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Thus, the gold seller probably would want to sell the 10 ounces of gold for a total of $4,200 for a one-year settlement agreement and for $4,100 for a six-month settlement agreement. The formula for a forward in the simple case of gold can be written as: F where S R T spot opportunity cost time S 11 RT2

Astigmatism (d)



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work into 3GPP. After some short discussions it was agreed to form an Ad-Hoc Group on Movement of Work into 3GPP to assess the impacts and appropriate program structure to support the transfer of appropriate ETSI/SMG and T1 programs related to the GSM/EDGE radio access into a 3GPP. It was agreed that the work should be based on the following key assumptions:

Instantan eo us Power 456 Average Power 457 Max imum Average Power Transfer 462 9.3 Effecti ve o r rms Values 466 9.4 The Power Factor 469 9.5 Compl ex Power 47 1 9.6 Power Factor Correction 476 9.7 Single-Phase Three- Wire C ircuits 479 9.8 Safety Considerations 482 9.9 9.10 Applica ti o n Examples 490 9.11 Design Exam ple 494 Summary 496 Problems 496





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Recall from 2 that forwards and futures are essentially differentiated from spot by cost of carry (SRT) It is not difficult to show how spotbased risk measures such as duration and convexity can be extended from a spot to a forward context Here we also discuss unique considerations pertaining to financing risk (via the R in SRT) for all products (though especially for bonds), and conclude by showing how forwards and futures can be used to hedge spot transactions Calculating a forward duration or convexity is simple enough We already know from the duration and convexity formulas that required inputs include price, yield, and time; these are the same for forward calculations However, an important difference between a spot and forward duration or convexity calculation is that we are now dealing with a security that has a forward settlement date instead of an immediate one.

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# evaluate exercise using regression for event in events: # set event on controller ctr.set event(event) # evaluate if is exercise event(event): # evaluate underlying underlying = ctr.retrieve symbol("underlying") underlying *= 0 cnt = 0 for l in self. trade.legs(): underlying += ctr.retrieve symbol("leg"+str(cnt)) cnt += 1 # explanatory variables and numeraire ns = ctr.numeraire(to ) # for fees but not used at present vs = ctr.explanatory variables(to ) # evaluate regression self. exercise helper.update indicator( to , vs, self. fitted fos[ex cnt]) berm = ctr.retrieve symbol("berm") berm = self. exercise helper.max( to , self. trade.exercise type()*underlying, berm) # update symbols ctr.update symbol("underlying", underlying, to ) ctr.update symbol("berm", berm, to ) ex cnt = ex cnt+1 from = to . . .

(Backbone Area)

School personnel may become concerned about a student because of his or her aggressive, antisocial behavior (eg, fighting, explosive temper) For such students, the task is to determine the risk for future violent acts and how to reduce the likelihood of future violence Borum (2000) has provided guidelines regarding how to conduct a systematic assessment of violence potential in such situations His approach takes into account the student s past violent acts, the precipitants to those acts, and the protective factors, that is factors that would help the student avoid situations likely to trigger violent actions Students also may come to the attention of the school psychologist or other school personnel because they make direct or indirect threats to injure others.

Accordingly, when a forward duration or convexity is calculated, an existing spot security s duration and convexity are truncated by the time between the trade date and the expiration date of the forward agreement Figure 58 helps to illustrate this point Although the figure is for duration, the same concept applies for convexity Further, although the figure also describes a forward contract, the same concept applies for futures contracts Notice how the potential duration profiles of the forward agreement in Figure 58 are not always a horizontal line as for the duration profile at *; they may reflect a slight slope This slope represents the price sensitivity contribution that a forward embodies relative to the underlying spot The precise price sensitivity is linked directly to the carry component of the forward.

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