Pnl Explain free essay sample

Why? Since the YTM is characterized as the rate which, whenever used to limit the bond’s incomes, gives its cost. We could picture it like this: Bond Cash Flows on a Time Scale Each fixed coupon of 10% is limited back to today by the respect development of 12%: 93. 93% = 10 + 10 + 10 + 110 (1. 12)1 (1. 12)2 (1. 12)3 (1. 12)4 All we are doing is watching the yield in the market and illuminating at the cost. Then again, we could work out the yield on the off chance that we have the cost from the market. Security value adding machines work by iteratively explaining for the respect development. For a security exchanging at standard, the respect development and coupon will be the equivalent, e. g. a multi year security with a fixed coupon of 10% and a yield of 10% would exchange at 100%. Note that security costs go down as yields go up and security costs go up as yields go down. This opposite connection between security costs and yields is genuinely instinctive. We will compose a custom exposition test on Pnl Explain or then again any comparative theme explicitly for you Don't WasteYour Time Recruit WRITER Just 13.90/page For our standard security above, if multi year showcase yields tumble to 9% financial specialists will pay more than standard to purchase the above market coupons of 10%. This will constrain its cost up until it, as well, yields 9%. On the off chance that yields ascend to, state, 11% financial specialists might be happy to pay not as much as standard for the security since its coupon is underneath the market. For a point by point case of the bond evaluating process, see Appendix 3. Until further notice, note that the messy cost of a bond is the total of the current estimations of the incomes in the bond. The cost cited in the market, the supposed â€Å"clean† cost or market cost, is in reality not the current benefit of anything. It is just an accountants’ show. The market cost, or clean cost, is the current worth less collected enthusiasm as per the market show. . Pamp;L sensitivities of a security As we saw over, the cost of a security can be resolved in the event that we realize its incomes and the rebate rate (I. e. YTM) at which to introduce esteem them. The yield bend from which are determined the markdown factors for a security would itself be able to be considered as the total of two bends: 1. the â€Å"underlying† yield bend (typically Libor), and 2. the â€Å"credit† bend I. e. the spread over the basic bend The affectability of the bond cost to an adjustment in these two bends is called: I. PV01, and ii. CS01 separately. As far as the model over, the rebate pace of 12% may be separated into, state, a Libor pace of 7% along with a credit spread of 5%. (Note, in the accompanying, it is significant not to confound the markdown rate, which is an annualized yield, and the rebate factor, which is the consequence of aggravating the markdown rate over the development being referred to. ) notwithstanding the sensitivities portrayed above, we can likewise consider the effect on the cost of the obligation of a one day decrease in development. Such a decrease influences the cost for two reasons: ) accepting the yield bend isn’t level, the markdown rates will modify on the grounds that, when all is said in done, the rebate rate for time â€Å"t† isn't equivalent to that for time â€Å"t-1† b) since one day has slipped by, whatever the rebate rate, we will compound it dependent on a period span that is shorter by one day The names given to these two sensitivities are, separately: iii. Theta, a nd iv. Convey Note that, of these four sensitivities, just the initial two, I. e. PV01 and CS01, are â€Å"market sensitivities† as in they relate to sensitivities to changes in showcase boundaries. Theta and Carry are free of any adjustment in the market and reflect various parts of the affectability to the progression of time. i)PV01 Definition The PV01 of a bond is characterized as the current worth effect of a 1 premise point (0. 01%) expansion (or â€Å"bump†) in the yield bend. In the induction underneath, we will allude to a nonexclusive â€Å"discount curve†. As noted before, this markdown bend, from which are determined the rebate factors for the security valuing computation, would itself be able to be considered as the whole of two bends: the â€Å"underlying† yield bend (regularly Libor), and a credit bend (mirroring the hazard well beyond the interbank chance ncorporated in the Libor bend). The PV01 figures the effect on the cost of knocking the basic yield bend. Figuring For straightforwardness, consider the instance of a zero coupon bond I. e. where there is just one income, equivalent to the presumptive worth, and happening at development in n years. Note, however, that the standards of the accompanying examination will similarly apply to a coupon paying bond. We start by characterizing: P = cost or present worth today R(t) = markdown rate, today, for development t FV = face estimation of the security Then, from the abovementioned, we know: P = FV/(1+r(t))^n Now consider the effect a 1bp knock to this bend. The markdown rate becomes: R(t) = R(t) + 0. 0001 The new cost of the bond, Pb(t), will be: Pb = FV/(1+[r(t)+. 0001])^n Therefore, the affectability of this cling to a 1bp increment to the rebate bend will be: Pb †P = FV/(1+[r(t)+. 0001])^n FV/(1+r(t))^n Eqn. 1 The main term is consistently littler than the subsequent term, in this way: * on the off chance that we hold the security (long posn), the PV01 is negative * in the event that we have short sold the security (short posn), the PV01 is certain We can likewise observe that: the higher the yield (rebate rate), the littler the PV01. This is on the grounds that a move in the rebate rate from, for instance, 8. 00% to 8. 01% speaks to a littler relative change than from 3. 00% to 3. 01%. At the end of the day, the higher the yield, the less touchy is the security cost to a flat out change in the yield * the more extended the development, the greater the PV01. Thi s is increasingly evident the more drawn out the development, the greater the intensifying variable that is applied to the changed markdown rate, along these lines the greater the effect it will have. To stretch out this technique to a coupon paying bond, we basically note that any bond can be considered as a progression of individual incomes. The PV01 of each income is determined as above, by knocking the fundamental yield bend at the relating development. By and by, where a portfolio contains numerous bonds, it would not be viable, nor give valuable data, to have a PV01 for each and every income. In this way the incomes over all the positions are bucketed into various developments. The PV01 is determined on a bucketed premise I. e. by figuring the effect of a 1bp knock to the yield bend on each pail separately. This is an estimate however empowers the broker to deal with his hazard position by having a vibe for his general introduction at every one of a progression of developments. Common bucketing may be: o/n, 1wk, 1m, 2m, 3m, 6m, 9m, 1y, 2y, 3y, 5y, 10y, 15y, 20y, 30y. Worked model: Assume we hold $10m notional of a zero-coupon security developing in 7 years and the respect development is 8%. Note that, for a zero coupon security, the YTM is, by definition, equivalent to the markdown rate to be applied to the (slug) installment at development. We have: Price, P = $10m/(1. 08)^7 = $5. 834m Knocking the bend by 1bp, the â€Å"bumped price† becomes: Pb = $10m/(1. 0801)^7 = $5. 831m Therefore, the PV01 is: Pb †P = $5. 831m $5. 835m = - $0. 004m (or - $4k) Meaning In the model above, we have determined the PV01 of the cling to be - $4k. This implies, if the hidden yield bend were to increment from its present degree of 8% to 8. 01%, the position would decrease in an incentive by $4k. On the off chance that we accept the pace of progress in estimation of the security as for the yield is consistent, at that point we can figure the effect of, for instance, a 5bp knock to the yield bend to be 5 x - $4k = - $20k. Note, this is just an estimation; if we somehow managed to chart the security cost against its yield, we wouldn’t see a straight line however a bend. This non-straight impact is called convexity. By and by, while for little changes in the yield the estimation is substantial, for greater changes, convexity can't be disregarded. For instance, if the yield were to increment to 9%, the effect on the cost would be - $365k, not - (8%-9%)x$4k = - $400k. Utilize The idea of PV01 is of crucial everyday significance to the merchant. Practically speaking, he deals with his exchanging portfolio by checking the bucketed yield bend introduction as communicated by PV01. Where he feels the PV01 is excessively huge, he will play out an exchange intended to either smooth or decrease the hazard. Additionally, when he has a view as to future yield bend developments, he will situate his PV01 presentation to exploit them. For this situation, he is taking an exchanging position. ii)CS01 The premise of the CS01 computation is indistinguishable from that of the PV01, just this time we knock the credit spread as opposed to the basic yield bend. The above model depended on a conventional markdown rate. Practically speaking, for any security other than a hazard free one, this rate will be mix of the yield bend along with the credit bend. From the outset in this way, we would anticipate that, regardless of whether we knock the yield bend or the credit spread by 1bp, the effect on the cost ought to be comparative, and portrayed by Eqn. 1 above. What we can likewise say is that, knocking the yield bend, the general rebate rate will increment and accordingly, concerning PV01: * on the off chance that we hold the security (long posn), the CS01 is negative * on the off chance that we have short sold the security (short posn), the CS01 is certain From indistinguishable contemplations from for PV01, we can see that: * the higher the credit spread, the littler the CS01 * the more extended the development, the greater the CS01 By and by, when we take a gander at various incomes, the effect of a 1bp knock in the yield bend isn't indistinguishable from a 1bp knock in the credit spread. This is on the grounds that, bury alia: * the bends are not a similar shape and along these lines introductions will contrast * knocking the credit spread influences default likelihood suspicions that will, thusly, sway the bond cost as a rule however, PV01 and CS01 for a fixed coupon b

world war 11 essays

world war 11 expositions World War I, the main all around damaging clash that the Western Civilization created, has been the subject of different examination, understandings and reexaminations of the different makes that drove it. At first, the blame was set upon Germany and its partners. In the end, authentic examination directed in decades after the occasion, lead to a move from the blame point of view, to a more extensive one of different interfacing factors. Albeit right around nine decades have slipped by, one inquiry despite everything perseveres: Which clarification is most appropriate as the reason for WWI? To give an answer, the perspectives on six students of history will be thought of. To start, James Joll's response to the inquiry will be analyzed. It will be seen that he considered a few factors that, as indicated by him, interlinked and lead to the contention. Five extra informative models will be investigated: those of students of history Arno Mayer, Wolfgang Mommsen, Donald Lammers, Micheal Gordon and Konrad Jarausch. They focused on progressively explicit issues as a feature of deciphering the reasons for the contention. In his 1980s book The Origins of the First World War, history specialist James Joll offers a clarification connecting the whole social, political and financial range of twentieth C. Europe. In the first place, he begins his quest for a reason in the July Crisis of 1914. The July 1914 emergency began with the strategic final proposal that Austro-Hungary gave Serbia. The remainder of the European forces, electrifies in the different coalition frameworks, where overpowered. In this manner, Germany was offering unchallenged help to the Hapsburgs, regardless of whether it was to be military, while realizing that the Russians were questioning any utilization of power against Serbia and undermining their mediation. France appeared to be confounded, however was prepared to help Russian mediation against Austria-Hungary. England, forced both by France and Russia, was uncertain until it authoritatively declared its military help to them. At long last, as indicated by Joll, in July eve... <!

Perspectives for a Balanced Scorecard

Perspectives for a Balanced Scorecard Perspectives for a Balanced Scorecard Approach to an Organization (Futura) Home›Economics Posts›Perspectives for a Balanced Scorecard Approach to an Organization (Futura) Economics Posts  IntroductionFutura is a 50 year old international company involved with aluminum extruding, finishing, fabrication, machining and design. Futura industries serves a high end clientele in a variety of markets for example; floor covering, electronics, trims, showers, marine and transportation.Futura industries are guided by their mission that states that “Extraordinary Value through Extrusions”. With this mission the company expects each and every employee to contribute to the success of the company as well as of the customer.Futura has adopted a visionary strategy of Learning, innovation and growth as one part of its growth strategy and as a dimension in creating a balanced scorecard. This is because Futura believes that a work force that is challenged to grow and feels respected and trusted is the foundation of its success. This strategy has led to the company’s 50% revenue increase from 1996 1999 without hiring new staff.The balanced scoreboard at Futura is approached to make sure the company grows, prospers and survives. This is further divided into two major pillars of strategy to make sure they are easily monitored and easily manageable, these pillars are; growth and operational excellence.Growth is monitored by intimacy, this where the company uses the knowledge it has of its customers to solve problems and improve on the services to them, flawless production of their products without hitches hence these ensuring there is a steady supply and the last bit under the growth strategy is   production of new products. This keeps it in line with its goal of innovation and attracts new customers too.Operational excellence is gained through speedy delivery of its products and maintaining quality as well as planning and having timely delivery to their customers. The com pany also has continually reduced its costs. Hence the balanced score board approach has been used by Futura as an overall tool to tract its growth and survival.The balanced scorecard helps the company to satisfy its mission by putting together the company’s strategy and tactical measures. This dimension of learning, innovation and growth, when put to operation made sure that the other three components of its overall dimension also succeeded. These components are namely; customer service, financial and internal operations.The three objectives of improving the company’s financial position include the followingImprove the costing information of customers.This analyses the standard price per item per customer so that the Futura industries can compare the profitability between customers.This is used in monthly reporting meetings to communicate the financial state of the entire company and also to compare customers based on the profitability that in turn drives behavior. This falls p erfectly within the company’s mission and overall strategy in that the growth of the company has to closely monitored to in order to arrive to and achieve extraordinary value.Measures in internal perspectivesFutura follows four major goals when it comes to measuring and achieving its internal perspectives. These goals include the following:Planning and delivering flawless new productsPlan and deliver in order to deliver what the say and when say.Indent new products in products and processes andReduce their cost continuallyThis has been specifically designed in guidance with the mission. In order for the company to be and extraordinary valuable and maintain its learning, innovation and growth the company has to maintain a vibrant work force.Good customer service.The Futura industry has built a customer service dimension which lies entirely in hiring people aligned with the company and retaining those who deliver outstanding customer service. This has helped the company to stay in f ocus and in touch with its mission and the entire the dimensions hence the industry keep being extraordinary value trough extrusions.Performance measures of each of these objectives:Futura measures the performance of improving the costing information on each customer objective by analyzing standard cost per item to the actual cost per item this is done by actually looking into individual level. Actual costs vary based on time of production, raw materials to be used and overhead costs.However, to measure customer service urgency and responsiveness is the major ways Futura industries uses to gauge customer service. This has four major dimensions for measure which include: customer satisfaction, customer complaints, on time delivery and return materials rate to measure customer satisfaction the company calls 10 customers randomly and asks them a series of questions as it regards its relationship with Futura.While measuring internal perspectives Futura industries addresses these from fo ur major parts the goals themselves.Plan and deliver flawless new products.Plan and deliver orders of what   they have promised and when they promisedIndentify new opportunities and processesReduce their costsHence the industry admits that one of their important metric on basic scoreboard is safety.Expected Level of Performance for each ObjectiveThe performance of the improvement of costing information is to make sure the order processing is bringing profits to the company hence the high volume customers are targeted for ways the company can gain additional profitability. This is used by the sales team too to daily manage net grass margin levels hence the target.Internal perspective is targeted to continually improve new job analysis in order to drive ultimate productivity and profitability of the company. Futura industries uses this for employment physicals to predict the ability to succeed an the job and for the annual ‘fitness to work’Hence, meeting the goals to reduce the nu mber of insurance claims and thus improving on the company’s profitability.Customer targets on quality, on time delivery and fair value of products and services. This is inclined at improving the customer confidence in the company and aims at maintaining and also attracting more, thus when you take a close look at the basic scoreboard you will realize that it s been used in every aspect build a profitable company and keeps it on tract with its mission and vision.Programs Developed to help Implement each ObjectiveFutura industries has developed a number of programs and developed new ideas which are made to meet its needs. for example the following:-Futura has developed a cool tool that has helped greatly to improve costing information. This tool is used to financial department to analyze measure and daily gross margin levels as well as analyze each customer by items they purchase or order.A Futura industry has as well come up with an analysis method introduced to capture data on ve ry critical motion used on the job. This is conducted by a physical therapist and monitors employees individually in each major category of the job.In addition to the above, Futura industries also uses surveys in order to ensure customer service is kept at its highest levels possible. This has ensured the company gets relevant and useful feedback as well as keeps in touch with the disgruntled customers.In conclusion, we can therefore a test that the basic scorecard has been utilized in an innovative manner by Futura industries and it has helped it to maintain in its mission, vision and overall strategy hence the success and continued growth of the company.  Futura Company has used the balanced scoreboard approach as an overall tool in its daily management and uses it to make sure it has kept tract of its mission and vision in an innovative manner.

Oedipus Trilogy Analysis - 1214 Words

Novel Analysis of The Oedipus Trilogy Oedipus Rex, or Oedipus Tyrannus as it is in Latin, could be what we call today a Freudian work of literature. The Oedipus Trilogy was originally written by Sophocles and is meant to be told in a story-telling fashion. But this Grecian tragedy was revised and translated into English by Paul Roche and put into a novel form. The Oedipus Trilogy is a novel that deals with destiny and fate. The reader is shown a series of events plotted out from which Oedipus cannot escape. When we begin to read this story, we must remember that Greek society was based around myths and legends. They, much like today#8217;s society, had the need to explain everything. Their myths were a way of explaining such things.†¦show more content†¦Creon seems to be a man of distinction and honor in the story. Tiresias, as the seer, symbolizes knowledge and reason. Jocasta acts as the mediator between Oedipus and the rest of the world. The two daughters are quiet and ob edient to only their family and to what makes sense. The sons are the symbol of the everlasting conflict in the line of Oedipus. Of course the setting takes a major role in the play. It takes place in ancient Greece, naturally, where tragedies and stories of misfortune are known to happen. And as such there are many symbols used throughout the trilogy. The chorus is one of the main symbols continually used in the story, singing their strophies and antistrophies. Their importance is to show what the people of the time would feel about what was happening. They are sort of a mild version of critics in the story. Tiresias, the seer, is another great symbol in the story. Though he is blind, he is proved in the story to have seen things more clearly than the stubborn Oedipus would have. The irony of it is that Oedipus himself later became that seer in the story of Colonus, with Antigone as his own hand-girl. 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Further analysis has shown that to live a just and good life is to first gain knowledge and understand what it means to be good and just. Putting yourself first enables you to help others and lastly we are only able to really know what we experience andRead MoreEssay The Cycle of Vengeance in Aeschylus’s Oresteia2440 Words   |  10 Pagesfather by killing both Aegisthus and their own mother. The Furies, enraged by Orestes’ violation of the filial bond, pursue his punishment. The Eumenides covers the taming of the Furies, the reconciliation of the dominant opposing for ces in the trilogy, the establishment of Athena’s court of law, and, as J. J. Pollitt argues, â€Å"brings us out of the earlier dark irrationality into what seems an enlightened world of order and reason† (30). 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Glossary of Usage Later and Latter

The words later and latter look similar, but their meanings arent quite  the same. Definitions The adverb  later means after a particular time or any time after the present. Later is also the comparative form of the adjective late. The adjective latter means occurring at or near  the end of an activity. Latter also  refers to the second of two persons or things already mentioned. Examples Though Amy said that she would join me later, I never saw her again.The porch light went out, then the light in the hall. A second later, a light went on upstairs at the side of the house, shining into a tree  that was still covered with leaves.(John Cheever, The Country Husband. The New Yorker, 1955)Sacajawea in her younger days seems, as you state, to have had her full share of trouble, but in her old age she was more fortunate. Her  latter years  on the reservation were passed in peace and plenty.(Reverend John Roberts quoted by  Grace Raymond Hebard in  Sacajawea,  A Guide and Interpreter of the Lewis and Clark Expedition, 1939)There are two kinds of worries: those you can do something about and those you cant. Dont spend any time on the latter.(attributed to Duke Ellington)[I]f were worried about the longer-term implications of current policies,  the buildup of greenhouse gases is a much  bigger deal than the  accumulation of low-interest debt. It’s biza rre to talk about the latter but not the former.(Paul Krugman,  What About the Planet? The New York Times,  October 7, 2016) Idiom Alerts Sooner or Later The expression sooner or later means eventually  or at  some unspecified time in the future. The boy was looking at the dead roadside trees. Its okay, the man said. All the trees in the world are going to fall sooner or later. But not on us.(Cormac McCarthy, The Road. Knopf, 2006) Catch You Later The expression catch you (or see you) later means Goodbye for now, but I will see you again at some later time. I’m going to call your grandmother later on this morning to see if I can stop over. When is a good time to call?Anytime, she’s an early riser. Probably been up for hours already.â€Å"Still, I think I’ll wait till nine or so.Cool. I’ll catch you later, girl. Tell Nana I said hi.Will do, I said and disconnected. (Victoria Laurie, A Vision of Murder. Signet, 2005) Practice (a) Were it left to me to decide whether we should have a government without newspapers, or newspapers without a government, I should not hesitate a moment to prefer the ______.(Thomas Jefferson in a  letter to Edward Carrington, January 16, 1787)(b) A little _____ that afternoon, when George had done his chores and finished his homework, he decided to go back next door.(Stephen Hawking and Lucy Hawking, George and the Big Bang. Simon Schuster, 2012) Answers to Practice Exercises (a) Were it left to me to decide whether we should have a government without newspapers, or newspapers without a government, I should not hesitate a moment to prefer the latter.(Thomas Jefferson in a  letter to Edward Carrington, January 16, 1787))(b) A little later that afternoon, when George had done his chores and finished his homework, he decided to go back next door.(Stephen Hawking and Lucy Hawking, George and the Big Bang, 2012)

Racism and Justice System Free Essays

The authors expose the myth of American meritocracy by informing us of all the ways that we maybe never paid attention to, such as how many black leaders there are in the sports arena’s such as coaches. They also expose the racial realist to the point that everything is not race based. Racial hierarchies are shown in ways that show us that American meritocracy is a myth by where blacks live. We will write a custom essay sample on Racism and Justice System or any similar topic only for you Order Now If blacks live in white neighborhoods how some would feel uncomfortable, or would even move out of the neighborhood. If racism was a thing of the past then we would no longer need affirmative action. Racism still exists and will forever exist in the world because the history it has of getting here. The book talks about how law institutionalizes the American ideal of equality, and this may be true but there are always people that are in these positions that corrupt and contaminate the entire system. Things have changed from the past form how racial discrimination was. It’s just done now through actions more so now than verbalizing. You can’t really verbalize your hatred for another race such as Texaco’s executives because you run the risk of people not bringing their business to you and now you can end up in civil court. The Supreme courts have made it even harder for one to make a discrimination suit against a company or employer because the evidence has to be so strong that it leaves no room for doubt in anyone’s mind in fact that was the case. Blacks are constantly stereotyped because of another black person’s action. Many white people have the perception that black people are lazy because we as a people seek more government help such as housing, food programs and even the low end jobs that some blacks have. They say that education rules out discrimination and employers rationally hire and promote people on the basis of their education and job skills. This is true to a certain extent; they won’t give the entire truth. They will hire African American based on those credentials but they won’t let them into the top positions. This I have found to be true just as recent as a couple of years ago. Walgreens would hire black assistant managers but would not promote them as store managers and a civil suit was filed against Walgreens’. Even in these case blacks still haven’t won because they promote a couple of black store managers and put them under a microscope, putting them in positions to fail. And once they fail they can keep hiring white store managers because they now have a paper trail of at least giving blacks an opportunity†¦.. to fail but at least they gave them a chance. Racism still exist even in schools to this day, no matter how you look at it they are still segregated to a degree. We can all agree that for the most part public schools in major cities are failing, and to get your children a good education you send them out to the suburbs. For here in Milwaukee they let a couple of black kids in their school system just to show that it’s not segregated but their tolerance for them is pretty low, knowing they can kick them out because 9 times out of ten they don’t stay in that school district. I am thankful that Brown’s case brought about desegregation in schools but there are loopholes in everything that people find. The plan that was implemented was whites move out of the major city and then their children have a chance for a better education with a lot less blacks there to intimidate or get their children involved with the wrong situation because so many whites think very lowly of blacks. I believe no matter what we as a nation or even the world will ever escape the ramifications of racism because like the book says how can we expect something of this nature to disappear in over thirty years that took over three hundred to create. My personal opinion is that we can make strides at it but we will never fully abolish racism. After all collectively as blacks we are taken for granted just as the fish takes the water they live in. How to cite Racism and Justice System, Papers

The Pyramids of Giza

Introduction The history of Egypt is one of the richest and the most amazing examples of how people could be devoted to their roots and traditions and what methods they could use to protect and improve their own culture.Advertising We will write a custom research paper sample on The Pyramids of Giza specifically for you for only $16.05 $11/page Learn More Egyptian Art was influenced by a variety of things: religion, politics, relations with different countries, environment, and citizens’ treatment (Sporre 205). Due to such close connection, Egyptian Art became recognizable by different countries within a short period of time, and Egyptian pyramids are considered to be one of the first and the most marvelous world wonders. Three magnificent pyramids of the desert at Giza have a long history that began over 4,000 years ago and represent a true marvel of architectural art: Khufu, Khafre, and Menkaure were the kings under which orders the pyramids wer e build and the kings those actions, ideas, and principles will be saved and protected by the power of the pyramids. Reasons to Create Pyramids in Ancient Egypt The idea of pyramid creation was dated more than 4,000 years ago (Filer 20) and accepted as another powerful form of sophistication of the necessity to cover royal platforms. During the period when the 4th dynasty of Egypt ruled, the three most famous pyramids were built: they were those of Khufu also known as Cheops, Menkaure also known as Mycerinus, and Khafre also known as Chephren. These pyramids symbolized the power of Egyptian pharaohs and the idea of wealth that was inherent to the Egyptian nation in the Old Kingdom. â€Å"Though the kings of the Old Kingdom built pyramids not for the sun god but for the gods they themselves incarnated, they nonetheless strove to create a sacred space partaking of the eternity of the heavens† (Assmann and Jenkins 62). Each of the above-mentioned pyramids has its own peculiariti es and functions. Different pharaohs and queens found piece in these sites, and nowadays people come to see this wonder and to demonstrate their respect, memory, and care about their past and their history. The Magnificence of Pyramids The Great Pyramid of Khufu. This pyramid was named after the king Khufu, who came to the throne of Egypt land around 2589 B.C. (Levy 6) and who spent more than 20 years to build it. It is necessary to admit that only this pyramid is considered to be one of the Seven Wonders of the Ancient World, and the only one that remains. It was the highest building until French people introduced the Eiffel Tower. And finally, it is still the most intact building in the whole world. About 2,300,000 stone blocks were used in order to create this wonder (Levy 6), and many tens of thousands of people who were skilled workers but not slaves participate in this building process.Advertising Looking for research paper on history? Let's see if we can help you! Get yo ur first paper with 15% OFF Learn More The Pyramid of Khafre. The son of Khufu, Khafre, was the second pyramid builder under whose ruling another large pyramid was created. At first sight, it seems that the Khafre pyramid is higher in comparison to Khufu’s. However, it is possible only due to the fact that it takes place on higher ground. This pyramid does not have anything in common with the first creation except the entrance that is also in the north facing side. This 15-meters-entrance introduces a rather narrow corridor that leads to a large burial room where a number of ancient rituals took place. Khafre offered to use the symbol of the Sphinx as the guardian of tombs in the pyramid, however, after his death, this idea was forgotten, and nobody wanted to recognize its power again. The Pyramid of Menkaure. In spite of the fact that this pyramid is the lowest and the youngest among these three buildings, it still plays an important role in the history of Egypt an d contains the tombs of the Pharaoh of the 4th dynasty, Menkaure. The point is that Menkaure died before the construction was finished, this is why many his ideas and suggestions were not taken into consideration. Maybe because of his death, the material of the pyramid was changed from white limestone to pink granite that was popular in the city of Aswan. It is hard to imagine how magnificent the third pyramid could be if the king was alive and was able to finish the construction to exceed all expectations and became a good substitution for his father and grandfather. Conclusion The role of pyramids in Egypt is significant indeed. Each king made numerous attempts to demonstrate his power and wealth by means of pyramids and other buildings. The pharaohs like Khufu, Menkaure, and Khafre, who came from the 4th dynasty, left probably the most significant and amazing heritage that is now recognizable by the whole world. The three pyramids of Giza attract the attention of people because o f different purposes: to grasp the idea of Egyptian culture, to learn deeper the architecture of ancient buildings, to understand the essence of traditions and the significance of pharaohs’ lives, etc. The evaluation of these three pyramids helps to realize the Egyptian Art is one of the most delicate and amazing arts in the whole world that cannot be duplicated under any conditions. Works Cited Assmann, Jan, and Andrew Jenkins. The Mind of Egypt: History and Meaning in the Time of the Pharaohs. Cambridge, Mass.: Harvard UP, 2003. Print.Advertising We will write a custom research paper sample on The Pyramids of Giza specifically for you for only $16.05 $11/page Learn More Filer, Joyce. Pyramids. New York: Oxford University Press, 2006. Print. Levy, Janey. The Great Pyramid of Giza: Measuring Length, Area, Volume, and Angles. New York: Rosen Pub. Group, 2006. Print. Sporre, Dennis, J. Reality through the Arts. 7th ed. Upper Saddle River, NJ: Prent ice Hall, 2009. Print. This research paper on The Pyramids of Giza was written and submitted by user Rivka Moreno to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.