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1、CHAPTER1THEINVESTMENTSETTINGAnswerstoQuestions1.Whenanindividual’scurrentmoneyincomeexceedshiscurrentconsumptiondesires,hesavestheexcess.Ratherthankeepthesesavingsinhispossession,theindividualmayconsideritworthwhiletoforegoimmediatepossessionofthemoneyforalargerfutureamountofconsumption.Th
2、istrade-offofpresentconsumptionforahigherleveloffutureconsumptionistheessenceofinvestment.Aninvestmentisthecurrentcommitmentoffundsforaperiodoftimeinordertoderiveafutureflowoffundsthatwillcompensatetheinvestorforthetimevalueofmoney,theexpectedrateofinflationoverthelifeoftheinvestment,andpr
3、ovideapremiumfortheuncertaintyassociatedwiththisfutureflowoffunds.2.Studentsingeneraltendtobeborrowersbecausetheyaretypicallynotemployedsohavenoincome,butobviouslyconsumeandhaveexpenses.Theusualintentistoinvestthemoneyborrowedinordertoincreasetheirfutureincomestreamfromemployment-i.e.,stud
4、entsexpecttoreceiveabetterjobandhigherincomeduetotheirinvestmentineducation.3.Inthe20-30yearsegmentanindividualwouldtendtobeanetborrowersinceheisinarelativelylow-incomebracketandhasseveralexpenditures-automobile,durablegoods,etc.Inthe30-40segmentagaintheindividualwouldlikelydissave,orborro
5、w,sincehisexpenditureswouldincreasewiththeadventoffamilylife,andconceivably,thepurchaseofahouse.Inthe40-50segment,theindividualwouldprobablybeasaversinceincomewouldhaveincreasedsubstantiallywithnoincreaseinexpenditures.Betweentheagesof50and60theindividualwouldtypicallybeastrongsaversincein
6、comewouldcontinuetoincreaseandbynowthecouplewouldbe“empty-nesters.”Afterthis,dependinguponwhentheindividualretires,theindividualwouldprobablybeadissaverasincomedecreases(transitionfromregularincometoincomefromapension).4.Thesaving-borrowingpatternwouldvarybyprofessiontotheextentthatcompens
7、ationpatternsvarybyprofession.Formostwhite-collarprofessions(e.g.,lawyers)incomewouldtendtoincreasewithage.Thus,lawyerswouldtendtobeborrowersintheearlysegments(whenincomeislow)andsaverslaterinlife.Alternatively,blue-collarprofessions(e.g.,plumbers),whereskilli
