         ARBITRAGE COMPUTATIONS                                                 
                                                                                
ARBITRAGE IS SIMPLY BUYING AN ARTICLE IN ONE MARKET AND                         
SELLING IT IN ANOTHER MARKET, HOPEFULLY AT A HIGHER PRICE.                      
IN THE STOCK MARKET THIS MAY INVOLVE BUYING ONE SECURITY                        
AND SELLING ANOTHER EQUIVALENT SECURITY IN THE SAME MARKET.                     
THIS TYPE OF ARBITRAGE OCCURS WHEN MERGERS ARE BEING CONSID-                    
ERED. OWNERS OF ONE SECURITY MAY TRADE THEM IN FOR ANOTHER                      
PACKAGE OF SECURITIES. IN THIS CASE THE OWNERS OF THE FIRST                     
SECURITY MAY WONDER WHAT THE VALUE OF THE SECOND PACKAGE IS.                    
THIS PROGRAM EVALUATES THE VALUE OF A PACKAGE OF DIFFERENT                      
SECURITIES. IN A MERGER A PACKAGE OF COMPANY A SECURITIES AND                   
CASH ARE GENERALLY TRADED FOR A PACKAGE OF COMPANY B SECURITIES                 
USUALLY SOME SHARES OF COMMON STOCK.                                            
                                                                                
PRESS ENTER TO BEGIN?                                                           
FOR EACH SECURITY IN PACKAGE ENTER PRICE/UNIT AND NO. UNITS                     
IN PACKAGE.                                                                     
ENTER VALUE OF 1 UNIT OF SECURITY 1 (-1 TO END)? 123.45                         
ENTER # OF UNITS OF SECURITY 1 IN PACKAGE? 67                                   
                                                                                
ENTER VALUE OF 1 UNIT OF SECURITY 2 (-1 TO END)? 89.01                          
ENTER # OF UNITS OF SECURITY 2 IN PACKAGE? 234                                  
                                                                                
ENTER VALUE OF 1 UNIT OF SECURITY 3 (-1 TO END)? -1                             
IS LINE PRINTER OUTPUT DESIRED(Y/N)? Y                                          
                                                                                
PRESS ENTER WHEN PRINTER READY?                                                 
VALUE OF UNIT       # OF UNITS        TOTAL VALUE                               
                                                                                
    $123.45            67.0000           $8271.150                              
     $89.01           234.0000          $20828.340                              
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             GRAND TOTAL VALUE          $29099.490                              
                                                                                
PRESS ENTER FOR MORE COMPUTATION? 0                                             
