题目内容
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From the first 2 paragraphs, we can learn that______.
A．the present trend is that the number of schools on the list is falling
B．there are more schools which shake off the bad reputation this year
C．the trend this year is not the same as that of past few years
D．the review is not reliable
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Susan Baker is a new hire at Crinson Bank’s Chicago office. She has joined the risk arbitrage desk where she will be training to take advantage of price discrepancies in the U.S. T-note futures and spot markets.
Her managing director, Gerald Bigelow, has asked her to calculate parameters for potential arbitrage opportunities for the bank given current market conditions. At the time he asked the question, the cheapest-to-deliver T-notes were at par, with a coupon rate of 8.5 percent. When trading futures, the risk arbitrage desk borrows at 12 percent and lends at 4 percent.
Looking at the calendar, Baker calculates that there are 184 days to the first coupon payment and 181 days from the first coupon payment to the second. Any interest accrued will be paid when the T-note is delivered against the futures contract, but Bigelow asks Baker not to concern herself in the calculations with the impact of reinvesting the coupons or with transaction costs.
To get a feel for the market, Baker first prices a 6-month futures contract that has 184 days to expiration in a “simplified scenario.” She decides to use the same interest rate for borrowing and lending, taking the average of the bank’s borrowing and lending rates. Calculating the futures price under these simplified assumptions, Baker tells Bigelow that the futures contract should trade at 99.7059. Bigelow explains that the futures price is below par even though the spot price is at par because of the benefit to a short seller of receiving the T-note coupon payments.
Having calculated the futures price in the “simplified scenario,” Baker modifies it to reflect the bank’s current borrowing and lending rates, and calculates the corresponding no-arbitrage bands. She tells Bigelow that the lower band will be at 97.7468. Bigelow checks her calculations, confirming that the higher band will be at 101.6294.
Once they know the no-arbitrage bands for current market conditions, Baker and Bigelow check the screen. They see that the market price of the futures contract for which they’ve been calculating no-arbitrage bands is 103. Together, they execute Baker’s first arbitrage play.
Part 1)
Regarding Baker’s and Bigelow’s statements about the futures price in the simplified scenario:
A)Baker’s statement is correct and Bigelow’s statement is correct.
B)Baker’s statement is incorrect and Bigelow’s statement is correct.
C)Baker’s statement is incorrect and Bigelow’s statement is incorrect.
D)Baker’s statement is correct and Bigelow’s statement is incorrect.
Susan Baker is a new hire at Crinson Bank’s Chicago office. She has joined the risk arbitrage desk where she will be training to take advantage of price discrepancies in the U.S. T-note futures and spot markets.
Her managing director, Gerald Bigelow, has asked her to calculate parameters for potential arbitrage opportunities for the bank given current market conditions. At the time he asked the question, the cheapest-to-deliver T-notes were at par, with a coupon rate of 8.5 percent. When trading futures, the risk arbitrage desk borrows at 12 percent and lends at 4 percent.
Looking at the calendar, Baker calculates that there are 184 days to the first coupon payment and 181 days from the first coupon payment to the second. Any interest accrued will be paid when the T-note is delivered against the futures contract, but Bigelow asks Baker not to concern herself in the calculations with the impact of reinvesting the coupons or with transaction costs.
To get a feel for the market, Baker first prices a 6-month futures contract that has 184 days to expiration in a “simplified scenario.” She decides to use the same interest rate for borrowing and lending, taking the average of the bank’s borrowing and lending rates. Calculating the futures price under these simplified assumptions, Baker tells Bigelow that the futures contract should trade at 99.7059. Bigelow explains that the futures price is below par even though the spot price is at par because of the benefit to a short seller of receiving the T-note coupon payments.
Having calculated the futures price in the “simplified scenario,” Baker modifies it to reflect the bank’s current borrowing and lending rates, and calculates the corresponding no-arbitrage bands. She tells Bigelow that the lower band will be at 97.7468. Bigelow checks her calculations, confirming that the higher band will be at 101.6294.
Once they know the no-arbitrage bands for current market conditions, Baker and Bigelow check the screen. They see that the market price of the futures contract for which they’ve been calculating no-arbitrage bands is 103. Together, they execute Baker’s first arbitrage play.
Part 3)
Regarding Baker’s and Bigelow’s statements about the no-arbitrage bands, which is CORRECT？
A)Baker’s statement is correct and Bigelow’s statement is incorrect.
B)Baker’s statement is incorrect and Bigelow’s statement is incorrect.
C)Baker’s statement is correct and Bigelow’s statement is correct.
D)Baker’s statement is incorrect and Bigelow’s statement is correct.
Part B
For this part, you are to write an essay on the topic Computer Network in three paragraphs. You are given the first sentence of each paragraph. Your part of the composition should be about 120 words, not including the words given. You should write this composition on the Composition Sheet.
Computer Network
1) Computer networks have enabled us to do a number of things more easily and quickly.
2) However, if not properly dealt with, Internet would bring problems too.
3) Therefore, the safety of networks has increasingly become a public concern.
As an individual and societal resource, information has some interesting characteristics that separate it from the traditional notions of economic resources. Unlike other resources, information is expansive, with limits apparently imposed only by time and human cognitive capabilities. Its expansiveness is attributable to the following: (1) it is naturally diffusive; (2) it reproduces rather than being consumed through use; and (3) it can' be shared only, not exchanged in transactions. At the same time, information is compressible, both syntactically and semantically.
The second perception of information is that it is an economic commodity, which helps to stimulate the worldwide growth of a new segment of national economies-the information service sector. Taking advantage of the properties of information and building on the perception of its individual and societal utility and value, this sector provides a broad range of information products and services. By 1992 the market share of the U.S. information service sector had grown to about $ 25 billion. This was equivalent to about one-seventh of the country's computer market, which, in turn, represented roughly 40 percent of the global market in computers in that year. However, the probable convergence of computers and television (which constitutes a market share 100 times larger than computers) and its impact on information services, entertainment, and education are likely to restructure the respective market shares of the information industry before the onset of the 21st century.
The first paragraph is mainly about ______.
A．the remarkable rise in information-processing activities
B．a sharp increase in information-intensive activities
C．information as an economic resource
D．the birth of information society
Which of the following is the best tide for the passage？
A．Ship Safety Management.
B．Shipwrecks; an Environmental Threat.
C．The Costa Concordia Disaster.
D．The Costa Concordia Salvage.
Q’s trial balance failed to agree and a suspense account was opened for the difference. Q does not keep receivables and payables control accounts. The following errors were found in Q’s accounting records: (1) In recording an issue of shares at par, cash received of $333,000 was credited to the ordinary share capital account as $330,000 (2) Cash of $2,800 paid for plant repairs was correctly accounted for in the cash book but was credited to the plant asset account (3) The petty cash book balance of $500 had been omitted from the trial balance (4) A cheque for $78,400 paid for the purchase of a motor car was debited to the motor vehicles account as $87,400. Which of the errors will require an entry to the suspense account to correct them？
A、1, 2 and 4 only
B、1, 2, 3 and 4
C、1 and 4 only
D、2 and 3 only
A. $25.23.
B. $27.83.
C. $29.46.
"The international community do have In do more for the stability of this country. It's very important that you have country-wide a police force which has the confidence of the people," German parliamentarian Elmer
Brok told reporters in Kabul on Saturday.
"With police and a functional judiciary system, you can have a positive long term development. Only if we have this feeling of security you can get investment from inside and outside Afghanistan."
But Brok added that he thought the county's first post Taliban par liamentary polls, to be held in September, would he "free and fair".
"It's a crucial step and I think it will be a success," he said.
Parliamentarians also spoke out against narcotics production in Afghanistan, the world's largest producer of opium. British parliamentarian Nirj Deva linked the fight against terrorism to combating the drug trade, which he said finances terrorist activities.
"The fight against terrorism also means the fight against drugs," he said.
Fighters from the ousted Taliban regime have stepped up attacks in the south and east of Afghanistan in recent months ahead of landmark parliamentary elections.
More than 600 people—mostly militants, but also civilians and around 50 American soldiers—have died in the violence since tike begin ning of this year.
European Union parliamentarians have a/an ______toward the coming parliamentary election in Afghanistan.
A．indifferent
B．optimistic
C．pessimistic
D．uncertain
MOON Company has 200,000 common shares outstanding, and the par value is $2 per share. MOON has thought it is necessary to reinvest most of its earnings, so as to maintain the growth rate of 12%. Because of the founder's death, it is expected a low growth rate. The realistic growth rate is 5%, and the dividend distribution will increase. The required return rate of the shreholders is 14%. It is expected an earnings of $2 millions in 20X9, and the investment requirement in 20X9 is $0.8 millions. Required: （1）If all the required capital for the investment is from the earning, and MOON uses a residual dividend approach, please calculate the dividend per share in Year 20X9. （2）Please calculate the dividend payout ratio if Year 20X9； （3）If the dividend payout ratio grows by 5% each year, calculate the intrisic value of the share based on the result of (1)；
What can we learn from Paragraph 2？
A．Socrates can be regarded as the first social scientist in the Western world.
B．The universities in Italy have no buildings.
C．Socrates created the "Socratic method".
D．Greece is not as civilized as Italy.
A. 1,557.
B. 1,577.
C. 1,597.
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