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1.b?e?f

2.?

3.?????????????????????????????

?1????????????????????????????????????

?2??????????????????????????????

?3????????????????????????????????????????????

?4??????????????????????????????????????????????????

4.????=1,001,556?1,000,000=1,556RMB

??????x,??

1,000,000�x�7/360=1556

???x=8%

?????????????????????????

?1??????????????????????????????????????????????????

?2??????????????????????????????????????????????????????????????

?3??????????????????????????????????????????????????

?4???????????????????????????????????

5.???????[?100-98.01? /100]�360/316=2.27%

????????[1+?100-98.01?/98.01]365/316 ?1=2.35%

?????????[?100-98.01?/98.01] �365/316=2.35%

6.?????=2.91%*35%+3.2%*25%+3.85%*15%+3%*12.5%+2.78%*12.5%=3.12% ?????

1.?1????????????????????????X???????????

?2????????22??????????????????????????????2 000????

2.?1????????????????????40.25?????

?2????????????41.50?????

?3??????????????????40?????????????????????????????

3.???????????15 000??

?????22???????2000?????13.33%?

??????20????????

?????18???????2000?????13.33%?

??????????????????X??X?????

?1000X-5000?/1000X=25%

??X=6.67??

??X??????

?1000X-10000?/1000X=25%

??X=13.33??

??????????????5000�1.06=5300??

?????22??????????

?1000�22-5300-15000?/15000=11.33%

??????20??????????

?1000�20-5300-15000?/15000=-2%

?????18??????????

?1000�18-5300-15000?/15000=-15.33%

????????????????????

?????=?????�????/??????????�????/???????

4.???????????15 000??

?1??????22???????2000????????-13.33%?

??????20??????????????0?

?????18???????2000????????13.33%?

?2???????????????????Y??Y?????

?15000+20000-1000X?/1000X=25%

??Y=28??

?3?????????0.5???????500?????????????1??????????-16.67%?-3.33%?10.00%?

Y???????

?15000+20000-1000X-500?/1000X=25%

??Y=27.60??

5.?1??????????13.21??

?2????5800????200?????13.22??3200?????13.23??2400??????13.24????4200???????13.24?????????????????????

6.????????16�1000-0.3�1000=15700????????1000????????12�1000+0.3�1000=12300???????15700-1000-12300=2400??

7.?3???6?????????????r3?r6??

1+r3=?100/97.64?4=1.1002

1+r6=?100/95.39?2=1.0990

??r3=10.02%?r6=9.90%???3?????????????

8.?1?0?????????18+10+20?/3=16?1????19+9+22?/3=16.67?????????4.17%?

?2????????C??????22?????????16.67??????3??????????19+9+11?=39????????39/16.67=2.34?

?3?????0?

9.?1???????=?19�1000+9�2000+11�2000?/?19�1000+9�2000+22

�2000?=0.7284

???????27.16%?

?2?????=?19�1000+9�2000+11�4000?/?19�1000+9�2000+22�4000?=0.648

?????????35.2%?

10. ?1?????????

?2??????????

?????

1.???

?1???????????????????

?2?????????????????????????????????????????????????????????????????????????????????????????????

?3????????????????????????????????????????????????????????????????????

?4?????????????????????

?5??????????A??B????????10???B????8???A??B????10-8?/8=25%?B??A????10-8?/10=20%?

?6?????????????????????????????????

?7???????????????????????????????????????????????????????????

?8???????????????????????????????????

?9??????????????????????????????????

?10??????????????????????????????????????????????????????????????????????????????????

2.???

?1?C

?2?A

?3?C

?4?A

?5?B

3.?1???D???1.6856

?2???C???7.7960

?3?1.6856�7.7960=13.1404GBP/HKD

4.??B??1.6801??????????

5.?1??????????????????????????????????2????????????????10???????????1.6770-1.6600?�100,000=1,700???

?2??????????????????

10????????????????????????????10?2??????????2?????????1GBP = USD 1.6645/58???????????????10????????1.6645�100,000=166,450???

?????????????????????????????1.6645-1.6600?�100,000=450???

?????2????????????????????????????????????????????????

6.??????�6???12??�???????????

?1??�1??=1.6730??�?????????6??????500??

??5,000,000�1.6730=2,988,643.2???

?2??�1??=1.6760??�?????????12??????500?????

5,000,000�1.6760=2,983,293.6?????6??????????????????????????????????2,988,643.2-2,983,293.6=5,349.6???

?3??�1??=1.6710??�??????????????????????

????????4,994,022.8???

?4??�1??=1.6800??�????????????6?????????

?5,020,920.5????????????????????12????????????????

????????5,020,920.5-4,994,922.8=25,997.7??????????????15,567.485??????????????????5,349.6????????

15,567.485-5,349.6=10,217.885???

7.?????????????????????????????????????????????????????????????????????????????750??????????750????????????????????????8?15??????????????????750????DM1.5288??1+ 3%?=1180.998?DM????????????????11?20????1USD=DM1.6055??????????1180.998?DM/1.6055=735.595??????????????????????????????????????????????????????????

8.??????????8%??????????6%??????GBP1=USD1.6025-1.6035?3?????30-50??????????10???????????????????????????????????????????????????????????????????

?????????????????????3??????0.5%????????????????0.37%[?1.6085-1.6025?/1.6025�100%]??????????????????

??????????10????????16.025?????????3?????16.3455???????

???????3????????

GBP10�?1+6%�3/12?=GBP10.15???

?????????????????????????

GBP10�1.6025�?1+8%�3/12?�1.6085=10.1619???

??????GBP10.1619-GBP10.15=GBP0.0119???=GBP119??

???????????????????????????????????

??

?????

2.????

3.????????????????3.368%?2.976%?3.031%?

4.?1?8.75% ?????????????????

?2????????

5. 775-20.83?28=191.769

6.?1?????????????

?2???????????????????????????????????????????????????????

?3???????????????????????????

7.?1??8%???????20?????????????????????????705.46???7%????????19??????????????????????????793.29????????=?50+793.29-705.46?/705.46=19.54%?

?2????2?????=798.82?????????????=50?1.03+50=101.50??2????????=798.82+101.50=900.32?????

2?705.46?1+hpr?=900.32??????????hpr=12.97%?

8.P??i?1T

Ci?1?y??1+y??F

T

1?Ti?cT?F?1dPT-i?c-T?F??????P?D ???????iT1+y?1+ydyi=1?1+y?i+1?1+y?T+1?i=1?1+y??1+y???

???????

9.

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????? 1.b?e?f 2.?

3.?????????????????????????????

?1???????????????????????????????????? ?2??????????????????????????????

?3?????????????????????????????????????? ?????? ?4?????????????????????????????????????? ????????????

4.????=1,001,556?1,000,000=1,556RMB ?????? x,??

1,000,000�x�7/360=1556 ???x=8% ?????????????????????????

?1?????????????????????????????????????? ????????????

?2??????????????????????????????????????? ???????????????????????

?3??????????????????????????????????????? ???????????

?4??????????????????????????????????? 5.???????[?100-98.01? /100]�360/316=2.27%

365/316

????????[1+?100-98.01?/98.01]?1=2.35% ?????????[?100-98.01?/98.01] �365/316=2.35%

6.?????=2.91%*35%+3.2%*25%+3.85%*15%+3%*12.5%+2.78%*12.5%=3.12%

?????

1.?1???????????????????????? X ???????????

?2???????? 22 ???????????????????????????? ?? 2 000 ????

2.?1???????????????????? 40.25 ????? ?2???????????? 41.50 ?????

?3?????????????????? 40 ?????????????????? ???????????

3.??????????? 15 000 ??

????? 22 ??????? 2000 ????? 13.33%? ?????? 20 ????????

????? 18 ??????? 2000 ????? 13.33%? ?????????????????? X?? X ????? ?1000X-5000?/1000X=25% ?? X=6.67 ?? ?? X ??????

?1000X-10000?/1000X=25% ?? X=13.33 ??

?????????????? 5000�1.06=5300 ?? ????? 22 ?????????? ?1000�22-5300-15000?/15000=11.33% ?????? 20 ?????????? ?1000�20-5300-15000?/15000=-2% ????? 18 ??????????

?1000�18-5300-15000?/15000=-15.33% ???????????????????? ?????=?????�????/??????????�????/??????? 4.??????????? 15 000 ??

?1?????? 22 ??????? 2000 ????????-13.33%? ?????? 20 ?????????????? 0?

????? 18 ??????? 2000 ???????? 13.33%? ?2??????????????????? Y?? Y ????? ?15000+20000-1000X?/1000X=25% ?? Y=28 ??

?3????????? 0.5 ??????? 500 ?????????????1????? ?????-16.67%?-3.33%? 10.00%? Y ???????

?15000+20000-1000X-500?/1000X=25% ?? Y=27.60 ??

5.?1?????????? 13.21 ??

?2???? 5800 ???? 200 ????? 13.22 ??3200 ????? 13.23 ??2400 ? ????? 13.24 ???? 4200 ??????? 13.24 ???????????????? ????? 6.???????? 16�1000-0.3�1000=15700 ???????? 1000 ???????? 12�1000+0.3�1000=12300 ??????? 15700-1000-12300=2400 ?? 7.? 3 ??? 6 ????????????? r3 ? r6?? 1+r3=?100/97.64?4=1.1002 1+r6=?100/95.39?2=1.0990

?? r3=10.02%?r6=9.90%??? 3 ?????????????

8.?1?0 ?????????18+10+20?/3=16?1 ????19+9+22?/3=16.67????? ???? 4.17%?

?2???????? C ?????? 22 ????????? 16.67 ??????3 ?? ????????19+9+11?=39???????? 39/16.67=2.34? ?3????? 0?

9.?1???????=?19�1000+9�2000+11�2000?/?19�1000+9�2000+22�2000?=0.7284

??????? 27.16%?

?2?????=?19�1000+9�2000+11�4000?/?19�1000+9�2000+22�4000?=0.648 ????????? 35.2%? 10. ?1?????????

?2??????????

????? 1.???

?1???????????????????

?2??????????????????????????????????????? ????????????????????????????????????????? ?????????????

?3??????????????????????????????????????? ????????????????????????????? ?4?????????????????????

?5??????????A ?? B ???????? 10 ??? B ???? 8 ??? A ? ? B ????10-8?/8=25%?B ?? A ????10-8?/10=20%?

?6?????????????????????????????????

?7??????????????????????????????????????? ????????????????????

?8??????????????????????????????????? ?9??????????????????????????????????

?10??????????????????????????????????????? ????????????????????????????????????????? ?? 2.??? ?1?C ?2?A ?3?C ?4?A ?5?B

3.?1??? D??? 1.6856 ?2??? C??? 7.7960

?3?1.6856�7.7960=13.1404GBP/HKD 4.?? B?? 1.6801 ??????????

5.?1?????????????????????????????????? 2 ???? ???????????? 10 ???????????1.6770-1.6600?�100,000=1,700 ??? ?2??????????????????

10 ???????????????????????????? 10 ? 2 ?????? ????2 ????????? 1GBP = USD 1.6645/58??????????????? 10 ? ??????? 1.6645�100,000=166,450 ???

????? ????? ????? ????? ????? ???? 1.6645-1.6600 ?

�100,000=450 ???

????? 2 ????????????????????????????????? ???????????????

6.??????�6 ??? 12 ??�???????????

? 1 ?? �1?? =1.6730 ? ?� ??? ?? ???? 6?? ?? ?? 500 ???? 5,000,000�1.6730=2,988,643.2 ???

? 2 ?? �1 ?? =1.6760 ?? � ????? ???? 12 ???? ?? 500 ? ???? 5,000,000�1.6760=2,983,293.6 ????? 6 ?????????????????????? ???????????? 2,988,643.2-2,983,293.6=5,349.6 ???

?3??�1 ??=1.6710 ??�??????????????????????????? ??? 4,994,022.8 ???

?4??�1 ??=1.6800 ??�???????????? 6 ?????????? 5,020,920.5 ???????????????????? 12 ????????????????

????? ??? 5,020,920.5-4,994,922.8=25,997.7 ????????? ????? 15,567.485 ?????????????????? 5,349.6 ????????

15,567.485-5,349.6=10,217.885 ???

7.???????????????????????????????????????? ????????????????????????????????????? 750 ?? ???????? 750 ???????????????????????? 8 ? 15 ???? ?????????????? 750 ??? � DM1.5288 � ?1+ 3%?=1180.998 ? DM???? ???????????? 11 ? 20 ???? 1USD=DM1.6055 ?????????? 1180.998 ? DM/1.6055=735.595 ???????????????????????????????

???????????????????????????

8.?????????? 8%?????????? 6%?????? GBP1=USD1.6025-1.6035?

3 ????? 30-50 ?????????? 10 ????????????????????? ????????????????????????????????????????? ?????

????????????????????? 3 ?????? 0.5%????????? ??????? 0.37%[?1.6085-1.6025?/1.6025�100%]??????????????????

?????????? 10 ???????? 16.025 ????????? 3 ????? 16.3455 ???????

??????? 3 ???????? GBP10�?1+6%�3/12?=GBP10.15??? ????????????????????????? GBP10�1.6025�?1+8%�3/12?�1.6085=10.1619??? ??????GBP10.1619-GBP10.15=GBP0.0119???=GBP119 ??

?????????????????????????????????????

?????

1.

2.?????????????????????????????????????? 3.????????????????3.368%?2.976%?3.031%? 4.?1?8.75% ????????????????? ?2???????? 5. 775-20.83�28=191.769 6.?1?????????????

?2????????????????????????????????????? ??????????????????

?3???????????????????????????

7.?1?? 8%??????? 20 ?????????????????????????

705.46 ??? 7%???????? 19 ?????????????????????? ???? 793.29 ????????=?50+793.29-705.46?/705.46=19.54%?

?2???? 2 ?????=798.82 ?????????????=50�1.03+50=101.50 ??

2

2 ????????=798.82+101.50=900.32 ?????? 705.46?1+hpr?=900.32 ??? ??????? hpr=12.97%?

T

8.Q P = ?

i =1+ y (1)

dP

T

C

F

(1+y )

? -i � c -T � F 1 ? T i � c T � F 1

? ?i+1T+1i T dy 1+y

1+y ( )( )

? = i=1 1+y + 1+y= ? � P � D ? i=1 (1+y ) + (1+y )? = ? ???????

9.?1???????=6%??

??=2833.39/1000=2.833 ??

??????=10%??

???????????????????

???

???

1? X??????????20?????1 000????????

?1? ????????????

?2? ??????????????????????????22?????????????????

2? ??????????????????

?????? ??????

?????? ?? ?????? ??

39.75 1000 40.25 200

39.50 1200 41.50 300

39.25 800 44.75 400

39.00 300 48.25 200

38.50 700

??????????40???

?1? ???????????????200????????????

?2? ??????????????????

?3? ?????????????????????

3? ??A????????????20????15 000??????????????5000????????1000?A?????????6%?

?1? ??A?????????22???20???18??????????????????????

?2? ??????????25%?A???????????????????????

?3? ??????????10 000??????????2???????????

?4? ???????????????????A????????22???20???18?????????????????????????????????????

4? ??B???????????20?????????????????15000????1000????????????????????

?1? ????????????????????????22??20??18??????????????

?2? ??????????25%??????????????????????????

?3? ?????????????0.5???????1???2????????????

5? ???2002?7?5????????????????????? ?????? ??????

????? ?? ????? ??

13.21 6600 13.22 200

13.20 3900 13.23 3200

13.19 1800 13.24 2400

?1? ?????????????????13.18??????1000???

????????????

?2? ?????????????????13.24???10000??????????????????????????

6? 3?1??????16??????1000?Z???4?1?????????1???????5?1??????12?????????????????????????????0.3????????????????

7? 3???????????97.64??6???????????95.39?????????100??????????????

8? A?B?C?????????????Pt??t??????Qt??t??????????????t=1?t=2??C??1????2?? P0 Q0 P1 Q1 P2 Q2

A 18 1000 19 1000 19 1000

B 10 2000 9 2000 9 2000

C 20 2000 22 2000 11 4000

?1?????1??t=0?t=1????????????????????????????

?2??2????????????????

?3?????2??t=1?t=2????????????????????????????

9????????????????2??????

?1???????????

?2?????????

10??????????????

?1?????5%?10????????6%?10????

?2???????3.1%?3????????????3.2%?3??????

11??????????????????

?1??????2???????3?????4???????????????????

12????????????????????????

?1???????????????????

?2?????????????????

?3?????????????????????

?4????????????????

13? ?????????????????????

?1??????????2????????3????????4???????

14? ??????????????????????

?1??????????2?????????????3?????????4?????????

15? ????????????????10 000???10????????????????????????6%???????????

?1?300???2?600???3?3 000???4?6 000??

16? ???????22?????19???1000??????????????????17??????????????????????????

?1?17000???2?19000???3?18700???4????????????

17? ?????1000?C????????????????????12.12??12.15???????????????????????

?1?????12.12???2?????12.15???3?????12.15???4?????12.12??

???

1? ?1????????????????????????X???????????

?2????????22??????????????????????????????2 000????

2? ?1????????????????????40.25?????

?2????????????41.50?????

?3??????????????????40?????????????????????????????

3? ???????????15 000??

?1? ?????22???????2000?????13.33%?

??????20????????

?????18???????2000?????13.33%?

?2? ??????????????????X??X????? ?1000X-5000?/1000X=25%

??X=6.67??

?3? ??X??????

?1000X-10000?/1000X=25%

??X=13.33??

?4? ??????????????5000�1.06=5300??

?????22??????????

?1000�22-5300-15000?/15000=11.33%

??????20??????????

?1000�20-5300-15000?/15000=-2%

?????18??????????

?1000�18-5300-15000?/15000=-15.33%

????????????????????

?????=?????�????/???????

-??�????/???????

4????????????15 000??

?1? ?????22???????2000????????-13.33%? ??????20??????????????0?

?????18???????2000????????13.33%?

?2? ??????????????????Y??Y????? ?15000+20000-1000X?/1000X=25%

??Y=28??

?3? ????????0.5???????500?????????????1??????????-16.67%?-3.33%?10.00%?

Y???????

?15000+20000-1000X-500?/1000X=25%

??Y=27.60??

5??1??????????13.21??

?2????5800????200?????13.22??3200?????13.23??2400??????13.24????4200???????13.24?????????????????????

6. ????????16�1000-0.3�1000=15700????????1000????????12�1000+0.3�1000=12300???????15700-1000-12300=2400??

7. ?3???6?????????????r3?r6??

1+r3=?100/97.64?4=1.1002

1+r6=?100/95.39?2=1.0990

??r3=10.02%?r6=9.90%???3?????????????

8. ?1?0?????????18+10+20?/3=16?1????19+9+22?/3=16.67?????????4.17%?

?2????????C??????22?????????16.67??????3??????????19+9+11?=39????????39/16.67=2.34?

?3?????0?

9. ?1???????=?19�1000+9�2000+11�2000??/19�1000+9�2000+22�2000?=0.7284

???????27.16%?

?2?????=?19�1000+9�2000+11�4000?/?19�1000+9�2000+22�2000?=1 ?????????0?

10??1?????????

?2??????????

11??4?

12??4?

13??2?

14??4?

15??1?

16??4?????????19?????????????????

17??2?

???

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?????

1? ?????????????????

2? ????????????????????????????

3? ???????????????????????????

4? ?????????????????????????

5? ???????10%?????????10%?

6? ????????�????�????????????????

7? ?????????????????????????????

8? ??????????????????????????????

9? ????????????????????????????

10?????????????????????????

?????

1???????????????

A? ???????????????????????

B? ???????????

C? ???????????

D? ?????????????

2??????????????GBP=FRF10.00-10.50?6???FRF???90-100??????????6?????FRF10000?????

A?10000�?10.00+0.0090? B?10000�?10.50+0.0100?

C?10000�?10.00-0.0090? D?10000�?10.50-0.0100?

3?????????????

A??????????????? B???????????????

C???????????????????

4???????????????????????

A??????????????????

B???????????????

C????????????????

5??????????????????????? ?

A????????? B?????

C????????? D???????

?????

1????????GBP/USD?USD/DEM?????????????????

?1??????????????????

?2??????????????????

?3????????????GBP/DEM?????????

2????????????GBP/USD?????????

?????????????????????

3???????????8%??????????6%??????

GBP1=USD1.6025-1.6035?3?????30-50?????????10??????????????????????????????????????????????

????

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