1. 准备一个新的gmail帐户android.yanfeng L7，创建需要的联系人
2. 下载android sdk，设置默认安装到SD卡而非电话
adb devices
adb shell
pm setInstallLocation 2
exit
3. Setting-Accounts & Sync settings-manage accounts
只同步Contacts
4. play store安装
google ime
dictionary->m-w
lost (www.androidlost.com 设置)
ted
百度搜qq 安卓，进入下载安装qq2012
Tuesday, January 1, 2013
孩子用的
http://www.starfall.com/
http://www.61box.cn/gushi.jsp
http://www.61box.cn/pinyin.jsp
http://www.61box.cn/shizi.jsp
http://www.61box.cn/yuyanstory.jsp
http://www.61box.cn/kidsong.jsp
http://www.61box.cn/kousuan.jsp
http://www.61box.cn/gushi.jsp
http://www.61box.cn/pinyin.jsp
http://www.61box.cn/shizi.jsp
http://www.61box.cn/yuyanstory.jsp
http://www.61box.cn/kidsong.jsp
http://www.61box.cn/kousuan.jsp
Fireproof note
Mommy, would you ask Daddy
to come tuck me in?
Well, when you're done being married,
can I have him?
- Terrell, man, my bad out there.
- This ain't no game.
You playing with people lives.
You never leave your partner,
especially in a fire.
Oh, I missed it. I was giving a tour
of the new cancer wing.
- What'd you eat?
- I had the last bagel and a yogurt.
Especially since you tuck away
a third of your salary......saving for a boat we don't need.
That treadmill's not broken.
But just remember,
a woman's like a rose.
If you treat her right, she'll bloom.
If you don't, she'll wilt.
I'm carrying the weight around here
while you're off doing your own thing.
You constantly nag me
and you drain the life out of me!
You bring me a hose stretcher.
Lin953 I don't understand her.
to come tuck me in?
Well, when you're done being married,
can I have him?
- Terrell, man, my bad out there.
- This ain't no game.
You playing with people lives.
You never leave your partner,
especially in a fire.
Oh, I missed it. I was giving a tour
of the new cancer wing.
- What'd you eat?
- I had the last bagel and a yogurt.
Especially since you tuck away
a third of your salary......saving for a boat we don't need.
That treadmill's not broken.
But just remember,
a woman's like a rose.
If you treat her right, she'll bloom.
If you don't, she'll wilt.
I'm carrying the weight around here
while you're off doing your own thing.
You constantly nag me
and you drain the life out of me!
You bring me a hose stretcher.
Lin953 I don't understand her.
Financial Reporting and Analysis
The cash flows are classified as follows:
operating cash flows: include the cash effects of transactions that involve the normal business of the firm.
investing cash flows: are those resulting from the acquisition or sale of property, plant and equipment; of a subsidiary or segments; and of investments of other firms
financial cashing flows: are those resulting from issuance or retirement of the firm's debt and equity securities and include dividends paid to stockholders
Proxy statements are issued to shareholders when there are matters that require a shareholder vote.
retained earnings: Cumulative net income that has not been distributed as dividends.
The principle of accrual accounting requires that revenue is recorded when the firm earns it and expenses are recorded as the firm incurs them, regardless of whether cash has actually paid.
Accrued revenue: The firm provides goods or services before it receives cash payment.
Accumulated depreciation is contra asset account that typically offsets the historical cost of property, plant and equipment.
The general journal lists all of the company's transaction by date. The general ledger lists them by account.
operating cash flows: include the cash effects of transactions that involve the normal business of the firm.
investing cash flows: are those resulting from the acquisition or sale of property, plant and equipment; of a subsidiary or segments; and of investments of other firms
financial cashing flows: are those resulting from issuance or retirement of the firm's debt and equity securities and include dividends paid to stockholders
Proxy statements are issued to shareholders when there are matters that require a shareholder vote.
retained earnings: Cumulative net income that has not been distributed as dividends.
The principle of accrual accounting requires that revenue is recorded when the firm earns it and expenses are recorded as the firm incurs them, regardless of whether cash has actually paid.
Accrued revenue: The firm provides goods or services before it receives cash payment.
Accumulated depreciation is contra asset account that typically offsets the historical cost of property, plant and equipment.
The general journal lists all of the company's transaction by date. The general ledger lists them by account.
Corporate Finance
financial statements
Corporate Finance
1. The securities, sometimes called financial instruments or claims, may be roughly classified as equity or debt, loosely called stocks or bonds. Roughly speaking, there are two basic types of financial markets: the money markets and the capital markets.
A short-term debt is called a current liability. Short-term debt represents loans and other obligations that must be repaid within one year.
Long-term debt is debt that does not have to be repaid within one year. Shareholders’ equity represents the difference between the value of the assets and the debt of the firm. In this sense it is a residual claim on the firm’s assets. Net working capital is defined as current assets minus current liabilities. The persons or institutions that buy debt from the firm are called creditors. The holders of equity shares are called shareholders.
We can write the value of the firm, V, as
V = B + S
where B is the value of the debt and S is the value of the equity. In the words of finance theory, debt and equity securities are contingent claims
on the total firm value.
The treasurer is responsible for handling cash flows, managing capital-expenditures decisions, and making financial plans. The controller handles the accounting function, which includes taxes, cost and financial accounting, and information systems.
The corporate form of business, that is, organizing the firm as a corporation, is the standard method for solving problems encountered in raising large amounts of cash. However, businesses can take other forms.
sole proprietorship:
The sole proprietorship is the cheapest business to form. No formal charter is required,
and few government regulations must be satisfied for most industries.
2. A sole proprietorship pays no corporate income taxes. All profits of the business are
taxed as individual income.
3. The sole proprietorship has unlimited liability for business debts and obligations. No
distinction is made between personal and business assets.
4. The life of the sole proprietorship is limited by the life of the sole proprietor.
5. Because the only money invested in the firm is the proprietor’s, the equity money that
can be raised by the sole proprietor is limited to the proprietor’s personal wealth.
The Partnership
Any two or more persons can get together and form a partnership. Partnerships fall into
two categories: (1) general partnerships and (2) limited partnerships.
In a general partnership all partners agree to provide some fraction of the work and
cash and to share the profits and losses. Each partner is liable for the debts of the partnership.
A partnership agreement specifies the nature of the arrangement. The partnership
agreement may be an oral agreement or a formal document setting forth the understanding.
Limited partnerships permit the liability of some of the partners to be limited to the
amount of cash each has contributed to the partnership. Limited partnerships usually require
that (1) at least one partner be a general partner and (2) the limited partners do not
participate in managing the business. Here are some things that are important when considering
a partnership:
1. Partnerships are usually inexpensive and easy to form. Written documents are required
in complicated arrangements, including general and limited partnerships. Business licenses
and filing fees may be necessary.
2. General partners have unlimited liability for all debts. The liability of limited partners is
usually limited to the contribution each has made to the partnership. If one general partner
is unable to meet his or her commitment, the shortfall must be made up by the other
general partners.
3. The general partnership is terminated when a general partner dies or withdraws (but this
is not so for a limited partner). It is difficult for a partnership to transfer ownership without
dissolving. Usually, all general partners must agree. However, limited partners may
sell their interest in a business.
4. It is difficult for a partnership to raise large amounts of cash. Equity contributions are
usually limited to a partner’s ability and desire to contribute to the partnership. Many
companies, such as Apple Computer, start life as a proprietorship or partnership, but at
some point they choose to convert to corporate form.
5. Income from a partnership is taxed as personal income to the partners.
6. Management control resides with the general partners. Usually a majority vote is required
on important matters, such as the amount of profit to be retained in the business.
It is very difficult for large business organizations to exist as sole proprietorships or
partnerships. The main advantage is the cost of getting started. Afterward, the disadvantages,
which may become severe, are (1) unlimited liability, (2) limited life of the enterprise,
and (3) difficulty of transferring ownership. These three disadvantages lead to (4) the
difficulty of raising cash.
It is very difficult for large business organizations to exist as sole proprietorships or
partnerships. The main advantage is the cost of getting started. Afterward, the disadvantages,
which may become severe, are (1) unlimited liability, (2) limited life of the enterprise,
and (3) difficulty of transferring ownership. These three disadvantages lead to (4) the
difficulty of raising cash.
There is, however, one great disadvantage to incorporation. The federal government
taxes corporate income. This tax is in addition to the personal income tax that shareholders
pay on dividend income they receive. This is double taxation for shareholders when compared
to taxation on proprietorships and partnerships.
The financial markets are composed of the money markets and the capital markets.
Money markets are the markets for debt securities that will pay off in the short term (usually
less than one year). Capital markets are the markets for long-term debt (with a maturity
at over one year) and for equity shares.
The primary market is used when governments and corporations initially sell securities.
Corporations engage in two types of primary-market sales of debt and equity: public offerings
and private placements.
Most publicly offered corporate debt and equity come to the market underwritten by a syndicate
of investment banking firms. The underwriting syndicate buys the new securities from the
firm for the syndicate’s own account and resells them at a higher price. Publicly issued debt and
equity must be registered with the Securities and Exchange Commission. Registration requires
the corporation to disclose all of the material information in a registration statement.
The legal, accounting, and other costs of preparing the registration statement are not negligible.
In part to avoid these costs, privately placed debt and equity are sold on the basis of
private negotiations to large financial institutions, such as insurance companies and mutual
funds. Private placements are not registered with the Securities and Exchange Commission.
After debt and equity securities are originally sold, they are traded in the secondary markets.
There are two kinds of secondary markets: the auction markets and the dealer markets.
The equity securities of most large U.S. firms trade in organized auction markets, such
as the New York Stock Exchange, the American Stock Exchange, and regional exchanges,
such as the Midwest Stock Exchange. The New York Stock Exchange (NYSE) is the most
important auction exchange. It usually accounts for more than 85 percent of all shares
traded in U.S. auction exchanges. Bond trading on auction exchanges is inconsequential.
Most debt securities are traded in dealer markets. The many bond dealers communicate
with one another by telecommunications equipment—wires, computers, and telephones.
Investors get in touch with dealers when they want to buy or sell, and can negotiate
a deal. Some stocks are traded in the dealer markets. When they are, it is referred to as
the over-the-counter (OTC) market.
Auction markets are different from dealer markets in two ways: First, trading in a given auction
exchange takes place at a single site on the floor of the exchange. Second, transaction
prices of shares traded on auction exchanges are communicated almost immediately to the
public by computer and other devices.
Unlike auction markets, the benefit of this type of market is the rapid access that investors have to buyers and sellers of a particular security. The best example of a dealer market is the Nasdaq.
http://www.wisegeek.com/what-is-a-dealer-market.htm
Dealers are essentially market makers making money off the bid-ask spread, and don't take positions for hedging and/or speculation.
Proprietary traders usually take hedging/speculative positions using the banks money.
Chapter2 Accounting statements and cash flow
2.1 The balance sheet.
The accounting definition that underlies the balance sheet and describes the balance is
Assets ≡ Liabilities + Stockholders’ equity
Accounting liquidity refers to the ease and quickness with which assets can be converted to cash. Current assets are the most liquid and include cash and those assets that will be turned into cash within a year from the date of the balance sheet.
2.2 The income statement
The income statement measures performance over a specific period of time, say, a year. The accounting definition of income is
Revenue - Expenses ≡ Income
Net working capital is current assets minus current liabilities.
Operating cash flow, defined as earnings before interest and depreciation minus taxes,measures the cash generated from operations not counting capital spending or working capital requirements. It should usually be positive; a firm is in trouble if operating cash flow is negative for a long time because the firm is not generating enough cash to pay operating costs. Total cash flow of the firm includes adjustments for capital spending and additions to net working capital. It will frequently be negative. When a firm is growing at a rapid rate,the spending on inventory and fixed assets can be higher than cash flow from sales.
The net present value of an investment is a simple criterion for deciding whether or not to undertake an investment.
The pure discount bond is perhaps the simplest kind of bond. It promises a single payment,say $1, at a fixed future date. The payment at maturity ($1 in this example) is termed the bond’s face value. Pure discount bonds are often called zero-coupon bonds or zeros to emphasize the fact
that the holder receives no cash payments until maturity. We will use the terms zero, bullet,and discount interchangeably to refer to bonds that pay no coupons.
An important example of a consol, though, is called preferred stock. Preferred stock is stock that is issued by corporations and that provides the holder a fixed dividend in perpetuity. If there were never any question that the firm would actually pay the dividend on the preferred stock, such stock would in fact be a consol.
bond prices fall with a rise in interest rates and rise with a fall in interest rates. Furthermore, the general principle is that a level-coupon bond sells in the following ways.
1. At the face value of $1,000 if the coupon rate is equal to the marketwide interest rate.
2. At a discount if the coupon rate is below the marketwide interest rate.
3. At a premium if the coupon rate is above the marketwide interest rate.
Bond traders also state that the bond has
a yield to maturity of 8 percent. The yield to maturity is frequently called the bond’s yield
for short. So we would say the bond with its 10-percent coupon is priced to yield 8 percent
at $1,035.67.
At the bottom of the list you will find AT&T and an entry AT&T 81⁄8 /22. This entry represents AT&T bonds that mature in the year 2022 and have a coupon rate of 81⁄8. The coupon rate means 81⁄8 percent of the par value (or face value) of $1,000.
Therefore, the annual coupon for AT&T bonds is $81.25.
Under the heading “Close,” you will find the last price for the AT&T bonds at the close of this particular day. The price is quoted as a percentage of the par value. So the last price for the AT&T bonds on this particular day was 100 percent of $1,000 or $1,000.00. This bond is trading at a price less than its par value, and so it is trading at a “discount.” The last column is “Net Chg.” AT&T bonds traded up from the day before by 3⁄8 of 1 percent. The AT&T bonds have a current yield of 8.1 percent. The current yield is simply the current coupon divided by the current price,or 81.25 divided by 1,000, equal to 8.1 percent(rounded to one decimal place).
Corporate Finance
1. The securities, sometimes called financial instruments or claims, may be roughly classified as equity or debt, loosely called stocks or bonds. Roughly speaking, there are two basic types of financial markets: the money markets and the capital markets.
A short-term debt is called a current liability. Short-term debt represents loans and other obligations that must be repaid within one year.
Long-term debt is debt that does not have to be repaid within one year. Shareholders’ equity represents the difference between the value of the assets and the debt of the firm. In this sense it is a residual claim on the firm’s assets. Net working capital is defined as current assets minus current liabilities. The persons or institutions that buy debt from the firm are called creditors. The holders of equity shares are called shareholders.
We can write the value of the firm, V, as
V = B + S
where B is the value of the debt and S is the value of the equity. In the words of finance theory, debt and equity securities are contingent claims
on the total firm value.
The treasurer is responsible for handling cash flows, managing capital-expenditures decisions, and making financial plans. The controller handles the accounting function, which includes taxes, cost and financial accounting, and information systems.
The corporate form of business, that is, organizing the firm as a corporation, is the standard method for solving problems encountered in raising large amounts of cash. However, businesses can take other forms.
sole proprietorship:
The sole proprietorship is the cheapest business to form. No formal charter is required,
and few government regulations must be satisfied for most industries.
2. A sole proprietorship pays no corporate income taxes. All profits of the business are
taxed as individual income.
3. The sole proprietorship has unlimited liability for business debts and obligations. No
distinction is made between personal and business assets.
4. The life of the sole proprietorship is limited by the life of the sole proprietor.
5. Because the only money invested in the firm is the proprietor’s, the equity money that
can be raised by the sole proprietor is limited to the proprietor’s personal wealth.
The Partnership
Any two or more persons can get together and form a partnership. Partnerships fall into
two categories: (1) general partnerships and (2) limited partnerships.
In a general partnership all partners agree to provide some fraction of the work and
cash and to share the profits and losses. Each partner is liable for the debts of the partnership.
A partnership agreement specifies the nature of the arrangement. The partnership
agreement may be an oral agreement or a formal document setting forth the understanding.
Limited partnerships permit the liability of some of the partners to be limited to the
amount of cash each has contributed to the partnership. Limited partnerships usually require
that (1) at least one partner be a general partner and (2) the limited partners do not
participate in managing the business. Here are some things that are important when considering
a partnership:
1. Partnerships are usually inexpensive and easy to form. Written documents are required
in complicated arrangements, including general and limited partnerships. Business licenses
and filing fees may be necessary.
2. General partners have unlimited liability for all debts. The liability of limited partners is
usually limited to the contribution each has made to the partnership. If one general partner
is unable to meet his or her commitment, the shortfall must be made up by the other
general partners.
3. The general partnership is terminated when a general partner dies or withdraws (but this
is not so for a limited partner). It is difficult for a partnership to transfer ownership without
dissolving. Usually, all general partners must agree. However, limited partners may
sell their interest in a business.
4. It is difficult for a partnership to raise large amounts of cash. Equity contributions are
usually limited to a partner’s ability and desire to contribute to the partnership. Many
companies, such as Apple Computer, start life as a proprietorship or partnership, but at
some point they choose to convert to corporate form.
5. Income from a partnership is taxed as personal income to the partners.
6. Management control resides with the general partners. Usually a majority vote is required
on important matters, such as the amount of profit to be retained in the business.
It is very difficult for large business organizations to exist as sole proprietorships or
partnerships. The main advantage is the cost of getting started. Afterward, the disadvantages,
which may become severe, are (1) unlimited liability, (2) limited life of the enterprise,
and (3) difficulty of transferring ownership. These three disadvantages lead to (4) the
difficulty of raising cash.
It is very difficult for large business organizations to exist as sole proprietorships or
partnerships. The main advantage is the cost of getting started. Afterward, the disadvantages,
which may become severe, are (1) unlimited liability, (2) limited life of the enterprise,
and (3) difficulty of transferring ownership. These three disadvantages lead to (4) the
difficulty of raising cash.
There is, however, one great disadvantage to incorporation. The federal government
taxes corporate income. This tax is in addition to the personal income tax that shareholders
pay on dividend income they receive. This is double taxation for shareholders when compared
to taxation on proprietorships and partnerships.
The financial markets are composed of the money markets and the capital markets.
Money markets are the markets for debt securities that will pay off in the short term (usually
less than one year). Capital markets are the markets for long-term debt (with a maturity
at over one year) and for equity shares.
The primary market is used when governments and corporations initially sell securities.
Corporations engage in two types of primary-market sales of debt and equity: public offerings
and private placements.
Most publicly offered corporate debt and equity come to the market underwritten by a syndicate
of investment banking firms. The underwriting syndicate buys the new securities from the
firm for the syndicate’s own account and resells them at a higher price. Publicly issued debt and
equity must be registered with the Securities and Exchange Commission. Registration requires
the corporation to disclose all of the material information in a registration statement.
The legal, accounting, and other costs of preparing the registration statement are not negligible.
In part to avoid these costs, privately placed debt and equity are sold on the basis of
private negotiations to large financial institutions, such as insurance companies and mutual
funds. Private placements are not registered with the Securities and Exchange Commission.
After debt and equity securities are originally sold, they are traded in the secondary markets.
There are two kinds of secondary markets: the auction markets and the dealer markets.
The equity securities of most large U.S. firms trade in organized auction markets, such
as the New York Stock Exchange, the American Stock Exchange, and regional exchanges,
such as the Midwest Stock Exchange. The New York Stock Exchange (NYSE) is the most
important auction exchange. It usually accounts for more than 85 percent of all shares
traded in U.S. auction exchanges. Bond trading on auction exchanges is inconsequential.
Most debt securities are traded in dealer markets. The many bond dealers communicate
with one another by telecommunications equipment—wires, computers, and telephones.
Investors get in touch with dealers when they want to buy or sell, and can negotiate
a deal. Some stocks are traded in the dealer markets. When they are, it is referred to as
the over-the-counter (OTC) market.
Auction markets are different from dealer markets in two ways: First, trading in a given auction
exchange takes place at a single site on the floor of the exchange. Second, transaction
prices of shares traded on auction exchanges are communicated almost immediately to the
public by computer and other devices.
Unlike auction markets, the benefit of this type of market is the rapid access that investors have to buyers and sellers of a particular security. The best example of a dealer market is the Nasdaq.
http://www.wisegeek.com/what-is-a-dealer-market.htm
Dealers are essentially market makers making money off the bid-ask spread, and don't take positions for hedging and/or speculation.
Proprietary traders usually take hedging/speculative positions using the banks money.
Chapter2 Accounting statements and cash flow
2.1 The balance sheet.
The accounting definition that underlies the balance sheet and describes the balance is
Assets ≡ Liabilities + Stockholders’ equity
Accounting liquidity refers to the ease and quickness with which assets can be converted to cash. Current assets are the most liquid and include cash and those assets that will be turned into cash within a year from the date of the balance sheet.
2.2 The income statement
The income statement measures performance over a specific period of time, say, a year. The accounting definition of income is
Revenue - Expenses ≡ Income
Net working capital is current assets minus current liabilities.
Operating cash flow, defined as earnings before interest and depreciation minus taxes,measures the cash generated from operations not counting capital spending or working capital requirements. It should usually be positive; a firm is in trouble if operating cash flow is negative for a long time because the firm is not generating enough cash to pay operating costs. Total cash flow of the firm includes adjustments for capital spending and additions to net working capital. It will frequently be negative. When a firm is growing at a rapid rate,the spending on inventory and fixed assets can be higher than cash flow from sales.
The net present value of an investment is a simple criterion for deciding whether or not to undertake an investment.
The pure discount bond is perhaps the simplest kind of bond. It promises a single payment,say $1, at a fixed future date. The payment at maturity ($1 in this example) is termed the bond’s face value. Pure discount bonds are often called zero-coupon bonds or zeros to emphasize the fact
that the holder receives no cash payments until maturity. We will use the terms zero, bullet,and discount interchangeably to refer to bonds that pay no coupons.
An important example of a consol, though, is called preferred stock. Preferred stock is stock that is issued by corporations and that provides the holder a fixed dividend in perpetuity. If there were never any question that the firm would actually pay the dividend on the preferred stock, such stock would in fact be a consol.
bond prices fall with a rise in interest rates and rise with a fall in interest rates. Furthermore, the general principle is that a level-coupon bond sells in the following ways.
1. At the face value of $1,000 if the coupon rate is equal to the marketwide interest rate.
2. At a discount if the coupon rate is below the marketwide interest rate.
3. At a premium if the coupon rate is above the marketwide interest rate.
Bond traders also state that the bond has
a yield to maturity of 8 percent. The yield to maturity is frequently called the bond’s yield
for short. So we would say the bond with its 10-percent coupon is priced to yield 8 percent
at $1,035.67.
At the bottom of the list you will find AT&T and an entry AT&T 81⁄8 /22. This entry represents AT&T bonds that mature in the year 2022 and have a coupon rate of 81⁄8. The coupon rate means 81⁄8 percent of the par value (or face value) of $1,000.
Therefore, the annual coupon for AT&T bonds is $81.25.
Under the heading “Close,” you will find the last price for the AT&T bonds at the close of this particular day. The price is quoted as a percentage of the par value. So the last price for the AT&T bonds on this particular day was 100 percent of $1,000 or $1,000.00. This bond is trading at a price less than its par value, and so it is trading at a “discount.” The last column is “Net Chg.” AT&T bonds traded up from the day before by 3⁄8 of 1 percent. The AT&T bonds have a current yield of 8.1 percent. The current yield is simply the current coupon divided by the current price,or 81.25 divided by 1,000, equal to 8.1 percent(rounded to one decimal place).
CFA Quantitative Methods
CFA Quantitative Methods
1. If the party who supplied $9,500 had instead decided to spend it today, he would have forgone earning 5.26 percent on the money.
I shall have to forgo the pleasure of seeing you this week.
We're willing to pay a premium for the best location.
She's the nominal head of our college - the real work is done by her deputy.
interest rate (r)=Real risk-free interest rate + Inflation premium + Default risk premium + Liquidity premium + Maturity premium
Real risk-free interest rate + Inflation premium=nominal risk-free interest.
2.
Continuous Compounding FVN=PVersN 117345.11=10000*e0.08*2
EAR=(1+periodic interest rate)m-1
3. The future value of an Annuity
FVN=A[((1+r)N-1)/r] 1*(1.118-1)/0.1=45.6 1*(1.218-1)/0.2=128.1
PV=A[(1-1/(1+r)N)/r]
PV=56000, r=0.0594*0.9/12=0.004455, N=10*12=120, then the Present value annuity factor=[(1-1/(1+0.004455)120)/0.004455]=92.794689 A=560000/92.794689=6034.83
Notes:
set [P/Y] key to 1:
[2nd][P/Y]"1"[ENTER][2nd][QUIT]
1. If the party who supplied $9,500 had instead decided to spend it today, he would have forgone earning 5.26 percent on the money.
I shall have to forgo the pleasure of seeing you this week.
We're willing to pay a premium for the best location.
She's the nominal head of our college - the real work is done by her deputy.
interest rate (r)=Real risk-free interest rate + Inflation premium + Default risk premium + Liquidity premium + Maturity premium
Real risk-free interest rate + Inflation premium=nominal risk-free interest.
2.
Continuous Compounding FVN=PVersN 117345.11=10000*e0.08*2
EAR=(1+periodic interest rate)m-1
3. The future value of an Annuity
FVN=A[((1+r)N-1)/r] 1*(1.118-1)/0.1=45.6 1*(1.218-1)/0.2=128.1
PV=A[(1-1/(1+r)N)/r]
PV=56000, r=0.0594*0.9/12=0.004455, N=10*12=120, then the Present value annuity factor=[(1-1/(1+0.004455)120)/0.004455]=92.794689 A=560000/92.794689=6034.83
Notes:
set [P/Y] key to 1:
[2nd][P/Y]"1"[ENTER][2nd][QUIT]
停下来想一下自己正在做什么
文明：
大人可以给他们带来文明，停下来想一下自己正在做什么。
在广西当过几年老师的卢安克，对中国教育的印象是：教育，只是为了满足一种被社会承认的标准，不是为了小孩。小孩在满足这个标准的过程中，脱离了他的天性，脱离了他的生活……“教育难道是只为了获胜？我不想继续跟学生一起奔跑着参加这场竞赛———这场一直匆忙地奔跑着，最后自己都不知道跑的路是不是属于自己的竞赛。
“如果仅仅靠教育手段，是改变不了。我改变他们的方式可能是跟他们一起生活，我要给他们看到，在一样的环境中，我能做到跟环境不同的东西。他们可能从没想到，一个人还可以做跟环境不同的事情。他们看到了，就会想为什么他能做到，而我做不到？比如他们喝酒、打牌时我在写书。”
卢安克现在的开销是由父母给的，每年４８００元人民币，其中２２％用于复印资料寄给别人，４０％用于捐款，３８％学生和他个人用。
“别村的小学老师觉得我非常奇怪，有一次见到我，他们在地上写道：不喝酒、不抽烟、不吃肉、不赌博、不恋爱。然后看着这些字问我：你还为了什么生活？我说：别人不干什么，我就想干什么。他们又说：如果没了这５种享受，我一切的生活目的就没有了。我说：如果我没有比这５种享受更有意思的追求，我早就没有兴趣活下去了。他们又问：你会不会签名一辈子不要这些？我说：不，因为我不是给自己定下不要这些，只是我现在对这些没有兴趣。”
我问卢安克：“你认为什么样的生活是有价值的？”
“做到别人不能做或不愿意做的事，我就有了价值。”他答。
“做了这些事后，你自己有什么收获吗？”
“收获蛮多的。发现了很多问题，而且能找到解决的方法。”
“有了结果又会怎样？”我接着问。
“我就写在书上，发表到我的网页上，让别人知道，别人能利用。”每隔１０天，卢安克离开屯里两天，去县城的网吧上网，他有自己的网页和邮箱。
他对许多报道不满意。“他们感兴趣的只是在农村生活的外国人，这有什么用？从没有媒体想报道我教育研究的东西。”
卢安克每次来北京都是坐火车硬座，上次是从广西一路站到北京的。在北京，他跟民工一起吃街头盒饭，租最便宜的农民房住。两周前，他感觉身体特别疲劳，很不舒服，不爱吃饭，才到医院做检查，结果医生让他马上住院。
我问卢安克：你为啥不跟一些国际组织或政府部门合作，这样不就解决经济问题了？
“我不需要很多钱，我研究的那个东西，有钱也没有用。也可以说是精神的研究，用物质帮不上。”
卢安克，一个德国人，以一人之力，在做中国教育最需要但没有人做的事！
我最害怕的是崇拜者，因为崇拜基于的往往是幻想。所以，崇拜最终的结果也只能是失望。
卢安克
大人可以给他们带来文明，停下来想一下自己正在做什么。
在广西当过几年老师的卢安克，对中国教育的印象是：教育，只是为了满足一种被社会承认的标准，不是为了小孩。小孩在满足这个标准的过程中，脱离了他的天性，脱离了他的生活……“教育难道是只为了获胜？我不想继续跟学生一起奔跑着参加这场竞赛———这场一直匆忙地奔跑着，最后自己都不知道跑的路是不是属于自己的竞赛。
“如果仅仅靠教育手段，是改变不了。我改变他们的方式可能是跟他们一起生活，我要给他们看到，在一样的环境中，我能做到跟环境不同的东西。他们可能从没想到，一个人还可以做跟环境不同的事情。他们看到了，就会想为什么他能做到，而我做不到？比如他们喝酒、打牌时我在写书。”
卢安克现在的开销是由父母给的，每年４８００元人民币，其中２２％用于复印资料寄给别人，４０％用于捐款，３８％学生和他个人用。
“别村的小学老师觉得我非常奇怪，有一次见到我，他们在地上写道：不喝酒、不抽烟、不吃肉、不赌博、不恋爱。然后看着这些字问我：你还为了什么生活？我说：别人不干什么，我就想干什么。他们又说：如果没了这５种享受，我一切的生活目的就没有了。我说：如果我没有比这５种享受更有意思的追求，我早就没有兴趣活下去了。他们又问：你会不会签名一辈子不要这些？我说：不，因为我不是给自己定下不要这些，只是我现在对这些没有兴趣。”
我问卢安克：“你认为什么样的生活是有价值的？”
“做到别人不能做或不愿意做的事，我就有了价值。”他答。
“做了这些事后，你自己有什么收获吗？”
“收获蛮多的。发现了很多问题，而且能找到解决的方法。”
“有了结果又会怎样？”我接着问。
“我就写在书上，发表到我的网页上，让别人知道，别人能利用。”每隔１０天，卢安克离开屯里两天，去县城的网吧上网，他有自己的网页和邮箱。
他对许多报道不满意。“他们感兴趣的只是在农村生活的外国人，这有什么用？从没有媒体想报道我教育研究的东西。”
卢安克每次来北京都是坐火车硬座，上次是从广西一路站到北京的。在北京，他跟民工一起吃街头盒饭，租最便宜的农民房住。两周前，他感觉身体特别疲劳，很不舒服，不爱吃饭，才到医院做检查，结果医生让他马上住院。
我问卢安克：你为啥不跟一些国际组织或政府部门合作，这样不就解决经济问题了？
“我不需要很多钱，我研究的那个东西，有钱也没有用。也可以说是精神的研究，用物质帮不上。”
卢安克，一个德国人，以一人之力，在做中国教育最需要但没有人做的事！
我最害怕的是崇拜者，因为崇拜基于的往往是幻想。所以，崇拜最终的结果也只能是失望。
卢安克
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