题目内容

Directions:
Write an essay based on the following chart. In your writing, your should
1)interpret the chart, and
2)give your comment.
You should write about 150 words on the ANSWER SHEET.

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《汉谟拉比法典》石碑

Section B – TWO questions ONLY to be attempted
Sembilan Co, a listed company, recently issued debt finance to acquire assets in order to increase its activity levels. This debt finance is in the form. of a floating rate bond, with a face value of $320 million, redeemable in four years. The bond interest, payable annually, is based on the spot yield curve plus 60 basis points. The next annual payment is due at the end of year one.
Sembilan Co is concerned that the expected rise in interest rates over the coming few years would make it increasingly difficult to pay the interest due. It is therefore proposing to either swap the floating rate interest payment to a fixed rate payment, or to raise new equity capital and use that to pay off the floating rate bond. The new equity capital would either be issued as rights to the existing shareholders or as shares to new shareholders.
Ratus Bank has offered Sembilan Co an interest rate swap, whereby Sembilan Co would pay Ratus Bank interest based on an equivalent fixed annual rate of 3·76？% in exchange for receiving a variable amount based on the current yield curve rate. Payments and receipts will be made at the end of each year, for the next four years. Ratus Bank will charge an annual fee of 20 basis points if the swap is agreed.
Required:
(a) Based on the above information, calculate the amounts Sembilan Co expects to pay or receive every year on the swap (excluding the fee of 20 basis points). Explain why the fixed annual rate of interest of 3·76？% is less than the four-year yield curve rate of 3·8%. (6 marks)
(b) Demonstrate that Sembilan Co’s interest payment liability does not change, after it has undertaken the swap, whether the interest rates increase or decrease. (5 marks)
(c) Discuss the factors that Sembilan Co should consider when deciding whether it should raise equity capital to pay off the floating rate debt. (9 marks)

埃及新王国时期的雕塑在技巧上更为成熟，多以其强烈的生活气息和深远的意境为特色表现了法老的日常生活。其中《________》是埃及历史上出现的第一尊并不俊美的王者像，但它却真实地表达了这位法老的外貌。

迄今为止所发现的原始雕像，其代表作之一为女裸体雕像______，其代表女性特质的乳房、腹部、大腿等均被夸大处理，体现了原始人对母性生殖的崇拜，人们被称之为“原始的维纳斯”。