Please see attachments below. Questions located in Assignment 1 and additional data located in hw1data. Thanks.

Business Finance 4223 Assignment #1 (15% of your grade) Treasury Bonds and Trades Due in class on November 10, 2015 The focus of this assignment is to understand how to construct portfolios of Treasuries and to hedge interest rate risk. You will need to use a spreadsheet posted on Carmen called hw1data.xls. You can work in a group of 1 - 4 people. Each group should hand in one copy of their answers. Show your work and provide explanations where relevant. However, you do not need to print out entire spreadsheets. Your answers should be summarized in a write-up with relevant details of calculations, tables and charts (if applicable), and explanations. Question 1: Trading on the Level of Interest Rates Suppose that you are given the following zero-curve (interest rates are annual, but compounded semi-annually): t r 0.5 1 1.5 2 2.5 3 3.5 4 0.02 0.021 0.023 0.025 0.03 0.035 0.04 0.041 1. Calculate the value of a 4-year Treasury bond with a 10% coupon rate, coupons paid semi-annually, and a face value of $100. 2. Calculate the modied duration and convexity of the bond in (1). You can use the approximation formulas from class. What is the approximate percentage change in the bond price if the zero-curve shifts up by one percentage point (i.e. r0.5 = 0.03, r1 = 0.031, etc.)? 3. Because you believe that the zero-curve will shift upward and decrease the bond price, you decide to use a reverse repo trade to short the bond. Let's suppose that a repo dealer quotes you a special repo rate of 2% and you borrow 100 units of the Treasury bond (which you then sell on the market as part of your reverse repo transaction). (a) Draw a picture of the initial transactions in the repo trade. (b) If the zero-curve shifts up by one percentage point, what is the value of the Treasury bond in part 1? (c) What is your net payo to unwinding the repo trade tomorrow? Recall that you need to buy the bond and sell it to the repo dealer at the prespecied price. Assume that the price tomorrow is the price that you calculated in (b). Question 2: Steepener Trade For this part, use the Fama-Bliss tab in hw1data.xls. This le contains zero-coupon yields (reported in %). For simplicity, assume that the yields are annually compounded. 1 1. It is November 30, 2010 and you hold a $1mm (market value) long position in the 1-yr zero-coupon bond. Using modied durations, determine how much of the 5-yr zerocoupon bond you need to short so that your portfolio remains approximately unchanged if the 1-yr and 5-yr zero rates move in parallel. This is known as a steepener trade - you prot if the yield curve becomes steeper. What is the market value of your portfolio? 2. What actually happens during the following month? Calculate the value of your portfolio. A 1-yr bond is now an 11-month bond and a 5-yr bond becomes a 4-year 11-month bond. Assume for pricing purposes that the 5-yr rate applies to the 4-yr 11-month bond and the 1-yr rate applies to an 11-month bond when calculating bond prices. Why did your portfolio value change from before? 3. What would the change in your portfolio value have been if the 1-yr rate had stayed the same and the 5-yr rate had gone down by 0.5 percentage points? Question 3: Buttery Strategy One of the more popular strategies in the Fixed Income market is the Buttery Strategy which constructs a trade that is protable if the term structure of interest rates moves in parallel. In this problem, you will be asked to construct the right portfolio weights for this trade and to determine the protability of the trade. Start with the following table of zero-coupon bonds: Maturity Yield 2 years 5% 5 years 5% 10 years 5% The strategy is based on buying the 2-year and 10-year bonds and shorting the 5-year bond. It will end up having a positive convexity. The relative amounts to invest in each bond are given by the two constraints: (1) It should be (modied) duration neutral. That is, construct the strategy such that the dollar value of your short position times the modied duration of your short position is equal to the dollar value of your long position times the modied duration of your long position. Thus, it is hedged against small (level) changes in yields. (This is the constraint from a number of the examples given in class.) (2) It should be \"cash neutral\". That is, the initial value of the short position should equal the initial value of the long position. 1. Calculate the modied duration of the 2-year, 5-year, and 10-year bonds. 2. Suppose you short $1,000 in face value of the 5-year bond. First, calculate the market value of the 5-year bond. Denote x to be the amount (market value) of the 2-year bond that you buy and z the amount (market value) of the 10-year bond you buy. Write down the two equations for the two constraints given above. 2 3. Solve the two equations for x and z. These are the market values of the 2-year and 10-year bonds that you buy in this strategy. What is the face value of the 2-year and 10-year bonds that you buy? 4. Suppose that yields move in parallel to 4.75%. What is the prot/loss to your strategy? What about 4.5%? Do this calculation for each 0.25% increment from a yield of 0% to a yield of 10% and plot the prot/loss against the yield. 5. Suppose that instead, the yields move to y2 = 3%, y5 = 5%, and y10 = 8%. What is the prot/loss of your position? 3 t y 0.5 0.02 1 0.021 1.5 0.023 2 0.025 2.5 0.03 3 0.035 3.5 0.04 4 0.041 qdate yield1 yield2 yield3 yield4 yield5 19520630 1.839 1.909 1.975 1.913 2.017 19520731 1.924 2.027 2.091 1.999 2.139 19520829 1.951 2.049 2.136 2.041 2.2 19520930 1.988 2.088 2.149 2.06 2.292 19521031 1.913 2.06 2.148 2.102 2.167 19521128 2.055 2.17 2.186 2.113 2.184 19521231 1.998 2.191 2.211 2.109 2.209 19530130 1.973 2.144 2.132 2.133 2.267 19530227 2.077 2.193 2.177 2.186 2.345 19530331 2.074 2.214 2.352 2.359 2.483 19530430 2.364 2.483 2.195 2.421 2.69 19530529 2.595 2.655 2.412 2.624 3.036 19530630 2.421 2.443 2.306 2.44 2.792 19530731 2.292 2.336 2.279 2.421 2.716 19530831 2.371 2.26 2.295 2.464 2.79 19530930 2.024 2.115 2.245 2.227 2.425 19531030 1.664 1.829 1.933 2.043 2.25 19531130 1.577 1.849 1.907 2.042 2.422 19531231 1.574 1.8 1.962 1.95 2.212 19540129 1.154 1.44 1.671 1.694 2.123 19540226 1.1 1.294 1.496 1.628 1.879 19540331 1.058 1.212 1.426 1.597 1.817 19540430 0.838 1.136 1.382 1.544 1.579 19540528 0.848 1.098 1.429 1.825 1.774 19540630 0.732 0.913 1.32 1.648 1.767 19540730 0.633 0.92 1.332 1.603 1.749 19540831 0.824 0.924 1.33 1.606 1.816 19540930 0.939 1.053 1.522 1.631 1.881 19541029 1.046 1.304 1.591 1.779 1.846 19541130 1.042 1.341 1.605 1.877 1.941 19541231 1.139 1.483 1.713 1.989 2.026 19550131 1.293 1.767 1.878 2.11 2.135 19550228 1.655 1.9 2.074 2.332 2.343 19550331 1.558 2.03 2.184 2.283 2.339 19550429 1.63 2.105 2.282 2.275 2.34 19550531 1.812 2.049 2.325 2.315 2.39 19550630 1.839 2.166 2.425 2.446 2.513 19550729 2.005 2.314 2.512 2.522 2.674 19550831 2.141 2.539 2.645 2.638 2.762 19550930 1.998 2.384 2.486 2.577 2.657 19551031 2.07 2.306 2.439 2.504 2.536 19551130 2.572 2.465 2.753 2.589 2.723 19551230 2.653 2.625 2.805 2.631 2.8 19560131 2.371 2.47 2.581 2.579 2.631 19560229 2.511 2.449 2.629 2.615 2.691 19560329 2.519 2.707 2.706 2.723 2.969 19560430 2.941 3.151 3.058 2.922 3.044 19560531 2.83 2.895 2.844 2.872 2.912 19560629 2.55 2.819 2.781 2.826 2.843 19560731 2.716 3.106 2.917 3.066 3.129 19560831 3.125 3.187 3.23 3.383 3.438 19560928 3.181 3.224 3.323 3.442 3.501 19561031 3.08 3.213 3.233 3.354 3.463 19561130 3.427 3.495 3.566 3.483 3.62 19561231 3.444 3.575 3.539 3.528 3.664 19570131 2.973 3.3 3.223 3.231 3.31 19570228 3.235 3.37 3.36 3.371 3.382 19570329 3.379 3.225 3.274 3.388 3.397 19570430 3.477 3.236 3.473 3.509 3.538 19570531 3.493 3.391 3.602 3.639 3.707 19570627 3.581 3.513 3.713 3.846 3.946 19570731 3.886 3.659 3.797 3.923 4.043 19570830 3.891 3.657 3.783 3.844 3.743 19570930 4.037 3.88 3.883 3.925 4.084 19571031 3.818 3.973 4.003 4.086 3.85 19571129 3.444 3.031 3.084 3.299 3.449 19571231 2.686 2.546 2.696 2.832 2.825 19580131 2.057 2.238 2.441 2.747 2.832 19580228 1.734 1.905 2.17 2.496 2.611 19580331 1.496 1.938 2.183 2.385 2.538 19580430 1.275 1.657 1.985 2.197 2.439 19580529 1.119 1.479 1.934 2.031 2.369 19580630 1.1 1.666 2.198 2.49 2.561 19580731 1.613 1.879 2.443 2.769 2.822 19580829 2.774 3.336 3.398 3.646 3.625 19580930 2.98 3.396 3.473 3.675 3.708 19581031 3.033 3.263 3.659 3.61 3.638 19581128 3.222 3.195 3.554 3.615 3.41 19581231 2.954 3.121 3.631 3.729 3.763 19590130 3.109 3.376 3.83 3.95 3.928 19590227 3.444 3.406 3.631 3.779 3.756 19590331 3.545 3.702 3.822 3.848 3.913 19590430 3.79 3.905 3.931 4.075 4.085 19590529 3.843 3.969 4.122 4.18 4.231 19590630 4.083 4.286 4.276 4.415 4.433 19590731 4.327 4.105 4.215 4.412 4.556 19590831 4.484 4.465 4.532 4.665 4.697 19590930 4.79 4.755 4.738 4.754 4.687 19591030 4.179 4.219 4.496 4.53 4.243 19591130 4.814 4.765 4.779 4.855 4.588 19591231 4.86 4.92 4.988 4.88 4.811 19600129 4.633 4.638 4.692 4.663 4.655 19600229 4.558 4.411 4.657 4.62 4.587 19600331 3.623 3.759 3.83 3.988 4.043 19600429 4.147 4.049 4.194 4.373 4.218 Note: Assume that these yields are annually compounded. 19600531 19600630 19600729 19600831 19600930 19601031 19601130 19601230 19610131 19610228 19610330 19610428 19610531 19610630 19610731 19610831 19610929 19611031 19611130 19611229 19620131 19620228 19620330 19620430 19620531 19620629 19620731 19620831 19620928 19621031 19621130 19621231 19630131 19630228 19630329 19630430 19630531 19630628 19630731 19630830 19630930 19631031 19631129 19631231 19640131 19640228 19640331 19640430 19640528 19640630 19640731 19640831 19640930 19641030 19641130 19641231 19650129 19650226 19650331 19650430 19650528 19650630 19650730 19650831 19650930 19651029 19651130 19651231 19660131 19660228 19660331 19660429 19660531 19660630 19660729 19660831 19660930 19661031 19661130 19661230 19670131 19670228 19670331 19670428 19670531 19670630 19670731 19670831 19670929 19671031 19671130 19671229 19680131 19680229 19680329 19680430 4.032 3.169 2.836 2.898 2.847 2.827 3.011 2.635 2.783 2.974 2.896 2.872 2.929 2.998 2.89 3.048 2.977 2.937 2.97 3.109 3.292 3.135 2.887 3.006 2.943 3.071 3.308 3.034 2.963 2.922 2.922 2.978 3.029 2.961 3.027 3.099 3.15 3.126 3.487 3.687 3.697 3.666 3.792 3.829 3.789 3.947 3.91 3.783 3.832 3.78 3.759 3.813 3.897 3.906 4.214 4.05 4.077 4.204 4.14 4.097 4.077 3.976 4.018 4.172 4.346 4.352 4.436 4.886 4.92 4.98 4.93 4.99 5.09 5.106 5.246 5.931 6 5.7 5.438 5.013 4.611 4.66 4.14 4.03 3.961 5.061 5.096 5.259 5.358 5.518 5.821 5.944 5.47 5.529 5.686 5.91 4.17 3.699 3.098 2.964 2.71 3.063 3.189 2.781 3.134 3.102 2.91 3.053 3.21 3.257 3.155 3.253 3.1 3.166 3.305 3.384 3.497 3.246 3.145 3.275 3.166 3.377 3.435 3.164 3.076 3.09 3.198 3.204 3.063 3.108 3.169 3.277 3.281 3.279 3.619 3.65 3.665 3.763 3.802 3.908 3.893 3.981 4.076 3.978 3.918 3.779 3.664 3.734 3.797 3.862 4.028 3.933 3.928 4.034 4.026 4.025 4.03 3.932 3.999 4.087 4.246 4.255 4.291 4.808 4.824 4.9 4.726 4.832 5.004 5.078 5.19 5.84 5.391 5.284 5.354 4.79 4.493 4.634 4.126 4.337 4.321 4.921 4.87 5.148 5.19 5.559 5.567 5.701 5.313 5.367 5.504 5.62 4.141 3.752 3.108 3.275 3.336 3.411 3.513 3.11 3.365 3.311 3.147 3.211 3.42 3.513 3.628 3.628 3.617 3.503 3.618 3.705 3.802 3.472 3.322 3.365 3.321 3.481 3.545 3.345 3.32 3.313 3.372 3.38 3.398 3.4 3.425 3.521 3.55 3.535 3.663 3.673 3.685 3.748 3.786 3.925 3.939 4.025 4.125 4.047 3.964 3.894 3.868 3.902 3.939 3.973 4.094 3.975 3.94 3.997 4.024 4.039 4.036 4.004 4.048 4.145 4.264 4.282 4.398 4.89 4.901 4.945 4.74 4.858 4.985 5.12 5.21 5.766 5.387 5.234 5.334 4.876 4.565 4.729 4.235 4.502 4.516 5.051 4.952 5.212 5.28 5.53 5.593 5.709 5.403 5.578 5.685 5.855 4.295 3.95 3.493 3.523 3.601 3.637 3.842 3.347 3.595 3.463 3.276 3.119 3.248 3.628 3.63 3.803 3.639 3.509 3.526 3.727 3.875 3.591 3.511 3.576 3.52 3.61 3.645 3.467 3.464 3.403 3.428 3.409 3.465 3.493 3.613 3.639 3.686 3.713 3.804 3.841 3.855 3.929 3.9 4.008 3.943 4.01 4.145 4.082 4.021 3.972 3.97 3.991 3.995 3.999 4.081 3.999 3.974 4.002 4.003 4.019 4.017 4.017 4.112 4.165 4.268 4.343 4.432 4.878 4.905 4.994 4.779 4.84 4.998 5.113 5.225 5.8 5.318 5.21 5.308 4.733 4.627 4.718 4.33 4.612 4.595 5.174 4.976 5.181 5.29 5.524 5.556 5.689 5.436 5.506 5.715 5.867 4.399 3.979 3.422 3.511 3.492 3.557 3.679 3.434 3.632 3.488 3.442 3.346 3.538 3.628 3.638 3.662 3.586 3.682 3.78 3.849 3.954 3.705 3.58 3.605 3.578 3.652 3.723 3.538 3.664 3.615 3.535 3.491 3.602 3.651 3.671 3.68 3.737 3.771 3.839 3.878 3.919 3.978 3.946 4.004 3.984 4.023 4.073 4.077 3.979 3.977 4.006 4.022 3.991 4.005 4.069 4.076 4.078 4.121 4.101 4.117 4.12 4.094 4.121 4.154 4.248 4.32 4.395 4.77 4.826 4.952 4.727 4.797 4.884 5.007 5.18 5.56 5.147 5.116 5.195 4.684 4.551 4.685 4.365 4.631 4.679 5.253 5.02 5.186 5.215 5.563 5.604 5.589 5.392 5.385 5.54 5.684 19680531 19680628 19680731 19680830 19680930 19681031 19681129 19681231 19690131 19690228 19690328 19690430 19690529 19690630 19690731 19690829 19690930 19691031 19691128 19691231 19700130 19700227 19700331 19700430 19700529 19700630 19700731 19700831 19700930 19701030 19701130 19701231 19710129 19710226 19710331 19710430 19710528 19710630 19710730 19710831 19710930 19711029 19711130 19711231 19720131 19720229 19720330 19720428 19720531 19720630 19720731 19720831 19720929 19721031 19721130 19721229 19730131 19730228 19730330 19730430 19730531 19730629 19730731 19730831 19730928 19731031 19731130 19731231 19740131 19740228 19740329 19740430 19740531 19740628 19740731 19740830 19740930 19741031 19741129 19741231 19750131 19750228 19750331 19750430 19750530 19750630 19750731 19750829 19750930 19751031 19751128 19751231 19760130 19760227 19760331 19760430 6.057 5.9 5.395 5.362 5.373 5.625 5.815 6.487 6.096 6.652 6.489 6.179 6.48 7.355 7.338 7.637 7.799 7.369 7.883 8.024 8 6.919 6.606 7.487 7.435 7.187 6.806 6.796 6.59 6.32 5.096 4.883 4.31 3.772 3.756 4.549 4.889 6.056 6.11 5.267 5.268 4.586 4.739 4.179 4.124 4.288 4.934 4.51 4.627 5.248 4.946 5.482 5.644 5.537 5.392 5.525 6.144 6.404 6.93 6.701 6.944 7.556 8.626 8.367 7.66 7.122 7.424 7.124 6.885 7.021 8.115 8.67 8.315 8.608 8.657 9.677 7.892 7.641 7.511 6.875 6.083 5.862 6.19 6.664 6 6.701 7.168 7.299 7.531 6.149 6.42 5.974 5.515 6.011 5.993 5.982 5.785 5.528 5.321 5.13 5.334 5.445 5.559 6.294 6.139 6.296 5.996 6.073 6.465 7.011 7.257 7.285 7.813 7.223 7.458 8.112 7.985 7.019 6.907 7.575 7.738 7.449 7.182 7.008 6.551 6.506 5.31 5.399 4.643 4.28 4.144 5.214 5.41 6.262 6.311 5.444 5.394 4.957 5.057 4.826 4.802 4.766 5.524 5.108 4.944 5.432 5.244 5.63 5.787 5.754 5.64 5.916 6.209 6.517 6.799 6.631 6.729 6.964 7.961 7.657 6.959 6.721 6.693 6.689 6.669 6.814 7.683 8.147 7.971 8.27 8.367 8.656 8.035 7.703 7.193 7.169 6.641 6.203 6.684 7.381 6.774 7.061 7.537 7.646 8.004 6.908 7.133 6.614 6.316 6.665 6.616 6.561 5.787 5.552 5.102 5.117 5.196 5.282 5.375 6.056 5.989 6.358 6.149 6.107 6.507 7.022 7.113 7.186 7.769 7.195 7.514 8.157 8.059 7.025 6.858 7.73 7.6 7.565 7.313 7.187 6.824 6.7 5.632 5.765 5.234 4.835 4.51 5.704 5.845 6.672 6.727 5.707 5.647 5.205 5.281 5.076 5.328 5.242 5.776 5.524 5.377 5.698 5.663 5.888 5.928 5.933 5.806 5.989 6.277 6.58 6.696 6.631 6.617 6.879 7.793 7.245 6.603 6.64 6.605 6.631 6.709 6.689 7.574 8.057 7.937 8.139 8.321 8.415 7.812 7.721 7.31 7.145 6.841 6.499 6.972 7.709 7.093 7.337 7.767 7.779 8.016 7.109 7.319 6.948 6.872 7.042 6.932 6.873 5.81 5.539 5.121 5.111 5.134 5.222 5.366 6.258 5.82 6.169 6.115 5.949 6.372 6.796 6.843 7.015 7.83 7.227 7.467 8.19 8.082 7.158 7.13 7.81 7.67 7.623 7.48 7.359 6.973 6.847 5.82 5.809 5.6 5.152 4.814 5.795 5.837 6.609 6.823 5.798 5.766 5.427 5.494 5.2 5.476 5.438 5.871 5.64 5.557 5.851 5.858 6.113 6.005 6.083 6.01 6.06 6.371 6.609 6.632 6.55 6.542 6.71 7.831 7.127 6.584 6.672 6.597 6.657 6.748 6.794 7.498 8.007 7.9 8.213 8.334 8.319 7.87 7.764 7.321 7.141 7.026 6.608 7.204 7.851 7.282 7.291 7.73 7.864 8.251 7.287 7.35 7.119 7.163 7.19 7.16 7.009 5.637 5.374 5.089 5.168 5.185 5.318 5.488 6.329 6.058 6.288 6.273 6.202 6.528 6.848 6.776 6.953 7.861 7.118 7.416 7.968 8.061 7.14 7.047 7.736 7.601 7.538 7.368 7.25 7.046 6.872 5.901 5.918 5.651 5.302 4.976 5.971 6.204 6.78 6.889 6.02 5.961 5.657 5.72 5.425 5.715 5.661 5.995 5.794 5.711 5.905 5.887 6.079 6.051 6.09 6.004 6.167 6.299 6.589 6.647 6.568 6.594 6.717 7.639 7.049 6.539 6.632 6.607 6.682 6.741 6.806 7.413 7.937 7.729 8.074 8.186 8.376 7.837 7.773 7.389 7.092 7.155 6.937 7.293 7.85 7.412 7.597 7.833 7.975 8.11 7.539 7.705 7.354 7.379 7.332 7.289 7.264 19760528 19760630 19760730 19760831 19760930 19761029 19761130 19761231 19770131 19770228 19770331 19770429 19770531 19770630 19770729 19770831 19770930 19771031 19771130 19771230 19780131 19780228 19780331 19780428 19780531 19780630 19780731 19780831 19780929 19781031 19781130 19781229 19790131 19790228 19790330 19790430 19790531 19790629 19790731 19790831 19790928 19791031 19791130 19791231 19800131 19800229 19800331 19800430 19800530 19800630 19800731 19800829 19800930 19801031 19801128 19801231 19810130 19810227 19810331 19810430 19810529 19810630 19810731 19810831 19810930 19811030 19811130 19811231 19820129 19820226 19820331 19820430 19820528 19820630 19820730 19820831 19820930 19821029 19821130 19821231 19830131 19830228 19830331 19830429 19830531 19830630 19830729 19830831 19830930 19831031 19831130 19831230 19840131 19840229 19840330 19840430 6.647 6.342 6.018 5.822 5.722 5.423 4.915 4.768 5.587 5.458 5.352 5.426 5.645 5.609 6.119 6.236 6.479 6.782 6.625 6.835 7.07 7.133 7.164 7.352 7.763 8.194 8.05 8.254 8.553 9.506 9.744 10.142 9.781 9.905 9.578 9.762 9.621 9.107 9.416 10.054 10.581 12.42 11.183 11.156 11.615 14.387 14.88 10.375 8.525 8.214 8.903 11.014 11.751 12.956 14.148 12.811 13.491 14.041 12.603 14.511 14.395 13.906 15.349 15.812 15.433 13.799 11.052 12.9 13.56 13.733 13.657 13.341 12.708 13.963 12.273 11.235 10.203 9.371 9.211 8.491 8.712 8.454 9.119 8.615 9.228 9.399 10.191 10.293 9.649 9.506 9.652 9.803 9.536 9.918 10.638 10.706 7.216 6.916 6.653 6.477 6.222 5.954 5.326 5.299 6.077 5.988 5.915 6.001 6.081 5.972 6.372 6.481 6.695 7.019 6.983 7.081 7.326 7.421 7.551 7.608 7.937 8.289 8.277 8.259 8.426 9.235 9.287 9.629 9.369 9.606 9.432 9.632 9.276 8.633 9.047 9.548 9.77 11.638 10.966 10.836 11.367 13.679 13.982 10.513 8.76 8.742 9.471 11.131 11.705 12.62 13.124 12.392 12.537 13.17 12.621 14.28 13.792 13.988 15.136 15.639 15.592 13.961 11.576 13.208 13.438 13.702 13.822 13.477 12.977 14.064 12.794 11.62 10.957 9.921 9.7 9.27 9.358 9.135 9.669 9.205 9.791 10.036 10.689 10.844 10.273 10.324 10.395 10.529 10.337 10.738 11.273 11.583 7.394 7.104 6.903 6.663 6.567 6.23 5.604 5.682 6.481 6.413 6.351 6.308 6.332 6.172 6.512 6.617 6.789 7.122 7.049 7.164 7.405 7.558 7.641 7.762 7.975 8.305 8.25 8.16 8.245 9.062 8.879 9.363 8.923 9.032 9.04 9.174 8.81 8.526 8.792 9.219 9.496 11.221 10.151 10.374 10.778 13.248 13.016 10.181 9.071 9.036 9.734 11.231 11.576 12.332 12.824 11.975 12.249 13.209 12.634 13.768 13.492 13.554 14.4 15.557 15.529 14.043 12.525 13.475 13.712 13.567 13.876 13.401 13.17 14.205 12.999 12.149 11.165 10.534 10.173 9.834 10.02 9.526 10.007 9.557 10.04 10.169 10.949 11.133 10.657 10.763 10.668 10.744 10.595 10.999 11.553 11.771 7.528 7.355 7.158 6.983 6.727 6.472 5.857 5.771 6.712 6.759 6.672 6.709 6.653 6.463 6.782 6.762 6.886 7.214 7.123 7.323 7.537 7.661 7.752 7.826 8.018 8.305 8.21 8.173 8.269 8.998 8.69 9.092 8.707 9.027 8.944 9.093 8.808 8.492 8.71 9.043 9.214 10.817 9.959 10.115 10.692 12.673 12.28 10.016 9.274 9.16 9.731 11.166 11.601 12.094 12.518 11.977 12.187 13.054 12.732 13.887 13.366 13.808 14.316 14.902 15.824 14.291 12.256 13.556 13.78 13.575 13.911 13.283 13.096 13.828 12.784 12.447 11.133 10.271 10.606 10.153 10 9.924 9.956 9.722 10.336 10.414 11.389 11.502 10.77 11.057 11.084 11.167 10.937 11.324 11.873 12.046 7.617 7.462 7.266 7.162 7.006 6.727 6.052 6.089 6.754 6.876 6.857 6.83 6.798 6.615 6.907 6.841 6.993 7.274 7.199 7.448 7.589 7.724 7.773 7.905 8.121 8.311 8.246 8.188 8.276 8.719 8.533 9.014 8.699 9.035 8.915 9.055 8.678 8.342 8.584 8.851 9.09 10.614 9.966 9.957 10.59 12.198 12.236 10.172 9.582 9.399 10.076 11.278 11.502 12.251 12.569 11.879 12.26 13.013 12.854 13.737 13.107 13.228 14.012 14.759 15.001 14.269 12.191 13.438 13.615 13.426 13.544 13.129 13.128 14.022 13.19 12.387 11.411 10.349 10.456 10.267 10.464 10.043 10.391 10.022 10.556 10.749 11.522 11.741 11.277 11.225 11.114 11.36 11.157 11.495 12.023 12.293 19840531 19840629 19840731 19840831 19840928 19841031 19841130 19841231 19850131 19850228 19850329 19850430 19850531 19850628 19850731 19850830 19850930 19851031 19851129 19851231 19860131 19860228 19860331 19860430 19860530 19860630 19860731 19860829 19860930 19861031 19861128 19861231 19870130 19870227 19870331 19870430 19870529 19870630 19870731 19870831 19870930 19871030 19871130 19871231 19880129 19880229 19880331 19880429 19880531 19880630 19880729 19880831 19880930 19881031 19881130 19881230 19890131 19890228 19890331 19890428 19890531 19890630 19890731 19890831 19890929 19891031 19891130 19891229 19900131 19900228 19900330 19900430 19900531 19900629 19900731 19900831 19900928 19901031 19901130 19901231 19910131 19910228 19910328 19910430 19910531 19910628 19910731 19910830 19910930 19911031 19911129 19911231 19920131 19920228 19920331 19920430 11.893 11.919 11.556 11.749 11.047 10.12 9.478 9.018 8.838 9.676 9.535 8.922 8.049 7.679 8.152 8.033 8.023 7.77 7.689 7.479 7.577 7.377 6.791 6.497 6.835 6.418 6.197 5.468 5.823 5.651 5.732 6.06 5.905 5.976 6.182 6.836 7.09 6.823 6.935 7.205 7.882 6.714 6.883 7.242 6.719 6.608 6.849 7.091 7.665 7.509 7.904 8.253 7.974 7.902 8.463 8.896 8.883 9.354 9.621 9.05 8.765 8.118 7.598 8.113 8.309 7.746 7.669 7.757 8.076 8.05 8.287 8.537 8.121 7.947 7.668 7.62 7.584 7.455 7.332 6.918 6.609 6.497 6.352 6.184 6.257 6.313 6.158 5.644 5.371 5.154 4.789 4.171 4.339 4.401 4.609 4.376 12.628 12.77 12.228 12.168 11.73 10.822 10.23 9.786 9.68 10.403 10.188 9.765 8.744 8.583 8.835 8.842 8.706 8.536 8.295 7.852 7.828 7.545 6.827 6.702 7.307 6.773 6.467 5.933 6.323 6.153 6.113 6.296 6.198 6.277 6.451 7.238 7.605 7.348 7.485 7.824 8.44 7.631 7.555 7.639 7.138 7.004 7.278 7.621 8.053 7.865 8.262 8.529 8.27 8.076 8.641 8.935 8.906 9.311 9.518 9.077 8.605 7.905 7.36 8.237 8.293 7.675 7.586 7.735 8.097 8.24 8.469 8.749 8.307 8.044 7.737 7.895 7.857 7.602 7.364 7.054 6.92 6.904 6.964 6.676 6.763 6.853 6.689 6.301 5.925 5.612 5.355 4.73 5.04 5.237 5.563 5.398 12.946 13.108 12.313 12.249 11.911 11.093 10.598 10.386 10.112 10.783 10.632 10.209 9.214 9.243 9.473 9.207 9.168 8.891 8.578 8.159 8.215 7.723 7.084 7.136 7.637 7.118 7.045 6.325 6.722 6.521 6.354 6.505 6.448 6.451 6.699 7.572 7.85 7.633 7.836 8.144 8.767 8.023 7.965 7.887 7.372 7.238 7.552 7.883 8.272 8.036 8.381 8.615 8.368 8.1 8.644 8.986 8.864 9.251 9.456 9.016 8.61 7.911 7.452 8.18 8.292 7.773 7.632 7.789 8.168 8.275 8.542 8.835 8.362 8.139 7.862 8.113 8.043 7.806 7.55 7.307 7.162 7.158 7.228 7.062 7.045 7.295 7.109 6.652 6.317 6.072 5.792 5.177 5.748 5.819 6.244 6.071 13.118 13.211 12.402 12.392 12.101 11.216 10.983 10.651 10.548 11.262 11.117 10.72 9.714 9.64 10.006 9.729 9.655 9.303 8.987 8.435 8.463 7.883 7.285 7.268 8.038 7.447 7.17 6.544 7.125 6.782 6.625 6.638 6.659 6.646 6.854 7.758 8.011 7.826 7.984 8.286 9.012 8.321 8.269 8.116 7.578 7.414 7.783 8.123 8.52 8.182 8.508 8.746 8.409 8.18 8.73 8.991 8.882 9.266 9.341 8.962 8.592 7.857 7.437 8.166 8.257 7.774 7.682 7.79 8.215 8.356 8.537 8.9 8.456 8.22 7.951 8.324 8.255 8.023 7.756 7.47 7.435 7.448 7.535 7.417 7.449 7.677 7.514 7.092 6.725 6.519 6.355 5.789 6.246 6.367 6.745 6.607 13.4 13.35 12.529 12.463 12.162 11.271 11.039 10.973 10.583 11.305 11.111 10.77 9.726 9.71 9.919 9.71 9.787 9.501 9.182 8.623 8.644 8.03 7.376 7.399 8.099 7.506 7.389 6.64 7.279 7.053 6.745 6.913 6.741 6.741 7.057 7.835 8.114 8.007 8.13 8.42 9.095 8.368 8.457 8.304 7.678 7.547 7.972 8.246 8.65 8.31 8.59 8.789 8.493 8.217 8.729 9.001 8.828 9.155 9.287 8.891 8.541 7.939 7.438 8.129 8.223 7.757 7.68 7.76 8.244 8.372 8.529 8.879 8.481 8.268 8.034 8.453 8.387 8.16 7.863 7.656 7.523 7.562 7.726 7.543 7.612 7.862 7.705 7.297 6.863 6.704 6.587 5.917 6.421 6.649 6.915 6.917 19920529 19920630 19920731 19920831 19920930 19921030 19921130 19921231 19930129 19930226 19930331 19930430 19930528 19930630 19930730 19930831 19930930 19931029 19931130 19931231 19940131 19940228 19940331 19940429 19940531 19940630 19940729 19940831 19940930 19941031 19941130 19941230 19950131 19950228 19950331 19950428 19950531 19950630 19950731 19950831 19950929 19951031 19951130 19951229 19960131 19960229 19960329 19960430 19960531 19960628 19960731 19960830 19960930 19961031 19961129 19961231 19970131 19970228 19970331 19970430 19970530 19970630 19970731 19970829 19970930 19971031 19971128 19971231 19980130 19980227 19980331 19980430 19980529 19980630 19980731 19980831 19980930 19981030 19981130 19981231 19990129 19990226 19990331 19990430 19990528 19990630 19990730 19990831 19990930 19991029 19991130 19991231 20000131 20000229 20000331 20000428 4.269 4.063 3.58 3.436 3.105 3.606 3.922 3.651 3.446 3.311 3.352 3.297 3.631 3.5 3.495 3.353 3.373 3.457 3.632 3.636 3.517 4.063 4.477 4.997 5.297 5.427 5.304 5.465 5.88 6.043 6.837 7.142 6.743 6.34 6.349 6.2 5.697 5.552 5.574 5.622 5.648 5.514 5.321 5.086 4.889 5.14 5.418 5.533 5.675 5.644 5.868 5.824 5.664 5.438 5.368 5.456 5.487 5.585 5.911 5.805 5.786 5.608 5.502 5.687 5.563 5.299 5.449 5.411 5.163 5.33 5.315 5.33 5.35 5.337 5.42 5.025 4.569 4.382 4.632 4.438 4.456 4.851 4.665 4.712 4.94 5.178 5.284 5.452 5.372 5.52 5.763 5.893 6.166 6.097 6.299 6.448 5.173 4.799 4.367 4.109 3.774 4.458 4.739 4.5 4.21 3.915 3.915 3.786 4.18 3.983 4.1 3.833 3.848 3.937 4.171 4.202 4.077 4.634 5.165 5.671 5.925 6.082 5.903 6.082 6.493 6.73 7.258 7.496 7.122 6.662 6.667 6.459 5.776 5.704 5.786 5.751 5.717 5.528 5.273 5.081 4.867 5.359 5.688 5.936 6.153 6.007 6.113 6.225 6.004 5.662 5.503 5.786 5.831 6.004 6.331 6.189 6.115 5.987 5.653 5.865 5.708 5.556 5.704 5.574 5.258 5.461 5.499 5.505 5.456 5.399 5.415 4.812 4.274 4.161 4.472 4.518 4.526 5.081 4.935 5.007 5.339 5.453 5.553 5.644 5.546 5.717 5.924 6.144 6.501 6.436 6.387 6.56 5.801 5.453 5.002 4.742 4.404 5.069 5.429 5.211 4.779 4.418 4.491 4.344 4.661 4.397 4.529 4.225 4.2 4.297 4.532 4.464 4.435 5.021 5.662 6.11 6.317 6.388 6.216 6.362 6.791 7.017 7.513 7.671 7.31 6.807 6.821 6.618 5.875 5.802 5.965 5.866 5.828 5.645 5.359 5.182 5.015 5.492 5.851 6.127 6.364 6.238 6.319 6.461 6.208 5.829 5.64 5.973 6 6.156 6.523 6.347 6.255 6.122 5.722 6.017 5.806 5.626 5.76 5.625 5.282 5.484 5.569 5.553 5.513 5.478 5.457 4.899 4.347 4.308 4.525 4.598 4.575 5.216 5.069 5.135 5.514 5.565 5.672 5.783 5.649 5.813 5.985 6.217 6.556 6.501 6.335 6.485 6.304 5.995 5.561 5.34 4.976 5.657 5.967 5.681 5.231 4.942 4.959 4.837 5.07 4.747 4.831 4.493 4.545 4.595 4.906 4.942 4.743 5.347 5.98 6.42 6.555 6.734 6.49 6.579 7.04 7.242 7.613 7.695 7.387 6.901 6.918 6.73 5.955 5.9 6.078 5.974 5.919 5.732 5.454 5.29 5.137 5.625 6.01 6.279 6.506 6.333 6.43 6.583 6.336 5.964 5.706 6.077 6.081 6.249 6.634 6.443 6.381 6.274 5.787 6.113 5.914 5.664 5.808 5.648 5.359 5.55 5.596 5.594 5.56 5.48 5.49 4.901 4.305 4.355 4.639 4.655 4.596 5.282 5.148 5.208 5.606 5.634 5.82 5.924 5.803 5.99 6.087 6.296 6.546 6.484 6.259 6.48 6.685 6.308 5.843 5.626 5.355 6.017 6.244 6.051 5.667 5.309 5.247 5.152 5.397 5.052 5.2 4.795 4.777 4.812 5.144 5.209 5.015 5.59 6.202 6.587 6.722 6.916 6.669 6.75 7.213 7.404 7.668 7.668 7.414 6.954 6.968 6.763 5.992 5.89 6.071 5.979 5.906 5.721 5.45 5.302 5.186 5.663 6.04 6.315 6.557 6.373 6.489 6.63 6.382 6.003 5.751 6.139 6.178 6.314 6.671 6.487 6.408 6.305 5.828 6.125 5.907 5.629 5.749 5.629 5.306 5.504 5.541 5.559 5.474 5.381 5.464 4.859 4.344 4.479 4.56 4.588 4.523 5.204 5.167 5.264 5.637 5.756 5.919 5.965 5.876 6.041 6.139 6.386 6.656 6.564 6.248 6.452 20000531 20000630 20000731 20000831 20000929 20001031 20001130 20001229 20010131 20010228 20010330 20010430 20010531 20010629 20010731 20010831 20010928 20011031 20011130 20011231 20020131 20020228 20020328 20020430 20020531 20020628 20020731 20020830 20020930 20021031 20021129 20021231 20030131 20030228 20030331 20030430 20030530 20030630 20030731 20030829 20030930 20031031 20031128 20031231 20040130 20040227 20040331 20040430 20040528 20040630 20040730 20040831 20040930 20041029 20041130 20041231 20050131 20050228 20050331 20050429 20050531 20050630 20050729 20050831 20050930 20051031 20051130 20051230 20060131 20060228 20060331 20060428 20060531 20060630 20060731 20060831 20060929 20061031 20061130 20061229 20070131 20070228 20070330 20070430 20070531 20070629 20070731 20070831 20070928 20071031 20071130 20071231 20080131 20080229 20080331 20080430 6.265 6.394 6.362 6.127 6.191 6.205 5.831 5.428 4.651 4.415 4.154 4.033 3.79 3.878 3.455 3.329 2.515 1.956 2.051 2.052 2.276 2.195 2.689 2.249 2.269 1.941 1.723 1.747 1.43 1.337 1.506 1.209 1.284 1.233 1.145 1.15 1.164 1.039 1.225 1.283 1.055 1.237 1.435 1.227 1.226 1.145 1.146 1.606 1.805 2.012 2.056 1.944 2.158 2.206 2.624 2.749 2.937 3.248 3.411 3.37 3.37 3.49 3.85 3.722 4.062 4.31 4.394 4.389 4.545 4.679 4.81 4.854 5.034 5.206 5.043 4.927 4.866 4.853 4.805 4.937 4.985 4.833 4.817 4.873 4.964 4.937 4.718 4.362 4.036 4.026 3.129 3.271 2.078 1.687 1.461 1.91 6.593 6.278 6.2 6.084 5.879 5.82 5.551 5.043 4.564 4.383 4.182 4.275 4.216 4.23 3.772 3.612 2.821 2.368 2.842 3.064 3.148 3.038 3.678 3.216 3.184 2.88 2.222 2.108 1.681 1.663 2.033 1.582 1.691 1.511 1.486 1.476 1.319 1.299 1.735 1.959 1.463 1.822 2.037 1.837 1.811 1.639 1.574 2.308 2.526 2.672 2.658 2.388 2.598 2.531 2.985 3.05 3.255 3.574 3.755 3.607 3.546 3.603 3.957 3.785 4.124 4.336 4.359 4.323 4.468 4.617 4.751 4.775 4.962 5.079 4.887 4.706 4.601 4.626 4.546 4.716 4.846 4.576 4.497 4.524 4.847 4.777 4.458 4.099 3.916 3.895 2.982 3.024 2.08 1.616 1.586 2.253 6.532 6.198 6.224 6.019 5.867 5.821 5.534 5.086 4.707 4.562 4.401 4.638 4.619 4.661 4.22 4.055 3.422 2.96 3.512 3.811 3.808 3.621 4.324 3.857 3.732 3.459 2.852 2.547 2.034 2.126 2.608 2.033 2.2 1.931 1.972 1.983 1.621 1.7 2.336 2.546 1.981 2.405 2.576 2.374 2.354 2.143 2.004 2.894 3.119 3.16 3.113 2.731 2.871 2.792 3.248 3.233 3.409 3.745 3.916 3.711 3.595 3.616 4.02 3.79 4.134 4.377 4.345 4.317 4.434 4.598 4.75 4.8 4.95 5.05 4.846 4.634 4.541 4.535 4.428 4.647 4.759 4.493 4.472 4.449 4.79 4.8 4.438 4.129 4.011 3.927 3.034 3.022 2.193 1.84 1.748 2.463 6.519 6.205 6.173 5.955 5.816 5.767 5.48 5.045 4.81 4.65 4.537 4.825 4.863 4.917 4.494 4.321 3.762 3.36 3.911 4.227 4.242 4.076 4.725 4.294 4.119 3.861 3.29 2.987 2.394 2.53 3.029 2.462 2.676 2.37 2.445 2.473 1.998 2.114 2.888 3.09 2.447 2.865 3.003 2.842 2.79 2.586 2.44 3.321 3.533 3.504 3.434 3.057 3.156 3.068 3.491 3.453 3.55 3.881 4.042 3.789 3.651 3.656 4.09 3.803 4.157 4.403 4.362 4.312 4.451 4.588 4.764 4.836 4.957 5.017 4.814 4.625 4.519 4.504 4.387 4.624 4.723 4.461 4.475 4.445 4.786 4.842 4.487 4.197 4.124 4.051 3.265 3.286 2.539 2.212 2.217 2.839 6.448 6.154 6.129 5.928 5.793 5.702 5.386 4.987 4.843 4.696 4.618 4.934 4.973 5.065 4.668 4.494 4.053 3.672 4.1 4.439 4.516 4.355 5.001 4.581 4.411 4.147 3.633 3.283 2.669 2.874 3.318 2.807 3.042 2.725 2.825 2.886 2.351 2.5 3.36 3.511 2.88 3.295 3.385 3.261 3.181 2.972 2.807 3.65 3.855 3.811 3.735 3.354 3.389 3.303 3.703 3.621 3.695 4.012 4.149 3.878 3.713 3.673 4.094 3.821 4.149 4.398 4.364 4.292 4.408 4.54 4.751 4.846 4.969 5.026 4.844 4.627 4.512 4.501 4.384 4.622 4.739 4.46 4.467 4.452 4.787 4.857 4.51 4.221 4.206 4.133 3.373 3.431 2.767 2.483 2.453 3.019 20080530 20080630 20080731 20080829 20080930 20081031 20081128 20081231 20090130 20090227 20090331 20090430 20090529 20090630 20090731 20090831 20090930 20091030 20091130 20091231 20100129 20100226 20100331 20100430 20100528 20100630 20100730 20100831 20100930 20101029 20101130 20101231 20110131 20110228 20110331 20110429 20110531 20110630 20110729 20110831 20110930 20111031 20111130 20111230 2.262 2.366 2.256 2.153 1.807 1.431 0.851 0.41 0.569 0.778 0.612 0.508 0.498 0.551 0.475 0.417 0.418 0.405 0.283 0.503 0.31 0.365 0.458 0.415 0.365 0.307 0.279 0.248 0.3 0.267 0.317 0.352 0.311 0.312 0.299 0.224 0.185 0.188 0.229 0.142 0.178 0.16 0.176 0.165 2.621 2.605 2.494 2.344 1.953 1.336 0.992 0.538 0.943 0.96 0.778 0.905 0.929 1.127 1.126 0.978 0.955 0.888 0.638 1.135 0.788 0.812 1.004 0.944 0.753 0.571 0.527 0.465 0.415 0.313 0.444 0.575 0.538 0.674 0.813 0.592 0.452 0.439 0.346 0.205 0.262 0.25 0.266 0.24 2.936 2.909 2.805 2.623 2.286 1.816 1.264 0.998 1.326 1.389 1.163 1.382 1.397 1.614 1.581 1.455 1.419 1.352 1.083 1.655 1.329 1.355 1.57 1.482 1.223 0.945 0.801 0.682 0.647 0.511 0.716 1.008 0.97 1.165 1.309 1.029 0.796 0.82 0.556 0.34 0.425 0.407 0.417 0.392 3.266 3.188 3.05 2.885 2.669 2.138 1.23 1.029 1.485 1.668 1.337 1.71 1.861 2.173 2.077 1.965 1.879 1.901 1.565 2.193 1.838 1.854 2.133 2.021 1.767 1.445 1.222 1.021 0.961 0.842 1.083 1.545 1.443 1.671 1.819 1.504 1.23 1.292 0.928 0.62 0.664 0.668 0.674 0.583 3.421 3.33 3.243 3.087 2.993 2.838 1.925 1.575 1.889 1.997 1.671 2.03 2.371 2.59 2.554 2.415 2.347 2.338 2.023 2.719 2.35 2.337 2.588 2.451 2.119 1.797 1.615 1.343 1.282 1.177 1.479 2.04 1.972 2.169 2.293 2 1.719 1.771 1.368 0.98 0.968 0.988 0.974 0.86