FIN 509 & FIN510 Class Web Page, Spring'22
Weekly SCHEDULE, LINKS, FILES and Questions
Week 
Coverage, HW, Supplements 
Required 
Equations and
Assignments 

Weekly Tuesday class url on blackboard
collaborate: Class Schedule:



Week 0 
Market
Watch Game Use the information and directions
below to join the game. 1. URL for your game: 2. Password for this private game: havefun. 3. Click on the 'Join Now' button to get
started. 4. If you are an existing MarketWatch member, login. If you are a new user,
follow the link for a Free account  it's
easy! 5. Follow the instructions and start trading! 
Preclass assignment: Set up marketwatch.com account and have
fun 

Week1,2 
Chapter 5 Time value of money 1 Week 1 in class exercise (word file) Solution The time value of money 
German Nande (youtube)
Concept of FV, PV,
Rate, Nper Calculation of FV, PV,
Rate, Nper Concept of interest
rate, compounding rate, discount rate Chapter 6 Time Value of Money 2 Concept of PMT, NPV Calculation of FV, PV,
Rate, Nper, PMT, NPV, NFV Concept of EAR, APR Calculation of EAR,
APR First Discussion Board Assignment (post your writing on blackboard
under discussion folder):
(due by 4/3 at 11:59 pm)
Market Watch Game
Let's start trading in the stock
market! Please join a game and report back on your experience. Directions 1.
URL for your game: 2.
Password for this private game: havefun. 3.
Click on the Join Now button to get
started. 4.
Register for a new account with your email address or sign in if
you already have an account.
1.
Why did you choose the stock? How much money did you think you
would make? Please explain. 2.
Did you make money or lose money off of your chosen stock? Which
factors contributed to that? 3.
What did you learn from this experience and how will it affect
your choices in real life when choosing stocks? Instructions · Responses should be 100 to
250 words in length and should answer all three prompts · Optional: reply to one of
your peers with meaningful, thoughtprovoking responses · Due by 4/3/2022
at 11:59 p.m. ET HOMEWORK of Chapters 5
and 6 (due on week 4, 4/3/2022) 1. The Thailand
Co. is considering the purchase of some new equipment. The quote consists of
a quarterly payment of $4,740 for 10 years at 6.5 percent interest. What is the
purchase price of the equipment? ($138,617.88) 2. The
condominium at the beach that you want to buy costs $249,500. You plan to
make a cash down payment of 20 percent and finance the balance over 10 years
at 6.75 percent. What will be the amount of your monthly mortgage
payment? ($2,291.89) 4. Shannon wants
to have $10,000 in an investment account three years from now. The account
will pay 0.4 percent interest per month. If Shannon saves money every month,
starting one month from now, how much will she have to save each month?
($258.81)
(Hint: Bridget’s is an annuity due, so abs(fv(8%/12, 10*12, 150, 0,
1))  type =1; Jordan’s is an ordinary annuity, so abs(fv(8%/12, 10*12,
150, 0)  type =0, or omitted. There is a mistake in the help video for
this question. Sorry for the mistake.) 14. What is the
future value of weekly payments of $25 for six years at 10 percent? ($10,673.90) 15. At the end of
this month, Bryan will start saving $80 a month for retirement through his
company's retirement plan. His employer will contribute an additional $.25
for every $1.00 that Bryan saves. If he is employed by this firm for 25 more
years and earns an average of 11 percent on his retirement savings, how much
will Bryan have in his retirement account 25 years from
now? ($157,613.33) 16. Sky
Investments offers an annuity due with semiannual payments for 10 years at 7
percent interest. The annuity costs $90,000 today. What is the amount of each
annuity payment? ($6,118.35) 17. Mr. Jones
just won a lottery prize that will pay him $5,000 a year for thirty years. He
will receive the first payment today. If Mr. Jones can earn 5.5 percent on
his money, what are his winnings worth to him
today? ($76,665.51) 18. You want to
save $75 a month for the next 15 years and hope to earn an average rate of
return of 14 percent. How much more will you have at the end of the 15 years
if you invest your money at the beginning of each month rather than the end
of each month? ($530.06) 19. What is the
effective annual rate of 10.5 percent compounded
semiannually? (10.78%) 22. What is the
effective annual rate of 12.75 percent compounded daily? (13.60 percent) 23. Your
grandparents loaned you money at 0.5 percent interest per month. The APR on
this loan is _____ percent and the EAR is _____ percent. (6.00; 6.17) FYI only: help for homework Part 1(Qs
12) Part 2(Qs
48) Part 3(Qs 912) Part 4(Qs
1316) Part 5(Qs
1720) Part 6(Qs 2124) (Q13: Bridget’s is an annuity
due, so abs(fv(8%/12, 10*12, 150, 0, 1))  type =1; Jordan’s is an ordinary
annuity, so abs(fv(8%/12, 10*12, 150, 0)  type =0, or omitted. There is a
mistake in the help video for this question. Sorry for the mistake.) Quiz 1 Help Videos 
Calculators Time
Value of Money Calculator © 2002  2019 by Mark A. Lane,
Ph.D. Math Formula FV = PV *(1+r)^n PV = FV /
((1+r)^n) N
= ln(FV/PV) / ln(1+r) Rate = (FV/PV)^{1/n} 1 Annuity: N
= ln(FV/C*r+1)/(ln(1+r)) Or N
= ln(1/(1(PV/C)*r)))/ (ln(1+r)) EAR = (1+APR/m)^m1 APR = (1+EAR)^(1/m)*m Excel Formulas To get FV, use FV
function. =abs(fv(rate, nper,
pmt, pv)) To get PV, use PV
function = abs(pv(rate, nper,
pmt, fv)) To get r, use rate
function =
rate(nper, pmt, pv, fv) To get number of years,
use nper function = nper(rate, pmt, pv,
fv) To get annuity payment, use PMT
function = abs(pmt(rate, nper, pv,
fv)) To get Effective rate (EAR), use
Effect
function =
effect(nominal_rate, npery) To get annual percentage rate
(APR), use nominal function APR = nominal(effective rate, npery) 

Week3 
Chapter 7 Bond
Pricing Yield Curve http://finramarkets.morningstar.com/BondCenter/Default.jsp Balance Sheet of WalMart https://www.nasdaq.com/marketactivity/stocks/wmt/financials
For
discussion: · What is this “long term debt”? · Who is the lender of this “long term debt”? So
this long term debt is called bond in the financial market. Where can you
find the pricing information and other specifications of the bond issued by
WMT? FINRA – Bond market information http://finramarkets.morningstar.com/BondCenter/Default.jsp Go to http://finramarkets.morningstar.com/BondCenter/Default.jsp , the bond market data website of FINRA to find bond
information. For example, find bond sponsored by Walmart Or, just go to www.finra.org, è Investor center è market data è bond è corporate bond Corporate
Bond 1.
Understand
what is coupon, coupon rate, yield, yield to maturity, market price, par
value, maturity, annual bond, semiannual bond, current yield. Refer
to the following bond at http://finramarkets.morningstar.com/BondCenter/BondDetail.jsp?ticker=C104227&symbol=WMT.GP The above graph shows the cash flows of a five year 5% coupon
bond. How
Bonds Work (video) Investing Basics: Bonds(video) In class exercise: 1.
Find bonds
sponsored by WMT ·
just
go to www.finra.org, è Investor
center è market
data è bond è corporate bond ·
Search
for Walmart bonds For discussion: ·
What
are the ratings of the WMT bonds? How does the rating agency rate a bond? Altman Z Score video
·
Why
some WMT bonds are priced higher than the par value, while others are priced
at a discount? ·
Why
some WMT bonds have higher coupon rates than other bonds? How does WMT
determine the coupon rates? ·
Why
some WMT bonds have higher yields than other bonds? Does a bond’s yield
change daily? ·
Which
of the WMT bonds are the most attractive one to you? Why? http://finramarkets.morningstar.com/BondCenter/BondDetail.jsp?ticker=C610043&symbol=WMT4117477 2. 2.
Understand what is coupon, coupon rate, yield, yield to maturity, market
price, par value, maturity, annual bond, semiannual bond, current yield. 3. 3.
Understand how to price bond Bond
price = abs(pv(yield, maturity, coupon, 1000))  annual coupon Bond
price = abs(pv(yield/2, maturity*2, coupon/2, 1000))  semiannual
coupon Also change the yield and observe the
price changes. Summarize the price change pattern and draw a graph to
demonstrate your findings. Again, when yield to maturity of this semi_annual coupon
bond is 4%, how should this WMT bond sell for? 4. Understand
how to calculate bond returns Yield
to maturity = rate(maturity, coupon, market price, 1000) 
annual coupon Yield
to maturity = rate(maturity*2, coupon/2, market price, 1000)*2
 semiannual coupon Bond
Calculator (www.jufinance.com/bond) For example, when the annual coupon bond
is selling for $1,100, what is its return to investors? For example, when the semiannual
coupon bond is selling for $1,100, what is its return to investors? 5. Current
yield: For the above bond, calculate current yield. Note: current yield = coupon/bond price 6. Zero
coupon bond: coupon=0 and treat it as semiannual coupon bond. Example:
A ten year zero coupon bond is selling for $400. How much is its yield to
maturity? A ten year zero coupon bond’s yield to
maturity is 10%. How much is its price? 7. Understand
what is bond rating and how to read those ratings. a. Who
are Moody, S&P and Fitch? b. What
is WMT’s rating? c. Is
the rating for WMT the highest? d. Who
earned the highest rating? Supplement:
Municipal Bond For class
discussion: · Shall you
invest in municipal bonds? · Are
municipal bonds better than investment grade bonds? The
risks investing in a bond · Bond investing: credit Risk (video) · Bond investing: Interest rate risk (video) · Bond investing:
increased risk (video) Market data
website: 1. FINRA http://finramarkets.morningstar.com/BondCenter/Default.jsp (FINRA bond market data) 2. WSJ Market watch on Wall Street Journal has daily yield curve and bond
yield information. http://www.marketwatch.com/tools/pftools/ http://www.youtube.com/watch?v=yph8TRldW6k 3. Bond Online http://www.bondsonline.com/Todays_Market/ Homework ( due
on_4/3/2022) 1. Firm AAA’s bonds price =
$850. Coupon rate is 5% and par is $1,000. The bond has six years
to maturity. Calculate for current yield? (5.88%) 2. For a zero coupon bond, use
the following information to calculate its yield to maturity. (14.35%) Years left to maturity = 10 years.
Price = $250. 3. For a zero coupon
bond, use the following information to calculate its price. ($456.39)
Years left to maturity = 10 years. Yield = 8%. 4. Imagine that an annual
coupon bond’s coupon rate = 5%, 15 years left. Draw priceyield profile.
(hint: Change interest rate, calculate new price and draw the graph). 5. IBM
5 year 2% annual coupon bond is selling for $950. How much this
IBM bond’s YTM? 3.09% 6. IBM 10 year 4% semiannual coupon
bond is selling for $950. How much is this IBM bond’s YTM? 4.63% 7. IBM 10 year 5% annual coupon
bond offers 8% of return. How much is the price of this
bond? 798.7 8. IBM 5 year 5% semiannual coupon
bond offers 8% of return. How much is the price of this bond? $878.34 9. IBM 20 year zero coupon bond
offers 8% return. How much is the price of this bond? 208.29 10. Collingwood Homes has a
bond issue outstanding that pays an 8.5 percent coupon and matures in 18.5
years. The bonds have a par value of $1,000 and a market price of $964.20.
Interest is paid semiannually. What is the yield to maturity? (8.90%) 11. Grand Adventure Properties
offers a 9.5 percent coupon bond with annual payments. The yield to maturity
is 11.2 percent and the maturity date is 11 years from today. What is the
market price of this bond if the face value is $1,000? ($895.43) 12. The zero coupon bonds of D&L
Movers have a market price of $319.24, a face value of $1,000, and a yield to
maturity of 9.17 percent. How many years is it until these bonds
mature? (12.73 years) 13. A zero coupon bond with a face
value of $1,000 is issued with an initial price of $212.56. The bond matures
in 25 years. What is yield to maturity? (6.29%) 14. The
bonds issued by Stainless Tubs bear a 6 percent coupon, payable semiannually.
The bonds mature in 11 years and have a $1,000 face value. Currently, the
bonds sell for $989. What is the yield to maturity? (6.14%) Videos  homework help (due by
10/31/2021) Part
I Q1Q2
Q3Q4 Q5Q8 Q9Q14 Quiz 2
Help Video
(Quiz 2 Due by
3/27/2022) 
Bond Pricing Formula (FYI)
Bond Pricing Excel Formula Summary of
bond pricing excel functions To calculate bond price (annual coupon bond): Price=abs(pv(yield
to maturity, years left to maturity, coupon rate*1000, 1000) To calculate yield to maturity (annual coupon bond):: Yield
to maturity = rate(years left to maturity, coupon rate *1000, price, 1000) To calculate bond price (semiannual coupon bond): Price=abs(pv(yield
to maturity/2, years left to maturity*2, coupon rate*1000/2,
1000) To calculate yield to maturity (semiannual coupon
bond): Yield
to maturity = rate(years left to maturity*2, coupon rate *1000/2,
price, 1000)*2 To calculate number of years left(annual coupon bond) Number
of years =nper(yield to maturity, coupon rate*1000, price, 1000) To calculate number of years left(semiannual coupon bond) Number
of years =nper(yield to maturity/2, coupon rate*1000/2, price,
1000)/2 To calculate coupon (annual coupon bond) Coupon
= pmt(yield to maturity, number of years left, price, 1000) Coupon
rate = coupon / 1000 To calculate coupon (semiannual coupon bond) Coupon
= pmt(yield to maturity/2, number of years left*2, price, 1000)*2 Coupon
rate = coupon / 1000 Low interest on Walmart bonds not worthy
of investment (FYI) MONEY
& INVESTING June
28, 2018 ericBRETAN https://naples.floridaweekly.com/articles/lowinterestonwalmartbondsnotworthyofinvestment/ What do
you do if you need a few extra bucks and don’t have
the money? If it is a small purchase, you may put it on your credit card. If
it is something larger, you may have to go to the bank and get a loan. But
what if you are a business and need more than a few extra bucks? What if you
need $16 billion — what do you do then? Walmart
recently faced this problem after its acquisition of the Indian Ecommerce
company Flipkart Group. The solution was to issue corporate bonds to the
public in return for the cash needed to fund the purchase. But just what are
corporate bonds, how are they priced and issued, and are they a good
investment? A bond
is simply an investment where the investor loans money to a borrower in
exchange for a set interest rate for a given period of time. At the bond’s maturity, the investor receives the principal back as
well. For bonds issued by corporations, typically interest is paid every six
months although some bonds pay quarterly or monthly interest payments.
Corporations issue bonds that mature anywhere from less than a year (this
debt is often called commercial paper) to 30 years or more. Large companies
like Disney or CocaCola have even issued 100year maturity bonds. To
issue a bond, a company typically will meet with a bank or investment bank to
structure the investment. First, the parties will determine the size of the
bond. If the company borrows too much, it may hurt its credit rating or have
trouble making the interest payments. If it borrows too little, the borrower
may not have the funds to maximize its growth or business opportunities.
Second, the company and bank will determine the appropriate maturity for the
bonds. Factors such as the use of the funds, overall interest rate
environment, and credit worthiness of the borrower all will affect this
decision. Finally,
the bank will price the bonds. Most bonds are issued at par meaning they are issued
at the face value of the bond, often $1,000. The “price” of the bond is then the interest rate that the buyer of
the bond will receive. For example, a company can issue a 10 year bond at par
that is priced at an interest rate of 6.2 percent. The interest rate of a
corporate bond is determined by two factors. The first is the overall rate
environment, typically determined by U.S. government debt rates. The second
is the credit worthiness of the issuer, which determines the additional
interest that investors demand to hold the bonds over Treasury rates. This “spread” can be very small for well
capitalized and stable companies like Microsoft or Apple or very large for
risky biotech firms. After
the interest rate of the bonds is set, the investments are sold to the public
at the face value of the bonds. Going forward, however, the bonds will trade
on the open market and will either trade at a premium or discount to the face
value. If overall interest rates go up or the credit worthiness of the
company declines, the bond’s value will decline as
investors sell the bonds to buy more stable bonds or bonds with higher
interest rates. Conversely, if interest rates decline or the company credit
strengthens, the bonds’ value will rise as investors
buy the bond. In the
case of Walmart, several maturities of bonds were offered to investors to
fund the staggering $16 billion needed to fund its acquisition. The longest
dated bonds, 30 years to maturity, were priced at just 1.05 percent over the
30 year Treasury rate or around 4.1 percent. This very low rate speaks very
highly of the credit worthiness of Walmart. However, one of the main bond
credit ratings companies, S&P, stated that the company’s
strong AA credit rating may be placed under review because of the significant
acquisitions the company has recently made and the resulting debt issued to
pay for them. Therefore, I would be hesitant to tie up my money for 30 years
at such a low interest rate and feel that there are plenty of better
investments to earn a better risk adjusted return. ¦ — Eric
Bretan, the co owner of Rick’s Estate & Jewelry
Buyers in Punta Gorda, was a senior derivatives marketer and investment
banker for more than 15 years at several global banks. 

Week 4 
Chapter 8 Stock
Valuation Part
I Dividend payout and Stock Valuation For class
discussion: · Why can we
use dividend to estimate a firm’s intrinsic value? · Are
future dividends predictable? Ford’s dividends: https://www.nasdaq.com/marketactivity/stocks/f/dividendhistory
WalMart Dividend History · Refer
to the following table for Walmart
(WMT’s dividend history) http://stock.walmart.com/investors/stockinformation/dividendhistory/default.aspx
For class discussion: What conclusions can be drawn from
the above information? Can we figure out the stock price
of WalMart based on dividend, with reasonable assumptions? Stock Splits
WalMart
Stores, Inc. was incorporated on Oct. 31, 1969. On Oct. 1, 1970, Walmart
offered 300,000 shares of its common stock to the public at a price of $16.50
per share. Since that time, we have had 11 twoforone (2:1) stock splits. On
a purchase of 100 shares at $16.50 per share on our first offering, the
number of shares has grown as follows:
Can you estimate the
expected dividend in 2022? And in 2023? And on and on… Can you write down the math equation
now? WMT stock price = ? WMT
stock price = npv(return, D1, D2, …D∞) WMT
stock price = D1/(1+r) + D2/(1+r)^{2}
+ D3/(1+r)^{3} + D4/(1+r)^{4} + … Can you calculate now? It is hard
right because we assume dividend payment goes to infinity. How can we
simplify the calculation? We can assume that dividend grows at
certain rate, just as the table on the right shows. Discount rate is r (based on Beta and
CAPM that we will learn in chapter 13) From
finance.yahoo.com What
does each item indicate? From
finviz.com https://finviz.com/quote.ashx?t=WMT Part II: Constant Dividend
GrowthDividend growth model Calculate
stock prices 1) Given next dividends and price Po= Po= + Po= + + Po= + ++ …… Refer to http://www.calculatinginvestor.com/2011/05/18/gordongrowthmodel/ · Now let’s apply this Dividend
growth model in problem solving. Constant dividend
growth model calculator (www.jufinance.com/stock) Equations ·
Po=
D1/(rg) or Po= Do*(1+g)/(rg) ·
r
= D1/Po+g = Do*(1+g)/Po+g · g= rD_{1}/Po = r
Do*(1+g)/Po ·
D1 = Po *(rg); D0 =
Po*(rg)/(1+g) · Capital Gain yield = g · Dividend Yield = r – g = D_{1}
/ Po = Do*(1+g) / Po ·
D_{1}=Do*(1+g);
D_{2}= D_{1}*(1+g); D_{3}=D_{2}*(1+g)… Exercise: 1.
Consider the valuation of a common stock that
paid $1.00 dividend at the end of the last year and is expected to pay a cash
dividend in the future. Dividends are expected to grow at 10% and the
investors required rate of return is 17%. How much is the price? How much is
the dividend yield? Capital gain yield? 2. The
current market price of stock is $90 and the stock pays dividend of $3 (D1)
with a growth rate of 5%. What is the return of this stock? How much is the
dividend yield? Capital gain yield? Part III: NonConstant Dividend
Growth Calculate
stock prices 1) Given next dividends and price Po= Po= + Po= + + Po= + ++ …… Nonconstant
dividend growth model Equations P_{n}
= D_{n+1}/(rg) = D_{n}*(1+g)/(rg), since year n, dividends
start to grow at a constant rate. Where
D_{n+1}= next dividend in year n+1; Do
= just paid dividend in year n; r=stock
return; g= dividend growth rate; Pn=
current market price in year n; Po
= npv(r, D_{1}, D_{2}, …, D_{n}+P_{n}) Or,
Po = D_{1}/(1+r) + D_{2}/(1+r)^{2} + … + (D_{n}+P_{n})/(1+r)^{n } Calculator: NonConstant Dividend Growth Calculator In class exercise for
nonconstant dividend growth model 1.
You expect AAA
Corporation to generate the following free cash flows over the next five
years:
Since year 6, you estimate that AAA's free cash flows will grow
at 6% per year. WACC of AAA = 15% · Calculate the enterprise value for DM Corporation. · Assume that AAA has $500 million debt and 14 million shares
outstanding, calculate its stock price. Answer:
2. AAA pays no dividend
currently. However, you expect it pay an annual dividend of $0.56/share 2 years
from now with a growth rate of 4% per year thereafter. Its equity cost = 12%,
then its stock price=? Answer:
Do=0 D1=0 D2=0.56 g=4%
after year 2 è
P2 = D3/(rg), D3=D2*(1+4%) è
P2 = 0.56*(1+4%)/(12%4%) = 7.28 r=12% Po=? Po =
NPV(12%, D1, D2+P2), D2 = 0.56, P2=7.28. SO Po = NPV(12%, 0,0.56+7.28) =
6.25 (Note: for nonconstant
growth model, calculate price when dividends start to grow at the constant
rate. Then use NPV function using dividends in previous years, last dividend
plus price. Or use calculator at https://www.jufinance.com/dcf/
) 3. Required return =12%.
Do = $1.00, and the dividend will grow by 30% per year for the next 4
years. After t = 4, the dividend is
expected to grow at a constant rate of 6.34% per year forever. What is the stock price ($40)? Answer:
Do=1 D1 =
1*(1+30%) = 1.3 D2=
1.3*(1+30%) = 1.69 D3 =
1.69*(1+30%) = 2.197 D4 =
2.197*(1+30%) = 2.8561 D5 =
2.8561*(1+6.34%), g=6.34% P4 =
D5/(rg) = 2.8561*(1+6.34%) /(12%  6.34%) Po = NPV(12%, 1.3, 1.69, 2.197,
2.8561+2.8561*(1+6.34%)) /(12%  6.34%)) = 40 Or use calculator at https://www.jufinance.com/dcf/ Part IV: How to pick stocks?
(FYI) How to pick
stocks – Does it work? PE ratio Stock screening tools ·
Reuters
stock screener to help select stocks http://stockscreener.us.reuters.com/Stock/US/ ·
FINVIZ.com http://finviz.com/screener.ashx use
screener on finviz.com to narrow down your choices of stocks, such as
PE<15, PEG<1, ROE>30% ·
WSJ
stock screen http://online.wsj.com/public/quotes/stock_screener.html ·
Simply
the Web's Best Financial Charts You can
find analyst rating from MSN money For
instance, ANALYSTS RATINGS Zacks average brokerage
recommendation is Moderate Buy
Summary of stock screening rules
from class discussion PEG<1 PE<15 (? FB’s
PE>100?) Growth rate<20 ROE>10% Analyst ranking:
strong buy only Zacks average
=1 (from Ranking stocks using PEG ratio) current
price>5 How to pick stocks Capital
Asset Pricing Model (CAPM)Explained http://www.youtube.com/watch?v=JApBhv3VLTo Ranking
stocks using PEG ratio http://www.youtube.com/watch?v=bekW_hTehNU HOMEWORK (Due with final) 1. Northern
Gas recently paid a $2.80 annual dividend on its common stock. This dividend
increases at an average rate of 3.8 percent per year. The stock is currently
selling for $26.91 a share. What is the market rate of return? (14.60
percent) 3.
IBM just paid $3.00 dividend per share to
investors. The dividend growth rate is 10%. What is the expected dividend of
the next year? ($3.3) 5.
Investors of
Creamy Custard common stock earns 15% of return. It just paid a
dividend of $6.00 and dividends are expected to grow at a rate of 6%
indefinitely. What is expected price of Creamy Custard's stock? ($70.67) Homework Video of this
week Quiz 3 Help Video Part I Part II Part III Part IV

P/E Ratio Summary by
industry (FYI)  Thanks to Dr Damodaran Data Used: Multiple data services Date of Analysis: Data used is as of January 2021 Download as an excel file instead: http://www.stern.nyu.edu/~adamodar/pc/datasets/pedata.xls For global datasets: http://www.stern.nyu.edu/~adamodar/New_Home_Page/data.html
