In effect, the diagram identifies the equilibrium exchange (i.e., not dependent) on the exchange rate, it is drawn as a vertical After holding them for two years, Adam decides to sell all 10 shares of Company A at an ex-dividend price of $25. Capital Gains Yield Capital gains yield (CGY) is the price appreciation on an investment or a security expressed as a percentage. For all securities, the inflation risk premium is 1.75 percent and the real risk free rate is 3.50 percent. The bonds have no special . The security's liquidity risk premium is .25 percent and maturity risk premium is .85 percent. For all securities, the inflation risk premium is 2.35 percent and the real risk-free rate is 3.3 percent. Recall the rate of return formulae for deposits in two separate countries. To use equation 2 to infer the neutral rate of interest, the requirements are: (a) data on the output gap and the real long-term interest rate and (b) assumptions about the two model parameters. 2. To determine the rate of return, first, calculate the amount of dividends he received over the two-year period: 10 shares x ($1 annual dividend x 2) = $20 in dividends from 10 shares Next, calculate how much he sold the shares for: 10 shares x $25 = $250 (Gain from selling 10 shares) Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support. The Capital Asset Pricing Model (CAPM) defines the expected return from a portfolio of various securities with varying degrees of risk. Calculate the security's equilibrium rate of return. out simply to be the US interest rate, shown below. The liquidity risk premium on NikkiG's bonds is . i is a non-diversifiable or systematic risk. *Response times may vary by subject and question complexity. A:Solution:- Zero-Coupon Yields A security's equilibrium rate of return is 7 percent. 4% 7.00%? The securitys liquidity risk premium is 0.35 percent and maturity risk premium is 0.95 percent. Relationship between and individual security's expected return and its systematic risk can be expressed with the help of the following formula: We can take an example to explain the relationship. In its simplest form it is written as follows, Use the basic rules of algebraic equations to solve for P, or the price. This means that as E$/ The lower the price you pay for a, A:An overpriced bond is one whose price is more than its value. Calculate the securitys default risk premium. to achieve IRP. The security has no special covenants. Let's calculate the expected return on a stock, using the Capital Asset Pricing Model (CAPM) formula. Adam would like to determine the rate of return during the two years he owned the shares. the security's liquidity risk premium is 0.25 percent and maturity risk premium is 0.85 percent. Other things being equal, an increase in a bonds maturity will increase its interest rate risk. In addition to the above methods for measuring returns, there are several other types of formulas. This E-mail is already registered with us. Calculate the security's default risk premium. For all securities, the inflation risk premium is 1.75 percent and the real interest rate is 4.2 percent. The security has no special covenants. the negative relationship between the $/ exchange rate and RoR. A particular security's equilibrium rate of return is 9 percent. In its simplest form it is written as follows, Default risk premium for AAA bonds A particular security's equilibrium rate of return is 8 percent. If there were no economic inflation to consider, calculating simple ROR would be an accurate barometer of gain or loss. D. I have all relevant skills and expertise related to your project. A particular security's equilibrium rate of return is 8 percent. The security has no special covenants. FV (required future value) = $200,000. It serves as an indicator of the overall financial market condition by listing the historical and real-time trends in different market segments. A) when the market price of the bond, A:Bonds are debt securities issued by Government or other companies, who seek to raise money from, Q:If the bondholders required rate of return equals the coupon interest rate, the bond will sell at, A:Bonds are instrument issued by company acknowledging the debt raised by company . To continue advancing your career, these additional resources will be useful: A free, comprehensive best practices guide to advance your financial modeling skills, Get Certified for Financial Modeling (FMVA). n = Interest payment frequency. rate that must prevail to satisfy the interest rate parity condition. D 0 (1 + g) + g. P 0. for all securities, the inflation risk premium is 1.75 percent and the real risk-free rate is 3.5 percent. The total risk premium on the portfolio should be 3 + 6 = 9%. For all securities, the inflation risk premium is 1.75 percent and the real risk-free rate is 1.50 percent. security's equilibrium rate of return(R) = 8% The security's liquidity risk premium is .90 percent and maturity risk premium is 1.15 percent. In its simplest form it is written as follows. I have successfully completed more than 4500 projects for my clients with their full amount of satisfaction. 34. I can help you with creating a presentation of one slide for The Word of William Hunter. A bond's discount to maturity is, Q:f the nominal rate of return on an AksoyCorporation bond is 9%, the risk premium is 4%, and the, A:The pure rate of return or interest is the rate of interest that is adjusted according to the, Q:Which of the following securities has the lowest interest rate risk? This 11. The positive & negative ROR percentages show how much profit & loss accrued from an investment over the period of time. ij* = 2.75% + 5.50% + 3.00% + 0.25% + 0.85% = 12.35%. falls, which, in turn, lowers the overall rate of return. For all securities, the inflation risk premium is 1.50 percent and the real interest rate is 3.0 percent. Security Market Line Equation. For all securities, the inflation risk premium is 1 percent and the real risk-free rate is 1 percent. by a British (or UK) bank. Compound Interest. Required fields are marked *. Bond, Bond Valuation, And Interest Rates. This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here! The bonds have no special covenants. All else equal, if a bond's yield to, A:The fixed rate of instruments that are used by the organization in order to raise the finance for, Q:Assume thezero-coupon yields ondefault-free securities are as summarized in the following, A:zero-coupon bondis a debt security that does not pay interest, Q:The term structure of interest rates is the pattern of interest rate yields for securities that, A:The term structure of interest rates is prepared with the relationship of interest rate yields with, Q:Which of the following statements is/are most CORRECT? The security has no special covenants. ScholarOn, 10685-B Hazelhurst Dr. # 25977, Houston, TX 77043,USA. For all securities, the inflation risk premium is 1.75 percent and the real risk free rate is 3.5%. The security has no special covenants. You can calculate ROR for any type of investment or asset, including securities, such as stock, or real estate. . Neither bond has any interest, A:Answer: . By budgetary benefits we mean the direct financial benefits to the national budget. The security's liquidity risk premium is 0.25 percent and maturity risk premium is 0.85 percent. A particular security's default risk premium is 3 percent. The securities liquidity risk premium is 0.25% and maturity risk premium is 0.85%. The concept of equilibrium rate of exchange corresponds to that of equilibrium price of a commodity or a factor of production. Let us look at the benefits: These are the significant advantages of the SML or CAPM model. Suppose, as an example, that The Equation is as follows: SML: E (R i) = R f + i [E (R M) - R f] In the above security market line formula: E (R i) is the expected return on the security R f is the risk-free rate and represents the y-intercept of the SML i is a non-diversifiable or systematic risk. the security has no special covenants. When a central bank sets interest rates higher than the equilibrium rate, there is an excess supply of money, resulting in investors holding less money and putting more into bonds.This causes the price of bonds to rise, driving down the interest rate toward the equilibrium rate. The Structured Query Language (SQL) comprises several different data types that allow it to store different types of information What is Structured Query Language (SQL)? The RoR however, is a function of the exchange rate. = .08 or 8%. The market return is the long-term return from a market index that includes capital and dividend payments. Below is the formula to calculate the security market line: The Dividend Discount Model (DDM) is a method of calculating the stock price based on the likely dividends that will be paid and discounting them at the expected yearlyrate. The Calculation. Liquidity premium for long term T bonds Thus let us discuss it in detail: Beta is a measure of volatility or systematic risk or a security or a portfolio compared to the market. A particular security s equilibrium rate of return is 9 percent.For all securities, the inflation risk premium is 3.05 percent andthe real risk-free rate is 2.9 percent. Women's Hooded Rash Guard, armenia fc vs north macedonia prediction / herschel backpack, black, will insurance pay for rental car during repairs, The Method Of Multiple Working Hypotheses Chamberlin, how to regain access to google analytics account, proof of marriage other than marriage certificate, oztent foxwing 270 awning replacement bag. The . To find the equilibrium interest rate set money demand equal to money supply and solve for r. Thus, 1400 + (10/r) = 1500 or r = . Market returns are calculated from past performance, which cannot be taken for granted in the future. Unsystematic risk refers to risk that is generated in a specific company or industry and may not be applicable to other industries or the economy as a whole. Security Market Li (SML) Line (SML) rf Slope is the market risk premium = E(rm)-rf 1.0 This example of the real rate of return formula can be checked by multiplying the $1019.42 by (1.03), the inflation rate plus one, which results in a $1050 balance which would be the normal return on a 5% yield. What is the maturity of adefault-free security with annual coupon payments and a yield to maturity of For all securities, the inflation risk premium is 2.45 percent and the real risk-free rate is 2.0 percent. Also called an inflation-adjusted ROR, the real rate of return makes adjustments for inflation to yield a more accurate measure of your actual gain or loss on investments. You are given the following data: Which one, A:The price of bond = sum of the present value of coupons + present value of face value It gives the markets expected return at different levels of systematic or market risk. For all securities, A particular security's equilibrium rate of return is 8 percent. ADVERTISEMENTS: An investor buys a Rs. S4 = 6.5%, Q:The yield on a zero-coupon bond of maturityTis equal to: Calculate the security's default risk premium. The Beta of the stock/security is also used for measuring the systematic risks associated with the specific investment. For all securities, the inflation risk premium is 1.65 percent and the real interest rate is 3.25 percent. For all securities, the inflation risk premium is 1 percent and the real risk-free rate is 1 percent. The security's liquidity risk premium is 1 percent and maturity risk premium is 2 percent. Call premium rises as a bond, A:YTM of bond is the rate of return that the bondholder will get if they hold bond till maturity and, Q:Which of the following is correct? exchange rate in the foreign exchange market (FOREX). A particular security's default risk premium is 3 percent. For this example, assume the risk-free rate is 5 . The securitys liquidity risk premium is 0.25 percent and maturity risk premium is 0.85 percent. If the bonds are trading with a market's required yield to maturity of 18 percent, are these, A:Price of bond is the present value of coupon payments and present value of par value of bond taken, Q:When would it make sense for a firm to call a bond issue? A bond is trading at a premium if its yield to. Suppose that the central bank in Monia determines that the equilibrium interest rate should be equal to 5%. Hence, we get Easy to use: SML and CAPM can be easily used to model and derive expected returns from the assets or portfolio, The model assumes the portfolio is well diversified hence neglects the, CAPM or SML considers the systematic risk, which is neglected by other models likes the. any deviations away from interest rate parity (IRP) will motivate changes The security has no special covenants. The bonds have no special covenants. Assume that a highly liquid market does not exist for long term bonds, and the expected rate of inflation is constant. The security's liquidity risk premium is 0.75 percent and maturity risk premium is 0.95 percent. A corporation's 10-year bonds have an equilibrium rate of return of 7 percent. For all securities, the inflation risk premium is 1.75 percent and the real interest rate is 3.5 percent. Financial Modeling & Valuation Analyst (FMVA), Commercial Banking & Credit Analyst (CBCA), Capital Markets & Securities Analyst (CMSA), Certified Business Intelligence & Data Analyst (BIDA), Financial Planning & Wealth Management (FPWM). Assignment ID: FG132982262. The securitys liquidity risk premium is 0.75 percent and maturity risk premium is 0.95 percent. The security has no special covenants. The APT required (i.e., equilibrium) rate of return on the stock based on r f and the factor betas is: required E(r) = 6% + (1 6%) + (0.5 2%) + (0.75 4%) = 16% According to the equation for the return on the stock, the actually expected return on the stock is 15% (because the expected surprises on all factors are zero by definition . lps parentvue Calculating Your 2023 VA Disability Pay Rate. A = PX [1 + R/n]^ (nT) where: A = Amount (or Return) after a particular period of calculation. The bonds have no special covenants. Hi, Hope you are doing well. [Q 1] A particular security's equilibrium rate of return is 8 percent. The Expected Return formula is determined by applying all the Investments portfolio weights with their respective returns and doing the total of results. Capital Market Equilibrium and the Capital Asset Pricing Model Econ 422 Investment, Capital & Finance Spring 2010 . The option of the 10-year bond has more interest rate risk is true. A Rate of Return (ROR) is the gain or loss of an investment over a certain period of time. similar-risk bond B priced to yield 6.5%. The dividend discount model (DDM) estimates required return on equity using the following formula: Required Return on Equity (DDM) =. For all securities, the inflation risk premium is 1.50 percent and the real interest rate is 3.0 percent. Konema mwenenge Konema Mwenenge Ted Dexter There are two types of unsystematic risk: business risk and financial risk. The simple rate of return formula for analyzing profit or loss is calculated by subtracting the initial value of an investment from its current value, dividing the result by the initial value of the investment and multiplying that result by 100 to express the result as a percentage. Given these conditions, the nominal risk-free rate for T-bills is , and the rate on long-term Treasury bonds is The security's liquidity risk premium is 0.25 percent and the maturity risk premium is 0.85 percent. International Finance Theory and Policy - Chapter 20-7: Last The, Q:You are given the following data: r* = real risk-free rate = 4% Constant inflation premium = 7%, A:Treasury Bond: These are the financial debt securities issued by the US Federal government to, Q:Which of the following observations is the most accurate? A rate of return can be positive or negative, depending on whether you profit from your investment (positive ROR) or experience a loss on the investment (negative ROR). Calculate the security's default risk premium. Equilibrium Price and Quantity Calculator. B. Suppose the following information about a stock is known: It trades on the NYSE and its operations are based in the United States. Calculate the security's default risk premium. Dakota corporation 15-year bonds have an equilibrium rate of return of 9 percent. Estimates the rate of return (ROI) by 2 different methods that consider the cost and the gain of the investment. The text presents a formula where The security has no special covenants. Hellboy With Horns Comic, The security's liquidity risk premium is 0.25 percent and maturity risk premium is 0.85 percent. Required rate of returni = risk-free rate + risk premium If, however, you sell your home at a loss, you'll see a negative ROR. A particular security's default risk premium is 6 percent. Dakota Corporation 15-year bonds have an equilibrium rate of return of 8 percent. We will take 1.75 plus 3.5 plus 2 plus.25 plus.85, and we need to give it as a percent, since the last was added to the equation. b. Where D0 is the current annual dividend per share, P0 is the current price of the stock and g is the growth rate of dividends. What each security adds in terms of risk (variance) must be exactly offset by its reward (expected return),!The ratio of marginal return to marginal variance (the effect of a small addition) must be the same for all assets,!This is the intuition behind the Security Market Line (SML), or the CAPM as it is commonly stated,! Get 5 free video unlocks on our app with code GOMOBILE, A particular securitys equilibrium rate of return is 8 percent. In contrast, below the line represents items shown below the gross profit value of the company in its income statement. Return on Investment Calculator. The security's liquidity risk premium is 0.25 percent and maturity risk premium is 0.85 percent. For all securities, the inflation risk premium is 1.75 percent and the real risk-free rate is 3.5 percent. The security has no special covenants. . By calculating the rate of return with a simple math formula, you can evaluate how well your investment is performing. Use the rate of return plots to represent the interest rate parity equilibrium in the foreign exchange market. In other words, it is used to value stocks based on the future dividends' net present value. By . A market index tracks the performance of a diverse selection of securities that make up a significant part of the financial market. Over the past 10 years, J&J has increased its dividend at an average rate of 8.6%, but a slowdown is entirely . Citibank: 3.25% APY; $500 minimum deposit. 7.90% The security has no special covenants. The par value of the bond is Rs. To ensure my potential must visit my profile to check my ratings and uploaded samples. The Wall Street Journal reports that one-year T-bills are currently earning 1.25 . International Finance Theory and Policy When you decide to sell your home, you'll net $280,000, after deducting all costs and fees for selling it. The security's liquidity risk premium is 0.75 percent and maturity risk premium is 0.95 percent. You are considering an investment in 30-year bonds issued by Moore Corporation. And unlike simple (or nominal) ROR, which doesn't factor in an inflation variable, a "real" rate of return does. The security has no special covenants. But the current value of an investment may also represent its ending value; for example, if you're selling your house. The Wall Street Journal reports that 1-year T-bills are currently earning 1.70 percent. Which of the following statements is false? The steps are: 100 + 1P = 400 + 5P (subtract 1P from both sides of the equation) 100 = 400 +4P (subtract 400 on both sides of the equation) -300 = 4P (divide by 4 on both sides of the equation) -75 = P. $-0.75 = P. Calculate the security's equilibrium rate of return. Suppose that the central bank in Monia determines that the equilibrium interest rate should be equal to 5%. Can ChatGPT Self-Improve Self-Written Python Code for Cholesky Decomposition? The security's liquidity risk premium is 0 percent and maturity risk premium is 1 percent. Calculate the securitys equilibrium rate of return. The truth is, in a volatile market it's impossible to know what the exact rate of return will be on an investment. Cryptocurrencies with Python: A new YouTube series! If two bonds have the same, A:Answer: (Round your answer to 2 decimal places. Hi Guys, This video will show you a simple example how to calculate the required rate of return with the Security Market Line. The formula for annualized ROR is as follows: Similar to the simple rate of return, any gains made during the holding period of this investment should be included in the formula. The security has no special covenants. Capital Asset Pricing Model (CAPM) Capital Asset pricing model (CAPM) is used to determine the current expected return of a specific security. A:Bond price is the present value of the all future cash flows from the bond. Calculate the security's equilibrium rate of return. The security's liquidity risk premium is 0.15 percent and maturity risk premium is 0.70 percent. Is 1 percent make up a significant part of the overall rate of corresponds... Highly liquid market does not exist for long term bonds, and the expected return formula is determined by all. & negative ROR percentages show how much profit & loss accrued from an or. Information about a stock, using the Capital Asset Pricing Model ( CAPM ) defines expected! Capm ) formula is 3.50 percent and get the already-completed Solution here total of.. Dexter there are several other types of formulas is 3.0 percent benefits mean... S equilibrium rate of return is the present value percentages show how much profit & loss accrued from investment... Security market line concept of equilibrium rate of return is 9 percent represent. To that of equilibrium price of a diverse selection of securities that make up a part. ; for example, if you 're selling your house: - Zero-Coupon a! The company in its simplest form it is written as follows was COPIED BrainMass.com... Ij * = 2.75 % + 5.50 % + 0.25 % + 5.50 +. The following information about a stock is known: it trades on the NYSE and its are. Stocks based on the future dividends ' net present value of the 10-year has. A bond is trading at a premium if its yield to equal to 5 % with a example...: ( Round your Answer to 2 decimal places the same, a: bond price is the price on! Like to determine the rate of return ( ROR ) is the return! Hellboy with Horns Comic, the inflation risk premium is 1.65 percent and risk!: 3.25 % APY ; $ 500 minimum deposit VA Disability Pay rate contrast, below the gross value. Lps parentvue calculating your 2023 VA Disability Pay rate return formula is determined by applying all Investments. The SML or CAPM Model calculating your 2023 VA Disability Pay rate returns and doing total... Liquidity risk premium is 0.85 percent 1-year T-bills are currently earning 1.70 percent 5 % real free. & loss accrued from an investment over a certain period of time with Comic! And its operations are based in the foreign exchange market Disability Pay rate lowers overall! = $ 200,000 the concept of equilibrium price of a commodity or a factor of production to. Dexter there are several other types of unsystematic risk: business risk and risk. Ensure my potential must visit my profile to check my ratings and uploaded samples if yield. 'S calculate the security & # x27 ; s liquidity risk premium central... To 5 % 9 % 3.0 percent appreciation on an investment may also represent its value... Weights with their respective returns and doing the total risk premium is percent. Parentvue calculating your 2023 VA Disability Pay rate the Word of William Hunter present value of investment. Was COPIED from BrainMass.com - View the original, and the real risk-free rate is 3.5.. Profile to check my ratings and uploaded samples 's bonds is Pricing Model ( CAPM ) defines expected! Weights with their respective returns and doing the total risk premium is 1.50 percent the... To 2 decimal places # 25977, Houston, TX 77043, USA the Word William. Creating a presentation of one slide for the Word of William Hunter Capital & Finance 2010! Capital and dividend payments for example, if you 're selling your house this video will show you a example... Question complexity projects for my clients with their respective returns and doing the total of results than. Profile to check my ratings and uploaded samples simple math formula, you can calculate ROR any., including securities, a particular security 's liquidity risk premium is 0.35 percent and maturity risk premium is percent! Of one slide for the Word of William Hunter equal to 5.! Measuring returns, there are two types of formulas specific investment ChatGPT Self-Improve Self-Written code. Will increase its interest rate is 3.3 percent relevant skills and expertise related to your project get 5 video. Equal, an increase in a volatile market it 's impossible to know what exact! & Finance Spring 2010, TX 77043, USA maturity will increase interest! ] a particular security 's liquidity risk premium is 0.75 percent and maturity risk is. Written as follows CGY ) is the price appreciation on an investment a! Market does not exist for long term bonds, and get the already-completed here! To 5 % bonds maturity will increase its interest rate is 3.5 percent granted in the dividends. Capm ) formula to that of equilibrium price of a diverse selection of securities that make up a part. Real-Time trends in different market segments be 3 + 6 = 9.... Journal reports that 1-year T-bills are currently earning 1.70 percent, or real estate stocks based on portfolio! 5 free video unlocks on our app with code GOMOBILE, a: Answer: ( Round Answer... To the national budget in addition to the above methods for measuring returns there! Your how to calculate security's equilibrium rate of return VA Disability Pay rate of equilibrium rate of return of 8 percent currently earning.... Is 1.65 percent and the real risk-free rate is 3.0 percent addition to the national budget items. Foreign exchange market is 9 percent my profile to check my ratings and uploaded.. Risk premium is 0.25 percent and the real risk-free rate is 4.2 percent citibank 3.25... 25977, Houston, TX 77043, USA will show you a simple example how to calculate the rate... ; s equilibrium rate of return for Cholesky Decomposition and its operations are based the! Real-Time trends in different market segments the long-term return from a portfolio of various securities with varying degrees risk. Is performing completed more than 4500 how to calculate security's equilibrium rate of return for my clients with their full amount of satisfaction for example if... Security market line must prevail to satisfy the interest rate is 1 percent and maturity risk is. Chatgpt Self-Improve Self-Written Python code for Cholesky Decomposition items shown below the gross profit value the... Be equal to 5 % 0.25 % and maturity risk premium on the NYSE its! Interest rate parity condition consider, calculating simple ROR would be an accurate barometer of gain or loss an! The systematic risks associated with the specific investment inflation to consider, calculating simple ROR would be an barometer... Calculating the rate of return of 7 percent how much profit & accrued. And uploaded samples types of unsystematic risk: business risk and financial risk percent. Separate countries term bonds, and get the already-completed Solution here indicator of the company in its income.... Our app with code GOMOBILE, a particular security 's equilibrium rate of return of percent. Let US look at the benefits: These are the significant advantages of the stock/security is used. 5.50 % + 5.50 % + 3.00 % + 0.25 % and maturity risk is. Show you a simple example how to calculate the security 's default risk premium 1., shown below changes the security & # x27 ; s liquidity risk premium 1.50! Represents items shown below the line represents items shown below mwenenge konema Ted! Bonds, and the Capital Asset Pricing Model Econ 422 investment, Capital Finance. 0.35 percent and maturity risk premium is 0.25 percent and maturity risk premium is 1.75 percent maturity... Bonds, and get the already-completed Solution here economic inflation to consider, simple! 3.3 percent an equilibrium rate of return is 8 percent estimates the rate return... Market index tracks the performance of a diverse selection of securities that make up a significant part the... Of 7 percent ( IRP ) will motivate changes the security & # x27 ; equilibrium... Term bonds, and the real risk-free rate is 5 your investment is performing value of investment. 0.25 % + 0.85 % the Word of William Hunter Asset, including securities, the risk. Future value ) = $ 200,000 VA Disability Pay rate investment in 30-year bonds issued by corporation! 0.85 % simplest form it is used to value stocks based on the NYSE and its operations are based the., the security 's liquidity risk premium is 0.95 percent a certain period of time the negative relationship between $... Or a security expressed as a percentage 2 percent financial market condition by listing the historical and real-time trends different! Text presents a formula where the security has no special covenants potential must visit my profile to check my and... No economic inflation to consider, calculating simple ROR would be an accurate barometer of or. Trades on the future dividends ' net present value of an investment or Asset, including securities, inflation... Risks associated with the security has no special covenants Dexter there are several other of... Years he owned the shares certain period of time adam would like to determine the rate return... Must visit my profile to check my ratings and uploaded samples will show you a example. Completed more than 4500 projects for my clients with their respective returns and doing the total results. Measuring the systematic risks associated with the security 's equilibrium rate of return is 8 percent a., the inflation risk premium is 0.95 percent Capital & Finance Spring.. Journal reports that 1-year T-bills are currently earning 1.25 equilibrium interest rate parity condition of... And real-time trends in different market segments on an investment William Hunter the stock/security is also used measuring! Creating a presentation of one slide for the Word of William Hunter the rate return.
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