ࡱ> RTQ` bjbj v(_$(((P*))j=*V,4(-(-(-\.\.\.<<<<<<<$@hpB<Q/\.\.//<(-(-4$=333/(-(-<3/<33:8,99(-* o((k0x8 y:4:=0j=8RC1fC9999CM9,\.>.,3.$.\.\.\.<<I3d\.\.\.j=////"(D( Solutions Manual Chapter 03 Participating in the Market Problems Margin purchase 1. Assume you buy 100 shares of stock at $40 per share on margin (50 percent). If the price rises to $55 per share, what is your percentage gain on the initial equity? 3-1.  EMBED Equation.DSMT4  $3,500 " $2,000 = $1,500 gain  EMBED Equation.DSMT4  = 75% gain Margin purchase 2. In problem 1, what would the percentage loss on the initial equity be if the price had decreased to $28? 3-2.  EMBED Equation.DSMT4   EMBED Equation.DSMT4  Minimum margin 3. Assume you have a 25 percent minimum margin standard in problems 1 and 2. With a price decline to $28, will you be called upon to put up more margin to meet the 25 percent rule? Disregard the $2,000 minimum margin balance requirement. 3-3.  EMBED Equation.DSMT4  You are still above the 25 percent minimum margin standard. Minimum margin 4. Recompute the answer to problem 3 based on a stock decline to $23.75. 3-4. First compute the equity position:  EMBED Equation.DSMT4   EMBED Equation.DSMT4  You are now below the 25 percent minimum margin standard, and you will be called upon for more margin. Selling short 5. You sell 100 shares of Norton Corporation short. The price of the stock is $60 per share. The margin requirement is 50 percent. a. How much is your initial margin? b. If stock goes down to $42, what is your percentage gain or loss on the initial margin (equity)? c. If stock goes up to $67.50, what is your percentage gain or loss on the initial margin (equity)? d. In part c, if the minimum margin standard is 30 percent, will you be required to put up more margin? (Do the additional necessary calculations to answer this question.) 3-5. a)  EMBED Equation.DSMT4  b)  EMBED Equation.DSMT4  c)  EMBED Equation.DSMT4  d) To answer this question, you must compare the current margin position to the market value of the stock.  EMBED Equation.DSMT4  You will not be required to put up more margin as 33 percent exceeds 30 percent. Margin purchase and Selling short 6. You are very optimistic about the personal computer industry, so you buy 200 shares of Microtech Inc. at $45 per share. You are very pessimistic about the machine tool industry, so you sell short 300 shares of King Tools Corporation at $55. Each transaction requires a 50 percent margin balance. a. What is the initial equity in your account? b. Assume the price of each stock is as follows for the next three months (month-end). Compute the equity balance in your account for each month: MonthMicrotech Inc.King Tools Corp.October$51$48November3962December3740 3-6. a)  EMBED Equation.DSMT4  b) Monthly gain or loss in margin and new equity balance.  EMBED Equation.DSMT4  New equity balance $12,750 + $3,300 = $16,050  EMBED Equation.DSMT4  New equity balance $16,050 " $6,600 = $9,450  EMBED Equation.DSMT4  New equity balance $9,450 + $6,200 = $15,650 Commission percentage 7. Lisa Loeb is considering buying 100 shares of CMA Record Company. The price of the shares is $52. She has checked around with different types of brokers and has been given the following commission quotes for the trade: online broker, $7; discount broker, $45; full-service broker, $98. a. Compute the percentage commission for all three categories. b. How many times larger is the percentage commission of the full-service broker compared with the online broker? Round two places to the right of the decimal point for this answer. 3-7. a)  EMBED Equation.DSMT4  b)  EMBED Equation.DSMT4  c) It is lower than yield to maturity because it does not take into consideration the fact that the bond price will increase from $839.27 to $1,000 over the next 15 years. This increases the yield to maturity. Computing tax obligations 8. Compute the tax obligation for the following using Table 31 on page 52. a. An individual with taxable income of $59,000. b. A married couple with taxable income of $130,000. c. What is the average tax rate in part b? 3-8. a.  EMBED Equation.DSMT4  b.  EMBED Equation.DSMT4  c.  EMBED Equation.DSMT4  Capital gains tax 9. Gill Thomas is in the 35 percent tax bracket. Her long-term capital gains tax rate is 15 percent. She makes $16,200 on a stock trade. Compute her tax obligation based on the following holding periods: a. 6 months. b. 14 months. 3-9. Holding Period Profit Tax Rate Taxes a. 6 months $16,200 35% $5,670 b. 14 months $16,200 15% $2,430 Selling short and capital gains 10. Al Rodriguez sells 500 shares of Gold Mine Corp. short at $80 per share. The margin requirement is 50 percent. The stock falls to $62 over a three-month time period, and he closes out his position. a. How much is his initial margin? b. What is his percentage gain or loss on his initial margin? c. If he is in a 35 percent tax bracket for short-term capital gains and a 15 percent bracket for long-term capital gains, what is his tax obligation? d. If the stock went up to $94 instead of down to $62, what would be his dollar loss? e. Assuming this is his only transaction for the year (2007), how large a tax deduction could he take against other income? 3-10. a)  EMBED Equation.DSMT4  b)  EMBED Equation.DSMT4  c) Since he only had the position for three months, he must treat the profit as a short-term capital gain. This means it will be taxed at 35 percent.  EMBED Equation.DSMT4  d) Loss ($80 - $94) ( 500 = ($7,000) e) The maximum tax write-off in any one year for net investment losses is $3,000. That is the maximum amount A1 can write off in the year of the loss. Sidenote: the remaining $4,000 can be carried forward into the future. Price-weighted average 11. There are three stocks in a price-weighted index: A $100 B 20 C 60 a. What is the average value for the index? b. Assume stock A goes down by 25 percent and stock B goes up by 25 percent, and stock C remains the same. What is the new average value for the index? c. Explain why in part b the average changed with two stocks moving up and down by the same percentage amount. 3-11. a.  EMBED Equation.DSMT4  b.  EMBED Equation.DSMT4  c. The price-weighted average gives a higher weighting to high priced stocks than to low priced stocks. Thus the 25 percent decline on the $100 stock had a greater impact than the 25 percent rise on the $20 stock. Computing an index 12. Assume the following five companies are used in computing an index: CompanyShares OutstandingBase Period January 1, 1984 Market PriceCurrent Period December 31, 2007 Market PriceA6,000$ 6$12B2,000518C10,000840D1,0002010E4,0001532 a. If the index is price weighted, what will be the value of the index on December 31, 2007? (Take the average price on December 31, 2007, and divide by the average price on January 1, 1984, and multiply by 100.) b. If the index is value weighted, what will be the value of the index on December 31, 2007? (Take the total market value on December 31, 2007, and divide by the total market value on January 1, 1984, and multiply by 100.) c. Explain why the answer in part b is different from the answer in part a . 3-12. a)  EMBED Equation.DSMT4   EMBED Equation.DSMT4   EMBED Equation.DSMT4  Alternative Calculation  EMBED Equation.DSMT4  b) Base Period Current Period Shares Market Total Market Total Company Outstanding Price Value Price Value A 6,000 6 $36,000 $12 $72,000 B 2,000 5 10,000 18 36,000 C 10,000 8 80,000 40 400,000 D 1,000 20 20,000 10 10,000 E 4,000 15 60,000 32 128,000 $206,000 $646,000  EMBED Equation.DSMT4  c) Stock C with a fivefold increase in price was heavily weighted in Part b. Stock D with a 50 percent decline was lightly weighted in Part B (yet it was important in Part a). These factors help to explain why the value-weighted index in Part b produced a higher answer than the price-weighted index in Part a. Changing index values in a value-weighted index 13. Assume the following stocks make up a value-weighted index: CorporationShares OutstandingMarket PriceReese 4,000$35Robinson16,000 4Snider 6,000 10Hodges40,000 20 a. Compute the total market value and the weights assigned to each stock. Round to two places to the right of the decimal point. (The weights may add up to slightly more than 100 percent due to rounding.) b. Assume the price of the shares of the Snider Corporation go up by 50 percent, while those of the Hodges Corporation go down by a mere 10 percent. The other two stocks remain constant. What will be the newly established value for the index? c. Explain why the index followed the pattern it did in part b. 3-13. a) Shares Market Total Value Corporation Outstanding Price Weight Reese 4,000 $35 $140,000 13.16% Robinson 16,000 4 64,000 6.02 Snider 6,000 10 60,000 5.64 Hodges 40,000 20 800,000 75.19 $1,064,000 100.01% or approx. 100% b) Shares Market Price Total Value Corporation Outstanding Reese 4,000 $35 $140,000 Robinson 16,000 4 64,000 Snider 6,000 15* 90,000 Hodges 40,000 18** 720,000 $1,014,000 *$10 ( 150% = $15 **$20 ( 90% = $18  EMBED Equation.DSMT4  c) Hodges Corporation has an initial weight of 75.19 percent in the index, while Snider Corporation is only weighted as 5.64 percent. Therefore, a 10 percent decline in Hodges Corporations stock turns out to be more important than the 50 percent gain in Snider Corporations stock. Changing index values in a value-weighted index 14. 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The other two stocks remain constant. Do the necessary computations. 3-14. Compute the new total value of the index. Shares Market Total Corporation Outstanding Price Value Reese 4,000 $35 $ 140,000 Robinson 16,000 4 64,000 Snider 6,000 20* 120,000 Hodges 40,000 18.50** 740,000 $1,064,000  EMBED Equation.DSMT4   EMBED Equation.DSMT4  The value of the index would remain unchanged. Once again the heavy weighting of the Hodges Corporation in comparison to the Snider Corporation tends to overcome price change differentials.     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           =   "-2,000 Loan                                       "-2,000Initial Equity ==$2,000 Equity(Ending)  $3,500 FMathType 4.0 Equation MathType EFEquation.DSMT49q @6M6GDSMT4WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/ED/APG_APAPAE%B_AC_AE*_HA@AHA*_D_E_EObjInfo Equation Native (_1247717518Fޏ(C(Ole "_A   $1,500$2,000 FMathType 6.0 Equation MathType EFEquation.DSMT49q4R$DSMT6WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/ED/APCompObj#iObjInfo%Equation Native &_1247717549hFC(C(G_APAPAE%B_AC_AE*_HA@AHA*_D_E_E_A  100$40             = $4,000 Price decreases: 100$28 = $2,800Loan                   =   "-2,000 Loan                                        "-2,000Initial Equity ==$2,000 Equity (Ending)  $800 FMathType 6.0 Equation MathType EFEquation.DSMT49q R,DSMT6WinAllBasicCodePagesOle ;CompObj<iObjInfo>Equation Native ?Times New RomanSymbolCourier NewMT Extra!/ED/APG_APAPAE%B_AC_AE*_HA@AHA*_D_E_E_A  $800 "- $2,000 = "-$1,200 loss   -$1,200$2,000==60%loss_1244033421 wFC(C(Ole HCompObjIiObjInfoK FMathType 4.0 Equation MathType EFEquation.DSMT49q@6M6GDSMT4WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/ED/APG_APAPAE%B_AC_AE*_HA@AHA*_D_E_E_A   EquitEquation Native L_1247626050FC(C(Ole TCompObj UiyMarketValue== $800$2,800==28.57% FMathType 6.0 Equation MathType EFEquation.DSMT49qObjInfo!WEquation Native X_1244273772$FC(C(Ole cŽR DSMT6WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/ED/APG_APAPAE%B_AC_AE*_HA@AHA*_D_E_E_A  MarketValue==100$23.75 $2,375 Loan     "-2,000Equity(Ending)  $375 FMathType 4.0 Equation MathType EFEquation.DSMT49qZ@6M6GDSMT4WinAllBasicCodePagesCompObj#%diObjInfo&fEquation Native g_1247717984)FC(C(Times New RomanSymbolCourier NewMT Extra!/ED/APG_APAPAE%B_AC_AE*_HA@AHA*_D_E_E_A   EquityMarketValue== $3752,375==15.79% FMathType 6.0 Equation MathTyOle nCompObj(*oiObjInfo+qEquation Native rpe EFEquation.DSMT49q$R,DSMT6WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/ED/APG_APAPAE%B_AC_AE*_HA@AHA*_D_E_E_A  100$60==             $6,000Margin   50%InitialMargin(equity)            $3,000 FMathType 4.0 Equation MathTy_1244274125;.FC(C(Ole ~CompObj-/iObjInfo0pe EFEquation.DSMT49qZJ@6M6GDSMT4WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/ED/APG_APAPAE%B_AC_AE*_HA@AHA*_D_E_E_A  Profit($60"-$42)100  $1,80Equation Native f_1244449105,@3FC(C(Ole CompObj24i0  ==60%Gain Initialmargin(equity)  $3,000 FMathType 5.0 Equation MathType EFEquation.DSMT49qObjInfo5Equation Native {_12442742248FC(C(Ole A_ tDSMT5WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/ED/APG_APAPAE%B_AC_AE*_HA@AHA*_D_E_E_A  Loss($60"-$67.50)100  "-$750  ==25%LossInitialmargin(equity)  $3,000 FMathType 4.0 Equation MathType EFEquation.DSMT49qZk@6M6GDSMT4WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/ED/APCompObj79iObjInfo:Equation Native _12442742986c=FC(C(G_APAPAE%B_AC_AE*_HA@AHA*_D_E_E_A  Initialmargin(equity)  $3,000Loss     750Currentmargin(equity) $2,250Currentmargin(equity)  $2,250  ==33%    6,750 FMathType 4.0 Equation MathType EFEquation.DSMT49qOle CompObj<>iObjInfo?Equation Native Z@6M6GDSMT4WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/ED/APG_APAPAE%B_AC_AE*_HA@AHA*_D_E_E_A  Microtech 200$45==$9,000Margin   50%Initialmargin(equity)   $4,500KingTools 300$55==$16,500Margin   50%Initialmargin(equity)    8,250 Totalmargin(equity)  $12,750 FMathType 6.0 Equation MathType EFEquation.DSMT49q_1247626397^BFC(Ѝ(Ole CompObjACiObjInfoDEquation Native u_1247626475TGFЍ(Ѝ(Ole CompObjFHi(YRDSMT6WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/ED/APG_APAPAE%B_AC_AE*_HA@AHA*_D_E_E_A      OctoberMicrotech Gain($51"-$45)200==++$1,200KingTools Gain($55"-$48)300== ++$2,100  TotalGain  $3,300 FMathType 6.0 Equation MathType EFEquation.DSMT49qZRDSMT6WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/ED/APG_APAPAE%B_AC_AE*_HA@AHA*_D_E_E_A      NovemberMicrotech Loss($39ObjInfoIEquation Native v_1244449509LFЍ(Ѝ(Ole "-$51)200=="-$2,400KingTools Loss($48"-$62)300== "-$4,200  TotalLoss  "-$6,600 FMathType 5.0 Equation MathType EFEquation.DSMT49qA tDSMT5WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/ED/APG_APAPAE%B_AC_AE*_HA@AHA*_D_E_E_A      DeCompObjKMiObjInfoNEquation Native _1244449576JYQFЍ(Ѝ(cemberMicrotech Loss($37"-$39)200=="-$400KingTools Gain($62"-$40)300== 6,600  NetGain  $6,200 FMathType 5.0 Equation MathType EFEquation.DSMT49qA tDSMT5WinAllBasicCodePagesOle CompObjPRiObjInfoSEquation Native     !"#$%&'()*+,-03456789:;<=>?@ABCDEFGHIJKNQRSTUVWZ]^_`abcdefilmnopqrsvyz{|}~Times New RomanSymbolCourier NewMT Extra!/ED/APG_APAPAE%B_AC_AE*_HA@AHA*_D_E_E_A  onlinebroker  $7/$5,200 ==.13%discountbroker $45/$5,200 ==.87%full-sevicebroker $98/$5,200 ==1.88% FMathType 6.0 Equation MathType EFEquation.DSMT49qRDSMT6WinAllBasicCodePages_1247626685VFЍ(Ѝ(Ole  CompObjUW iObjInfoXEquation Native _1244450526[FЍ(Ѝ(Ole CompObjZ\iTimes New RomanSymbolCourier NewMT Extra!/ED/APG_APAPAE%B_AC_AE*_HA@AHA*_D_E_E_A   full - servicebrokeron - linebroker== 1.88%.13%==14.46x FMathType 5.0 Equation MathType EFEquation.DSMT49qAU tDSMT5WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/ED/APG_APAPAE%B_AC_AE*_HA@AHA*_D_E_E_A    AmoObjInfo]Equation Native q_1244451317O|`FЍ(Ѝ(Ole .unt  Rate   Tax1 st  X$7,300 10% tttt$ 730Next 22,400  15% 3,360Next 29,300  25% 7,325 $59,000    $11,415      FMathType 5.0 Equation MathTyCompObj_a/iObjInfob1Equation Native 2F_1244274931meFЍ(Ѝ(pe EFEquation.DSMT49qA* tDSMT5WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/ED/APG_APAPAE%B_AC_AE*_HA@AHA*_D_E_E_A    Amount  Rate   Tax1 st  $14,600 10% $ 1,460.00Next 44,800  15% 6,720.00Next 60,550  25% 15,137.50NextL1L0L,L0L5L0  28%  2,814.00 $130,000   $26,131.50      FMathType 4.0 Equation MathType EFEquation.DSMT49qOle LCompObjdfMiObjInfogOEquation Native PZ@6M6GDSMT4WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/ED/APG_APAPAE%B_AC_AE*_HA@AHA*_D_E_E_A   taxestaxableincome== $26,131.50130,000.00==20.10%_1247718340'jFЍ(Ѝ(Ole XCompObjikYiObjInfol[ FMathType 6.0 Equation MathType EFEquation.DSMT49q‹ R,DSMT6WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/ED/APG_APAPAE%B_AC_AE*_HA@AHA*_D_E_E_A        Equation Native \_1244275043oFЍ(Ѝ(Ole gCompObjnphi               500 shares$80 = $40,000Initial Margin(equity) at 50% =$20,000     FMathType 4.0 Equation MathType EFEquation.DSMT49qZ @6M6GDSMT4WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/ED/APG_APAPAE%B_AC_AE*_HA@AHA*_D_E_E_A   Profit($80"-$62)ObjInfoqjEquation Native k<_1244451366tFЍ((Ole t500Initialmargin(equity)== $9,00020,000==45% FMathType 5.0 Equation MathType EFEquation.DSMT49qCompObjsuuiObjInfovwEquation Native x5_1244037778yF((A DSMT5WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/ED/APG_APAPAE%B_AC_AE*_HA@AHA*_D_E_E_A  Profit     $9,000TaxRate     35%Taxobligation    $3,150 FMathType 4.0 Equation MathType EFEquation.DSMT49q@6M6GDSMT4WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/ED/APG_APAPAE%B_AC_AE*_HA@AHA*_D_E_EOle CompObjxziObjInfo{Equation Native _A  A $100B 20C  60 $1803==$60 FMathType 5.0 Equation MathType EFEquation.DSMT49q_1244451810r~F((Ole CompObj}iObjInfoA DSMT5WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/ED/APG_APAPAE%B_AC_AE*_HA@AHA*_D_E_E_A  A $100 .75 ==$75B 201.25 ==Equation Native _1244452007F((Ole CompObji25C 601.00 == 60   ==$1603==$53.33 FMathType 5.0 Equation MathType EFEquation.DSMT49qObjInfoEquation Native N_1244038362F((Ole A2 tDSMT5WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/ED/APG_APAPAE%B_AC_AE*_HA@AHA*_D_E_E_A   BasePeriodCurrentPeriod  Company  MarketPrice  MarketPriceA  $6  $12  B  5  18C  8 40D 20  10E  ,1,5  32   D DD$D5D4   $112 CompObjiObjInfoEquation Native _1244038406F(( FMathType 4.0 Equation MathType EFEquation.DSMT49q@6M6GDSMT4WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/ED/APG_APAPAE%B_AC_AE*_HA@AHA*_D_E_E_A  Averageprice== $545==$10.8  $1125==$22.4 FMathType 4.0 Equation MathType EFEquation.DSMT49q@6M6GDSMT4WinAllBasicCodePagesOle CompObjiObjInfoEquation Native Times New RomanSymbolCourier NewMT Extra!/ED/APG_APAPAE%B_AC_AE*_HA@AHA*_D_E_E_A  Index== $22.4$10.8100==2.07100==207_1247718677F((Ole CompObjiObjInfo FMathType 6.0 Equation MathType EFEquation.DSMT49q$R,DSMT6WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/ED/APG_APAPAE%B_AC_AE*_HA@AHA*_D_E_E_A  Index== $112$54Equation Native _1244038869F((Ole CompObji100==2.07100==207 FMathType 4.0 Equation MathType EFEquation.DSMT49q@6M6GDSMT4WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/ED/APObjInfoEquation Native _1244040645F((Ole G_APAPAE%B_AC_AE*_HA@AHA*_D_E_E_A  Index== $646,000206,000100==3.14100==314 FMathType 4.0 Equation MathTyp~[H54KƐ6|жV:u&<؍8?g eDd 0  # A2#[N# j`!#[N# j`@xڥToA3TD@I@Mؔ [؃F(zJG K4LѓɃ'cx1kb4ߛ&:͏770H Pqlx<,پixNE#槂0 c B!WvTq<ޟ/"=ʁ 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