The Negro in the American Revolution Essay Example | Topics and Well Written Essays - 1250 words

The Negro in the American Revolution - Essay Example In the northern states slavery was completely abolished by 1840. Very often we witness the change in treatment of historical events by official history, presented in the school and university textbooks. This is quite natural and understandable as histories are written by people, who are inevitably influenced by their background, political or cultural preferences. But witnessing such changes with so different approaches and learning the events we just can't but seek witnesses' memories to be able to make conclusions ourselves. For some time the position of Black people in the Revolutionary War was explained as their wish to help, however it was not so. The Negro's role in the Revolution can best be understood by realizing that his major allegiance was not to place nor to his people, but to a principle. Whoever invoked the image of liberty, be he American or British, could count on a ready response from the Blacks Published in 1961, "The Negro in the American Revolution" remains the most inclusive chronicle of the many roles performed by African Americans during the American Revolution. For the first time Quarles addresses the diplomatic reverberations which were the result of the British evacuation of African Americans shortly before the war. Benjamin Quarles's initial concern in his book is to attract more attention to the Negro as an overlooked participator during the revolution period. Quarles supposed that the American Negroes saw and understand the independence movement through their own longing for liberty, and were induced to action not by allegiance to a definite banner or place, but rather by a newly aroused expectation of personal independence and private "unalienable rights". Quarles says that it was reasonable, that a Negro became closer to the side that gave the best promise of liberty, even when it was made by the British, exactly the nation that the white colonists were revolt ing against under wail of enslavement. With the help of comprehensive research and many specific examples to portray the feelings and emotions of Negroes as a whole, Quarles proves this thesis with success. The Negro's significant role in the Revolutionary War originates from the inevitable fact that both sides needed black manpower. And both sides proposed the Negro his liberty as a reward. The author of this valuable book does not pay much attention to the outstanding sense of the Revolutionary period reality and shows us the state of America's society. In the Revolutionary war the American Black People were participators and symbols. They took active part in the battle actions and were active behind the lines; in their hopes and in the gains they inscribed within the war period, they embodied the aim of that liberty in the name of which the fight was waged. According to the author, "the Negro's role in the Revolution can best be understood by realizing that his major loyalty was not to a place nor to a people, but to a principle. Insofar as he had freedom of choice, he was likely to join the side that made him the quickest and best offer in terms of those "unalienable rights" of which Mr. Jefferson had spoken. Whoever invoked the

Annotated list of resources Bibliography Example | Topics and Well Written Essays - 750 words

List of resources - Annotated Bibliography Example I think that it would be a reliable source for parents or educators seeking such programs. Raz-Kids is, essentially, an online library and reading program all in one, intended for young readers in the range of K through 6. They offer to improve children’s reading through reading for practice, recording the student reading, listening for modeled fluency, and checking comprehension through quizzes assigned to them. Children are encouraged to read, â€Å"†¦The right books for the right students.† ("Raz-kids.com: Online leveled," 2012) This can give the instructors the opportunity to properly track progress. By having the opportunity to have the library of the books in the â€Å"level† with a subscription, children can log in and read from anywhere that they have internet access. This side is adequate in its presentation. It is intended to be kid-friendly with bright colors, but internal access beyond the overview and sample pages is denied without opening an account with the site. This, in my opinion, makes this resource, by no means less credible, but less likely my first choice when reviewing such sites. So with no disrespect intended it is just less essay to give a truly genuine opinion of the overall potential of this particular program The San Diego Zoo website offers a section dedicated to kids, of all ages, that have games, activities, and articles that designed for the young. However, they do not offer a reading program per say, but they have â€Å"kits† available that educators can purchase filled with interactive, hands on activities, as well as, reading and science activities. The overall intention is to teach children those vital skills but, also, inspire children toward science and conservation. The lessons plans provided include skills tests for each section in the form of language arts, arts, and early science skills.("San

Explain links between economic development and destruction of forests Essay

Explain links between economic development and destruction of forests in the Third World. Explain how development can be designed to protect forests. Describe - Essay Example The research on the ecological situation of the world clearly shows that the largest and most significant causes of pollution are the industrial and commercial activities of humans. These activities are taking place at an accelerating rate in countries which are seeking to develop themselves into economic powers such as India and China. Whenever fossil fuels are used to drive automobiles, run industries or provide energy to offices and homes, a significant amount of harmful gasses are created which are released into the atmosphere. While a certain amount of atmospheric pollution can be controlled and nature has the magnificent ability to manage excess carbon dioxide (CO2), the present rate of creation of these compounds in developing countries is simply too much for nature to handle (Quammen, 1998). The deforestation of the world is certainly adding to the problem since different locations around the world in LDCs and MDCs are suffering from humans encroaching on forest regions. As India develops into the back office of the world, its Gir forest is being destroyed to make room for mango farms, peanut groves and lime quarries for the cement that is to be used in multistory offices in Mumbai and Bangalore. The UN reports that the rate of deforestation has only increased in the world since 15.4 million hectares per annum are being taken away from our forests. In South America alone, every year 6.2 million hectares of forest land is destroyed to make room for the population (Quammen, 1998). The situation has come to a point where 95% of the forest land of Brazil is gone and 92% of the forests of the Philippines are gone. Costa Rica was a country known for its biodiversity but she has also lost more than 90% of her forests. If the situation continues as it has in the past, by the middle of the present century, there would be no forests left in these developing countries except in

Functional Areas - Staff at R. Bethels Essay Example for Free

Functional Areas Staff at R. Bethels Essay R. Bethels have two owners, a manager and three other members of staff. The manager looks after the day to day running of the shop and helps run the business. The owners complete the paper work of the business and look after the financial side. Human Resources At R. Bethels, human resources is for: * Recruiting and dismissing * Providing good working conditions * Negotiating with trade unions * Health and safety The owners of R. Bethels are in charge of human resources. They will employ and dismiss employees. They will decide how much they get paid and how often they get paid. The manager will make the phone calls to employees, open and run the shop and to advertise available jobs. It is important that the manager does this in order to employ the correct people. Employing the correct people is good for motivation, quality of work and customer satisfaction. The Owners of R. Bethels may not do things to provide good working conditions all the time but he will decide what are good working conditions and tell members of his staff how to make these conditions available. This is so that people will want to work for R. Bethels. They will negotiate with trade unions in order to give their employees decent pay and good working conditions. They will also decide how to handle health and safety issues and improve them as and when they need to. R. Bethels need to be a healthy and safe environment so that people are able and willing to work for R. Bethels. As R. Bethels is a small business, training may not always matter but the owners will be in charge of it if it is needed. This would be needed for motivation, job satisfaction and an increase in profit through happy and satisfied customers. Finance Finance department covers: * Recording financial matters * Preparing accounts * Paying wages and salaries * Obtaining capital and other resources The owners deal with the companys finances. They will record and file all of the financial documents. This is important, as when R. Bethels need a financial document e.g. a sale they have just made, it will be easy to find. The owners will decide on who gets what amount of money per week or per annum and they will hand out the wages to the employees. They will also prepare accounts in order to sort out money, which comes in and goes out of the business. R. Bethels need capital in order to trade properly, the manager or the owners may sort this out. Administration and ICT Support Function R. Bethelss administration and ICT support is for: * Cleaning and maintenance * Health and safety * security * Clerical services * Word processing The manager will deal with clerical services and possibly computers and Internet. The clerical services are things like answering the phone and typing up letters. The manager would do this or the owners would, depending the circumstances. These are needed in order to keep in touch with customers, banks, other companies, etc. The employees would deal with cleaning and maintenance in order to keep things clean and in working order. The manager and the employees would share out the duties of everything else in order to keep the business a safe place to work. Marketing and sales Marketing is needed to enable R. Bethels to find out what customers need. This helps increase sales in order to increase their profit. As the manager at R. Bethels will have more time than the employees and the owners, he will be able to cover marketing. The owners and the employees will also be able to do this if they have any spare time, if they need to. The manager will ring up restaurants companies in order to advertise the companys products that are available. He will take time with customers to show them how to cook and serving ideas for the fish. When the customers want buy a product, they will be served by the manager or the employees and the money will be handed into the till machine. Customer services This deals with: * Keeping customers happy * Dealing fairly with complaints * Responding to enquiries * Offering credit * After sales service * Advice and information * Reliability * Good products, fairly priced R. Bethels may not be able to deal with all of the things in this list, because of the size of their business. The owners will decide how these things are sorted out but all of the staff at R. Bethels will have to help meet them. R. Bethels will try their best to keep customers happy. Keeping customers happy is what customer services are needed for. Research and development Research and Development is all about researching products and how customers respond to the business. If there are any things that need improving, R. Bethels will talk to their supplier and sort it out. At R. Bethels, the manager and the employees will do the research but the employees and the owners will sort out the product development. R and D is an important function because R. Bethels can have an advantage over their rivals and they can have a more desired product. At R. Bethels, the business lifestyle will be totally different to that of Dominos. At the moment there are only five people who are involved in the business, if and when this changes the lifestyle of the business will probably change too possibly in a dramatic way.

Reflective Essay on Developing Care Skills

Reflective Essay on Developing Care Skills Part B Value 1 : Caring One of the values that I had learnt is caring. Caring meant concern about others. Caring for others starts from taking initiative to approach people with sincerity, care for them, to know them and care for their feelings. If everybody in this world does not care about each other, they will become selfish and do not have friends. Therefore, we must care for each other, so that everyone in every corner of the world is able to feel the warmth. As a future nurse, I must be more caring for my patients. I should not only be concerned about the diseases on the patients, but also concerned about psychological reactions of the patients. I believe that one warm word, a gentle attitude, a friendly expression can encourage patients to speak out the truth and this may facilitate the nurses to find out patients’ psychological problems. By this, I believe that I can understand my patients very well. During my Primary 3, I always asked my classmates why they did not want to make friend with me and they told me I was very selfish and arrogant. I knew that they always bad- mouthed about me. I knew the reason, but I did not bother it. I was so stubborn and did not want to change it. For me, I thought that it was not my fault. I blamed them for ignoring my feeling. In childhood, I was this kind of person, a very rebellious person. Time to time, I realized that I was quite lonely. At this time, I was very upset. Consequently, I told my dad about my problem. My dad was listening to my complaint patiently and he even did not scold me. He just smiled and told me I must change my attitude towards people around me. He wanted me to imagine the feeling if I have a friend with a bad attitude like me. He also told me that people will treat us for what we had done for them. He wanted me to be more caring about others’ feelings. I agreed to what he said. From that time, I just realized th at how bad I was. I did not want to continue to be like that anymore. I want to change! I want to be a caring person. I must care about people’s feelings. My dad and my classmates had changed me. After changing the attitude, I gained back my friends. The happiness was beyond description. Till today, I am still very grateful to them. Without them, I think I was still behaving like what I had done before. Value 2 : Responsible Another value that I had learnt is responsible. Responsible meant to complete the duty with a high spirit. Someone who is responsible will not make any excuses. In any case, we will always be faced with several factors beyond our control and irresponsible people tend to blame on these factors, take them as an excuse. To be a responsible people, we should make sure that we do not go the same way. As a future nurse, I must be responsible to my patient. By this, I must fully grasp my patient’s condition, care and treatment. Be a responsible nurse, I must closely observe patient’s symptoms and signs and identify changes in the disease as well as provide an effective intervention for medical diagnosis. I must not only alleviate the suffering of the patient, but also obtain the patients trust, give the patient a sense of security. It was happening during my secondary school time. It was still fresh in my memory. He is the one whom I admired the most. He is just a cleaner, but his spirit cannot get out of my mind. I truly admired his hardworking from my bottom heart. He had given me a deep impression until today I still cannot forget him. The first time I saw him was on the way going home from school. I still remembered it was raining cat and dog that day. People on the street all dressed in a raincoat and hurried home under the umbrella. At this time, I saw a huge rubbish heap next to my house. There was a man standing there. â€Å"Who is in there? It was raining heavily. It should not be a cleaner at there, right? † I mumble. With questions, I walked past. I cannot believe that I saw an uncle with a dusty face, wearing a tattered raincoat. He was very carefully cleaning up the rubbish. I was surprised by his action. I had never seen a cleaner still working in the heavy rain before. â€Å"Uncle, why ar e you still working in the heavy rain? You can do it tomorrow. Why are you working so hard?† I asked him. â€Å"No, I am just unhappy if I do not clean it by today. Then, there will be more bacteria growing and it was smelly as well as affecting our health.† he answered. This time, I was stunned. He was very responsible in his job. Since then, I have never seen him, but his spirit had inspired me to be a responsible person. Part C During my life journey, I had learnt the value of caring. I learnt I should care about my health. Health is the valuable asset. For having a healthy lifestyle, I must care about my eating habits. First of all, I must eat at least two servings of vegetables and one serving of fruits every day. Eating more vegetables and fruits can gain vitamins, strengthen the immune system and even reduce the chance of illness. On the other hand, breakfast is the most important meal, if we do not eat breakfast, we will lack of energy for the day and over time it will be harmful to the body. Moreover, a snack is a big killer. Snack contains much of salts, sugar and chemical components which may cause a lot of problems to our body. I also must exercise at least twice a week in order to achieve the effect of exercise. I also had learnt the value of responsible. Be a responsible person, I do not smoke. Smoking is harmful to our health and it may even causes lung cancer and other diseases. Not only that, I also must have a good mind state to evaluate myself properly and deal with the pressures of my life. I must be an optimistic, cheerful and open-minded attitude to life. On the other hand, I must also set a target to establish good relationships with people around me and also actively participate in social activities. This will help me to maintain my mental balance. Furthermore, I also practice meditation every day. Meditation can promote blood circulation and even relieve the stress. It is a good way to make myself to calm down. Part D During my clinical attachment in Tan Tock Seng Hospital, I met a patient named Mr. Khoo. He is a Chinese and his dialect is Cantonese. He now aged 60. I am also a Cantonese. So, sometimes I spoke Cantonese with him. He was admitted to the hospital because of foot ulcers which was caused by diabetes mellitus. Before he was admitted to the hospital, he stayed in Ren Ci Community Hospital. His left leg was amputated. During our conversation throughout one week time, he had told me his life experience. He had suffered from diabetes for 5 years. He had eaten a lot of hypoglycemic drugs. He told me that he did not take care of his health condition since young. He liked to drink Coke. He basically did not do any exercises. Due to long-term work at the grassroots level and slept late, so he accustomed not to get up early in the morning. Due to sitting in the office for a whole day or business meetings, he basically did not participate in any sports. He also told me he liked to eat meat. Duri ng the past, he had always eaten lamb stew as his supper before going to sleep and he usually did not take his breakfast the next morning. Due to the long-term excessive meat, plus he did not like to eat vegetables, fruits, beans and his daily staple food are meat, so his weight in the past 10 years has severely excessive. He suffered from diabetes because of the previous living conditions. From his life experience, I noticed that healthy lifestyle plays a vital role in our life. (1419 words)

Philosophy Examined :: Detrminism Conflicts

Assignment: Comment on the Following Statements 1)  Ã‚  Ã‚  Ã‚  Ã‚  Out of the people edited in Abel or discussed by Palmer, the following are hard determinists†¦ Well, Palmer only discusses two hard determinists: B.F. Skinner, and Sigmund Freud. Out of the texts read in Abel, Abel discusses Skinner and D’Holbach as hard determinists. 2)  Ã‚  Ã‚  Ã‚  Ã‚  Hard determinism conflicts with some of our ordinary beliefs and experiences. For example: On the one hand, we are raised to believe that we are free, that we posses freedom of thought and action. If we come to a fork in the road, we can either go left or right, either choice is a free choice. A hard determinist would have us believe that our actions are determined, hence, unfree. If the hard determinists theory were in fact true, then, if we were to come to a fork in the road, what use would it be to choose the right, or the left path? For out decision has already been determined, according to the hard determinist point of view. Frankly, I find the idea of hard determinism utterly ridiculous, and incredibly hard to defend. 3)  Ã‚  Ã‚  Ã‚  Ã‚  If hard determinism is true, then people cannot be held responsible for their actions. This statement is true. For if hard determinism is true, then our actions are determined. Meaning that we have no control over our own actions. Therefore, we cannot be held responsible for out actions, because, we are not responsible for them, for they were determined. If this is indeed true, then the worlds judicial systems have been making mistakes for several thousands of years. 4)  Ã‚  Ã‚  Ã‚  Ã‚  It is possible to interpret Freud as being committed to hard determinism. It is also possible to interpret Freud as believing in freedom. This statement is making two claims, which may be interpreted differently by different people. Thus needing some explanation. It is true that Freud was committed to hard determinism, for he believed that the majority of a person’s actions are motivated through the subconscious mind, the subconscious being a driving force in the decision. Subconscious decisions are not free, for the person is not aware of the force of the subconscious. The second part of the above statement is in a sense, true. Freud, being committed to hard-determinism, could not believe it direct freedom. However, Freud did believe that a person could change, thus gaining some control over their actions, and that in a sense, is freedom (i.e. the case of the woman who kept choosing partners who beat her).

Bond and Market Capitalization Rate

330-s2013-prac9 1. An American put option gives its holder the right to _________. A. buy the underlying asset at the exercise price on or before the expiration date B. buy the underlying asset at the exercise price only at the expiration date C. sell the underlying asset at the exercise price on or before the expiration date D. sell the underlying asset at the exercise price only at the expiration date 2. An American call option gives the buyer the right to _________. A. buy the underlying asset at the exercise price on or before the expiration date B. buy the underlying asset at the exercise price only at the expiration date C. ell the underlying asset at the exercise price on or before the expiration date D. sell the underlying asset at the exercise price only at the expiration date 3. A European call option gives the buyer the right to _________. A. buy the underlying asset at the exercise price on or before the expiration date B. buy the underlying asset at the exercise price on ly at the expiration date C. sell the underlying asset at the exercise price on or before the expiration date D. sell the underlying asset at the exercise price only at the expiration date 4. You purchase one IBM July 120 call contract for a premium of $5.You hold the option until the expiration date when IBM stock sells for $123 per share. You will realize a ______ on the investment. A. $200 profit B. $200 loss C. $300 profit D. $300 loss 5. At contract maturity the value of a call option is ___________ where X equals the option's strike price and ST is the stock price at contract expiration. A. Max(0, ST – X) B. Min(0, ST – X) C. Max(0, X – ST) D. Min(0, X – ST) 1 1. C 2. A 3. B 4. B 5. A Long Call Profit = Max[0,($123 – $120)(100)] – $500 = -$200 1. A firm that has an ROE of 12% is considering cutting its dividend payout.The stockholders of the firm desire a dividend yield of 4% and a capital gain yield of 9%. Given this information which of the following statement(s) is/are correct? I. All else equal the firm's growth rate will accelerate after the payout change II. All else equal the firm's stock price will go up after the payout change III. All else equal the firm's P/E ratio will increase after the payout change A. I onlyB. I and II onlyC. II and III onlyD. I, II and III 2. A firm cuts its dividend payout ratio. As a result you know that the firm's _______. A. return on assets will increaseB. arnings retention ratio will increase C. earnings growth rate will fallD. stock price will fall 3. An underpriced stock provides an expected return which is ____________ the required return based on the capital asset pricing model (CAPM). A. less thanB. equal toC. greater thanD. greater than or equal to 4. Stockholders of Dog's R Us Pet Supply expect a 12% rate of return on their stock. Management has consistently been generating a ROE of 15% over the last 5 years but now believes that ROE will be 12% for the next five year s. Given this the firm's optimal dividend payout ratio is now ______.A. 0%B. 100%C. between 0% and 50%D. between 50% and 100% 5. The constant growth dividend discount model (DDM) can be used only when the ___________. A. growth rate is less than or equal to the required returnB. growth rate is greater than or equal to the required return C. growth rate is less than the required returnD. growth rate is greater than the required return 6. Suppose that in 2009 the expected dividends of the stocks in a broad market index equaled $240 million when the discount rate was 8% and the expected growth rate of the dividends equaled 6%.Using the constant growth formula for valuation, if interest rates increase to 9% the value of the market will change by _____. A. -10%B. -20%C. -25%D. -33% 7. You are considering acquiring a common share of Sahali Shopping Center Corporation that you would like to hold for one year. You expect to receive both $1. 25 in dividends and $35 from the sale of the share at the end of the year. The maximum price you would pay for a share today is __________ if you wanted to earn a 12% return. A. $31. 25B. $32. 37C. $38. 47D. $41. 32 8. Eagle Brand Arrowheads has expected earnings of $1. 5 per share and a market capitalization rate of 12%. Earnings are expected to grow at 5% per year indefinitely. The firm has a 40% plowback ratio. By how much does the firm's ROE exceed the market capitalization rate? A. 0. 5%B. 1. 0%C. 1. 5%D. 2. 0% 9. A preferred share of Coquihalla Corporation will pay a dividend of $8. 00 in the upcoming year, and every year thereafter, i. e. , dividends are not expected to grow. You require a return of 7% on this stock. Using the constant growth DDM to calculate the intrinsic value, a preferred share of Coquihalla Corporation is worth _________. A. $13. 50B. $45. 50C. $91. 0D. $114. 29 10. Brevik Builders has an expected ROE of 25%. Its dividend growth rate will be __________ if it follows a policy of paying 30% of earning in t he form of dividends. A. 5. 0%B. 15. 0%C. 17. 5%D. 45. 0% 11. Cache Creek Manufacturing Company is expected to pay a dividend of $3. 36 in the upcoming year. Dividends are expected to grow at 8% per year. The riskfree rate of return is 4% and the expected return on the market portfolio is 14%. Investors use the CAPM to compute the market capitalization rate, and the constant growth DDM to determine the value of the stock. The stock's current price is $84. 0. Using the constant growth DDM, the market capitalization rate is _________. A. 9%B. 12%C. 14%D. 18% 12. Ace Ventura, Inc. has expected earnings of $5 per share for next year. The firm's ROE is 15% and its earnings retention ratio is 40%. If the firm's market capitalization rate is 10%, what is the present value of its growth opportunities? A. $25B. $50C. $75D. $100 13. Flanders, Inc. has expected earnings of $4 per share for next year. The firm's ROE is 8% and its earnings retention ratio is 40%. If the firm's market capitalizat ion rate is 15%, what is the present value of its growth opportunities?A. -$6. 33B. $0C. $20. 34D. $26. 67 14. Cache Creek Manufacturing Company is expected to pay a dividend of $4. 20 in the upcoming year. Dividends are expected to grow at the rate of 8% per year. The riskfree rate of return is 4% and the expected return on the market portfolio is 14%. Investors use the CAPM to compute the market capitalization rate on the stock, and the constant growth DDM to determine the intrinsic value of the stock. The stock is trading in the market today at $84. 00. Using the constant growth DDM and the CAPM, the beta of the stock is _________. A. 1. 4B. 0. 9C. 0. 8D. 0. 5 15.Westsyde Tool Company is expected to pay a dividend of $2. 00 in the upcoming year. The risk-free rate of return is 6% and the expected return on the market portfolio is 12%. Analysts expect the price of Westsyde Tool Company shares to be $29 a year from now. The beta of Westsyde Tool Company's stock is 1. 20. Using a on eperiod valuation model, the intrinsic value of Westsyde Tool Company stock today is _________. A. $24. 29B. $27. 39C. $31. 13D. $34. 52 16. Todd Mountain development Corporation is expected to pay a dividend of $2. 50 in the upcoming year. Dividends are expected to grow at the rate of 8% per year.The risk-free rate of return is 5% and the expected return on the market portfolio is 12%. The stock of Todd Mountain Development Corporation has a beta of 0. 75. Using the CAPM, the return you should require on the stock is _________. A. 7. 25%B. 10. 25%C. 14. 75%D. 21. 00% 17. Interior Airline is expected to pay a dividend of $3 in the upcoming year. Dividends are expected to grow at the rate of 10% per year. The risk-free rate of return is 4% and the expected return on the market portfolio is 13%. The stock of Interior Airline has a beta of 4. 00. Using the constant growth DDM, the intrinsic value of the stock is _________.A. $10. 00B. $22. 73C. $27. 78D. $41. 67 18. Everything equal, w hich variable is negatively related to intrinsic value of a company? A. D1B. D0C. gD. k 19. A common stock pays an annual dividend per share of $1. 80. The risk-free rate is 5 percent and the risk premium for this stock is 4 percent. If the annual dividend is expected to remain at $1. 80 per share, what is the value of the stock? A. $17. 78B. $20. 00C. $40. 00D. None of the above 20. A stock is priced at $45 per share. The stock has earnings per share of $3. 00 and a market capitalization rate of 14%. What is the stock's PVGO?A. $23. 57B. $15. 00C. $19. 78D. $21. 34 21. If a firm has a free cash flow equal to $50 million and that cash flow is expected to grow at 3% forever, what is the total firm value given a WACC of 9. 5%? A. $679 millionB. $715 millionC. $769 millionD. $803 million 22. Next year's earnings are estimated to be $5. 00. The company plans to reinvest 20% of its earnings at 15%. If the cost of equity is 9%, what is the present value of growth opportunities? A. $9. 09B . $10. 10C. $11. 11D. $12. 21 1. A2. B3. C4. B5. C6. D7. B8. A9. D10. C11. B12. A13. A14. B15. B16. B17. A18. D19. B20. A21. C22.C 1. Consider two bonds, A and B. Both bonds presently are selling at their par value of $1,000. Each pay interest of $120 annually. Bond A will mature in 5 years while bond B will mature in 6 years. If the yields to maturity on the two bonds change from 12% to 14%, _________. A. both bonds will increase in value but bond A will increase more than bond B B. both bonds will increase in value but bond B will increase more than bond A C. both bonds will decrease in value but bond A will decrease more than bond B D. both bonds will decrease in value but bond B will decrease more than bond A 2.Everything else equal the __________ the maturity of a bond and the __________ the coupon the greater the sensitivity of the bond's price to interest rate changes. A. longer; higher B. longer; lower C. shorter; higher D. shorter; lower 3. A __________ bond is a bond where the issuer has an option to retire the bond before maturity at a specific price after a specific date. A. callable B. coupon C. puttable D. treasury 4. In an era of particularly low interest rates, which of the following bonds is most likely to be called? A. Zero coupon bonds B. Coupon bonds selling at a discount C. Coupon bonds selling at a premium D.Floating rate bonds 5. A coupon bond which pays interest of 4% annually, has a par value of $1,000, matures in 5 years, and is selling today at $785. The actual yield to maturity on this bond is _________. A. 7. 2% B. 8. 8% C. 9. 1% D. 9. 6% 6. A coupon bond which pays interest of $60 annually, has a par value of $1,000, matures in 5 years, and is selling today at a $75. 25 discount from par value. The current yield on this bond is _________. A. 6. 00% B. 6. 49% C. 6. 73% D. 7. 00% 7. A coupon bond which pays interest semi-annually has a par value of $1,000, matures in 8 years, and has a yield to maturity of 6%.If the coupon rate is 7 %, the intrinsic value of the bond today will be __________ (to the nearest dollar). A. $1,000 B. $1,063 C. $1,081 D. $1,100 8. A treasury bond due in one year has a yield of 6. 3% while a treasury bond due in 5 years has a yield of 8. 8%. A bond due in 5 years issued by High Country Marketing Corporation has a yield of 9. 6% while a bond due in one year issued by High Country Marketing Corporation has a yield of 6. 8%. The default risk premiums on the one-year and 5-year bonds issued by High Country Marketing Corp. are respectively __________ and _________. A. 0. 4%, 0. 3% B. 0. 4%, 0. % C. 0. 5%, 0. 5% D. 0. 5%, 0. 8% 9. A zero-coupon bond has a yield to maturity of 5% and a par value of $1,000. If the bond matures in 16 years, it should sell for a price of __________ today. A. $458. 00 B. $641. 00 C. $789. 00 D. $1,100. 00 10. You can be sure that a bond will sell at a premium to par when _________. A. its coupon rate is greater than its yield to maturity B. its coupon rate is le ss than its yield to maturity C. its coupon rate equal to its yield to maturity D. its coupon rate is less than its conversion value 11. Consider a 7-year bond with a 9% coupon and a yield to maturity of 12%.If interest rates remain constant, one year from now the price of this bond will be _________. A. higher B. lower C. the same D. indeterminate 12. The yield to maturity on a bond is ________. I. above the coupon rate when the bond sells at a discount, and below the coupon rate when the bond sells at a premium II. the discount rate that will set the present value of the payments equal to the bond price III. equal to the true compound return on investment only if all interest payments received are reinvested at the yield to maturity A. I only B. II only C. I and II only D. I, II and III 13.Assuming semiannual compounding, a 20-year zero coupon bond with a par value of $1,000 and a required return of 12% would be priced at _________. A. $97 B. $104 C. $364 D. $732 14. The yield to maturity of an 10-year zero coupon bond, with a par value of $1,000 and a market price of $625, is _____. A. 4. 8% B. 6. 1% C. 7. 7% D. 10. 4% 15. If the quote for a Treasury bond is listed in the newspaper as 98:09 bid, 98:13 ask, the actual price for you to purchase this bond given a $10,000 par value is _____________. A. $9,828. 12 B. $9,809. 38 C. $9,840. 62 D. $9,813. 42 16. The price on a treasury bond is 104:21 with a yield to maturity of 3. 5%. The price on a comparable maturity corporate bond is 103:11 with a yield to maturity of 4. 59%. What is the approximate percentage value of the credit risk of the corporate bond? A. 1. 14% B. 3. 45% C. 4. 59% D. 8. 04% 17. You buy an 8 year $1000 par value bond today that has a 6% yield and a 6% annual payment coupon. In one year promised yields have risen to 7%. Your one year holding period return was ___. A. 0. 61% B. -5. 39% C. 1. 28% D. -3. 25% 18. If the coupon rate on a bond is 4. 50% and the bond is selling at a premium, which of the following is the most likely yield to maturity on the bond?A. 4. 30% B. 4. 50% C. 5. 20% D. 5. 50% 19. All other things equal, which of the following has the longest duration? A. A 30 year bond with a 10% coupon B. A 20 year bond with a 9% coupon C. A 20 year bond with a 7% coupon D. A 10 year zero coupon bond 20. All other things equal, which of the following has the shortest duration? A. A 30 year bond with a 10% coupon B. A 20 year bond with a 9% coupon C. A 20 year bond with a 7% coupon D. A 10 year zero coupon bond 21. (Challenge question) A pension fund must pay out $1 million next year, $2 million the following year and then $3 million the year after that.If the discount rate is 8% what is the duration of this set of payments? A. 2. 00 years B. 2. 15 years C. 2. 29 years D. 2. 53 years 22. All other things equal, which of the following has the longest duration? A. A 20 year bond with a 10% coupon yielding 10% B. A 20 year bond with a 10% coupon yielding 11% C. A 20 yea r zero coupon bond yielding 10% D. A 20 year zero coupon bond yielding 11% 23. Because of convexity, when interest rates change the actual bond price will ____________ the bond price predicted by duration. A. always be higher than B. sometimes be higher than C. always be lower than D. ometimes be lower than 24. Duration is a concept that is useful in assessing a bond's _________. A. credit risk B. liquidity risk C. price volatility D. convexity risk 25. A pension fund has an average duration of its liabilities equal to 15 years. The fund is looking at 5 year maturity zero coupon bonds and 4% yield perpetuities to immunize its interest rate risk. How much of its portfolio should it allocate to the zero coupon bonds to immunize if there are no other assets funding the plan? A. 52% B. 48% C. 33% D. 25% 26. You own a bond that has a duration of 6 years. Interest rates are urrently 7% but you believe the Fed is about to increase interest rates by 25 basis points. Your predicted price cha nge on this bond is ________. A. +1. 40% B. -1. 40% C. -2. 51% D. +2. 51% 27. A bank has an average duration of its liabilities equal to 2 years. The bank's average duration of its assets is 3. 5 years. The bank's market value of equity is at risk if _______________________. A. interest rates fall B. credit spreads fall C. interest rates rise D. the price of all fixed income securities rises 28. Banks and other financial institutions can best manage interest rate risk by _____________. A. aximizing the duration of assets and minimizing the duration of liabilities B. minimizing the duration of assets and maximizing the duration of liabilities C. matching the durations of their assets and liabilities D. matching the maturities of their assets and liabilities 29. The duration of a portfolio of bonds can be calculated as _______________. A. the coupon weighted average of the durations of the individual bonds in the portfolio B. the yield weighted average of the durations of the individu al bonds in the portfolio C. the value weighed average of the durations of the individual bonds in the portfolio D. verages of the durations of the longest and shortest duration bonds in the portfolio 30. Rank the interest sensitivity of the following from most sensitive to an interest rate change to the least sensitive. I. 8% coupon, noncallable 20 year maturity, par bond II. 9% coupon, currently callable 20 year maturity, premium bond III. Zero coupon, 30 year maturity bond A. I, II, III B. II, III, I C. III, I, II D. III, II, I 31. A bank has $50 million in assets, $47 million in liabilities and $3 million in shareholders' equity. If the duration of its liabilities are 1. and the bank wants to immunize its net worth against interest rate risk and thus set the duration of equity equal to zero, it should select assets with an average duration of _________. A. 1. 22 B. 1. 50 C. 1. 60 D. 2. 00 A bond pays annual interest. Its coupon rate is 9%. Its value at maturity is $1,000. It mat ures in four years. Its yield to maturity is currently 6%. 32. The duration of this bond is _______ years. A. 2. 44 B. 3. 23 C. 3. 56 D. 4. 10 33. The modified duration of this bond is ______ years. A. 4. 00 B. 3. 56 C. 3. 36 D. 3. 05 34. A bond with a 9-year duration is worth $1,080. 0 and its yield to maturity is 8%. If the yield to maturity falls to 7. 84%, you would predict that the new value of the bond will be _________. A. $1,035 B. $1,036 C. $1,094 D. $1,124 35. When interest rates increase, the duration of a 20-year bond selling at a premium _________. A. increases B. decreases C. remains the same D. increases at first, then declines 36. Duration facilitates the comparison of bonds with differing ___________ A. default risk B. conversion ratios C. maturities D. yields to maturity 37. The historical yield spread between the AA bond and the AAA bond has been 25 basis points.Currently the spread is only 9 basis points. If you believe the spread will soon return to its historic al levels you should ________________________. A. buy the AA and short the AAA B. buy both the AA and the AAA C. buy the AAA and short the AA D. short both the AA and the AAA 38. The duration of a bond normally increases with an increase in _________. I. term-to-maturity II. yield-to-maturity. III. coupon rate A. I only B. I and II only C. II and III only D. I, II and III 39. Compute the modified duration of a 9% coupon, 3-year corporate bond with a yield to maturity of 12%. A. 2. 45 B. 2. 75 C. 2. 88 D. 3. 00 40.An 8%, 30-year bond has a yield-to-maturity of 10% and a modified duration of 8. 0 years. If the market yield drops by 15 basis points, there will be a __________ in the bond's price. A. 1. 15% decrease B. 1. 20% increase C. 1. 53% increase D. 2. 43% decrease 41. To create a portfolio with a duration of 4 years using a 5 year zero-coupon bond and a 3 year 8% annual coupon bond with a yield to maturity of 10%, one would have to invest ________ of the portfolio value in the z ero-coupon bond. A. 50% B. 55% C. 60% D. 75% 42. Which of the following set of conditions will result in a bond with the greatest price volatility?A. A high coupon and a short maturity. B. A high coupon and a long maturity. C. A low coupon and a short maturity. D. A low coupon and a long maturity. 43. An investor who expects declining interest rates would maximize their capital gain by purchasing a bond that has a ___ coupon and a ___ term to maturity. A. low; long B. high; short C. high; long D. zero; long 44. A zero coupon bond is selling at a deep discount price of $430. 00. It matures in 13 years. If the yield to maturity of the bond is 6. 7%, what is the duration of the bond? A. 6. 7 years B. 8. 0 years C. 10 years D. 13 years 45.Convexity implies that duration predictions _______. I. underestimate the % increase in bond price when the yield falls II. underestimate the % decrease in bond price when the yield rises III. overestimates the % increase in bond price when the yield f alls IV. overestimates the % decrease in bond price when the yield rises A. I and III only B. II and IV only C. I and IV only D. II and III only 1. D2. B3. A4. C5. D6. B7. B8. D9. A10. A11. A12. D13. A14. A15. C16. A17. A18. A19. A20. D21. C22. C23. A24. C25. A27. C28. C29. C30. C31. A32. C33. C34. C35. B36. C37. C38. A39. A40. B41. B42. D43. D44. D45. C