chapter4

Chapter 4 Time Value of Money: Valuing Cash Flow Streams14. Perpetuities The British government has a consol bond outstanding paying £1,000 per year forever. Assume the current interest rate is 8% per year.a. What is the value of the bond immediately after a payment is made?Answer: p = C/r = 1000 / 8% = £ 12500b. What is the value of the bond immediately before a payment is made?Answer: p = 1000/8%+1000 = £ 13500*18. Annuities When you purchased your car, you took out a five-yearannual-payment loan with an interest rate of 6% per year. The annual payment on the car is $5000. You have just made a payment and have now decided to pay off the loan by repaying the outstanding balance. What is the payoff amount for the following scenarios?You have owned the car for one year (so there are four years left on the loan)? Answer: Present value of an annuity:PV=C*(1/r)(1-1/(1+r)^n)=$5000*(1/0.06)(1-(1/1.06)^4)=17325.53b. You have owned the car for four years (so there is one year left on the loan)? Answer: PV=$5000*(1/0.06)(0.06/1.06)=$4716.9826. Growing Cash Flows You work for a pharmaceutical company that has developeda new drug. The patent on the drug will last 17 years. You expect that the drug’s profits will be $2 million in its first year and that this amount will grow at a rate of 5% per year for the next 17 years. Once the patent expires, other pharmaceutical companies will be able to produce the same drug and competition will likely drive profits to zero.What is the present value of the new drug if the interest rate is 10% per year?Answer: Present value of a growing annuity:pv=c*(1/r-g)(1-(1+g/1+r)^n)=2*(1/0.05)(1-(1.05/1.10)^17)=$21.861million *35. You are saving for retirement. To live comfortably, you decide you will need to save $2 million by the time you are 65. Today is your 22nd birthday, and you decide, starting today and continuing on every birthday up to and including your 65th birthday, that you will put the same amount into a savings account. If the interest rate is 5%, how much must you set aside each year to ensure that you will have $2 million in the account on your 65th birthday?Answer: $2 billion=FV(annuity)=c*(1/0.05)(1.05^44-1)=c*(7.56/0.05) Therefore, C=$13233 Thus, I need to save $13233 each year.。

初三英语Chapter 4 Fishing with birdsReading 2某某牛津版知识精讲【同步教育信息】一. 本周教学内容：［学习过程］一、本讲主要内容（一）课文语言点归纳（二）课后练习总结二、本周知识总结与归纳（一）课文语言点归纳1. on the side of the river2. with something somewhereWang Daming sits on the side of the river cooking a meal, with a large bird on his head. 3. of average heightHe is thin, and of average height, but he is very fit.4. be used to do sth. be used to sth/doing sth used to do sthTheir large feet are used to push them quickly through the water.She is used to getting up early in the morning.Grand ma used to be a teacher. And now she is retired.5. requireDaming doesn’t require nets or a fishing rod to catch fish.require doing sth=require to be donerequirement n.We have a lot of requirement of food.6. set off=set outDaming sets off on his bamboo raft with his birds.7. reach the right placereach=get to=arrive in (at)8. so that=in order thatA piece of grass is tied around the neck of each bird, so that it can not swallow the fish.9. be frightenedThe fish are frightened by this.frighten v. frightening adj.10. hang v. (hung, hung )At night, a light is hung from the front of the raft.11. enable sb to do sthThis enables the fisherman to see better, and also attracts the fish.12. attract v. attraction n. attractive adj.13. remove sth fromThe fish are then removed from the birds’ mouths by the fisherman.14. the rest… the rest are divided between Daming’s family and the birds.15. be interested in= be interested to doFew young people are interested in doing such type of work in the modern world.16. no more=not… any longerIn fifty years, perhaps there will be no more cormorant fisherman in the world.（二）课后练习总结C1 Find these words in the article. Then read the words around them and choose the best meaning.1. fitA. healthy, able to work hardB. fat from eating too muchC. brown, with dark skin2. control (his raft)A. carry it on his backB. make it go where he wantsC. build it from pieces of wood3. requireA. makeB. sellC. need4. bangsA. movesB. hitsC. jumps into5. is hungA. is fixedB. is thrownC. is switched6. removed fromA. put intoB. dropped fromC. taken out ofC2 Find the words in Column A in the article, and then match them with the meaning in Column B.A B1. of average height a. new, recent2. elderly b. done for many years in the same way3. sets off c. helps, allows4. traditional d. not tall and not short5. modern e. starts (to go somewhere)6. enables f. older than about 60D1 Each of these sentences has one incorrect word or number. Cross out the mistake and write down the correct word or number. Look back at the article carefully to check your answers.1. Wang Daming sometimes sits with a large fish on his head. bird2. Daming is over 56 now, but he works every day. 653. Cormorants are large, black birds, about a kilometer long. metre4. Cormorants use their wings to push them through the water. feet5. Daming often goes fishing in the morning. afternoon6. He ties a piece of grass around the neck of each fish. bird7. At night, he has a fire on his raft so that he can see better. light8. The fish are removed from the fishermen’s mouths. birds’D2 What do the words in italics below refer to? Look back at the article to find out. Choose the right answers.1. That is done for him…A. Catching fishB. Using a net or fishing rod2. The fish are frightened by this.A. the jumping and bangingB. a large cormorant3. This enables the fisherman…A. The raftB. The light【模拟试题】（答题时间：30分钟）一、根据提示写单词1. I’m neither tall nor short for my age.2. We started our journey early in the morning.3. My uncle goes fishing on a very small thing like a boat.4. I took out my books from my bag.5. This is a bird that catches fish.6. This is a plant that we can use to make rafts.7. This is a long piece of wood.8. This is a long piece of wood with string for catching fish.9. Why don’t we fix this picture on the wall?10. We live in a very new flat.11. I hit my squash racket against the wall.12. Cormorant fishing is a very old way to catch fish.二、单项选择A）选择与句中画线部分意思相同或相近的词或短语。