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144 - Investment Planning 5 Expected rate of return A The expected return is the anticipated growth from an investment It is the return that is expected to occur for the amount of risk undertaken The expected return is calculated as E1D2 E1g 2 P where E(r) is the expected return (as a percentage); E(D) is the expected dividend [current dividend (1 + expected growth rate)]; P is the price of the asset; and E(g) is the expected growth B Example: If the stock is selling at $50 and is expected to pay a $3 dividend, which is expected to grow 5 percent per year, then the expected return is $3 005 11% $50 6 The after-tax return (see Topic 43, Section 12: After-tax yield) is calculated by multiplying the pretax rate by the quantity one minus the marginal tax bracket of the investor For example, if an asset has a taxable return of 15 percent and the investor is in a 36 percent tax bracket, the after-tax return is 15(1 036) = 96 percent E1r2 7 Holding period return A The holding period return (HPR) is the total return and is determined by taking the total return divided by the initial cost of the investment: P1 P0 D HPR P0 Where, P1 is the sale price, P0 is the purchase price, and D is the dividend paid For example, if an individual buys a stock for $10 and collects a $1 dividend and later sells it for $15, the holding period is $10 $1 60% $10 B There is a major weakness in using the holding period It does not consider how long it took to earn the return This problem is evident if the stock paid annual dividends of $025, and the stock was sold at the end of the fourth year for $15 The return of 60 percent is higher than the true return 8 Internal rate of return A The internal rate of return is the discounted rate that makes the present value of the cash out ows equal to initial cash in ows such that the net present value is equal to zero B Example: Assume an investor bought a stock for $50 and sold the stock two years later at $65 The internal rate of return can be found using a calculator: HPR PV = $50, FV = $65, PMT = 0, N = 2 solve for I = 1402% 9 Yield to maturity A The yield to maturity is the internal rate of return of a bond if held to maturity It considers the current interest return and all price appreciation or depreciation It is also a measure of risk and is the discount rate that equals the present value of all cash ows B From a rm perspective, it is the cost of borrowing by issuing new bonds From an investor perspective, it is the internal rate of return that is received if the bond is held to maturity $15.



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Nuclei have a very regular structure with many general and simple properties that are predicted by quantum mechanical treatment of particles moving in a potential well This situation is very similar to descriptions of the electrons in atoms The potential energy well due to the Coulomb force (atoms) is substantially different from that due to the nuclear force (nuclei) The previous chapter contained a discussion of the basic properties of the nuclear force and how we have been able to determine its features In summary, the exact form of the nuclear or strong force is unknown, but the force is known to be short ranged (%l fm) with a repulsive core and is known to saturate That is, the force acts primarily between nearest neighbors to hold them together without letting them interpenetrate one another We use these features to form the basis of our study of nuclear structure.





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Next, we want to define at least one physical binding to that logical port an actual mechanism for accomplishing the abstract operation defined by it The following definition demonstrates how to create a SOAP binding (more about SOAP shortly) for our service that maps to the GetPriceQuote operation we previously defined

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We can also learn a great deal about the basic features of nuclear structure and the nature of the force that holds the nucleus together if we simply look carefully at the lightest stable and unstable nuclei The building blocks of nuclei are the nucleons, protons, and neutrons, of course The proton is stable and is usually found as a hydrogen atom bound to a single electron The mass of the electron is small compared to that of the proton (511 keV/939,000 keV or 1/1800) and the binding energy is even smaller (13 eV/939,000,000 eV or 1028) The electrons are almost always carried along by the nuclei, so it is most convenient to imagine building nuclides up from hydrogen atoms, 1H, rather than bare protons On the other hand, the free neutron is unstable and decays with a half-life of 10 min into a proton, an electron, and an antineutrino.

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<binding name="PriceQuoteSoapBinding" type="tns:PriceQuotePortType"> <soap:binding style="document" transport="http://schemasxmlsoaporg/soap/http"/> <operation name="GetPriceQuote"> <soap:operation soapAction="http://wwwexamplecom/GetPriceQuote"/> <input> <soap:body use="literal"/> </input> <output> <soap:body use="literal"/> </output> </operation> </binding>

Thus, imagining that we will construct.

Ports and Services Finally, it's time to define and name the service itself As part of that definition, we want to create a series of physical ports that correspond to service functionality Defining each physical port requires that we associate it with a physical binding:

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