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On July 10, a foreign trade company has signed a sales contract (CIF) worth 150,000 USD with foreign investors, and the payment shall be made through irrevocable letter of credit. The contract provided for our goods should be shipped out in August. On July 28, Bank of China informed the company that it had received letters of credit from the other parties issued by foreign banks. And the audition found that the letter of credit terms and the terms of the contract are consistent with each other. However, before shipment, the company received a modification of the letter of the credit, asking the seller to make the shipment before August 15. As the trade company has booked a liner to sail on August 25 and temporary change procedures are cumbersome, the modification of the letter has been ignored. And it had made the shipment and negotiation for the payment according to the original letters of credit, and then submitted the full set of documents to the issuing bank. But the issuing bank refused to pay on the grounds that the Shipping documents are inconsistent with the modification of the letter of the credit.
Please analyze whether the issuing bank has the reason to refuse payment.
Calculate the price of a zero coupon with 10 years maturity, par value 100$ assuming that the 10-year zero coupon rate is 5%, the default and recover probabilities are 50%, and recovery rate of 50%. Is the price lower or higher of the same bond in th..
In its first year of operations, United Universal Corporation’s earnings are $2.1 million. Retained earnings at the end of the year were $1 million and contributed capital totaled $5.6 million. How much did the corporation distribute in dividends?
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Suppose an agribusiness in Texas exports its crops. It expects an 18 million peso invoice for an export to Mexico to be paid in 90 days. The current spot and 90-day forward rates are $0.7502/Peso and $0.7422/Peso respectively. Calculate the company’s..
We notice that the current one-year Treasury rate (1R1) is 7% and the two year treasury rate (1R2) is 7.5%. If economists expect the one-year rate next year to be 5.4%, what is the liquidity premium next year if the liquidity premium theory holds?
Pennsylvania steel, one of the largest steel companies in the united States, is considering whether it has any excess debt capacity. The company has $527 million in market value of debt outstanding and $1.76 billion of market value o equity. Estimate..
A productivity index of 110% means that a company’s labor costs would have been 10% higher if it had not made production improvements. Assume that Baldwin had a productivity index of 112% and that Chester had a productivity index of 103%. Using the l..
Find the duration of a 8% coupon bond making annual coupon payments if it has three years until maturity and a yield to maturity of 7.3%. What is the duration if the yield to maturity is 11.3%? (Do not round intermediate calculations.
First, consider Michele's savings. She began working at age 20 and began making an annual contribution of $2,000 at the first of the year beginning with her first year. She makes 13 contributions. What is the difference in planning between the two in..
Carter Corporation's sales are expected to increase from $X in 2012 to $10 million in 2013. Its assets totaled $5 million at the end of 2012. Carter is at full capacity, so its assets must grow in proportion to projected sales. what was the firm's sa..
Consider a project to supply 116 million postage stamps per year to the U.S. Postal Service for the next five years. You have an idle parcel of land available that cost $2,060,000 five years ago; if the land were sold today, it would net you $2,260,0..
Do you think the philosophers would agree with the current structure of the American government? Why or why not?
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