You are on page 1of 20

PMT

). 3$0) #" )


0)#"
.) #"*

#.) 0") #. 0")


 !" ,
'! '  


 ' '" 
 ! 

0*3 + #0)3 /4%  .)#$$# &) )#

  *! (. *'" .%.


* *"'  + 0!) )0. # #.".)* # "!!".)* $.! ) *
&)$.).$) $"&*** &#  &#! )*) !0!.$)' )#
&&) "3  0*'


 

t *   # $) !!&$#. &#'
t   ' ," . . .$& $ .* & 2. 3$0) #"
#.) #0") # #. #0")'
t #*2)  (0*.$#*'
t #*2) . (0*.$#* # . *&* &)$1
 
 
      '
t  * '!"  -  *"

 

t  .$.! ") $) .* &&) * %44'


t     * $)  
 ")   (0*.$# ) *$2# # ) .*
   
 
       



t   (0*.$# )0!!3 $) 3$0 *.). .$ #*2) .'


t .$0.3$0)*0#.
 #*2)*  3$0 1 ." . . #'
t 2$) # $)). #*2)* "3  2) #$ ") *'

 

+/%
/4% )*$# 0.$# .'
$  
,,%,
PMT

$QVZHU $// 7:(17< 1,1( TXHVWLRQV

:ULWH \RXU DQVZHUV LQ WKH VSDFHV SURYLGHG

<RX PXVW ZULWH GRZQ DOO VWDJHV LQ \RXU ZRUNLQJ

 6ROYH   ± [ ±   ± [ 

[ 

7RWDO IRU 4XHVWLRQ  LV  PDUNV

 )LQG WKH JUDGLHQW RI WKH VWUDLJKW OLQH ZKRVH HTXDWLRQ LV [ ± \ 



7RWDO IRU 4XHVWLRQ  LV  PDUNV

      

     
 
 

:ULWH GRZQ WKH WZR HOHPHQWV LQ WKH DERYH VHW ZKLFK DUH LUUDWLRQDO



7RWDO IRU 4XHVWLRQ  LV  PDUNV

)
$  
PMT



 D
 DQG E 

)LQG E ± D






7RWDO IRU 4XHVWLRQ  LV  PDUNV

 7ULDQJOH $%& LV DQ LVRVFHOHV WULDQJOH ZLWK $% $& DQG ‘%$& q


&DOFXODWH WKH VL]H LQ GHJUHHV RI ‘$%&

‘$%& 
q

7RWDO IRU 4XHVWLRQ  LV  PDUNV

 ([SDQG DQG VLPSOLI\ [ ± \ \ ± [



7RWDO IRU 4XHVWLRQ  LV  PDUNV

(
$     
PMT

 $ % DQG & DUH WKUHH QRQHPSW\ VHWV ,Q WKH GLDJUDP EHORZ WKH VHW % KDV EHHQ GUDZQ

*LYHQ WKDW $  % $ % & z ‘ DQG %ƍ & z ‘ FRPSOHWH WKH 9HQQ GLDJUDP WR VKRZ
WKH VHWV $ DQG &

7RWDO IRU 4XHVWLRQ  LV  PDUNV

'R 127 ZULWH LQ WKLV VSDFH


$   
PMT

 2Q D FOHDU GD\ DW VHD WKH GLVWDQFH G NP WR WKH KRUL]RQ IURP DQ REVHUYHU DW D KHLJKW RI
K PHWUHV DERYH VHD OHYHO LV JLYHQ E\ G 
K
2Q D FOHDU GD\ D FUHZ PHPEHU RQ D VKLS LV DW D KHLJKW DERYH VHD OHYHO RI  PHWUHV
DFWLQJ DV D ORRNRXW
)LQG WR WKH QHDUHVW NP WKH GLVWDQFH WR WKH KRUL]RQ

 NP

7RWDO IRU 4XHVWLRQ  LV  PDUNV





 D &DOFXODWH WKH H[DFW YDOXH RI


 




E :ULWH \RXU DQVZHU WR SDUW D LQ VWDQGDUG IRUP




F :ULWH \RXU DQVZHU WR SDUW D WR  VLJQLILFDQW ILJXUHV



7RWDO IRU 4XHVWLRQ  LV  PDUNV


$     
PMT

 ([SUHVV  P DV D SHUFHQWDJH RI  NP

 

7RWDO IRU 4XHVWLRQ  LV  PDUNV

 [   LV D IDFWRU RI [  [  N[ ± 


)LQG WKH YDOXH RI N

N 

7RWDO IRU 4XHVWLRQ  LV  PDUNV

'R 127 ZULWH LQ WKLV VSDFH

$
$   
PMT

 $ SHQ FRVWV  FHQWV DQG D SHQFLO FRVWV  FHQWV .ZRN EX\V [ SHQV DQG \ SHQFLOV
([SUHVV HDFK RI WKH IROORZLQJ VWDWHPHQWV DV DQ LQHTXDOLW\
D .ZRN EX\V DW OHDVW  SHQFLOV




E .ZRN EX\V PRUH SHQV WKDQ SHQFLOV




F .ZRN VSHQGV QR PRUH WKDQ  GROODUV



7RWDO IRU 4XHVWLRQ  LV  PDUNV

 [
 [  
 6LPSOLI\ IXOO\
[




7RWDO IRU 4XHVWLRQ  LV  PDUNV

#
$     
PMT

 (DFK LQWHULRU DQJOH RI D UHJXODU SRO\JRQ LV q


&DOFXODWH WKH QXPEHU RI VLGHV RI WKH SRO\JRQ



7RWDO IRU 4XHVWLRQ  LV  PDUNV


\

\ [

\  ± [

2 [

:ULWH GRZQ WKH WKUHH LQHTXDOLWLHV WKDW GHILQH WKH VKDGHG UHJLRQ VKRZQ LQ WKH DERYH GLDJUDP







7RWDO IRU 4XHVWLRQ  LV  PDUNV


$   
PMT

 
 
 

)LQG WKH YDOXH RI



D







E
 



7RWDO IRU 4XHVWLRQ  LV  PDUNV

 )LQG WKH YDOXH RI [ ZKHQ [ ±   ± [

[ 

7RWDO IRU 4XHVWLRQ  LV  PDUNV


$     
PMT


%

& 'LDJUDP 127


DFFXUDWHO\ GUDZQ

q q
$ ' (

$%&' LV D F\FOLF TXDGULODWHUDO ZLWK ‘%$' q DQG ‘$'& q


$' DQG %& DUH H[WHQGHG WR PHHW DW (
&DOFXODWH JLYLQJ UHDVRQV WKH VL]H LQ GHJUHHV RI ‘'(&

‘'(& 
q

7RWDO IRU 4XHVWLRQ  LV  PDUNV

'R 127 ZULWH LQ WKLV VSDFH

.
$  
PMT

 +HUH LV D OLVW RI HLJKW LQWHJHUV

       [
7KH YDOXH RI [ LV WKUHH WLPHV WKH PHGLDQ RI WKHVH HLJKW LQWHJHUV
D )LQG WKH PHGLDQ

PHGLDQ 


E :RUN RXW WKH QXPHULFDO YDOXH RI WKH PHDQ RI WKH HLJKW LQWHJHUV

PHDQ 

7RWDO IRU 4XHVWLRQ  LV  PDUNV

 7KH QXPEHU RI DQWV LQ DQ DQW KLOO LV GLUHFWO\ SURSRUWLRQDO WR WKH FXEH RI WKH KHLJKW RI WKH
KLOO 7KHUH DUH  DQWV LQ D KLOO WKDW LV  FP KLJK
)LQG WKH QXPEHU RI DQWV LQ D KLOO WKDW LV  FP KLJK



7RWDO IRU 4XHVWLRQ  LV  PDUNV


$    
PMT

 6KRZLQJ DOO \RXU ZRUNLQJ H[SUHVV  


 
  LQ WKH IRUP    
ZKHUH D E DQG F DUH LQWHJHUV



7RWDO IRU 4XHVWLRQ  LV  PDUNV

 7KH GLDPHWHU RI HDFK ZKHHO RI D ELF\FOH LV  FP $Q 2O\PSLF F\FOLVW ULGHV WKH ELF\FOH D
GLVWDQFH RI  NP LQ RQH KRXU
&DOFXODWH WR WKH QHDUHVW WKRXVDQG WKH QXPEHU RI UHYROXWLRQV PDGH E\ RQH RI WKH ZKHHOV
LQ WKLV KRXU



7RWDO IRU 4XHVWLRQ  LV  PDUNV

 [

 *LYHQ WKDW [ LV DQ LQWHJHU ILQG DOO WKH YDOXHV RI [ IRU ZKLFK  - -




7RWDO IRU 4XHVWLRQ  LV  PDUNV

)
$  
PMT


%a
%
'LDJUDP 127
DFFXUDWHO\ GUDZQ

'

$a

q
$  FP &

7ULDQJOH $%& LV ULJKWDQJOHG DW $


$&  FP DQG &%  FP
7ULDQJOH $%& LV URWDWHG q FORFNZLVH DERXW WKH SRLQW & WR JLYH WULDQJOH $a%a&
7KH SRLQW ' LV WKH SRLQW RI LQWHUVHFWLRQ RI %& DQG $a%a
&DOFXODWH LQ FP WR  VLJQLILFDQW ILJXUHV WKH DUHD RI WULDQJOH &'%a

                                             FP

7RWDO IRU 4XHVWLRQ  LV  PDUNV

(
$     
PMT


W
 [ W!
  W
)LQG W LQ WHUPV RI [

W 

7RWDO IRU 4XHVWLRQ  LV  PDUNV

'R 127 ZULWH LQ WKLV VSDFH


$   
PMT

 7KH IRXU LQWHUQDO DQJOHV RI D TXDGULODWHUDO DUH [q \q q DQG q ZKHUH [ ! \
D 8VH WKLV LQIRUPDWLRQ WR ZULWH GRZQ DQ HTXDWLRQ LQ [ DQG \




7KH ODUJHU RI WKH WZR XQNQRZQ DQJOHV LV q JUHDWHU WKDQ WKH VPDOOHU RI WKH WZR XQNQRZQ
DQJOHV
E 8VH WKLV LQIRUPDWLRQ WR ZULWH GRZQ D VHFRQG HTXDWLRQ LQ [ DQG \




F 6ROYH \RXU WZR HTXDWLRQV WR ILQG WKH YDOXH RI [ DQG WKH YDOXH RI \

[  \ 

7RWDO IRU 4XHVWLRQ  LV  PDUNV

'R 127 ZULWH LQ WKLV VSDFH


$     
PMT


(
'LDJUDP 127
DFFXUDWHO\ GUDZQ

 P

&
%

P

$ '

$ S\UDPLG RQ KRUL]RQWDO JURXQG KDV D UHFWDQJXODU EDVH $%&'


7KH YHUWH[ ( LV YHUWLFDOO\ DERYH WKH SRLQW %
'&  P DQG %(  P
D &DOFXODWH LQ GHJUHHV WR  VLJQLILFDQW ILJXUHV WKH DQJOH RI HOHYDWLRQ RI ( IURP $


q

7KH DQJOH RI HOHYDWLRQ RI ( IURP ' LV q
E &DOFXODWH WKH OHQJWK LQ P WR  VLJQLILFDQW ILJXUHV RI $'

 P


7RWDO IRU 4XHVWLRQ  LV  PDUNV

$
$   
PMT

 $ EDJ FRQWDLQV  ZKLWH EDOOV  EOXH EDOOV DQG  UHG EDOOV 7ZR EDOOV DUH WR EH WDNHQ DW
UDQGRP IURP WKH EDJ 7KH ILUVW EDOO LV QRW UHSODFHG EHIRUH WKH VHFRQG RQH LV WDNHQ
)LQG WKH SUREDELOLW\ WKDW
D WKH ILUVW EDOO WDNHQ ZLOO EH EOXH




E ERWK EDOOV WDNHQ ZLOO EH EOXH




F ERWK EDOOV WDNHQ ZLOO EH WKH VDPH FRORXU



7RWDO IRU 4XHVWLRQ  LV  PDUNV

#
$     
PMT


&
'LDJUDP 127
DFFXUDWHO\ GUDZQ
 FP
%  FP
(  FP

$ '
2

$%&' LV D FLUFOH FHQWUH 2 ZLWK $' DV D GLDPHWHU 7KH VWUDLJKW OLQHV $& DQG %'
LQWHUVHFW DW ( DQG %(  FP (&  FP DQG &'  FP
&DOFXODWH
D WKH OHQJWK LQ FP RI ('

 FP

E WKH OHQJWK LQ FP RI $(

 FP



$   
PMT

F :ULWH GRZQ WKH OHQJWK LQ FP RI $%

 FP

G &DOFXODWH WKH UDGLXV LQ FP WR  VLJQLILFDQW ILJXUHV RI WKH FLUFOH

 FP


7RWDO IRU 4XHVWLRQ  LV  PDUNV

727$/ )25 3$3(5 ,6  0$5.6

'R 127 ZULWH LQ WKLV VSDFH


$   
PMT

%/$1. 3$*(

'R 127 ZULWH RQ WKLV SDJH

).
$  

You might also like