May 15 2R

*/ 5%2* #" *
2*#"
/* #"+
#/* 2"* #/ 2"*

!" ,
'! '
' '"
! )
2*+5 2# 16& %*## '* *#
) *!" (. *'" .%.)

* *"' + 2!* *2/ # #/"/*+ # "!!"/*+ %/! * +
'*%/*/%* %"'+++ '# '#! *+* !2!/%*( *#
''* "5 2+(

t + # %* !!'%#/ '#(
t ' ," / / /%' % /+ ' 4/ 5%2* #"
#/* #2"* # #/ #2"*(
t #+4* )2+/%#+(
t #+4* / )2+/%#+ # / +'+ '*%3

(
t * '!" - *"

t /%/! "* %* /+ ''* + &66(

t + %*
"* )2+/%# * +%4# # * /+

t )2+/%# *2!!5 %* 5%2 +/*/ /% #+4* /(

t /%2/5%2*+2#/
#+4*+ 5%2 3 /" / / #(
t 4%* # %**/ #+4*+ "5 4* #% "* +(

0$,
16& *+%# 2/%# /(
$
&-&-&-&-&-&-
$QVZHU $// (/(9(1 TXHVWLRQV
:ULWH \RXU DQVZHUV LQ WKH VSDFHV SURYLGHG
<RX PXVW ZULWH GRZQ DOO VWDJHV LQ \RXU ZRUNLQJ
$ % DQG & DUH WKUHH PDWULFHV
S T U
$ % DQG & U
*LYHQ WKDW $% & ILQG WKH YDOXH RI S WKH YDOXH RI T DQG WKH YDOXH RI U

7RWDO IRU 4XHVWLRQ LV PDUNV
)
$
[ [
[
6LPSOLI\ FRPSOHWHO\
[
[
[

(
$
$ FRQWDLQHU LV D FXERLG ZLWK LQWHUQDO GLPHQVLRQV RI P Ñ P Ñ P
7KH FRQWDLQHU LV HPSW\
,W LV WR EH ILOOHG ZLWK ZDWHU IORZLQJ RXW RI D SLSH DW D UDWH RI FPPLQXWH
D &DOFXODWH WKH LQWHUQDO YROXPH LQ FP RI WKH FRQWDLQHU

E &DOFXODWH WKH WLPH LQ KRXUV WR ILOO WKH FRQWDLQHU FRPSOHWHO\

$
4XHVWLRQ FRQWLQXHG


$
$ DQG % DUH WZR VHWV VXFK WKDW Q( Q$ Q$ % DQG Q$ %
D 8VLQJ WKLV LQIRUPDWLRQ SODFH WKH QXPEHU RI HOHPHQWV LQ WKH DSSURSULDWH VXEVHWV RI WKH
9HQQ GLDJUDP EHORZ

$ %

E :ULWH GRZQ Q%a

$
$
4XHVWLRQ FRQWLQXHG

#
$

7KH FXUYH & KDV HTXDWLRQ \ [± ZKHUH [ !
[
G
D )LQG
G

E )LQG WKH FRRUGLQDWHV RI WKH SRLQW RQ & DW ZKLFK WKH JUDGLHQW LV

$
4XHVWLRQ FRQWLQXHG


$
7KH GLVWDQFH IURP %HDXQH WR 1HYHUV LV NP
$ PRWRULVW VWDUWV IURP %HDXQH DW DP DQG WUDYHOV WRZDUGV 1HYHUV DW D FRQVWDQW VSHHG
RI NPK XQWLO KH DUULYHV DW $XWXQ ZKLFK LV NP IURP %HDXQH
$W $XWXQ KH UHVWV IRU PLQXWHV EHIRUH FRQWLQXLQJ KLV MRXUQH\ DW D FRQVWDQW VSHHG WR
DUULYH DW 1HYHUV DW DP
D 8VLQJ WKH JULG RSSRVLWH GUDZ D JUDSK WR UHSUHVHQW WKH PRWRULVW¶V MRXUQH\

E 8VLQJ \RXU JUDSK FDOFXODWH WKH PRWRULVW¶V VSHHG LQ NPK IRU KLV MRXUQH\
IURP $XWXQ WR 1HYHUV

$W DP D VHFRQG PRWRULVW VWDUWV IURP 1HYHUV WR MRXUQH\ WR %HDXQH RQ WKH VDPH URDG
DV WKH ILUVW PRWRULVW
7KH VHFRQG PRWRULVW WUDYHOV DW D FRQVWDQW VSHHG RI NPK
F 'UDZ RQ WKH VDPH JUDSK D VWUDLJKW OLQH WR UHSUHVHQW WKH VHFRQG PRWRULVW¶V MRXUQH\

G 8VLQJ \RXU JUDSK ZULWH GRZQ
L WKH WLPH WKDW WKH WZR PRWRULVWV PHHW
LL KRZ IDU ERWK PRWRULVWV DUH IURP $XWXQ ZKHQ WKH\ PHHW

.
$
4XHVWLRQ FRQWLQXHG
1HYHUV ±
±
±
'LVWDQFH IURP
%HDXQH LQ
NLORPHWUHV ±
±
±
±
±
%HDXQH ±
±
DP DP DP QRRQ
7LPH
8VH WKH JULG RQ SDJH LI \RX QHHG WR UHGUDZ \RXU JUDSK

$
4XHVWLRQ FRQWLQXHG

)
$
4XHVWLRQ FRQWLQXHG
8VH WKLV JULG LI \RX QHHG WR UHGUDZ \RXU JUDSK
1HYHUV ±
±
±
'LVWDQFH IURP
%HDXQH LQ
NLORPHWUHV ±
±
±
±
±
%HDXQH ±
±
DP DP DP QRRQ
7LPH
(
$
$ EDJ FRQWDLQV UHG VZHHWV DQG \HOORZ VZHHWV
+XDQJ LV JRLQJ WR WDNH D VZHHW DW UDQGRP IURP WKH EDJ DQG HDW WKH VZHHW
6DDQYL LV WKHQ JRLQJ WR WDNH DW UDQGRP D VZHHW IURP WKH EDJ DQG HDW WKH VZHHW
D &RPSOHWH WKH SUREDELOLW\ WUHH GLDJUDP

+XDQJ¶V 6DDQYL¶V
VZHHW VZHHW
5HG

5HG

<HOORZ
5HG

<HOORZ

<HOORZ
E &DOFXODWH WKH SUREDELOLW\ WKDW
L +XDQJ¶V VZHHW LV UHG DQG 6DDQYL¶V VZHHW LV \HOORZ
LL DW OHDVW RQH RI WKH VZHHWV WDNHQ LV \HOORZ

*LYHQ WKDW 6DDQYL¶V VZHHW LV \HOORZ
F VKRZ WKDW WKH SUREDELOLW\ WKDW +XDQJ¶V VZHHW ZDV \HOORZ LV

$
4XHVWLRQ FRQWLQXHG

$
4XHVWLRQ FRQWLQXHG

$
$
4XHVWLRQ FRQWLQXHG

#
$
1DUJLV DQG 7RQ\ PDUN H[DPLQDWLRQ SDSHUV IRU DQ RYHUVHDV H[DPLQDWLRQ ERDUG
1DUJLV PDUNV D QXPEHU RI 4XHVWLRQ $ ,Q RQH KRXU VKH PDUNV [ TXHVWLRQV
D :ULWH GRZQ DQ H[SUHVVLRQ LQ WHUPV RI [ IRU WKH DYHUDJH WLPH LQ PLQXWHV WKDW 1DUJLV
WDNHV WR PDUN RQH 4XHVWLRQ $

7RQ\ PDUNV D QXPEHU RI 4XHVWLRQ % ,Q RQH KRXU KH PDUNV [ ± TXHVWLRQV
E :ULWH GRZQ DQ H[SUHVVLRQ LQ WHUPV RI [ IRU WKH DYHUDJH WLPH LQ PLQXWHV WKDW 7RQ\
WDNHV WR PDUN RQH 4XHVWLRQ %

7KH DYHUDJH WLPH IRU 7RQ\ WR PDUN RQH 4XHVWLRQ % LV PLQXWHV PRUH WKDQ WKH DYHUDJH
WLPH IRU 1DUJLV WR PDUN RQH 4XHVWLRQ $
F 8VLQJ DOO WKH LQIRUPDWLRQ JLYHQ ZULWH GRZQ DQ HTXDWLRQ LQ [

G 6KRZ WKDW WKLV HTXDWLRQ VLPSOLILHV WR [ ± [ ±

H )LQG WKH YDOXH RI [

7RQ\ LV SDLG DW D UDWH RI SHU KRXU
I &DOFXODWH KRZ PXFK 7RQ\ LV SDLG IRU PDUNLQJ HDFK 4XHVWLRQ %

$
4XHVWLRQ FRQWLQXHG

$
4XHVWLRQ FRQWLQXHG

).
$
4XHVWLRQ FRQWLQXHG

)
$

% 'LDJUDP 127
DFFXUDWHO\ GUDZQ
q
P P
$ ' &
)LJXUH
,Q )LJXUH $%& DUH WKUHH SRLQWV RQ KRUL]RQWDO JURXQG VXFK WKDW $% P %& P
DQG $%& q
&DOFXODWH WR VLJQLILFDQW ILJXUHV
D WKH OHQJWK LQ P RI $&

E WKH VL]H LQ GHJUHHV RI &$%

' LV WKH SRLQW RQ $& VXFK WKDW '% ELVHFWV $%&
F &DOFXODWH JLYLQJ \RXU DQVZHU WR VLJQLILFDQW ILJXUHV WKH DUHD LQ P RI WULDQJOH %'&

>&RVLQH UXOH

6LQH UXOH

$UHD RI WULDQJOH @

))
$
4XHVWLRQ FRQWLQXHG

)(
$
4XHVWLRQ FRQWLQXHG

)
$
4XHVWLRQ FRQWLQXHG

)
$
% 'LDJUDP 127
$ DFFXUDWHO\ GUDZQ
D
'
E
&
3
)LJXUH
,Q )LJXUH $ % & DQG ' DUH IRXU SRLQWV VXFK WKDW %' DQG &$ LQWHUVHFW DW ;
%; ;' DQG &; ;$
o o
%; D DQG &; E
D )LQG LQ WHUPV RI D RU E RU D DQG E
o o o o
L ;' LL ;$ LLL $' LY %&

7KH SRLQW 3 LV VXFK WKDW $'3 DQG %&3 DUH VWUDLJKW OLQHV
o o
*LYHQ WKDW $3 Ȝ$'
o
E VKRZ WKDW ;3 ȜD ± ȜE

o o
*LYHQ DOVR WKDW %3 ȝ%&
o
F ILQG DQ H[SUHVVLRQ IRU ;3 LQ WHUPV RI D E DQG ȝ

G )LQG WKH YDOXH RI ȝ DQG WKH YDOXH RI Ȝ

*LYHQ WKDW µDµ FP
H ZULWH GRZQ WKH OHQJWK RI ;'

*LYHQ DOVR WKDW $%&' LV D F\FOLF TXDGULODWHUDO DQG µEµ \ FP
I ILQG WKH YDOXH RI \

)$
$
4XHVWLRQ FRQWLQXHG

)#
$
4XHVWLRQ FRQWLQXHG

)
$
4XHVWLRQ FRQWLQXHG

)
$
$ OHQJWK RI ZLUH FP ORQJ LV FXW LQWR WZR SLHFHV 2QH SLHFH RI ZLUH LV EHQW WR IRUP D
ULJKWDQJOHG WULDQJOH $%& ZLWK $% [ FP %& [ FP DQG $%& q
D )LQG DQ H[SUHVVLRQ LQ WHUPV RI [ IRU WKH DUHD LQ FP RI WULDQJOH $%&

E )LQG DQ H[SUHVVLRQ LQ WHUPV RI [ IRU WKH SHULPHWHU LQ FP RI WULDQJOH $%&

7KH RWKHU SLHFH RI ZLUH LV EHQW WR IRUP D UHFWDQJOH ZLWK VLGHV RI OHQJWK \ FP DQG \ FP
F )LQG DQ H[SUHVVLRQ IRU \ LQ WHUPV RI [

G 6KRZ WKDW WKH WRWDO DUHD RI WKH WULDQJOH DQG WKH UHFWDQJOH $ P LV JLYHQ E\
$ [ ± [

4XHVWLRQ SDUWV H I DQG J FRQWLQXH RQ SDJH

(.
$
4XHVWLRQ FRQWLQXHG

4XHVWLRQ FRQWLQXHV RQ WKH QH[W SDJH
(
$
4XHVWLRQ FRQWLQXHG
H &RPSOHWH WKH IROORZLQJ WDEOH RI YDOXHV IRU $ [ ± [
[
$

I 2Q WKH JULG SORW WKH SRLQWV IURP \RXU FRPSOHWHG WDEOH DQG MRLQ WKHP WR IRUP D
VPRRWK FXUYH

7KH WRWDO DUHD RI WKH WULDQJOH DQG WKH UHFWDQJOH LV FP
J 8VLQJ \RXU JUDSK RU RWKHUZLVH ILQG WKH DUHD WR WKH QHDUHVW FP RI WKH ODUJHU RI WKH
WZR SRVVLEOH WULDQJOHV

()
$
4XHVWLRQ FRQWLQXHG
$

2 [

727$/ )25 3$3(5 ,6 0$5.6
((
$
%/$1. 3$*(
'R 127 ZULWH RQ WKLV SDJH
(
$
%/$1. 3$*(
(
$
%/$1. 3$*(
($
$

May 15 2R

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

May 15 2R

Uploaded by

Copyright:

Available Formats

*/ 5%2* #" *

#/* 2"* #/ 2"*

2*+5  2# 16&  %*## '* *#

 ) *!" (. *'" .%.)

t  /%/! "* %* /+ ''* + &66(

t   )2+/%# *2!!5 %* 5%2 +/*/ /% #+4* /(

:ULWH \RXU DQVZHUV LQ WKH VSDFHV SURYLGHG

<RX PXVW ZULWH GRZQ DOO VWDJHV LQ \RXU ZRUNLQJ

 $ % DQG & DUH WKUHH PDWULFHV

7RWDO IRU 4XHVWLRQ  LV  PDUNV

7RWDO IRU 4XHVWLRQ  LV  PDUNV

7RWDO IRU 4XHVWLRQ  LV  PDUNV

  

7RWDO IRU 4XHVWLRQ  LV  PDUNV

E )LQG WKH FRRUGLQDWHV RI WKH SRLQW RQ & DW ZKLFK WKH JUDGLHQW LV 

7RWDO IRU 4XHVWLRQ  LV  PDUNV

8VH WKH JULG RQ SDJH  LI \RX QHHG WR UHGUDZ \RXU JUDSK

7RWDO IRU 4XHVWLRQ  LV  PDUNV

7RWDO IRU 4XHVWLRQ  LV  PDUNV

7RWDO IRU 4XHVWLRQ  LV  PDUNV

7RWDO IRU 4XHVWLRQ  LV  PDUNV

7RWDO IRU 4XHVWLRQ  LV  PDUNV

4XHVWLRQ  FRQWLQXHV RQ WKH QH[W SDJH

$    

7RWDO IRU 4XHVWLRQ  LV  PDUNV

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

'R 127 ZULWH RQ WKLV SDJH

'R 127 ZULWH RQ WKLV SDJH

'R 127 ZULWH RQ WKLV SDJH

You might also like

/ 5%2 #" *

#/ 2" #/ 2"*

2+5 2# 16& %## '* *#

) !" (. '" .%.)

t /%/! "* %* /+ ''* + &66(

t )2+/%# 2!!5 % 5%2 +// /% #+4 /(

:ULWH \RXU DQVZHUV LQ WKH VSDFHV SURYLGHG

<RX PXVW ZULWH GRZQ DOO VWDJHV LQ \RXU ZRUNLQJ

$ % DQG & DUH WKUHH PDWULFHV

7RWDO IRU 4XHVWLRQ LV PDUNV

7RWDO IRU 4XHVWLRQ LV PDUNV

7RWDO IRU 4XHVWLRQ LV PDUNV

7RWDO IRU 4XHVWLRQ LV PDUNV

E )LQG WKH FRRUGLQDWHV RI WKH SRLQW RQ & DW ZKLFK WKH JUDGLHQW LV

7RWDO IRU 4XHVWLRQ LV PDUNV

8VH WKH JULG RQ SDJH LI \RX QHHG WR UHGUDZ \RXU JUDSK

7RWDO IRU 4XHVWLRQ LV PDUNV

7RWDO IRU 4XHVWLRQ LV PDUNV

7RWDO IRU 4XHVWLRQ LV PDUNV

7RWDO IRU 4XHVWLRQ LV PDUNV

7RWDO IRU 4XHVWLRQ LV PDUNV

4XHVWLRQ FRQWLQXHV RQ WKH QH[W SDJH

$

7RWDO IRU 4XHVWLRQ LV PDUNV

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

'R 127 ZULWH RQ WKLV SDJH

'R 127 ZULWH RQ WKLV SDJH

'R 127 ZULWH RQ WKLV SDJH