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Test Bank Answers
Chapter 1
1: hedgers, speculators, arbitrageurs; 2:(a); 3: $3 loss; 4: $300 gain; 5: $500 loss; 6: $40;
7(i): $35; 7(ii): $20.
Chapter 2
1: (c); 2: (a); 3: (b); 4: 72 cents; 5: $62; 6: (b); 7: (b); 8: $1,800; 9: $4,000; 10: $3,000.
Chapter 3
1: (a); 2: $59.50; 3: $1,014; 4: 0.6 (or 60%); 5(i): 192 short; 5(ii): 48 short; 5(iii): 96 long;
6: (b); 7: (c); 8: (d).
Chapter 4
1: 13.98%; 2: 8.16%; 3: 12.18%; 4: 9.00%; 5: 9.02%; 6: $8.63; 7: (d); 8: (b) and (d); 9: (b).
Chapter 5
1: $400; 2: $40.50; 3: $35.84; 4: $7.78; 5: 0.6930; 6: –$1.96; 7: (c); 8: 0.9524; 9: (c); 10:
(a).
Chapter 6
1: (c); 2: 105.98; 3: 106.00; 4: (c); 5: (d); 6: $150; 7: 9 years; 8: $2500 decrease; 9: 200;
10: (b).
Chapter 7
1(i): 102.61; 1(ii): 102.21; 1(iii): -0.49; 1(iv): 0.45; 1(v): 0.44; 1(vi): 0.40; 2: 2.7%; 3: (b);
4: (a) and (d).
Chapter 8
1(i): 100%; 1(ii): 55%; 1(iii): 0%; 1(iv): 100%; 1(v): 100%; 1(vi): 40%; 2: (a) and (c); 3:
(b); 4: (b)
Chapter 9
1(i): $4 and 500; 1(ii): $16 and 125; 1(iii): $20 and 100; 2: $1,880; 3: (a), (d) and (e).
Chapter 10
1: (a), (d), and (e); 2: $6.43; 3: $6.43; 4: $4.64; 5: $6; 6: $2.09; 7: $3.06; 8: $5.50.
Chapter 11
1(i): $3; 1(ii): $2; 1(iii): $2; 1(iv): $3; 2(i): $4; 2(ii): $1; 2(iii): $51 and $59; 3: $15 and $30.
Chapter 12
1(i): 40%; 1(ii): $1.60; 1(iii) 60%; 1(iv): $3.60; 1(v) 0.4; 2: (d); 3: (b); 4: (a); 5: (b) and (c).