2. Read the text again and match the English collocations on the left to their Russian equivalents on the right.

1) part ownership of a company	a) получать фиксированный дивидент
2) stockholders	b) первичный рынок
3) securities	c) внебиржевой рынок
4) government bonds	d) долевое владение компанией
5) equity	e) номинальная цена акции
6) ordinary shares	f) зависеть от спроса и предложения
7) to receive a fixed dividend	g) акционеры
8) to go bankrupt	h) автоматизированные системы торгов
9) to go into liquidation	i) акционерный капитал
10) primary market	j) назначать цену
11) оver-the-counter (OTC) markets	k) прекратить существование
12) nominal value of a share	m) ценные бумаги

3. Match the words in the box with the definitions below.

discount rate discounted cash flow internal rate of return purchasing power rate of return time value of money

1. a series of future earnings converted to their value today

2. the annual percentage amount of income received from an investment

3. the interest rate an investment earns when the present value of all costs equals the present value of all returns

4. the difference between the value of money held now, and its value if it is received in the future, because it could be invested during that period

5. the value of money, measured by the quantity (and quality) of products and services it can buy

6. the interest rate used to calculate the present value of future cash flows

4. Read the text again and decide whether the following statements are true (t) or false (f).

1. If a company uses its own money for a new project, there is no opportunity cost of capital. (T/F)

2. A project financed by borrowed money requires a rate of return higher than the cost of capital. (T/F)

3. Because of inflation, money will usually be worth more in the future than at the present. (T/F)

4. The longer you have to wait for investment returns, the less their present value is.(T/F)

5. Match the two parts of the sentences. Translate the sentences into Russian.

1. Future cash flows are usually discounted

2. If a project seems to be particularly risky or uncertain,

3. Money you possess now is worth more than money received in the future, because

4. The net present value of a project is the sum of all the returns it is expected to provide,

5. When choosing among potential investments,

a) businesses look for the one with the highest internal rate of return.

b) by the cost of the capital involved in the investment.

c) discounted to their current value.

d) it can earn interest in that time, and there might be inflation.

e) you can increase the discount rate you use in your calculations.