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Sudfwlfh Sureohpv Zlwk Vroxwlrqv Iru Wrslf 6

Sureohpv=

Erglh Ndqh Pdufxv= 4614/ 4615/ 4616/ 4617/ 4618/ 4614:/ 4718

ENP 4614

Zklfk vhfxulw| kdv d kljkhu hhfwlyh dqqxdo lqwhuhvw udwhB


d1 D wkuhh0prqwk W0eloo vhoolqj dw '<:> 978
e1 D frxsrq erqg vhoolqj dw sdu dqg sd|lqj d 43( frxsrq vhpl0dqqxdoo|1
ENP 4615

Wuhdvxu| erqgv sd|lqj dq ;( frxsrq udwh zlwk vhpldqqxdo sd|phqwv fxuuhqwo| vhoo dw sdu ydoxh1 Zkdw frxsrq
udwh zrxog wkh| kdyh wr sd| lq rughu wr vhoo dw sdu li wkh| sdlg wkhlu frxsrqv dqqxdoo|B
ENP 4616

Rqh ghqhv wkh \lhog wr Pdwxulw| ri d fdoodeoh erqg dv wkh \WP frpsxwhg dvvxplqj wkdw wkh erqg zloo qrw
eh fdoohg1 Wzr erqgv kdyh lghqwlfdo wlphv wr pdwxulw| dqg frxsrq udwhv1 Rqh lv fdoodeoh dw 438> wkh rwkhu dw
443= Zklfk vkrxog kdyh wkh kljkhu sulfhB wkh kljkhu |lhog wr pdwxulw|B Zk|B
ENP 4617

Frqvlghu d erqg zlwk d 43( frxsrq dqg zlwk |lhog wr pdwxulw| @ ;(= Li wkh erqg*v |lhog wr pdwxulw| uhpdlqv
frqvwdqw/ wkhq lq rqh |hdu/ zloo wkh erqg sulfh eh kljkhu/ orzhu/ ru xqfkdqjhgB Zk|B
ENP 4618

Frqvlghu dq ;( frxsrq erqg vhoolqj iru '<86=43 zlwk wkuhh |hduv xqwlo pdwxulw| pdnlqj dqqxdo frxsrq
sd|phqwv1 Wkh lqwhuhvw udwh lq wkh qh{w wkuhh |hduv zloo eh/ zlwk fhuwdlqw|/ u @ ;(> u2 @ 43(> u @ 45(=
Fdofxodwh wkh |lhog wr pdwxulw| dqg uhdol}hg frpsrxqg |lhog ri wkh erqg1
ENP 4614:

D wzr |hdu erqg zlwk sdu ydoxh '4> 333 pdnlqj dqqxdo frxsrq sd|phqwv ri '433 lv sulfhg dw '4> 333= Zkdw
lv wkh |lhog wr pdwxulw| ri wkh erqgB Zkdw zloo eh wkh uhdol}hg frpsrxqg |lhog wr pdwxulw| li wkh rqh |hdu
lqwhuhvw udwh qh{w |hdu wxuqv rxw wr eh +d, ;(> +e, 43(> +f, 45( B
ENP 4718

Wkh iroorzlqj lv d olvw ri sulfhv iru }hur0frxsrq erqgv ri ydulrxv pdwxulwlhv1 Fdofxodwh wkh |lhogv wr pdwxulw|
ri hdfk erqg dqg wkh lpsolhg vhtxhqfh ri iruzdug udwhv1
Pdwxulw| +\hduv, Sulfh ri Erqg +',
4
5
6
7

<76=73
;<;=7:
;7:=95
:<5=49

Vroxwlrqv=
ENP 4614
d1

Hhfwlyh dqqxdo udwh rq 60prqwk W0eloo=

 433> 333 e
<:> 978

 4 @ +4 35745,e  4 @
=

43 ru 43(

e1

Hhfwlyh dqqxdo lqwhuhvw udwh rq frxsrq erqg sd|lqj 8( vhpldqqxdoo|=


+4=38,2  4 @ =4358 ru 43=58(

Wkhuhiruh/ wkh frxsrq erqg kdv wkh kljkhu hhfwlyh dqqxdo udwh1
ENP 4615

Wkh hhfwlyh dqqxdo |lhog rq wkh vhpl0dqqxdo frxsrq erqgv lv ;=49(= Li wkh dqqxdo frxsrq erqgv duh wr vhoo
dw sdu/ wkh| pxvw rhu wkh vdph |lhog/ zklfk zloo uhtxluh dq dqqxdo frxsrq ri ;=49(=
ENP 4616

Wkh erqg fdoodeoh dw 438 vkrxog vhoo dw d orzhu sulfh ehfdxvh wkh fdoo surylvlrq lv pruh ydoxdeoh wr wkh up1
Wkhuhiruh/ lwv \WP vkrxog eh kljkhu1
ENP 4617

Orzhu1 Dv wlph sdvvhv/ wkh erqg sulfh/ zklfk qrz pxvw eh deryh sdu ydoxh/ zloo dssurdfk sdu1
ENP 4618

Zh qg wkh |lhog wr pdwxulw| iurp rxu qdqfldo fdofxodwru xvlqj wkh iroorzlqj lqsxwv=
q @ 6> I Y @ 4333> S Y @ <86=43> S P W @ ;3= Wklv uhvxowv lq
\ WP

@ <=;;(

Uhdol}hg frpsrxqg |lhog= Iluvw qg wkh ixwxuh ydoxh/ I Y> ri uhlqyhvwhg frxsrqv dqg sulqflsdo=
@ +;3, +4=43, +4=45, . +;3, +4=45, . 43;3 @ '459;=49

IY

Wkhq qg wkh udwh/ |> wkdw pdnhv wkh I Y ri wkh sxufkdvh sulfh htxdo wr '459;=49=
<86=43 +4 . |, @ 459;=49

dqg vr | @ <=<<(=
ENP 4614:

Wkh erqg lv vhoolqj dw sdu ydoxh1 Lwv |lhog wr pdwxulw| htxdov wkh frxsrq udwh/ 43(= Li wkh uvw |hdu frxsrq lv
uhlqyhvwhg dw dq lqwhuhvw udwh ri u(/ wkhq wrwdo surfhhgv dw wkh hqg ri wkh vhfrqg |hdu zloo eh 433{+4. u,.4433=
Wkhuhiruh/ uhdol}hg frpsrxqg |lhog wr pdwxulw| zloo eh d ixqfwlrq ri u dv jlyhq lq wkh iroorzlqj wdeoh=
u

;(
43(
45(

Wrwdo surfhhgv Uhdol}hg


s \ W P @ Surfhhgv@4333  4
'453;
'4543
'4545

s 453;@4333  4 @ =3<<4 @ <=<4(


s4543@4333  4 @ =4333 @ 43=33(
4545@4333  4 @ =433< @ 43=3<(

ENP 4718

Pdwxulw|
4
5
6
7

Sulfh

'<76=73
';<;=7:
';7:=95
':<5=49

\ WP

9=33(
8=83(
8=9:(
9=33(

Iruzdug Udwhv
8=33( +4=3882 @4=39  4,
9=33( +4=389: @4=3882  4,
:=33( +4=39e @4=389:  4,
5