进行单位建筑工程概算时，当初步设计深度不够，不能准确地计算出工程量时．可用的方法是)。

Section B – TWO questions ONLY to be attempted

GNT Co is considering an investment in one of two corporate bonds. Both bonds have a par value of $1,000 and pay coupon interest on an annual basis. The market price of the first bond is $1,079？68. Its coupon rate is 6% and it is due to be redeemed at par in five years. The second bond is about to be issued with a coupon rate of 4% and will also be redeemable at par in five years. Both bonds are expected to have the same gross redemption yields (yields to maturity).

GNT Co considers duration of the bond to be a key factor when making decisions on which bond to invest.

Required:

(a) Estimate the Macaulay duration of the two bonds GNT Co is considering for investment. (9 marks)

(b) Discuss how useful duration is as a measure of the sensitivity of a bond price to changes in interest rates. (8 marks)

Section A

Directions: This section is to test your ability to give proper answers to questions. There are 5 recorded questions in it. After each question, there is a pause. The questions will be spoken two times. When you hear a question, you should decide on the correct answer from the 4 choices marked A, B, C and D.

(1)

A．At 7:00.

B．Two weeks ago.

C．No, only a couple of days.

D．Not that long.

Section A暂缺

Section B – ALL FIVE questions are compulsory and MUST be attempted

Crago Co is concerned that it may be overtrading. Financial information relating to the company is as follows.

Required:

Evaluate whether Crago can be considered to be overtrading and discuss how overtrading can be overcome.

Note: Up to 4 marks are available for calculations.

Section A

Directions: In this section, you will hear 8 short conversations and 2 long conversations. At the end of each conversation, one or more questions will be asked about what was said. Both the conversation and the questions will be spoken only once. After each question there will be a pause. During the pause, you must read the four choices marked A, B, C and D, and decide which is the best answer.

(12)

A．Commenting on a picture.

B．Looking at some paint

C．Painting a picture.

D．Comparing two paintings.

Section A

Directions: This section is to test your ability to give proper answers to questions. There are 5 recorded questions in it. After each question, there is a pause. The questions will be spoken two times. When you hear a question, you should decide on the correct answer from the 4 choices marked A, B, C and D.

(1)

A．You can take a taxi.

B．I'll fly to New York next week.

C．It's about twenty miles.

D．It's only six hundred yuan.

Section A

Directions: This section is to test your ability to give proper answers to questions. There are 5 recorded questions in it. After each question, there is a pause. The questions will be spoken two times. When you hear a question, you should decide on the correct answer from the 4 choices marked A, B, C and D.

听力原文：How long have you been learning English？

(1)

A．Three years ago.

B．For three years.

C．Maybe in three years.

D．No, only three years.

Section A

Directions: In this section, you will hear 8 short conversations and 2 long conversations. At the end of each conversation, one or more questions will be asked about what was said. Both the conversation and the questions will be spoken only once. After each question there will be a pause. During the pause, you must read the four choices marked A, B, C and D, and decide which is the best answer.

听力原文：M: The bag is $18 now.

W: Yes, it's exactly a half more than it was two months ago.

Q: What was the price of the bag two months ago？

(12)

A．$9.

B．$18.

C．$12.

D．$36.

Section A

Directions: In this section, you will hear 8 short conversations and 2 long conversations. At the end of each conversation, one or more questions will be asked about what was said. Both the conversation and the questions will be spoken only once. After each question there will be a pause. During the pause, you must read the four choices marked A, B, C and D, and decide which is the best answer.

听力原文：M: The bag is $18 now.

W: Yes, it's exactly a half more than it was two months ago.

Q: What was the price of the bag two months ago？

(12)

A．$9.

B．$18.

C．$12.

D．$36.

Section A

Directions: In this section, you will hear 8 short conversations and 2 long conversations. At the end of each conversation, one or more questions will be asked about what was said. Both the conversation and the questions will be spoken only once. After each question there will be a pause. During the pause, you must read the four choices marked A, B, C and D, and decide which is the best answer.

听力原文：M: The bag is ＄18 now.

W: Yes, it's exactly a half more than it was two months ago.

Q: What was the price of the bag two months ago？

(12)

A．＄9.

B．＄18.

C．＄12.

D．＄36.