Microsoft issues a four year, floating-rate bond for the amount of $100 Million. It pays annually to bondholders. Because Microsoft would prefer to have a fixed rate payment, it enters into a SWAP with Citibank. Year LIBOR (%) Fixed-Rate payments to Citibank Floating-Rate payments from Citibank Net payment to Citibank Payment to bondholders Net payment by Microsoft 1 4 4 2 3 2 5 5 1 4 3 6 6 0 5 4 7 7 -1 6 a) Explain the conditions of this SWAP b) Which is the final fixed rate that Microsoft has to pay?

1. descriptive statistics quickly describe large amounts of data can predict future stock returns with surprising accuracy statisticians understand non-numeric information, like colors refer mainly to patterns that can be found in data 2. a 15% return on a stock means that 15% of the original purchase price of the stock returns to the seller at the end of the year 15% of the people who purchased the stock will see a return the stock is worth 15% more at the end of the year than at the beginning the stock has lost 15% of its value since it was originally sold 3. a stock purchased on january 1 cost $4.35 per share. the same stock, sold on december 31 of the same year, brought in $4.75 per share. what was the approximate return on this stock? 0.09% 109% 1.09% 9% 4. a stock sells for $6.99 on december 31, providing the seller with a 6% annual return. what was the price of the stock at the beginning of the year? $6.59 $1.16 $7.42 $5.84

If a government accumulates chronic budget deficits over time, what's one possible result? a. a collective action problem b. a debt crisis c. regulatory capture d. an unfunded liability

Type of deposit reserve requirementcheckable deposits $7.8 - 48.3 million 3%over $48.3 million 10noncheckable personal savings and time deposits 0refer to the accompanying table. if a bank has $60 million in savings deposits and $40 million in checkable deposits, then its required reserves are$1.2 million.