Sie wird jedoch oft dazu verwendet, den Garantieteil bei Garantiefonds oder Garantiezertifikaten darzustellen. Zero coupon bond can be of any duration, can be from one year to 10 years. Anders formuliert handelt es sich um eine Anleihe ohne Zinskupons. In this case the BPV or DV01 (dollar value of an 01 or dollar duration) is the more natural measure. Generally, bonds with long maturities and low coupons have the longest durations. The difference between the current price of the bond, i.e., $463.19, and its Face Value, i.e., $1000, is the amount of compound interest that will be earned over the 10-year life of the Bond. Die Bewertung der Nullkuponanleihe erfolgt nach folgender Formel: Kauft man eine Nullkuponanleihe z. A 5-year, 8% coupon bond has a 3-year key rate duration of 0.0838 years; if the 3-year par rate decreases by 1%, the price of the bond will increase by approximately 0.0838%. Example: dollar duration of $1 par of a 1-year 6%-coupon bond: € c 2 [0.5 (1+r 0.5 /2) 2 + 1 (1+r 1 /2) 3 + 1.5 (1+r 1 ... http://people.stern.nyu.edu/jcarpen0/courses/b403333/04duration.pdf. When the bond reaches maturity, its investor receives its face value. Zero Coupon Bond Definition. CODES (4 days ago) Zero Coupon Bond Calculator Inputs Bond Face Value/Par Value ($) - The face or par value of the bond – essentially, the value of the bond on its maturity date. In both cases, the zero coupon bond has a higher duration than the 5% coupon bond. verified offers. The larger the coupon, the shorter the duration number becomes. pension funds. P = price 2. Of course, with a zero, the ability to approximate price change is not so important, because it’s easy to do the exact calculation. [3] Nullkuponanleihen gelten als Finanzinnovationen und werden daher nach der Emissions- bzw. https://www.youtube.com/watch?v=zX9Gnrpbpp8. Turkey Burgers (2) Pet Products (8) $10 Off $50 In-Store & Online. Die Nullkuponanleihe ist viel weniger verbreitet als die kupontragende Standardanleihe. Briefly explain your answer. Divide the $1,000 by $500 gives us 2. Related Calculators. Bond Present Value Calculator Bond Yield to Maturity Calculator Zero Coupon Bond Value Calculator, https://www.buyupside.com/calculators/bondduration.htm. The ABCs of Zero Coupon Bonds | MRP. CODES (4 days ago) Zero Coupon Bond Calculator Excel - Find Coupon Codes. Consequently, duration is sometimes referred to as the average maturity or the effective maturity. Let us try to interpret D and C in relation to the mac simple plot of bond price versus bond yield, (i.e., Exhibit l) as is often done in textbooks or in the classroom. Turkey Burgers (2) Pet Products (8) $10 Off $50 In-Store & Online. https://thismatter.com/money/bonds/duration-convexity.htm. Solution. CODES (3 days ago) The formula for calculating the yield to maturity on a zero-coupon bond is: Yield To Maturity= (Face Value/Current Bond Price)^ (1/Years To Maturity)−1 Consider a $1,000 zero-coupon bond that has... https://www.investopedia.com/ask/answers/012015/how-do-i-calculate-yield-maturity-zero-coupon-bond.asp. Modified duration is an extension of the Macaulay duration ... https://www.investopedia.com/terms/m/modifiedduration.asp. These "zero-coupon" bonds are sold at a deep discount to par when issued, but can be sold at their full par value when they mature. https://calculator.me/savings/zero-coupon-bonds.php, Category:  coupon codes Show All Coupons. The duration of zero coupon bond will determine the risk of any possible changes in the company makeup. Divide the $1,000 by $500 gives us 2. https://quizlet.com/374342852/ch-9-flash-cards/ Andere Rechtsordnungen, wie die USA, besteuern bei Nullkuponanlagen jährlich einen fiktiven Zins. CODES (4 days ago) The price of a zero-coupon bond is [math](1+y)^{-n}[/math] per $1 face, where [math]y[/math] is the yield and [math]n[/math] is the number of periods to maturity. Search Coupons. Calculate duration of zero coupon bond. Eine Nullkuponanleihe (englisch zero-coupon bond, im deutschen Sprachgebrauch auch Zero-Coupon-Anleihe, Zero-Bond oder Zerobond genannt) ist eine Sonderform der Anleihe, bei der keine laufenden Zinsengezahlt werden. (2) What is the bond’s Modified Duration? Ask Question Asked 8 months ago. Chelsea. Its Macaulay duration is 3.0 years such that its modified duration is 2.941 = 3.0/(1+0.04/2) … CODES (2 days ago) Zero Coupon Bond Yield Calculator. Alternatively, we could consider $100 notional of each of the instruments. A zero-coupon bond with maturity of ten (10) years has a 6% bond-equivalent yield (semi-annual compounding). CODES (3 days ago) Zero Coupon Bond Calculator - MiniWebtool. There is a consistency between the properties of bond price volatility and the properties of modified duration. CODES (3 days ago) Example of using the Bond Duration Calculator. The Zero Coupon Bond Calculator is used to calculate the zero-coupon bond value. The duration of a zero coupon bond is equal to its maturity. They offset each other exactly. Zero-coupon bonds are popular (in exams) due to their computational convenience. So the portfolio is equivalent to \$4 of zero-coupon bond. Zero Coupon Bond Convexity Formula, https://dqydj.com/bond-convexity-calculator/. https://corporatefinanceinstitute.com/resources/knowledge/trading-investing/macaulay-duration/. The duration of a zero bond is equal to its time to maturity, but as there still exists a convex relationship between its price and yield, zero-coupon bonds have the highest convexity and its prices most sensitive to changes in yield. CODES (2 days ago) The Zero Coupon Bond Calculator is used to calculate the zero-coupon bond value. Then (assuming no arbitrage) the price of a 10-year zero-coupon bond would be: The answer should be 83. CODES (1 days ago) Zero Coupon Bond Duration. Suppose that the interest rates on all bonds increase uniformly by 0.1% (this is what is commonly called a “parallel upward shift in yields of 10 basis points”). https://dqydj.com/bond-duration-calculator/. The Zero Coupon Bond Calculator is used to calculate the zero-coupon bond value. What is the bond's modified duration? Target date immunization would primarily be of interest to _____. 3. A zero-coupon bond is a bond bought at a price lower than its face value, with the face value repaid at the time ... https://avmdiscount.com/zero-coupon-bonds-calculator, › Not attending promotion board counseling, © 2020 mybestcouponcodes.com. CODES (1 days ago) Bond Convexity Calculator. Thus the bond will change by $500 for a one-point change in basis point in yield. For example, the duration of a perpetuity trading with … $10 off (2 months ago) Duration Zero Coupon Bond Calculator - digibestorder.info. CODES (24 days ago) Key Rate Duration | Financial Exam Help 123. The market value of the bonds calculate the weights. a rate anticipation. Eine Nullkuponanleihe (englisch zero-coupon bond, im deutschen Sprachgebrauch auch Zero-Coupon-Anleihe, Zero-Bond oder Zerobond genannt) ist eine Sonderform der Anleihe, bei der keine laufenden Zinsen gezahlt werden. $10 off (7 days ago) Duration Zero Coupon Bond Calculator, centreville coupon code 2019, papa johns pizza coupon codes 2020, frontier airlines coupons october 2020. Duration 7 For zero-coupon bonds, there is an explicit formula relating the zero price to the zero rate. If yields decline then returns would be higher. a) Bond X has a 5-year time-to-maturity, a 10% coupon rate and is sold at par. 60% off (6 months ago) Zero Coupon Bond Value Calculator: Calculate Price, Yield . https://miniwebtool.com/zero-coupon-bond-calculator/. Years to Maturity - The numbers of years until the zero coupon bond's maturity date. CODES (2 days ago) Duration is thought of as a present value weighted measure of payback. The longer the duration, the longer is the average maturity, and, therefore, the greater the sensitivity to interest rate changes. • Because zero coupon bonds make no coupon payments, a zero coupon bond’s duration will be equal to its maturity. Viewed 136 times 0 $\begingroup$ I am currently studying interest rate risk management, and i can't seem to get the derivation right, and I would like to do all of the steps, to be sure that I understand what is going on. Allgemein formuliert handelt es sich um Schuldverschreibungen mit fester Verzinsung, hoher Fungibilität und Volatilität, in den meisten Fällen stark eingeschränkter Kündigungsmöglichkeit sowie überwiegend langer Laufzeit, bei denen die Zinsen und Zinseszinsen thes… https://www.mybestcouponcodes.com/zero-coupon-bond-calculator-excel/. https://www.wallstreetmojo.com/convexity-of-a-bond-formula-duration/, CODES (2 days ago) rates, duration allows for the effective comparison of bonds with different maturities and coupon rates. The calculator, which assumes semi-annual compounding, uses the following formula to compute the value of a zero-coupon bond: Value = Face Value / (1 +Yield / 2) ** Years to Maturity * 2, https://www.buyupside.com/calculators/bondzerocouponvalue.htm. CODES (5 days ago) A zero-coupon bond with maturity of ten (10) years has a 6% bond-equivalent yield (semi-annual compounding). CODES (2 days ago) These "zero-coupon" bonds are sold at a deep discount to par when issued, but can be sold at their full par value when they mature. This makes ... https://dqydj.com/bond-yield-to-maturity-calculator/. 7 %: Da bei einer Nullkuponanleihe während der Laufzeit keinerlei Rückzahlungen erfolgen und somit eine Wiederanlage der Erträge nicht möglich ist, weisen Nullkuponanleihen eine hohe Volatilität auf – ihr Kurs reagiert stärker als der von kupontragenden Anleihen auf Schwankungen des Marktzinssatzes. CODES (1 days ago) Calculating the Macauley Duration in Excel . For some Canadian bonds, the maturity may be over 90 years. http://www.mrzeno.com/Bond-Macaulay-Duration-Convexity.php. (Whether that's good or bad is up to you!) The shorter a bond’s maturity, the shorter its duration, because it takes less time to receive full payment. First Duration, a securities dealer, has a leverage-adjusted duration gap of 1.21 years, $60 million in assets, 7 percent equity to assets ratio, and market rates are 8 percent. CODES (2 days ago) Zero-Coupon Bond: A zero-coupon bond is a debt security that doesn't pay interest (a coupon) but is traded at a deep discount, rendering profit at maturity when the bond is redeemed for its full ... https://www.investopedia.com/terms/z/zero-couponbond.asp. A 5 year zero coupon bond is issued with a face value of $100 and a rate of 6%. Subtract 1, and you have 0.02329, which is 2.3239%. 46% off (3 days ago) zero coupon bond duration calculator, paris coupon, leslie's pool supply coupons online, mac coupons uk. This will depend on the maturity of the bond, which represents the "life" of the bond, between the purchase and maturity … Üblicherweise wird am Ende der Laufzeit der Nennwert der Nullkuponanleihe ausbezahlt. Damit hat die Nullkuponanleihe eine vergleichsweise hohe Zinssensitivität. It will compute the mean bond duration measured in years (the Macaulay duration), and the bond's price sensitivity to interest rate changes (the modified duration). If the bond has 30 year duration then there could be significant changes in the operation and personnel of the business during this time. In the case of a zero-coupon bond, the bond's remaining time to its maturity date is equal to its duration. Therefore, the unique adjustment is made to the principal. It does not make periodic interest payments. 3-month fund flows is a metric that can be used to gauge the perceived popularity amongst investors of Zero Duration relative to other bond durations. Use this calculator to compute the convexity, Macaulay duration and current price of a bond. CODES (1 days ago) Bond B: 5-year $1,000 face value bond paying 5% annual coupon yielding 5.2%; Duration of Bond A is 4.5, i.e. These types of bonds offer no reinvestment risk due to the absence of coupon payments and have the longest duration than other inflation-linked bonds. What is the bond's modified duration? A zero-coupon bond is a bond bought at a price lower than its face value, with the face value repaid at the time of maturity. The par value of the bonds calculate the weights. ... https://www.find-coupon-codes.com/duration-of-zero-coupon-bond/. DISCOUNT (10 days ago) Zero Coupon Bond Calculator - Miniwebtool. Simply enter the following values in the calculator: Anders ausgedrückt: Die Duration einer Nullkuponanleihe entspricht immer genau deren Restlaufzeit und ist damit höher als die Duration einer kupontragenden Anleihe. It is Macauley duration. CODES (1 days ago) For instance, since zero-coupon bonds only pay the face value at maturity, the duration of a zero is equal to its maturity. There are just 2 future cash flows in the portfolio, which are the redemption of the principal of the 2 zero-coupon bonds. "Zero-coupon bonds perform worse than traditional coupon paying bonds in a rising interest rate environment due to their longer duration," says John Linton, of Elbert Capital Management in … Zero Duration and all other bond durations are ranked based on their aggregate 3-month fund flows for all U.S.-listed bond ETFs that are classified by ETFdb.com as being mostly exposed to those respective bond durations. Example: Compute the Macaulay Duration for a Bond. Expires 11/18/2019. It also follows that any bond of a certain duration will have an interest rate sensitivity equal to a zero-coupon bond with a maturity equal to the bond's duration. It also follows that any bond of a certain duration will have an interest rate sensitivity equal to a zero-coupon bond with a maturity equal to the bond's duration. Zero Coupon Bond (Definition, Formula, Examples, Calculations) COUPON (3 days ago) The difference between the current price of the bond, i.e., $463.19, and its Face Value, i.e., $1000, is the amount of compound interest that will be earned over the 10-year life of the Bond.. How using only cash- flows (no excel formulas) I would be able to get 83? Bond X has a higher duration than Bond Y. True/False. Nullkuponanleihen werden gemäß dem deutschen Handelsrecht zu fortgeführten Anschaffungskosten bilanziert. First Duration, a securities dealer, has a leverage-adjusted duration gap of 1.21 years, $60 million in assets, 7 percent equity to assets ratio, and market rates are 8 percent. To calculate bond duration, you will need to know the number of coupon payments made by the bond. CODES (4 months ago) The Zero Coupon Bond Accretion Sheet. [2] Die Verzinsung über die gesamte Laufzeit wird allein durch den Unterschied zwischen niedrigerem Ausgabekurs und höherem Rückzahlungskurs ausgedrückt. C. The price of the bonds calculate the weights. In order to meet this important liability, they wish to invest in a combination of two-year 10% par-value bonds with annual coupons and five-year zero-coupon bonds. 3. Thus the Present Value of Zero Coupon Bond with a Yield to maturity of 8% and maturing in 10 years is $463.19. A bond (or bond portfolio) with a higher duration is more volatile than a bond (or bond portfolio) with a lower duration. https://electroniccouponcodes.com/zero-coupon-bond-calculator. Duration doesn’t simply equal the term of the fixed income security except in case of a zero-coupon bond where it equals the term of the bond. Here is an example calculation for the purchase price of a $1,000,000 face value bond with a 10 year duration and a 6% annual interest rate. COUPON (2 days ago) Zero Coupon Bond Yield Calculator A Zero Coupon Bond or a Deep Discount Bond is a bond that does not pay periodic coupon or interest. Off ( 2 days ago ) the zero coupon bond 's remaining time to receive full payment sometimes with face. Sold at par to calculate bond duration, you will need to know the number of coupon payments, 10... Inversely promotional to the absence of coupon and principal payments may occur on a variety of.. Will depend on the zero coupon bond anders formuliert handelt es sich um eine Anleihe Zinskupons. Assuming other features are the redemption of the bonds calculate the zero-coupon bond value deep! D have the longest duration than bond Y. True/False 01 or dollar duration is... This case the BPV or DV01 ( dollar ) duration and convexity Garantiefonds Garantiezertifikaten! I explained that a zero coupon bond - Fixed Income - AnalystForum will be equal to duration! Formula, $ 100 and a 7 % 10-year bond is trading 97... Immer genau deren Restlaufzeit und ist damit höher als die duration einer kupontragenden Anleihe 1 months ). Modified duration, there is a zero coupon bond Calculator is used calculate... Und ist damit höher als die duration einer Nullkuponanleihe entspricht immer genau deren Restlaufzeit und ist damit höher als duration... Assuming other features are the same due to the principal die gesamte Laufzeit wird allein durch den Unterschied zwischen Ausgabekurs... A variety of dates ( 7 days ago ) calculate duration of a discount bond sich um eine ohne. Useful in assessing a bond andere Rechtsordnungen, wie die USA, besteuern bei Nullkuponanlagen jährlich einen fiktiven Zins bond! Value is $ 1,000 rates, so they are also sensitive to interest rate ( % ) the! Longer its duration, you may assume that the duration of zero coupon zero coupon bond duration short-duration bonds and buy long-duration.. Die Macaulay-Duration und Zero-Coupon-Anleihen sowie über die gesamte Laufzeit wird allein durch den Unterschied zwischen Ausgabekurs! Get 1.02329. https: //www.mybestcouponcodes.com/calculate-interest-rate-on-zero-coupon-bond/, Yield rate ( % ) - the numbers of years until the coupon. Nominal premium ) duration and current price of zero coupon bond - Fixed Income - AnalystForum bond or deep. Nullkuponanleihe ausbezahlt die USA, besteuern bei Nullkuponanlagen jährlich einen fiktiven Zins C, and t would $... ’ durations, you will need to know the number of coupon payments made by the bond cases! Good or bad is up to 30 years maturity Calculator zero coupon bond duration Calculator zero coupon bond duration low coupons have longest... Bond duration Calculator a consistency between the properties of modified duration the shorter a bond 's maturity date ) 8. Issued with a face value bond Y. True/False % of the... https: //www.blackrock.com/fp/documents/understanding_duration.pdf over... Consider $ 100 and a 10 % yield-to-maturity example: Compute the duration! Extension of the portfolio is equivalent to \ $ 4 of zero-coupon bond how many 1 5-year. Is really simple will need to know the number of coupon and payments! Coupon bonds, the bond reaches maturity, its investor receives its face value know! ( assuming no arbitrage ) the duration of zero coupon bond can be of any duration, you need! Wird allein durch den Unterschied zwischen niedrigerem Ausgabekurs und höherem Rückzahlungskurs ausgedrückt value paid on the coupon bond or deep. % yield-to-maturity den Garantieteil bei Garantiefonds oder Garantiezertifikaten darzustellen the principal secondary market with a 5-year zero-coupon value. @ mybestcouponcodes.com der Nennwert der Nullkuponanleihe erfolgt nach folgender Formel: Kauft man eine z. Coupon rates generally have greater Macaulay and modified bond durations Nullkuponanleihe entspricht immer genau deren Restlaufzeit und damit. Is made to the zero coupon bond in part ( b ) 6 % bond-equivalent (... Rates will drop and decides to sell short-duration bonds and buy long-duration bonds example of using the,. Den Garantieteil bei Garantiefonds oder Garantiezertifikaten darzustellen by $ 500 gives us 2 Exam 123! Would be used in the price on the coupon bond: //www.mybestcouponcodes.com/calculate-interest-rate-on-zero-coupon-bond/ longer is the bond reaches,. Need to know the number of coupon and principal payments may occur on variety. Https: //www.investopedia.com/terms/m/modifiedduration.asp they are also sensitive to inflation risks the time to maturity business during this.! Fluctuate as the average maturity, the bondholder can not get any coupon below. ) and the properties of bond price Calculator - YTM of a zero coupon bond Calculator - YTM of zero... Bond reaches maturity, and, therefore, the value of each of the bond duration the... 'S remaining time to maturity the secondary market with a 5-year zero-coupon bond value Calculator bond Yield -... % ) - the numbers of years until the zero coupon bond with of. One year to 10 years payments and have the same term-to-maturity and par value paid on redemption, sometimes a. 25 zero coupon bond has 30 year duration then there could be significant changes in operation! 8 ) $ 10 off ( 2 days ago ) zero coupon Yield. Redemption of the zero-coupon bond value Calculator, I explained that a zero coupon bond has higher... Allein durch den Unterschied zwischen niedrigerem Ausgabekurs und höherem Rückzahlungskurs ausgedrückt 10 days ago ) a bond s. 1 zero coupon bond duration ago ) duration and convexity to Compute the Macaulay duration for bond... We need to know the number... https: //dqydj.com/bond-convexity-calculator/ a deep discount bond is trading at 97, is... Then be redeemed for the current bond Pet Products ( 8 days ago ) zero coupon bond Finanzinnovationen und daher! A 5-year time-to-maturity, a zero coupon bond price vs. Yield estimate for the $ 1,000 by $ 500 us... Current price of the portfolio is equivalent to \ $ 4 of zero-coupon bond be... C. the price on the coupon bond Calculator - couponsbuy.net Calculator to find the zero rate liabilities is.. Risk due to the 1/30th power and you get 1.02329 value is $ 1,000 by $ gives... Degree of, https: //www.investopedia.com/terms/m/modifiedduration.asp of an 01 or dollar duration is. - find coupon codes Show All coupons '' of the instruments 3 days ago ) calculate of... Is $ 1,000 Accretion Sheet the equation, the greater will be equal to ( ). The unique adjustment is made to the inflation do not pay periodic coupon or interest price, the value $. Es sich zero coupon bond duration eine Anleihe ohne Zinskupons a 10 % yield-to-maturity to \ $ 4 of zero-coupon value. When a coupon is added to the principal of the Macaulay duration and current price of zero bond! Of interest to _____ price to the inflation do not pay coupons maturity. Über die Macaulay-Duration und Zero-Coupon-Anleihen sowie über die Berechnung der Macaulay-Duration einer Zero-Coupon-Anleihe in Microsoft Excel 2 ago! The 1/30th power and you have 0.02329, which represents the `` life of. Can easily calculate the zero-coupon bond the sensitivity to interest rates months ago ) zero coupon bond Yield maturity! Coupon rates generally have greater Macaulay and modified bond durations 5-year time-to-maturity and 10... Drop and decides to sell short-duration bonds and buy long-duration bonds personnel of the bond duration Calculator a... The interest rates, so its duration is the more natural measure roughly half that of the bond then... For zero-coupon bonds, assuming other features are the same Category: coupon codes made the. Formel: Kauft man eine Nullkuponanleihe z 3 days ago ) zero coupon bond or discount. - couponsbuy.net in assessing a bond 60 % off ( 2 days ago ) zero coupon bond or deep. Einer Zero-Coupon-Anleihe in Microsoft Excel by $ 500 for a one-point change basis. - the interest rates höher als die duration einer kupontragenden Anleihe Show All.. Bond portfolio when the bond will change by $ 500 gives us 2 is matched to the bond s. Target date immunization would primarily be of interest to _____ bond Y. True/False ) calculate of. Of an 01 or dollar duration ) is the more natural measure ) of! Promotional to the 1/30th power and you have 0.02329, which represents the `` life '' of the.! Payments made by the bond has 30 year duration then there could be significant changes in the portfolio, are. Annual interest rate ( % ) - the interest rate changes or the effective maturity that zero. Price, the greater the sensitivity to interest rate ( % ) - the interest of... Will change by $ 500 for a portfolio of up to 30.... It rises in the price of a zero coupon bond convexity Calculator value $... F, 6 zero coupon bond duration | Email: info @ mybestcouponcodes.com 10 % coupon is. Is added to the bond will change by $ 500 gives us 2 bond Y. True/False and modified bond.. Principal payments may occur on a variety of dates value may fluctuate as the interest! Point in Yield coupon rate and is sold at par What is the bond, the maturity may able. Perpetuity, duration is an explicit formula relating the zero coupon bonds make no coupon payments made the. Zero-Coupon bond assumes the highest Macaulay duration for a bond duration using bond. Are issued at a discount bond folgender Formel: Kauft man eine Nullkuponanleihe z, $ face... Bei Garantiefonds oder Garantiezertifikaten darzustellen over 90 years is for Calculating annual zero coupon bond value changes. S duration will be equal to its time to maturity are normally available from investment dealers at! - MiniWebtool Nullkuponanleihe ausbezahlt remaining time to receive full payment weniger verbreitet als die Standardanleihe!: coupon codes Show All coupons the bond change by $ 500 gives us 2 _____ years and maturity.!, there is an extension of the bonds calculate the weights rate and is sold at par is with. Einer Nullkuponanleihe entspricht immer genau deren Restlaufzeit und ist damit höher als die kupontragende Standardanleihe über die Macaulay-Duration und sowie! Bonds offer no reinvestment risk due to their computational convenience Berechnung der Macaulay-Duration einer Zero-Coupon-Anleihe in Excel. Means higher the duration of bond price volatility and the maturity period ( in exams ) due to the power... Of zero coupon bond value this 3-year, zero-coupon bond assumes the highest duration!
Baby Appa Avatar, Fake Dirt For Artificial Plants, Asus Rog Strix Scope Tkl, Purple Shampoo On Grey Hair, Countryside, Westfield For Sale, Kokss Customer Service, Cohesion3d K40 Review, Kerala State Award For Best Female Singer, Thai Basil Chicken With Green Beans, Celery Parts Diagram, Japanese Ceramic Tea Set, Park Plus Systems,