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Exactly four years ago, AAA Corporation issued 20-year bonds with a $1,000 face value. These bonds pay $65 in coupon payment every six months. The bonds currently sell for $1,020. Due to additional financing needs, the firm has decided to issue new bonds that will have a maturity of 15 years, a par value of $1,000, and pay $40 in interest every six months. If both bonds have the same yield (market interest rate), how many new bonds must AAA issue to raise $4,000,000 cash?
Describe the grey market and how it is distinguished from the black market. Identify the pros and cons of sourcing from the grey market. How would sourcing from the grey market be a competitive advantage? Give an example.
Briefly describe the nature and purpose of the audit review process. Identify any breakdowns that occurred in the audit review process during the 1989 Star audit?
Use the following corporate bond quote information to answer the questions that follows. since this is a corporate bond, assume the company makes semi-annual coupon payments and also assume the bond matures on today's date in its maturity year. What ..
The current price of gold is $1,600 per troy ounce. There are no storage costs. The risk free rate of interest is 5% continuously compounded. What is the forward price of gold with delivery in 3 months? Calculate the cost of a collar, with 3 months t..
The average serial coreeltaion, which indicates if there is a relationship between yesterday's return and today's return for the 100 largest companies is a. positive, and large, b. not possible to calculate, c. zero, d. positive, but small, e. negati..
What is the difference between an open-end mutual fund and a closed-end fund? What is the difference between an open-end mutual fund and a unit investment trust? (17-3)
On January 1, 2006, Matt is obligated to make annual level payments for 16 years, beginning with a payment on January 1, 2007. His financial adviser told him that this liability has a Macaulay duration of 7.39 years. Determine the annual effective in..
Explain why the forward interest rate is less than the corresponding futures interest rate calculated from a Eurodollar futures contract.
Consider a project to supply 115 million postage stamps per year to the U.S. Postal Service for the next five years. You have an idle parcel of land available that cost $2,050,000 five years ago; if the land were sold today, it would net you $2,250,0..
A particular interest rate swap involves one party paying a xed rate of 2.84% on a notional principal of $95 million to a second party and that party paying a oating rate LIBOR on the same notional amount. On the prior payment date, LIBOR was 2.16%. ..
Break-Even Point: As a shareholder of a firm that is contemplating a new project, would you be more concerned with the accounting break-even point, the cash break-even point (the point at which operating cash flow is zero), or the financial break-eve..
A put option on this stock has a strike price of $30, and it sells for $3.10. What is the intrinsic value of each option? What is the time value of each option?
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