Sleep Apnea Essay -- Sleep Apnea Sleeping Disorders Essays

Sleep Apnea Sleep, why do people sleep at all? Why can't we just stay awake? Some biologist suggest that sleep provides the opportunity to conduct self-repair and purge the body of it's waste that has built up during the day's activity. Nevertheless, the body is capable of repairing itself and disposing of wastes during waking hours, so sleep in a way really isn't necessary for routine maintenance (e.g., urinating, etc.). Dr. Quentin Regestein, lead sleep and sleep disorders researcher at Harvard Medical School also believed that sleep kept our distant ancestors out of harms way during the night when they could not see as well as their night roaming predators. Sleep is regulated by a connected series of structures in the deep midline areas, and along other way stations that extend through the central axis of the brain, these structures relay information about things that affect sleep. In Dr. Regestein notes, he spoke of experiments that were performed by researchers. The researchers he spoke of would destroy specific brain structures of a lab animal and then note how the animal slept. For instances, in one lab animal the researcher cut through the axis of the brain at one level, which would prevented the animal from awakening; showing that brain structures below the level of the cut were responsible for awakening the lab animal. The American Sleep Disorders Association (ASDA), Association for the Psychophysiological Study of Sleep (APSS), Association of Sleep Disorder Centers (ASDC), and the American Psychiatric Association (APA) has studied sleep and sleep disorders since the early 1970's. Out of all the sleep disorders currently being studied, sleep apnea has gain world wide attention, affecting over 15 million people. Apnea, derived from the Greek word "want to breath." Sleep Apnea (cessation of air flow at the mouth for greater than 10 seconds) can reflect 1) loss of central nervous system drive to maintain ventilation, 2) mechanical upper airway obstruction, or combinations of both. The second edition of Anesthesia and Co-Existing Disease states "Conversely, obstructive forms of sleep apnea are due to an abnormal relaxation of the posterior pharyngeal muscles" - there is persistence of respiratory movements, but airflow is absent due to upper airway obstruction. Study shows awakening occurs when the arterial partial pre... ...p because of a sleep disorder like sleep apnea can eventually lead to interruption of daily task and human survival is greatly reduced. Many people choose to prognosis themselves as to why they are having trouble sleeping. Researchers urge patients with a unbalanced sleep pattern to seek professional help. "Five billion people go through the cycle of sleep and wakefulness every day, and relatively few of them know the joy of being fully rested and fully alert all day long." - William Dement (1988) References Arthur J. Speilman, Phd.D., and Paul B. Glovinsky, Ph.D. - Department of Psychology. The City College of New York Pinellas Public Library Cooperative, Inc. - InfoTrac System - Largo, Florida Drs. Robert K. Stoelting, Stephen F. Dierdorf , and Richard L. McCammon. -Second Edition / Anesthesia and Co-Existing Disease John P. Dworetzky - Psychology / Fifth Edition Dr. Quentin Regestein - lead sleep researcher, Harvard Medical School - Sleep problems and solutions Dr. Scott Mantel - Anesthesiologist - Morton Plant Hospital, Department of Anesthesiology Dr. Paul Borelli - Anesthesiologist - Morton Plant Hospital, Department of Anesthesiology

Indian Women Writers :: Literature Writing Middle Eastern Papers

Indian women writers A world of words, lost and found: a brief overview of women's literature in India from the 6th century BC onwards The Vedas cry aloud, the Puranas shout; "No good may come to a woman." I was born with a woman's body How am I to attain truth? "They are foolish, seductive, deceptive - Any connection with a woman is disastrous." Bahina says, "If a woman's body is so harmful, How in the world will I reach truth?" Much of the world's literature has been dominated by a canon that nearly dismissed women's writing more than two centuries ago. The counter-canons that have emerged as the result of this exclusion have helped to establish women's writing in mainstream culture, but still in some ways fail to acknowledge women's literature coming from non-white countries. This essay is an attempt to highlight some of the works produced by women in India over the ages. Although India has a history of ancient civilisations such as the Harappa and Mohenjodaro, and of matrilineal societies in the south, no written records of women's literary prowess exists predating the 6th century BC. The emergence of the first body of poetry by women in India could be attributed to the advent of Buddhism. Perhaps it was the freedom offered by the religion, the way of life it offered to women, and the principle of equality that it propagated which allowed women to pen their thoughts for the first time. Buddhism offered women the opportunity to break away from the restrictions of home life, a major factor in the rise of Indian women's literature in the early 6th century BC. The earliest known anthology of women's literature in India has been identified as those belonging to the Therigatha nuns, the poets being contemporaries of the Buddha. One of these, Mutta, writes, So free am I, so gloriously free, free from three petty things - from mortar, from pestle and from my twisted lord. [Tharu and Lalita p.68] Mutta's works, translated from Pali, offer an explanation through their interpretation. Religious escapism was the only way out for many women who were frustrated with a life inside the home. They chose to join the Buddhist sangha (religious communities) in their attempts to break away from the social world of tradition and marriage. Thus emerged poems and songs about what it meant to be free from household chores and sexual slavery. Although the early forms of writing addressed the issue of personal freedom, the poetry that followed later was a celebration of womanhood and sexuality.

Love and Loss in Poetry Essay -- First Love Remember Christina Walsh E

Love and Loss in Poetry Q. How do the poets convey their attitudes toward love and loss in the poems ‘ a woman to her lover’ ‘first love’ ‘remember’ and ‘ when we two parted’? The poem ‘ a woman to her lover’ was written by Christina Walsh. The poem starts of with a question, ‘do you come to me to bend me to your will?’ throughout the poem, the basic atmosphere of loss is evident. Within the first stanza itself there is marital imagery relating to the sense of power and dominance. ‘ in drudgery and silence’, she tries to portray how she is helpless to protest, she begins the poem with this relationship, the dominance of man over woman, ‘to make of me a bondslave’ in this stanza she is explaining one of the types of relationships between a man and woman. She also gives out a feeling that if the relationship were as what she described she would be wasting her life, and tries to give out women’s point of view to these types of situations. She seems quite certain of what she wants in life and this does not seem to be it, ‘ if that be what you ask, O Lover I refuse you!’And her point is to prove that if that was the man’s view of the relationship, that it would not be possible to commit to that. In the second stanza she does not keep it as long as the first or any of the others as she does not want to dwell on it. The very idea of the man thinking the woman to be perfect and ‘one from heaven sent’ is what she rejects. When she describes women to be perfect her tone is very mocking. ‘ a wingless angel who can do no wrong’ she tries to convey that that would be someone who would have no freedom. ‘Go’ this implies how she rejects him if he wishes the relationship to be anything like this as well. In th... ...ith silence and tears’ there is a different meaning in this now, they do not understand each other now, but in the beginning they knew each other so well because over the years she has changed so much. The pain and sadness seems to intensify, ‘cold kiss, chill on my brow, knell to my ear’, these are all traditional images of rejected love. The poems octave stanza and regular eight lines, show the continuity of his pain. Throughout all these four poems the poets convey all their attitudes towards love and loss by expressing themselves in situations of love with others, of experiencing it and hence showing reactions and feelings that evolve from certain situations. They show that they feel love is a great thing, and for one to really know the true meaning of love, they need to experience loss and pain the be able to value love to its deserved potential.

Cpr; Infants and Children

Tiffany Cole CPR Essay CPR is an emergency procedure used for someone that is thought to be in cardiac arrest. This procedure can be used to save someone’s life if it is performed the correct way. To perform CPR, one has to be properly trained. The process for children CPR differs from that of adults. Explained below are the CPR procedures for infants and small children. The process of CPR for infants starts by yelling and shouting at the baby.If there is no response you must open the air way and listen for breath sounds. First, you must blow into the infant’s mouth twice causing the chest to rise. Then just below the nipple, pump thirty times on the baby’s chest. Continue with two breaths and the chest pumps for two minutes and call 911. The CPR process for small children starts out the same as it did for infants. Shake and shout if the child. If there is no response tilt the child’s head back and listen for breath sounds.Then blow twice in the mouth so t he chest rises. Pump thirty times in the center of the chest. Continue with two breaths and thirty pumps for two minutes and call 911. CPR is easy to learn and can be very useful if you are ever in a situation where a child has stopped breathing. Daycare centers are required to have their staff adequately trained in CPR to ensure the safety of the children. To become certified in CPR one can take classes in the community. Read also: How Different Types of Transitions Can Affect Children

Harvard Style Annotated Bibliography Essay

1. King, Rosemary. Oxford studies of religion. Preliminary & HSC course ed. Melbourne, Victoria: Gary Underwood, 2010. 1-459. Print. 2. Rosemary King is an experienced teacher who worked with government, catholic and independent schools. She successfully completed the Graduate Certificate in World Religions from the University of New England (UNE) and is currently teaching at the Uniting Church’s MLC School located in Sydney, her position is the coordinator of service learning. 3. In the chapter on preliminary ‘Islam’, the topic mainly focuses on the view and study of Islam as one of the major religious traditions as a living religious system. It allows the reader to investigate the religious traditions and belief systems, examine the significance of all relating religious traditions in the life of a Muslim Adherent and communicates ideas, information and issues using the appropriate visual/written forms. 4. This text is written to support the syllabus studies of a preliminary/HSC student for studies of religion 1. 5. I feel that this text was useful when I was researching information regarding the Qu’ran, the Hadith, the Sunna, the Ijma and the Qiyas. The reason being for this was because it explained the purpose of all these traditions and the impact that is forced upon a Muslim by these traditions. Also how they guide a Muslim to living the life by the Qu’ran (Rules and regulations set by Allah, ‘God’) 6. I found that the information in this text was accurate and valid, although it could have been more in detail and less simplistic than it was. For example, when talking about a specific tradition I found that it could have been more in depth and informative.

A Critique of 205 Easy Ways to Save the Earth

A Critique of â€Å"205 Easy Ways to Save the Earth† by Thomas Friedman Foreign affairs columnist for the New York Times, Thomas Friedman, is a man who wants to try to change the world by trying to convince people to go green. But, he is convinced that going green is not as easy as everyone makes it sound. His article â€Å"205 Easy Ways to Save the Earth,† first published in 2007, presents several arguments attempting to convince people that while going green is difficult, it is possible.The author first discusses how we, as Americans, are not as green as we seem to be at first glance. He notes that we seem to only follow the â€Å"easy way to go green† and do not do nearly as much as we could for our planet. Furthermore he states that there are no â€Å"easy† ways to go green and that this word should never even be associated with the topic. Friedman points out that executives of large fuel companies are the only people who talk truthfully about the situ ation and that they take a guilty pleasure in knowing there is nothing we can really do about it.From what the CEO of electric company Chevron, David O’Reilly says, it could take decades for any change to occur, and at that time there will be even more people than what we are trying to meet the energy demands for now. Robert Socolow and Stephen Pacala, two professors at Princeton, are attempting to design scalable solutions to fix these problems. These two developed a pie chart, in which if eight of fifteen parts were completed, we would be on the right track for reducing our carbon emissions.Unfortunately, completing just one piece of the pie may be impossible with the way things seem to be going. Another individual, Nate Lewis a chemist at California Institute of Technology, claims that if we started trying to fix this problem right now, we would have to make as much clean energy as the energy we are currently consuming. With all of this being said even taking the first ste p towards a green revolution seems nearly impossible. Friedman starts his argument on this subject in a rather sarcastic way.He states â€Å"Who knew saving the Earth could be so easy–and in just under a minute† (290). While this does convey his opinion well, there are better ways of getting your point across. Overall though, the effectiveness of his entire argument is pretty well put together. He uses the phrase â€Å"green revolution† to describe this situation, and in using this term, he raises a good point. He goes on to say â€Å"A green revolution? Have you ever seen a revolution where no one got hurt? † (291). This is a very good way to put what he is trying to get across and what he is saying here is very true.To put it in simpler terms, he is saying that sacrifices will have to be made in order for any changes to take effect. Friedman also does a great job of laying out and breaking down what a systemic green strategy would look like into three e asy parts that make things seem so simple. The author gets this information not from what the books he read say but rather what he says is â€Å"left unsaid by these books† (293) Friedman then starts citing other author’s works to help his own ideas seem more plausible and convincing; beginning with Maniates.Freidman uses this author’s work to help support his own by showing that he agrees with Freidman’s idea that there are no easy was to go green and as soon as we realize this, the better (293). Freidman then goes on to compare how he explained the scale of the problem, in terms of weighing yourself (293), to Socolow and Pacala’s scale. The way that those two illustrate the scale of the problem definitely helps Friedman get his point across. He finishes by comparing his options to hard facts, Lewis’ calculations.Freidman says â€Å"his approach is useful in conveying the challenge† (297). It is indeed helpful, but it can at some poi nts be confusing when he goes deep into the calculations and statistics. Friedman has a natural writing style and he conveys what he is trying to say to the reader in a great way. His ideas about going green are inventive and, for the most part, are easy to comprehend. He is correct in what he says and his opinions are very agreeable. Going green is not easy and Friedman makes this very clear.Even though he does come straight out and say this, he backs himself up by providing multiple solutions to the situation. After considering what the author has to say, and looking at all the input that he provides on the situation, we can definitely agree with Thomas Friedman that going green is difficult but possible. Works Cited Friedman, Thomas L. â€Å"205 Easy Ways to Save the Earth. † Writing and Reading Across the Curriculum. Ed. Laurence Behrens and Leonard J. Rosen. 11th ed. New York: Longman, 2010. 289-99. Print.

Ch 2 Solution

CHAPTER 2 Mechanics of Futures Markets Practice Questions Problem 2. 8. The party with a short position in a futures contract sometimes has options as to the precise asset that will be delivered, where delivery will take place, when delivery will take place, and so on. Do these options increase or decrease the futures price? Explain your reasoning. These options make the contract less attractive to the party with the long position and more attractive to the party with the short position. They therefore tend to reduce the futures price. Problem 2. 9. What are the most important aspects of the design of a new futures contract?The most important aspects of the design of a new futures contract are the specification of the underlying asset, the size of the contract, the delivery arrangements, and the delivery months. Problem 2. 10. Explain how margins protect investors against the possibility of default. A margin is a sum of money deposited by an investor with his or her broker. It acts a s a guarantee that the investor can cover any losses on the futures contract. The balance in the margin account is adjusted daily to reflect gains and losses on the futures contract. If losses are above a certain level, the investor is required to deposit a further margin.This system makes it unlikely that the investor will default. A similar system of margins makes it unlikely that the investor’s broker will default on the contract it has with the clearinghouse member and unlikely that the clearinghouse member will default with the clearinghouse. Problem 2. 11. A trader buys two July futures contracts on frozen orange juice. Each contract is for the delivery of 15,000 pounds. The current futures price is 160 cents per pound, the initial margin is $6,000 per contract, and the maintenance margin is $4,500 per contract. What price change would lead to a margin call?Under what circumstances could $2,000 be withdrawn from the margin account? There is a margin call if more than $1 ,500 is lost on one contract. This happens if the futures price of frozen orange juice falls by more than 10 cents to below 150 cents per lb. $2,000 can be withdrawn from the margin account if there is a gain on one contract of $1,000. This will happen if the futures price rises by 6. 67 cents to 166. 67 cents per lb. Problem 2. 12. Show that, if the futures price of a commodity is greater than the spot price during the delivery period, then there is an arbitrage opportunity.Does an arbitrage opportunity exist if the futures price is less than the spot price? Explain your answer. If the futures price is greater than the spot price during the delivery period, an arbitrageur buys the asset, shorts a futures contract, and makes delivery for an immediate profit. If the futures price is less than the spot price during the delivery period, there is no similar perfect arbitrage strategy. An arbitrageur can take a long futures position but cannot force immediate delivery of the asset. The d ecision on when delivery will be made is made by the party with the short position.Nevertheless companies interested in acquiring the asset will find it attractive to enter into a long futures contract and wait for delivery to be made. Problem 2. 13. Explain the difference between a market-if-touched order and a stop order. A market-if-touched order is executed at the best available price after a trade occurs at a specified price or at a price more favorable than the specified price. A stop order is executed at the best available price after there is a bid or offer at the specified price or at a price less favorable than the specified price. Problem 2. 14. Explain what a stop-limit order to sell at 20. 0 with a limit of 20. 10 means. A stop-limit order to sell at 20. 30 with a limit of 20. 10 means that as soon as there is a bid at 20. 30 the contract should be sold providing this can be done at 20. 10 or a higher price. Problem 2. 15. At the end of one day a clearinghouse member is long 100 contracts, and the settlement price is $50,000 per contract. The original margin is $2,000 per contract. On the following day the member becomes responsible for clearing an additional 20 long contracts, entered into at a price of $51,000 per contract. The settlement price at the end of this day is $50,200.How much does the member have to add to its margin account with the exchange clearinghouse? The clearinghouse member is required to provide 20 ? $2, 000 = $40, 000 as initial margin for the new contracts. There is a gain of (50,200 ? 50,000) ? 100 = $20,000 on the existing contracts. There is also a loss of (51, 000 ? 50, 200) ? 20 = $16, 000 on the new contracts. The member must therefore add 40, 000 ? 20, 000 + 16, 000 = $36, 000 to the margin account. Problem 2. 16. On July 1, 2010, a Japanese company enters into a forward contract to buy $1 million with yen on January 1, 2011.On September 1, 2010, it enters into a forward contract to sell $1 million on January 1, 2011 . Describe the profit or loss the company will make in dollars as a function of the forward exchange rates on July 1, 2010 and September 1, 2010. Suppose F1 and F2 are the forward exchange rates for the contracts entered into July 1, 2010 and September 1, 2010, and S is the spot rate on January 1, 2011. (All exchange rates are measured as yen per dollar). The payoff from the first contract is (S ? F1 ) million yen and the payoff from the second contract is (F2 ? S ) million yen.The total payoff is therefore ( S ? F1 ) + ( F2 ? S ) = ( F2 ? F1 ) million yen. Problem 2. 17. The forward price on the Swiss franc for delivery in 45 days is quoted as 1. 1000. The futures price for a contract that will be delivered in 45 days is 0. 9000. Explain these two quotes. Which is more favorable for an investor wanting to sell Swiss francs? The 1. 1000 forward quote is the number of Swiss francs per dollar. The 0. 9000 futures quote is the number of dollars per Swiss franc. When quoted in the same way as the futures price the forward price is 1 / 1. 1000 = 0. 091 . The Swiss franc is therefore more valuable in the forward market than in the futures market. The forward market is therefore more attractive for an investor wanting to sell Swiss francs. Problem 2. 18. Suppose you call your broker and issue instructions to sell one July hogs contract. Describe what happens. Hog futures are traded on the Chicago Mercantile Exchange. (See Table 2. 2). The broker will request some initial margin. The order will be relayed by telephone to your broker’s trading desk on the floor of the exchange (or to the trading desk of another broker).It will be sent by messenger to a commission broker who will execute the trade according to your instructions. Confirmation of the trade eventually reaches you. If there are adverse movements in the futures price your broker may contact you to request additional margin. Problem 2. 19. â€Å"Speculation in futures markets is pure gambling. It is n ot in the public interest to allow speculators to trade on a futures exchange. † Discuss this viewpoint. Speculators are important market participants because they add liquidity to the market.However, contracts must be useful for hedging as well as speculation. This is because regulators generally only approve contracts when they are likely to be of interest to hedgers as well as speculators. Problem 2. 20. Identify the three commodities whose futures contracts in Table 2. 2 have the highest open interest. Based on the contract months listed, the answer is crude oil, corn, and sugar (world). Problem 2. 21. What do you think would happen if an exchange started trading a contract in which the quality of the underlying asset was incompletely specified?The contract would not be a success. Parties with short positions would hold their contracts until delivery and then deliver the cheapest form of the asset. This might well be viewed by the party with the long position as garbage! O nce news of the quality problem became widely known no one would be prepared to buy the contract. This shows that futures contracts are feasible only when there are rigorous standards within an industry for defining the quality of the asset. Many futures contracts have in practice failed because of the problem of defining quality.Problem 2. 22. â€Å"When a futures contract is traded on the floor of the exchange, it may be the case that the open interest increases by one, stays the same, or decreases by one. † Explain this statement. If both sides of the transaction are entering into a new contract, the open interest increases by one. If both sides of the transaction are closing out existing positions, the open interest decreases by one. If one party is entering into a new contract while the other party is closing out an existing position, the open interest stays the same. Problem 2. 23.Suppose that on October 24, 2010, you take a short position in an April 2011 live-cattle f utures contract. You close out your position on January 21, 2011. The futures price (per pound) is 91. 20 cents when you enter into the contract, 88. 30 cents when you close out your position, and 88. 80 cents at the end of December 2010. One contract is for the delivery of 40,000 pounds of cattle. What is your total profit? How is it taxed if you are (a) a hedger and (b) a speculator? Assume that you have a December 31 year end. The total profit is 40, 000 ? (0. 9120 ? 0. 8830) = $1,160 If you are a hedger this is all taxed in 2011.If you are a speculator 40, 000 ? (0. 9120 ? 0. 8880) = $960 is taxed in 2010 and 40, 000 ? (0. 8880 ? 0. 8830) = $200 is taxed in 2011. Further Questions Problem 2. 24 Trader A enters into futures contracts to buy 1 million euros for 1. 4 million dollars in three months. Trader B enters in a forward contract to do the same thing. The exchange (dollars per euro) declines sharply during the first two months and then increases for the third month to close at 1. 4300. Ignoring daily settlement, what is the total profit of each trader? When the impact of daily settlement is taken into account, which trader does better?The total profit of each trader in dollars is 0. 03? 1,000,000 = 30,000. Trader B’s profit is realized at the end of the three months. Trader A’s profit is realized day-by-day during the three months. Substantial losses are made during the first two months and profits are made during the final month. It is likely that Trader B has done better because Trader A had to finance its losses during the first two months. Problem 2. 25 Explain what is meant by open interest. Why does the open interest usually decline during the month preceding the delivery month?On a particular day there are 2,000 trades in a particular futures contract. Of the 2,000 traders on the long side of the market, 1,400 were closing out position and 600 were entering into new positions. Of the 2,000 traders on the short side of the market, 1 ,200 were closing out position and 800 were entering into new positions. What is the impact of the day's trading on open interest? Open interest is the number of contract outstanding. Many traders close out their positions just before the delivery month is reached. This is why the open interest declines during the month preceding the delivery month.The open interest went down by 600. We can see this in two ways. First, 1,400 shorts closed out and there were 800 new shorts. Second, 1,200 longs closed out and there were 600 new longs. Problem 2. 26 One orange juice future contract is on 15,000 pounds of frozen concentrate. Suppose that in September 2009 a company sells a March 2011 orange juice futures contract for 120 cents per pound. In December 2009 the futures price is 140 cents. In December 2010 the futures price is 110 cents. In February 2011 the futures price is 125 cents. The company has a December year end.What is the company's profit or loss on the contract? How is it realiz ed? What is the accounting and tax treatment of the transaction is the company is classified as a) a hedger and b) a speculator? The price goes up during the time the company holds the contract from 120 to 125 cents per pound. Overall the company therefore takes a loss of 15,000? 0. 05 = $750. If the company is classified as a hedger this loss is realized in 2011, If it is classified as a speculator it realizes a loss of 15,000? 0. 20 = $3000 in 2009, a gain of 15,000? 0. 30 = $4,500 in 2010 and a loss of 15,000? 0. 5 = $2,250 in 2011. Problem 2. 27. A company enters into a short futures contract to sell 5,000 bushels of wheat for 250 cents per bushel. The initial margin is $3,000 and the maintenance margin is $2,000. What price change would lead to a margin call? Under what circumstances could $1,500 be withdrawn from the margin account? There is a margin call if $1000 is lost on the contract. This will happen if the price of wheat futures rises by 20 cents from 250 cents to 270 ce nts per bushel. $1500 can be withdrawn if the futures price falls by 30 cents to 220 cents per bushel. Problem 2. 28.Suppose that there are no storage costs for crude oil and the interest rate for borrowing or lending is 5% per annum. How could you make money on August 4, 2009 by trading December 2009 and June 2010 contracts on crude oil? Use Table 2. 2. The December 2009 settlement price for oil is $75. 62 per barrel. The June 2010 settlement price for oil is $79. 41 per barrel. You could go long one December 2009 oil contract and short one June 2010 contract. In December 2009 you take delivery of the oil borrowing $75. 62 per barrel at 5% to meet cash outflows. The interest accumulated in six months is about 75. 2? 0. 05? 0. 5 or $1. 89. In December the oil is sold for $79. 41 per barrel which is more than the amount that has to be repaid on the loan. The strategy therefore leads to a profit. Note that this profit is independent of the actual price of oil in June 2010 or December 2009. It will be slightly affected by the daily settlement procedures. Problem 2. 29. What position is equivalent to a long forward contract to buy an asset at K on a certain date and a put option to sell it for K on that date? The equivalent position is a long position in a call with strike price K . Problem 2. 30. Excel file) The author’s Web page (www. rotman. utoronto. ca/~hull/data) contains daily closing prices for the December 2001 crude oil futures contract and the December 2001 gold futures contract. (Both contracts are traded on NYMEX. ) You are required to download the data and answer the following: a) How high do the maintenance margin levels for oil and gold have to be set so that there is a 1% chance that an investor with a balance slightly above the maintenance margin level on a particular day has a negative balance two days later (i. e. one day after a margin call). How high do they have to be for a 0. 1% chance.Assume daily price changes are normally distribu ted with mean zero. b) Imagine an investor who starts with a long position in the oil contract at the beginning of the period covered by the data and keeps the contract for the whole of the period of time covered by the data. Margin balances in excess of the initial margin are withdrawn. Use the maintenance margin you calculated in part (a) for a 1% risk level and assume that the maintenance margin is 75% of the initial margin. Calculate the number of margin calls and the number of times the investor has a negative margin balance and therefore an incentive to walk away.Assume that all margin calls are met in your calculations. Repeat the calculations for an investor who starts with a short position in the gold contract. The data for this problem in the 7th edition is different from that in the 6th edition. a) For gold the standard deviation of daily changes is $15. 184 per ounce or $1518. 4 per contract. For a 1% risk this means that the maintenance margin should be set at 1518 . 4 ? 2 ? 2. 3263 or 4996 when rounded. For a 0. 1% risk the maintenance margin should be set at 1518 . 4 ? 2 ? 3. 0902 or 6636 when rounded. For crude oil the standard deviation of daily changes is $1. 777 per barrel or $1577. 7 per contract. For a 1% risk, this means that the maintenance margin should be set at 1577 . 7 ? 2 ? 2. 3263 or 5191 when rounded. For a 0. 1% chance the maintenance margin should be set at 1577 . 7 ? 2 ? 3. 0902 or 6895 when rounded. NYMEX might be interested in these calculations because they indicate the chance of a trader who is just above the maintenance margin level at the beginning of the period having a negative margin level before funds have to be submitted to the broker. b) For a 1% risk the initial margin is set at 6,921 for on crude oil. This is the maintenance margin of 5,191 divided by 0. 75. ) As the spreadsheet shows, for a long investor in oil there are 157 margin calls and 9 times (out of 1039 days) where the investor is tempted to walk away. F or a 1% risk the initial margin is set at 6,661 for gold. (This is 4,996 divided by 0. 75. ) As the spreadsheet shows, for a short investor in gold there are 81 margin calls and 4 times (out of 459 days) when the investor is tempted to walk away. When the 0. 1% risk level is used there is 1 time when the oil investor might walk away and 2 times when the gold investor might do so.