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The change from religious to lay teachers at Roman Catholic schools has been partly attributed to the decline in the number of women and men entering religious orders. The percent of teachers who are lay teachers is given by where t is measured in decades, with
corresponding to the beginning of 1960. Find the year when the percent of lay teachers was increasing most rapidly.
Annual Coupon Bond
A bond that pays interest to the holder annually until maturity, when the face value is also paid back.
Face Value
The maturity value of a bond. Also known as par value of bond.
Yield Curve
A graph showing the relationship between bond yields and their maturity dates, which can indicate economic expectations.
Liquidity Premium
Forward rate minus expected future short interest rate.
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