中获益。这就和保险类似。

22.a.你可以购买一份以65美元为固定价格的卖出期权。

b. 收益为75-60-5=10。你没有实施期权因为你可以以更高的市场价格将股票卖出。但购买期权并非浪费钱,因为你买期权的时候并不知道

价格会怎样变动,你只是希望能以不少于65美元的价格卖出。

c. 65-60-5=0

23.扬基储蓄银行借入国债利息加25个基点的浮动利率。全球制造公司可以借入11%的10年期固定利率。两个集团可以达成互换合约,即全球公司支付扬基公司国债利息加25个基点的利率,扬基公司支付全球公司11%的利率。这样做的净影响就是扬基公司支付11%,相比于12%,(当浮动利率的支付额被匹配的现金流入固定),全球公司支付国债利息加25个基点,相比于国债利息加50个基点。

24, a.SoftCola不会面对每天的汇率风险,因为该国的汇率盯住美圆。当然政治与经济的原因,可能会使货币贬值。

然而SoftCola可能面对的风险是可兑换的风险,不能以官方利率转换成美圆,可能必须支付一定的费用在黑市上将其转换成美圆。如果Sof tCola想避免这种风险,他就不应该在发展中国家开设工厂。

b采取了风险留存的管理政策

25,

a,他面临的风险是美圆相对与法郎增值,他将通过购买一系列的购买美圆的远期和约来规避这种风险,以使一种固定的以知的美圆收益来购买美圆。

b,该部门面临的风险是美圆相对与法郎贬值,他可以通过购买一系列的购买法郎的远期和约来使他的权利固定。

c,风险相互抵消,所以不需要签定两个远期和约,他可以在生产部门和退休部门来转换这些资金,并且可以节约购买远期和约的费用。

26

a,由资产或得的收入与负债并不匹配,他可能面对利率的风险.

b,一些给Mismatch的可能建议是:(a),他可以通过浮动利率抵押或长期固定利率转换以使资产与负债匹配.

(b),他也可以签定一个互换和约以使在浮动的收入下获得一个固定的抵押收益.

(c),他可以减少他的风险报漏通过给存款者支付浮动的汇率.

(3),银行可以拥有短期国库债券以同其负债相匹配,如果银行事实上拥有这些资产,那么储蓄保险就是多余的,因为没有残余的风险需要保险.

(4)银行可以浮动他们的股票以提高他们获得发放贷款的基金,在这种情况下,银行的股东可以忍受贷款的风险,大概股东就不在需要银行的储蓄保险,作为一个银行的投资者,他们将意识到他们投资的风险.

27. 假设现在的CPI指数是100。你想在CPI指数到达106时的一个购入期权。这样如果通货膨胀率超过6%,而CPI指数大于106时,你就会得到赔偿,这将保证你一年后得到的10000美元不会在通货膨胀率大于6%时受到侵蚀。

28.a.这是典型的健康保险计划。

b.他的保险费将会是100000*100%=100000

c.由于她不存在不确定性,所以它不是保险,这只是一个预付医疗计划。

29.由于这不存在不确定性,所以不是保险,这是一个福利计划。所有受损失的人都将加入这项计划,无论他是否保险,而纳税人将支付保费。

第30题:

a 你面临着汇率风险。奖学金是以法郎计算的,而你的学费必须用美圆支付。如果9月份的汇率是每美圆6.5法郎,你的第一年的奖学金仅值9 230.77美圆。但如果汇率下降至每美圆5.5法郎,你的奖学金就值10909.09美圆。在你的第二年,除了汇率风险外你还必须面临的一个风险是学费可能会上涨。

b 你可以和你的银行签定一份合约:在9月份你拿到奖学金时,你以每美圆6法郎的汇率将你的60000法郎兑换成10000美圆。

c 你在远期合约中将损失909.09美圆,但这一损失是合理的。在7月份时,你没有办法预测9月份汇率将变为多少。因而在那时签定了远期合约对你来说是降低风险,即是有益的。

d 通过选择第二种支付方式你可以避免来年的汇率风险。但是你也可以选择第一种支付方式,

然后与你的银行签定一份远期合约:在9月份时将60000法郎兑换成10000美圆。在支付了500 0美圆的学费后,你可以将剩下的钱投资于无风险美圆资产并赚取5%的年利率,直到2月份你得再支付5000美圆的学费时。因此,你将从赚取的利率中获益。

e 你可以向你的银行购买期权,这样的话,万一美圆价格上涨,你就可以以每美圆6法郎的价格将你的60000法郎卖给银行;另一方面,如果美圆价格下降,你可以放任期权欺满并自动作废。当然,你必须为这一期权支付费用。

风险规避与保险之间的区别是:选择风险规避,你不需要事先向银行支付任何费用,但保险却需要支付保险费;如果你选择风险规避,你可以避免汇率下降的风险,但同时你也享受不到汇率上升所带来的收益。而如果选择保险的话,你不仅可以享受到汇率上升所带来的收益,同时也可以避免汇率下降的风险。

f 他们希望能最小化一次性授予2年奖学金可能带来的道德风险:在他们决定是否授予你第二年奖学金之前,你必须向政府证明你是值得授予

奖学金的,而且你打算正确的利用这笔奖学金(比如说努力学习)。

g 你现在应该选择第二种支付方式即每学期支取5000美圆。如果你选择第一种支付方式,并签定一份远期合约,60000法郎将可以兑换为9 836.07美圆。在你支付完第一学期5000美圆的学费后,你还剩下4836.27美圆,你把剩下的这些钱进行投资并获取每年7%的无风险利率,投资时间为5个月(9月到2月)。如此,你在第二学期开始的时候将拥有4977.12美圆,不够支付你5000美圆的学费。

第31题

a 结

概率

(1)没有一家公司获得FDAD许

可 0.0625(1 /16)

(2)四家公司都得到FDA的许

可 0.0625(1/16)

(3)只有一家公司获得许

0.25(4/16)

(4)2家公司获得许

0.375(6/16)

(5)3家公司获得许

0.25(4/16)

b 净利润

结果(1) -20000美圆

结果(2) 100000-20000=80000美圆

结果(3) 25000-20000=5000美圆

结果(4) 50000-20000=30000美圆

结果(5) 75000-20000=55000美圆

英语课后翻译答案新

U n i t1 1. 任何年满18岁的人都有资格投票。(be eligible to, vote) Anyone over the age of 18 is eligible to vote. 2. 每学期开学前,这些奖学金的申请表格就会由学校发给每一个学生。(apply for, scholarship) A form to apply for these scholarships is sent by the university to every student before the start of every semester. 3. 遵照医生的建议,我决定戒烟。(on the advice of) On the advice of my doctor, I decided to give up smoking. 4. 公园位于县城的正中央。(be located in) The park is located right in the center of town. 5. 这所大学提供了我们所需的所有材料和设备。(facilities) The university provides all the materials and facilities we desire. 1. 他们花了多年的时间寻找内心的平静,但是收效甚微。(search for) They spent many years searching for peace of mind, but with little success. 2. 这种新药的成功研制已经使许多疾病的治疗发生了根本性的变革。

大学英语精读1课文翻译

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