She promised her parents to write ______ while she was away.A．the other dayB．each other da

Laura McHugh promised to get the bullied boy tested for diseases because _____.

［A］ her son confessed to being wrong ［B］ she was afraid to annoy the boy’s parent

［C］ he was likely to be affected by these diseases ［D］ she wanted to teach her own son a lesson

A、crossed

B、hit

C、struck

D、touched

Susan Baker is a new hire at Crinson Bank’s Chicago office. She has joined the risk arbitrage desk where she will be training to take advantage of price discrepancies in the U.S. T-note futures and spot markets.

Her managing director, Gerald Bigelow, has asked her to calculate parameters for potential arbitrage opportunities for the bank given current market conditions. At the time he asked the question, the cheapest-to-deliver T-notes were at par, with a coupon rate of 8.5 percent. When trading futures, the risk arbitrage desk borrows at 12 percent and lends at 4 percent.

Looking at the calendar, Baker calculates that there are 184 days to the first coupon payment and 181 days from the first coupon payment to the second. Any interest accrued will be paid when the T-note is delivered against the futures contract, but Bigelow asks Baker not to concern herself in the calculations with the impact of reinvesting the coupons or with transaction costs.

To get a feel for the market, Baker first prices a 6-month futures contract that has 184 days to expiration in a “simplified scenario.” She decides to use the same interest rate for borrowing and lending, taking the average of the bank’s borrowing and lending rates. Calculating the futures price under these simplified assumptions, Baker tells Bigelow that the futures contract should trade at 99.7059. Bigelow explains that the futures price is below par even though the spot price is at par because of the benefit to a short seller of receiving the T-note coupon payments.

Having calculated the futures price in the “simplified scenario,” Baker modifies it to reflect the bank’s current borrowing and lending rates, and calculates the corresponding no-arbitrage bands. She tells Bigelow that the lower band will be at 97.7468. Bigelow checks her calculations, confirming that the higher band will be at 101.6294.

Once they know the no-arbitrage bands for current market conditions, Baker and Bigelow check the screen. They see that the market price of the futures contract for which they’ve been calculating no-arbitrage bands is 103. Together, they execute Baker’s first arbitrage play.

Part 5)

How much does Baker expect to earn in profits on her first arbitrage play (in dollars per contract, ignoring transaction costs and any reinvestment of coupon payments)？

A)$523,000.

B)$1,371.

C)$40,003.

D)$370.

Susan Baker is a new hire at Crinson Bank’s Chicago office. She has joined the risk arbitrage desk where she will be training to take advantage of price discrepancies in the U.S. T-note futures and spot markets.

Her managing director, Gerald Bigelow, has asked her to calculate parameters for potential arbitrage opportunities for the bank given current market conditions. At the time he asked the question, the cheapest-to-deliver T-notes were at par, with a coupon rate of 8.5 percent. When trading futures, the risk arbitrage desk borrows at 12 percent and lends at 4 percent.

Looking at the calendar, Baker calculates that there are 184 days to the first coupon payment and 181 days from the first coupon payment to the second. Any interest accrued will be paid when the T-note is delivered against the futures contract, but Bigelow asks Baker not to concern herself in the calculations with the impact of reinvesting the coupons or with transaction costs.

To get a feel for the market, Baker first prices a 6-month futures contract that has 184 days to expiration in a “simplified scenario.” She decides to use the same interest rate for borrowing and lending, taking the average of the bank’s borrowing and lending rates. Calculating the futures price under these simplified assumptions, Baker tells Bigelow that the futures contract should trade at 99.7059. Bigelow explains that the futures price is below par even though the spot price is at par because of the benefit to a short seller of receiving the T-note coupon payments.

Having calculated the futures price in the “simplified scenario,” Baker modifies it to reflect the bank’s current borrowing and lending rates, and calculates the corresponding no-arbitrage bands. She tells Bigelow that the lower band will be at 97.7468. Bigelow checks her calculations, confirming that the higher band will be at 101.6294.

Once they know the no-arbitrage bands for current market conditions, Baker and Bigelow check the screen. They see that the market price of the futures contract for which they’ve been calculating no-arbitrage bands is 103. Together, they execute Baker’s first arbitrage play.

Part 4)

If the T-notes that Baker priced in the “simplified scenario” were not the cheapest to deliver, and the cheapest-to-deliver note had a conversion factor of 1.07, what would be the no-arbitrage futures price？

A)106.6853.

B)137.6041.

C)93.1831.

D)98.6359.

Susan Baker is a new hire at Crinson Bank’s Chicago office. She has joined the risk arbitrage desk where she will be training to take advantage of price discrepancies in the U.S. T-note futures and spot markets.

Her managing director, Gerald Bigelow, has asked her to calculate parameters for potential arbitrage opportunities for the bank given current market conditions. At the time he asked the question, the cheapest-to-deliver T-notes were at par, with a coupon rate of 8.5 percent. When trading futures, the risk arbitrage desk borrows at 12 percent and lends at 4 percent.

Looking at the calendar, Baker calculates that there are 184 days to the first coupon payment and 181 days from the first coupon payment to the second. Any interest accrued will be paid when the T-note is delivered against the futures contract, but Bigelow asks Baker not to concern herself in the calculations with the impact of reinvesting the coupons or with transaction costs.

To get a feel for the market, Baker first prices a 6-month futures contract that has 184 days to expiration in a “simplified scenario.” She decides to use the same interest rate for borrowing and lending, taking the average of the bank’s borrowing and lending rates. Calculating the futures price under these simplified assumptions, Baker tells Bigelow that the futures contract should trade at 99.7059. Bigelow explains that the futures price is below par even though the spot price is at par because of the benefit to a short seller of receiving the T-note coupon payments.

Having calculated the futures price in the “simplified scenario,” Baker modifies it to reflect the bank’s current borrowing and lending rates, and calculates the corresponding no-arbitrage bands. She tells Bigelow that the lower band will be at 97.7468. Bigelow checks her calculations, confirming that the higher band will be at 101.6294.

Once they know the no-arbitrage bands for current market conditions, Baker and Bigelow check the screen. They see that the market price of the futures contract for which they’ve been calculating no-arbitrage bands is 103. Together, they execute Baker’s first arbitrage play.

Part 6)

If the bank enters an arbitrage play involving the cheapest-to-deliver Treasury bond, which of the following statements is INCORRECT？

A)The short position decides which bond to deliver.

B)The arbitrage play is no longer risk-free if the bank has a long position in the cheapest-to-deliver bond.

C)The long position has the advantage in the arbitrage play.

D)The cheapest-to-deliver bond may change during the life of the contract.

Susan Baker is a new hire at Crinson Bank’s Chicago office. She has joined the risk arbitrage desk where she will be training to take advantage of price discrepancies in the U.S. T-note futures and spot markets.

Her managing director, Gerald Bigelow, has asked her to calculate parameters for potential arbitrage opportunities for the bank given current market conditions. At the time he asked the question, the cheapest-to-deliver T-notes were at par, with a coupon rate of 8.5 percent. When trading futures, the risk arbitrage desk borrows at 12 percent and lends at 4 percent.

Looking at the calendar, Baker calculates that there are 184 days to the first coupon payment and 181 days from the first coupon payment to the second. Any interest accrued will be paid when the T-note is delivered against the futures contract, but Bigelow asks Baker not to concern herself in the calculations with the impact of reinvesting the coupons or with transaction costs.

To get a feel for the market, Baker first prices a 6-month futures contract that has 184 days to expiration in a “simplified scenario.” She decides to use the same interest rate for borrowing and lending, taking the average of the bank’s borrowing and lending rates. Calculating the futures price under these simplified assumptions, Baker tells Bigelow that the futures contract should trade at 99.7059. Bigelow explains that the futures price is below par even though the spot price is at par because of the benefit to a short seller of receiving the T-note coupon payments.

Having calculated the futures price in the “simplified scenario,” Baker modifies it to reflect the bank’s current borrowing and lending rates, and calculates the corresponding no-arbitrage bands. She tells Bigelow that the lower band will be at 97.7468. Bigelow checks her calculations, confirming that the higher band will be at 101.6294.

Once they know the no-arbitrage bands for current market conditions, Baker and Bigelow check the screen. They see that the market price of the futures contract for which they’ve been calculating no-arbitrage bands is 103. Together, they execute Baker’s first arbitrage play.

Part 3)

Regarding Baker’s and Bigelow’s statements about the no-arbitrage bands, which is CORRECT？

A)Baker’s statement is correct and Bigelow’s statement is incorrect.

B)Baker’s statement is incorrect and Bigelow’s statement is incorrect.

C)Baker’s statement is correct and Bigelow’s statement is correct.

D)Baker’s statement is incorrect and Bigelow’s statement is correct.

Susan Baker is a new hire at Crinson Bank’s Chicago office. She has joined the risk arbitrage desk where she will be training to take advantage of price discrepancies in the U.S. T-note futures and spot markets.

Her managing director, Gerald Bigelow, has asked her to calculate parameters for potential arbitrage opportunities for the bank given current market conditions. At the time he asked the question, the cheapest-to-deliver T-notes were at par, with a coupon rate of 8.5 percent. When trading futures, the risk arbitrage desk borrows at 12 percent and lends at 4 percent.

Looking at the calendar, Baker calculates that there are 184 days to the first coupon payment and 181 days from the first coupon payment to the second. Any interest accrued will be paid when the T-note is delivered against the futures contract, but Bigelow asks Baker not to concern herself in the calculations with the impact of reinvesting the coupons or with transaction costs.

To get a feel for the market, Baker first prices a 6-month futures contract that has 184 days to expiration in a “simplified scenario.” She decides to use the same interest rate for borrowing and lending, taking the average of the bank’s borrowing and lending rates. Calculating the futures price under these simplified assumptions, Baker tells Bigelow that the futures contract should trade at 99.7059. Bigelow explains that the futures price is below par even though the spot price is at par because of the benefit to a short seller of receiving the T-note coupon payments.

Having calculated the futures price in the “simplified scenario,” Baker modifies it to reflect the bank’s current borrowing and lending rates, and calculates the corresponding no-arbitrage bands. She tells Bigelow that the lower band will be at 97.7468. Bigelow checks her calculations, confirming that the higher band will be at 101.6294.

Once they know the no-arbitrage bands for current market conditions, Baker and Bigelow check the screen. They see that the market price of the futures contract for which they’ve been calculating no-arbitrage bands is 103. Together, they execute Baker’s first arbitrage play.

Part 1)

Regarding Baker’s and Bigelow’s statements about the futures price in the simplified scenario:

A)Baker’s statement is correct and Bigelow’s statement is correct.

B)Baker’s statement is incorrect and Bigelow’s statement is correct.

C)Baker’s statement is incorrect and Bigelow’s statement is incorrect.

D)Baker’s statement is correct and Bigelow’s statement is incorrect.

Susan Baker is a new hire at Crinson Bank’s Chicago office. She has joined the risk arbitrage desk where she will be training to take advantage of price discrepancies in the U.S. T-note futures and spot markets.

Her managing director, Gerald Bigelow, has asked her to calculate parameters for potential arbitrage opportunities for the bank given current market conditions. At the time he asked the question, the cheapest-to-deliver T-notes were at par, with a coupon rate of 8.5 percent. When trading futures, the risk arbitrage desk borrows at 12 percent and lends at 4 percent.

Looking at the calendar, Baker calculates that there are 184 days to the first coupon payment and 181 days from the first coupon payment to the second. Any interest accrued will be paid when the T-note is delivered against the futures contract, but Bigelow asks Baker not to concern herself in the calculations with the impact of reinvesting the coupons or with transaction costs.

To get a feel for the market, Baker first prices a 6-month futures contract that has 184 days to expiration in a “simplified scenario.” She decides to use the same interest rate for borrowing and lending, taking the average of the bank’s borrowing and lending rates. Calculating the futures price under these simplified assumptions, Baker tells Bigelow that the futures contract should trade at 99.7059. Bigelow explains that the futures price is below par even though the spot price is at par because of the benefit to a short seller of receiving the T-note coupon payments.

Having calculated the futures price in the “simplified scenario,” Baker modifies it to reflect the bank’s current borrowing and lending rates, and calculates the corresponding no-arbitrage bands. She tells Bigelow that the lower band will be at 97.7468. Bigelow checks her calculations, confirming that the higher band will be at 101.6294.

Once they know the no-arbitrage bands for current market conditions, Baker and Bigelow check the screen. They see that the market price of the futures contract for which they’ve been calculating no-arbitrage bands is 103. Together, they execute Baker’s first arbitrage play.

Part 2)

Which of the following most accurately describes the arbitrage strategy that Baker and Bigelow executed？

A)Sell futures contract, use proceeds to buy asset, borrow difference, sell asset, buy back futures, and collect difference between finance charges and interest from asset.

B)Borrow funds, buy spot asset, buy futures, deliver asset against long futures, and repay loan and finance charges.

C)Borrow funds, buy spot asset, sell futures, collect accrued interest on spot asset, deliver asset against short futures, and repay loan with interest.

D)Short spot asset, lend proceeds from short sale, buy futures contract, collect principal and interest on loan, pay interest on short asset, take delivery of asset against futures, and replace short asset.

even o' clock on aSunday evening. It was June of the year nineteen hundred and eight, and Marywas eighteen years old. She walked along Tremont to Main Street and across the railroadtracks toUpper Main, lined with small shopsand shabby houses, a rather quiet cheerless place on Sunday when there were fewpeople about. She had toldher father she was going to church but did notintend anything of the kind. She did not know what she wanted todo. "T' II get offby myself andthink," she told herself as she walked slowly along. The night,she thought, promised to be too fine to be spent sitting in a church andhearing aman talk of things that had apparently nothing to do with her ownproblem. Her own affairs were approaching a crisis, and it was time for hertobegin thinking seriously of her future.The thoughtful serious stateof mind in which Mary found herself had been induced in her by a conversationshe had with her father on the eveningbefore. Without any preliminary talk andquite suddenly and abruptly, he had told her that he was a victim of heartdisease and might die at anymoment. He had made the announcement as they stoodtogether in his office, behind which were the rooms in which the father anddaughter lived.

45. What did she intend to do that night？

A. She decided to go to church.

B. She decided not to think aboutthe problem.

C. She decided to talk over theproblem with her father.

D. She had no intention of goingto church.

46. What was the cause of Mary' S seriousstate of mind？

A. Concern about her future.

B. Her talk with her father.

C. Worry about her sudden heart attack.

D. Going to church made her worry.

47. Where did Mary live？

A. In the same building as herfather' s office.

B. Near the church.

C. In a shabby house as her father' soffice.

D. She lived in a small shop.

48. What was Dr. Cochran' S condition？

A. He had a serious heartbreak.

B. He had light heart trouble.

C. He had a fatal heart disease.

D. He had a bad cold.

ut two weeks. Three weeks passed, but the rug did not arrive. When Mrs. B. telephoned the store to ask about it, she was told that the rug had been lost and that the store would send her another.Weeks later, when Mrs. B. telephoned again, the store claimed that the second rug had been delivered and left on her front porch. She didn't believe this story, as she had been at home as usual, and her door bell was in good working order. However, the store promised her that a third rug would be delivered within a week. It wasn't. What could she do？ How could she get action？

Mrs. B. did what many other Americans have done--with excellent results. She wrote a letter to the newspaper in her town, explaining her problem. A few days later her letter appeared in the newspaper, and this sentence was printed below it:

The store found a way to safely deliver your rug immediately after hearing from us.In this age of machines, it is often hard to get action from businesses that have made mistakes. An individual person can complain, but his complaints may accomplish nothing. Luckily, newspapers now employ people to help with such problems, and the results are published in a special section of the paper.Mrs. B's letter appeared in a column called MR. FIX-IT. During the same week the following letter from Mrs. J. was printed in the ACTION LINE column of another newspaper

"Many weeks ago I bought some living room furniture from the House and Garden Shop in Parkersville. They have set three delivery dates, and each time I had to stay home from work and wait for the truck, which never came. I have called the store at least fifteen times, and each time they have said they would look for the furniture. This has been going on for two months. I guess they are still looking. " The ACTION LINE writer's reply was printed below Mrs. J's letter: "They found it. Action Line made one telephone call to the president of the company, who told us: 'the customer will get satisfaction. ' The furniture was found, and it arrived at your home yesterday."

1.How long was it after Mrs. B. called the store again that she wrote to the local newspaper？ ____

A、Three weeks

B、Two weeks

C、About a week

D、Four months

2.The phrase "to get action" last line, 2nd paragraph means ____.

A、to get the store to deliver the rug

B、to find the rug that has been misdelivered

C、to cancel the order from the store

D、to quarrel with the store manager

3.The passage points out that in the machine age people's complaints usually____.

A、bring about mistakes

B、prove useless

C、cause more serious trouble

D、prove effective

4.After writing to the newspaper, ____.

A、Mrs. B found her rug

B、Mrs. B had to wait for another several weeks

C、Mrs. B's problem remained unsolved

D、Mrs. B's problem was solved very soon

5.In the last paragraph, the sentence "The customer will get satisfaction" means____

A、Mrs. J. will get what she wants

B、Mrs. J. will be paid for her loss

C、Mrs. J. will get better furniture

D、Mrs. J. will find that she was mistaken