The second question. There is still a money market, which should be wrong.
The third question. There may be a moderate decentralization. Excessive diversification can only distract investors, thus paying attention to one thing and losing another.
The fourth question. First of all, we should understand two formulas.
1. Future value = present value *( 1+ annual interest rate * years) (note: "*" is a multiplication symbol).
2. Present value = future value /( 1+ annual interest rate * years)
You can work it out if you know the formula.
So the first step is to calculate the future value of the certificate of deposit, which is the value after one year:
1000*( 1+6%* 1)= 1060
The second step is to calculate the value three months before maturity.
1060/( 1+8%*3/ 12)= 1039.22
The topic is an original problem of the fifth edition of financial futures, and the sixth edition has been included in this section.
Delete it, don't take the exam.
The fifth question. This is just a synthesis of two original questions in the book.
The capital occupation is 6,543,800 yuan+0,000 yuan. The corresponding interest is100 w * 6% * 3/12 =15000.
The dividend after one month is 1W, and the interest for the remaining two months is10000 * 6% * 2/12 =100.
The sum of principal and interest is10000+100 =10100.
The net holding cost is15000-10100 = 4900.
Then the reasonable contract price should be100w+4900 =1004900.
The number of points at that time was10000 (100 w/100).
One is 10000* 1% (this is 0.5% of the bilateral handling fee and market impact) =100 point.
The loan spread cost is 10000*0.5 (0.5% of the loan spread cost) * 3/12 =12.5 points.
To sum up, remember to include the 2+2 points of bilateral handling fees and market shocks.
The total is100+12.5+4 =116.5 points.
The arbitrage-free intervals are10049+116.5 =10/65.5 and10049-16.5 =
I'm exhausted. . .
Brother. You should stop chasing points. . . . . . . . . . . . . . . . .