home *** CD-ROM | disk | FTP | other *** search
| Unknown | 2001-12-19 | 128.8 KB |
open in: 
MacOS 8.1
|
Win98
|
DOS
view JSON data
|
view as text
This file was not able to be converted.
This format is not currently supported by dexvert.
| Confidence | Program | Detection | Match Type | Support
|
|---|
| 100%
| file
| data
| default
| |
| 100%
| TrID
| PrintFox/Pagefox bitmap (320x200)
| default (weak)
| |
| 100%
| gt2
| Kopftext: 'BRGEXM0500v0002ROSS Chapter 7'
| default (weak)
|
|
hex view+--------+-------------------------+-------------------------+--------+--------+
|00000000| 42 52 47 45 58 4d 30 35 | 30 30 76 30 30 30 32 52 |BRGEXM05|00v0002R|
|00000010| 4f 53 53 20 20 20 20 43 | 68 61 70 74 65 72 20 37 |OSS C|hapter 7|
|00000020| 3a 20 49 6e 74 65 72 65 | 73 74 20 52 61 74 65 73 |: Intere|st Rates|
|00000030| 20 41 6e 64 20 42 6f 6e | 64 2e 2e 2e 20 20 20 00 | And Bon|d... .|
|00000040| 00 00 00 7a 00 00 00 00 | 00 00 00 7a 00 cc 3a 00 |...z....|...z..:.|
|00000050| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 be 00 00 |........|........|
|00000060| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000070| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000080| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000090| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000000a0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000000b0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 18 14 00 |........|........|
|000000c0| 00 31 01 00 59 6f 75 72 | 20 66 69 72 6d 20 73 65 |.1..Your| firm se|
|000000d0| 65 6b 73 20 74 6f 20 6f | 62 74 61 69 6e 20 61 2e |eks to o|btain a.|
|000000e0| 2e 2e 20 20 20 20 20 20 | 20 20 20 20 01 00 5f 00 |.. | .._.|
|000000f0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000100| 00 00 00 00 00 00 00 00 | 01 00 00 00 00 00 00 00 |........|........|
|00000110| 00 00 00 00 00 00 00 00 | 00 00 00 00 08 00 01 00 |........|........|
|00000120| 08 00 01 00 31 02 00 46 | 6f 72 20 61 20 62 6f 6e |....1..F|or a bon|
|00000130| 64 2c 20 72 65 71 75 69 | 72 65 64 20 72 65 74 75 |d, requi|red retu|
|00000140| 72 6e 20 3d 2e 2e 2e 20 | 20 20 20 20 20 20 20 01 |rn =... | .|
|00000150| 00 5f 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |._......|........|
|00000160| 00 00 00 00 00 00 00 00 | 00 00 00 01 00 00 00 00 |........|........|
|00000170| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 08 |........|........|
|00000180| 00 02 00 08 00 02 00 31 | 03 00 41 73 73 75 6d 65 |.......1|..Assume|
|00000190| 20 79 6f 75 20 61 72 65 | 20 63 6f 6e 73 69 64 65 | you are| conside|
|000001a0| 72 69 6e 67 20 74 77 6f | 20 62 6f 6e 64 73 2e 2e |ring two| bonds..|
|000001b0| 2e 20 01 00 5f 00 00 00 | 00 00 00 00 00 00 00 00 |. .._...|........|
|000001c0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 01 00 |........|........|
|000001d0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000001e0| 00 00 08 00 03 00 08 00 | 03 00 31 04 00 42 6f 6e |........|..1..Bon|
|000001f0| 64 20 72 61 74 69 6e 67 | 73 20 69 73 73 75 65 64 |d rating|s issued|
|00000200| 20 62 79 20 4d 6f 6f 64 | 79 27 73 20 61 6e 64 2e | by Mood|y's and.|
|00000210| 2e 2e 20 20 20 01 00 5f | 00 00 00 00 00 00 00 00 |.. .._|........|
|00000220| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000230| 00 01 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000240| 00 00 00 00 00 08 00 04 | 00 08 00 04 00 31 05 00 |........|.....1..|
|00000250| 50 72 69 6f 72 20 74 6f | 20 31 39 37 37 2c 20 66 |Prior to| 1977, f|
|00000260| 65 77 20 66 69 72 6d 73 | 20 72 61 69 73 65 64 20 |ew firms| raised |
|00000270| 66 75 6e 64 73 2e 2e 2e | 01 00 5f 00 00 00 00 00 |funds...|.._.....|
|00000280| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000290| 00 00 00 00 01 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000002a0| 00 00 00 00 00 00 00 00 | 08 00 05 00 08 00 05 00 |........|........|
|000002b0| 31 06 00 41 20 70 72 65 | 6d 69 75 6d 20 62 6f 6e |1..A pre|mium bon|
|000002c0| 64 20 69 73 20 61 20 62 | 6f 6e 64 20 74 68 61 74 |d is a b|ond that|
|000002d0| 20 73 65 6c 6c 73 2e 2e | 2e 20 20 01 00 5f 00 00 | sells..|. .._..|
|000002e0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000002f0| 00 00 00 00 00 00 00 01 | 00 00 00 00 00 00 00 00 |........|........|
|00000300| 00 00 00 00 00 00 00 00 | 00 00 00 08 00 06 00 08 |........|........|
|00000310| 00 06 00 31 07 00 54 68 | 65 20 63 61 6c 6c 20 70 |...1..Th|e call p|
|00000320| 72 65 6d 69 75 6d 20 74 | 79 70 69 63 61 6c 6c 79 |remium t|ypically|
|00000330| 20 73 74 61 72 74 73 20 | 61 74 2e 2e 2e 20 01 00 | starts |at... ..|
|00000340| 5f 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |_.......|........|
|00000350| 00 00 00 00 00 00 00 00 | 00 00 01 00 00 00 00 00 |........|........|
|00000360| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 08 00 |........|........|
|00000370| 07 00 08 00 07 00 31 08 | 00 49 6e 20 63 6f 6d 6d |......1.|.In comm|
|00000380| 6f 6e 20 75 73 61 67 65 | 2c 20 22 73 68 6f 72 74 |on usage|, "short|
|00000390| 2d 74 65 72 6d 22 20 64 | 65 62 74 2e 2e 2e 20 20 |-term" d|ebt... |
|000003a0| 20 01 00 5f 00 00 00 00 | 00 00 00 00 00 00 00 00 | .._....|........|
|000003b0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 01 00 00 |........|........|
|000003c0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000003d0| 00 08 00 08 00 08 00 08 | 00 31 09 00 22 55 6e 66 |........|.1.."Unf|
|000003e0| 75 6e 64 65 64 20 64 65 | 62 74 22 20 72 65 66 65 |unded de|bt" refe|
|000003f0| 72 73 20 74 6f 20 6c 6f | 6e 67 2d 74 65 72 6d 2e |rs to lo|ng-term.|
|00000400| 2e 2e 20 20 01 00 5f 00 | 00 00 00 00 00 00 00 00 |.. .._.|........|
|00000410| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000420| 01 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000430| 00 00 00 00 08 00 09 00 | 08 00 09 00 31 0a 00 41 |........|....1..A|
|00000440| 20 63 61 6c 6c 20 70 72 | 6f 76 69 73 69 6f 6e 2c | call pr|ovision,|
|00000450| 20 75 6e 6c 69 6b 65 20 | 61 20 73 69 6e 6b 69 6e | unlike |a sinkin|
|00000460| 67 2e 2e 2e 20 20 20 01 | 00 5f 00 00 00 00 00 00 |g... .|._......|
|00000470| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000480| 00 00 00 01 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000490| 00 00 00 00 00 00 00 08 | 00 0a 00 08 00 0a 00 31 |........|.......1|
|000004a0| 0b 00 4d 6f 6f 64 79 27 | 73 20 61 6e 64 20 53 74 |..Moody'|s and St|
|000004b0| 61 6e 64 61 72 64 20 61 | 6e 64 20 50 6f 6f 72 27 |andard a|nd Poor'|
|000004c0| 73 2e 2e 2e 20 20 20 20 | 20 20 01 00 5f 00 00 00 |s... | .._...|
|000004d0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000004e0| 00 00 00 00 00 00 01 00 | 00 00 00 00 00 00 00 00 |........|........|
|000004f0| 00 00 00 00 00 00 00 00 | 00 00 08 00 0b 00 08 00 |........|........|
|00000500| 0b 00 31 0c 00 41 20 73 | 69 6e 6b 69 6e 67 20 66 |..1..A s|inking f|
|00000510| 75 6e 64 20 69 73 20 75 | 73 65 64 20 74 6f 20 70 |und is u|sed to p|
|00000520| 61 79 20 6f 66 66 2e 2e | 2e 20 20 20 20 01 00 5f |ay off..|. .._|
|00000530| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000540| 00 00 00 00 00 00 00 00 | 00 01 00 00 00 00 00 00 |........|........|
|00000550| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 08 00 0c |........|........|
|00000560| 00 08 00 0c 00 31 0d 00 | 44 65 62 74 20 63 61 6e |.....1..|Debt can|
|00000570| 20 62 65 20 73 75 62 6f | 72 64 69 6e 61 74 65 64 | be subo|rdinated|
|00000580| 20 74 6f 20 65 71 75 69 | 74 79 2e 2e 2e 2e 20 20 | to equi|ty.... |
|00000590| 01 00 5f 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |.._.....|........|
|000005a0| 00 00 00 00 00 00 00 00 | 00 00 00 00 01 00 00 00 |........|........|
|000005b0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000005c0| 08 00 0d 00 08 00 0d 00 | 31 0e 00 42 6f 6e 64 20 |........|1..Bond |
|000005d0| 79 69 65 6c 64 73 20 61 | 6e 64 20 70 72 69 63 65 |yields a|nd price|
|000005e0| 73 20 6d 6f 76 65 20 69 | 6e 76 65 72 73 65 6c 79 |s move i|nversely|
|000005f0| 2e 2e 2e 01 00 5f 00 00 | 00 00 00 00 00 00 00 00 |....._..|........|
|00000600| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 01 |........|........|
|00000610| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000620| 00 00 00 08 00 0e 00 08 | 00 0e 00 31 0f 00 41 6e |........|...1..An|
|00000630| 20 75 70 77 61 72 64 20 | 73 6c 6f 70 69 6e 67 20 | upward |sloping |
|00000640| 79 69 65 6c 64 20 63 75 | 72 76 65 2e 2e 2e 20 20 |yield cu|rve... |
|00000650| 20 20 20 20 20 20 01 00 | 5f 00 00 00 00 00 00 00 | ..|_.......|
|00000660| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000670| 00 00 01 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000680| 00 00 00 00 00 00 08 00 | 0f 00 08 00 0f 00 31 10 |........|......1.|
|00000690| 00 54 68 65 20 74 65 72 | 6d 20 73 74 72 75 63 74 |.The ter|m struct|
|000006a0| 75 72 65 20 6f 66 20 69 | 6e 74 65 72 65 73 74 20 |ure of i|nterest |
|000006b0| 72 61 74 65 73 2e 2e 2e | 20 01 00 5f 00 00 00 00 |rates...| .._....|
|000006c0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000006d0| 00 00 00 00 00 01 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000006e0| 00 00 00 00 00 00 00 00 | 00 08 00 10 00 08 00 10 |........|........|
|000006f0| 00 31 11 00 54 68 65 20 | 69 6e 66 6c 61 74 69 6f |.1..The |inflatio|
|00000700| 6e 20 70 72 65 6d 69 75 | 6d 20 69 6e 20 74 68 65 |n premiu|m in the|
|00000710| 20 79 69 65 6c 64 2e 2e | 2e 20 20 20 01 00 5f 00 | yield..|. .._.|
|00000720| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000730| 00 00 00 00 00 00 00 00 | 01 00 00 00 00 00 00 00 |........|........|
|00000740| 00 00 00 00 00 00 00 00 | 00 00 00 00 08 00 11 00 |........|........|
|00000750| 08 00 11 00 31 12 00 54 | 68 65 20 46 69 73 68 65 |....1..T|he Fishe|
|00000760| 72 20 65 66 66 65 63 74 | 20 69 6c 6c 75 73 74 72 |r effect| illustr|
|00000770| 61 74 65 73 20 74 68 65 | 2e 2e 2e 20 20 20 20 01 |ates the|... .|
|00000780| 00 5f 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |._......|........|
|00000790| 00 00 00 00 00 00 00 00 | 00 00 00 01 00 00 00 00 |........|........|
|000007a0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 08 |........|........|
|000007b0| 00 12 00 08 00 12 00 31 | 13 00 55 6e 6c 69 6b 65 |.......1|..Unlike|
|000007c0| 20 77 69 74 68 20 54 72 | 65 61 73 75 72 79 20 62 | with Tr|easury b|
|000007d0| 6f 6e 64 73 2c 20 43 6f | 72 70 6f 72 61 74 65 2e |onds, Co|rporate.|
|000007e0| 2e 2e 01 00 5f 00 00 00 | 00 00 00 00 00 00 00 00 |...._...|........|
|000007f0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 01 00 |........|........|
|00000800| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000810| 00 00 08 00 13 00 08 00 | 13 00 31 14 00 41 20 62 |........|..1..A b|
|00000820| 6f 6e 64 20 74 68 61 74 | 20 70 61 79 73 20 6e 6f |ond that| pays no|
|00000830| 20 63 6f 75 70 6f 6e 73 | 20 61 74 20 61 6c 6c 2e | coupons| at all.|
|00000840| 2e 2e 20 20 20 01 00 5f | 00 00 00 00 00 00 00 00 |.. .._|........|
|00000850| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000860| 00 01 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000870| 00 00 00 00 00 08 00 14 | 00 08 00 14 00 31 15 00 |........|.....1..|
|00000880| 41 20 63 6f 72 70 6f 72 | 61 74 69 6f 6e 20 75 6e |A corpor|ation un|
|00000890| 64 65 72 74 61 6b 69 6e | 67 20 61 6e 2e 2e 2e 20 |dertakin|g an... |
|000008a0| 20 20 20 20 20 20 20 20 | 01 00 5f 00 00 00 00 00 | |.._.....|
|000008b0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000008c0| 00 00 00 00 01 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000008d0| 00 00 00 00 00 00 00 00 | 08 00 15 00 08 00 15 00 |........|........|
|000008e0| 31 16 00 57 68 69 63 68 | 20 6f 66 20 74 68 65 20 |1..Which| of the |
|000008f0| 66 6f 6c 6c 6f 77 69 6e | 67 20 77 6f 75 6c 64 20 |followin|g would |
|00000900| 4e 4f 54 20 62 65 2e 2e | 2e 20 20 01 00 5f 00 00 |NOT be..|. .._..|
|00000910| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000920| 00 00 00 00 00 00 00 01 | 00 00 00 00 00 00 00 00 |........|........|
|00000930| 00 00 00 00 00 00 00 00 | 00 00 00 08 00 16 00 08 |........|........|
|00000940| 00 16 00 31 17 00 41 20 | 62 6f 6e 64 20 73 6f 6c |...1..A |bond sol|
|00000950| 64 20 66 69 76 65 20 77 | 65 65 6b 73 20 61 67 6f |d five w|eeks ago|
|00000960| 20 66 6f 72 2e 2e 2e 20 | 20 20 20 20 20 20 01 00 | for... | ..|
|00000970| 5f 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |_.......|........|
|00000980| 00 00 00 00 00 00 00 00 | 00 00 01 00 00 00 00 00 |........|........|
|00000990| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 08 00 |........|........|
|000009a0| 17 00 08 00 17 00 31 18 | 00 41 20 62 6f 6e 64 20 |......1.|.A bond |
|000009b0| 77 69 74 68 20 61 20 66 | 61 63 65 20 76 61 6c 75 |with a f|ace valu|
|000009c0| 65 20 6f 66 20 24 31 2c | 30 30 30 2e 2e 2e 20 20 |e of $1,|000... |
|000009d0| 20 01 00 5f 00 00 00 00 | 00 00 00 00 00 00 00 00 | .._....|........|
|000009e0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 01 00 00 |........|........|
|000009f0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000a00| 00 08 00 18 00 08 00 18 | 00 31 19 00 41 20 62 6f |........|.1..A bo|
|00000a10| 6e 64 20 77 69 74 68 20 | 61 6e 20 61 6e 6e 75 61 |nd with |an annua|
|00000a20| 6c 20 63 6f 75 70 6f 6e | 20 6f 66 20 24 31 30 30 |l coupon| of $100|
|00000a30| 2e 2e 2e 20 01 00 5f 00 | 00 00 00 00 00 00 00 00 |... .._.|........|
|00000a40| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000a50| 01 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000a60| 00 00 00 00 08 00 19 00 | 08 00 19 00 31 1a 00 57 |........|....1..W|
|00000a70| 68 69 63 68 20 62 6f 6e | 64 20 77 6f 75 6c 64 20 |hich bon|d would |
|00000a80| 6d 6f 73 74 20 6c 69 6b | 65 6c 79 20 70 6f 73 73 |most lik|ely poss|
|00000a90| 65 73 73 2e 2e 2e 20 01 | 00 5f 00 00 00 00 00 00 |ess... .|._......|
|00000aa0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000ab0| 00 00 00 01 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000ac0| 00 00 00 00 00 00 00 08 | 00 1a 00 08 00 1a 00 31 |........|.......1|
|00000ad0| 1b 00 49 66 20 79 6f 75 | 20 6d 75 6c 74 69 70 6c |..If you| multipl|
|00000ae0| 79 20 61 20 62 6f 6e 64 | 27 73 20 63 75 72 72 65 |y a bond|'s curre|
|00000af0| 6e 74 2e 2e 2e 20 20 20 | 20 20 01 00 5f 00 00 00 |nt... | .._...|
|00000b00| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000b10| 00 00 00 00 00 00 01 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000b20| 00 00 00 00 00 00 00 00 | 00 00 08 00 1b 00 08 00 |........|........|
|00000b30| 1b 00 31 1c 00 53 75 70 | 70 6f 73 65 20 79 6f 75 |..1..Sup|pose you|
|00000b40| 20 61 72 65 20 74 72 79 | 69 6e 67 20 74 6f 20 65 | are try|ing to e|
|00000b50| 76 61 6c 75 61 74 65 20 | 61 2e 2e 2e 20 01 00 5f |valuate |a... .._|
|00000b60| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000b70| 00 00 00 00 00 00 00 00 | 00 01 00 00 00 00 00 00 |........|........|
|00000b80| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 08 00 1c |........|........|
|00000b90| 00 08 00 1c 00 31 1d 00 | 59 6f 75 72 20 62 72 6f |.....1..|Your bro|
|00000ba0| 6b 65 72 20 6f 66 66 65 | 72 73 20 79 6f 75 20 74 |ker offe|rs you t|
|00000bb0| 68 65 2e 2e 2e 20 20 20 | 20 20 20 20 20 20 20 20 |he... | |
|00000bc0| 01 00 5f 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |.._.....|........|
|00000bd0| 00 00 00 00 00 00 00 00 | 00 00 00 00 01 00 00 00 |........|........|
|00000be0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000bf0| 08 00 1d 00 08 00 1d 00 | 31 1e 00 57 68 65 6e 20 |........|1..When |
|00000c00| 70 72 69 63 69 6e 67 20 | 62 6f 6e 64 73 2c 20 69 |pricing |bonds, i|
|00000c10| 66 20 61 20 62 6f 6e 64 | 27 73 2e 2e 2e 20 20 20 |f a bond|'s... |
|00000c20| 20 20 20 01 00 5f 00 00 | 00 00 00 00 00 00 00 00 | .._..|........|
|00000c30| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 01 |........|........|
|00000c40| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000c50| 00 00 00 08 00 1e 00 08 | 00 1e 00 31 1f 00 54 68 |........|...1..Th|
|00000c60| 65 20 77 72 69 74 74 65 | 6e 20 61 67 72 65 65 6d |e writte|n agreem|
|00000c70| 65 6e 74 20 62 65 74 77 | 65 65 6e 20 74 68 65 2e |ent betw|een the.|
|00000c80| 2e 2e 20 20 20 20 01 00 | 5f 00 00 00 00 00 00 00 |.. ..|_.......|
|00000c90| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000ca0| 00 00 01 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000cb0| 00 00 00 00 00 00 08 00 | 1f 00 08 00 1f 00 31 20 |........|......1 |
|00000cc0| 00 41 20 62 6f 6e 64 20 | 69 6e 64 65 6e 74 75 72 |.A bond |indentur|
|00000cd0| 65 20 69 73 20 6c 69 6b | 65 6c 79 20 74 6f 20 69 |e is lik|ely to i|
|00000ce0| 6e 63 6c 75 64 65 2e 2e | 2e 01 00 5f 00 00 00 00 |nclude..|..._....|
|00000cf0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000d00| 00 00 00 00 00 01 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000d10| 00 00 00 00 00 00 00 00 | 00 08 00 20 00 08 00 20 |........|... ... |
|00000d20| 00 31 21 00 41 6e 20 75 | 6e 73 65 63 75 72 75 72 |.1!.An u|nsecurur|
|00000d30| 65 64 20 62 6f 6e 64 2c | 20 66 6f 72 20 77 68 69 |ed bond,| for whi|
|00000d40| 63 68 20 6e 6f 2e 2e 2e | 20 20 20 20 01 00 5f 00 |ch no...| .._.|
|00000d50| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000d60| 00 00 00 00 00 00 00 00 | 01 00 00 00 00 00 00 00 |........|........|
|00000d70| 00 00 00 00 00 00 00 00 | 00 00 00 00 08 00 21 00 |........|......!.|
|00000d80| 08 00 21 00 31 22 00 57 | 68 69 63 68 20 6f 66 20 |..!.1".W|hich of |
|00000d90| 74 68 65 20 66 6f 6c 6c | 6f 77 69 6e 67 20 77 6f |the foll|owing wo|
|00000da0| 75 6c 64 20 62 65 2e 2e | 2e 20 20 20 20 20 20 01 |uld be..|. .|
|00000db0| 00 5f 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |._......|........|
|00000dc0| 00 00 00 00 00 00 00 00 | 00 00 00 01 00 00 00 00 |........|........|
|00000dd0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 08 |........|........|
|00000de0| 00 22 00 08 00 22 00 31 | 23 00 57 68 69 63 68 20 |."...".1|#.Which |
|00000df0| 6f 66 20 74 68 65 20 66 | 6f 6c 6c 6f 77 69 6e 67 |of the f|ollowing|
|00000e00| 20 73 74 61 74 65 6d 65 | 6e 74 73 2e 2e 2e 20 20 | stateme|nts... |
|00000e10| 20 20 01 00 5f 00 00 00 | 00 00 00 00 00 00 00 00 | .._...|........|
|00000e20| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 01 00 |........|........|
|00000e30| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000e40| 00 00 08 00 23 00 08 00 | 23 00 31 24 00 57 68 69 |....#...|#.1$.Whi|
|00000e50| 63 68 20 6f 66 20 74 68 | 65 20 66 6f 6c 6c 6f 77 |ch of th|e follow|
|00000e60| 69 6e 67 20 69 73 20 63 | 6f 72 72 65 63 74 3f 20 |ing is c|orrect? |
|00000e70| 41 2e 2e 2e 20 01 00 5f | 00 00 00 00 00 00 00 00 |A... .._|........|
|00000e80| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000e90| 00 01 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000ea0| 00 00 00 00 00 08 00 24 | 00 08 00 24 00 31 25 00 |.......$|...$.1%.|
|00000eb0| 59 6f 75 72 20 6e 65 69 | 67 68 62 6f 72 20 69 73 |Your nei|ghbor is|
|00000ec0| 20 62 72 61 67 67 69 6e | 67 20 74 68 61 74 20 74 | braggin|g that t|
|00000ed0| 68 65 2e 2e 2e 20 20 20 | 01 00 5f 00 00 00 00 00 |he... |.._.....|
|00000ee0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000ef0| 00 00 00 00 01 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000f00| 00 00 00 00 00 00 00 00 | 08 00 25 00 08 00 25 00 |........|..%...%.|
|00000f10| 31 26 00 59 6f 75 20 77 | 61 6e 74 20 74 6f 20 6f |1&.You w|ant to o|
|00000f20| 77 6e 20 65 71 75 69 74 | 79 20 69 6e 20 61 20 52 |wn equit|y in a R|
|00000f30| 75 73 73 69 61 6e 2e 2e | 2e 20 20 01 00 5f 00 00 |ussian..|. .._..|
|00000f40| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00000f50| 00 00 00 00 00 00 00 01 | 00 00 00 00 00 00 00 00 |........|........|
|00000f60| 00 00 00 00 00 00 00 00 | 00 00 00 08 00 26 00 08 |........|.....&..|
|00000f70| 00 26 00 31 27 00 41 20 | 66 69 72 6d 20 69 6e 74 |.&.1'.A |firm int|
|00000f80| 65 6e 64 73 20 74 6f 20 | 74 61 6b 65 20 6f 6e 20 |ends to |take on |
|00000f90| 61 2e 2e 2e 20 20 20 20 | 20 20 20 20 20 20 01 00 |a... | ..|
|00000fa0| 5f 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |_.......|........|
|00000fb0| 00 00 00 00 00 00 00 00 | 00 00 01 00 00 00 00 00 |........|........|
|00000fc0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 08 00 |........|........|
|00000fd0| 27 00 08 00 27 00 31 28 | 00 5f 5f 5f 5f 5f 5f 5f |'...'.1(|._______|
|00000fe0| 5f 20 69 73 20 61 6e 20 | 75 6e 73 65 63 75 72 65 |_ is an |unsecure|
|00000ff0| 64 20 6f 62 6c 69 67 61 | 74 69 6f 6e 2e 2e 2e 20 |d obliga|tion... |
|00001000| 20 01 00 5f 00 00 00 00 | 00 00 00 00 00 00 00 00 | .._....|........|
|00001010| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 01 00 00 |........|........|
|00001020| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001030| 00 08 00 28 00 08 00 28 | 00 31 29 00 5f 5f 5f 5f |...(...(|.1).____|
|00001040| 5f 5f 5f 5f 5f 5f 20 69 | 6e 63 6c 75 64 65 64 20 |______ i|ncluded |
|00001050| 69 6e 20 74 68 65 20 62 | 6f 6e 64 2e 2e 2e 20 20 |in the b|ond... |
|00001060| 20 20 20 20 01 00 5f 00 | 00 00 00 00 00 00 00 00 | .._.|........|
|00001070| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001080| 01 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001090| 00 00 00 00 08 00 29 00 | 08 00 29 00 31 2a 00 5f |......).|..).1*._|
|000010a0| 5f 5f 5f 5f 5f 5f 5f 5f | 5f 5f 5f 5f 5f 5f 5f 20 |________|_______ |
|000010b0| 69 73 20 61 6e 20 61 63 | 63 6f 75 6e 74 20 69 6e |is an ac|count in|
|000010c0| 74 6f 2e 2e 2e 20 20 01 | 00 5f 00 00 00 00 00 00 |to... .|._......|
|000010d0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000010e0| 00 00 00 01 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000010f0| 00 00 00 00 00 00 00 08 | 00 2a 00 08 00 2a 00 31 |........|.*...*.1|
|00001100| 2b 00 5f 5f 5f 5f 5f 5f | 5f 5f 5f 5f 20 69 73 20 |+.______|____ is |
|00001110| 74 68 65 20 6c 65 67 61 | 6c 20 64 6f 63 75 6d 65 |the lega|l docume|
|00001120| 6e 74 20 74 68 61 74 2e | 2e 2e 01 00 5f 00 00 00 |nt that.|...._...|
|00001130| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001140| 00 00 00 00 00 00 01 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001150| 00 00 00 00 00 00 00 00 | 00 00 08 00 2b 00 08 00 |........|....+...|
|00001160| 2b 00 31 2c 00 57 68 69 | 63 68 20 6f 66 20 74 68 |+.1,.Whi|ch of th|
|00001170| 65 20 66 6f 6c 6c 6f 77 | 69 6e 67 20 72 69 73 6b |e follow|ing risk|
|00001180| 73 20 64 6f 20 64 65 62 | 74 2e 2e 2e 20 01 00 5f |s do deb|t... .._|
|00001190| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000011a0| 00 00 00 00 00 00 00 00 | 00 01 00 00 00 00 00 00 |........|........|
|000011b0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 08 00 2c |........|.......,|
|000011c0| 00 08 00 2c 00 31 2d 00 | 57 68 69 63 68 20 6f 66 |...,.1-.|Which of|
|000011d0| 20 74 68 65 20 66 6f 6c | 6c 6f 77 69 6e 67 20 69 | the fol|lowing i|
|000011e0| 73 20 4e 4f 54 20 61 20 | 64 75 74 79 2e 2e 2e 20 |s NOT a |duty... |
|000011f0| 01 00 5f 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |.._.....|........|
|00001200| 00 00 00 00 00 00 00 00 | 00 00 00 00 01 00 00 00 |........|........|
|00001210| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001220| 08 00 2d 00 08 00 2d 00 | 31 2e 00 57 68 69 63 68 |..-...-.|1..Which|
|00001230| 20 6f 66 20 74 68 65 20 | 66 6f 6c 6c 6f 77 69 6e | of the |followin|
|00001240| 67 20 70 72 6f 76 69 73 | 69 6f 6e 73 2e 2e 2e 20 |g provis|ions... |
|00001250| 20 20 20 01 00 5f 00 00 | 00 00 00 00 00 00 00 00 | .._..|........|
|00001260| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 01 |........|........|
|00001270| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001280| 00 00 00 08 00 2e 00 08 | 00 2e 00 31 2f 00 41 20 |........|...1/.A |
|00001290| 5f 5f 5f 5f 5f 5f 5f 5f | 5f 5f 20 70 6c 65 64 67 |________|__ pledg|
|000012a0| 65 73 20 61 6c 6c 20 72 | 65 61 6c 2e 2e 2e 20 20 |es all r|eal... |
|000012b0| 20 20 20 20 20 20 01 00 | 5f 00 00 00 00 00 00 00 | ..|_.......|
|000012c0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000012d0| 00 00 01 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000012e0| 00 00 00 00 00 00 08 00 | 2f 00 08 00 2f 00 31 30 |........|/.../.10|
|000012f0| 00 57 68 69 63 68 20 6f | 66 20 74 68 65 20 66 6f |.Which o|f the fo|
|00001300| 6c 6c 6f 77 69 6e 67 20 | 69 73 20 4e 4f 54 20 61 |llowing |is NOT a|
|00001310| 2e 2e 2e 20 20 20 20 20 | 20 01 00 5f 00 00 00 00 |... | .._....|
|00001320| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001330| 00 00 00 00 00 01 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001340| 00 00 00 00 00 00 00 00 | 00 08 00 30 00 08 00 30 |........|...0...0|
|00001350| 00 31 31 00 49 67 6e 6f | 72 69 6e 67 20 64 65 66 |.11.Igno|ring def|
|00001360| 61 75 6c 74 2c 20 77 68 | 69 63 68 20 6f 66 20 74 |ault, wh|ich of t|
|00001370| 68 65 2e 2e 2e 20 20 20 | 20 20 20 20 01 00 5f 00 |he... | .._.|
|00001380| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001390| 00 00 00 00 00 00 00 00 | 01 00 00 00 00 00 00 00 |........|........|
|000013a0| 00 00 00 00 00 00 00 00 | 00 00 00 00 08 00 31 00 |........|......1.|
|000013b0| 08 00 31 00 31 32 00 57 | 68 69 63 68 20 6f 66 20 |..1.12.W|hich of |
|000013c0| 74 68 65 20 66 6f 6c 6c | 6f 77 69 6e 67 20 69 74 |the foll|owing it|
|000013d0| 65 6d 73 20 69 73 2f 61 | 72 65 2e 2e 2e 20 20 01 |ems is/a|re... .|
|000013e0| 00 5f 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |._......|........|
|000013f0| 00 00 00 00 00 00 00 00 | 00 00 00 01 00 00 00 00 |........|........|
|00001400| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 08 |........|........|
|00001410| 00 32 00 08 00 32 00 72 | 27 00 00 31 33 00 41 2f |.2...2.r|'..13.A/|
|00001420| 61 6e 20 5f 5f 5f 5f 5f | 5f 5f 20 62 6f 6e 64 20 |an _____|__ bond |
|00001430| 69 73 20 69 73 73 75 65 | 64 20 77 69 74 68 6f 75 |is issue|d withou|
|00001440| 74 2e 2e 2e 20 20 01 00 | 5f 00 00 00 00 00 00 00 |t... ..|_.......|
|00001450| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001460| 00 00 01 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001470| 00 00 00 00 00 00 08 00 | 33 00 08 00 33 00 31 34 |........|3...3.14|
|00001480| 00 41 2f 61 6e 20 5f 5f | 5f 5f 5f 5f 5f 5f 20 69 |.A/an __|______ i|
|00001490| 73 20 73 65 63 75 72 65 | 64 20 6f 6e 6c 79 20 62 |s secure|d only b|
|000014a0| 79 20 74 68 65 2e 2e 2e | 20 01 00 5f 00 00 00 00 |y the...| .._....|
|000014b0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000014c0| 00 00 00 00 00 01 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000014d0| 00 00 00 00 00 00 00 00 | 00 08 00 34 00 08 00 34 |........|...4...4|
|000014e0| 00 31 35 00 41 6c 6c 20 | 65 6c 73 65 20 65 71 75 |.15.All |else equ|
|000014f0| 61 6c 2c 20 74 68 65 20 | 65 78 69 73 74 65 6e 63 |al, the |existenc|
|00001500| 65 20 6f 66 20 61 2e 2e | 2e 20 20 20 01 00 5f 00 |e of a..|. .._.|
|00001510| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001520| 00 00 00 00 00 00 00 00 | 01 00 00 00 00 00 00 00 |........|........|
|00001530| 00 00 00 00 00 00 00 00 | 00 00 00 00 08 00 35 00 |........|......5.|
|00001540| 08 00 35 00 31 36 00 5f | 5f 5f 5f 5f 5f 20 69 73 |..5.16._|_____ is|
|00001550| 20 74 68 65 20 72 61 74 | 69 6e 67 20 67 69 76 65 | the rat|ing give|
|00001560| 6e 20 74 6f 20 69 6e 63 | 6f 6d 65 2e 2e 2e 20 01 |n to inc|ome... .|
|00001570| 00 5f 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |._......|........|
|00001580| 00 00 00 00 00 00 00 00 | 00 00 00 01 00 00 00 00 |........|........|
|00001590| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 08 |........|........|
|000015a0| 00 36 00 08 00 36 00 31 | 37 00 5f 5f 5f 5f 5f 5f |.6...6.1|7.______|
|000015b0| 20 69 73 20 74 68 65 20 | 68 69 67 68 65 73 74 20 | is the |highest |
|000015c0| 72 61 74 69 6e 67 20 67 | 69 76 65 6e 20 62 79 2e |rating g|iven by.|
|000015d0| 2e 2e 01 00 5f 00 00 00 | 00 00 00 00 00 00 00 00 |...._...|........|
|000015e0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 01 00 |........|........|
|000015f0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001600| 00 00 08 00 37 00 08 00 | 37 00 31 38 00 41 2f 61 |....7...|7.18.A/a|
|00001610| 6e 20 5f 5f 5f 5f 5f 5f | 5f 5f 5f 20 62 6f 6e 64 |n ______|___ bond|
|00001620| 20 69 73 20 6f 66 74 65 | 6e 20 70 75 74 74 61 62 | is ofte|n puttab|
|00001630| 6c 65 2e 2e 2e 01 00 5f | 00 00 00 00 00 00 00 00 |le....._|........|
|00001640| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001650| 00 01 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001660| 00 00 00 00 00 08 00 38 | 00 08 00 38 00 31 39 00 |.......8|...8.19.|
|00001670| 49 66 20 61 20 66 69 72 | 6d 20 69 73 20 61 6c 6c |If a fir|m is all|
|00001680| 6f 77 65 64 20 74 6f 20 | 6d 69 73 73 20 61 20 63 |owed to |miss a c|
|00001690| 6f 75 70 6f 6e 2e 2e 2e | 01 00 5f 00 00 00 00 00 |oupon...|.._.....|
|000016a0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000016b0| 00 00 00 00 01 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000016c0| 00 00 00 00 00 00 00 00 | 08 00 39 00 08 00 39 00 |........|..9...9.|
|000016d0| 31 3a 00 46 6f 72 20 61 | 20 62 6f 6e 64 20 73 65 |1:.For a| bond se|
|000016e0| 6c 6c 69 6e 67 20 61 74 | 20 70 61 72 2c 20 74 68 |lling at| par, th|
|000016f0| 65 20 79 69 65 6c 64 2e | 2e 2e 20 01 00 5f 00 00 |e yield.|.. .._..|
|00001700| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001710| 00 00 00 00 00 00 00 01 | 00 00 00 00 00 00 00 00 |........|........|
|00001720| 00 00 00 00 00 00 00 00 | 00 00 00 08 00 3a 00 08 |........|.....:..|
|00001730| 00 3a 00 31 3b 00 57 68 | 69 63 68 20 6f 66 20 74 |.:.1;.Wh|ich of t|
|00001740| 68 65 20 66 6f 6c 6c 6f | 77 69 6e 67 20 69 74 65 |he follo|wing ite|
|00001750| 6d 73 20 64 6f 65 73 20 | 4e 4f 54 2e 2e 2e 01 00 |ms does |NOT.....|
|00001760| 5f 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |_.......|........|
|00001770| 00 00 00 00 00 00 00 00 | 00 00 01 00 00 00 00 00 |........|........|
|00001780| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 08 00 |........|........|
|00001790| 3b 00 08 00 3b 00 31 3c | 00 49 66 20 74 68 65 20 |;...;.1<|.If the |
|000017a0| 72 65 71 75 69 72 65 64 | 20 72 65 74 75 72 6e 20 |required| return |
|000017b0| 6f 6e 20 61 20 62 6f 6e | 64 20 64 6f 65 73 2e 2e |on a bon|d does..|
|000017c0| 2e 01 00 5f 00 00 00 00 | 00 00 00 00 00 00 00 00 |..._....|........|
|000017d0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 01 00 00 |........|........|
|000017e0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000017f0| 00 08 00 3c 00 08 00 3c | 00 31 3d 00 57 68 69 63 |...<...<|.1=.Whic|
|00001800| 68 20 6f 66 20 74 68 65 | 20 66 6f 6c 6c 6f 77 69 |h of the| followi|
|00001810| 6e 67 20 69 73 20 61 20 | 74 72 75 65 2e 2e 2e 20 |ng is a |true... |
|00001820| 20 20 20 20 01 00 5f 00 | 00 00 00 00 00 00 00 00 | .._.|........|
|00001830| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001840| 01 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001850| 00 00 00 00 08 00 3d 00 | 08 00 3d 00 31 3e 00 54 |......=.|..=.1>.T|
|00001860| 68 65 20 79 69 65 6c 64 | 20 74 6f 20 6d 61 74 75 |he yield| to matu|
|00001870| 72 69 74 79 20 6f 6e 20 | 61 20 73 65 6d 69 61 6e |rity on |a semian|
|00001880| 6e 75 61 6c 2e 2e 2e 01 | 00 5f 00 00 00 00 00 00 |nual....|._......|
|00001890| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000018a0| 00 00 00 01 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000018b0| 00 00 00 00 00 00 00 08 | 00 3e 00 08 00 3e 00 31 |........|.>...>.1|
|000018c0| 3f 00 49 66 20 79 6f 75 | 20 70 75 72 63 68 61 73 |?.If you| purchas|
|000018d0| 65 20 61 20 62 6f 6e 64 | 20 77 68 69 63 68 20 69 |e a bond| which i|
|000018e0| 73 2e 2e 2e 20 20 20 20 | 20 20 01 00 5f 00 00 00 |s... | .._...|
|000018f0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001900| 00 00 00 00 00 00 01 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001910| 00 00 00 00 00 00 00 00 | 00 00 08 00 3f 00 08 00 |........|....?...|
|00001920| 3f 00 31 40 00 41 6c 6c | 20 65 6c 73 65 20 65 71 |?.1@.All| else eq|
|00001930| 75 61 6c 2c 20 69 6e 74 | 65 72 65 73 74 20 72 61 |ual, int|erest ra|
|00001940| 74 65 20 72 69 73 6b 20 | 69 73 2e 2e 2e 01 00 5f |te risk |is....._|
|00001950| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001960| 00 00 00 00 00 00 00 00 | 00 01 00 00 00 00 00 00 |........|........|
|00001970| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 08 00 40 |........|.......@|
|00001980| 00 08 00 40 00 31 41 00 | 41 73 20 61 20 63 6f 72 |...@.1A.|As a cor|
|00001990| 70 6f 72 61 74 65 20 74 | 72 65 61 73 75 72 65 72 |porate t|reasurer|
|000019a0| 2c 20 79 6f 75 20 6d 61 | 6e 61 67 65 2e 2e 2e 20 |, you ma|nage... |
|000019b0| 01 00 5f 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |.._.....|........|
|000019c0| 00 00 00 00 00 00 00 00 | 00 00 00 00 01 00 00 00 |........|........|
|000019d0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000019e0| 08 00 41 00 08 00 41 00 | 31 42 00 41 73 73 75 6d |..A...A.|1B.Assum|
|000019f0| 65 20 74 68 65 20 72 65 | 71 75 69 72 65 64 20 72 |e the re|quired r|
|00001a00| 65 74 75 72 6e 20 6f 6e | 20 61 2e 2e 2e 20 20 20 |eturn on| a... |
|00001a10| 20 20 20 01 00 5f 00 00 | 00 00 00 00 00 00 00 00 | .._..|........|
|00001a20| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 01 |........|........|
|00001a30| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001a40| 00 00 00 08 00 42 00 08 | 00 42 00 31 43 00 41 73 |.....B..|.B.1C.As|
|00001a50| 73 75 6d 65 20 62 6f 6e | 64 20 58 20 69 73 20 73 |sume bon|d X is s|
|00001a60| 65 6c 6c 69 6e 67 20 61 | 74 20 61 20 70 72 65 6d |elling a|t a prem|
|00001a70| 69 75 6d 2e 2e 2e 01 00 | 5f 00 00 00 00 00 00 00 |ium.....|_.......|
|00001a80| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001a90| 00 00 01 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001aa0| 00 00 00 00 00 00 08 00 | 43 00 08 00 43 00 31 44 |........|C...C.1D|
|00001ab0| 00 49 66 20 69 6e 76 65 | 73 74 6f 72 73 20 61 72 |.If inve|stors ar|
|00001ac0| 65 20 75 6e 63 65 72 74 | 61 69 6e 20 74 68 61 74 |e uncert|ain that|
|00001ad0| 20 74 68 65 79 2e 2e 2e | 20 01 00 5f 00 00 00 00 | they...| .._....|
|00001ae0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001af0| 00 00 00 00 00 01 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001b00| 00 00 00 00 00 00 00 00 | 00 08 00 44 00 08 00 44 |........|...D...D|
|00001b10| 00 31 45 00 41 6c 6c 20 | 65 6c 73 65 20 65 71 75 |.1E.All |else equ|
|00001b20| 61 6c 2c 20 74 68 65 20 | 6d 61 72 6b 65 74 20 76 |al, the |market v|
|00001b30| 61 6c 75 65 20 6f 66 20 | 61 2e 2e 2e 01 00 5f 00 |alue of |a....._.|
|00001b40| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001b50| 00 00 00 00 00 00 00 00 | 01 00 00 00 00 00 00 00 |........|........|
|00001b60| 00 00 00 00 00 00 00 00 | 00 00 00 00 08 00 45 00 |........|......E.|
|00001b70| 08 00 45 00 31 46 00 54 | 68 65 20 72 65 6c 61 74 |..E.1F.T|he relat|
|00001b80| 69 6f 6e 73 68 69 70 20 | 62 65 74 77 65 65 6e 20 |ionship |between |
|00001b90| 6e 6f 6d 69 6e 61 6c 2e | 2e 2e 20 20 20 20 20 01 |nominal.|.. .|
|00001ba0| 00 5f 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |._......|........|
|00001bb0| 00 00 00 00 00 00 00 00 | 00 00 00 01 00 00 00 00 |........|........|
|00001bc0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 08 |........|........|
|00001bd0| 00 46 00 08 00 46 00 31 | 47 00 54 68 65 20 63 6f |.F...F.1|G.The co|
|00001be0| 6d 70 6f 6e 65 6e 74 28 | 73 29 20 6f 66 20 6e 6f |mponent(|s) of no|
|00001bf0| 6d 69 6e 61 6c 20 72 65 | 74 75 72 6e 73 2e 2e 2e |minal re|turns...|
|00001c00| 20 20 01 00 5f 00 00 00 | 00 00 00 00 00 00 00 00 | .._...|........|
|00001c10| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 01 00 |........|........|
|00001c20| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001c30| 00 00 08 00 47 00 08 00 | 47 00 31 48 00 52 65 74 |....G...|G.1H.Ret|
|00001c40| 75 72 6e 73 20 74 68 61 | 74 20 68 61 76 65 20 6e |urns tha|t have n|
|00001c50| 6f 74 20 62 65 65 6e 20 | 61 64 6a 75 73 74 65 64 |ot been |adjusted|
|00001c60| 2e 2e 2e 20 20 01 00 5f | 00 00 00 00 00 00 00 00 |... .._|........|
|00001c70| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001c80| 00 01 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001c90| 00 00 00 00 00 08 00 48 | 00 08 00 48 00 31 49 00 |.......H|...H.1I.|
|00001ca0| 5f 5f 5f 5f 5f 5f 5f 5f | 20 72 65 74 75 72 6e 73 |________| returns|
|00001cb0| 20 6d 65 61 73 75 72 65 | 20 74 68 65 2e 2e 2e 20 | measure| the... |
|00001cc0| 20 20 20 20 20 20 20 20 | 01 00 5f 00 00 00 00 00 | |.._.....|
|00001cd0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001ce0| 00 00 00 00 01 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001cf0| 00 00 00 00 00 00 00 00 | 08 00 49 00 08 00 49 00 |........|..I...I.|
|00001d00| 31 4a 00 53 75 70 70 6f | 73 65 20 79 6f 75 20 6f |1J.Suppo|se you o|
|00001d10| 70 65 6e 20 54 68 65 20 | 57 61 6c 6c 20 53 74 72 |pen The |Wall Str|
|00001d20| 65 65 74 2e 2e 2e 20 20 | 20 20 20 01 00 5f 00 00 |eet... | .._..|
|00001d30| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001d40| 00 00 00 00 00 00 00 01 | 00 00 00 00 00 00 00 00 |........|........|
|00001d50| 00 00 00 00 00 00 00 00 | 00 00 00 08 00 4a 00 08 |........|.....J..|
|00001d60| 00 4a 00 31 4b 00 54 68 | 65 20 5f 5f 5f 5f 5f 5f |.J.1K.Th|e ______|
|00001d70| 5f 5f 5f 5f 5f 5f 20 69 | 73 20 6b 6e 6f 77 6e 20 |______ i|s known |
|00001d80| 61 73 20 74 68 65 20 74 | 65 72 6d 2e 2e 2e 01 00 |as the t|erm.....|
|00001d90| 5f 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |_.......|........|
|00001da0| 00 00 00 00 00 00 00 00 | 00 00 01 00 00 00 00 00 |........|........|
|00001db0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 08 00 |........|........|
|00001dc0| 4b 00 08 00 4b 00 31 4c | 00 54 68 65 20 5f 5f 5f |K...K.1L|.The ___|
|00001dd0| 5f 5f 5f 5f 5f 5f 5f 5f | 5f 20 63 6f 6d 70 6f 6e |________|_ compon|
|00001de0| 65 6e 74 20 6f 66 20 74 | 68 65 2e 2e 2e 20 20 20 |ent of t|he... |
|00001df0| 20 01 00 5f 00 00 00 00 | 00 00 00 00 00 00 00 00 | .._....|........|
|00001e00| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 01 00 00 |........|........|
|00001e10| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001e20| 00 08 00 4c 00 08 00 4c | 00 31 4d 00 5f 5f 5f 5f |...L...L|.1M.____|
|00001e30| 5f 5f 5f 5f 5f 20 77 69 | 6c 6c 20 63 61 75 73 65 |_____ wi|ll cause|
|00001e40| 20 74 68 65 20 73 6c 6f | 70 65 20 6f 66 20 74 68 | the slo|pe of th|
|00001e50| 65 2e 2e 2e 01 00 5f 00 | 00 00 00 00 00 00 00 00 |e....._.|........|
|00001e60| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001e70| 01 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001e80| 00 00 00 00 08 00 4d 00 | 08 00 4d 00 31 4e 00 57 |......M.|..M.1N.W|
|00001e90| 68 69 63 68 20 6f 66 20 | 74 68 65 20 66 6f 6c 6c |hich of |the foll|
|00001ea0| 6f 77 69 6e 67 20 69 73 | 20 61 20 62 61 73 69 63 |owing is| a basic|
|00001eb0| 2e 2e 2e 20 20 20 20 01 | 00 5f 00 00 00 00 00 00 |... .|._......|
|00001ec0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001ed0| 00 00 00 01 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001ee0| 00 00 00 00 00 00 00 08 | 00 4e 00 08 00 4e 00 31 |........|.N...N.1|
|00001ef0| 4f 00 57 68 69 63 68 20 | 6f 66 20 74 68 65 20 66 |O.Which |of the f|
|00001f00| 6f 6c 6c 6f 77 69 6e 67 | 20 69 73 20 61 20 62 61 |ollowing| is a ba|
|00001f10| 73 69 63 2e 2e 2e 20 20 | 20 20 01 00 5f 00 00 00 |sic... | .._...|
|00001f20| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001f30| 00 00 00 00 00 00 01 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001f40| 00 00 00 00 00 00 00 00 | 00 00 08 00 4f 00 08 00 |........|....O...|
|00001f50| 4f 00 31 50 00 54 68 65 | 20 74 65 72 6d 20 73 74 |O.1P.The| term st|
|00001f60| 72 75 63 74 75 72 65 20 | 6f 66 20 69 6e 74 65 72 |ructure |of inter|
|00001f70| 65 73 74 20 72 61 74 65 | 73 2e 2e 2e 20 01 00 5f |est rate|s... .._|
|00001f80| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00001f90| 00 00 00 00 00 00 00 00 | 00 01 00 00 00 00 00 00 |........|........|
|00001fa0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 08 00 50 |........|.......P|
|00001fb0| 00 08 00 50 00 31 51 00 | 57 68 69 63 68 20 6f 66 |...P.1Q.|Which of|
|00001fc0| 20 74 68 65 20 66 6f 6c | 6c 6f 77 69 6e 67 20 69 | the fol|lowing i|
|00001fd0| 73 20 4e 4f 54 20 74 72 | 75 65 3f 2e 2e 2e 20 20 |s NOT tr|ue?... |
|00001fe0| 01 00 5f 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |.._.....|........|
|00001ff0| 00 00 00 00 00 00 00 00 | 00 00 00 00 01 00 00 00 |........|........|
|00002000| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002010| 08 00 51 00 08 00 51 00 | 31 52 00 57 68 69 63 68 |..Q...Q.|1R.Which|
|00002020| 20 6f 66 20 74 68 65 20 | 66 6f 6c 6c 6f 77 69 6e | of the |followin|
|00002030| 67 20 64 6f 65 73 20 4e | 4f 54 2e 2e 2e 20 20 20 |g does N|OT... |
|00002040| 20 20 20 01 00 5f 00 00 | 00 00 00 00 00 00 00 00 | .._..|........|
|00002050| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 01 |........|........|
|00002060| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002070| 00 00 00 08 00 52 00 08 | 00 52 00 31 53 00 49 66 |.....R..|.R.1S.If|
|00002080| 20 69 6e 76 65 73 74 6f | 72 73 20 61 72 65 20 75 | investo|rs are u|
|00002090| 6e 63 65 72 74 61 69 6e | 20 74 68 61 74 20 61 2e |ncertain| that a.|
|000020a0| 2e 2e 20 20 20 20 01 00 | 5f 00 00 00 00 00 00 00 |.. ..|_.......|
|000020b0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000020c0| 00 00 01 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000020d0| 00 00 00 00 00 00 08 00 | 53 00 08 00 53 00 31 54 |........|S...S.1T|
|000020e0| 00 44 69 7a 7a 79 20 43 | 6f 72 70 2e 20 68 61 73 |.Dizzy C|orp. has|
|000020f0| 20 62 6f 6e 64 73 20 6f | 75 74 73 74 61 6e 64 69 | bonds o|utstandi|
|00002100| 6e 67 2e 2e 2e 20 20 20 | 20 01 00 5f 00 00 00 00 |ng... | .._....|
|00002110| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002120| 00 00 00 00 00 01 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002130| 00 00 00 00 00 00 00 00 | 00 08 00 54 00 08 00 54 |........|...T...T|
|00002140| 00 31 55 00 47 65 6f 72 | 67 65 20 62 6f 75 67 68 |.1U.Geor|ge bough|
|00002150| 74 20 61 6e 20 69 6e 76 | 65 73 74 6d 65 6e 74 20 |t an inv|estment |
|00002160| 6f 6e 65 20 79 65 61 72 | 2e 2e 2e 20 01 00 5f 00 |one year|... .._.|
|00002170| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002180| 00 00 00 00 00 00 00 00 | 01 00 00 00 00 00 00 00 |........|........|
|00002190| 00 00 00 00 00 00 00 00 | 00 00 00 00 08 00 55 00 |........|......U.|
|000021a0| 08 00 55 00 31 56 00 59 | 6f 75 20 70 72 65 73 65 |..U.1V.Y|ou prese|
|000021b0| 6e 74 6c 79 20 6f 77 6e | 20 73 74 6f 63 6b 20 74 |ntly own| stock t|
|000021c0| 68 61 74 20 79 6f 75 2e | 2e 2e 20 20 20 20 20 01 |hat you.|.. .|
|000021d0| 00 5f 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |._......|........|
|000021e0| 00 00 00 00 00 00 00 00 | 00 00 00 01 00 00 00 00 |........|........|
|000021f0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 08 |........|........|
|00002200| 00 56 00 08 00 56 00 31 | 57 00 59 6f 75 20 70 75 |.V...V.1|W.You pu|
|00002210| 72 63 68 61 73 65 64 20 | 61 20 62 6f 6e 64 20 61 |rchased |a bond a|
|00002220| 20 79 65 61 72 20 61 67 | 6f 20 66 6f 72 2e 2e 2e | year ag|o for...|
|00002230| 20 20 01 00 5f 00 00 00 | 00 00 00 00 00 00 00 00 | .._...|........|
|00002240| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 01 00 |........|........|
|00002250| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002260| 00 00 08 00 57 00 08 00 | 57 00 31 58 00 53 75 70 |....W...|W.1X.Sup|
|00002270| 70 6f 73 65 20 79 6f 75 | 20 72 65 61 64 20 74 68 |pose you| read th|
|00002280| 61 74 20 61 20 62 6f 6e | 64 20 77 69 74 68 20 61 |at a bon|d with a|
|00002290| 2e 2e 2e 20 20 01 00 5f | 00 00 00 00 00 00 00 00 |... .._|........|
|000022a0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000022b0| 00 01 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000022c0| 00 00 00 00 00 08 00 58 | 00 08 00 58 00 31 59 00 |.......X|...X.1Y.|
|000022d0| 54 68 65 20 57 68 69 74 | 65 73 65 6c 6c 20 41 74 |The Whit|esell At|
|000022e0| 68 6c 65 74 69 63 20 43 | 6f 72 70 6f 72 61 74 69 |hletic C|orporati|
|000022f0| 6f 6e 27 73 2e 2e 2e 20 | 01 00 5f 00 00 00 00 00 |on's... |.._.....|
|00002300| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002310| 00 00 00 00 01 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002320| 00 00 00 00 00 00 00 00 | 08 00 59 00 08 00 59 00 |........|..Y...Y.|
|00002330| 31 5a 00 44 26 47 20 45 | 6e 74 65 72 70 72 69 73 |1Z.D&G E|nterpris|
|00002340| 65 73 20 69 73 73 75 65 | 73 20 62 6f 6e 64 73 20 |es issue|s bonds |
|00002350| 77 69 74 68 20 61 2e 2e | 2e 20 20 01 00 5f 00 00 |with a..|. .._..|
|00002360| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002370| 00 00 00 00 00 00 00 01 | 00 00 00 00 00 00 00 00 |........|........|
|00002380| 00 00 00 00 00 00 00 00 | 00 00 00 08 00 5a 00 08 |........|.....Z..|
|00002390| 00 5a 00 31 5b 00 49 66 | 20 69 6e 76 65 73 74 6f |.Z.1[.If| investo|
|000023a0| 72 73 20 72 65 71 75 69 | 72 65 20 61 20 37 25 20 |rs requi|re a 7% |
|000023b0| 6e 6f 6d 69 6e 61 6c 2e | 2e 2e 20 20 20 20 01 00 |nominal.|.. ..|
|000023c0| 5f 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |_.......|........|
|000023d0| 00 00 00 00 00 00 00 00 | 00 00 01 00 00 00 00 00 |........|........|
|000023e0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 08 00 |........|........|
|000023f0| 5b 00 08 00 5b 00 31 5c | 00 49 66 20 69 6e 76 65 |[...[.1\|.If inve|
|00002400| 73 74 6f 72 73 20 72 65 | 71 75 69 72 65 20 61 20 |stors re|quire a |
|00002410| 37 25 20 6e 6f 6d 69 6e | 61 6c 2e 2e 2e 20 20 20 |7% nomin|al... |
|00002420| 20 01 00 5f 00 00 00 00 | 00 00 00 00 00 00 00 00 | .._....|........|
|00002430| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 01 00 00 |........|........|
|00002440| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002450| 00 08 00 5c 00 08 00 5c | 00 31 5d 00 59 6f 75 20 |...\...\|.1].You |
|00002460| 65 61 72 6e 20 61 20 35 | 25 20 72 65 61 6c 20 72 |earn a 5|% real r|
|00002470| 65 74 75 72 6e 2e 20 20 | 49 66 20 74 68 65 2e 2e |eturn. |If the..|
|00002480| 2e 20 20 20 01 00 5f 00 | 00 00 00 00 00 00 00 00 |. .._.|........|
|00002490| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000024a0| 01 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000024b0| 00 00 00 00 08 00 5d 00 | 08 00 5d 00 31 5e 00 53 |......].|..].1^.S|
|000024c0| 75 70 70 6f 73 65 20 79 | 6f 75 20 70 75 72 63 68 |uppose y|ou purch|
|000024d0| 61 73 65 20 61 20 7a 65 | 72 6f 20 63 6f 75 70 6f |ase a ze|ro coupo|
|000024e0| 6e 2e 2e 2e 20 20 20 01 | 00 5f 00 00 00 00 00 00 |n... .|._......|
|000024f0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002500| 00 00 00 01 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002510| 00 00 00 00 00 00 00 08 | 00 5e 00 08 00 5e 00 31 |........|.^...^.1|
|00002520| 5f 00 53 75 70 70 6f 73 | 65 20 79 6f 75 20 70 75 |_.Suppos|e you pu|
|00002530| 72 63 68 61 73 65 20 61 | 20 7a 65 72 6f 20 63 6f |rchase a| zero co|
|00002540| 75 70 6f 6e 2e 2e 2e 20 | 20 20 01 00 5f 00 00 00 |upon... | .._...|
|00002550| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002560| 00 00 00 00 00 00 01 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002570| 00 00 00 00 00 00 00 00 | 00 00 08 00 5f 00 08 00 |........|...._...|
|00002580| 5f 00 31 60 00 57 68 61 | 74 20 69 73 20 74 68 65 |_.1`.Wha|t is the|
|00002590| 20 79 69 65 6c 64 2d 74 | 6f 2d 6d 61 74 75 72 69 | yield-t|o-maturi|
|000025a0| 74 79 20 6f 6e 20 61 2e | 2e 2e 20 20 20 01 00 5f |ty on a.|.. .._|
|000025b0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000025c0| 00 00 00 00 00 00 00 00 | 00 01 00 00 00 00 00 00 |........|........|
|000025d0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 08 00 60 |........|.......`|
|000025e0| 00 08 00 60 00 31 61 00 | 4a 26 4a 20 45 6e 74 65 |...`.1a.|J&J Ente|
|000025f0| 72 70 72 69 73 65 73 20 | 77 61 6e 74 73 20 74 6f |rprises |wants to|
|00002600| 20 69 73 73 75 65 20 65 | 69 67 68 74 79 2e 2e 2e | issue e|ighty...|
|00002610| 01 00 5f 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |.._.....|........|
|00002620| 00 00 00 00 00 00 00 00 | 00 00 00 00 01 00 00 00 |........|........|
|00002630| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002640| 08 00 61 00 08 00 61 00 | 31 62 00 4a 26 4a 20 45 |..a...a.|1b.J&J E|
|00002650| 6e 74 65 72 70 72 69 73 | 65 73 20 77 61 6e 74 73 |nterpris|es wants|
|00002660| 20 74 6f 20 69 73 73 75 | 65 2e 2e 2e 20 20 20 20 | to issu|e... |
|00002670| 20 20 20 01 00 5f 00 00 | 00 00 00 00 00 00 00 00 | .._..|........|
|00002680| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 01 |........|........|
|00002690| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000026a0| 00 00 00 08 00 62 00 08 | 00 62 00 31 63 00 43 61 |.....b..|.b.1c.Ca|
|000026b0| 72 73 6f 6e 20 50 72 6f | 64 75 63 74 69 6f 6e 73 |rson Pro|ductions|
|000026c0| 20 69 73 20 67 6f 69 6e | 67 20 74 6f 20 69 73 73 | is goin|g to iss|
|000026d0| 75 65 2e 2e 2e 20 01 00 | 5f 00 00 00 00 00 00 00 |ue... ..|_.......|
|000026e0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000026f0| 00 00 01 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002700| 00 00 00 00 00 00 08 00 | 63 00 08 00 63 00 31 64 |........|c...c.1d|
|00002710| 00 57 68 61 74 20 69 73 | 20 74 68 65 20 6d 61 72 |.What is| the mar|
|00002720| 6b 65 74 20 76 61 6c 75 | 65 20 6f 66 20 61 20 62 |ket valu|e of a b|
|00002730| 6f 6e 64 2e 2e 2e 20 20 | 20 01 00 5f 00 00 00 00 |ond... | .._....|
|00002740| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002750| 00 00 00 00 00 01 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002760| 00 00 00 00 00 00 00 00 | 00 08 00 64 00 08 00 64 |........|...d...d|
|00002770| 00 00 00 00 00 31 65 00 | 4a 26 4a 20 4d 61 6e 75 |.....1e.|J&J Manu|
|00002780| 66 61 63 74 75 72 69 6e | 67 20 6a 75 73 74 20 69 |facturin|g just i|
|00002790| 73 73 75 65 64 20 61 20 | 62 6f 6e 64 2e 2e 2e 20 |ssued a |bond... |
|000027a0| 01 00 5f 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |.._.....|........|
|000027b0| 00 00 00 00 00 00 00 00 | 00 00 00 00 01 00 00 00 |........|........|
|000027c0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000027d0| 08 00 65 00 08 00 65 00 | 31 66 00 4a 26 4a 20 4d |..e...e.|1f.J&J M|
|000027e0| 61 6e 75 66 61 63 74 75 | 72 69 6e 67 20 6a 75 73 |anufactu|ring jus|
|000027f0| 74 20 69 73 73 75 65 64 | 20 61 20 62 6f 6e 64 2e |t issued| a bond.|
|00002800| 2e 2e 20 01 00 5f 00 00 | 00 00 00 00 00 00 00 00 |.. .._..|........|
|00002810| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 01 |........|........|
|00002820| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002830| 00 00 00 08 00 66 00 08 | 00 66 00 31 67 00 4a 26 |.....f..|.f.1g.J&|
|00002840| 4a 20 4d 61 6e 75 66 61 | 63 74 75 72 69 6e 67 20 |J Manufa|cturing |
|00002850| 6a 75 73 74 20 69 73 73 | 75 65 64 20 61 20 62 6f |just iss|ued a bo|
|00002860| 6e 64 2e 2e 2e 20 01 00 | 5f 00 00 00 00 00 00 00 |nd... ..|_.......|
|00002870| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002880| 00 00 01 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002890| 00 00 00 00 00 00 08 00 | 67 00 08 00 67 00 31 68 |........|g...g.1h|
|000028a0| 00 4a 26 4a 20 4d 61 6e | 75 66 61 63 74 75 72 69 |.J&J Man|ufacturi|
|000028b0| 6e 67 20 6a 75 73 74 20 | 69 73 73 75 65 64 20 61 |ng just |issued a|
|000028c0| 20 62 6f 6e 64 2e 2e 2e | 20 01 00 5f 00 00 00 00 | bond...| .._....|
|000028d0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000028e0| 00 00 00 00 00 01 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000028f0| 00 00 00 00 00 00 00 00 | 00 08 00 68 00 08 00 68 |........|...h...h|
|00002900| 00 31 69 00 4a 26 4a 20 | 4d 61 6e 75 66 61 63 74 |.1i.J&J |Manufact|
|00002910| 75 72 69 6e 67 20 6a 75 | 73 74 20 69 73 73 75 65 |uring ju|st issue|
|00002920| 64 20 61 20 62 6f 6e 64 | 2e 2e 2e 20 01 00 5f 00 |d a bond|... .._.|
|00002930| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002940| 00 00 00 00 00 00 00 00 | 01 00 00 00 00 00 00 00 |........|........|
|00002950| 00 00 00 00 00 00 00 00 | 00 00 00 00 08 00 69 00 |........|......i.|
|00002960| 08 00 69 00 31 6a 00 54 | 68 65 20 6d 61 72 6b 65 |..i.1j.T|he marke|
|00002970| 74 20 70 72 69 63 65 20 | 6f 66 20 61 20 62 6f 6e |t price |of a bon|
|00002980| 64 20 69 73 2e 2e 2e 20 | 20 20 20 20 20 20 20 01 |d is... | .|
|00002990| 00 5f 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |._......|........|
|000029a0| 00 00 00 00 00 00 00 00 | 00 00 00 01 00 00 00 00 |........|........|
|000029b0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 08 |........|........|
|000029c0| 00 6a 00 08 00 6a 00 31 | 6b 00 57 68 61 74 20 77 |.j...j.1|k.What w|
|000029d0| 6f 75 6c 64 20 79 6f 75 | 20 70 61 79 20 66 6f 72 |ould you| pay for|
|000029e0| 20 61 20 62 6f 6e 64 20 | 74 68 61 74 2e 2e 2e 20 | a bond |that... |
|000029f0| 20 20 01 00 5f 00 00 00 | 00 00 00 00 00 00 00 00 | .._...|........|
|00002a00| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 01 00 |........|........|
|00002a10| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002a20| 00 00 08 00 6b 00 08 00 | 6b 00 31 6c 00 41 6c 6c |....k...|k.1l.All|
|00002a30| 20 65 6c 73 65 20 62 65 | 69 6e 67 20 65 71 75 61 | else be|ing equa|
|00002a40| 6c 2c 20 69 66 20 69 6e | 74 65 72 65 73 74 2e 2e |l, if in|terest..|
|00002a50| 2e 20 20 20 20 01 00 5f | 00 00 00 00 00 00 00 00 |. .._|........|
|00002a60| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002a70| 00 01 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002a80| 00 00 00 00 00 08 00 6c | 00 08 00 6c 00 31 6d 00 |.......l|...l.1m.|
|00002a90| 4b 69 6e 67 20 4e 6f 6f | 64 6c 65 73 27 20 62 6f |King Noo|dles' bo|
|00002aa0| 6e 64 73 20 68 61 76 65 | 20 61 20 37 2e 35 25 2e |nds have| a 7.5%.|
|00002ab0| 2e 2e 20 20 20 20 20 20 | 01 00 5f 00 00 00 00 00 |.. |.._.....|
|00002ac0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002ad0| 00 00 00 00 01 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002ae0| 00 00 00 00 00 00 00 00 | 08 00 6d 00 08 00 6d 00 |........|..m...m.|
|00002af0| 31 6e 00 43 6f 72 6e 65 | 72 73 74 6f 6e 65 20 49 |1n.Corne|rstone I|
|00002b00| 6e 64 75 73 74 72 69 65 | 73 20 68 61 73 20 61 20 |ndustrie|s has a |
|00002b10| 62 6f 6e 64 2e 2e 2e 20 | 20 20 20 01 00 5f 00 00 |bond... | .._..|
|00002b20| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002b30| 00 00 00 00 00 00 00 01 | 00 00 00 00 00 00 00 00 |........|........|
|00002b40| 00 00 00 00 00 00 00 00 | 00 00 00 08 00 6e 00 08 |........|.....n..|
|00002b50| 00 6e 00 31 6f 00 54 68 | 65 20 62 6f 6e 64 73 20 |.n.1o.Th|e bonds |
|00002b60| 6f 66 20 4d 69 63 72 6f | 68 61 72 64 2c 20 49 6e |of Micro|hard, In|
|00002b70| 63 2e 20 63 61 72 72 79 | 20 61 2e 2e 2e 20 01 00 |c. carry| a... ..|
|00002b80| 5f 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |_.......|........|
|00002b90| 00 00 00 00 00 00 00 00 | 00 00 01 00 00 00 00 00 |........|........|
|00002ba0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 08 00 |........|........|
|00002bb0| 6f 00 08 00 6f 00 31 70 | 00 57 68 69 63 68 20 6f |o...o.1p|.Which o|
|00002bc0| 66 20 74 68 65 20 66 6f | 6c 6c 6f 77 69 6e 67 20 |f the fo|llowing |
|00002bd0| 69 73 20 4e 4f 54 20 74 | 72 75 65 3f 2e 2e 2e 20 |is NOT t|rue?... |
|00002be0| 20 01 00 5f 00 00 00 00 | 00 00 00 00 00 00 00 00 | .._....|........|
|00002bf0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 01 00 00 |........|........|
|00002c00| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002c10| 00 08 00 70 00 08 00 70 | 00 31 71 00 41 20 62 6f |...p...p|.1q.A bo|
|00002c20| 6e 64 20 68 61 73 20 61 | 20 70 61 72 20 76 61 6c |nd has a| par val|
|00002c30| 75 65 20 6f 66 20 24 31 | 2c 30 30 30 2c 20 68 61 |ue of $1|,000, ha|
|00002c40| 73 2e 2e 2e 01 00 5f 00 | 00 00 00 00 00 00 00 00 |s....._.|........|
|00002c50| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002c60| 01 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002c70| 00 00 00 00 08 00 71 00 | 08 00 71 00 31 72 00 4f |......q.|..q.1r.O|
|00002c80| 6e 20 4a 61 6e 75 61 72 | 79 20 31 2c 20 31 39 39 |n Januar|y 1, 199|
|00002c90| 37 2c 20 48 6f 6d 65 53 | 61 66 65 20 43 61 62 20 |7, HomeS|afe Cab |
|00002ca0| 43 6f 2e 2e 2e 2e 20 01 | 00 5f 00 00 00 00 00 00 |Co.... .|._......|
|00002cb0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002cc0| 00 00 00 01 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002cd0| 00 00 00 00 00 00 00 08 | 00 72 00 08 00 72 00 31 |........|.r...r.1|
|00002ce0| 73 00 57 68 61 74 20 69 | 73 20 74 68 65 20 42 6f |s.What i|s the Bo|
|00002cf0| 6e 64 20 76 61 6c 75 65 | 20 6f 66 20 61 20 42 25 |nd value| of a B%|
|00002d00| 20 63 6f 75 70 6f 6e 2e | 2e 2e 01 00 5f 00 00 00 | coupon.|...._...|
|00002d10| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002d20| 00 00 00 00 00 00 01 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002d30| 00 00 00 00 00 00 00 00 | 00 00 08 00 73 00 1e 00 |........|....s...|
|00002d40| 01 00 31 74 00 57 68 61 | 74 20 69 73 20 74 68 65 |..1t.Wha|t is the|
|00002d50| 20 63 75 72 72 65 6e 74 | 20 79 69 65 6c 64 20 6f | current| yield o|
|00002d60| 6e 20 61 20 63 25 2e 2e | 2e 20 20 20 20 01 00 5f |n a c%..|. .._|
|00002d70| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002d80| 00 00 00 00 00 00 00 00 | 00 01 00 00 00 00 00 00 |........|........|
|00002d90| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 08 00 74 |........|.......t|
|00002da0| 00 1e 00 02 00 31 75 00 | 57 68 61 74 20 69 73 20 |.....1u.|What is |
|00002db0| 74 68 65 20 59 54 4d 20 | 6f 6e 20 61 20 63 25 20 |the YTM |on a c% |
|00002dc0| 63 6f 75 70 6f 6e 20 62 | 6f 6e 64 2e 2e 2e 20 20 |coupon b|ond... |
|00002dd0| 01 00 5f 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |.._.....|........|
|00002de0| 00 00 00 00 00 00 00 00 | 00 00 00 00 01 00 00 00 |........|........|
|00002df0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002e00| 08 00 75 00 1e 00 03 00 | 31 76 00 49 66 20 70 72 |..u.....|1v.If pr|
|00002e10| 69 63 65 73 20 61 72 65 | 20 69 6e 63 72 65 61 73 |ices are| increas|
|00002e20| 69 6e 67 20 61 74 20 61 | 2e 2e 2e 20 20 20 20 20 |ing at a|... |
|00002e30| 20 20 20 01 00 5f 00 00 | 00 00 00 00 00 00 00 00 | .._..|........|
|00002e40| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 01 |........|........|
|00002e50| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002e60| 00 00 00 08 00 76 00 1e | 00 04 00 31 77 00 49 66 |.....v..|...1w.If|
|00002e70| 20 70 72 69 63 65 73 20 | 61 72 65 20 69 6e 63 72 | prices |are incr|
|00002e80| 65 61 73 69 6e 67 20 61 | 74 20 61 2e 2e 2e 20 20 |easing a|t a... |
|00002e90| 20 20 20 20 20 20 01 00 | 5f 00 00 00 00 00 00 00 | ..|_.......|
|00002ea0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002eb0| 00 00 01 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002ec0| 00 00 00 00 00 00 08 00 | 77 00 1e 00 05 00 31 78 |........|w.....1x|
|00002ed0| 00 49 66 20 61 6e 20 69 | 6e 76 65 73 74 6f 72 20 |.If an i|nvestor |
|00002ee0| 72 65 71 75 69 72 65 73 | 20 61 20 72 65 61 6c 72 |requires| a realr|
|00002ef0| 61 74 65 25 2e 2e 2e 20 | 20 01 00 5f 00 00 00 00 |ate%... | .._....|
|00002f00| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002f10| 00 00 00 00 00 01 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002f20| 00 00 00 00 00 00 00 00 | 00 08 00 78 00 1e 00 06 |........|...x....|
|00002f30| 00 31 79 00 49 66 20 61 | 20 72 65 70 72 65 73 65 |.1y.If a| represe|
|00002f40| 6e 74 61 74 69 76 65 20 | 70 72 6f 64 75 63 74 20 |ntative |product |
|00002f50| 69 6e 63 72 65 61 73 65 | 73 2e 2e 2e 01 00 5f 00 |increase|s....._.|
|00002f60| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00002f70| 00 00 00 00 00 00 00 00 | 01 00 00 00 00 00 00 00 |........|........|
|00002f80| 00 00 00 00 00 00 00 00 | 00 00 00 00 08 00 79 00 |........|......y.|
|00002f90| 1e 00 07 00 31 7a 00 49 | 66 20 74 68 65 20 6e 6f |....1z.I|f the no|
|00002fa0| 6d 69 6e 61 6c 20 72 61 | 74 65 20 6f 66 20 69 6e |minal ra|te of in|
|00002fb0| 74 65 72 65 73 74 20 6f | 6e 20 61 6e 2e 2e 2e 01 |terest o|n an....|
|00002fc0| 00 5f 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |._......|........|
|00002fd0| 00 00 00 00 00 00 00 00 | 00 00 00 01 00 00 00 00 |........|........|
|00002fe0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 08 |........|........|
|00002ff0| 00 7a 00 1e 00 08 00 00 | 00 00 20 20 20 20 20 20 |.z......|.. |
|00003000| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|00003010| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|00003020| 20 20 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 | ......|........|
|00003030| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003040| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003050| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 20 20 20 |........|..... |
|00003060| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|00003070| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|00003080| 20 20 20 20 20 00 00 00 | 00 00 00 00 00 00 00 00 | ...|........|
|00003090| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000030a0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000030b0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000030c0| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|000030d0| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|000030e0| 20 20 20 20 20 20 20 20 | 00 00 00 00 00 00 00 00 | |........|
|000030f0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003100| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003110| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003120| 00 00 00 20 20 20 20 20 | 20 20 20 20 20 20 20 20 |... | |
|00003130| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|00003140| 20 20 20 20 20 20 20 20 | 20 20 20 00 00 00 00 00 | | .....|
|00003150| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003160| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003170| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003180| 00 00 00 00 00 00 20 20 | 20 20 20 20 20 20 20 20 |...... | |
|00003190| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|000031a0| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 00 00 | | ..|
|000031b0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000031c0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000031d0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000031e0| 00 00 00 00 00 00 00 00 | 00 20 20 20 20 20 20 20 |........|. |
|000031f0| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|00003200| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|00003210| 20 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 | .......|........|
|00003220| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003230| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003240| 00 00 00 00 00 00 00 00 | 00 00 00 00 20 20 20 20 |........|.... |
|00003250| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|00003260| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|00003270| 20 20 20 20 00 00 00 00 | 00 00 00 00 00 00 00 00 | ....|........|
|00003280| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003290| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000032a0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 20 |........|....... |
|000032b0| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|000032c0| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|000032d0| 20 20 20 20 20 20 20 00 | 00 00 00 00 00 00 00 00 | .|........|
|000032e0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000032f0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003300| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003310| 00 00 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 |.. | |
|00003320| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|00003330| 20 20 20 20 20 20 20 20 | 20 20 00 00 00 00 00 00 | | ......|
|00003340| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003350| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003360| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003370| 00 00 00 00 00 20 20 20 | 20 20 20 20 20 20 20 20 |..... | |
|00003380| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|00003390| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 00 00 00 | | ...|
|000033a0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000033b0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000033c0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000033d0| 00 00 00 00 00 00 00 00 | 20 20 20 20 20 20 20 20 |........| |
|000033e0| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|000033f0| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|00003400| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003410| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003420| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003430| 00 00 00 00 00 00 00 00 | 00 00 00 20 20 20 20 20 |........|... |
|00003440| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|00003450| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|00003460| 20 20 20 00 00 00 00 00 | 00 00 00 00 00 00 00 00 | .....|........|
|00003470| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003480| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003490| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 20 20 |........|...... |
|000034a0| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|000034b0| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|000034c0| 20 20 20 20 20 20 00 00 | 00 00 00 00 00 00 00 00 | ..|........|
|000034d0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000034e0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000034f0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003500| 00 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 |. | |
|00003510| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|00003520| 20 20 20 20 20 20 20 20 | 20 00 00 00 00 00 00 00 | | .......|
|00003530| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003540| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003550| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003560| 00 00 00 00 20 20 20 20 | 20 20 20 20 20 20 20 20 |.... | |
|00003570| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|00003580| 20 20 20 20 20 20 20 20 | 20 20 20 20 00 00 00 00 | | ....|
|00003590| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000035a0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000035b0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000035c0| 00 00 00 00 00 00 00 20 | 20 20 20 20 20 20 20 20 |....... | |
|000035d0| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|000035e0| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 00 | | .|
|000035f0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003600| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003610| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003620| 00 00 00 00 00 00 00 00 | 00 00 20 20 20 20 20 20 |........|.. |
|00003630| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|00003640| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|00003650| 20 20 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 | ......|........|
|00003660| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003670| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003680| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 20 20 20 |........|..... |
|00003690| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|000036a0| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|000036b0| 20 20 20 20 20 00 00 00 | 00 00 00 00 00 00 00 00 | ...|........|
|000036c0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000036d0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000036e0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000036f0| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|00003700| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|00003710| 20 20 20 20 20 20 20 20 | 00 00 00 00 00 00 00 00 | |........|
|00003720| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003730| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003740| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003750| 00 00 00 20 20 20 20 20 | 20 20 20 20 20 20 20 20 |... | |
|00003760| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|00003770| 20 20 20 20 20 20 20 20 | 20 20 20 00 00 00 00 00 | | .....|
|00003780| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003790| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000037a0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000037b0| 00 00 00 00 00 00 20 20 | 20 20 20 20 20 20 20 20 |...... | |
|000037c0| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|000037d0| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 00 00 | | ..|
|000037e0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000037f0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003800| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003810| 00 00 00 00 00 00 00 00 | 00 20 20 20 20 20 20 20 |........|. |
|00003820| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|00003830| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|00003840| 20 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 | .......|........|
|00003850| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003860| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003870| 00 00 00 00 00 00 00 00 | 00 00 00 00 20 20 20 20 |........|.... |
|00003880| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|00003890| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|000038a0| 20 20 20 20 00 00 00 00 | 00 00 00 00 00 00 00 00 | ....|........|
|000038b0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000038c0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000038d0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 20 |........|....... |
|000038e0| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|000038f0| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|00003900| 20 20 20 20 20 20 20 00 | 00 00 00 00 00 00 00 00 | .|........|
|00003910| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003920| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003930| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003940| 00 00 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 |.. | |
|00003950| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|00003960| 20 20 20 20 20 20 20 20 | 20 20 00 00 00 00 00 00 | | ......|
|00003970| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003980| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003990| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000039a0| 00 00 00 00 00 20 20 20 | 20 20 20 20 20 20 20 20 |..... | |
|000039b0| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|000039c0| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 00 00 00 | | ...|
|000039d0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000039e0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000039f0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003a00| 00 00 00 00 00 00 00 00 | 20 20 20 20 20 20 20 20 |........| |
|00003a10| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|00003a20| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|00003a30| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003a40| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003a50| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003a60| 00 00 00 00 00 00 00 00 | 00 00 00 20 20 20 20 20 |........|... |
|00003a70| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|00003a80| 20 20 20 20 20 20 20 20 | 20 20 20 20 20 20 20 20 | | |
|00003a90| 20 20 20 00 00 00 00 00 | 00 00 00 00 00 00 00 00 | .....|........|
|00003aa0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003ab0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003ac0| 00 00 00 00 00 00 00 00 | 00 00 00 0a e1 00 00 98 |........|........|
|00003ad0| 3b 00 00 87 3d 00 00 2d | 3f 00 00 e6 41 00 00 ba |;...=..-|?...A...|
|00003ae0| 43 00 00 c6 45 00 00 66 | 47 00 00 61 49 00 00 62 |C...E..f|G..aI..b|
|00003af0| 4b 00 00 09 4d 00 00 df | 4e 00 00 c1 50 00 00 6e |K...M...|N...P..n|
|00003b00| 52 00 00 08 54 00 00 e0 | 55 00 00 db 57 00 00 f2 |R...T...|U...W...|
|00003b10| 59 00 00 2d 5c 00 00 3e | 5e 00 00 24 60 00 00 f0 |Y..-\..>|^..$`...|
|00003b20| 61 00 00 12 67 00 00 5d | 6b 00 00 f6 6f 00 00 7b |a...g..]|k...o..{|
|00003b30| 74 00 00 a0 79 00 00 95 | 7e 00 00 17 82 00 00 40 |t...y...|~......@|
|00003b40| 87 00 00 14 8c 00 00 7b | 91 00 00 c8 94 00 00 4a |.......{|.......J|
|00003b50| 99 00 00 93 9c 00 00 2a | a1 00 00 53 a5 00 00 ab |.......*|...S....|
|00003b60| a9 00 00 34 ad 00 00 5b | b1 00 00 da b6 00 00 06 |...4...[|........|
|00003b70| ba 00 00 cf bd 00 00 41 | c1 00 00 f3 c4 00 00 80 |.......A|........|
|00003b80| c8 00 00 52 cc 00 00 a3 | d0 00 00 03 d4 00 00 2c |...R....|.......,|
|00003b90| d8 00 00 db dc 00 00 33 | 01 00 39 00 00 00 00 00 |.......3|..9.....|
|00003ba0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003bb0| 02 00 02 00 14 00 7b 5c | 66 6f 6e 74 74 62 6c 7b |......{\|fonttbl{|
|00003bc0| 5c 66 30 7d 7b 5c 66 31 | 7d 7d 00 00 82 00 7b 20 |\f0}{\f1|}}....{ |
|00003bd0| 59 6f 75 72 20 66 69 72 | 6d 20 73 65 65 6b 73 20 |Your fir|m seeks |
|00003be0| 74 6f 20 6f 62 74 61 69 | 6e 20 61 20 73 68 6f 72 |to obtai|n a shor|
|00003bf0| 74 2d 74 65 72 6d 20 6c | 6f 61 6e 20 66 72 6f 6d |t-term l|oan from|
|00003c00| 20 61 20 6c 6f 63 61 6c | 20 62 61 6e 6b 2e 20 54 | a local| bank. T|
|00003c10| 68 65 20 62 61 6e 6b 65 | 72 20 71 75 6f 74 65 73 |he banke|r quotes|
|00003c20| 20 79 6f 75 20 61 20 72 | 61 74 65 20 6f 66 20 39 | you a r|ate of 9|
|00003c30| 20 70 65 72 63 65 6e 74 | 2e 20 54 68 69 73 20 69 | percent|. This i|
|00003c40| 73 20 61 20 72 65 61 6c | 20 72 61 74 65 2e 20 7d |s a real| rate. }|
|00003c50| 08 00 7b 20 54 72 75 65 | 20 7d 09 00 7b 20 46 61 |..{ True| }..{ Fa|
|00003c60| 6c 73 65 20 7d 00 00 00 | 00 00 00 64 00 7b 5c 66 |lse }...|...d.{\f|
|00003c70| 6f 6e 74 74 62 6c 7b 5c | 66 30 7d 7b 5c 66 31 7d |onttbl{\|f0}{\f1}|
|00003c80| 7d 7b 5c 44 46 20 41 72 | 65 20 6d 6f 73 74 20 72 |}{\DF Ar|e most r|
|00003c90| 61 74 65 73 20 71 75 6f | 74 65 64 20 61 73 20 72 |ates quo|ted as r|
|00003ca0| 65 61 6c 20 72 61 74 65 | 73 20 6f 72 20 6e 6f 6d |eal rate|s or nom|
|00003cb0| 69 6e 61 6c 20 72 61 74 | 65 73 3f 20 52 65 76 69 |inal rat|es? Revi|
|00003cc0| 65 77 20 73 65 63 74 69 | 6f 6e 20 37 2e 37 2e 20 |ew secti|on 7.7. |
|00003cd0| 7d 2b 00 7b 5c 66 6f 6e | 74 74 62 6c 7b 5c 66 30 |}+.{\fon|ttbl{\f0|
|00003ce0| 7d 7b 5c 66 31 7d 7d 7b | 5c 44 46 20 59 6f 75 20 |}{\f1}}{|\DF You |
|00003cf0| 61 72 65 20 63 6f 72 72 | 65 63 74 21 20 7d 00 00 |are corr|ect! }..|
|00003d00| 00 00 00 00 00 00 01 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003d10| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003d20| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003d30| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003d40| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003d50| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003d60| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003d70| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003d80| 00 00 00 00 00 00 33 01 | 00 39 00 00 00 00 00 00 |......3.|.9......|
|00003d90| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 01 |........|........|
|00003da0| 00 02 00 14 00 7b 5c 66 | 6f 6e 74 74 62 6c 7b 5c |.....{\f|onttbl{\|
|00003db0| 66 30 7d 7b 5c 66 31 7d | 7d 00 00 42 00 7b 20 46 |f0}{\f1}|}..B.{ F|
|00003dc0| 6f 72 20 61 20 62 6f 6e | 64 2c 20 72 65 71 75 69 |or a bon|d, requi|
|00003dd0| 72 65 64 20 72 65 74 75 | 72 6e 20 3d 20 79 69 65 |red retu|rn = yie|
|00003de0| 6c 64 2d 74 6f 2d 6d 61 | 74 75 72 69 74 79 20 3d |ld-to-ma|turity =|
|00003df0| 20 6d 61 72 6b 65 74 20 | 72 61 74 65 2e 20 7d 08 | market |rate. }.|
|00003e00| 00 7b 20 54 72 75 65 20 | 7d 09 00 7b 20 46 61 6c |.{ True |}..{ Fal|
|00003e10| 73 65 20 7d 00 00 00 00 | 00 00 2b 00 7b 5c 66 6f |se }....|..+.{\fo|
|00003e20| 6e 74 74 62 6c 7b 5c 66 | 30 7d 7b 5c 66 31 7d 7d |nttbl{\f|0}{\f1}}|
|00003e30| 7b 5c 44 46 20 59 6f 75 | 20 61 72 65 20 63 6f 72 |{\DF You| are cor|
|00003e40| 72 65 63 74 21 20 7d 5b | 00 7b 5c 66 6f 6e 74 74 |rect! }[|.{\fontt|
|00003e50| 62 6c 7b 5c 66 30 7d 7b | 5c 66 31 7d 7d 7b 5c 44 |bl{\f0}{|\f1}}{\D|
|00003e60| 46 20 54 68 65 73 65 20 | 74 65 72 6d 73 20 61 72 |F These |terms ar|
|00003e70| 65 20 73 79 6e 6f 6e 79 | 6d 6f 75 73 20 77 69 74 |e synony|mous wit|
|00003e80| 68 20 6f 6e 65 20 61 6e | 6f 74 68 65 72 2e 20 52 |h one an|other. R|
|00003e90| 65 76 69 65 77 20 73 65 | 63 74 69 6f 6e 20 37 2e |eview se|ction 7.|
|00003ea0| 31 2e 20 7d 00 00 00 00 | 00 00 00 00 01 00 00 00 |1. }....|........|
|00003eb0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003ec0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003ed0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003ee0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003ef0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003f00| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003f10| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003f20| 00 00 00 00 00 00 00 00 | 00 00 00 00 33 01 00 39 |........|....3..9|
|00003f30| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00003f40| 00 00 00 00 00 02 00 02 | 00 14 00 7b 5c 66 6f 6e |........|...{\fon|
|00003f50| 74 74 62 6c 7b 5c 66 30 | 7d 7b 5c 66 31 7d 7d 00 |ttbl{\f0|}{\f1}}.|
|00003f60| 00 2e 01 7b 20 41 73 73 | 75 6d 65 20 79 6f 75 20 |...{ Ass|ume you |
|00003f70| 61 72 65 20 63 6f 6e 73 | 69 64 65 72 69 6e 67 20 |are cons|idering |
|00003f80| 74 77 6f 20 62 6f 6e 64 | 73 20 69 64 65 6e 74 69 |two bond|s identi|
|00003f90| 63 61 6c 20 69 6e 20 65 | 76 65 72 79 20 77 61 79 |cal in e|very way|
|00003fa0| 20 62 75 74 20 66 6f 72 | 20 63 6f 75 70 6f 6e 20 | but for| coupon |
|00003fb0| 66 72 65 71 75 65 6e 63 | 79 20 2d 20 62 6f 6e 64 |frequenc|y - bond|
|00003fc0| 20 41 20 70 61 79 73 20 | 69 6e 74 65 72 65 73 74 | A pays |interest|
|00003fd0| 20 61 6e 6e 75 61 6c 6c | 79 2c 20 61 6e 64 20 62 | annuall|y, and b|
|00003fe0| 6f 6e 64 20 42 20 70 61 | 79 73 20 69 6e 74 65 72 |ond B pa|ys inter|
|00003ff0| 65 73 74 20 73 65 6d 69 | 61 6e 6e 75 61 6c 6c 79 |est semi|annually|
|00004000| 2e 20 54 68 65 6e 2c 20 | 69 66 20 74 68 65 79 20 |. Then, |if they |
|00004010| 68 61 76 65 20 74 68 65 | 20 73 61 6d 65 20 70 72 |have the| same pr|
|00004020| 69 63 65 20 61 6e 64 20 | 73 65 6c 6c 20 61 74 20 |ice and |sell at |
|00004030| 61 20 70 72 65 6d 69 75 | 6d 20 6f 76 65 72 20 70 |a premiu|m over p|
|00004040| 61 72 2c 20 74 68 65 20 | 79 69 65 6c 64 2d 74 6f |ar, the |yield-to|
|00004050| 2d 6d 61 74 75 72 69 74 | 79 20 6f 6e 20 62 6f 6e |-maturit|y on bon|
|00004060| 64 20 41 20 77 69 6c 6c | 20 61 6c 77 61 79 73 20 |d A will| always |
|00004070| 62 65 20 67 72 65 61 74 | 65 72 20 74 68 61 6e 20 |be great|er than |
|00004080| 74 68 61 74 20 6f 6e 20 | 62 6f 6e 64 20 42 2e 20 |that on |bond B. |
|00004090| 7d 08 00 7b 20 54 72 75 | 65 20 7d 09 00 7b 20 46 |}..{ Tru|e }..{ F|
|000040a0| 61 6c 73 65 20 7d 00 00 | 00 00 00 00 82 00 7b 5c |alse }..|......{\|
|000040b0| 66 6f 6e 74 74 62 6c 7b | 5c 66 30 7d 7b 5c 66 31 |fonttbl{|\f0}{\f1|
|000040c0| 7d 7d 7b 5c 44 46 20 44 | 6f 20 79 6f 75 20 74 68 |}}{\DF D|o you th|
|000040d0| 69 6e 6b 20 69 6e 76 65 | 73 74 6f 72 73 20 70 72 |ink inve|stors pr|
|000040e0| 65 66 65 72 20 74 6f 20 | 72 65 63 65 69 76 65 20 |efer to |receive |
|000040f0| 69 6e 74 65 72 65 73 74 | 20 70 61 79 6d 65 6e 74 |interest| payment|
|00004100| 73 20 6d 6f 72 65 20 6f | 72 20 6c 65 73 73 20 66 |s more o|r less f|
|00004110| 72 65 71 75 65 6e 74 6c | 79 3f 20 52 65 76 69 65 |requentl|y? Revie|
|00004120| 77 20 73 65 63 74 69 6f | 6e 20 37 2e 31 2e 20 7d |w sectio|n 7.1. }|
|00004130| 2b 00 7b 5c 66 6f 6e 74 | 74 62 6c 7b 5c 66 30 7d |+.{\font|tbl{\f0}|
|00004140| 7b 5c 66 31 7d 7d 7b 5c | 44 46 20 59 6f 75 20 61 |{\f1}}{\|DF You a|
|00004150| 72 65 20 63 6f 72 72 65 | 63 74 21 20 7d 00 00 00 |re corre|ct! }...|
|00004160| 00 00 00 00 00 01 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004170| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004180| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004190| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000041a0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000041b0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000041c0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000041d0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000041e0| 00 00 00 00 00 33 01 00 | 39 00 00 00 00 00 00 00 |.....3..|9.......|
|000041f0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 01 00 |........|........|
|00004200| 02 00 14 00 7b 5c 66 6f | 6e 74 74 62 6c 7b 5c 66 |....{\fo|nttbl{\f|
|00004210| 30 7d 7b 5c 66 31 7d 7d | 00 00 5f 00 7b 20 42 6f |0}{\f1}}|.._.{ Bo|
|00004220| 6e 64 20 72 61 74 69 6e | 67 73 20 69 73 73 75 65 |nd ratin|gs issue|
|00004230| 64 20 62 79 20 4d 6f 6f | 64 79 27 73 20 61 6e 64 |d by Moo|dy's and|
|00004240| 20 53 74 61 6e 64 61 72 | 64 20 26 20 50 6f 6f 72 | Standar|d & Poor|
|00004250| 27 73 20 73 70 65 63 69 | 66 69 63 61 6c 6c 79 20 |'s speci|fically |
|00004260| 61 63 63 6f 75 6e 74 20 | 66 6f 72 20 64 65 66 61 |account |for defa|
|00004270| 75 6c 74 20 72 69 73 6b | 2e 20 7d 08 00 7b 20 54 |ult risk|. }..{ T|
|00004280| 72 75 65 20 7d 09 00 7b | 20 46 61 6c 73 65 20 7d |rue }..{| False }|
|00004290| 00 00 00 00 00 00 2b 00 | 7b 5c 66 6f 6e 74 74 62 |......+.|{\fonttb|
|000042a0| 6c 7b 5c 66 30 7d 7b 5c | 66 31 7d 7d 7b 5c 44 46 |l{\f0}{\|f1}}{\DF|
|000042b0| 20 59 6f 75 20 61 72 65 | 20 63 6f 72 72 65 63 74 | You are| correct|
|000042c0| 21 20 7d 6c 00 7b 5c 66 | 6f 6e 74 74 62 6c 7b 5c |! }l.{\f|onttbl{\|
|000042d0| 66 30 7d 7b 5c 66 31 7d | 7d 7b 5c 44 46 20 54 68 |f0}{\f1}|}{\DF Th|
|000042e0| 69 73 20 69 73 20 74 68 | 65 20 6f 6e 6c 79 20 74 |is is th|e only t|
|000042f0| 79 70 65 20 6f 66 20 72 | 69 73 6b 20 62 6f 6e 64 |ype of r|isk bond|
|00004300| 20 72 61 74 69 6e 67 73 | 20 61 74 74 65 6d 70 74 | ratings| attempt|
|00004310| 20 74 6f 20 61 73 73 65 | 73 73 2e 20 52 65 76 69 | to asse|ss. Revi|
|00004320| 65 77 20 73 65 63 74 69 | 6f 6e 20 37 2e 33 2e 20 |ew secti|on 7.3. |
|00004330| 7d 00 00 00 00 00 00 00 | 00 01 00 00 00 00 00 00 |}.......|........|
|00004340| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004350| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004360| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004370| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004380| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004390| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000043a0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000043b0| 00 00 00 00 00 00 00 00 | 00 33 01 00 39 00 00 00 |........|.3..9...|
|000043c0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000043d0| 00 00 01 00 02 00 14 00 | 7b 5c 66 6f 6e 74 74 62 |........|{\fonttb|
|000043e0| 6c 7b 5c 66 30 7d 7b 5c | 66 31 7d 7d 00 00 49 00 |l{\f0}{\|f1}}..I.|
|000043f0| 7b 20 50 72 69 6f 72 20 | 74 6f 20 31 39 37 37 2c |{ Prior |to 1977,|
|00004400| 20 66 65 77 20 66 69 72 | 6d 73 20 72 61 69 73 65 | few fir|ms raise|
|00004410| 64 20 66 75 6e 64 73 20 | 64 69 72 65 63 74 6c 79 |d funds |directly|
|00004420| 20 62 79 20 69 73 73 75 | 69 6e 67 20 6a 75 6e 6b | by issu|ing junk|
|00004430| 20 62 6f 6e 64 73 2e 20 | 7d 08 00 7b 20 54 72 75 | bonds. |}..{ Tru|
|00004440| 65 20 7d 09 00 7b 20 46 | 61 6c 73 65 20 7d 00 00 |e }..{ F|alse }..|
|00004450| 00 00 00 00 2b 00 7b 5c | 66 6f 6e 74 74 62 6c 7b |....+.{\|fonttbl{|
|00004460| 5c 66 30 7d 7b 5c 66 31 | 7d 7d 7b 5c 44 46 20 59 |\f0}{\f1|}}{\DF Y|
|00004470| 6f 75 20 61 72 65 20 63 | 6f 72 72 65 63 74 21 20 |ou are c|orrect! |
|00004480| 7d ba 00 7b 5c 66 6f 6e | 74 74 62 6c 7b 5c 66 30 |}..{\fon|ttbl{\f0|
|00004490| 7d 7b 5c 66 31 7d 7d 7b | 5c 44 46 20 50 72 69 6f |}{\f1}}{|\DF Prio|
|000044a0| 72 20 74 6f 20 74 68 69 | 73 20 74 69 6d 65 2c 20 |r to thi|s time, |
|000044b0| 74 68 65 20 6f 6e 6c 79 | 20 6a 75 6e 6b 20 62 6f |the only| junk bo|
|000044c0| 6e 64 73 20 74 68 61 74 | 20 65 78 69 73 74 65 64 |nds that| existed|
|000044d0| 20 77 65 72 65 20 62 6f | 6e 64 73 20 74 68 61 74 | were bo|nds that|
|000044e0| 20 68 61 64 20 6f 72 69 | 67 69 6e 61 6c 6c 79 20 | had ori|ginally |
|000044f0| 69 73 73 75 65 64 20 61 | 73 20 69 6e 76 65 73 74 |issued a|s invest|
|00004500| 6d 65 6e 74 20 67 72 61 | 64 65 20 62 75 74 20 68 |ment gra|de but h|
|00004510| 61 64 20 64 65 63 6c 69 | 6e 65 64 20 69 6e 20 71 |ad decli|ned in q|
|00004520| 75 61 6c 69 74 79 2e 20 | 52 65 76 69 65 77 20 73 |uality. |Review s|
|00004530| 65 63 74 69 6f 6e 20 37 | 2e 34 2e 20 7d 00 00 00 |ection 7|.4. }...|
|00004540| 00 00 00 00 00 01 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004550| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004560| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004570| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004580| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004590| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000045a0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000045b0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000045c0| 00 00 00 00 00 33 01 00 | 39 00 00 00 00 00 00 00 |.....3..|9.......|
|000045d0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 02 00 |........|........|
|000045e0| 02 00 14 00 7b 5c 66 6f | 6e 74 74 62 6c 7b 5c 66 |....{\fo|nttbl{\f|
|000045f0| 30 7d 7b 5c 66 31 7d 7d | 00 00 44 00 7b 20 41 20 |0}{\f1}}|..D.{ A |
|00004600| 70 72 65 6d 69 75 6d 20 | 62 6f 6e 64 20 69 73 20 |premium |bond is |
|00004610| 61 20 62 6f 6e 64 20 74 | 68 61 74 20 73 65 6c 6c |a bond t|hat sell|
|00004620| 73 20 66 6f 72 20 6c 65 | 73 73 20 74 68 61 6e 20 |s for le|ss than |
|00004630| 69 74 73 20 70 61 72 20 | 76 61 6c 75 65 2e 20 7d |its par |value. }|
|00004640| 08 00 7b 20 54 72 75 65 | 20 7d 09 00 7b 20 46 61 |..{ True| }..{ Fa|
|00004650| 6c 73 65 20 7d 00 00 00 | 00 00 00 53 00 7b 5c 66 |lse }...|...S.{\f|
|00004660| 6f 6e 74 74 62 6c 7b 5c | 66 30 7d 7b 5c 66 31 7d |onttbl{\|f0}{\f1}|
|00004670| 7d 7b 5c 44 46 20 49 66 | 20 73 6f 2c 20 74 68 65 |}{\DF If| so, the|
|00004680| 6e 20 77 68 61 74 20 69 | 73 20 61 20 64 69 73 63 |n what i|s a disc|
|00004690| 6f 75 6e 74 20 62 6f 6e | 64 3f 20 52 65 76 69 65 |ount bon|d? Revie|
|000046a0| 77 20 73 65 63 74 69 6f | 6e 20 37 2e 31 2e 20 7d |w sectio|n 7.1. }|
|000046b0| 2b 00 7b 5c 66 6f 6e 74 | 74 62 6c 7b 5c 66 30 7d |+.{\font|tbl{\f0}|
|000046c0| 7b 5c 66 31 7d 7d 7b 5c | 44 46 20 59 6f 75 20 61 |{\f1}}{\|DF You a|
|000046d0| 72 65 20 63 6f 72 72 65 | 63 74 21 20 7d 00 00 00 |re corre|ct! }...|
|000046e0| 00 00 00 00 00 01 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000046f0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004700| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004710| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004720| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004730| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004740| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004750| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004760| 00 00 00 00 00 33 01 00 | 39 00 00 00 00 00 00 00 |.....3..|9.......|
|00004770| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 02 00 |........|........|
|00004780| 02 00 14 00 7b 5c 66 6f | 6e 74 74 62 6c 7b 5c 66 |....{\fo|nttbl{\f|
|00004790| 30 7d 7b 5c 66 31 7d 7d | 00 00 6b 00 7b 20 54 68 |0}{\f1}}|..k.{ Th|
|000047a0| 65 20 63 61 6c 6c 20 70 | 72 65 6d 69 75 6d 20 74 |e call p|remium t|
|000047b0| 79 70 69 63 61 6c 6c 79 | 20 73 74 61 72 74 73 20 |ypically| starts |
|000047c0| 61 74 20 74 65 6e 20 70 | 65 72 63 65 6e 74 20 6f |at ten p|ercent o|
|000047d0| 66 20 70 61 72 20 61 6e | 64 20 64 65 63 72 65 61 |f par an|d decrea|
|000047e0| 73 65 73 20 74 6f 20 7a | 65 72 6f 20 77 69 74 68 |ses to z|ero with|
|000047f0| 20 74 68 65 20 70 61 73 | 73 61 67 65 20 6f 66 20 | the pas|sage of |
|00004800| 74 69 6d 65 2e 20 7d 08 | 00 7b 20 54 72 75 65 20 |time. }.|.{ True |
|00004810| 7d 09 00 7b 20 46 61 6c | 73 65 20 7d 00 00 00 00 |}..{ Fal|se }....|
|00004820| 00 00 87 00 7b 5c 66 6f | 6e 74 74 62 6c 7b 5c 66 |....{\fo|nttbl{\f|
|00004830| 30 7d 7b 5c 66 31 7d 7d | 7b 5c 44 46 20 54 68 65 |0}{\f1}}|{\DF The|
|00004840| 20 63 61 6c 6c 20 70 72 | 65 6d 69 75 6d 20 67 65 | call pr|emium ge|
|00004850| 6e 65 72 61 6c 6c 79 20 | 73 74 61 72 74 73 20 61 |nerally |starts a|
|00004860| 74 20 74 68 65 20 61 6e | 6e 75 61 6c 20 63 6f 75 |t the an|nual cou|
|00004870| 70 6f 6e 20 72 61 74 65 | 20 61 6e 64 20 74 68 65 |pon rate| and the|
|00004880| 6e 20 64 65 63 6c 69 6e | 65 73 20 6f 76 65 72 20 |n declin|es over |
|00004890| 74 69 6d 65 2e 20 52 65 | 76 69 65 77 20 73 65 63 |time. Re|view sec|
|000048a0| 74 69 6f 6e 20 37 2e 32 | 2e 20 7d 2b 00 7b 5c 66 |tion 7.2|. }+.{\f|
|000048b0| 6f 6e 74 74 62 6c 7b 5c | 66 30 7d 7b 5c 66 31 7d |onttbl{\|f0}{\f1}|
|000048c0| 7d 7b 5c 44 46 20 59 6f | 75 20 61 72 65 20 63 6f |}{\DF Yo|u are co|
|000048d0| 72 72 65 63 74 21 20 7d | 00 00 00 00 00 00 00 00 |rrect! }|........|
|000048e0| 01 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000048f0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004900| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004910| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004920| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004930| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004940| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004950| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004960| 33 01 00 39 00 00 00 00 | 00 00 00 00 00 00 00 00 |3..9....|........|
|00004970| 00 00 00 00 00 00 00 00 | 00 01 00 02 00 14 00 7b |........|.......{|
|00004980| 5c 66 6f 6e 74 74 62 6c | 7b 5c 66 30 7d 7b 5c 66 |\fonttbl|{\f0}{\f|
|00004990| 31 7d 7d 00 00 5a 00 7b | 20 49 6e 20 63 6f 6d 6d |1}}..Z.{| In comm|
|000049a0| 6f 6e 20 75 73 61 67 65 | 2c 20 22 73 68 6f 72 74 |on usage|, "short|
|000049b0| 2d 74 65 72 6d 22 20 64 | 65 62 74 20 72 65 66 65 |-term" d|ebt refe|
|000049c0| 72 73 20 74 6f 20 64 65 | 62 74 20 77 69 74 68 20 |rs to de|bt with |
|000049d0| 61 20 6d 61 74 75 72 69 | 74 79 20 6f 66 20 6f 6e |a maturi|ty of on|
|000049e0| 65 20 79 65 61 72 20 6f | 72 20 6c 65 73 73 2e 20 |e year o|r less. |
|000049f0| 7d 08 00 7b 20 54 72 75 | 65 20 7d 09 00 7b 20 46 |}..{ Tru|e }..{ F|
|00004a00| 61 6c 73 65 20 7d 00 00 | 00 00 00 00 2b 00 7b 5c |alse }..|....+.{\|
|00004a10| 66 6f 6e 74 74 62 6c 7b | 5c 66 30 7d 7b 5c 66 31 |fonttbl{|\f0}{\f1|
|00004a20| 7d 7d 7b 5c 44 46 20 59 | 6f 75 20 61 72 65 20 63 |}}{\DF Y|ou are c|
|00004a30| 6f 72 72 65 63 74 21 20 | 7d 9e 00 7b 5c 66 6f 6e |orrect! |}..{\fon|
|00004a40| 74 74 62 6c 7b 5c 66 30 | 7d 7b 5c 66 31 7d 7d 7b |ttbl{\f0|}{\f1}}{|
|00004a50| 5c 44 46 20 54 68 69 73 | 20 75 73 61 67 65 20 69 |\DF This| usage i|
|00004a60| 73 20 63 6f 6e 73 69 73 | 74 65 6e 74 20 77 69 74 |s consis|tent wit|
|00004a70| 68 20 74 68 65 20 63 6c | 61 73 73 69 66 69 63 61 |h the cl|assifica|
|00004a80| 74 69 6f 6e 20 6f 66 20 | 63 75 72 72 65 6e 74 20 |tion of |current |
|00004a90| 61 73 73 65 74 73 20 61 | 6e 64 20 6c 69 61 62 69 |assets a|nd liabi|
|00004aa0| 6c 69 74 69 65 73 20 64 | 69 73 63 75 73 73 65 64 |lities d|iscussed|
|00004ab0| 20 62 61 63 6b 20 69 6e | 20 63 68 61 70 74 65 72 | back in| chapter|
|00004ac0| 20 32 2e 20 52 65 76 69 | 65 77 20 73 65 63 74 69 | 2. Revi|ew secti|
|00004ad0| 6f 6e 20 37 2e 32 2e 20 | 7d 00 00 00 00 00 00 00 |on 7.2. |}.......|
|00004ae0| 00 01 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004af0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004b00| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004b10| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004b20| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004b30| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004b40| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004b50| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004b60| 00 33 01 00 39 00 00 00 | 00 00 00 00 00 00 00 00 |.3..9...|........|
|00004b70| 00 00 00 00 00 00 00 00 | 00 00 02 00 02 00 14 00 |........|........|
|00004b80| 7b 5c 66 6f 6e 74 74 62 | 6c 7b 5c 66 30 7d 7b 5c |{\fonttb|l{\f0}{\|
|00004b90| 66 31 7d 7d 00 00 2d 00 | 7b 20 22 55 6e 66 75 6e |f1}}..-.|{ "Unfun|
|00004ba0| 64 65 64 20 64 65 62 74 | 22 20 72 65 66 65 72 73 |ded debt|" refers|
|00004bb0| 20 74 6f 20 6c 6f 6e 67 | 2d 74 65 72 6d 20 64 65 | to long|-term de|
|00004bc0| 62 74 2e 20 7d 08 00 7b | 20 54 72 75 65 20 7d 09 |bt. }..{| True }.|
|00004bd0| 00 7b 20 46 61 6c 73 65 | 20 7d 00 00 00 00 00 00 |.{ False| }......|
|00004be0| 71 00 7b 5c 66 6f 6e 74 | 74 62 6c 7b 5c 66 30 7d |q.{\font|tbl{\f0}|
|00004bf0| 7b 5c 66 31 7d 7d 7b 5c | 44 46 20 54 68 69 73 20 |{\f1}}{\|DF This |
|00004c00| 69 73 20 74 68 65 20 74 | 65 72 6d 20 73 6f 6d 65 |is the t|erm some|
|00004c10| 74 69 6d 65 73 20 75 73 | 65 64 20 77 68 65 6e 20 |times us|ed when |
|00004c20| 72 65 66 65 72 72 69 6e | 67 20 74 6f 20 73 68 6f |referrin|g to sho|
|00004c30| 72 74 2d 74 65 72 6d 20 | 64 65 62 74 2e 20 52 65 |rt-term |debt. Re|
|00004c40| 76 69 65 77 20 73 65 63 | 74 69 6f 6e 20 37 2e 32 |view sec|tion 7.2|
|00004c50| 2e 20 7d 2b 00 7b 5c 66 | 6f 6e 74 74 62 6c 7b 5c |. }+.{\f|onttbl{\|
|00004c60| 66 30 7d 7b 5c 66 31 7d | 7d 7b 5c 44 46 20 59 6f |f0}{\f1}|}{\DF Yo|
|00004c70| 75 20 61 72 65 20 63 6f | 72 72 65 63 74 21 20 7d |u are co|rrect! }|
|00004c80| 00 00 00 00 00 00 00 00 | 01 00 00 00 00 00 00 00 |........|........|
|00004c90| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004ca0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004cb0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004cc0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004cd0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004ce0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004cf0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004d00| 00 00 00 00 00 00 00 00 | 33 01 00 39 00 00 00 00 |........|3..9....|
|00004d10| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004d20| 00 02 00 02 00 14 00 7b | 5c 66 6f 6e 74 74 62 6c |.......{|\fonttbl|
|00004d30| 7b 5c 66 30 7d 7b 5c 66 | 31 7d 7d 00 00 6d 00 7b |{\f0}{\f|1}}..m.{|
|00004d40| 20 41 20 63 61 6c 6c 20 | 70 72 6f 76 69 73 69 6f | A call |provisio|
|00004d50| 6e 2c 20 75 6e 6c 69 6b | 65 20 61 20 73 69 6e 6b |n, unlik|e a sink|
|00004d60| 69 6e 67 20 66 75 6e 64 | 2c 20 61 6c 6c 6f 77 73 |ing fund|, allows|
|00004d70| 20 61 20 63 6f 6d 70 61 | 6e 79 20 74 6f 20 72 65 | a compa|ny to re|
|00004d80| 74 69 72 65 20 69 74 73 | 20 64 65 62 74 20 65 61 |tire its| debt ea|
|00004d90| 72 6c 79 20 66 6f 72 20 | 61 20 73 70 65 63 69 66 |rly for |a specif|
|00004da0| 69 65 64 20 70 72 69 63 | 65 2e 20 7d 08 00 7b 20 |ied pric|e. }..{ |
|00004db0| 54 72 75 65 20 7d 09 00 | 7b 20 46 61 6c 73 65 20 |True }..|{ False |
|00004dc0| 7d 00 00 00 00 00 00 60 | 00 7b 5c 66 6f 6e 74 74 |}......`|.{\fontt|
|00004dd0| 62 6c 7b 5c 66 30 7d 7b | 5c 66 31 7d 7d 7b 5c 44 |bl{\f0}{|\f1}}{\D|
|00004de0| 46 20 42 6f 74 68 20 6f | 66 20 74 68 65 73 65 20 |F Both o|f these |
|00004df0| 61 72 65 20 6d 65 74 68 | 6f 64 73 20 6f 66 20 72 |are meth|ods of r|
|00004e00| 65 74 69 72 69 6e 67 20 | 64 65 62 74 20 65 61 72 |etiring |debt ear|
|00004e10| 6c 79 2e 20 52 65 76 69 | 65 77 20 73 65 63 74 69 |ly. Revi|ew secti|
|00004e20| 6f 6e 20 37 2e 32 2e 20 | 7d 2b 00 7b 5c 66 6f 6e |on 7.2. |}+.{\fon|
|00004e30| 74 74 62 6c 7b 5c 66 30 | 7d 7b 5c 66 31 7d 7d 7b |ttbl{\f0|}{\f1}}{|
|00004e40| 5c 44 46 20 59 6f 75 20 | 61 72 65 20 63 6f 72 72 |\DF You |are corr|
|00004e50| 65 63 74 21 20 7d 00 00 | 00 00 00 00 00 00 01 00 |ect! }..|........|
|00004e60| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004e70| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004e80| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004e90| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004ea0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004eb0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004ec0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00004ed0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 33 01 |........|......3.|
|00004ee0| 00 39 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |.9......|........|
|00004ef0| 00 00 00 00 00 00 00 02 | 00 02 00 14 00 7b 5c 66 |........|.....{\f|
|00004f00| 6f 6e 74 74 62 6c 7b 5c | 66 30 7d 7b 5c 66 31 7d |onttbl{\|f0}{\f1}|
|00004f10| 7d 00 00 77 00 7b 20 4d | 6f 6f 64 79 27 73 20 61 |}..w.{ M|oody's a|
|00004f20| 6e 64 20 53 74 61 6e 64 | 61 72 64 20 61 6e 64 20 |nd Stand|ard and |
|00004f30| 50 6f 6f 72 27 73 20 70 | 72 69 6d 61 72 69 6c 79 |Poor's p|rimarily|
|00004f40| 20 63 6f 6e 73 69 64 65 | 72 20 69 6e 74 65 72 65 | conside|r intere|
|00004f50| 73 74 20 72 61 74 65 20 | 72 69 73 6b 20 72 61 74 |st rate |risk rat|
|00004f60| 68 65 72 20 74 68 61 6e | 20 64 65 66 61 75 6c 74 |her than| default|
|00004f70| 20 72 69 73 6b 20 77 68 | 65 6e 20 74 68 65 79 20 | risk wh|en they |
|00004f80| 72 61 74 65 20 64 65 62 | 74 2e 20 7d 08 00 7b 20 |rate deb|t. }..{ |
|00004f90| 54 72 75 65 20 7d 09 00 | 7b 20 46 61 6c 73 65 20 |True }..|{ False |
|00004fa0| 7d 00 00 00 00 00 00 62 | 00 7b 5c 66 6f 6e 74 74 |}......b|.{\fontt|
|00004fb0| 62 6c 7b 5c 66 30 7d 7b | 5c 66 31 7d 7d 7b 5c 44 |bl{\f0}{|\f1}}{\D|
|00004fc0| 46 20 54 68 65 79 20 63 | 6f 6e 73 69 64 65 72 20 |F They c|onsider |
|00004fd0| 64 65 66 61 75 6c 74 20 | 72 69 73 6b 2c 20 6e 6f |default |risk, no|
|00004fe0| 74 20 69 6e 74 65 72 65 | 73 74 20 72 61 74 65 20 |t intere|st rate |
|00004ff0| 72 69 73 6b 2e 20 52 65 | 76 69 65 77 20 73 65 63 |risk. Re|view sec|
|00005000| 74 69 6f 6e 20 37 2e 33 | 2e 20 7d 2b 00 7b 5c 66 |tion 7.3|. }+.{\f|
|00005010| 6f 6e 74 74 62 6c 7b 5c | 66 30 7d 7b 5c 66 31 7d |onttbl{\|f0}{\f1}|
|00005020| 7d 7b 5c 44 46 20 59 6f | 75 20 61 72 65 20 63 6f |}{\DF Yo|u are co|
|00005030| 72 72 65 63 74 21 20 7d | 00 00 00 00 00 00 00 00 |rrect! }|........|
|00005040| 01 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005050| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005060| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005070| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005080| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005090| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000050a0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000050b0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000050c0| 33 01 00 39 00 00 00 00 | 00 00 00 00 00 00 00 00 |3..9....|........|
|000050d0| 00 00 00 00 00 00 00 00 | 00 01 00 02 00 14 00 7b |........|.......{|
|000050e0| 5c 66 6f 6e 74 74 62 6c | 7b 5c 66 30 7d 7b 5c 66 |\fonttbl|{\f0}{\f|
|000050f0| 31 7d 7d 00 00 41 00 7b | 20 41 20 73 69 6e 6b 69 |1}}..A.{| A sinki|
|00005100| 6e 67 20 66 75 6e 64 20 | 69 73 20 75 73 65 64 20 |ng fund |is used |
|00005110| 74 6f 20 70 61 79 20 6f | 66 66 20 70 6f 72 74 69 |to pay o|ff porti|
|00005120| 6f 6e 73 20 6f 66 20 64 | 65 62 74 20 65 61 63 68 |ons of d|ebt each|
|00005130| 20 79 65 61 72 2e 20 7d | 08 00 7b 20 54 72 75 65 | year. }|..{ True|
|00005140| 20 7d 09 00 7b 20 46 61 | 6c 73 65 20 7d 00 00 00 | }..{ Fa|lse }...|
|00005150| 00 00 00 2b 00 7b 5c 66 | 6f 6e 74 74 62 6c 7b 5c |...+.{\f|onttbl{\|
|00005160| 66 30 7d 7b 5c 66 31 7d | 7d 7b 5c 44 46 20 59 6f |f0}{\f1}|}{\DF Yo|
|00005170| 75 20 61 72 65 20 63 6f | 72 72 65 63 74 21 20 7d |u are co|rrect! }|
|00005180| 63 00 7b 5c 66 6f 6e 74 | 74 62 6c 7b 5c 66 30 7d |c.{\font|tbl{\f0}|
|00005190| 7b 5c 66 31 7d 7d 7b 5c | 44 46 20 54 68 69 73 20 |{\f1}}{\|DF This |
|000051a0| 69 73 20 74 68 65 20 6f | 62 6a 65 63 74 69 76 65 |is the o|bjective|
|000051b0| 20 6f 66 20 61 20 73 69 | 6e 6b 69 6e 67 20 66 75 | of a si|nking fu|
|000051c0| 6e 64 20 61 72 72 61 6e | 67 65 6d 65 6e 74 2e 20 |nd arran|gement. |
|000051d0| 52 65 76 69 65 77 20 73 | 65 63 74 69 6f 6e 20 37 |Review s|ection 7|
|000051e0| 2e 32 2e 20 7d 00 00 00 | 00 00 00 00 00 01 00 00 |.2. }...|........|
|000051f0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005200| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005210| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005220| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005230| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005240| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005250| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005260| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 33 01 00 |........|.....3..|
|00005270| 39 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |9.......|........|
|00005280| 00 00 00 00 00 00 02 00 | 02 00 14 00 7b 5c 66 6f |........|....{\fo|
|00005290| 6e 74 74 62 6c 7b 5c 66 | 30 7d 7b 5c 66 31 7d 7d |nttbl{\f|0}{\f1}}|
|000052a0| 00 00 27 00 7b 20 44 65 | 62 74 20 63 61 6e 20 62 |..'.{ De|bt can b|
|000052b0| 65 20 73 75 62 6f 72 64 | 69 6e 61 74 65 64 20 74 |e subord|inated t|
|000052c0| 6f 20 65 71 75 69 74 79 | 2e 20 7d 08 00 7b 20 54 |o equity|. }..{ T|
|000052d0| 72 75 65 20 7d 09 00 7b | 20 46 61 6c 73 65 20 7d |rue }..{| False }|
|000052e0| 00 00 00 00 00 00 6a 00 | 7b 5c 66 6f 6e 74 74 62 |......j.|{\fonttb|
|000052f0| 6c 7b 5c 66 30 7d 7b 5c | 66 31 7d 7d 7b 5c 44 46 |l{\f0}{\|f1}}{\DF|
|00005300| 20 44 65 62 74 20 63 61 | 6e 20 62 65 20 73 75 62 | Debt ca|n be sub|
|00005310| 6f 72 64 69 6e 61 74 65 | 64 20 74 6f 20 6f 74 68 |ordinate|d to oth|
|00005320| 65 72 20 64 65 62 74 20 | 62 75 74 20 6e 65 76 65 |er debt |but neve|
|00005330| 72 20 74 6f 20 65 71 75 | 69 74 79 2e 20 52 65 76 |r to equ|ity. Rev|
|00005340| 69 65 77 20 73 65 63 74 | 69 6f 6e 20 37 2e 32 2e |iew sect|ion 7.2.|
|00005350| 20 7d 2b 00 7b 5c 66 6f | 6e 74 74 62 6c 7b 5c 66 | }+.{\fo|nttbl{\f|
|00005360| 30 7d 7b 5c 66 31 7d 7d | 7b 5c 44 46 20 59 6f 75 |0}{\f1}}|{\DF You|
|00005370| 20 61 72 65 20 63 6f 72 | 72 65 63 74 21 20 7d 00 | are cor|rect! }.|
|00005380| 00 00 00 00 00 00 00 01 | 00 00 00 00 00 00 00 00 |........|........|
|00005390| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000053a0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000053b0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000053c0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000053d0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000053e0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000053f0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005400| 00 00 00 00 00 00 00 33 | 01 00 39 00 00 00 00 00 |.......3|..9.....|
|00005410| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005420| 01 00 02 00 14 00 7b 5c | 66 6f 6e 74 74 62 6c 7b |......{\|fonttbl{|
|00005430| 5c 66 30 7d 7b 5c 66 31 | 7d 7d 00 00 3b 00 7b 20 |\f0}{\f1|}}..;.{ |
|00005440| 42 6f 6e 64 20 79 69 65 | 6c 64 73 20 61 6e 64 20 |Bond yie|lds and |
|00005450| 70 72 69 63 65 73 20 6d | 6f 76 65 20 69 6e 76 65 |prices m|ove inve|
|00005460| 72 73 65 6c 79 20 77 69 | 74 68 20 6f 6e 65 20 61 |rsely wi|th one a|
|00005470| 6e 6f 74 68 65 72 2e 20 | 7d 08 00 7b 20 54 72 75 |nother. |}..{ Tru|
|00005480| 65 20 7d 09 00 7b 20 46 | 61 6c 73 65 20 7d 00 00 |e }..{ F|alse }..|
|00005490| 00 00 00 00 2b 00 7b 5c | 66 6f 6e 74 74 62 6c 7b |....+.{\|fonttbl{|
|000054a0| 5c 66 30 7d 7b 5c 66 31 | 7d 7d 7b 5c 44 46 20 59 |\f0}{\f1|}}{\DF Y|
|000054b0| 6f 75 20 61 72 65 20 63 | 6f 72 72 65 63 74 21 20 |ou are c|orrect! |
|000054c0| 7d 94 00 7b 5c 66 6f 6e | 74 74 62 6c 7b 5c 66 30 |}..{\fon|ttbl{\f0|
|000054d0| 7d 7b 5c 66 31 7d 7d 7b | 5c 44 46 20 59 6f 75 20 |}{\f1}}{|\DF You |
|000054e0| 68 61 76 65 20 61 6e 73 | 77 65 72 65 64 20 74 68 |have ans|wered th|
|000054f0| 61 74 20 61 73 20 74 68 | 65 20 79 69 65 6c 64 2d |at as th|e yield-|
|00005500| 74 6f 2d 6d 61 74 75 72 | 69 74 79 20 72 69 73 65 |to-matur|ity rise|
|00005510| 73 2c 20 74 68 65 20 62 | 6f 6e 64 20 70 72 69 63 |s, the b|ond pric|
|00005520| 65 20 61 6c 73 6f 20 72 | 69 73 65 73 2c 20 77 68 |e also r|ises, wh|
|00005530| 69 63 68 20 69 73 20 69 | 6e 63 6f 72 72 65 63 74 |ich is i|ncorrect|
|00005540| 2e 20 52 65 76 69 65 77 | 20 73 65 63 74 69 6f 6e |. Review| section|
|00005550| 20 37 2e 31 2e 20 7d 00 | 00 00 00 00 00 00 00 01 | 7.1. }.|........|
|00005560| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005570| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005580| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005590| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000055a0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000055b0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000055c0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000055d0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 33 |........|.......3|
|000055e0| 01 00 39 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |..9.....|........|
|000055f0| 00 00 00 00 00 00 00 00 | 01 00 02 00 14 00 7b 5c |........|......{\|
|00005600| 66 6f 6e 74 74 62 6c 7b | 5c 66 30 7d 7b 5c 66 31 |fonttbl{|\f0}{\f1|
|00005610| 7d 7d 00 00 65 00 7b 20 | 41 6e 20 75 70 77 61 72 |}}..e.{ |An upwar|
|00005620| 64 20 73 6c 6f 70 69 6e | 67 20 79 69 65 6c 64 20 |d slopin|g yield |
|00005630| 63 75 72 76 65 20 72 65 | 66 6c 65 63 74 73 20 69 |curve re|flects i|
|00005640| 6e 76 65 73 74 6f 72 73 | 27 20 64 65 73 69 72 65 |nvestors|' desire|
|00005650| 20 66 6f 72 20 63 6f 6d | 70 65 6e 73 61 74 69 6f | for com|pensatio|
|00005660| 6e 20 66 6f 72 20 69 6e | 74 65 72 65 73 74 20 72 |n for in|terest r|
|00005670| 61 74 65 20 72 69 73 6b | 2e 20 7d 08 00 7b 20 54 |ate risk|. }..{ T|
|00005680| 72 75 65 20 7d 09 00 7b | 20 46 61 6c 73 65 20 7d |rue }..{| False }|
|00005690| 00 00 00 00 00 00 2b 00 | 7b 5c 66 6f 6e 74 74 62 |......+.|{\fonttb|
|000056a0| 6c 7b 5c 66 30 7d 7b 5c | 66 31 7d 7d 7b 5c 44 46 |l{\f0}{\|f1}}{\DF|
|000056b0| 20 59 6f 75 20 61 72 65 | 20 63 6f 72 72 65 63 74 | You are| correct|
|000056c0| 21 20 7d 8d 00 7b 5c 66 | 6f 6e 74 74 62 6c 7b 5c |! }..{\f|onttbl{\|
|000056d0| 66 30 7d 7b 5c 66 31 7d | 7d 7b 5c 44 46 20 54 6f |f0}{\f1}|}{\DF To|
|000056e0| 20 62 75 79 20 6c 6f 6e | 67 2d 74 65 72 6d 20 62 | buy lon|g-term b|
|000056f0| 6f 6e 64 73 2c 20 69 6e | 76 65 73 74 6f 72 73 20 |onds, in|vestors |
|00005700| 74 79 70 69 63 61 6c 6c | 79 20 72 65 71 75 69 72 |typicall|y requir|
|00005710| 65 20 61 64 64 69 74 69 | 6f 6e 61 6c 20 63 6f 6d |e additi|onal com|
|00005720| 70 65 6e 73 61 74 69 6f | 6e 20 69 6e 20 74 65 72 |pensatio|n in ter|
|00005730| 6d 73 20 6f 66 20 79 69 | 65 6c 64 2e 20 52 65 76 |ms of yi|eld. Rev|
|00005740| 69 65 77 20 73 65 63 74 | 69 6f 6e 20 37 2e 37 2e |iew sect|ion 7.7.|
|00005750| 20 7d 00 00 00 00 00 00 | 00 00 01 00 00 00 00 00 | }......|........|
|00005760| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005770| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005780| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005790| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000057a0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000057b0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000057c0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000057d0| 00 00 00 00 00 00 00 00 | 00 00 33 01 00 39 00 00 |........|..3..9..|
|000057e0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000057f0| 00 00 00 02 00 02 00 14 | 00 7b 5c 66 6f 6e 74 74 |........|.{\fontt|
|00005800| 62 6c 7b 5c 66 30 7d 7b | 5c 66 31 7d 7d 00 00 98 |bl{\f0}{|\f1}}...|
|00005810| 00 7b 20 54 68 65 20 74 | 65 72 6d 20 73 74 72 75 |.{ The t|erm stru|
|00005820| 63 74 75 72 65 20 6f 66 | 20 69 6e 74 65 72 65 73 |cture of| interes|
|00005830| 74 20 72 61 74 65 73 20 | 69 73 20 74 68 65 20 72 |t rates |is the r|
|00005840| 65 6c 61 74 69 6f 6e 73 | 68 69 70 20 62 65 74 77 |elations|hip betw|
|00005850| 65 65 6e 20 72 65 61 6c | 20 69 6e 74 65 72 65 73 |een real| interes|
|00005860| 74 20 72 61 74 65 73 20 | 6f 6e 20 64 65 66 61 75 |t rates |on defau|
|00005870| 6c 74 2d 66 72 65 65 2c | 20 70 75 72 65 20 64 69 |lt-free,| pure di|
|00005880| 73 63 6f 75 6e 74 20 73 | 65 63 75 72 69 74 69 65 |scount s|ecuritie|
|00005890| 73 20 61 6e 64 20 74 69 | 6d 65 20 74 6f 20 6d 61 |s and ti|me to ma|
|000058a0| 74 75 72 69 74 79 2e 20 | 7d 08 00 7b 20 54 72 75 |turity. |}..{ Tru|
|000058b0| 65 20 7d 09 00 7b 20 46 | 61 6c 73 65 20 7d 00 00 |e }..{ F|alse }..|
|000058c0| 00 00 00 00 76 00 7b 5c | 66 6f 6e 74 74 62 6c 7b |....v.{\|fonttbl{|
|000058d0| 5c 66 30 7d 7b 5c 66 31 | 7d 7d 7b 5c 44 46 20 54 |\f0}{\f1|}}{\DF T|
|000058e0| 68 65 20 74 65 72 6d 20 | 73 74 72 75 63 74 75 72 |he term |structur|
|000058f0| 65 20 72 65 6c 61 74 65 | 73 20 6e 6f 6d 69 6e 61 |e relate|s nomina|
|00005900| 6c 20 69 6e 74 65 72 65 | 73 74 20 72 61 74 65 73 |l intere|st rates|
|00005910| 20 61 6e 64 20 74 69 6d | 65 20 74 6f 20 6d 61 74 | and tim|e to mat|
|00005920| 75 72 69 74 79 2e 20 52 | 65 76 69 65 77 20 73 65 |urity. R|eview se|
|00005930| 63 74 69 6f 6e 20 37 2e | 37 2e 20 7d 2b 00 7b 5c |ction 7.|7. }+.{\|
|00005940| 66 6f 6e 74 74 62 6c 7b | 5c 66 30 7d 7b 5c 66 31 |fonttbl{|\f0}{\f1|
|00005950| 7d 7d 7b 5c 44 46 20 59 | 6f 75 20 61 72 65 20 63 |}}{\DF Y|ou are c|
|00005960| 6f 72 72 65 63 74 21 20 | 7d 00 00 00 00 00 00 00 |orrect! |}.......|
|00005970| 00 01 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005980| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005990| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000059a0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000059b0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000059c0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000059d0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000059e0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000059f0| 00 33 01 00 39 00 00 00 | 00 00 00 00 00 00 00 00 |.3..9...|........|
|00005a00| 00 00 00 00 00 00 00 00 | 00 00 01 00 02 00 14 00 |........|........|
|00005a10| 7b 5c 66 6f 6e 74 74 62 | 6c 7b 5c 66 30 7d 7b 5c |{\fonttb|l{\f0}{\|
|00005a20| 66 31 7d 7d 00 00 9e 00 | 7b 20 54 68 65 20 69 6e |f1}}....|{ The in|
|00005a30| 66 6c 61 74 69 6f 6e 20 | 70 72 65 6d 69 75 6d 20 |flation |premium |
|00005a40| 69 6e 20 74 68 65 20 79 | 69 65 6c 64 20 63 75 72 |in the y|ield cur|
|00005a50| 76 65 20 63 61 6e 20 65 | 69 74 68 65 72 20 69 6e |ve can e|ither in|
|00005a60| 63 72 65 61 73 65 20 6f | 72 20 64 65 63 72 65 61 |crease o|r decrea|
|00005a70| 73 65 20 61 73 20 6d 61 | 74 75 72 69 74 79 20 69 |se as ma|turity i|
|00005a80| 6e 63 72 65 61 73 65 73 | 2c 20 64 65 70 65 6e 64 |ncreases|, depend|
|00005a90| 69 6e 67 20 6f 6e 20 65 | 78 70 65 63 74 61 74 69 |ing on e|xpectati|
|00005aa0| 6f 6e 73 20 61 62 6f 75 | 74 20 66 75 74 75 72 65 |ons abou|t future|
|00005ab0| 20 72 61 74 65 73 20 6f | 66 20 69 6e 66 6c 61 74 | rates o|f inflat|
|00005ac0| 69 6f 6e 2e 20 7d 08 00 | 7b 20 54 72 75 65 20 7d |ion. }..|{ True }|
|00005ad0| 09 00 7b 20 46 61 6c 73 | 65 20 7d 00 00 00 00 00 |..{ Fals|e }.....|
|00005ae0| 00 2b 00 7b 5c 66 6f 6e | 74 74 62 6c 7b 5c 66 30 |.+.{\fon|ttbl{\f0|
|00005af0| 7d 7b 5c 66 31 7d 7d 7b | 5c 44 46 20 59 6f 75 20 |}{\f1}}{|\DF You |
|00005b00| 61 72 65 20 63 6f 72 72 | 65 63 74 21 20 7d 94 00 |are corr|ect! }..|
|00005b10| 7b 5c 66 6f 6e 74 74 62 | 6c 7b 5c 66 30 7d 7b 5c |{\fonttb|l{\f0}{\|
|00005b20| 66 31 7d 7d 7b 5c 44 46 | 20 57 68 61 74 20 61 62 |f1}}{\DF| What ab|
|00005b30| 6f 75 74 20 74 68 65 20 | 63 61 73 65 20 77 68 65 |out the |case whe|
|00005b40| 72 65 20 69 6e 66 6c 61 | 74 69 6f 6e 20 66 69 76 |re infla|tion fiv|
|00005b50| 65 20 79 65 61 72 73 20 | 66 72 6f 6d 20 6e 6f 77 |e years |from now|
|00005b60| 20 69 73 20 65 78 70 65 | 63 74 65 64 20 74 6f 20 | is expe|cted to |
|00005b70| 62 65 20 6c 6f 77 65 72 | 20 74 68 61 6e 20 69 6e |be lower| than in|
|00005b80| 66 6c 61 74 69 6f 6e 20 | 74 6f 64 61 79 3f 20 52 |flation |today? R|
|00005b90| 65 76 69 65 77 20 73 65 | 63 74 69 6f 6e 20 37 2e |eview se|ction 7.|
|00005ba0| 37 2e 20 7d 00 00 00 00 | 00 00 00 00 01 00 00 00 |7. }....|........|
|00005bb0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005bc0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005bd0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005be0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005bf0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005c00| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005c10| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005c20| 00 00 00 00 00 00 00 00 | 00 00 00 00 33 01 00 39 |........|....3..9|
|00005c30| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005c40| 00 00 00 00 00 02 00 02 | 00 14 00 7b 5c 66 6f 6e |........|...{\fon|
|00005c50| 74 74 62 6c 7b 5c 66 30 | 7d 7b 5c 66 31 7d 7d 00 |ttbl{\f0|}{\f1}}.|
|00005c60| 00 77 00 7b 20 54 68 65 | 20 46 69 73 68 65 72 20 |.w.{ The| Fisher |
|00005c70| 65 66 66 65 63 74 20 69 | 6c 6c 75 73 74 72 61 74 |effect i|llustrat|
|00005c80| 65 73 20 74 68 65 20 72 | 65 6c 61 74 69 6f 6e 73 |es the r|elations|
|00005c90| 68 69 70 20 62 65 74 77 | 65 65 6e 20 72 65 61 6c |hip betw|een real|
|00005ca0| 20 72 65 74 75 72 6e 73 | 2c 20 74 68 65 20 72 61 | returns|, the ra|
|00005cb0| 74 65 20 6f 66 20 69 6e | 66 6c 61 74 69 6f 6e 2c |te of in|flation,|
|00005cc0| 20 61 6e 64 20 69 6e 74 | 65 72 65 73 74 20 72 61 | and int|erest ra|
|00005cd0| 74 65 20 72 69 73 6b 2e | 20 7d 08 00 7b 20 54 72 |te risk.| }..{ Tr|
|00005ce0| 75 65 20 7d 09 00 7b 20 | 46 61 6c 73 65 20 7d 00 |ue }..{ |False }.|
|00005cf0| 00 00 00 00 00 91 00 7b | 5c 66 6f 6e 74 74 62 6c |.......{|\fonttbl|
|00005d00| 7b 5c 66 30 7d 7b 5c 66 | 31 7d 7d 7b 5c 44 46 20 |{\f0}{\f|1}}{\DF |
|00005d10| 49 6e 74 65 72 65 73 74 | 20 72 61 74 65 20 72 69 |Interest| rate ri|
|00005d20| 73 6b 20 69 73 20 6e 6f | 74 20 61 20 70 61 72 74 |sk is no|t a part|
|00005d30| 20 6f 66 20 74 68 65 20 | 46 69 73 68 65 72 20 65 | of the |Fisher e|
|00005d40| 66 66 65 63 74 2e 20 57 | 68 61 74 20 73 68 6f 75 |ffect. W|hat shou|
|00005d50| 6c 64 20 74 68 65 20 74 | 68 69 72 64 20 63 6f 6d |ld the t|hird com|
|00005d60| 70 6f 6e 65 6e 74 20 62 | 65 20 69 6e 73 74 65 61 |ponent b|e instea|
|00005d70| 64 3f 20 52 65 76 69 65 | 77 20 73 65 63 74 69 6f |d? Revie|w sectio|
|00005d80| 6e 20 37 2e 36 2e 20 7d | 2b 00 7b 5c 66 6f 6e 74 |n 7.6. }|+.{\font|
|00005d90| 74 62 6c 7b 5c 66 30 7d | 7b 5c 66 31 7d 7d 7b 5c |tbl{\f0}|{\f1}}{\|
|00005da0| 44 46 20 59 6f 75 20 61 | 72 65 20 63 6f 72 72 65 |DF You a|re corre|
|00005db0| 63 74 21 20 7d 00 00 00 | 00 00 00 00 00 01 00 00 |ct! }...|........|
|00005dc0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005dd0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005de0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005df0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005e00| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005e10| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005e20| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005e30| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 33 01 00 |........|.....3..|
|00005e40| 39 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |9.......|........|
|00005e50| 00 00 00 00 00 00 02 00 | 02 00 14 00 7b 5c 66 6f |........|....{\fo|
|00005e60| 6e 74 74 62 6c 7b 5c 66 | 30 7d 7b 5c 66 31 7d 7d |nttbl{\f|0}{\f1}}|
|00005e70| 00 00 7a 00 7b 20 55 6e | 6c 69 6b 65 20 77 69 74 |..z.{ Un|like wit|
|00005e80| 68 20 54 72 65 61 73 75 | 72 79 20 62 6f 6e 64 73 |h Treasu|ry bonds|
|00005e90| 2c 20 43 6f 72 70 6f 72 | 61 74 65 20 62 6f 6e 64 |, Corpor|ate bond|
|00005ea0| 73 20 61 72 65 20 71 75 | 6f 74 65 64 20 69 6e 20 |s are qu|oted in |
|00005eb0| 74 68 65 20 5c 69 20 57 | 61 6c 6c 20 53 74 72 65 |the \i W|all Stre|
|00005ec0| 65 74 20 4a 6f 75 72 6e | 61 6c 5c 69 30 20 20 61 |et Journ|al\i0 a|
|00005ed0| 73 20 61 20 70 65 72 63 | 65 6e 74 20 6f 66 20 70 |s a perc|ent of p|
|00005ee0| 61 72 20 69 6e 20 33 32 | 6e 64 73 2e 20 7d 08 00 |ar in 32|nds. }..|
|00005ef0| 7b 20 54 72 75 65 20 7d | 09 00 7b 20 46 61 6c 73 |{ True }|..{ Fals|
|00005f00| 65 20 7d 00 00 00 00 00 | 00 63 00 7b 5c 66 6f 6e |e }.....|.c.{\fon|
|00005f10| 74 74 62 6c 7b 5c 66 30 | 7d 7b 5c 66 31 7d 7d 7b |ttbl{\f0|}{\f1}}{|
|00005f20| 5c 44 46 20 54 72 65 61 | 73 75 72 79 20 62 6f 6e |\DF Trea|sury bon|
|00005f30| 64 73 20 61 72 65 20 74 | 68 65 20 6f 6e 65 73 20 |ds are t|he ones |
|00005f40| 74 68 61 74 20 61 72 65 | 20 71 75 6f 74 65 64 20 |that are| quoted |
|00005f50| 69 6e 20 33 32 6e 64 73 | 2e 20 52 65 76 69 65 77 |in 32nds|. Review|
|00005f60| 20 73 65 63 74 69 6f 6e | 20 37 2e 35 20 7d 2b 00 | section| 7.5 }+.|
|00005f70| 7b 5c 66 6f 6e 74 74 62 | 6c 7b 5c 66 30 7d 7b 5c |{\fonttb|l{\f0}{\|
|00005f80| 66 31 7d 7d 7b 5c 44 46 | 20 59 6f 75 20 61 72 65 |f1}}{\DF| You are|
|00005f90| 20 63 6f 72 72 65 63 74 | 21 20 7d 00 00 00 00 00 | correct|! }.....|
|00005fa0| 00 00 00 01 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005fb0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005fc0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005fd0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005fe0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00005ff0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00006000| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00006010| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00006020| 00 00 00 33 01 00 39 00 | 00 00 00 00 00 00 00 00 |...3..9.|........|
|00006030| 00 00 00 00 00 00 00 00 | 00 00 00 00 01 00 02 00 |........|........|
|00006040| 14 00 7b 5c 66 6f 6e 74 | 74 62 6c 7b 5c 66 30 7d |..{\font|tbl{\f0}|
|00006050| 7b 5c 66 31 7d 7d 00 00 | 5e 00 7b 20 41 20 62 6f |{\f1}}..|^.{ A bo|
|00006060| 6e 64 20 74 68 61 74 20 | 70 61 79 73 20 6e 6f 20 |nd that |pays no |
|00006070| 63 6f 75 70 6f 6e 73 20 | 61 74 20 61 6c 6c 20 61 |coupons |at all a|
|00006080| 6e 64 20 69 73 20 73 6f | 6c 64 20 61 74 20 61 20 |nd is so|ld at a |
|00006090| 64 69 73 63 6f 75 6e 74 | 20 69 73 20 63 61 6c 6c |discount| is call|
|000060a0| 65 64 20 61 20 7a 65 72 | 6f 20 63 6f 75 70 6f 6e |ed a zer|o coupon|
|000060b0| 20 62 6f 6e 64 2e 20 7d | 08 00 7b 20 54 72 75 65 | bond. }|..{ True|
|000060c0| 20 7d 09 00 7b 20 46 61 | 6c 73 65 20 7d 00 00 00 | }..{ Fa|lse }...|
|000060d0| 00 00 00 2b 00 7b 5c 66 | 6f 6e 74 74 62 6c 7b 5c |...+.{\f|onttbl{\|
|000060e0| 66 30 7d 7b 5c 66 31 7d | 7d 7b 5c 44 46 20 59 6f |f0}{\f1}|}{\DF Yo|
|000060f0| 75 20 61 72 65 20 63 6f | 72 72 65 63 74 21 20 7d |u are co|rrect! }|
|00006100| 65 00 7b 5c 66 6f 6e 74 | 74 62 6c 7b 5c 66 30 7d |e.{\font|tbl{\f0}|
|00006110| 7b 5c 66 31 7d 7d 7b 5c | 44 46 20 54 68 69 73 20 |{\f1}}{\|DF This |
|00006120| 69 73 20 74 68 65 20 74 | 65 78 74 62 6f 6f 6b 20 |is the t|extbook |
|00006130| 64 65 66 69 6e 69 74 69 | 6f 6e 20 6f 66 20 61 20 |definiti|on of a |
|00006140| 7a 65 72 6f 20 63 6f 75 | 70 6f 6e 20 62 6f 6e 64 |zero cou|pon bond|
|00006150| 2e 20 52 65 76 69 65 77 | 20 73 65 63 74 69 6f 6e |. Review| section|
|00006160| 20 37 2e 34 2e 20 7d 00 | 00 00 00 00 00 00 00 01 | 7.4. }.|........|
|00006170| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00006180| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|00006190| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000061a0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000061b0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000061c0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000061d0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |........|........|
|000061e0| 00 00 00 00 00 00 00 00 | 00 00 00 00 00 00 00 33 |........|.......3|
|000061f0| 01 00 39 00 00 00 00 00 | 00 00 00 00 00 00 00 00 |..9.....|........|
|00006200| 00 00 00 00 00 00 00 00 | 02 00 05 00 14 00 7b 5c |........|......{\|
|00006210| 66 6f 6e 74 74 62 6c 7b | 5c 66 30 7d 7b 5c 66 31 |fonttbl{|\f0}{\f1|
|00006220| 7d 7d 00 00 8c 00 7b 20 | 41 20 63 6f 72 70 6f 72 |}}....{ |A corpor|
|00006230| 61 74 69 6f 6e 20 75 6e | 64 65 72 74 61 6b 69 6e |ation un|dertakin|
|00006240| 67 20 61 6e 20 65 78 70 | 61 6e 73 69 6f 6e 20 70 |g an exp|ansion p|
|00006250| 72 6f 6a 65 63 74 20 69 | 73 73 75 65 73 20 32 30 |roject i|ssues 20|
|00006260| 20 79 65 61 72 20 62 6f | 6e 64 73 20 74 6f 20 66 | year bo|nds to f|
|00006270| 69 6e 61 6e 63 65 20 74 | 68 65 20 70 72 6f 6a 65 |inance t|he proje|
|00006280| 63 74 2e 20 20 57 68 69 | 63 68 20 6f 66 20 74 68 |ct. Whi|ch of th|
|00006290| 65 20 66 6f 6c 6c 6f 77 | 69 6e 67 20 69 73 20 6d |e follow|ing is m|
|000062a0| 6f 73 74 20 6c 69 6b 65 | 6c 79 20 74 72 75 65 3f |ost like|ly true?|
|000062b0| 20 7d 68 00 7b 20 54 68 | 65 20 63 6f 6d 70 61 6e | }h.{ Th|e compan|
|000062c0| 79 20 64 6f 65 73 20 6e | 6f 74 20 6e 65 65 64 20 |y does n|ot need |
|000062d0| 74 6f 20 6d 61 6b 65 20 | 70 61 79 6d 65 6e 74 73 |to make |payments|
|000062e0| 20 6f 6e 20 74 68 65 20 | 62 6f 6e 64 73 20 75 6e | on the |bonds un|
|000062f0| 6c 65 73 73 20 69 74 20 | 68 61 73 20 70 6f 73 69 |less it |has posi|
|00006300| 74 69 76 65 20 65 61 72 | 6e 69 6e 67 73 20 66 6f |tive ear|nings fo|
|00006310| 72 20 74 68 65 20 79 65 | 61 72 20 7d 4f 00 7b 20 |r the ye|ar }O.{ |
|00006320| 54 68 65 20 63 6f 6d 70 | 61 6e 79 20 68 61 73 20 |The comp|any has |
|00006330| 62 6f 72 72 6f 77 65 64 | 20 6d 6f 6e 65 79 20 61 |borrowed| money a|
|00006340| 6e 64 20 6d 75 73 74 20 | 70 61 79 20 69 6e 74 65 |nd must |pay inte|
|00006350| 72 65 73 74 20 6f 6e 20 | 74 68 65 20 61 6d 6f 75 |rest on |the amou|
|00006360| 6e 74 20 62 6f 72 72 6f | 77 65 64 20 7d 4e 00 7b |nt borro|wed }N.{|
|00006370| 20 54 68 65 20 63 6f 6d | 70 61 6e 79 20 64 69 64 | The com|pany did|
|00006380| 20 6e 6f 74 20 68 61 76 | 65 20 61 6e 79 20 6f 75 | not hav|e any ou|
|00006390| 74 73 74 61 6e 64 69 6e | 67 20 62 6f 6e 64 73 20 |tstandin|g bonds |
|000063a0| 77 68 65 6e 20 69 74 20 | 69 73 73 75 65 64 20 74 |when it |issued t|
|000063b0| 68 65 20 6e 65 77 20 6f | 6e 65 73 20 7d 56 00 7b |he new o|nes }V.{|
|000063c0| 20 54 68 65 20 62 6f 6e | 64 73 20 6d 75 73 74 20 | The bon|ds must |
|000063d0| 68 61 76 65 20 73 6f 6c | 64 20 61 74 20 61 20 70 |have sol|d at a p|
|000063e0| 72 65 6d 69 75 6d 20 73 | 69 6e 63 65 20 65 78 70 |remium s|ince exp|
|000063f0| 61 6e 73 69 6f 6e 20 70 | 72 6f 6a 65 63 74 73 20 |ansion p|rojects |
+--------+-------------------------+-------------------------+--------+--------+
Only 25.0 KB of data is shown above.
