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A hedger buys a futures contract that obligates the owner to take delivery of 5,000 bushels of wheat at a price of $3.30 per bushel. At expiration the spot price of wheat is $2.80 per bushel. The hedger has:
A. Saved 50¢ per bushel through hedging
B. Gained peace of mind at a price of 50¢ per bushel
C. The opportunity to avoid taking delivery since price declined
D. Locked in an effective price of $3.05 per bushel
An investor pays a price of $20 per ounce to buy a European call option on the December 2016 gold futures contract. The option has a strike price of $1200 per ounce. When the option expires in July, the December gold futures is trading at $1260 per o..
Assets Liabilities Required reserves $8 M Checkable deposits $100M Excess reserves $3 M Bank capital $6 M T-bills $45 M Commercial loans $50 M a. What is the required reserve ratio? b. What are the total reserves this bank holds? c. What are the bank..
You borrow $50,000 repayable in monthly instalments over 10 years. The nominal interest rate is 12% per annum. After 3 years have passed, the lender increases the interest rate to 13.5% per annum and you are given the choice of either increasing the ..
What was the annual percentage increase in the winner’s check over this period?
Pangbourne Whit church has preferred stock outstanding. The stock pays a dividend of $8 per share, and sells for $40. What is the percentage cost of the preferred stock?
A benchmark index has three stocks priced at $34, $57, and $67. The number of outstanding shares for each is 405,000 shares, 515,000 shares, and 663,000 shares, respectively. If the market value weighted index was 920 yesterday and the prices changed..
What is the company's dividend payment per share this year?
The TMM Corporation has just announced a rights offering where it will take four rights to buy an additional share of common stock at $50 a share. If the current market price is $60 a share, what would be the theoretical market price per share once t..
On January 1, 2015, Canden Company started to make annual deposits in order to accumulate $1,000,000 by January 1, 2019. This fund will earn annual interest of 9%. Required: What are the four annual deposits that Canden should make at the beginning o..
Assume there is a regression model that was able to identify the factors that affected exchange rate movements in a recent four year period. Also, suppose that the sensitivity of the exchange rate’s movements to each factor was precisely quantified. ..
Explain why purchasing a high-growth mutual fund can be a worse investment than taking out a second mortgage on a home and investing in the market index.
An oil drilling company has some free cash flow that is not expected to be used for growth or investment projects. Which method of cash distribution carries more informational content when an announcement is made? Some researchers and analysts have n..
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