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Exhibit 14-12
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The Skalmory Corporation has entered into a 3-year interest rate swap, with semiannual settlement, to pay a fixed rate of 7.5% per year and receive 6-month LIBOR. The notional principal is $10,000,000.
-Refer to Exhibit 14-12. Assuming that one year after the swap was initiated the fixed rate on a new 2-year receive fixed pay floating LIBOR swap has fallen to 7% per year, calculate the market value of the 7.5% fixed rate bond based on $100 face value. Settlement is on a semiannual basis.
Chiromancy
The practice of palm reading or palmistry, where the lines and features of the hand are analyzed to predict future events and understand personal characteristics.
Food-Foraging Cultures
Societies that subsist primarily by hunting, fishing, and gathering wild food resources, rather than farming or raising animals.
Goddesses
Female deities revered in many religions and mythological traditions, often associated with particular aspects of nature, life, or the cosmos.
Religiously Unaffiliated
Individuals who do not identify with any organized religion, including atheists, agnostics, and people who describe their religion as "nothing in particular."
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