1. 請畫出風險愛好者、風險中立者、風險趨避者的效用函數，橫軸為風險，縱軸為期望報酬率。(10分)

4. A bond's rating provides a guide to its price. As we write this in 2009, Aaa bonds yield $ 5.45\% $ and Baa bonds yield $ 8.67\% $. If some bad news causes a $ 10\% $ five year bond to be unexpectedly downrated from Aaa to Baa, what would be the effect on the bond price? (Assure annual coupons with face value $1,000) (10分)