Høgskoleni Østfold EXAMINATION. Course code: Course: SFB Global Markets and Institutions. Permitted sources: Lecturer:

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1 Høgskoleni Østfold EXAMINATION Course code: SFB Date:..0 Course: Global Markets and Institutions Duration from 09 a.m. to 0 p.m. Permitted sources: Mother tongue English and English mother tongue dictionaries Ordinary calculator (not financial calculator!) The set with Monthly Compound Interest Tables will be distributed at the exam start. Lecturer: Danuta Tomczak/MaherAsal The examination: The examination papers consist of pages inclusive this page. Please check that the examination papers are complete before you start answering the questions. Three offive questions must be answered. Date of announcement of the examination results:..0 The examination results will be made available on the Studentweb no later than two workdays after the announcement of the examination results (

2 Three of five questions must be answered. Mark which questions you answer! Question What are the main functions of the financial system? Explain why indirect finance, which involves the activities of financial intermediaries, is many times more important than direct finance, in which businesses raise funds directly from lenders in financial markets. i. The one-year interest rate over the next five years is expected to be: %, %, 7%, 8% and 9%. Use Expectation theory to calculate the interest rates on: a two-year bond, a three-year bond, a four-year bond and a five-year bond? What is the shape of yield curve according to this theory? What is happening to the yield curve? A zero coupon bond has a par value of $,000 and matures in 0 years. The bond is selling for $00 today. What is the yield to maturity for this bond? Question Calculate the duration of a $,000 % coupon bond with three years to maturity. Assume that all market interest rates are 7%. A security's price fully reflects all available information in an efficient market. Is this statement true, false, or uncertain? Explain your answer. What are the different forms of market efficiency? How would you test for market efficiency? What characteristics define the money market? Why do government use the money markets? Why do business use the money markets? Question Consider a 0-year, fixed-rate mortgage for $00,000 at a nominal rate of 9% compounded monthly. i. Construct an amortization schedule for the first years. If the borrower wants to pay off the remaining balance on the mortgage after years, what is the remaining balance on the mortgage? Three stocks; A, B and C with the following information: State Probability Return on stock Return on stock Return on stock (A) (B) (C) Boom

3 Recession Question Calculate the expected return for each of these three stocks Calculate the standard deviations for each of these three stocks If you have to choose only one stock, based on expected return and risk, which stock would you choose? Consider the two bonds described below: Bond A Bond B Maturity yrs 0 yrs Coupon Rate (Paid semiannually) 0% % Par Value $,000 $,000 If both bonds had a required return of 8%, what would the bonds' prices be? Explain what it means if a bond sells at a discount, a premium, and at its face amount (par value). Are these two bonds selling at a discount, premium, or par? There are at least five primary classes of mutual funds available to investors. Define these five classes. What are the load fund? What distinguishes a hedge fund from other types of mutual funds? Question a) Assume the following Balance sheet and Income Statement for SE Bank where the required reserves are 8%. SE Bank Balance Sheet as of December 0,Million $ Assets Liabilities Required Reserves 8 Checkable Deposits $00 Excess Reserves Bank Capital $ T-bills Loans 0 SE Bank Balance Sheet as in December 0,Million $ Operating Income Interest income Noninterest income,8 Total Operating Income Operating expense 798,8

4 Interest expense Noninterest expense Operating expense Net Operating income Tax Paid Net Income 8,8 7,8 7,8, i. On the first month of operations, deposits fall by $ million. What does the balance sheet look like? Are there any problems? Calculate ROA, ROE and NIM for SEB bank.. What is the annualized discount rate % and investment rate % on a Treasury bill that you purchase for $9,900 that will mature in 9 days for $0,000? A bond pays $80 per year in interest (8% coupon). The bond has years before it matures at which time it will pay $,000. Assuming a discount rate of 0%, what should be the price of the bond?

5 APPENDIX B MONTHLY COMPOUND INTEREST TABLES

6 Appendix B Monthly Compound Interest Tables monthlycompoundinterest TABLES.00% ANNuAL INTEREST RATE 0.000% MOWTHLYEFFECTIVE INTEREST RATE AMOUNF $ AT CCMPOUND INTEREST ACCUMULATICW OF $ PER PERICO FACR REVERSION ORD. ANNUITY OF $ $ PER PERICO INSTALLMENT AmORTIZE $ s YEARS

7 Appendix B Monthly Compound Interest Tables 7 MONTHLYCOMPCUNDIWTERESTTABLES 7.00% ANNUALINTEREST RATE 0.8% MOWTHLYEFFECTIVE INTEREST RATE AMOUNF S AT COMPOUND NTEREST ACCUMULATION OF $ PER PERICO FACR REVERSION ORO. ANNUITY OF $ $ PER PER00 INSTALLMENT AMORTIZE $ YEARS , ,

8 8 Appendix B Monthly Compound Interest Tables MONTHLYCOMPOUNDINTEREST TABLES 8.00% ANNUAL INTEREST RATE 0.7% MONTHLYEFFECTIVE NTERESTRATE AMOUNF $ AT COMPOUND INTEREST ACCUMULATION OF $ PER PER00 FACR REVERSIOM ORD. ANNUITY OF $ $ PER PERI00 INSTALLMENT AMORTIE $ i s s YEARS q

9 Appendix B Monthly Compound Interest Tables 9 monthlycompoundinterest TABLES 9.00% ANNUAL NTERESTRATE 0.700% monthlyeffectve INTEREST RATE AMOUNF $ AT CCMPOUND INTEREST ACCUMULATION of $ PER PERICO FACTCQ REVERSION ord. ANNUITY OF $ $ PER PER00 INSTAILMENT AmORTIZE $ i , , YEARS , , , , e , ,

10 0 Appendix B Monthly Compound Interest Tables MONTHLYCONPOUNDINTEREST TAKES 0.00% ANNUALIMTEREST RATE 0.8% MONTHLYEFFECTIVE INTEREST RATE AMOUNF $ ACCUMULATION AT CONPOUND OF $ INTEREST PER PERIOD FACR REVERSION ORD. ANNUITY OF $ $ PER PERIOD NSTAILMENT AMORTIZE $ I YEARS

11 Appendix B Monthly Compound Interest Tables MOWTHLYCOMPOUNDINTEREST TABLES.00% ANNuAL INTEREST RATE 0.97% MONTHLYEFFECTIVE INTEREST RATE AMOUNF $ AT COMPOUND INTEREST ACCUMULATION OF S PER PERIOD FACR REVERSIOW ORD. ANNUITY OF $ $ PER PERIOD INSTALLmENT AMORTIZE $ MOHTHs i YEARS months

12 Appendix B Monthly Compound Interest TabIes MONTHLYcoMPOUNDINTEREST TABLES.00% ANNUAL INTEREST RATE.0000% MORTHLYEFFECTIVE INTEREST RATE AMOUNF $ AT ccmpcund INTEREST ACCUMULATION OF $ PER PERICO FACR REVERSION ORD. ANNUITY OF $ $ PER PERIOD INSTALIMENT AMORTIZE $ MONTNS months i s YEARS

13 AppendixE Aonth/CompoundInterestTables MONTHLV COMPOUND INTEREST TAIIILES.00% ANNUAL INTEREST RATE.08% MONTHLT EFFECTIVE INTEREST RATE AmoUNT OF $ AT COMPCUND INTEREST ACCUMULATICW OF $ PER PEROD FACR PRESENT VALUE REVERSION OF $ PRESENT VALUE ORD. ANNUITY $ PER PERICO INSTALLMENT AmORTIZE $ months YEARS s

14 AppendLy B Monthly Compound Interest Tables MONTHLYCOMPOUNDINTEREST TABLES.00% ANNUAL INTEREST RATE.7% MONTHLYEFFECTIVE INTEREST RATE AMOUNF $ ACCUMULATION AT COMPCUND OF S INTEREST PER PERIOD FACR REVERSCW ORD. ANNUITY OF $ $ PER PERIOD INSTALLMENT AMORTIZE $ YEARS ,

15 Appendix B Monthly Compound Interest Tables MONTNLYCOMPOUNDINTERESTTABLES.00% ANNUALINTEREST RATE.700% MONTNLYEFFECTIVE IWTERESTRATE NMCUNf $ ACCUMULATION ATCDMPOUND Of $ INTEREST PER PERIOD $NEING FACR REVtRSION ORD. ANNUITY OF $ $ PER PERIOD IMSIALLMENT AMORTZE$ a YEARS s

16 Appendix B Monthly Compound Interest Tables MONTHLYCCMPOUNDINTEREST TABLES.00% ANNUALINTEREST RATE.% MONTHLYEFFECTIVE INTEREST RATE AMOUNF $ AT COMPCUND INTEREST ACCUMULATION OF $ PER PERICO FACR REVERSION ORD. ANNUITY OF $ $ PER PERIOD INSTALLMENT AMORTIZE $ s YEARS

17 Appendix 8 MonthlyCornpoundInterestTables 7 MONTHLYCOMPOUNDINTEREST TABLES 7.00% ANNUALINTEREST RATE.7% MOWTHLYEFFECTIVE INTEREST RATE AMOUNF $ AT COMPOUND INTEREST ACCUMULATION OF $ PER PERIOD FACR PRESENTVALUE PRESEWTVALUE REVERSION ORD. ANNUITY OF $ $ PER PERIO0 INSTALLMENT AMORTIZE $ YEARS MOWTHS

18 8 Appendix B Monthly Compound Interest Tables MONTHLYcoMPOUNDINTEREST TABLES 8.00% ANNUAL INTEREST RATE.000% MONTHLYEFFECTIVE INTEREST RATE AMOUNF $ ACCUMULATICW AT CCMPCUND of $ INTEREST PER PERICO FACR PRESENTVALuE REVERSICW OF S PRESENTVALUE ord. ANNUITY $ PER PERIOD INSTALLMENT AmoRTIZE, months YEARS

19 Appendix B Monthly Compound Interest Tables 9 MONTHLYCOMPOUNDINTEREST TAKES 9.00% ANNUAL INTEREST RATE.8% MONTHLYEFFECTIVE INTEREST RATE AmOUNF $ AT COMPOUND NTEREST ACCUMULATION OF $ PER PERICO FACR REVERSION ord. ANNUITY OF $ $ PER PERIOD INSTALLMENT AMORTIZE $ months e YEARS months e

20 0 Appendix 8 Monthly Compound Interest Tables montnlycompoundinterest TABLES 0.00% ANNUAL INTEREST RATE.7% MONTNLYEFFECTIVE INTEREST RATE AmOUNF $ AT COMPOUND INTEREST ACCuMULATION OF $ PER PERIOD FACR PRESENTvALUE REVERSION OF $ PRESEMTVALUE ORD. ANNUITY $ PERPERIO0 INSTAILMENT AMORTIZE $ MONTNS mowths YEARS montns

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