If you have 2.0 g of iron (specific heat for iron is 0.450 J/g oC) and 2.0 g gold (specific heat for gold is 0.128 J/goC). Which of the two metals would have a higher temperature when heated on the same hot plate at the same length of time? Explain briefly your answer.  

Consider the volatile organic solvent benzene (C6H6) with a boiling point of about 80°C. Why is this not surprising compared to water ? Explain (max of two to three sentences). 

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The data set below represents the amount of money earned annually by eight college student.  Use the data set to calculate the mean (4 points), the median (4 points) and the mode (4 points). Data Set:  5,000    ,    8,000    ,    3,000    ,    10,000    ,    18,000    ,    22,000    ,    100,000    ,    8,000 Write the formula and show your work for calculating the mean and median.  Identify the mode (if there is a mode).

What is the price you just paid for this bond? 

What will be the price of the bond when you sell it at the end of year four? 

Duration Calculations:  You own an annual (one payment per year) bond that pays a coupon of 6%, and matures in three years.  The current yield to maturity on this bond is 8% and it has a par value of $1,000. 

Consider the following $1,000 par value zero-coupon bonds issued by the same company:            Bond           Years to Maturity      Yield to Maturity              A                          1                                6.00%              B                          2                                7.50%              C                          3                                7.99%              D                          4                               8.49%              E                          5                                8.60%   You just purchased a bond from the same company that pays a 4% annual coupon and matures in 5 years.  As shown in the table, the current required yield to maturity on this bond is 8.6%. 

Formulas for Exam One   Forward Spot Rate = (1+YTMn)n /(1+YTMn-1)n-1 -1   NAV = (MVassets – Liabilities) / Shares Out   Bond Price = PMT1/(1+YTM)1 + PMT2/(1+YTM)2 +…..PMTn/(1+YTM)n + FV/(1+YTM)n   ΔP/P = -D[ΔY/(1+Y)]   Duration of Perpetuity = (1+Y)/Y   Current Margin = (MV – amount borrowed) / MV   MC = $borrowed / [(1 – Margin) X #Shares]   Short Margin = (Initial cash – MV of Shares) / MV of shares   Short MC = Initial cash position / [(1+Margin) X #Shares]

An investor purchases one municipal bond that pays a rate of return of 8%, and one corporate bond that pay a rate of return of 10%.  If the investor is in the 25% tax bracket, his after tax rates of return on the municipal and corporate bonds would be respectively