Original Marketing Plan Essay Example | Topics and Well Written Essays - 3000 words

Unique Marketing Plan - Essay Example It is suggested that the organization extend its exercises into the Indian sub-mainland to exploit the 350 million in number well-to-do working class that is ravenous for top of the line customer items, including optical. It should likewise improve its range to incorporate sportswear optics as game is a major fierceness in that topographical region. The company’s current client section includes basically of ostracize clients the vast majority of whom are of Indian inception. Thusly an Indian big name from the game field will be generally fit to go about as its image minister to extend its picture in the huge Indian market. It is proposed to rope in M.S.Dhoni, the ostentatious India Cricket Team Captain as its Brand Ambassador. A showcasing plan guarantees that the item scope of the organization is continually elevated and imparted to the clients who can be convinced to get them. Making mindfulness and need are the two primary destinations of such an arrangement. Organizations consistently face rivalry and this needs systems for increasing upper hand. Doorman M.E., (1966) reclassified technique to be a mix of distinctively performed exercises. While the exercises continue as before, the methodology taken to perform or institute them is the key choice that pays off. This achieves vital places that are special without anyone else and set the association apart from its opponents. The organization has developed at the pace of 35% per annum as far as turnover. Regardless of rivalry it should now endeavor to cross the half imprint. For this it needs some extreme takeoffs from past exercises. In this promoting plan it is proposed to present the idea of having a Brand Ambassador for the organization. The organization has developed adequately in the most recent decade to be perceived as special endeavor with a few outlets in various Middle Eastern nations. It is currently an ideal opportunity to establishment the company’s brand abroad in the International markets, particularly in the developing business sector of India as it has an enormous

Array as a Function Return Type and Method Parameter

Cluster as a Function Return Type and Method Parameter Clusters in Delphi permit us to allude to a progression of factors by a similar name and to utilize a number (a record) to reveal to them separated. Heres a model number exhibit that can hold up to 7 (whole number) values. Note: this is a fixed-size static Delphi exhibit revelation. Exhibits as Function Return Types In Delphi, capacities are schedules that arrival a worth. At the point when you need a capacity to restore a cluster type variable, you may be enticed to utilize the following presentation: At the point when you attempt to gather this code, youll get the following assemble time blunder: [Pascal Error] E2029 Identifier expected however ARRAY found. Clearly, when you proclaim capacities that will return exhibit esteem, you ca exclude file type specifiers bring announcement back. So as to permit a capacity to restore an exhibit esteem, you first need to make a custom cluster type, at that point use it as an arrival work type: Clusters as Method/Routine Properties Like utilizing clusters as capacity return types, when you announce schedules that take exhibit parameters, you ca exclude list type specifiers in the parameter presentations.

How Your Attitude and Self-Talk Affect Stress

How Your Attitude and Self-Talk Affect Stress Stress Management Management Techniques Print How to Change Your Self-Talk and Reduce Stress By Elizabeth Scott, MS twitter Elizabeth Scott, MS, is a wellness coach specializing in stress management and quality of life, and the author of 8 Keys to Stress Management. Learn about our editorial policy Elizabeth Scott, MS Updated on August 04, 2019 How Stress Impacts Your Health Overview Signs of Burnout Stress and Weight Gain Benefits of Exercise Stress Reduction Tips Self-Care Practices Mindful Living Hero Images/Getty Images It’s well-known in the therapeutic community that negative statements from others can erode our sense of self-worth. Children tend to believe negative assessments of them from teachers and parents and develop a compromised self-concept when criticized on a regular basis. Researchers estimate  that it’s necessary for the ratio of positive-to-negative comments be at least five to one for a relationship to be healthy and survive long-term. For these reasons, we’re taught not to let others put us down. Sometimes the person eroding our sense of self-worth and limiting our potential is us. That’s right, our self-talk, or the words our inner dialogue uses when we think, can increase our stress levels, limit our potential, and color our experience with a negative pen. Here are some more detailed reasons why this happens, with links to resources you can use to change your mind and turn self-sabotage into self-mastery. Language Colors Experience Though it’s not clear as to  what extent this occurs, it has been found that the types of words we use can alter expectations and even our perceptions of reality. For example: If you’ve been told that a difficult person is ‘a nightmare to work with’, you will probably perceive that person as more frustrating than if you’ve been told they’re ‘particular’ or ‘somewhat demanding’.If your dentist tells you, ‘This will hurt. A lot!”, you will probably find a procedure more painful than if you’ve been told ‘You may experience some discomfort.’Research has found that people who speak different languages may see the same things differently based on the words their language uses to describe these things. For example, studies show that language can affect the perception of color. (People who spoke a certain language that classifies blue and green as different shades of the same color were less able than English speakers to differentiate colors that toed the line between blue and green.) These effects influence the right brain more than the left, but the influence is clearly significant. As it subtly colors what you perceive and what you dwell on, negative self-talk can alter your experience of stress in the following ways. Increased Perception of Stress When your self-talk is negative, you may perceive things as more stressful. For example, when you tell yourself something is difficult or unfair, it becomes more stressful to deal with than if you tell yourself it’s a challenge or even a test. Using self-talk that is optimistic rather than pessimistic has stress management benefits, productivity benefits, and even health benefits that have been proven by research. Self-Limitation If you say “I can’t handle this,” you more likely can’t. This is because your subconscious mind tends to believe the thoughts it hears. You can limit your abilities by telling yourself you “can’t,” that “this is too hard” or that you “shouldn’t even try.” Limited Thinking When you tell yourself you can’t handle something (or some other self-limiting thought), you tend to stop looking for solutions. For example, notice the difference between telling yourself you can’t handle something and asking yourself how you will handle something. Doesn’t the second thought feel more hopeful and produce more creativity? Negative self-talk tends to be a self-fulfilling prophecy. Stopping negative thoughts and creating habitually positive internal dialogue can reduce stress and empower you. Here are some resources to help you change negative self-talk into positive self-talk.

I Am A Survivor Of Human Trafficking - 2472 Words

â€Å"My name is Holly Austin Smith, and I am a survivor of Human Trafficking. When I was fourteen years old, I ran away from home with a man I had met at a shopping mall in Ocean County, New Jersey. After exchanging numbers, this man called at night while my unknowing parents watched television in the living room. We talked more than once. Convincing me to runaway with him was not an overnight accomplishment. He took his time. He got to know me. He analyzed my troubles, and he asked me my dreams. I wanted to be a s songwriter. I wanted to meet Julia Roberts. I wanted to see Jim Morrison’s grave in Paris, France. The year was 1992. I was on summer break from eighth grade middle school, and my freshman year of high school loomed in the distance like an angry bull. I was severely depressed. And as the pressures of my fourteen-year-old-world boiled to the surface, I fled. I laced up my size-five sneakers, and I ran toward opportunity, toward possibility, and toward freedom. In r eality, I ran right in the inexorable clutches of a sex trafficking ring. Within hours of running away with what turned out to be a manipulative and menacing pimp, I was coerced into working Pacific Avenue in Atlantic City, NJ until dawn the next day. The following night an officer on the street recognized me as being underage and arrested me. Although I was soon recognized to be a victim, the specialized aftercare needed for a trafficking victim did not yet exist. The journey toward healing was a long andShow MoreRelatedHuman Trafficking And Sex Trafficking1264 Words   |  6 PagesA challenge that I took interest in is the horrifying problem that women and young girls face as victims of human trafficking and sex slavery. Women and young girls make up 98% of victims of trafficking for exploitation. Human trafficking and sex slavery is a form of modern slavery, in which traffickers profit from the control and exploitation of others. It is a multi-billion industry. Traffickers use c ontrol of others for the purpose of engaging in sexual activities and or forcing others to provideRead MoreTrauma-Tlant Therapy1185 Words   |  5 PagesThe second question stated, â€Å"What did your path toward recovery look like and what helped you?† She answered, I wanted to survive my trauma, but never could have dreamed that I would be where I am today. My path forward started off very rocky. It took a life-changing turn after entering therapy with a therapist who practiced trauma-informed care. Trauma-informed care uses a framework that encompasses understanding, recognizing, and responding to the effects of all types of trauma. My therapistRead MoreBest Tactics For Human Rights995 Words   |  4 PagesOutstanding Tactics For Human Rights Protection The utmost desire of a common person is to live where he can enjoy freedom of speech and belief without fear of suppression, and enjoy equity and dignity without any humiliation or assault. The much used and abused term today is Human Rights. The term is used to protect Human rights as well as destroy it. I am not Human Rights Professional, however, I believe that Human Rights should be applied into the society as a natural rule, and the law shouldRead MoreSex Trafficking : An Important Social Issue That Affects Vulnerable People1482 Words   |  6 PagesLastName 1 Firstname Lastname Professor Maritato Introduction to Speech - Comm V01 Sex Trafficking General Purpose: To inform Specific Purpose: By the end of my speech, the audience should be able to explain what sex trafficking is and how it takes place domestically and abroad. Central Idea: Sex trafficking is an important social issue that affects vulnerable people. Introduction: When K. was 14 years old, she fell in love with her horseback riding instructor. She dreamed that they would be in loveRead MoreThe Movement Activity : End Human Trafficking2417 Words   |  10 PagesEnd Human Trafficking Introduction The issue of human trafficking has swept the globe with the exploitation of millions of women, men, and children of all ages, races, and religions. As social workers, it is imperative to understand the depth of this social issue and how it relates to the victims that are being served. Not only is it important to understand the issue but also it is critical to raise awareness and participate in activism to end this form of violence. For my activism activity, I choseRead MoreHuman Trafficking : A Global Perspective1402 Words   |  6 PagesIn Human Trafficking: A Global Perspective, Louise Shelley examines why and how human occurs. Dr. Shelley, founder and director of the Terrorism, Transnational Crime and Corruption Center and Professor in the School of Public Policy at George Mason University is a lead expert on transnational crime and terrorism. She has written numerous works on all sides of transnational crime and corruption. The main focus of her work is on the former Soviet Unio n. Shelley does an excellent job on giving the readerRead MoreThe Problem Of Human Trafficking1080 Words   |  5 PagesThe Source Awakens When I found out about my first essay, I was not ready to begin my research. I honestly did not want to think about it but the due date was inevitable. The thought of writing my essay was frightening enough but deciding on a topic and searching for sources was a completely different story. After a few sleepless nights, I finally decided on my topic, human trafficking. I chose this topic because I believe human trafficking is a problem not only in America but worldwide and needsRead MoreAnalysis of Girls Like Us by Rachel Lloyd1031 Words   |  5 PagesThis week’s reflection is on a book titled Girls Like Us and it is authored by Rachel Lloyd. The cover also says â€Å"fighting for a world where girls not for sale†. After reading that title I had a feeling this book was going to be about girls being prostituted at a young age and after reading prologue I sadly realized I was right in my prediction. The prologue starts with the description about a girl who likes swimming, SpongeBob, Mexican food, writing poetry and getting her nails painted. To a normalRead MoreThe Human Of Human Trafficking Epidemic1448 Words   |  6 PagesThe Human Trafficking Epidemic Introduction Dai is a victim of human trafficking. She became a victim when she met a military man and fell in love. He then convinced her to to move to a remote location with him. She agreed and once she got there, she was beaten and raped. She was eventually able to escape, but the man had taken all of her forms of identification. This meant that she was unable to really get any help or start a new life. From there she became a street walker to help make money soRead MorePersuasive Essay On Human Trafficking1720 Words   |  7 PagesHuman trafficking is a serious problem in modern society. In fact, the United Nations has referred to it as â€Å"one of the gravest human rights violations of our times† (â€Å"Secretary - General Calls Human Trafficking†). It is a fast growing industry that affects millions. No gender, age, or status is spared from the cruelty that is trafficking. To stress this point again, human trafficking is not just a problem of the â€Å"world† or â₠¬Å"United States†, in general. As previously seen, it strikes very close to

Argumentative Essay On Body Shaming - 1294 Words

Is it ethical to body shame someone because of their body shape, size or weight? Body shaming is humiliating a person by mocking or making critical comments about the person’s body shape, size or weight (Boss, 1). Many people don’t even feel completely comfortable in their own body. A lot of people have a vision of what they want their body to look like. Some people want to be thinner while others might want their bodies to look more firm. Body shaming can transpire in many different ways. It can be done by finding fault with your own appearance, through a judgment or comparison to another person or by criticizing another person’s appearance in front of them or without their awareness (Boss, 3). Many people are affected by this problem†¦show more content†¦The remarks can be sly, through unsolicited jokes or advice (Boss, 2). After the remark, the person may give a little smirk as though that will make it acceptable (Boss, 2). It could be jealousy, e nvy or maybe a person trying to put you down to make themselves feel better (Boss, 2). People seem to default to criticizing another person’s appearance as a go-to defense when they get upset or mad at that person (Boss, 3). It’s easier to shoot for something that will hurt, like targeting physical appearance, rather than expressing what is really going on emotionally (Boss, 3). Pointing out what we consider as flaws in others makes us feel better about ourselves (Boss, 2). It might even be an insult in the form of a compliment called on â€Å"an underlying resentment toward people who appear to be effortlessly thin (Boss, 6). A lot of people use the internet to make these cruel negative remarks. There are internet trolls who are people that anonymously hide behind their computer screen and use online social media to deliberately harass, attack and offend people by posting insulting comments on their medium. The media is constantly scrutinizing the women’s body causing them to feel deficient and making them feel that they should have a desire to change. It’s also discouraging that the Western standards view a women’s ideal body as a thin with proportionate feminine assets (Boss, 7). The media is full ofShow MoreRelatedArgumentative Essay On Body Shaming1189 Words   |  5 PagesBody-Shaming is known as criticizing or humiliating someone by making impolite comments on an individuals body shape or size. Body-shaming is a subject that has been recently brought to light with the use of social media; many celebrities have talked about body-shaming along with quite a few other individuals who have even went out to do social experiments. Generations and generations have passed and as the years go by, the problems only seems to get worse. Comments like â€Å"you should put more meatRead MoreInclusion Of Fiji And Why It Is Agreeable By Supporting The Argument With Evidence2049 Words   |  9 Pageslikely to be looked at as a lower status then men. Furthermore, as a result women in the South Pacific have been facing inequality. In addition, women have started to accept that male are superior and they have to right to command and abuse. This essay will discuss the above statement with references to Fiji and why it is agreeable by supporting the argument with evidence. To begin with, women stay home and look after their kids while men look for employment opportunities (Ravuvu 1983, 2010). This

I Am Legend Essay Free Essays

I’ve been asked to write an essay on a film. I have been asked to pick a five minute scene from my chosen movie, I will be explaining and talking about how camera shots, miss-en-scene, sound and lightening effects the audience, also what the director want the audience to feel and understand. The movie that I have picked to do my essay on is the 2007 science fiction film I AM LEGEND. We will write a custom essay sample on I Am Legend Essay or any similar topic only for you Order Now This film is based on RICHARD MATHESON’S 1954 novel under the same name and directed by Francis Lawrence. I AM LEGEND was distributed by the WARNER BROS. PICTURES. and released on DECEMBER 14TH 2007 in the USA. however the developing of the movie started way back in 1994 where several actors and directors were lined up to cast and produce the film, however due to financial and other problems the film was put on hold. NEW York City is where the movie was filmed and also included the BROOKLYN Bridge a $5 Million dollar scene which was the most expensive scene ever at that time. The movie begins with news broadcast where a scientist Dr. Alice Krippin played by Emma Thompson, who announce the invention of a new drug that could cure cancer saving millions of lives but does it all sound too good to be true? , then fast forwards three years later to the scenes of a post apocalyptic world where there seems to be no sign of human life. we hear car engine and from a birds eye view looking down on the city we see a moving car and then a close up inside the car that’s the first time the main character DR. ROBERT NEVILE played by WILL SMITH, and his dog SAM are introduced to the audience, through out the movie it becomes clear to the audience watching that the relation ship between ROBERT NEVILE and his dog is a very strong relationship and there are many scenes which showcase the bond between them non more than the scene I have chosen to do my essay on. And the story plays out to the myth that a dog is a mans best friend. The story line of the movie becomes very clear within the early moments of the movie and we see what the task ahead of the main character is. veryday he sends out radio message looking for survivors as well as trying to cure the mutated humans otherwise known as Darkseekrs. The death of ROBERT Neville’s dog Sam proves to be an emotional and a turning point in the film as ROBERT NEVILE loses his senses and retaliates with angry as he cannot bare the loss of his one and only companion and goes out looking for revenge at this point he is attacked by hundreds of d ark seekers and seems to be in trouble with his car flipped over all of the sudden a bright light nears and ROBERT NEVILE passes out as he is coming back around he is inside of a car and looks up with a shaky n unclear camera angle as if the audience is looking through his eyes. at this point he has been rescued by a women named ANNA and her son ETHAN who had heard his radio message and followed him, they take him home but his blood trail is left by the door as he was brought into the house next day the Dark seekers followed the smell of the blood and attacked them that’s when ROBERT NEVILE realises that he has to sacrifice himself to save humanity and becomes almost like a religious figure sacrificing his life for the sake of humanity. The scene that I have chosen to do my essay on is when ROBERT NEVILE and his dog SAM are chasing after the deer, as they make there way through the roads and cars the deer takes a turn and enters a dark building and Sam follows it, at this point ROBERT NEVILE is also running after them up until the door way screaming for SAM to stop. In this scene the unstable camera and fast scene and ROBERT Neville’s frightened tone of voice makes the audience fearful and worried for SAM. ROBERT NEVILE then cautiously goes after SAM into the building with a flash light and his gun locked and loaded ready to fire which adds more tension to the scene and makes the audience feel as if something horrible is going to happen, as he is slowly making his way inside the building with a frightened tone of voice whispering Sam’s name, At this point there is no music, the dark building and deadly silence becomes a perfect recpite for a scary scene, the silence and darkens makes this scene very intense and suspenseful which gets the audience on the edge of their seats waiting for something to happen. n the frightful darkness and science all you can here is the sound of his footsteps and water drops dripping down in the background and the frightening tone of ROBERT Neville’s as he raptly says â€Å"I shouldn’t be here† makes the scene that much more suspenseful and makes the viewer worried for both him and his dog. uring this scene the camera is very uns table as if the viewer was with him watching him from a corner and the other camera angle used is over the shoulder as if we are ROBERT NEVILE and we see through his eyes, this brings the audience much closer to the action and draws the viewers attention to the scene, especially as ROBERT NEVILE is making his way deeper into the dark building we see more tension building on the characters face as he is making his way round he looks down and there is blood on the floor which is a dangerous sign and gets the audience’s emotions started as we believe it could be SAM. s ROBERT NEVILE is making his way round a corner it appears on the ground the head of an animal which the audience see for a very short time and the camera looks up at ROBERT NEVILE as the tense looks on his face and him slightly whispering â€Å"SAM† its creates a very suspenseful moments as ROBERT NEVILE makes his way closer to the animal slowly revealing the head off the deer creates a moments sigh of reli ef for the character and the veiwer. this plays with the emotions of the audience as being very brightened and scared to the relief and the calming down. As he goes further into the building, over the shoulder shot is used as we see ROBERT Neville’s view as he point his gun and flash light into different parts of the room seeing nothing but old pipes makes the viewer anxious and worried to what might be in one of theses corners as the audience is looking from his point of view and changes in-between to a close up of his face which the viewer can see the frightened and fearful look on the characters face, all the way through it there is no music used just the sound of his footsteps, water dripping and him calling his dog the second time he looks up the viewer can see the Dark seekers from the characters point of view and the second shot is from the middle of the dark seekers looking back at him, an just as he raised his gun before and seen the you could hear a sound almost like a sward being drawn which with the camera angle and sight of the dark seekers and hearing them breathing and growling grabs the attention of the viewers. hen ROBERT NEVILE quickly looks this shows that he is very frightened and doesn’t want to be spotted and now the audience is very scared and worried for him and there attention is on the screen watching his every move as he slowly takes a few steps back his foot hits a piece of wood on the floor making sound causing the viewer to be on the edge of their seats and very worried this part of The scene is a very suspenseful. As he slowly escapes to the hall the audience is abet more relaxed believing it’s the end of it, As he is making his way though the hall, a whimper can be heard in the distance, echoing through the empty halls of the building. Robert takes a closer look following the sound to find Sam the viewer can see all this as the over the shoulder a very common shot and used a lot in the movie keeps the audience drawn to the action and can see from his point of view, Sam hiding under a desk and looks back at him for a second and we can see this through Samâ€⠄¢s punt of view. The relief on his face is short-lived as we can see from ROBERT Neville’s point of view as he is looking at Sam and from Sam angle ROBERT NEVILE notices that Sam isn’t looking at him, but staring at something behind him which creates a very scary a moment, He turns around just in time to see a â€Å"Dark seeker† jumping to attack him. Robert shoots the Dark seeker, killing it, and then he and Sam start running the camera angle that are used one is wide shot as ROBERT NEVILE is running the other is point of view (pov) shot as we can see from ROBERT Neville’s view and also a wide shot from behind watching him run as he is running towards a window a mid shot and close up are used to see the expression on his face. Also as he is running we see the point of view of the darkeners as they are chasing him getting closer and close. he way the end of this scene has been shot it creates a very exciting climax as the they are running the camera is unstable in a lot of it as its from a human or a dark seekers prospective the speed of the shots and the scene creates a very scary and exciting atmosphere which builds up the viewers emotions and excitement. Thought out the scene threes not much music used at the end as ROBERT NEVILE is running you can here really low but fast music almost like a clock countdown other sound affects used are footsteps running and breathing heavily also you can hearer the dark seekers growling and screaming at the running part of the scene. The reason why I picked this film and this scene to do my essay on because it’s a classic movie based on a classic novel. This scene in particular captures all viewer emotions from being frightened to being happy and scared. How to cite I Am Legend Essay, Essay examples

Solutions Ch Essay Example

Solutions Ch Paper The conversion factor for a bond is equal to the quoted price the bond would eave per dollar of principal on the first day of the delivery month on the assumption that the interest rate for all maturities equals 6% per annum (with semiannual compounding). The bond maturity and the times to the coupon payment dates are rounded down to the nearest three months for the purposes of the calculation. The conversion factor defines how much an investor with a short bond futures contract receives when bonds are delivered, If the conversion factor is 1. 2345 the amount investor receives is calculated by multiplying 1. 345 by the most recent futures price and adding accrued interest, Problem A Arteriolar futures price changes from 36. 76 to 9682. What is the gain or loss to an investor who is long two contracts? The Arteriolar futures price has increased by 6 basis points. The investor makes again per contract of or $300 in total. Problem 6. 5. What is the purpose Of the convexity adjustment ma de to Arteriolar futures rates? Why is the convexity adjustment necessary? Suppose that a Arteriolar futures quote is 95. 00. This gives a futures rate of 5% for the three-month period covered by the contract. The convexity adjustment is the amount by which futures rate has to be reduced to give an estimate of he forward rate for the period. The convexity adjustment is necessary because a) the futures contract is settled daily and b) the futures contract expires at the beginning of the three months. 80th of these lead to the futures rate being greater than the forward rate, problem 6,6, The 350-day LABOR rate is 3% with continuous compounding and the forward rate calculated from a Arteriolar futures contract that matures in 350 days is 3. 2% with continuous compounding. Estimate the 440-day zero rate. From equation (6. ) the rate is or 3. 0409%. Problem 6. 7. It is January 30. YOU are managing a bond portfolio worth 56 million. The duration of the portfolio in six months will be 8. 2 years. The September Treasury bond futures price is currently 108-15, and the cheapest-to-deliver bond Will have a duration of 7. 6 years in September. How should you hedge against changes in interest rates ov er the next six months? The value of a contract is The number of contracts that should be shorted is Rounding to the nearest whole number, 60 contracts should be shorted. The position should be closed out at the end of July. Problem 6. , The price of a 90-day Treasury bill is quoted as 10. 00. What continuously compounded return (on an actual/ASS basis) does an investor earn on the Treasury bill for the 90-day period? The cash price of the Treasury bill is The annulled continuously compounded return is Problem 6. 9. It is May 5, 2011. The quoted price off government bond with a 12% coupon that matures on July 27, 2014, is 110-17. What is the cash price? The number Of days between January 27, 2011 and May 5, 2011 is 98. The number of days between January 27, 201 1 and July 27, 2011 is 181. The accrued interest is therefore The quoted price is 110. 312. The cash price is therefore or $113. 78. Problem 6. 10. Suppose that the Treasury bond futures price is 101-12. Which of the followin g tour bonds is cheapest to deliver? Bond Price Conversion Factor 125-05 1 _2131 142-15 1. 3792 115-31 1. 1149 144-02 1. 4026 The cheapest-to-deliver bond is the one for which is least. Calculating this factor for each of the 4 bonds we get Bond 4 is therefore the cheapest to deliver. Problem 6,11_ It is July 30, 2013. The cheapest-Weedier bond in a September 2013 Treasury bond futures contract is a 13% coupon bond, and delivery is expected to be made on September 30, 2013. We will write a custom essay sample on Solutions Ch specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Solutions Ch specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Solutions Ch specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Coupon payments on the bond are made on February 4 and August 4 each year. The term Structure is flat, and the rate Of interest with semiannual compounding is 12% per annum. The conversion factor for the bond is IS. The current quoted bond price is $110. Calculate the quoted futures price for the contract. There are 176 days between February 4 and July 30 and 181 days between February 4 and August 4. The cash price of the bond is, therefore: The rate of interest with continuous compounding is or 11. 65% per annum. A coupon of 6. 5 will be received in 5 days years) time. The present value of the coupon is The futures contract lasts for 62 days years). The cash tortures price it the contract were written on the bond would be At delivery there are 57 days of accrued interest. The quoted futures price if the contract were written on the 13% bond would therefore be Taking the conversion factor into account the quoted futures price should be: Problem 6. 12. An investor is looking for arbitrage opportunities in the Treasury bond futures market. What complications are created by the fact that the party With a short position can choose to deliver any bond with a maturity of over 15 years? If the bond to be delivered and the time of delivery were known, arbitrage old be straightforward. When the futures price is too high, the arbitrageur buys bonds and shorts an equivalent number of bond futures contracts. When the futures price is too low, the arbitrageur shorts bonds and goes long an equivalent number of bond futures contracts. Uncertainty as to which bond will be delivered introduces complications. The bond that appears cheapest-to- deliver now may not in fact be cheapest-to-deliver at maturity. In the case where the futures price is too high, this is not a major problem since the party with the short position (i. . , the arbitrageur) determines which bond is to be delivered, In he case where the futures price is too low, the arbitrageurs position is tar more difficult since he or she does not know which bond to short; it is unlikely that a profit can be locked in for all possible outcomes. Problem 6. 13. Suppose that the nine-month LABOR interest rate is 8% per ann um and the six- month LABOR interest rate is 7 per annum (both with actual/ASS and continuous compounding). Estimate the three-month Arteriolar futures price quote for a contract maturing in six months. The forward interest rate for the time period between months 6 and g is per annum with continuous compounding. This is because 9% per annum for three months when combined With 7% per annum for six months gives an average interest rate of 8% per annum for the nine-month period. With quarterly compounding the forward interest rate is or 9. 102%. This assumes that the day count is actual/actual. With a day count of actual/360 the rate is The three-month Arteriolar quote for a contract maturing in six months is therefore Problem 6. 14. Suppose that the 300-day LABOR zero rate is and Arteriolar quotes for contracts maturing in 300, 398 and 489 days are 95. 83, 95. 62, and 95. 48 Calculate 98-day and 489-day LABOR zero rates, Assume no difference between forward and futures rates for the purposes of your calculations. The forward rates calculated form the first two Arteriolar futures are 4. 17% and 4. 38%_ These are expressed with an actual/ICC day count and quarterly compounding. With continuous compounding and an actual/365 day count they are and 4. 4167%. It follows from equation (6. 4) that the 398 day rate is (4000+4. 060x38V 398=4. 0507 or 4. 0507%. The 489 day rate is (4. 0507098+4. 4167* 188 or 4. 1188%. We are assuming that the first futures rate applies to 98 days rather than the usual 91 days. The third futures quote is not needed. Problem 6. 15. Suppose that a bond portfolio with a duration of 12 years is hedged using a futures contract in which the underlying asset has a duration of four years. What is l ikely to be the impact on the hedge of the fact that the 12-year rate is less volatile than the tour-year rate? Duration-based hedging procedures assume parallel shifts in the yield curve. Since the 12-year rate tends to move by less than the 4-year rate, the portfolio manager may find that he or she is over-hedged. Problem 6. 16. Suppose that it is February 20 and a treasurer realizes that on July 1 7 the many will have to issue $5 million of commercial paper with a maturity of 180 days If the paper were issued today, the company would realize (In other words, the company would receive $4,820,000 for its paper and have to redeem it at in 180 days time. ) The September Arteriolar futures price is quoted as 92. 00. How should the treasurer hedge the companys exposure? The company treasurer can hedge the companys exposure by shorting Arteriolar futures contracts. The Arteriolar futures position leads to a profit if rates rise and a loss if they fall. The duration Of the commercial paper is nice that of the Arteriolar deposit underlying the Arteriolar futures contract. The contract price of a Arteriolar futures contract is 980,000. The number of contracts that should be shorted is, therefore, Rounding to the nearest whole number 10 contracts should be shorted. Problem 6. 17. On August 1 a portfolio manager has a bond portfolio worth $10 million. The duration of the portfolio in October will be 7. Years, The December Treasury bond futures price is currently 91-12 and the cheapest-to-deliver bond will have a duration of 8. 8 years at maturity. How should the portfolio manager minimize he portfolio against changes in interest rates over the next two months? The treasurer should short Treasury bond futures contract. If bond prices go down, this futures position will provide offsetting gains. The number of contracts that should be shorted is Rounding to the nearest whole number 88 contracts should be shorted. Problem 6. 18. HOW can the portfolio manager change the duration Of the portfolio to 3. Years in Problem 6. 17? The answer in Problem 6. 17 is designed to reduce the duration to zero. To reduce the duration from 7. 1 to 3. 0 instead of from 7. 1 to O, the treasurer should short or 51 contracts. Problem 6. 9. Between October 30, 2012, and November l, 2012, you have a choice between owning a LIES. Government bond paying a 12% coupon and a LIES. Corporate bond paying a coupon. Consider carefully the day count conventions discussed in this chapter and decide which of the two bonds you would prefer to own. Ignore the risk of default, You would prefer to own the Treasury bond. Under the 30/360 day count convention there is one day between October 30 and November 1. Under the actual/actual (in period) day count convention, there are two days, Therefore you would earn approximately twice as much interest by holding the Treasury bond. Problem 6. 20. Suppose that a Arteriolar futures quote is 88 for a contract maturing in 60 days. What is the LABOR poniard rate for the 60- to 150-day period? Ignore the difference between futures and forwards for the purposes Of this question. The Arteriolar futures contract price Of 88 means that the Arteriolar futures rate is 12% per annum with quarterly compounding. This is the forward rate for the 60. To 150. Day period with quarterly compounding and an actual/360 day count convention. Problem 6. 21. The three-month Arteriolar futures price for a contract maturing in six years is quoted as 95. 0, The standard deviation of the change in the short-term interest rate in one year is 1. 1%. Estimate the forward LABOR interest rate tort the period between 6. 00 and 6. 25 years in the future, Using the notation of Section 6,3, , , and The convexity adjustment is or about 23 basis points. The futures rate is with quarterly compounding and an actual,BIB day count. This becomes with an actual/actual day count. It is faith continuous compounding. The forward rate is therefore with continuous compounding. Problem 6. 22. Explain Why the forward interest rate is less than the corresponding futures interest rate calculated from a Arteriolar futures contract. Suppose that the contracts apply to the interest rate between times and . There are two reasons for a difference between the forward rate and the futures rate. The first is that the futures contract is settled daily whereas the forward contract is settled once at time . The second is that without daily settlement a futures contract would be settled at time not . Both reasons tend to make the futures rate greater than the forward rate. Further Questions problem 6,23 The December Arteriolar futures contract is quoted as 98. 40 and a company Lana to borrow $8 million for three months starting in December at LABOR plus 0. 5%. (a) What rate can then company lock in by using the Arteriolar futures contract? (b) What position should the company take in the contracts? (c) Fifth actual three-month rate turns out to be 1. 3%, what is the final settlement price on the futures contracts, Ignore timing mismatches between the cash flows from the Arteriolar futures contract and interest rate cash flows. A) The company can lock in a 3-month rate of 100 98. 4=1. 60%. The rate it pays is therefore locked in at 1. 6 * O. S = 2. 1%. (b) The company should sell (i. . , short) 8 contracts. If rates increase, the futures quote goes down and the company gains on the futures. Similarly, if rates decrease, the futures quote goes up and the company loses on the futur es. (c) The final settlement price is 100 1. 30 = 98. 70. Problem 624 A Arteriolar futures quote for the period been 5. 1 and 5. 35 year in the future is 97. 1. The standard deviation of the change in the short. Term interest rate in one year is 1. %. Estimate the foamed interest rate in an FAR. The futures rate is 2. 9%. The foamed rate can be estimated using equation (6. 3) as 0. 029-0. 5* 0. 0142 0. 263 or 2. 63%. Problem 6,25 It is March 10, 2011. The cheapest-to-deliver bond in a December 2011 Treasury bond futures contract is an coupon bond, and delivery is expected to be made on December 31 31, 2011. Coupon payments on the bond are made on March I and September I each year _ The term structure is flat, and the rate of interest with continuous compounding is 5% per annum. The conversion factor for the bond is 1. 2191. The current quoted bond price is $137. Calculate the quoted futures price for the contract. The cash bond price is currently A coupon of a will be received after 1 75 days or 0. 795 years. The present value Of the coupon on the bond is e-C. Ox. 4795=3. SASS. The futures contract lasts 296 days or 0. 8110 years. The cash futures price it were written on the 8% bond would therefore be (137. 1957 3. 9053)e. Sox. 8110 -138. 8061 At delivery there are 121 days of accrued interest. The quoted futures if the contract were written on the 8% bond would therefore be The quoted price should therefore be problem 6. 6. Assume that a bank can borrow or lend money at the same interest rate in the LABOR market, The go-day rate is per annum, and the 180-day rate is 10. 2% re annum, both expressed with continuous compounding The Arteriolar futures price for a contract maturing in 91 days is quoted as 89,S, What arbitrage opportunities are open to the bank? The Arteriolar futures contract price of 83. 5 means that the Arteriolar futures rate is 108% per annum with quarterly compounding and an actual/360 day count This becomes with an actual/actual day count. This is or 1051 % with continuous compounding. The forward rate given by the 90-day rate and the 180-day rate is 10. 4% with continuous compounding. This suggests the following arbitrage opportunity: 1. Buy Arteriolar futures. 2. Borrow 180-day money. 3. Invest the borrowed money for 90 days. Problem 6. 27. A Canadian company wishes to create a Canadian LABOR futures contract from a U. S. Arteriolar futures contract and forward contracts on foreign exchange. Lasing an example, explain how the company should proceed. For the purposes of this problem, assume that a futures contract is the same as a forward contract. The U. S.