1

FINC 440
Quiz 1: Chapters 1-4

Part 1: Multiple choice questions.

Weighting: 50 points, 5 points each.

Please highlight your answer and also type your answer letter to ensure receipt.

1. The nominal risk free rate of interest is a function of

a) The real risk free rate and the investment's variance.
b) The prime rate and the rate of inflation.
c) The T-bill rate plus the inflation rate.
d) The tax free rate plus the rate of inflation.
e) The real risk free rate and the rate of inflation.

2. Which of the following is not a component of the risk premium?

a) Business risk
b) Financial risk
c) Liquidity risk
d) Exchange rate risk
e) Unsystematic market risk

3. All of the following are considered fixed income investments except

a) Corporate bonds.
b) Preferred stock.
c) Treasury bills, notes, and bonds.
d) Money market mutual funds.
e) Certificates of deposit (CDs).

4. The original maturity of a United States Treasury note is

a) Zero years to five years.
b) Six months to ten years.
c) One year or less.
d) One year to ten years.
e) Over ten years.

5. Antiques, art, coins, stamps, jewelry, etc., are not included in the investment
portfolios of financial institutions because
a) Prices vary substantially.
b) Transaction costs are relatively high.
c) They are illiquid.
 2

d) None of the above.

e) All of the above.

6. A statistic that that measures how two variables tend to move together is the
a) Coefficient of variation
b) Correlation coefficient
c) Standard deviation
d) Mean
e) Variance

7. Convertible bonds are bonds

a) That are convertible into more bonds.
b) That are convertible from unsecured to secured status.
c) That are convertible into company stock.
d) That are convertible into specific assets.
e) That have an option attached.

8. Which of the following is not a secondary equity market?

a) Treasury market
b) National exchanges
c) Regional exchanges
d) Over-the-counter market
e) All of the above are secondary equity markets.

9. Which of the following is an underwriting function?

a) Origination
b) Risk-bearing
c) Distribution
d) Choices b and c
e) All of the above

10. A pure auction market is one in which

a) Dealers provide liquidity by buying and selling shares of stock for
themselves.
b) Dealers compete against each other to provide the highest bid and
lowest asking prices.
c) Buyers submit bid prices to sellers.
d) Sellers submit ask prices to buyers.
Buyers and sellers submit bid and ask prices to a central location to
 3

Part 2: Short answer problems

All the work has to be shown.

Weighting: 50 points, 5 points each.

USE THE FOLLOWING INFORMATION FOR PROBLEMS 1 AND 2

Suppose you bought an AT&T corporate bond on January 25, 2007 for $750, and on
January 25, 2010 you sold it for $650.00.

1. What was your annual holding period return?

Annual HPR =

HPR =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4
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 14

HPR =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9
bd4ff0072007200ba9bba00010b0c0a010101010b0c000000070301010f10000013140101
01010101010607030101010b0c0a010104070301040005060007030101010101010f1011
010101010101010108160e0f100d0e0f100d0e01010101010101040703010101010101010
 15
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2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 16
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 =
0.8667

Annual HPR = = 0.953

2. What was your annual holding period yield?

Annual HPY = Annual HPR – 1 = 0.95342 – 1 = -0.0466 = -4.66%

USE THE FOLLOWING INFORMATION FOR THE PROBLEM 3

The nominal annual return on U.S. large-cap stocks for the year 2000 was 8.75%
The rate of inflation for the year 2000 was 2.42%

3. Calculate the real rate of return for U.S. large-cap stocks

Nominal rate = NR

Rate of inflation = R

Real rate of return = RR

RR =
010009000003720900000000e00500000000e005000026060f00b60b574d464301000000
00000100dcae0000000001000000940b000000000000940b0000010000006c0000000000
0000000000002f0000001f0000000000000000000000af0400001f03000020454d4600000
100940b00000c00000001000000000000000000000000000000000500002003000040010
000c800000000000000000000000000000000e20400400d0300460000002c00000020000
000454d462b014001001c000000100000000210c0db01000000600000006000000046000
0004003000034030000454d462b224004000c000000000000001e4009000c00000000000
 17
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ea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 18
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f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 19
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 - 1 =
0100090000039e0c00000000ae0700000000ae07000026060f00520f574d4643010000000
000010099fe0000000001000000300f000000000000300f0000010000006c000000000000
0000000000450000001e0000000000000000000000d50600000603000020454d46000001
00300f00000c000000010000000000000000000000000000000005000020030000400100
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0000000000084000056c030000600300000210c0db010000000000000000000000000000
00000000000100000089504e470d0a1a0a0000000d49484452000000460000001f080200
0000d5cd2cec000000017352474200aece1ce9000000097048597300000ec400000ec4019
 20

52b0e1b000002e9494441545847ed583b72a340101df60e103851ecb202a77b00a994ed1d
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ba32b8d477150f56c71ba2f42f8cba191bc69a8b5d5779a872f8c70855392be4012046e344
ecf598dbc3f71b7543089664bbaa3b0ad2bfc773a583baea810c287f284915b6877cc35ded8
9a5c9bed773027e05386098ddd7cace7a4a79ce2ad9a2c451074b9ed578238bb9a4442277a
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cb4f6cc27dd2ed72711894f95d1b67a110000000049454e44ae4260820840010824000000
180000000210c0db01000000030000000000000000000000000000001b40000040000000
340000000100000002000000000000bf000000bf00008c420000f84103000000000000b30
00000b3ffff8b42000000b3000000b3fffff7412100000008000000620000000c0000000100
0000150000000c00000004000000150000000c0000000400000051000000ac0900000000
000000000000450000001e00000000000000000000000000000000000000460000001f00
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000460000001f00000001000800000000000000000000000000000000001f00000000000
00000000000ffffff00d4ffff0072009b00ffeaba0072baea009b000000ffffd400eaffff000072
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4ffea00d49b9b00729bd400010f0000000014040101010101010102030401010101010101
0101130000120e0116170b0101130000120e010215000000000607010101161700100116
170000000014040101ffff0101010f1404010101010101010101020304010101010101010
10514040809100116170b0105140408091001010f100101011e04010101010f120e01010
5000b010514040101ea000101010f0607010101010101010101020304010101010101010
8091001010f060701010108091001010f06070101130a01010101010101010f120e010108
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150a010116170b01010102150a010116170b010101130a01010105000000000000100101
0809140401010101eaba0101010f06070101010101080900000000000000140401010102
150b010102150b01010102150b010102150b01010108090b0101021b07010f121c1d0101
0102150607010101ff000101010f06070101010101010101010203040101010101010102
150b010102150b01010102150b010102150b0101010102150b01010f10010f120e010101
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150a010116170b01010102150a010116170b010101010105120e0101050b0f120e010101
0101161706070101ffff01130a0f060701010101010101010102030401010101010101011
 21
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10101010101d49b01010500060701010101010101010102030401010101010101010f060
708091001010101010f06070809100108091001010f000b08110e010105120e011300000
000120e01010000010101020304010101010101010101010101010101010101010101050
00006070101010101010500000607010108090000000a01080900000000000b010101010
10c0d0e0101ba72010101010101010101010101010101010101010101010101010101010
10101010101010101010101010101010101010101010101010101010101010101010101
01010101010100000101010101010101010101010101010101010101010101010101010
 22
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ffd
49b00babad400bababa00ffffea009bd4ff00d49b0000ba9bba00ba720000009bd400720000
0000009b00baeaff0000007200720072009b72ba009bd4d4009b009b00d4ffea00d49b9b00
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0116170b0101130000120e01021500000000060701010116170010011617000000001404
0101ffff0101010f140401010101010101010102030401010101010101010514040809100
116170b0105140408091001010f100101011e04010101010f120e010105000b010514040
101ea000101010f06070101010101010101010203040101010101010108091001010f060
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10172000101010f06070101010101010101010203040101010101010102150a010116170
b01010102150a010116170b010101130a010101050000000000001001010809140401010
101eaba0101010f06070101010101080900000000000000140401010102150b010102150
b01010102150b010102150b01010108090b0101021b07010f121c1d01010102150607010
101ff000101010f06070101010101010101010203040101010101010102150b010102150
b01010102150b010102150b0101010102150b01010f10010f120e01010101010f00120e01
0100000101010f06070101010101010101010203040101010101010102150a010116170b
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ff0001010500060701010101010101010102030401010101010101010f06070809100101
0101010f06070809100108090a010809120e0101011617120e010102150000000b010101f
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101010105000006070101011300001404010101010105120e01010101010101010101019
bff010101010101010101010101010101010101010101010101010101010101010101010
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fff000000000000000000000000000000000000000000000000000000000000000000000
00000000000000000000000000000000000000000000000000000000000000000000101f
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 23
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ffff0101010f06070101010101010101010203040101010101010102150a010116170b010
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ff01130a0f06070101010101010101010203040101010101010101131001010f140401010
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b01010500060701010101010101010102030401010101010101010f06070809100101010
1010f06070809100108091001010f000b08110e010105120e011300000000120e01010000
01010102030401010101010101010101010101010101010101010105000006070101010
101010500000607010108090000000a01080900000000000b01010101010c0d0e0101ba7
20101010101010101010101010101010101010101010101010101010101010101010101
01010101010101010101010101010101010101010101010101010101010101010101010
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01010101010101010101010101010101010101010101010101010101010101010101010
1ffea0c00000040092900aa000000000000001f00460000000000040000002701ffff03000
0000000 - 1 = 0.061804 = 6.18%

USE THE FOLLOWING INFORMATION FOR PROBLEMS 4 – 6

(At least five decimal places are required in your answer)

Your expectation from a one year investment in IBM is as follows:

Probability Rate of Return

.15 -.10
.15 -.20
.35 .00
.25 .15
.10 .15
 24

4. The expected return from this investment is:

E(R) =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25
26
27
28
29
 30

E(R) = (0.15)(-0.10) + (0.15)(-0.20) + (0.35)(0) + (0.35)(0.15) = 0.0075

5. The standard deviation of your expected return from this investment is:

Variance = VAR =

VAR = (0.15) +
(0.15)010009000003401200000000a40a00000000a40a000026060f003e15574d46430100
000000000100319600000000010000001c150000000000001c150000010000006c000000
0000000000000000770000001d0000000000000000000000b70b0000ed02000020454d46
000001001c1500000c000000010000000000000000000000000000000005000020030000
40010000c800000000000000000000000000000000e20400400d0300460000002c000000
20000000454d462b014001001c000000100000000210c0db010000006000000060000000
46000000b4040000a8040000454d462b224004000c000000000000001e4009000c000000
00000000244001000c000000000000003040020010000000040000000000803f21400700
0c000000000000000840000500040000f40300000210c0db010000000000000000000000
00000000000000000100000089504e470d0a1a0a0000000d49484452000000780000001e
080200000068ab4dc2000000017352474200aece1ce9000000097048597300000ec400000
ec401952b0e1b0000037c494441546843ed5a3d72ea301096df1da0a0a1664c919603e049
973b30e102ce255e135fc00c77781d0307709b024f6a1a0a7308deae65c99291b432034c4c
ec2a11fba74ff2b79f04c1f97c66fd737f04fedc3f459f0111e881bef13ec857817856b912bb0
7faa640e7abe992c5db629f42d865a6201df41c7d53a4ab60f96e7764ec653e1f88e8861d9d
e7ea96bf47194f11d30ed369f7318da2c3a846f992a3916132163e0512779e44c8b220d068
b84c08280fa3048963aa7daaee68b0598f8bf37b8fb3d71a85efe762bcfed89d14eb7cc5513
63cc0d1fc29b6314bf7f2dffe0f2f040035e87d1ea67247e7ff22b67deb37b3d766ae8d06f3c
524faabed6a73840ae8d36ebd4c171a7bb7ccf87bcc4151a86c11ced264f3a58e18a1e0409f
be36493a6bbd9d81d48de25c6652d4bbc665a4a3e7b291716c06a671654c9f55e383e946af
 31
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 32

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 33

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 34

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 35

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 36

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 37

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 38

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0001010101010405060101041918010104191801010101010107110e010101090000000a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 39

01010101010101010101000c00000040092900aa0000000000000015003f000000000004
0000002701ffff030000000000 = 0.12377

6. The coefficient of variation of this investment is:

Coefficient of Variation = CV = =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3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0
 40
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 41

010101010506070101010108000009070101010800000907010a0b00000000000c010101
01010101010101ffffff01010101010101010101010101010101010101010101010101010
10101010101010101010101010101010101010101010101010101ffffff01010101010101
01010101010101010101010101010101010101010101010101010101010101010101010
101010101010101010101ffffff4c000000640000000000000000000000340000001e00000
00000000000000000350000001f0000002900aa0000000000000000000000803f0000000
0000000000000803f0000000000000000000000000000000000000000000000000000000
000000000220000000c000000ffffffff460000001c00000010000000454d462b024000000c
000000000000000e00000014000000000000001000000014000000040000000301080005
0000000b0200000000050000000c021f003500030000001e000400000007010400040000
0007010400c1030000410b2000cc001f003500000000001f0035000000000028000000350
000001f00000001000800000000000000000000000000000000001e00000000000000000
00000ffffff0072baea009b000000ffffd400d4ffff0072009b00ffeaba00009bd40072000000e
affff000072ba00ffd49b009bd4ff00d49b0000eaba7200ba720000ffffea00ba9bba0000009b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 42
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 =
16.50253

PROBLEM 7

7. What is the tax liability for a single individual with taxable income of $85,000?

Tax liability = 15698.75 + (0.28)(85000 – 77100) = $17,910.75

USE THE FOLLOWING INFORMATION FOR THE PROBLEMS 8-10

Heidi Talbott has a margin account with a balance of $50,000.

If the initial margin deposit is 50%, and RC Industries is currently selling at $50 per
share:

8. How many shares of RC can Heidi buy?

Margin account balance = $50,000

Initial margin deposit = 50%

Price per share = $50

 43

Leverage factor = = =2

Leveraged balance = (2)(50000) = $100,000

Number of shares that can be bought = = 2,000

9. What is Heidi’s profit if RC’s price rises to $80?

Market value = (2000)(80) = $160,000

Initial equity = $50,000

Final equity = 160000 – 50000 = $110,000 (loan paid off)

Profit = 110000 – 50000 = $60,000

10. If the maintenance margin is 25%, to what price can RC Industries stock price fall
before Heidi receives a margin call?

Value of position = 2000P where P is the lowest price that stock can have without a
margin call

Equity = 2000P – 50000

Percentage margin = 1 -
010009000003e208000000009c05000000009c05000026060f002e0b574d464301000000
00000100eff900000000010000000c0b0000000000000c0b0000010000006c00000000000
000000000002a0000001f0000000000000000000000320400001f03000020454d4600000
1000c0b00000c00000001000000000000000000000000000000000500002003000040010
000c800000000000000000000000000000000e20400400d0300460000002c00000020000
000454d462b014001001c000000100000000210c0db01000000600000006000000046000
0005003000044030000454d462b224004000c000000000000001e4009000c00000000000
000244001000c000000000000003040020010000000040000000000803f214007000c000
00000000000084000059c020000900200000210c0db01000000000000000000000000000
000000000000100000089504e470d0a1a0a0000000d494844520000002b0000002008020
0000004f81654000000017352474200aece1ce9000000097048597300000ec400000ec401
952b0e1b00000219494441545847ed573b72c23010957307bba049cde0226d0e0043c71d
987001738ef802f625d2317080b429aca1a6a130877076adb5b412e6238f26a4602b7b6ded
3e496fb54f51d334e2a1f6f2d0ec98bc0781dced4e7f880b119c76eb8859ba31f9d9a752325
 44
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 45

0e0000050301010f10000006070101010100090a1101010e050301040c0d090a0b010104
0c0d090a0b0101040c0d090a0b01010e000b0400050301010100010101010112150d090a
0b0101080607090a0b0101080607090a0b01010806070f100c0d0f100c0d0101010001010
1010112150d0f101101011213140f101101011213140f1011010112131412130c0d090a00
140101010001010101010e06070f101401010f10140f101401010f10140f101401010f1014
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405030101010101080607090a0b0101080607090a0b0101080607090a0b0101090a00000
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1010101004c0000006400000000000000000000002a0000001f000000000000000000000
02b000000200000002900aa0000000000000000000000803f00000000000000000000803
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00c000000ffffffff460000001c00000010000000454d462b024000000c000000000000000e
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100080000000000000000000000000000000000180000000000000000000000ffffff00bab
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0101010100010101090a1401010f101401010f10140f101401010f101412130607090a001
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0e0b0101080c0d010e0b0101080c0d010e000b04000503010112160701010e0b01010009
0a1101090a050301080607090a0b0101080607090a0b0101090a00000c0d0101010f10140
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 46

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 47

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 48

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 49

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 50

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 51

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 52

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 53

10101010101010101010101010101010101010101010101010101010101
0101010101010101010101000c00000040092900aa000000000000002000
2b0000000000040000002701ffff030000000000 = 1 – 0.25 = 0.75

P=
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 54

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 55

c0d010101040000060701010104000006070101010101010101010e000b0
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 56

01010f10140f101401010f101412130c0d0f1000140101010101010101010
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 57

01010e000b04000503010112130607080503010101040c0d090a0b011213
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 58

10101010101010101010101010101010101010101010101ff01010101010
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30000000000 = $33.33