Chapter 7 Risk and Return
Questions and Problems
BASIC
7.1 Returns: Describe the difference between a total holding period return and an expected
return.
Solution:
The holding period return is the total return over some investment or ―holding‖ period. It
consists of a capital appreciation component and an income component. The holding
period return reflects past performance. The expected return is a return that is based on
the probabilityweighted average of the possible returns from an investment. It describes
a possible return (or even a return that may not be possible) for a yet to occur investment
period.
7.2 Expected returns: John is watching an old game show on rerun television called Let’s
Make a Deal in which you have to choose a prize behind one of two curtains. One of the
curtains will yield a gag prize worth $150, and the other will give a car worth $7,200. The
game show has placed a subliminal message on the curtain containing the gag prize,
which makes the probability of choosing the gag prize equal to 75 percent. What is the
expected value of the selection, and what is the standard deviation of that selection?
1
Solution:
E(prize) =0 .75($150) + (0.25) ($7,200) = $1,912.50
σ ^{2} _{p}_{r}_{i}_{z}_{e}
σ _{p}_{r}_{i}_{z}_{e}
= 0.75($150 – $1,912.50) ^{2} + (0.25) ($7,200 – $1,912.50) ^{2}
= $9,319,218.75 =>
= ($9,319,218.75) ^{1}^{/}^{2} = $3,052.74
7.3 Expected returns: You have chosen biology as your college major because you would
like to be a medical doctor. However, you find that the probability of being accepted into
medical school is about 10 percent. If you are accepted into medical school, then your
starting salary when you graduate will be $300,000 per year. However, if you are not
accepted, then you would choose to work in a zoo, where you will earn $40,000 per year.
Without considering the additional educational years or the time value of money, what is
your expected starting salary as well as the standard deviation of that starting salary?
Solution:
E(salary) = 0.9($40,000) + (0.1) ($300,000) = $66,000
σ ^{2} _{s}_{a}_{l}_{a}_{r}_{y} = 0.9($40,000 – $66,000) ^{2} + (0.1) ($300,000 – $66,000) ^{2} = $6,084,000,000
σ _{s}_{a}_{l}_{a}_{r}_{y}
= ($6,084,000,000) ^{1}^{/}^{2} = $78,000
7.4 Historical market: Describe the general relation between risk and return that we observe
in the historical bond and stock market data.
2
Solution:
The general axiom that the greater the risk, the greater the return describes the historical
returns of the bond and stock market. If we look at Exhibit 7.4 in the text, we see that
small stocks have averaged the greatest returns but that they also have the greatest
standard deviation for the returns. When compared to large stocks, the average return and
standard deviation of the small stocks are greater. Large stock average returns and
standard deviation numbers are larger than those of longterm government bonds, which
are larger than those of intermediateterm government bonds, which in turn are larger
than those of U.S. Treasury bills. The comparison shows that the riskier the investment
category, the greater the average return as well as standard deviation of returns.
7.5 Singleasset portfolios: Stocks A, B, and C have expected returns of 15 percent, 15
percent, and 12 percent, respectively, while their standard deviations are 45 percent, 30
percent, and 30 percent, respectively. If you were considering the purchase of each of
these stocks as the only holding in your portfolio, then which stock should you choose?
Solution:
Since the holding will be made in a completely undiversified portfolio, then we can
calculate the risk per unit of return for each stock, the coefficient of variation, and choose
the stock with the lowest value.
CV(R _{A} ) = 0.45/0.15 = 3.0
CV(R _{B} ) = 0.30/0.15 = 2.0
CV(R _{C} ) = 0.30/0.12 = 2.5 ===> Choose B
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Alternatively, we could have noted that the expected return for A and B was the same,
with A having a greater degree of risk. B and C have the same degree of risk, but B has a
greater expected return. This would lead you to the conclusion, just as our coefficient of
variation calculations did, that Stock B is superior.
7.6 Diversification: Describe how investing in more than one asset can reduce risk through
diversification.
Solution:
An investor can reduce the risk of his or her investments by investing in two or more
assets whose values do not always move in the same direction at the same time. This is
because the movements in the values of the different investments will partially cancel
each other out.
7.7 Systematic risk: Define systematic risk.
Solution:
Risk that cannot be diversified away is called systematic risk. It is the only type of risk
that exists in a diversified portfolio, and it is the only type of risk that is rewarded in asset
markets.
7.8 Measuring systematic risk: Susan is expecting the returns on the market portfolio to be
negative in the near term. Since she is managing a stock mutual fund, she must remain
4
invested in a portfolio of stocks. However, she is allowed to adjust the beta of her
portfolio. What kind of beta would you recommend for Susan’s portfolio?
Solution:
If we confine our analysis to portfolios with positive beta values, and since beta describes
how much and what direction our portfolio is expected to vary with the market portfolio,
then Susan should construct a very low beta portfolio. In that case, Susan’s portfolio is
not expected to have losses quite as large as that of the market portfolio. A large beta
portfolio would have larger losses than that of the market portfolio. If Susan could
construct a negative beta portfolio, then she would like to construct as negative a
portfolio beta as possible.
7.9 Measuring systematic risk: Describe and justify what the value of the beta of a U.S.
Treasury bill should be.
Solution:
Since the beta of any asset is the slope of the line of best fit for the plot of an asset against
that of the market return, then we can use that logic to help us understand the beta of a T
bill. If we purchased a Tbill five years ago and held the same Tbill through each of the
last 60 months, then the return for each of those 60 months would be exactly the same.
Therefore, the vertical axis coordinates of each of the monthly returns would have the
same value and the slope (beta) of the line of best fit would be zero. The meaning of a
5
beta of zero means that our Tbill has no systematic risk. That is logical given that we
know that a Tbill has no risk at all since it is a riskless asset.
7.10 Measuring systematic risk: If the expected rate of return for the market is not much
greater than the riskfree rate of return, what is the general level of compensation for
bearing systematic risk?
Solution:
Such a situation suggests that return compensation for investing in an asset is determined
more by the riskfree return than by the market’s compensation for bearing systematic
risk. This means that the price for bearing systematic risk is very low. This may be caused
by a very low perceived level of risk in the market or by an abundance of funds in the
market seeking to be invested in risky assets.
7.11 CAPM: Describe the Capital Asset Pricing Model (CAPM) and what it tells us.
Solution:
The CAPM is a model that describes the relation between systematic risk and the
expected return. The model tells us that the expected return on an asset with no
systematic risk equals the riskfree rate. As systematic risk increases, the expected return
increases linearly with beta. The CAPM is written as E(R _{i} ) = R _{r}_{f} + _{i} (E(R _{m} ) – R _{r}_{f} ) .
6
7.12 The Security market line: If the expected return on the market is 10 percent and the
riskfree rate is 4 percent, what is the expected return for a stock with a beta equal to 1.5?
What is the market risk premium for the set of circumstances described?
Solution:
Following the CAPM prediction:
(R _{c}_{s} ) = R _{r}_{f} + β (E(R _{M} ) – R _{r}_{f} )
The market risk premium is (E(R _{M} ) – R _{r}_{f} )
INTERMEDIATE
= 0.04 + 1.5(0.1 – 0.04) = 0.13
= 0.06
7.13 Expected returns: Jose is thinking about purchasing a soft drink machine and placing it
in a business office. He knows that there is a 5 percent probability that someone who
walks by the machine will make a purchase from the machine, and he knows that the
profit on each soft drink sold is $0.10. If Jose expects a thousand people per day to pass
by the machine and requires a complete return of his investment in one year, then what is
the maximum price that he should be willing to pay for the soft drink machine? Assume
250 working days in a year and ignore taxes.
Solution:
E(Revenue) = 1,000 x 0.05 x $.10 x 250 days = $1,250
Therefore, the most Jose should pay for the machine is $1,250.
7
7.14 Interpreting the variance and standard deviation: The distribution of grades in an
introductory finance class is normally distributed, with an expected grade of 75. If the
standard deviation of grades is 7, in what range would you expect 90 percent of the
grades to fall?
Solution:
95% is 1.96 standard deviations from the mean
75 – 1.96(7) = 61.28
7.15 Calculating the variance and standard deviation: Kate recently invested in real estate
with the intention of selling the property one year from today. She has modeled the
returns on that investment based on three economic scenarios. She believes that if the
economy stays healthy, then her investment will generate a 30 percent return. However, if
the economy softens, as predicted, the return will be 10 percent, while the return will be –
25 percent if the economy slips into a recession. If the probabilities of the healthy, soft,
and recessionary states are 0.4, 0.5, and 0.1, respectively, then what are the expected
return and the standard deviation for Kate’s investment?
Solution:
E(R _{i} )
= (0.4)(0.3) + (0.5) (0.1) + (0.1) (–.25) = 0.145
σ ^{2} _{r}_{e}_{t}_{u}_{r}_{n} = (0.4)(0.3 – 0.145) ^{2} + (0.5) (0.1 – 0.145) ^{2} + (0.1) (–0.25 – 0.145) ^{2}
σ _{r}_{e}_{t}_{u}_{r}_{n}
= 0.02623
= (0.02623) ^{1}^{/}^{2} = 0.16194
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7.16 Calculating the variance and standard deviation: Barbara is considering investing in a
stock, and is aware that the return on that investment is particularly sensitive to how the
economy is performing. Her analysis suggests that four states of the economy can affect
the return on the investment. Using the table of returns and probabilities below, find the
expected return and the standard deviation of the return on Barbara’s investment.
Probability 
Return 

Boom 
0.1 
25.00% 
Good 
0.4 
15.00% 
Level 
0.3 
10.00% 
Slump 
0.2 
5.00% 
Solution:
E(R _{i} )
σ ^{2} _{r}_{e}_{t}_{u}_{r}_{n}
σ _{r}_{e}_{t}_{u}_{r}_{n}
= 0.1(0.25) + (0.4) (0.15) + (0.3) (0.1) + (0.2) (–o.05) = 0.105
= 0.1(0.25 – 0.105) ^{2} + (0.4) (0.15 – 0.105) ^{2} + (0.3) (0.1 – 0.105) ^{2} + (0.2) (–0.5 – 0.105) ^{2}
= 0.00773
= (0.00773) ^{1}^{/}^{2} = 0.08789
7.17 Calculating the variance and standard deviation: Ben would like to invest in gold and
is aware that the returns on such an investment can be quite volatile. Use the following
table of states, probabilities, and returns to determine the expected return on Ben’s gold
investment.
Probability
Return
9
Boom 
0.1 
45.00% 
Good 
0.2 
30.00% 
OK 
0.3 
15.00% 
Level 
0.2 
2.00% 
Slump 
0.2 
12.00% 
Solution
E(R _{i} )
= 0.1(0.4) + (0.2) (0.3) + (0.3) (0.15) + (0.2) (0.02) + (0.2) (–0.12) = 0.125
σ ^{2} _{r}_{e}_{t}_{u}_{r}_{n} = 0.1(0.4 – 0.125) ^{2} + (0.2) (0.3 – 0.125) ^{2} + (0.3) (0.15 – 0.125) ^{2} + (0.2) (0.02 – 0.125) ^{2}
+ (0.2) (–0.12 – 0.125) ^{2}
σ _{r}_{e}_{t}_{u}_{r}_{n}
= 0.02809
= (0.02809) ^{1}^{/}^{2} = 0.16759
7.18 Singleasset portfolios: Using the information from Problems 7.15, 7.16, and 7.17,
calculate each coefficient of variation.
Solution:
Coefficient of variation = σ _{R}_{e}_{t}_{u}_{r}_{n} / E(R _{i} )
Problem 15: 0.16194/0.145 = 1.11684 (using the exact values rather than the printed)
Problem 16: 0.08789/0.105 = 0.083707 (using the exact values rather than the printed)
Problem 17: 0.16759/0.125 = 1.34069 (using the exact values rather than the printed)
10
7.19 Portfolios with more than one asset: Emmy is analyzing a twostock portfolio that
consists of a Utility stock and a Commodity stock. She knows that the return on the
Utility has a standard deviation of 40 percent, and the return on the Commodity has a
standard deviation of 30 percent. However, she does not know the exact covariance in the
returns of the two stocks. Emmy would like to plot the variance of the portfolio for each
of three cases—covariance of 0.12, 0, and –0.12—in order to understand how the
variance of such a portfolio would react. Do the calculation for each of the extreme cases
(0.12 and –0.12), assuming an equal proportion of each stock in Emmy’s portfolio.
Solution:
Var(R2 _{a}_{s}_{s}_{e}_{t} _{p}_{o}_{r}_{t}_{)} x1
2
2
1
Part 1, σ _{1}_{2} = 0.12:
2
x
2
2
2
2x x
1
2
12
(0.5) ^{2} (0.4) ^{2} + (0.5) ^{2} (0.3) ^{2} + 2(0.5)(0.5)(0.12) = 0.1225
Part 2, ρ = 0.0:
(0.5) ^{2} (0.4) ^{2} + (0.5) ^{2} (0.3) ^{2} + 2(0.5)(0.5)(0.0) = 0.0625
Part 3, σ _{1}_{2} = 0.12:
(0.5) ^{2} (0.4) ^{2} + (0.5) ^{2} (0.3) ^{2} + 2(0.5)(0.5)(0.12) = 0.0025
7.20 Portfolios with more than one asset: Given the returns and probabilities for the three
possible states listed here, calculate the covariance between the returns of Stock A and
Stock B. For convenience, assume that the expected returns of Stock A and Stock B are
11.75 percent and 18 percent, respectively.
Probability
Return(A)
Return(B)
11
Good 
0.35 
0.30 
0.50 
OK 
0.50 
0.10 
0.10 
Poor 
0.15 
0.25 
0.30 
Solution:
( Cov R 
A 
, 
R 
B 
) 
0.15( .25 0.35(0.3 0.1175)( 0.1175)(0.5 .3 0.18) AB 
0.0476 0.5(0.1 0.18) 

0.1175)(0.1 

0.18) 





Comment [BP1]: Add the zero before.25 and .3
in the last line.
7.21 Compensation for bearing systematic risk: You have constructed a diversified
portfolio of stocks such that there is no nonsystematic risk. Explain why the expected
return of that portfolio should be greater than the expected return of a riskfree security.
Solution:
Your portfolio contains no nonsystematic risk but it does in fact contain systematic risk.
Therefore, the market should compensate the holder of this portfolio for the systematic
risk that the investor bears. The riskfree security has no risk and therefore requires no
compensation for risk bearing. The expected return of the portfolio should therefore be
greater than the return of the riskfree security.
7.22 Compensation for bearing systematic risk: Write out the equation for the covariance in
the returns of two assets, Asset 1 and Asset 2. Using that equation, explain the easiest
way for the two asset returns to have a covariance of zero.
Solution:
12
Cov(Return ,Return )
1
2
R
12
n
i 1
p
i
x
(Return
1,
i
E(Return ) x (Return
1
2,
i
E(Return )
2
We know that all state probabilities must be greater than zero, and thus the source of a
zero covariance cannot be from the state probabilities. The easiest way for the entire
probability weighted sum to equal zero is for one of the assets, say Number 1(2), to have
a value in all states j that is equal to the expected return of Number 1(2). Another way of
saying that is for one of the assets to have a constant return in all states. If that occurs,
then the second term in the equation will always be equal to zero, causing the sum, or
covariance, to be zero.
7.23 Compensation for bearing systematic risk: Evaluate the following statement: By fully
diversifying a portfolio, such as by buying every asset in the market, we can completely
eliminate all types of risk, thereby creating a synthetic Treasury bill.
Solution:
The statement is false. Even if we could afford such a portfolio and thus completely
diversify our portfolio, we would only be eliminating nonsystematic risk. The systematic
risk generated by the portfolio would remain. Otherwise, the expected rate of return on
the market portfolio would be equal to the riskfree rate of return. We know that to be a
false statement.
13
7.24 CAPM: Damien knows that the beta of his portfolio is equal to 1, but he does not know
the riskfree rate of return or the market risk premium. He also knows that the expected
return on the market is 8 percent. What is the expected return on Damien’s portfolio?
Solution:
Following the CAPM prediction:
(R _{c}_{s} ) = R _{r}_{f} + β (E(R _{M} ) – R _{r}_{f} )
= R _{r}_{f} + E(R _{M} ) – R _{r}_{f} = E(R _{M} ) = 0.08
ADVANCED
7.25 David is going to purchase two stocks to form the initial holdings in his portfolio. Iron
stock has an expected return of 15 percent, while Copper stock has an expected return of
20 percent. If David plans to invest 30 percent of his funds in Iron and the remainder in
Copper, then what will be the expected return from his portfolio? What if David invests
70 percent of his funds in Iron stock?
Solution:
Part 1: E(R _{p}_{o}_{r}_{t} ) = (0.3)(0.15) + (0.7)(0.2) = 0.185
Part 2: E(R _{p}_{o}_{r}_{t} ) = (0.7)(0.15) + (0.3)(0.2) = 0.165
7.26 Sumeet knows that the covariance in the return on two assets is –0.0025. Without
knowing the expected return of the two assets, explain what that covariance means.
14
Solution:
The covariance measure is dependent on the expected return of the two assets in
questions, so without the expected return of the two assets, it is difficult to characterize
the scale of the covariance. However, since the covariance is negative, we can say that
generally the two assets move in opposite directions, with respect to their own means,
from each other in given states of nature.
7.27 In order to fund her retirement, Glenda requires a portfolio with an expected return of 12
percent per year over the next 30 years. She has decided to invest in Stocks 1, 2, and 3,
with 25 percent in Stock 1, 50 percent in Stock 2, and 25 percent in Stock 3. If Stocks 1
and 2 have expected returns of 9 percent and 10 percent per year, respectively, then what
is the minimum expected annual return for Stock 3 that will enable Glenda to achieve her
investment requirement?
Solution:
The formula for the expected return of a threestock portfolio is:
E(R3 _{a}_{s}_{s}_{e}_{t} _{p}_{o}_{r}_{t}_{)} x1E(R1) x2E(R2 ) x3E(R3 )
Therefore, we can solve as in the following:
0.12 
= 0.25(0.09) + 0.5(0.1) + 0.25E(R _{3} ) 
0.19 
= E(R _{3} ) 
7.28 Tonalli is putting together a portfolio of 10 stocks in equal proportions. What is the
relative importance of the variance for each stock versus the covariance for the pairs of
15
stocks? For this exercise, ignore the actual values of the variance and covariance terms
and explain their importance conceptually.
Solution:
The variance of the portfolio will be composed of 10 (n = 10) individual stock variance
terms and 45 ((n ^{2} –n)/2) covariance terms (really 90). Therefore, the vast majority of the
portfolio variance calculation will be determined by the covariance terms of the portfolio
in most cases.
7.29 Explain why investors who have diversified their portfolios will determine the price and,
consequently, the expected return on an asset.
Solution:
If we assume that all investors will seek to be compensated (generate returns) for the level
of risk that they are bearing, then we can see that undiversified investors will require a
greater return for a given investment than diversified investors will. Given that, we can
see that diversified investors will be willing to pay a greater price for an asset than
undiversified investors. Therefore, the diversified investor is the marginal investor whose
purchase will determine the equilibrium price, and therefore the equilibrium return for an
asset.
7.30 Brad is about to purchase an additional asset for his welldiversified portfolio. He notices
that when he plots the historical returns of the asset against those of the market portfolio,
16
the line of best fit tends to have a large amount of prediction error for each data point (the
scatter plot is not very tight around the line of best fit). Do you think that this will have a
large or a small impact on the beta of the asset? Explain your opinion.
Solution:
It will have no effect on the beta of the asset. The beta measures only the systematic risk
or variation in the returns of the asset. The prediction error reflects the nonsystematic risk
inherent in the returns of the asset and will consequently not affect the beta of the asset.
7.31 The beta of an asset is equal to 0. Discuss what the asset must be.
Solution:
Following the CAPM prediction:
(R _{c}_{s} ) = R _{r}_{f} + β (E(R _{M} ) – R _{r}_{f} ) = R _{r}_{f} + 0 (E(R _{M} ) – R _{r}_{f} ) = R _{r}_{f}
Therefore, the expected return on the asset is equal to the riskfree rate of return. The only
way an asset could generate a riskfree rate of return is if the asset had no systematic risk
(otherwise the asset would have to compensate an investor for such risk bearing). This
implies that the asset must be the riskless asset, or, practically speaking, it must be a T
bill.
7.32 The expected return on the market portfolio is 15 percent, and the return on the riskfree
security is 5 percent. What is the expected return on a portfolio with a beta equal to 0.5?
17
Solution:
The beta of the market portfolio is equal to 1. Therefore, we can use the Security Market
Line graph to determine the halfway point between the point (1, 15%) and the point (0,
5%). We can then average the first and second values of the two coordinates to arrive at
((1 + 0)/2, (15% + 5%), 2) or (0.5, 10%), which means that the expected return of a
portfolio with a beta equal to 0.5 is 10 percent.
7.33 Draw the Security Market Line (SML) for the case where the market risk premium is 5
percent and the riskfree rate is 7 percent. Now, suppose an asset has a beta of –1.0 and an
expected return of 4 percent. Plot it on your graph. Is the security properly priced? If not,
explain what we might expect to happen to the price of this security in the market. Next,
suppose another asset has a beta of 3.0 and an expected return of 20 percent. Plot it on the
graph. Is this security properly priced? If not, explain what we might expect to happen to
the price of this security in the market.
Solution:
The Security Market Line (SML) shows the relationship between an asset’s expected
return and its beta. We know the market has a beta of one, and we know the riskfree rate
has a beta of zero. The riskfree rate of return is 7 percent, and the market is expected to
return 5 percent more than this. Therefore, the expected rate of return for the market (a
beta one asset) is 12 percent. To draw this SML, we need only connect the dots:
18
Beta
We can see from the following diagram that an asset with expected return of 4 percent
and a beta of –1.0 is underpriced (its expected return is too high). As the market becomes
aware of this underpricing, investors will purchase the asset, bidding up its price until its
expected return falls on the SML. (Recall that as the initial purchase price of an asset
increases, the expected return from purchasing the asset will decrease because you are
paying a higher initial cost for the asset.)
Beta
19
20
As we can see from the following diagram, an asset with a beta of 3.0 should have an
expected return of 7% + (3)(5%) = 22%. The asset only has an expected return of 20
percent. Therefore, this asset is overpriced. Demand for this asset will be low, driving
down its market price, until the asset’s expected return falls on the SML.
Beta
.
21
Sample Test Problems
7.1 SLVNT Airlines stock is selling at a current price of $37.50 per share. If the stock does
not pay a dividend and has a 12 percent expected return, then what is the expected price
of the stock one year from today?
Solution:
Using the formula for an asset’s return during a period,
R
T
R
CA
P
1
P
0
P
0
0.12
P
1
$37.50
$37.50
P
1
$42.00
7.2. Stefan’s parents are about to invest their nest egg in a stock that he has estimated to have
an expected return of 9 percent over the next year. If the stock is normally distributed
with a 3 percent standard deviation, in what range will the stock return fall 95 percent of
the time?
Solution:
Since the return distribution for the stock is normal, then a 95 percent confidence level
corresponds to 1.96 standard deviations. Therefore,
0.09 – 1.96(0.03) = 0.0312 or 3.12%
is the return that we would expect to be exceeded 95 percent of the time.
22
7.3 Elaine has narrowed her investment alternatives to two stocks (at this time she is not
worried about diversifying): Stock M, which has a 23 percent expected return, and Stock
Y, which has an 8 percent expected return. If Elaine requires a 16 percent return on her
total investment, what proportion of her portfolio will she invest in each stock?
Solution:
If we let x = the proportion of the portfolio invested in M and (1 – x) = the proportion
invested in Y, then we can solve
0.23(x) + 0.08(1 – x) = 0.16 ==> x = 0.53
or 53 percent of the portfolio is to be invested in M, and therefore, 47 percent of the
portfolio is to be invested in Y.
7.4 You have just prepared a graph similar to


Exhibit 
7.9 comparing historical data for Pear 
Comment [BP2]: Is this number correct? Or did you mean Exhibit 7.10?
Computer Corp. and the general market. When you plot the line of best fit for these data,
you find that the slope of that line is 2.5. If you know that the market generated a return
of 12 percent and that the riskfree rate is 5 percent, then what would your best estimate
be for the return of Pear Computer during that same time period?
Solution:
Since the line of best fit has a slope of 2.5, then we know that the beta of Pear Computer
is also 2.5. This tells us that for every 1 percent change in the return on the market, we
can expect the return on Pear to be 2.5 percent. Therefore, our best estimate for the return
on Pear during this time period is 2.5 x 12% = 30%.
23
7.5 You know that the CAPM predicts that the return of MoonBucks Tea Corp. is 23.6
percent. If the riskfree rate of return is 8 percent and the expected return on the market is
20 percent, then what is MoonBucks’s beta?
Solution:
Using the CAPM, we find
E(R MoonBucks ) = R rf + ß MoonBucks (E[R M ] – R rf )
0.236 = 0.08 + ß _{M}_{o}_{o}_{n}_{B}_{u}_{c}_{k}_{s} (0.20 – 0.08)
ß MoonBucks = 1.3
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