投資學(xué)第10版課后習(xí)題答案chap003(編輯修改稿)
2025-07-20 14:17 本頁(yè)面
【文章內(nèi)容簡(jiǎn)介】 parse, indicating that a moderate buy order could result in a substantial price increase.9. a. You buy 200 shares of Tele for $10,000. These shares increase in value by 10%, or $1,000. You pay interest of: 180。 $5,000 = $400The rate of return will be: b. The value of the 200 shares is 200P. Equity is (200P – $5,000). You will receive a margin call when:= 222。 when P= $ or lower10. a. Initial margin is 50% of $5,000, or $2,500.b. Total assets are $7,500 ($5,000 from the sale of the stock and $2,500 put up for margin). Liabilities are 100P. Therefore, equity is ($7,500 – 100P). A margin call will be issued when:= 222。 when P = $ or higher11. The total cost of the purchase is: $20 180。 1,000 = $20,000You borrow $5,000 from your broker and invest $15,000 of your own funds. Your margin account starts out with equity of $15,000.a. (i) Equity increases to: ($22 180。 1,000) – $5,000 = $17,000Percentage gain = $2,000/$15,000 = , or %(ii) With price unchanged, equity is unchanged.Percentage gain = zero(iii) Equity falls to ($18 180。 1,000) – $5,000 = $13,000Percentage gain = (–$2,000/$15,000) = –, or –%The relationship between the percentage return and the percentage change in the price of the stock is given by:% return = % change in price 180。 = % change in price 180。 For example, when the stock price rises from $20 to $22, the percentage change in price is 10%, while the percentage gain for the investor is:% return = 10% 180。 = %b. The value of the 1,000 shares is 1,000P. Equity is (1,000P – $5,000). You will receive a margin call when:= 222。 when P = $ or lowerc. The value of the 1,000 shares is 1,000P. But now you have borrowed $10,000 instead of $5,000. Therefore, equity is (1,000P – $10,000). You will receive a margin call when:= 222。 when P = $ or lowerWith less equity in the account, you are far more vulnerable to a margin call.d. By the end of the year, the amount of the loan owed to the broker grows to:$5,000 180。 = $5,400The equity in your account is (1,000P – $5,400). Initial equity was $15,000. Therefore, your rate o
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