ࡱ> dfc` bjbj D~2CCC8DDRD2XEF(FFFGGGrWtWtWtWtWtWtW$?Zh\WHGGHHWFFaXKKKH*FFrWKHrWKK:FP,:PFE 1$9CRIrP PtwX0X|PR]dJ]P]P0G"GKHHGGGWW"K^GGGXHHHH222*C222C222 Chapter 11 Bond Valuation ( Solutions to Problems  For the two homework from Ch. 11 and the handout problem. 3. PVIFA9%, 15 periods = 8.061 PVIF9%, 15 periods = 0.275 Bond price = ($75 8.061) + ($1,000 0.275) = $604.58 + $275 = $879.57 4. PVIFA4%, 40 periods = 19.793 PVIF4%, 40 periods = 0.208 Bond price = ($50 19.793) + ($1,000 0.208) = $989.65 + $208 = $1,197.65 5. Return = interest income plus price appreciation Return = $100 + $50 = $150 Holding period return = $150/$900 = 0.1667 or 16.67%. 6. Current yield is equal to annual income divided by current price = $80/$1,150 = 0.0696 or 6.9%. 7. Price of bond today (8%, 18 years, 10% yield): Price = $80 PVIFA10%,18 yrs. + $1,000 PVIF10%,18 yrs. = $80 8.201 + $1,000(0.180) = $656.08 + $180 = $836.08 Price of bond in one year (8%, 17 years, 9% yield): Price = $80 PVIFA9%,17 yrs. + $1,000 PVIF9%,17 yrs. = $80 8.544 + $1,000(0.231) = $683.52 + $231 = $914.52 If the investor s expectations are accurate, the price of the bond should go up by $78.44 ($914.52  $836.08) over the next year. The holding period return will be: HPR EMBED Equation.DSMT4  = EMBED Equation.DSMT4  8. $1,170.68 = (1,000 PVIFx%, 20 periods) + ($120 PVIFAx%, 20 periods) Using 20 years and 10% ($1,000 0.149) + ($120 8.514) = $149 + $1,021.68 = $1,170.68 Calculator solution: 20N,  1170.58 PV, 120 PMT, 1000FV CPT I/Y = 10.0 % 13. PVIF = Price/Par = 0.209. PVIF of 0.209 for 15 years = 11%. Calculator Solution: 15N,  209PV, 1000FV; CPT I/Y = 11.0% 14. Price = Par PVIF = $1,000 0.422 = $422.00. Calculator Solution: 10N, 9I/Y, 1000FV; CPT PV = $422.41 16. Using annual compounding, the realized yield on the bond can be calculated as follows: Current price: $800 Coupon Payment: $80 Holding period = 3 years Future Price = $950 Let r% be the promised yield. We have the following: $950 = $80 PVIFAr%,3 periods + $950 PVIFr%,3 periods The r% can be calculated by trial and error using Tables. Using a financial calculator, the realized yield is: 15.38% If this is a nine-month holding period, the holding period return is: HPR =  EMBED Equation.DSMT4  The 15.38 percent is lower than the 26.25 percent holding period return. The latter is for nine months, while the former is an annual yield. Dividing the nine-month holding period by 0.75 puts both rates on an annual basis; that is, 26.25/0.75 = 35 percent annual rate of return. 19. Percent change in bond price =  1 modified duration change in interest rates Modified duration = Macaulay Duration/(1 + Yield) = 8.62/1.08 = 7.98. Percent change in bond prices =  1 7.98 0.005 =  0.0399 or  3.99% 20. Percent change in bond price =  1 modified duration change in interest rates Modified duration = Macaulay Duration/(1 + Yield) = 8.62/1.08 = 7.98. Percent change in bond prices =  1 7.98  0.005 = 0.0399 or 3.99% 21. To calculate the duration of the bond, first calculate the bond s current market price: Bond terms: 10% coupon, 20 years, 8% YTM Price = $100 PVIFA8%,20 yrs. + $1,000 PVIF8%,20 yrs. = $100 9.818 + $1,000 0.215 = $981.80 + $215 = $1,196.80 Duration analysis: 10% coupon, 20 years, 8% YTM (1)(2)(3)(4)(5)(6) Year Weighted Annual Cash Flow PVIF (8%) Present Value of Cash FlowsPC (Ct) Divided by Current Price of the Bond Time- Relative Cash Flow (t)(C)(2) (3)4/$1,196.80(1) (5) 1 $1000.926$92.600.077370.07737 2 1000.85785.700.071610.14322 3 1000.79479.400.066340.19902 4 1000.73573.500.061410.02564 5 1000.68168.100.056900.28450 6 1000.63063.000.052640.31584 7 1000.58358.300.048710.34097 8 1000.54054.000.045120.36096 9 1000.50050.000.041780.3760210 1000.46346.300.038690.3896011 1000.42942.900.035850.3943512 1000.39739.700.033170.39804(1)(2)(3)(4)(5)(6) Year Weighted Annual Cash Flow PVIF (8%) Present Value of Cash FlowsPC (Ct) Divided by Current Price of the Bond Time- Relative Cash Flow(t)(C)(2) 268:<f   , J L p r |    6 T V z |   t v B D N P \ r t v hUCJH* hUH*hUOJQJjhUU jnhUh&y`hU hUCJ,R8$ Z . d f  6 $ k  ^ `$ Fk  x^ ` #^`#$a$$ e@# e@ #B^`B e$~  BDVXdf <>@B^`nt|*,8>L hUH*jhUEHU$j>I hUCJOJQJUVhjhUEHU$jiI hUCJOJQJUVhjhUU hUCJH*hUhUOJQJA $>xD |r $ @ P^P# @ B(^`B$$4xx^4`a$$#`$  J^`J$ k  x^ ` $ k  ^ `$ k  x^ ` #B<^`B$ k  x^ ` LNZ\rt24JL ,.6<FHV\hjBDXZ,68`bhn.0FHjhUEHU$j>I hUCJOJQJUVhjhUU hUCJH* hU6hUhUOJQJM ~(P,$$4<<^4`a$ #B(^`B #B(^`B$$4xx^4`a$ #(^` $4<^4`$$a$$#V`& h !!!!&!.!6! $d$Ifa$ d$If $v^v`  v p^p$ v p^p` #B^`B# #B^`B&(.4V\ Z\bhpv   & * , 6 8 F H X Z j l ~ !6!8!!!`"b"~""""""##V#X######$$$ֹhU5>*\hU5OJQJ\hU56H*\ hU5\ hUCJhUCJOJQJ hUCJH*hUOJQJhUI6!8!H!\!j!E:,,$dP$Ifa$ dP$Ifkds $$If9ֈ{ #^0!64saj!~!!!!!!!",":"L"`"$dP$Ifa$ `"b"l"t"v"@5''$dP$Ifa$ dP$Ifkd $$If94ֈ{ #^0!64saf4v""""""7/<$Ifkd $$If9ֈ{ #^0!64sa$dP$Ifa$"""""#  <$If  C<$If  <$If $<$Ifa$# ## #,#E?6,  $If $$Ifa$$Ifkd $$If9ֈ{ #^0!64sa,#8#H#X#Z#%kd$$If9~ֈ{ #^0!64sa  $If  $If  C$IfZ#b#p#|####  $If  C$If  $If $$Ifa$$If#####E?6,  $If $$Ifa$$Ifkd$$If9ֈ{ #^0!64sa#####'kd$$If9ֈ{ #^0!64sa  $If  $If  C$If#$$$$$$$  $If  C$If  $If $$Ifa$$If$$%$)$0$6$E?6,  $If $$Ifa$$Ifkd$$If9ֈ{ #^0!64sa6$<$D$L$M$'kd$$If9ֈ{ #^0!64sa  $If  $If  C$If$$K$L$s$t$$$$$$$%%8%9%:%R%S%%%%%&nn,n.n8nnnnn o"onopooo p pXpZpppqq q q:qq@qFqHqJqLqzq|q$jA>I hUCJOJQJUVhj%hUEHU$j6>I hUCJOJQJUVhjhUUhUOJQJ hU>*hU5OJQJ\UhU56H*\ hU5\ hUCJhU9M$Q$X$^$d$l$t$  $If  C$If  $If $$Ifa$$Ift$u$y$$$E?6,  $If $$Ifa$$Ifkd$$If9ֈ{ #^0!64sa$$$$$'kd$$If9ֈ{ #^0!64sa  $If  $If  C$If$$$$$$$  $If  C$If  $If $$Ifa$$If$$$$$E?6,  $If $$Ifa$$Ifkd$$If9ֈ{ #^0!64sa$$$$$'kd$$If9ֈ{ #^0!64sa  $If  $If  C$If$$$$% %%  $If  C$If  $If $$Ifa$$If%%%%#%E=2&  d$If $d$Ifa$d$Ifkd$$If9ֈ{ #^0!64sa#%)%1%9%  d$If  d$If  Cd$If9%:%>%B%F%J%E<000 $d$Ifa$ d$Ifkd$$If9ֈ{ #^0!64saJ%N%R%S%[%e%90 d$Ifkd$$If9ֈ{ #^0!64sa $d$Ifa$e%l%v%}%%%%%%%%%%% $d$Ifa$ %%%%%E6(($dd$Ifa$Kdd$If^Kkd$$If9ֈ{ #^0!64sa (3)4/$1,196.80(1) (5)13 1000.36836.800.030750.3997514 1000.34034.000.028410.3977415 1000.31531.500.026320.3948016 1000.29229.200.024400.3904017 1000.27027.000.022560.3835218 1000.25025.000.020890.3760219 1000.23223.200.019390.36841201,1000.215236.500.19761 3.95220Duration10.19 yearsModified duration =  EMBED Equation.DSMT4  =  EMBED Equation.DSMT4  % change in bond price =  1 Modified duration change in interest rates =  1 9.44 1% =  9.44% If market yields rise 1 percent, the price of the bond will fall by 9.44 percent: Price in one year = $100 PVIFA9%,19 yrs. + $1,000 PVIF9%,19 yrs. = $100 8,950 + $1,000 0.194 = $895 + $194 = $1,089 The change in bond price is  $107.80, or 9 percent of the purchase price. The change in price using the modified duration method is 9.44 percent, overstating the actual price change by 0.44 percent. Duration is therefore not a good predictor of price volatility if interest rates undergo a big swing. Since the price-yield relationship of a bond is convex in form but duration is not the duration measure will overstate the price decline as the market experiences a big increase in rates. Here, although better, the modified duration overstated the decline by almost 0.5 percent. 22. This question is about bond price volatility. We need to measure the responsiveness of a bond s price to a given change in market interest rates. To maximize capital gains, we need to select the bond that has the maximum price volatility. To do this, first calculate the modified duration of each bond using the following formula: Modified duration =  EMBED Equation.DSMT4  Then calculate the price change with the following formula: % change in bond price =  1 Modified duration change in interest rates (a) Bond with duration of 8.46 years with YTM of 7.5%: Modified duration =  EMBED Equation.DSMT4  % change in bond price =  1 7.87  0.5% = +3.935% (b) Bond with duration of 9.30 years with YTM of 10%: Modified duration =  EMBED Equation.DSMT4  % change in price =  1 8.45  0.5%= +4.225% (c) Bond with duration of 8.75 years with YTM of 5.75%: Modified duration =  EMBED Equation.DSMT4  % change in price =  1 8.27  0.5% = +4.135% Bond (b) offers the potential for maximum capital appreciation. To maximize gains, this bond should be selected over the others. (Note: This question can be answered directly by looking at the modified duration. For a given change in interest rates, the bond with the highest modified duration will offer maximum price appreciation potential. Bond (b), with the highest modified duration, is the choice for the investor who wishes to maximize capital gains.) Handout Problem $60 * 10 = $600 Terminal Wealth = $16,000, Effective Rate = 5.92% (PV=-9000, pymt=0, n=10, FV=16,000) Term. Wealth= $17,203.66, Eff. Rate= 6.69% Current ytm = 7.45% Term. Wealth = $18,468.18, Eff. Rate= 7.45%      PAGE 198  Gitman/Joehnk "  Fundamentals of Investing, Tenth Edition Chapter 11 Bond Valuation   PAGE 197 % n$n8n:n@n71$Ifkd$$If9ֈ{ #^0!64sa$dd$Ifa$@nNnZnfnvnn  $If  C$If  $If $$Ifa$nnnnnE?6,  $If $$Ifa$$Ifkd$$If9ֈ{ #^0!64sannnnn'kd$$If9ֈ{ #^0!64sa  $If  $If  C$Ifnnnnoo"o  $If  C$If  $If $$Ifa$$If"o$o*o8oDoE?6,  $If $$Ifa$$Ifkd$$If9ֈ{ #^0!64saDoPo`oporo'kd$$If9ֈ{ #^0!64sa  $If  $If  C$Ifroxoooooo  $If  C$If  $If $$Ifa$$IfoooooE?6,  $If $$Ifa$$Ifkd $$If9ֈ{ #^0!64saooo pp'kd!$$If9ֈ{ #^0!64sa  $If  $If  C$Ifpp"p.p:pJpZp  $If  C$If  $If $$Ifa$$IfZp\pbpnpzpE?6,  $If $$Ifa$$Ifkd"$$If9ֈ{ #^0!64sazppppp'kd#$$If9ֈ{ #^0!64sa  $If  $If  C$Ifppppppp $x$Ifa$  x$Ifx$IfppBqqE5' $ h@ ^@ `$ h@ ^@ `kd$$$If9ֈ{ #^0!64sa|q~qqqqqqqqrr&r(r4r6r>r@rss&s(s4sHsJsLs\s^shs~sssssssssssssssxx<{>{@{B{p{r{t{v{| |(|*|P|R|}}} }N}P}¸$jX>I hUCJOJQJUVhjb,hUEHU$jN>I hUCJOJQJUVh hU6 hUCJH*hUOJQJhUjhUUj3)hUEHU@qrPrr~ssszx{x{{||V}},~~$  x^ ` $4^4`$ :k (^k `$ :k Hxx^k `H$$$a$# $ z ` $4^4` ; # ; P}R}T}}}}}}}}}}}P~R~T~V~~~~~~~~~~~~~~~~ ",Ȃԃփ鱧鞖 h+V^>*h+V^h+V^>*h+V^ hU6jZ6hUEHU$j>I hUCJOJQJUVhj3hUEHU$j>I hUCJOJQJUVhhUOJQJhUjhUUj/hUEHU8~~Zփ& # & Fxgd+V^ #Bx^`B$   x^ `$   x^ ` $4^4`$  x^ `փЅ҅ԅօ >@\`bnpvx۽ h&y`0J hU6]h&y`0JmHnHu hU0JjhU0JUhUjhUUhObh+V^ h+V^h+V^"(*z|~ # & Fxgd+V^ B 00&P1P/R / =!"#$% Dd t\  c $A? ?#" `2mga%d™.DR`!mga%d™. 0#@2xuSkAf6ح` ' t!e!)z k& &n9A/(PCO ɂ芠h|3YIޛo߼͛yoV@Yc$1>%NF)>Hs9BӘP8 YEE^(YA>&'H]`8L&PЛYboV-Vg~T#6Gl>~Lo'߶ߓg> y/DuVSwl? Pkq-cG&>Ƀ2 ɱd'kGEgh8c$f׫5,;S_/9@2mݯ[(ZMy2q-PiB3=!6GUܜc V.UPmn8Q옺m+WUwjmZu<^hw= {DL..k 3̤U )'bx6V e1Ru=K w Kյj1#=Ӡ`t<)6lQ hnEq3e,`8:1=Y~: 3>JW@#Tc(ZW*|d{3Ղ{ST-@t%Ux(狃(^:S) /XDd HXJ  C A? "2.8ujcHzPX R`!.8ujcHzPX@ \xuSoA,ߥƘK P H@F&荬vU" dCcPO`RUoƮov6y97 3Ca@2`L'Ra1DhEL2gB/],-/ja}D#{LFlp+~e:rܔ~ߦKqlz 8<7w#p`dތðD5: #YEN0͉?s̈́"љމf]złsM= 8We\jN x#yg!{U O,OC^ٽlo7Q˵j= |\ܬ@n5 YG2$ֺk+uv-;Jݦ ojlzµ\tzc%_zE!$QE_kl#SZܨ/`ՉQ "ps 8ܶCl";ɐ 2i$D3̕ B*zw?<H24ĉ"_x3̼kY7`hPڗk^_k (kJ|-hKVgp*RVDd ( XJ  C A? "2U,-h-؟aR`!U,-h-؟@1ZxuSORQӧS qň]:*MCĚWI \ >B>-iau_ "עo`{~= pab-\$;o||a3 0FIf_ B^nc xHenpm fE??DaB]U -m]/LCkƀ!~q8zK_D>0#R8_4֣Y]ftWfCIgvO@d*67pܲiRdirRqf|rNߨ%V^:Z }Vŭlo7F,|}UԠbJj:֠}1j;B.F?etUʣa<+˕iRfj+b`"᳁"̊3MBZ$ȴb77ͩ>$P\oS?2E2*^! tMrדr]]Մ"86%??1yK!p$t$2$9z 0ҝXfC))}#-x04+x*ClŞ NM/5y $$IfN!vh555^555#v#v#v^#v#v#v:V 90!6,555^555/ 44sa$$IfN!vh555^555#v#v#v^#v#v#v:V 940!6,555^555/ 44saf4$$IfN!vh555^555#v#v#v^#v#v#v:V 90!6555^555/ / 44sa$$IfN!vh555^555#v#v#v^#v#v#v:V 90!6555^555/ 44sa$$IfN!vh555^555#v#v#v^#v#v#v:V 9~0!6555^55544sa$$IfN!vh555^555  !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ\]^_`abehijklmonpqrstuvwxyz{|}~Root Entry2 Fp]$9gData [9WordDocument1DObjectPool4v$9p]$9_1231681806Fv$9$9Ole CompObjiObjInfo  #&'()*+,/234569<=>?@ABEHIJKLORSTUVY\]^_`bcdefghjklmnoq FMathType 5.0 Equation MathType EFEquation.DSMT49q]  tDSMT5WinANSITimesSymbolWinAllBasicCodePagesCourier NewMT Extra!ED/APG_APAPAE%B_AC_AE*_HA@AHA*_D_E_E_A  == AAnnnnuEquation Native '_1228859030 F$9$9Ole  CompObj iuaall iinntteerreesstt iinnccoommee++CCaappiittaall ggaaiinnssPPuurrcchhaassee pprriiccee FMathType 5.0 Equation MathType EFEquation.DSMT49qObjInfo Equation Native {_1228859341 F$9$9Ole z_ tDSMT5WinANSITimesSymbolWinAllBasicCodePagesCourier NewMT Extra!ED/APG_APAPAE%B_AC_AE*_HA@AHA*_D_E_E_A   $$8800++$$7788..4444$$883366..0088==1188..9955%%CompObjiObjInfoEquation Native {_1228859446F$9$9 FMathType 5.0 Equation MathType EFEquation.DSMT49qz_ tDSMT5WinANSITimesSymbolWinAllBasicCodePagesCourier NewMT Extra!ED/APG_APAPAE%B_AC_AE*_HA@AHA*_D_E_E_A   $$995500"-$$880000++$$6600$$880000==2266..2255%% FMathType 5.0 Equation MathType EFEquation.DSMT49qz tDSMT5WinANSITimesSymbolWinAllBasicCodePagesCourier NewMT Extra!ED/APG_APAPAE%B_AC_AE*_HA@AHA*_D_E_E_Ole !CompObj"iObjInfo$Equation Native %A   DDuurraattiioonn iinn yyeeaarrss11++YYiieelldd ttoo mmaattuurriittyy FMathType 5.0 Equation MathType EFEquation.DSMT49q_1228859457"F$9$9Ole -CompObj.iObjInfo0z/ tDSMT5WinANSITimesSymbolWinAllBasicCodePagesCourier NewMT Extra!ED/APG_APAPAE%B_AC_AE*_HA@AHA*_D_E_E_A   1100..119911++00..0088==99..4444Equation Native 1K_1228859470F$9$9Ole 7CompObj 8i FMathType 5.0 Equation MathType EFEquation.DSMT49qz tDSMT5WinANSITimesSymbolWinAllBasicCodePagesCourier NewMT Extra!ED/APG_APAPAE%B_AC_AE*_HA@AHA*_D_E_E_A   DDuurraattiioonn iinn yyeeaaObjInfo!:Equation Native ;_1228859480,$F$9$9Ole Crrss11++YYiieelldd ttoo mmaattuurriittyy FMathType 5.0 Equation MathType EFEquation.DSMT49qz5 tDSMT5WinANSITimesSymboCompObj#%DiObjInfo&FEquation Native GQ_1228859639)F$9$9lWinAllBasicCodePagesCourier NewMT Extra!ED/APG_APAPAE%B_AC_AE*_HA@AHA*_D_E_E_A   88..446611++00..007755==77..8877%% FMathType 5.0 Equation MathType EFEquation.DSMT49qOle MCompObj(*NiObjInfo+PEquation Native QKz/ DSMT5WinANSITimesSymbolWinAllBasicCodePagesCourier NewMT Extra!ED/APG_APAPAE%B_AC_AE*_HA@AHA*_D_E_E_A   99..330011++00..1100==88..4455%%_1228859652'.F$9$9Ole WCompObj-/XiObjInfo0Z FMathType 5.0 Equation MathType EFEquation.DSMT49qz; tDSMT5WinANSITimesSymbolWinAllBasicCodePagesCourier NewMT Extra!ED/APG_APAPAE%B_AC_AE*_HA@AHA*_D_E_E_A   88..775511++00..00557755==88Equation Native [W1Table]SummaryInformation(3aDocumentSummaryInformation8i..2277%%Oh+'0 0< \ h t  gitmanJoehnk_480171_IM_auMS11AWGitman_SG.dotInformation Technology5Microsoft Office Word@_@lC}@&J="9@A$9#v#v#v^#v#v#v:V 90!6555^55544sa$$IfN!vh555^555#v#v#v^#v#v#v:V 90!6555^55544sa$$IfN!vh555^555#v#v#v^#v#v#v:V 90!6555^55544sa$$IfN!vh555^555#v#v#v^#v#v#v:V 90!6555^55544sa$$IfN!vh555^555#v#v#v^#v#v#v:V 90!6555^55544sa$$IfN!vh555^555#v#v#v^#v#v#v:V 90!6555^55544sa$$IfN!vh555^555#v#v#v^#v#v#v:V 90!6555^55544sa$$IfN!vh555^555#v#v#v^#v#v#v:V 90!6555^55544sa$$IfN!vh555^555#v#v#v^#v#v#v:V 90!6555^55544sa$$IfN!vh555^555#v#v#v^#v#v#v:V 90!6555^555/ 44sa$$IfN!vh555^555#v#v#v^#v#v#v:V 90!6,555^555/ / 44sa $$IfN!vh555^555#v#v#v^#v#v#v:V 90!6,555^555/ 44sa$$IfN!vh555^555#v#v#v^#v#v#v:V 90!6555^555/ / 44sa$$IfN!vh555^555#v#v#v^#v#v#v:V 90!6555^555/ 44sa$$IfN!vh555^555#v#v#v^#v#v#v:V 90!6555^55544sa$$IfN!vh555^555#v#v#v^#v#v#v:V 90!6555^55544sa$$IfN!vh555^555#v#v#v^#v#v#v:V 90!6555^55544sa$$IfN!vh555^555#v#v#v^#v#v#v:V 90!6555^55544sa$$IfN!vh555^555#v#v#v^#v#v#v:V 90!6555^55544sa$$IfN!vh555^555#v#v#v^#v#v#v:V 90!6555^55544sa$$IfN!vh555^555#v#v#v^#v#v#v:V 90!6555^55544sa$$IfN!vh555^555#v#v#v^#v#v#v:V 90!6555^55544sayDd J  C A? "2GLc8WEKM%R`!GLc8WEKM. @2}xuSMOA~fZƶԏYHJx(!ipjV&0cԛ '&\ z']/lb33~̌8($" t]\ti9ܗ4(]=$j3*Qӧ|O ZE2vl1FoCߐI5ɯb1 JW^51I|WRa Hjvr9y=ZhN۟;؍vzi )e"(uӳ;mne:}}~E?k}~Ӷ -:Gލ4cfV[:MLOL Q)9/x'''FK]Vj vqz]|"r4Kko-w֚H-Y0E1V䓕Q~9& 16=Unׂ\nc2"rp%-)j蕃J 5P(Krb6#l`z ΙjJIDg%]t #ڰtmXR'Zb򸔣sr16iIlki_x'lZ`›pkzh؆[ߢFCp7S]jưz|/C*DdndqUd/Dd dDJ  C A? "2 ӽ.>9ʢ|mw)R`!e ӽ.>9ʢ|^ 3xuRoAfv@]@&R=. Đb{!Bcovk 0Ħ4ƃcjzdGdth"]dg{oP3@挹h$Qre|lCe:p#a"t~NkDݬZ.H_/$st3' e%z w͇'6^7ޮ 7S'FO.hyNxArXF Xԣ8^͙K߈Ogu1_]]`Fdb"XZR^F/Xu7suT%\^n+V!Xw5ᛝ) fֵ+U} ᓚ `UBנ`U쁔d~D[|dT㴨OJWhZON AO$i1؊!vLRb28N}I6X:sp25.uLI+iAe-;] W*02KWܗTXPzDd J  C A? "2VETKT,R`!VETKT. @2~xuSkA}I6 &i i@RlOamVdewCݓ %:13y0wf8E%) ~_;Oڮ,uV_߱:mT!smj-l7ͪq_.'mh:\Rˏ<`!&fgʽҕbuj?fS>)bP\e9ʃʠh9>^Po`Bcc-ӋqTRJ%?)DKt DтEa;uƇO4aF qIGşPr2iElki_xVlJ`pkzDhF[ݢ,`7W]lưz|/*Th oEݼ>Dd |DJ  C A? "2bސY$ nt:_| 0R`!tbސY$ nt:_` BxuRMkA~fv6i4_zMxhpH&*Rok#I$TP{s)7w- {/D fk P ^ÛWGh'=p+AVH Z&w[ב_RGZ!:5iuMg?%wRԍqNL7NXRGa8>4W"ݾy2*Z3 l?49*nHR鬶ޖUoj߶ukZk&Ob_^N* _3φ U;iOVMBpY\b))ѽFX1+f1JqZT'F+Oe ˧PS  2tsTiB}Fx7%]/B%'G- p]S*RU<]xMB26Jx?ɿDB/T|"6wug _K6GhY])+xgQW?ʉp֋~qV0=a&m\ZObpT3]Uú |dseкn9sw7'\d\Nö&\eF*j ,rܨ\C/)IKV6wr0ۏ: ݰjש# bqXX5vPZ3?>vXE{n%:sVmZ5AubtuT@| 2\}C'@fc#8T&y)#vYڥړHҜBb֬E3 ]<r^:c}+tsAgUXsJ<-WܗtI1<Dd DJ   C A ? "2\JHH_9~<#z6R`!r\JHH_9~<#  @xuRoAn)|%"@Z4DhFЮJbLzhz[cuY& ANJ!ս8ℓHi 9!43n 1k1i|gk6oN׃rBOA%ݨC]SEXJ=+n9,?R"՜.+,D՜.+,H hp|  ITC2 gitmanJoehnk_480171_IM_auMS11 TitleH 6> MTWinEqns ?8@8 Normal_HmH sH tH >@> Heading 1$$@&a$CJ>@> Heading 2$@& 5>*CJ8@8 Heading 3$@&CJJ@J Heading 4$ d@&5CJ>@> Heading 5 <@&CJB@B Heading 6 <@&6CJB@B Heading 7 <@&OJQJF@F Heading 8 <@& 6OJQJL @L Heading 9 <@&56CJOJQJDA@D Default Paragraph FontVi@V  Table Normal :V 44 la (k@(No List VOV List1!$ ^`5CJOJQJVOV List2%$ mP<^`m CJOJQJROR List3!$ (^` CJOJQJRO"R List4!$ (^` CJOJQJTO2T List5$$ {B(^`B CJOJQJFO1BF H2d@&]5OJQJ\aJ0OR0 T1$ CJOJQJTObT MCQ($ pp<^p` CJOJQJPOrP MCA# & F 8^` CJOJQJVOV awTB_fig$$(@&^CJOJQJh^O^ awTB_figCap$$((@&^6CJOJQJh.OQ. H3 x5\fOf awTB_01_questionHead$$h@&5CJOJQJXOX awTB_00_chTitle$@&5CJ$OJQJ.)@. Page NumberfOf Verso Headerh&dPCJOJQJ_HmH sH tH xOx Recto Header$h&dPa$'CJOJPJQJ_HmHnHsH tH uO awTB_03_distractor_Last' $ (@&^`CJOJQJhZOZ NL1!$B<^`BCJOJQJ_HmH sH tH ZO"Z NL2" (^`CJOJQJ_HmH sH tH `O2` MCQ_List1##$$><@&^`>CJOJQJh\OB\ MCQ_List2$$$9(@&^9`CJOJQJh<O!R< List6% `XObX equation&$$ (#xxa$CJOJQJaJFOrF NL3'$(^`CJaJ:0@: List Bullet (z^zVOV TF')$$ mm<@&^m`CJOJQJh>O1> SubList5* {p@V ^V 6U@6 Hyperlink >*B*phBOQB TFQ", B<^`BRO1R MCQ_List1_sub- 95^5`FOAF MCQ_List3. 5^`VOV Note#/$$[(@&^`[CJOJQJh.OQ. summary0<ROR SumList$1 0(^`05\bO"b MCQ_Ans1'2$$ Xx@&^`XCJOJQJhJOA2J MCQ_Ans"3 #P^#`FO!BF MCQ_Ans24P^`5\>OR> MCQ_List45-^-`8OAb8 T6$d^`a$DO1rD MCQ_List1a7v(^v`4Oq4 BL8N(^N`(TOAT MCQ_List2_sub 9 4^4`JOJ MCQ_List2a: 5r^r`4 @4 Footer ; !4@4 Header < !HH  Balloon Text=CJOJQJ^JaJRYR  Document Map>-D M OJQJ^J T        !     Tpr2~IhGcE} ?Tx(] Tv + r  T  4 R   & 0 1 6 : ; E Q [ \ ` g m t | $%)06<DLMQX^dltuy #)19:>BFJNRS[elv}"(089<CIOW_`cjpv~ "#&,29AKLMNOPYefo28p ;jIt  23456789:;<=>?@ABCDEFGHIJKLMNOPQRU00(#0(#0($0($0(#0($0($0(#0($0($0(#0(#0(#0($0($0($0(#0($0($0($0(#0($0($0(#0($0($0(#0($0(#0($0($0(#0($0($0(#0($0($0($0($0(#0($0(#0(#0($0(#0(#0(#0(#0(#0(#0(#0(#0(#0($00 0 ($00R  0R  0R  0R  0R  0R  0R  0R  0R 0R 0R  0R 0R  0R 0R  0R 0R 0R 0R  0R 0R 0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R 0R 0R  0R 0R  0R 0R  0R 0R 0R 0R  0R 0R 0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  0R  ($0($0(#00($0($0($0($0(#0(#0($0($0($0($0($0($0($0($0($0($0($0($0(#0(#0(#0(#0( #0( #0( #0( #0( #0y00y00y00y00y00y00y00y00@0y00@0y00y00 y0y0y0y0y0y0y0y0y0y0y0y0y0y0y0y0y0y0y0y0y0y0y0y0y0y0y0y0y0y0y0 T}}}}} L$$|qP}փ)SUW 6!j!`"v""#,#Z####$$6$M$t$$$$$$%#%9%J%e%%%@nnnn"oDorooopZpzpppq~ !"#$%&'(*+,-./0123456DEFGHIJKLMNOPQRTVXYgZrtz79T::::::::: ovz!!l,b$0r>&@0(  B S  ?T`y7`yH,PPUSSUB*urn:schemas-microsoft-com:office:smarttagscountry-region9*urn:schemas-microsoft-com:office:smarttagsplace Xv/3cf|34U6V ")Ig\_qs 34U333333333333333 I %34U34UAP"r_F:BFJNRS[v"(089<CIOW_`cjpv~ "#&,29AKLMNOPYef 23UAd0@V T`` ` `````````` `"`H@`nUnknownGz Times New Roman5Symbol3& z Arial;Wingdings3z Times;& z Helvetica5& zaTahoma#1Hh;;v$"2"2Kf4d 2qXZ?4|2/C:\WINDOWS\Desktop\Test Bank\Temp\Gitman_SG.dotgitmanJoehnk_480171_IM_auMS11AWInformation Technology  CompObjpq  FMicrosoft Office Word Document MSWordDocWord.Document.89q
This is a personal WEB site developed and maintained by an individual and not by Seattle University. The content and link(s) provided on this site do not represent or reflect the view(s) of Seattle University. The individual who authored this site is solely responsible for the site's content. This site and its author are subject to applicable University policies including the Computer Acceptable Use Policy (www.seattleu.edu/policies).