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1. (17 Pts) Real vs Financial Assets: XYZ is a start-up Food Processing firm. It currently owns Food Processing equipment worth $130,000 and has cash on hand of $120,000 contributed by XYZ’s owners. For each of the following transactions, identify the real and/or financial assets that trade hands. Are any financial assets created or destroyed in the transaction?

  1. XYZ takes out a bank loan. It receives $150,000 in cash and signs a note promising to pay back the loan over 5 years.
  2. XYZ uses the cash from the bank plus $120,000 of its own funds to finance the development of new Food Processing plant.
  3. XYZ sells its final products to ABC, which will market it to the public under the ABC name. XYZ accepts payment in the form of 1,500 shares of ABC stock.
  4. XYZ sells the shares of stock for $80 per share and uses part of the proceeds to pay off the bank loan.
  5. Prepare its balance sheet just after it gets the bank loan. What is the ratio of real assets to total assets?
  6. Prepare the balance sheet after XYZ spends the $270,000 to develop its final product. What is the ratio of real assets to total assets?
  7. Prepare the balance sheet after XYZ accepts the payment of shares from ABC. What is the ratio of real assets to total assets?

2. (17 Pts) Price- and Value-weighted Stock Indexes: Consider the following three stocks:

Stocks Price

Stock A $40 Stock B $70 Stock C $10

Number of Shares Outstanding

200 500 600

a. The price-weighted index constructed with the three stocks is
b. The value-weighted index constructed with the three stocks using a divisor of 100 is
c. Assume at these prices that the value-weighted index constructed with the three stocks is 490. What would the index be if stock B is split 2 for 1 and stock C 4 for 1?

3. (16 Pts) Comparing taxable and tax-exempt bonds:

  1. An investor purchases one municipal and one corporate bond that pay rates of return of 8% and 10%, respectively. If the investor is in the 20% marginal tax bracket, his or her after-tax rates of return on the municipal and corporate bonds would be ________ and ______, respectively.
  2. An investor purchases one municipal and one corporate bond that pay rates of return of 7.5% and 10.3%, respectively. If the investor is in the 25% marginal tax bracket, his or her after-tax rates of return on the municipal and corporate bonds would be ________ and ______, respectively.

4. (16 Pts) Reading Listings Tables:

  1. If a Treasury note has a bid price of $975, the quoted bid price in the Wall Street Journal would be
  2. If a Treasury note has a bid price of $995, the quoted bid price in the Wall Street Journal would be

5. (17 Pts) Margin Trading and Short Sales:

  1. Assume you purchased 200 shares of GE common stock on margin at $70 per share from your broker. If the initial margin is 55%, how much did you borrow from the broker?
  2. You purchased 100 shares of IBM common stock on margin at $70 per share. Assume the initial margin is 50%, and the maintenance margin is 30%. Below what stock price level would you get a margin call? Assume the stock pays no dividend; ignore interest on margin.
  3. You sold short 150 shares of common stock at $27 per share. The initial margin is 45%. Your initial investment was
  4. You purchased 1000 shares of CSCO common stock on margin at $19 per share. Assume the initial margin is 50%, and the maintenance margin is 30%. Below what stock price level would you get a margin call? Assume the stock pays no dividend; ignore interest on margin.

6. (17 Pts) Mutual Fund Related:

  1. You purchased shares of a mutual fund at a price of $20 per share at the beginning of the year and paid a front-end load of 6.0%. If the securities in which the fund invested increased in value by 10% during the year, and the fund’s expense ratio was 1.5%, your return if you sold the fund at the end of the year would be___________________.
  2. A mutual fund had average daily assets of $4.7 billion in 2016. The fund sold $2.2 billion worth of stock and purchased $3.6 billion worth of stock during the year. The fund’s turnover ratio is _______ .
  3. A mutual fund had NAV per share of $37.12 on January 1, 2016. On December 31 of the same year, the fund’s rate of return for the year was 11.0%. Income distributions were $2.26, and the fund had capital gain distributions of $1.64. Without considering taxes and transactions costs, what ending NAV would you calculate?
  4. AmutualfundhadNAVpershareof$23.00onJanuary1,2016.OnDecember31ofthesame year, the fund’s NAV was $23.15. Income distributions were $0.63, and the fund had capital gain distributions of $1.26. Without considering taxes and transactions costs, what rate of return did an investor receive on the fund last year?
  5. Amutualfundhadyear-endassetsof$437,000,000andliabilitiesof$37,000,000.Ifthefund NAV was $60.12, how many shares must have been held in the fund?
  6. A mutual fund had year-end assets of $560,000,000 and liabilities of $26,000,000. There were 23,850,000 shares in the fund at year end. What was the mutual fund’s net asset value?
  7. TheProfitabilityFundhadNAVpershareof$17.50onJanuary1,2016.OnDecember31ofthe same year, the fund’s NAV was $19.47. Income distributions were $0.75, and the fund had capital gain distributions of $1.00. Without considering taxes and transactions costs, what rate of return did an investor receive on the Profitability Fund last year?

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