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1、CHAPTER1THEINVESTMENTSETTINGAnswerstoQuestions1.Whenanindividual’scurrentmoneyincomeexceedshiscurrentconsumptiondesires,hesavestheexcess.Ratherthankeepthesesavingsinhispossession,theindividualmayconsideritworthwhiletoforegoimmediatepossessionofthemoneyforalargerfutureamo
2、untofconsumption.Thistrade-offofpresentconsumptionforahigherleveloffutureconsumptionistheessenceofinvestment.Aninvestmentisthecurrentcommitmentoffundsforaperiodoftimeinordertoderiveafutureflowoffundsthatwillcompensatetheinvestorforthetimevalueofmoney,theexpectedrateofinf
3、lationoverthelifeoftheinvestment,andprovideapremiumfortheuncertaintyassociatedwiththisfutureflowoffunds.2.Studentsingeneraltendtobeborrowersbecausetheyaretypicallynotemployedsohavenoincome,butobviouslyconsumeandhaveexpenses.Theusualintentistoinvestthemoneyborrowedinorder
4、toincreasetheirfutureincomestreamfromemployment-i.e.,studentsexpecttoreceiveabetterjobandhigherincomeduetotheirinvestmentineducation.3.Inthe20-30yearsegmentanindividualwouldtendtobeanetborrowersinceheisinarelativelylow-incomebracketandhasseveralexpenditures-automobile,du
5、rablegoods,etc.Inthe30-40segmentagaintheindividualwouldlikelydissave,orborrow,sincehisexpenditureswouldincreasewiththeadventoffamilylife,andconceivably,thepurchaseofahouse.Inthe40-50segment,theindividualwouldprobablybeasaversinceincomewouldhaveincreasedsubstantiallywithn
6、oincreaseinexpenditures.Betweentheagesof50and60theindividualwouldtypicallybeastrongsaversinceincomewouldcontinuetoincreaseandbynowthecouplewouldbe“empty-nesters.”Afterthis,dependinguponwhentheindividualretires,theindividualwouldprobablybeadissaverasincomedecreases(transi
7、tionfromregularincometoincomefromapension).4.Thesaving-borrowingpatternwouldvarybyprofessiontotheextentthatcompensationpatternsvarybyprofession.Formostwhite-collarprofessions(e.g.,lawyers)incomewouldtendtoincreasewithage.Thus,lawyerswouldtendtobeborrowersintheearlysegmen
8、ts(whenincomeislow)andsaverslaterinlife.Alternatively,blue-collarprofessions(e.g.,plumbers),whereskilli
