题目内容
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What is the chief component of nacre？
A．Sand.
B．Bead.
C．Calcium carbonate.
D．Biwa.
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Initial calculations suggest that the proposed investment in Naswa would have a negative net present value of $1·01 million. However, Furlion Co’s chief executive believes that there may be opportunities for greater cash flows in future if the Naswan government expands its land reclamation programme. The government at present is struggling to fund expansion of the programme out of its own resources and is looking for other funding. If the Naswan government obtains this funding, the chief executive has forecast that the increased demand for Furlion Co’s products would justify $15 million additional expenditure at the site of the factory in three years’ time. The expected net present value for this expansion is currently estimated to be $0.
It can be assumed that all costs and revenues include inflation. The relevant cost of capital is 12% and the risk free rate is 4%. The chief executive has estimated the likely volatility of cash flows at a standard deviation of 30%.
One of Furlion Co’s non-executive directors has read about possible changes in interest rates and wonders how these might affect the investment appraisal.
Required:
(a) Assess, showing all relevant calculations, whether Furlion Co should proceed with the significant opportunity. Discuss the assumptions made and other factors which will affect the decision of whether to establish a plant in Naswa. The Black Scholes pricing model may be used, where appropriate. (16 marks)
(b) Explain what is meant by an option’s rho and discuss the impact of changes in interest rates on the appraisal of the investment. (5 marks)
(c) Discuss the possibility of the Naswan government obtaining funding for further land reclamation from the World Bank, referring specifically to the International Development Association. (4 marks)
A.Expatriate Manager
B.Managing Director
C.Chief Executive Officer
D.General Manager
What is the chief product for export？
A．Paper.
B．Oil.
C．Granite.
D．Textiles.
What is the chief objective of the first stage of writing？
A．To organize one’s thoughts logically
B．To choose an appropriate topic
C．To get one’s ideas down
D．To collect raw materials
Which description is right about the genuine democracy introduced in the company？
A．Six 'counselors' are permanent chief executives anyway.
B．Every manager gets points from one to a hundred from his staff, anonymously.
C．One long-serving manager need not be appraised.
What must candidates do during the hiring process？
A．Meet with the chief financial analyst
B．Travel to Bolton
C．Visit the company Web site
D．Start to work in May
What is true about European chief executives？
A．They are dynamic and harsh in management．
B．They will be hard on others once they get to the top．
C．They have less job security than their American counterparts．
D．They work longer than their American counterparts．
What is the chief advantage of the virtual reality techniques when used in microsurgery？
A．The medical students and surgeons can use it to practise simulated surgical operations as if operating on a real patient.
B．Medical students and surgeons can do any operations without considering their consequences.
C．It helps to do operations on human eyes extremely accurately.
D．It allows surgeons and their students to set their imagination free.
What is the chief reason for a manager not to acknowledge applicants' letters？
A．Sending letters of acknowledgement takes much time and money.
B．He finds the return envelopes unstamped.
C．He does not want to disappoint the applicants.
D．He is acting on the policy of the firm.
What is Cindy's chief responsibility, now？
A．Renewing promising car models.
B．Supervising production.
C．Doing market research.
D．Developing small cars.
