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A large Company provides a death-in-service benefit to each employee. The benefit is a lump sum equal to twice basic salary on the date that the employee dies. Currently the Company pays the benefit as a normal business expense, and does not insure the benefit or fund for it in advance. The Company is considering establishing a reserve at the beginning of each financial year, which will be included in their accounts, equal to the expected cost of the death benefit over that year. In addition, it would take out an insurance policy at the start of the financial year to meet any costs in excess of this reserve from lump sums arising as a result of death benefits over the year being higher than expected. Outline the advantages and disadvantages to the Company of the proposed funding arrangement compared with the current arrangement. [5]The matrix below shows the losses to Player A in a two player zero sum game. The strategies for Player A are denoted I, II, III and IV. Player A II III IV -6 Player B WN = - A (i) Determine the values of X and Y for which there are dominated strategies for Player A. [4] (ii) Determine whether there exist values of X and Y which give rise to a saddle point. [3](i) State in words the four axioms of the Expected Utility Theorem. [4] (ii) State the conditions for an investor to be non-satiated and risk neutral in terms of their utility function, U(w). [2] An investor makes investment decisions using utility function Uw) = (w - 1) / y. (iii) Derive the relative risk aversion function for U(w). [2] (iv) Describe how the relative risk aversion of U(w) changes with w. [1] [Total 9]Which of the following best explains what is meant by the "Euro" prefix in Eurobonds? The bonds are denominated in Euros. The bonds are issued offshore, outside of legal or tax jurisdictions. The bonds are issued only in Europe. The bonds are regulated under European law. [2]