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NEW QUESTION: 1
Eugene Price, CFA, a portfolio manager for the American Universal Fund (AUF), has been directed to pursue a contingent immunization strategy for a portfolio with a current market value of $100 million. AUF's trustees are not willing to accept a rate of return less than 6% over the next five years. The trustees have also stated that they believe an immunization rate of 8% is attainable in today's market. Price has decided to implement this strategy by initially purchasing $100 million in 10-year bonds with an annual coupon rate of 8.0%, paid semiannually.
Price forecasts that the prevailing immunization rate and market rate for the bonds will both rise from 8% to
9% in one year.
While Price is conducting his immunization strategy he is approached by April Banks, a newly hired junior analyst at AUF. Banks is wondering what steps need to be taken to immunize a portfolio with multiple liabilities. Price states that the concept of single liability immunization can fortunately be extended to address the issue of immunizing a portfolio with multiple liabilities. He further states that there are two methods for managing multiple liabilities. The first method is cash flow matching which involves finding a bond with a maturity date equal to the liability payment date, buying enough in par value of that bond so that the principal and final coupon fully fund the last liability, and continuing this process until all liabilities are matched. The second method is horizon matching which ensures that the assets and liabilities have the same present values and durations.
Price warns Banks about the dangers of immunization risk. He states that it is impossible to have a portfolio with zero immunization risk, because reinvestment risk will always be present. Price tells Banks,
"Be cognizant of the dispersion of cash flows when conducting an immunization strategy. When there is a high dispersion of cash flows about the horizon date, immunization risk is high. It is better to have cash flows concentrated around the investment horizon, since immunization risk is reduced." Given Price's forecast for interest rates in one year, the dollar safety margin, assuming coupons are reinvested at 8% semiannually, will be closest to:
A. $3.10 million.
B. $31.29 million.
C. $7.58 million.
Answer: C
Explanation:
Explanation/Reference:
Explanation:
After one year, the value of the portfolio is the price of the bond plus accumulated interest. The price of the bond is computed as follows:
FV - 100; N = 18; I/Y = 4.5; PMT = 4; CPT → PV = 93.92
The accumulated value of the coupon payments is the compounded value of the first coupon at 4% (= 8% /
2) for one 6-month period plus the value of the second coupon payment received at the end of the first year, or:
4 (1.04) + 4 = 4.16 + 4 = $8.16
Thus, the value of the portfolio after one year is 93.92 + 8.16 « 102.08, or $102.08 million.
The required terminal value is $100 million (1.03)10 = $134.39 million.
The portfolio value necessary to achieve the required terminal value at the prevailing immunization rate of
9%. compounded semiannually, over the four remaining years, is:
134.39 million / (1.045)8 = $94.50 million
So, the dollar safety margin is: $102.08 million - $94.50 million = $7.58 million. (Study Session 9, LOS 29.i)

NEW QUESTION: 2
医療記録アプリケーションをAzure仮想マシン(VM)にデプロイする準備をしています。アプリケーションは、オンプレミスのビルドサーバーによって作成されたVHDを使用して展開されます。
Azureへの展開中および展開後に、アプリケーションと関連データの両方が必ず暗号化されるようにする必要があります。
どの3つのアクションを順番に実行しますか?答えるには、適切な行動を行動のリストから回答領域に移動し、正しい順序で並べます。

Answer:
Explanation:

Explanation

Step 1: Encrypt the on-premises VHD by using BitLocker without a TPM. Upload the VM to Azure Storage
Step 2: Run the Azure PowerShell command Set-AzureRMVMOSDisk
To use an existing disk instead of creating a new disk you can use the Set-AzureRMVMOSDisk command.
Example:
$osDiskName = $vmname+'_osDisk'
$osDiskCaching = 'ReadWrite'
$osDiskVhdUri = "https://$stoname.blob.core.windows.net/vhds/"+$vmname+"_os.vhd"
$vm = Set-AzureRmVMOSDisk -VM $vm -VhdUri $osDiskVhdUri -name $osDiskName -Create
Step 3: Run the Azure PowerShell command Set-AzureRmVMDiskEncryptionExtension
Use the Set-AzVMDiskEncryptionExtension cmdlet to enable encryption on a running IaaS virtual machine in
Azure.
Incorrect:
Not TPM: BitLocker can work with or without a TPM. A TPM is a tamper resistant security chip on the
system board that will hold the keys for encryption and check the integrity of the boot sequence and allows the
most secure BitLocker implementation. A VM does not have a TPM.
References:
https://www.itprotoday.com/iaaspaas/use-existing-vhd-azurerm-vm

NEW QUESTION: 3
Which description of RTP timestamps or sequence numbers is true?
A. Sequence numbers increase by four for each RTP packet transmitted.
B. The timestamp is used to place the incoming audio and video packets in the correct timing order (playout
C. The sequence number is used to detect losses.
D. Timestamps increase by the time "carrying" by a packet.
Answer: B
Explanation:
delay compensation).

NEW QUESTION: 4
What should be your objective in a Debug run?
A. to debug the script's logical and syntactic errors
B. to verify the script's Run-time Settings in a concurrent environment
C. to verify parameterized data under concurrent usage
D. to find out the critical business process to stress in the full load test
Answer: C


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