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104型制动机单车试验的项目有哪些？
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MesmerMagic Co (MMC) is considering whether to undertake the development of a new computer game based on an adventure film due to be released in 22 months. It is expected that the game will be available to buy two months after the film’s release, by which time it will be possible to judge the popularity of the film with a high degree of certainty. However, at present, there is considerable uncertainty about whether the film, and therefore the game, is likely to be successful. Although MMC would pay for the exclusive rights to develop and sell the game now, the directors are of the opinion that they should delay the decision to produce and market the game until the film has been released and the game is available for sale.
MMC has forecast the following end of year cash flows for the four-year sales period of the game.
MMC will spend $7 million at the start of each of the next two years to develop the game, the gaming platform, and to pay for the exclusive rights to develop and sell the game. Following this, the company will require $35 million for production, distribution and marketing costs at the start of the four-year sales period of the game.
It can be assumed that all the costs and revenues include inflation. The relevant cost of capital for this project is 11% and the risk free rate is 3·5%. MMC has estimated the likely volatility of the cash flows at a standard deviation of 30%.
Required:
(a) Estimate the financial impact of the directors’ decision to delay the production and marketing of the game. The Black-Scholes Option Pricing model may be used, where appropriate. All relevant calculations should be shown. (12 marks)
(b) Briefly discuss the implications of the answer obtained in part (a) above. (5 marks)
Section B – TWO questions ONLY to be attempted
GNT Co is considering an investment in one of two corporate bonds. Both bonds have a par value of $1,000 and pay coupon interest on an annual basis. The market price of the first bond is $1,079？68. Its coupon rate is 6% and it is due to be redeemed at par in five years. The second bond is about to be issued with a coupon rate of 4% and will also be redeemable at par in five years. Both bonds are expected to have the same gross redemption yields (yields to maturity).
GNT Co considers duration of the bond to be a key factor when making decisions on which bond to invest.
Required:
(a) Estimate the Macaulay duration of the two bonds GNT Co is considering for investment. (9 marks)
(b) Discuss how useful duration is as a measure of the sensitivity of a bond price to changes in interest rates. (8 marks)
高空作业时，梯子与地面的倾斜角度为()并有防滑装置和安全挂钩。
轮对内距检查尺检查轮对内侧距离时规定测量三处，其最大差不得超过()mm。
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