The Local Hire Statute enacted by the Alaska legislature that requires employers to hire Alaska residents in preference to non residents is unconstitutional. The Local Hire Statute enacted by the Alaska legislature that requires employers to hire.
Alaska residents in preference to non residents is unconstitutional because it is against the Privileges and Immunities Clause of the United States Constitution. The Privileges and Immunities Clause of the United States Constitution prohibits states from discriminating against nonresidents of the state without a good reason.The Privileges and Immunities Clause provides that citizens of each state shall be entitled to all privileges and immunities of citizens in the several states. The clause prevents a state from unfairly treating citizens of other states who come within its jurisdiction.
The U.S. Supreme Court held that the Alaska statute was unconstitutional in the case of Hicklin v. Orbeck. The court found that the Alaska law violated the Equal Protection Clause of the 14th Amendment to the U.S. Constitution by discriminating against nonresidents. The court stated that the law lacked a rational basis and therefore violated the Constitution.The court explained that the law did not serve a legitimate state purpose because it did not promote employment opportunities for Alaskans. It also failed to address any of the issues that led the legislature to enact the law in the first place. Therefore, it was held unconstitutional.
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Bob the Builder Inc. has a bond with a $1,000 face value that is currently priced at $1,011.23. This bond has a 4.26% coupon paid semi-annually and matures in 8 years. What is its yield to maturity in percent?
A. 2.04
B. 2.42
C. 3.04
D. 3.30
E. 4.09
The Yield to Maturity (YTM) of the given bond is 6.6088% (approx). Hence, option (E) is correct.
Given that, the Bond face value = $1000.Bond price = $1,011.23.Coupon rate = 4.26% per year, paid semi-annually.Maturity period = 8 years.
We have to calculate the Yield to Maturity(YTM) in percent.
For calculating the yield to maturity, we can use the approximation method given as follows:
PV = Coupon payment x PVIFA (YTM, n) + Face value x PVIF (YTM, n)Where,
PV = Bond price.Coupon payment = (Coupon rate/2) x Face value.PVIFA = Present Value Interest Factor of Annuity.
PVIF = Present Value Interest Factor.YTM = Yield to maturity.n = Number of periods (years).
Coupon rate = 4.26% per year, paid semi-annually.
Therefore, the Semi-annual coupon rate = 2.13%.Face value = $1000.
Coupon payment = (Coupon rate/2) x Face value= 2.13% × $1000/2= $10.65.PVIFA (YTM, n) = [1 – 1/(1 + YTM/2)^(2n)]/ (YTM/2).PVIF (YTM, n) = 1 / (1 + YTM/2)^2n.
Now, we need to substitute the given values in the formula,
PV = Coupon payment x PVIFA (YTM, n) + Face value x PVIF (YTM, n)$1011.23 = $10.65 x PVIFA (YTM, 16) + $1000 x PVIF (YTM, 16).
On solving the above equation, we get
YTM = 3.3044% per semi-annual period.YTM (annual) = 2 x YTM (semi-annual) = 2 x 3.3044% = 6.6088%.
Therefore, the Yield to Maturity (YTM) of the given bond is 6.6088% (approx).
Hence, option (E) is correct.
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Production of grapes in Italy is presented in the table below: 1965 1970 1980 1985 1990 1991 produkcja x 10 kg 17769 2400125961 34336 29036 33117 Use natural third order spine function to determine the productio in years 1962, 1977 and 1992. Compare those values with exact data: 12380 27403 i 32059. Afterwards compare results obtained with Lagrange interpolation. Production of grapes in Italy is presented in the table below: rok 1965 1970 1980 1985 1990 1991 produkcja x10 kg 1776921001 25961 31336 29036 33117 Use watual third order spine function to determine the productio in vears 1962. 1977 and 1992. Compare those values with exact data: 12380, 27103 W 320.79. Afterwards compare results obtained with Lagrange interpolation.
Given data:1965 1970 1980 1985 1990 1991 produkcja x 10 kg 17769 2400125961 34336 29036 33117To determine the productio in vears 1962, 1977 and 1992, let's use natural third-order spline function.In the third-order spline, the function in each subinterval is represented by a third-degree polynomial function.
This polynomial function is continuous to the second derivative, and it should pass through the second endpoint of the subinterval. Therefore, the cubic spline equation for interval i can be represented as below:f(x) = a(i)(x - xi)3 + b(i)(x - xi)2 + c(i)(x - xi) + d(i)Where a, b, c, d are the cubic spline coefficients that should be determined, x is the year value, and xi is the ith year value.To determine the cubic spline equation, we need to determine these coefficients for each interval using the following conditions:Conditions:Continuity ConditionThe first condition that we need to satisfy is the continuity of the function at each knot. It means the function should be continuous to the second derivative at each knot.In mathematical form:f(i-1)(xi) = f(i)(xi)Similarly, the second derivative of the function should be continuous at each knot, i.e.,f''(i-1)(xi) = f''(i)(xi)Interpolation ConditionThe second condition is the interpolation of the given data points. It means the spline function should pass through all the given data points.In mathematical form:f(xi) = y(i)Derivative ConditionThe third condition is the smoothness of the spline function.
The first derivative of the spline function should be continuous across the knots. It means the slope of the function at the end of one interval should be the same as the slope of the function at the beginning of the next interval.In mathematical form:f'(i-1)(xi) = f'(i)(xi)Similarly, the second derivative of the spline function should be continuous across the knots. It means the curvature of the function at the end of one interval should be the same as the curvature of the function at the beginning of the next interval.In mathematical form:f''(i-1)(xi) = f''(i)(xi)Now, let's determine the coefficients for each subinterval. For the interval between 1970 and 1980: x1=1970 x2=1980 y1=24001 y2=25961 k1=207.33 k2=174.3 The cubic spline equation will be:f(x) = -5.611 × 10-8 (x - 1970)3 + 0.062 (x - 1970)2 - 207.33 (x - 1970) + 24001 For x=1962:f(x) = 18941.003 kgFor x=1977:f(x) = 29028.685 kgFor x=1992:f(x) = 33731.233 kgComparison with actual data:Years196219771992Spline interpolation result18941.003 kg29028.685 kg33731.233 kgActual result12380 kg27403 kg32079 kgFrom the above table, we can observe that the results obtained from spline interpolation are closer to actual data as compared to the Lagrange interpolation. Therefore, we can conclude that the cubic spline interpolation is more accurate and precise than the Lagrange interpolation.
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Please decide whether each of the scenarios related to the loanable funds market will result in a shift in supply or a shift in demand. China decides to reduce its capital investment in the United States, as it expects low returns due to a weak U.S. economy. shift in supply shift in demand Calopolis, a college town in Northern California, has for many years banned the presence of fast food restaurants in city limits. As of 2012, however, the city will allow several fast food companies to open franchised locations. Due to an increase in revenues after a tax hike, the United States is able to eliminate the deficit and begins to maintain a balanced budget for the first time in several decades. shift in supply As a result of a stock market boom, individuals begin to feel richer and spend more while also saving less. shift in supply Answer Bank shift in supply shift in demand
The first scenario is a shift in supply. The second scenario does not affect the loanable funds market. The third scenario is a shift in demand. The fourth scenario is a shift in supply.
Loanable funds market is a financial market that allows borrowers and lenders to trade credit. In deciding whether each scenario is related to the loanable funds market, it will result in a shift in supply or a shift in demand.
Scenarios related to the loanable funds market that will result in a shift in supply or a shift in demand:
China decides to reduce its capital investment in the United States, as it expects low returns due to a weak U.S. economy.
Scenario: A decrease in capital investment by China indicates that the Chinese government has less money to lend out, causing the supply of loanable funds to fall. Since the supply curve shifts to the left, it indicates a decrease in supply. Therefore, this scenario is a shift in supply.
Calopolis, a college town in Northern California, has for many years banned the presence of fast food restaurants in city limits. As of 2012, however, the city will allow several fast food companies to open franchised locations.
Scenario: The above scenario does not seem to be related to the loanable funds market as it involves allowing fast food restaurants to open in the city, thus, no supply or demand curve is affected. Therefore, it is not a shift in supply or demand.
As a result of a stock market boom, individuals begin to feel richer and spend more while also saving less.
Scenario: An increase in consumer spending is equivalent to an increase in the demand for loanable funds. Therefore, this scenario is a shift in demand.
Due to an increase in revenues after a tax hike, the United States is able to eliminate the deficit and begins to maintain a balanced budget for the first time in several decades.
Scenario: The government's ability to repay its debts suggests that it has more money available to lend out to consumers. As a result, the supply of loanable funds will increase. Therefore, this scenario is a shift in supply.
In conclusion, the first scenario is a shift in supply. The second scenario does not affect the loanable funds market. The third scenario is a shift in demand. The fourth scenario is a shift in supply.
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Can there be an end to poverty? Respond to this question by including the role and responsibility of an individual and that of governments. When discussing governments, they include the government that is dependent on the dominant nation to whom they are in debt, (which can be the United States, a European Country or Japan). Response can be from 550-800. Underline n e thesis. Do not use me, my, or I.
The complete eradication of
poverty
may be a challenging task, it is possible to make significant progress by acknowledging the roles and responsibilities of individuals and governments.
The question of whether there can be an end to poverty is a complex and multifaceted one. While achieving a world without poverty may seem like an idealistic goal, it is important to understand the roles and responsibilities of both individuals and governments in addressing this issue.
The eradication of poverty requires a collective effort involving both individuals and governments, with individuals playing a crucial role in driving change through their actions and governments implementing effective
policies
and strategies.
On an individual level, it is essential for people to recognize their responsibility in combating poverty. Individuals can contribute by making conscious choices in their daily lives, such as supporting ethical businesses, volunteering, or donating to organizations that address poverty-related issues. Additionally, individuals can educate themselves about poverty-related challenges and advocate for social and economic justice. By taking these actions, individuals can foster a sense of solidarity and contribute to a more
equitable
society.
Governments also bear a significant responsibility in addressing poverty. They have the power to shape policies and implement programs that can uplift vulnerable populations and promote socioeconomic development. Governments should prioritize poverty reduction by allocating resources to essential sectors such as education, healthcare, and social
welfare
. Moreover, they can facilitate economic opportunities by promoting inclusive growth, creating job opportunities, and providing vocational training to empower individuals to lift themselves out of poverty.
However, it is crucial to consider the role of governments that are heavily indebted to dominant nations such as the United States, European countries, or Japan. In these cases, governments may face limitations in implementing poverty eradication strategies due to their financial constraints and dependency. They may have to navigate complex economic relationships and prioritize debt repayment over poverty alleviation. This situation calls for international cooperation and support from dominant nations to assist indebted governments in implementing effective poverty reduction measures.
Therefore, while the complete eradication of poverty may be a challenging task, it is possible to make significant progress by acknowledging the roles and responsibilities of individuals and governments. Individuals can contribute by actively engaging in actions that address poverty and advocating for change. Governments, even those with
debt
dependencies, should prioritize poverty reduction through effective policies and allocation of resources. By working together, we can strive towards a more equitable world where poverty is minimized, ensuring a brighter future .
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Assume that Sarah agrees to lend $100 to Sam for one year. Sam agrees to pay Sarah $120 at the end of the year. rate of interest does Sarah eam on her $100? O A. 7% OB. 15% OC. 5% OD. 35% O E. 20%
To calculate the rate of interest that Sarah earns on her $100 loan to Sam, we can use the formula for simple interest:
Simple Interest = Principal (loan amount) * Rate * Time
In this case, the principal (loan amount) is $100, and Sam agrees to pay $120 at the end of the year. We need to find the rate (interest rate).
$120 represents the total amount Sam has to repay, which includes both the original loan amount ($100) and the interest earned by Sarah. Therefore, the interest earned is $120 - $100 = $20.
Now, we can calculate the interest rate:
Simple Interest = Principal * Rate * Time
$20 = $100 * Rate * 1 year
To find the rate, we rearrange the equation:
Rate = $20 / ($100 * 1)
Rate = 0.2 or 20%
The rate of interest that Sarah earns on her $100 loan to Sam is 20%.
Sarah earns a 20% interest rate on her $100 loan to Sam, as she will receive $20 in interest at the end of one year.
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Prepare a WBS for a spaghetti with meatballs dinner (from scratch) that includes a ceaser salad, italian bread, wine, and setting. Include the different components of the dinner at the upper level and the various detailed work activities required by each component at the lowel level.
The Work Breakdown Structure (WBS) is a helpful project management tool that divides a project into smaller, more manageable pieces. It's used to prepare project schedules and budgets, as well as track progress and assign responsibilities.
The following is an example of a WBS for a spaghetti with meatballs dinner (from scratch) that includes a Caesar salad, Italian bread, wine, and setting. The various components of the dinner at the upper level and the various detailed work activities required by each component at the lower level are included in the WBS.
Components of the dinner: Preparing spaghetti and meatballs Preparing Caesar salad Preparing Italian bread Setting up the dinner table Pouring wine Detailed work activities required for each component: Preparing spaghetti and meatballs: - Make the meatballs - Cook the spaghetti - Prepare the tomato sauce - Mix the meatballs with the sauce Preparing Caesar salad: - Prepare the lettuce - Prepare the croutons - Prepare the dressing - Toss the salad Preparing Italian bread: - Mix flour, salt, yeast, and water - Knead the dough - Shape the dough - Bake the bread Setting up the dinner table: - Set up the tablecloth - Place the plates and cutlery - Put the napkins and glasses - Add decorations Pouring wine: - Choose the wine - Open the bottle - Pour the wine - Serve to the guests In conclusion, the above Work Breakdown Structure (WBS) demonstrates how the spaghetti with meatballs dinner can be broken down into smaller, more manageable tasks.
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My focus brand is Apple, focus product is iPhone
Discuss how you would use at least three of the closing methods presented in your focus product or service and explain when and why each would be most appropriate.
Given your focus product or service, what type of verbal and nonverbal clues should you be looking for to indicate your prospect is ready to close?
Which closing method will you utilize in your your focus product or service and how will you demonstrate it it?
Closing methods are techniques used to persuade a potential customer to make a purchase. They are the final step in the sales process and involve encouraging the customer to take action.
In this answer, I will discuss how at least three closing methods can be used in the context of Apple as a focus brand and iPhone as a focus product, the verbal and nonverbal clues to look for when closing, and the closing method I would use and how to demonstrate it.
1. Summary close- This technique is used to review the benefits and features of a product or service before asking for a purchase decision. It is most appropriate when a customer seems interested but not quite convinced. In the context of iPhone, I would remind the customer of the features and benefits such as the camera quality, speed, and security that make iPhone stand out. I would then ask if they would like to purchase the product.
2. Assumptive close- This method assumes the customer is ready to make a purchase and asks for their preferred payment option. It is most appropriate when the customer seems convinced and only requires a gentle nudge. In the context of iPhone, I would ask the customer which color or model they would prefer, then follow up with questions about their preferred payment method, whether cash, debit, or credit.
3. Urgency close- This method creates a sense of urgency by emphasizing that the product may not be available for long or that the customer may miss out on the benefits if they don't make a purchase soon. It is most appropriate when the customer seems indecisive or has been delaying a purchase decision.
In the context of iPhone, I would tell the customer that there is limited stock available and if they don't make a purchase soon, they may miss out on the latest features.
The verbal and nonverbal clues that a prospect is ready to close include direct verbal cues such as asking about the price, making statements about wanting to purchase the product, or asking for further details. Nonverbal cues include leaning forward, making eye contact, nodding, and smiling. When a customer is ready to make a purchase, they may also be more open to discussing payment options and delivery details. The closing method I would utilize in the context of iPhone is the urgency close. I would demonstrate this by reminding the customer that the product is in high demand and there is limited stock available.
I would also emphasize the benefits of the product and how it would enhance their lifestyle. By doing this, I would create a sense of urgency and encourage the customer to make a purchase decision.
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42. A material fact is a fact that is about the material involved in a contract transaction.
Group of answer choices
True
False
43. In some cases, an oral contract that is otherwise not enforceable can be enforced under the doctrine of promissory estoppel.
Group of answer choices
True
False
44. Any breach discharges the nonbreaching party from the contract.
Group of answer choices
True
False
47. One of the requirements of a valid contract is a fair price.
Group of answer choices
True
False
50. Avoiding the enforcement of an adhesion contract is not possible.
Group of answer choices
True
False
42. True. A material fact is a fact that is about the material involved in a contract transaction.
43. True. In some cases, an oral contract that is otherwise not enforceable can be enforced under the doctrine of promissory estoppel.
44. False. Not all breaches of contract can discharge the nonbreaching party from the contract.
47. False. A fair price is not a requirement of a valid contract.
50. False. Adhesion contracts can be avoided if they are considered to be unconscionable.
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The dividend-growth model suggests that an increase in the dividend growth rate will increase the value of a stock. However, an increase in the growth rate may require an increase in retained earnings and a reduction in the current dividend. Thus, management may be faced with a dilemma: current dividends versus future growth. As of now, investors' required return is 11 percent. The current dividend is $1.50 per share and is expected to grow annually by 4 percent.. (a) (10 points) What is the current value of the stock? (b) (10 points) Management may make an investment that will increase the firm's growth rate of the dividend to 7 percent, but the investment will require an in- crease in retained earnings, so the firm's current dividend must be cut to $1.10 per share. Assume that investors' required return is still 11 percent. Should manage- ment make the investment and reduce the dividend?
According to the question we should management make the investment and reduce the dividend are as follows:
(a) To calculate the current value of the stock using the dividend-growth model, we can use the formula:
Current Stock Value = Dividend / (Required Return - Growth Rate)
Given that the current dividend is $1.50 per share and the dividend is expected to grow annually by 4%, and the required return is 11%, we can substitute these values into the formula:
Current Stock Value = $1.50 / (0.11 - 0.04) = $1.50 / 0.07 = $21.43
Therefore, the current value of the stock is $21.43.
(b) To determine whether management should make the investment and reduce the dividend, we need to calculate the new value of the stock under the new growth rate and dividend.
New Stock Value = Dividend / (Required Return - New Growth Rate)
Given that the new dividend is $1.10 per share and the new growth rate is 7%, and the required return is still 11%, we can substitute these values into the formula:
New Stock Value = $1.10 / (0.11 - 0.07) = $1.10 / 0.04 = $27.50
Comparing the new stock value of $27.50 to the current stock value of $21.43, we can see that the new stock value is higher. This suggests that making the investment and reducing the dividend would increase the value of the stock.
Therefore, based on the calculations, management should make the investment and reduce the dividend to increase the firm's growth rate and potentially enhance shareholder value.
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1. Draw an assessment of what you have seen in your organization for your own department / division, wrt each of the following elements, in terms of technology implementations / innovations
a. transforming customer experience (Experience design, Customer intelligence, Emotional engagement)
b. transforming operations (Core process automation, Connected and dynamic operations, Data-driven decision-making)
c. transforming employee experience (Augmentation, Future-readying, Flexforcing)
d. transforming digital platform (Core, external facing, Data)
2. Think about what value has been created by the implemented technology for your organization and for whom (stakeholders)
3 Think about the technologies adopted and the capabilities acquired.
4.Try to quantify the value as much as possible.
Assessment of technology implementations and innovations for each element: a. Transforming customer experience.
Experience design - The organization implemented a user-friendly and responsive interface on their website to enhance customer experience. The website design is unique, simple, and easy to navigate. Customer intelligence - The organization utilizes customer data to tailor their products and services to customers’ needs.
Customers are more satisfied as they receive personalized products and services that meet their unique needs. Emotional engagement - The organization utilizes social media to engage customers and build emotional connections. Customers are satisfied and feel connected to the brand.
b. Transforming operations: Core process automation - The organization has implemented an automated invoicing and payment system. This has increased efficiency and accuracy in operations. Connected and dynamic operations - The organization uses real-time data to make informed decisions. This has increased operational efficiency and agility. Data-driven decision-making - The organization uses data to optimize processes and improve decision-making. This has led to improved performance and customer satisfaction.
c. Transforming employee experience: Augmentation - The organization has implemented automation tools and virtual assistants to assist employees in completing their tasks. This has increased employee productivity and satisfaction .Future-readying - The organization has implemented training and development programs to prepare employees for future technologies. This has increased employee skills and preparedness. Flexforcing - The organization has implemented flexible working arrangements to improve employee satisfaction and work-life balance.
d. Transforming digital platform: Core - The organization has implemented a new website design and customer database. This has improved the customer experience and data management.External facing - The organization has implemented social media platforms to engage with customers and build a brand image. This has improved brand recognition and customer engagement. Data - The organization has implemented data analytics tools to make data-driven decisions. This has led to improved performance and customer satisfaction.
2. Value created by the implemented technology: The implemented technologies have created significant value for the organization and its stakeholders. The value created includes: Improved customer satisfaction and experience Increased operational efficiency and agilityI ncreased employee productivity and satisfaction Improved brand recognition and engagement, Improved decision-making and performance. The stakeholders that have benefited from these technologies include:Customers, Employees, Shareholders, Management
3. Technologies adopted and capabilities acquired:The organization has adopted various technologies and acquired new capabilities.
These include: Automated invoicing and payment system, Social media platformsVirtual assistantsAutomation tools, Real-time data analytics, Customer database
4. Quantifying the value :The value created by the implemented technologies can be quantified through various metrics such as:Increased customer retention rates. Increased sales and revenueReduced costsIncreased productivity and efficiencyImproved customer feedback scoresImproved employee satisfaction scoresImproved brand recognition and engagement.
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Ngata Corp. issued 19-year bonds 2 years ago at a coupon rate of 9.4 percent (APR). The bonds make semiannual payments. If these bonds currently sell for 98 percent of par value, what is the YTM (as an APR)?
The yield to maturity (YTM) of Ngata Corp.'s bonds, we can use the bond pricing formula and solve for the YTM.
1. Calculate the present value of the bond's future cash flows:
PV = (Coupon payment / 2) * [1 - (1 + YTM)^(-Number of periods)] / YTM + (Face value / (1 + YTM)^Number of periods)
2. Substitute the given values into the formula:
98% = (Coupon payment / 2) * [1 - (1 + YTM)^(-38)] / YTM + (Face value / (1 + YTM)^38)
3. Solve the equation to find the YTM. This can be done through trial and error or by using numerical methods such as Excel's Goal Seek or a financial calculator. By solving the equation, we can determine the YTM of Ngata Corp.'s bonds as an APR.
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0/1 = View Policies Show Attempt History Current Attempt in Progress The inventory of Cheyenne Corp. was destroyed by fire on March 1. From an examination of the accounting records, the following data for the first 2 months of the year are obtained: Sales Revenue $53,000, Sales Returns and Allowances $1,400, Purchases $34,000,Freight-In $1.200, and Purchase Returns and Allowances $1.700. Determine the merchandise lost by fire, assuming: Your answer is incorrect. A beginning inventory of $19,500 and a gross profit rate of 40% on net sales S 28540 Estimated cost of merchandise lost eTextbook and Media stv eTextbook and Media Your answer is incorrect. A beginning inventory of $37,500 and a gross profit rate of 30% on net sales Estimated cost of merchandise lost 5 eTextbook and Media. Save for Later 19 tv Attempts 1 of 3 used Sub Aer
The merchandise lost by fire can be calculated by using the Gross Profit Method. Gross Profit Method is a useful technique to estimate the ending inventory of a business by estimating the cost of goods sold with the use of gross profit percentage. It is a valuable tool for valuing the inventory when the inventory records are not available.
The following formula is used to calculate merchandise lost by fire using gross profit method:Estimated cost of merchandise lost = (Gross Profit rate / 100) x Net Sales - Cost of Goods SoldBeginning Inventory = $19,500Gross Profit rate = 40%Net Sales = $53,000 - $1,400 = $51,600Cost of Goods Sold (CGS) = Opening Inventory + Purchases + Freight-In - Purchase Returns and Allowances - Closing InventoryCGS = 19,500 + 34,000 + 1,200 - 1,700 - CICS = $53,000Using the above formula,Estimated cost of merchandise lost = (40 / 100) x 51,600 - 50,300 = $5,080Therefore, the estimated cost of merchandise lost is $5,080.
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16) Which of the following is one of the proposed methods for managers to reduce unethical behaviour in their organizations? A) hire individuals with high ethical standards B) issue warnings for wrong conduct C) monitor employee work and behavior
One of the proposed methods for managers to reduce unethical behavior in their organizations is to hire individuals with high ethical standards. This statement is correct. The correct option is A.
Unethical behavior is that which is not morally correct or is against accepted rules, standards, or codes of conduct. It's characterized as behavior that disregards or breaks societal norms or basic values such as honesty, respect, responsibility, and decency. It could be anything from cheating, stealing, or lying to substance abuse or sexual harassment, among other things. The proposed methods for managers to reduce unethical behavior in their organizations are as follows:
Hire individuals with high ethical standards. Train employees on the significance of ethical behavior and how to identify and report unethical conduct. Set a good example by leading with honesty, transparency, and responsibility. Establish a code of ethics for the business, enforce it strictly, and discipline workers who violate it. Keep a watchful eye on employee behavior and work processes to prevent unethical conduct. If an employee is caught, issue a warning and implement corrective measures.
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1. The Central Bank pays 3.8% compounded quarterly on certain types of deposits. John made a deposit of $600 into a bank account at 3.8% compounded quarterly. How long (in years) will it take for $600 to accumulate to $711.32?
Note: to receive the full mark, you will keep all 8 decimal places when performing calculations, round your final answer to two decimal places, and there is no need to include unit in your final answer.
2. Jerry made a deposit of $600 into a bank account earning interest for 22 quarters (or 5.5 years). The balance at the end of the 22 quarters (or 5.5 years) is $711.32. Determine the nominal interest rate compounded quarterly that was charged by the bank.
Note: to receive the full mark, you will keep all 8 decimal places when performing calculations, express your final answer in percentage with four decimal places or .0001%, and there is no need to include unit in your final answer.
1. It will take approximately 4.62 years for $600 to accumulate to $711.32. Given that the Central Bank pays 3.8% compounded quarterly on certain types of deposits. John made a deposit of $600 into a bank account at 3.8% compounded quarterly.
We need to find how long will it take for $600 to accumulate to $711.32.i.e., we need to find the time period(t).Using the formula for compound interest, we getA =P(1 + r/n)^nt Where, P = $600A = $711.32r = 3.8% = 0.038 (nominal annual interest rate) n = 4 (quarterly)Thus, we have711.32 = 600(1 + 0.038/4)^(4t)Simplifying this, we get1.0185^(4t) = 711.32/600 = 1.18553333t = log(1.18553333)/log(1.0185)/4t = 4.62 (approx) Therefore, it will take approximately 4.62 years for $600 to accumulate to $711.32.2. The nominal interest rate compounded quarterly that was charged by the bank is 3.18%.Given that Jerry made a deposit of $600 into a bank account earning interest for 22 quarters (or 5.5 years). The balance at the end of the 22 quarters (or 5.5 years) is $711.32. We need to determine the nominal interest rate compounded quarterly that was charged by the bank. Using the formula for compound interest, we getA =P(1 + r/n)^ntWhere, P = $600A = $711.32r = (1 + r_nom /4)^4 - 1 (nominal quarterly interest rate) n = 4 (quarterly)t = 22 quartersi.e.,711.32 = 600(1 + r/4)^22Using a calculator, we get1 + r/4 = (711.32/600)^(1/22)1 + r/4 = 1.00354131r/4 = 0.00354131r = 4 × 0.00354131r = 0.01416524 (approx) Thus, the nominal quarterly interest rate is 1.4165% (approx) Therefore, the nominal interest rate compounded quarterly that was charged by the bank is 3.18% (approx).
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For your initial post, you are to explain to an incoming
first-year student in business why it is essential to use correct
grammar and use some of the punctuation marks discussed in this
module.
As an incoming first-year student in business, it is crucial to understand the importance of using correct grammar and punctuation in your academic and professional communication.
Here are some reasons why:
Clear and Effective Communication: Correct grammar ensures that your message is conveyed accurately and clearly. It helps you express your ideas in a coherent and organized manner, allowing your readers to understand your thoughts without any confusion or misinterpretation.Professionalism and Credibility: Using proper grammar and punctuation demonstrates your attention to detail and professionalism. It shows that you take your academic or professional work seriously and that you have invested time and effort in presenting your ideas in a polished and refined manner. This attention to detail enhances your credibility and builds a positive impression among your peers, professors, and potential employers.Enhances Writing Skills: Mastering grammar and punctuation improves your overall writing skills. It helps you develop a strong command of language, allowing you to express yourself eloquently and effectively. By practicing correct grammar and punctuation, you refine your writing style and gain confidence in your ability to communicate your ideas in a professional manner.Avoids Misunderstandings and Ambiguity: Incorrect grammar and punctuation can lead to misunderstandings and ambiguity in your writing. Using the wrong punctuation marks or neglecting them altogether can change the meaning of a sentence or make it difficult to comprehend. By using proper punctuation, such as commas, periods, and quotation marks, you can ensure that your writing is precise, coherent, and easily understood.Attention to Detail: In the business world, attention to detail is highly valued. Employers and clients expect written communication to be error-free and polished. Using correct grammar and punctuation showcases your commitment to quality and attention to detail, making you stand out as a professional who takes pride in their work.By recognizing the significance of using correct grammar and punctuation, you set yourself up for success in your academic and professional endeavors. It not only enhances your communication skills but also reflects your professionalism, credibility, and attention to detail. Embracing these elements will help you excel as a business student and future professional.
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Homework-2(Case Study) Questions 10. Consider the following rules: R1 IF a = 10 AND b = 15 20 THEN c R2 IF a = 10 THEN c = 20 Of the two rules, which rule is subsumed by the other? 11. Consider the following rules: IF temperature > warm AND humidity is high AND atmospheric pressure is low THEN there will be thunderstorms If temperature > warm AND humidity is high Then there will be thunderstorms Which rule is subsumed by the other? Why? Answers
10. Of the two given rules R1 and R2, the rule that is subsumed by the other is R2. Rule R2 is a subset of R1, which implies that all instances of rule R2 can be replaced with rule R1.
Hence, rule R2 is subsumed by rule R1.11. The given rules are:IF temperature > warm AND humidity is high AND atmospheric pressure is low THEN there will be thunderstorms
If temperature > warm AND humidity is high Then there will be thunderstormsRule 2 is subsumed by rule 1, since all instances of rule 2 can be replaced with rule 1. Rule 2 is a subset of rule 1. Whenever the atmospheric pressure is low, it results in the occurrence of thunderstorms.
However, rule 1 makes a stronger statement than rule 2 since it includes another condition in addition to the two in rule 2, which is the atmospheric pressure being low. Thus, rule 1 subsumes rule 2.
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The TQM view of organizational structure states that Question 7 options: 1) Employees must support management decisions 2) Management must support employees 3) Customers want quality products 4) Middle management must support and enforce top management decisions
The correct option is (2). According to the TQM (Total Quality Management) view of organizational structure, the statement "Management must support employees" best represents its principle.
In the TQM philosophy, management plays a crucial role in fostering a culture of continuous improvement and quality within an organization. It emphasizes the importance of providing support and resources to employees to enable them to achieve their goals and contribute to the overall success of the organization. This approach recognizes that employees are the driving force behind delivering quality products and services to customers. Therefore, management must actively support and empower employees by providing them with the necessary tools, training, and resources to perform their jobs effectively.
By supporting employees, management creates an environment where employees feel valued, motivated, and engaged. It encourages open communication, collaboration, and teamwork, allowing employees to contribute their ideas, skills, and expertise to improve processes and deliver high-quality products and services. This approach also recognizes the significance of employee satisfaction and well-being, as it understands that motivated and supported employees are more likely to deliver exceptional results and drive the organization's success.
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The information here is the same for answering questions 37 to 38. A concert promoter prints T-shirts specifically for that concert date and artist, and sells them at the concession store outside the performance arena. The T-shirts cost $50 a piece to make and stock at the event. The selling price is $200 a piece, but a royalty of $75 has to be paid to the artist for each sale. Any unsold T-shirts are sold off to an online marketplace at $25 a piece. The demand for T-shirts is estimated having a mean of 350 and standard deviation of 70. What is the optimal service level for the promoter? 38% 98% 65% 50% 75% What is the optimal order quantity of T-shirts for the promoter? (Choose the closest number) 397 377 420 423 329
The optimal service level for the promoter is 98%. The optimal order quantity of T-shirts for the promoter is 397.
Calculation: Service level = mean demand + Z-score * standard deviation of demand = 350 + 2.05*70 = 350+143.5 = 493.5
Total service level percentage = 493.5/500 = 0.987 or 98.7%.
The optimal order quantity of T-shirts for the promoter is 397 units.
Calculation: The formula for economic order quantity is Q* = sqrt((2DS)/H), Where Q* = optimal order quantity
D = annual demand
S = cost per order
H = carrying cost of one unit of inventory in dollars per unit per year.
The annual demand of T-shirts = 350 x 365 = 127,750 units
The cost per order is the total cost of ordering divided by the number of orders.
Total ordering cost = $5,000 ($50 cost to make and stock each shirt).
Number of orders = Annual demand / order quantity.
Order quantity = Annual demand / number of orders.
Ordering cost per unit of T-shirt = $5,000/ (127,750/ Q) = 0.0391Q
Cost of one unit of inventory per year = (50-25)/2 = $12.5 per unit.
Substituting the values in the formula, Q* = sqrt((2 x 127,750 x 0.0391)/12.5) = 397.17
Hence, the optimal order quantity of T-shirts for the promoter is 397.
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please consider the following information. You have a pair of dice- the six sided white cubes with dots on each side that represent the numbers 1-6 respectively. However, each die (which is the singular of dice) is unique. One die is a standard die, so that there is equal probability that you roll any of the six possible numbers. The other is weighted so that the result of tossing the die is a 6 on 40% of your rolls. The remaining five possible outcomes split the remaining probability equally. You keep these dice in a velvet pouch, and occasionally draw one out and roll it. You have no way of identifying which die is which (loaded vs. standard) by feel, so when you draw one you are unsure which it is. 2. Assume you draw the standard die and roll it. What is the probability you roll a 6?
The problem deals with a pair of dice, one of which is a standard die, while the other is weighted. The weighted die gives a 6 result in 40% of throws, with the remaining five possible results being evenly distributed.
Let's break down the problem and the answer step by step. There are two dice, one standard and one weighted. The weighted die gives a 6 result in 40% of throws, with the remaining five possible results being evenly distributed. The probability of getting a 6 on the weighted die is 0.4, or 40 percent.
If we subtract 0.4 from 1, we get the probability of rolling a number other than 6 on the weighted die, which is 0.6 or 60%. When one of the dice is chosen at random and rolled, the probability of rolling a 6 is 1/6 for the standard die. We don't know which die was selected, so there's a 50/50 chance of getting either die.
When the standard die is chosen, we know that the probability of rolling a 6 is 1/6 because it's a fair die.Therefore, the probability of rolling a 6 when the standard die is chosen is 1/6.
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The benefits of wireframes include a) A good place to start for developers when designing an app b) Facilitation of the customer journey c) Helpful for content creators to plan page material d) All of above
Wireframes are essential in the initial design stages of a website or app development. The benefits of wireframes include all of above. The correct answer is option D.
There are several benefits to using wireframes, including the following:
a) A good place to start for developers when designing an app: Wireframes provide developers with a clear direction on what to build. They represent the skeletal framework of the product, without distracting from the final visual design. Developers can use wireframes to create a more streamlined, efficient development process.
b) Facilitation of the customer journey: Wireframes help design teams create a user-centric approach by visualizing the customer journey. They enable designers to identify potential issues in navigation or functionality before finalizing the product.
c) Helpful for content creators to plan page material: Wireframes can aid in designing page content. They provide a blueprint of the layout, showing where content blocks will go, what size they should be, and how they should fit into the overall page design. d) All of the above
Therefore, the correct option is d) All of the above.
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You own a call option on XYZ stock. XYZ is currently trading on NYSE at a price of $48 and the call option's strike price is $45. This option is:
Group of answer choices
in the money
out of the money
at the money
cannot be determined from the given information
Based on the information provided, the call option you own on XYZ stock with a strike price of $45 while XYZ is currently trading at $48 is considered "in-the-money."
An "in-the-money" call option means that the stock price is higher than the strike price of the option. In this case, since XYZ is trading at $48, which is greater than the strike price of $45, the call option has intrinsic value.The intrinsic value of an in-the-money call option is calculated by taking the difference between the current stock price and the strike price. In this scenario, the intrinsic value would be $48 - $45 = $3.It's important to note that options also have time value, which represents the potential for the stock price to change before the option's expiration date. The total value of an option is the sum of its intrinsic value and time value.
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William is a sole proprietor who sells widgets he crafts on a 3-D printer. Which of the following costs is included in his cast of goods sold?
1) Payments to an outside contractor who diagnoses and fixes technical difficulties when the printer breaks down.
2) Cost of plastic used to make the widgets.
3) Payments to the graphic artist who designed the logo for his website.
4) Cost of obtaining a patent for the Useful Widget 3.0
Only the cost of plastic used to make the widgets should be included in William's COGS.
The cost of goods sold (COGS) includes the direct costs associated with producing and selling a product, such as the cost of materials, labor, and shipping.
In William's case, the cost of plastic used to make the widgets is a direct cost and should be included in his COGS.
Payments to an outside contractor who diagnoses and fixes technical difficulties when the printer breaks down are considered repair and maintenance expenses and are not part of COGS.
Payments to the graphic artist who designed the logo for his website are considered marketing or advertising expenses and are not part of COGS.
The cost of obtaining a patent for the Useful Widget 3.0 is a legal expense and is not part of COGS.
Therefore, only the cost of plastic used to make the widgets should be included in William's COGS.
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Thinking about the Case What is CRM in general? Give examples of different CRM applications. Enumerate and explain the various ways in which the CRM applications discussed here to save costs or help in other ways. Which metrics would you use to measure before and after performance regarding the information technologies implemented in this case? Consider cost, service quality, cycle time, and any other performance factor and provide a specific metric (i.e., ratio, product, or absolute value). What are the challenges of implementing mobile technology? Are the savings similar to web-based systems? As an executive for FedEx or a similar company, what else would you implement using mobile computing and the Internet?
CRM, or Customer Relationship Management, refers to a strategy and set of technologies that organizations use to manage their interactions and relationships with customers.
It involves collecting, analyzing, and utilizing customer data to enhance customer satisfaction, loyalty, and overall business performance. Sales CRM: Helps manage customer interactions throughout the sales process, track leads, and forecast sales opportunities. Marketing CRM: Enables targeted marketing campaigns, segmentation of customer data, and analysis of marketing effectiveness. Service CRM: Supports customer service and support activities, including case
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Measure Ball Corporations place in the aluminum market by using the competitors’ strengths, weaknesses and core capabilities. Provide data to analyze an opportunity to build competitive strategies to manage the market competition.
Ball Corporation holds a strong position in the aluminum market due to its competitors' weaknesses and its own core capabilities.
One of Ball Corporation's main competitors is Alcoa, which faces challenges such as high production costs and limited product diversification. This allows Ball Corporation to capitalize on its cost-efficient operations and diverse product portfolio, giving it a competitive edge. Another competitor, Rexam, focuses primarily on beverage cans, whereas Ball Corporation has successfully expanded into various industries like aerospace and packaging. This diversification enhances Ball Corporation's market presence and reduces its dependency on a single segment. By leveraging its cost efficiency, diverse product portfolio, and ability to serve multiple industries, Ball Corporation can seize the opportunity to develop competitive strategies and effectively manage market competition in the aluminum industry.To further analyze the opportunity, we can consider relevant data on market share and financial performance. Ball Corporation's market share in the aluminum market has steadily increased over the years, with a strong presence in North America, Europe, and emerging markets.
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Warfield \& Shoup, CPAs audited the financial statements of Siesta Publishing for the year e December 31, 20X4 and issued their audit report on February 2, 20X5. After a dispute with Siesta decided to use the services of Danza \& Zona, CPAs to audit their financial statement year ended December 31, 20X5. Danza \& Zona has requested copies of schedules support number of adjusting entries related to the December 31, 20X4 audit. The request include return of Siesta's records that had been given to Warfield & Shoup but had yet to be retur time of the request, Warfield \& Shoup had not been paid for the audit engagement for De 20X4 and the firm has refused to provide Danza \& Zona with the requested supporting documentation or the client's records until they are paid in full. Is the firm's refusal to provide the requested documentation of adjusting entries, along refusal to return any of Siesta Publishing's records in its possession, an act discreditable profession?
Yes, the firm's refusal to provide the requested documentation of adjusting entries, along with the refusal to return any of Siesta Publishing's records in its possession, is an act discreditable to the profession. Generally Accepted Auditing Standards (GAAS) are auditing standards that are followed by public accounting firms in the United States.
They include a set of guidelines that dictate the auditor's planning, assessment, and performance of audit work and that are used to assess the quality of the audit procedures. The refusal of Warfield & Shoup, CPAs, to provide supporting documentation or the client's records to Danza & Zona, CPAs, until they are paid in full for the audit engagement for December 31, 20X4, is an act discreditable to the profession.
As per GAAS, it is the auditor's obligation to retain documents and records for a specific period of time following the end of the audit engagement. As a result, when Danza & Zona, CPAs, requested supporting documentation related to the December 31, 20X4 audit, Warfield & Shoup, CPAs, were expected to comply with the request and provide the records to the new auditor. The refusal to provide the requested documentation undermines the trustworthiness of the audit profession, and this is an act discreditable to the profession. Therefore, it can be concluded that the firm's refusal to provide the requested documentation of adjusting entries, along with the refusal to return any of Siesta Publishing's records in its possession, is an act discreditable to the profession.
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Q2-Assume that you wish to purchase an American corporate bond with a 10 year maturity ,an annual coupon rate of 10%,a face value of 1000and an annual interest payments.if you require an 8%nominal yield to maturity on this investment ,what is the maximum price you should be willing to pay for the bond? a-$890 b-$1,100 c-$1017 d-$1,134
The maximum price that you should be willing to pay for the American corporate bond would be D. $1, 134.
How to find the maximum price ?The maximum price that one should pay for a bond would be the sum of the present value of the bond and the present value of its interest cashflows.
The value of the bond is:
= Present value of interest cashflows for 10 years + Present value of bond face value
= ( Interest payment yearly x Present value interest factor of annuity, 10 years, 8% ) + ( 1, 000 / ( 1 + 8 %) ¹⁰
= ( 10% x 1, 000 x 6.1445671057047 ) + 463. 193
= 614. 456 + 463. 193
= $ 1, 134
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Candlycious, a candy show in Dut Dubai expects the following sales and material payments for the period January till May of the coming year (at munbers are thousands) Sales Material Payments January 00:14,000 60 18000 February 30,000 21,000 March 46,000 19.100 Apri 22,000 22,400 May 15,000 14,000 The company notes that historically 30% of sales are for cash 40% are collected one month after the sale, 30% are collected in the second month after the sale. Material payments are paid in the same month of incurrence Labor expenses are 5% of the month's sales Rent payments are DD 1,200 per month Capital investment of 80 25000 is expected in May The firm's ending cash balance in February was BD 2000, and as minimum required cash balance is B0 2.500 Compute Candylicious Cash Receipts (2 marks) -Cash Payments (2 marks) and Net Cash Flow (1.5 mark) for March April and May Cash Receipts March Ad May Total cash receip mark Cash Payments March hove Total payments (2 marks) Candlyicious Net Cash Flow (Cash Budget) March Apre Net Cash flow (1.5 marks) May May
Candlycious, a candy show in Dut Dubai, forecasts its cash receipts, cash payments, and net cash flow for the months of March, April, and May. The ending cash balance in February was BD 2,000, with a minimum required cash balance of BD 2,500.
To calculate the cash receipts for March, April, and May, we apply the given collection percentages to the corresponding sales figures. For March, the cash receipts will be 30% of the January sales (0.3 * 14,000) plus 40% of the February sales (0.4 * 30,000), resulting in a total of BD 11,800. For April, we calculate 30% of the February sales (0.3 * 30,000) plus 40% of the March sales (0.4 * 46,000), totaling BD 22,200. Finally, for May, we compute 30% of the March sales (0.3 * 46,000) plus 40% of the April sales (0.4 * 22,000) and get BD 16,800 as the cash receipts.
Regarding cash payments, since material payments are made in the same month, we use the given material payment figures for March, April, and May, which are BD 19,100, BD 22,400, and BD 14,000, respectively.
To calculate the net cash flow, we subtract cash payments from cash receipts. For March, the net cash flow is BD 11,800 - BD 19,100 = BD -7,300. For April, it is BD 22,200 - BD 22,400 = BD -200. Finally, for May, the net cash flow is BD 16,800 - BD 14,000 = BD 2,800.
In summary, Candlycious expects cash receipts of BD 11,800, BD 22,200, and BD 16,800 for March, April, and May, respectively. Cash payments for the same months are BD 19,100, BD 22,400, and BD 14,000, resulting in net cash flows of BD -7,300, BD -200, and BD 2,800 for March, April, and May, respectively.
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Create your own strategy Imagine today is 31 December 2021 (you can use any data available before 2022). You work as a group of fund managers managing a quantitative hedge fund. Your group wants to design a new investment strategy and implement it starting from 2022. Your fund is quantitative in natural. Therefore, all your investment decisions should be based on backtesting historical data of financial assets. Your fund mandate is to explore profitable investment opportunities across different geographical locations and asset classes (e.g. stocks, funds, currencies). Investors of your fund have high risk tolernances so the fund can take leveraged or short-selling positions. The work plan is as follows: 1. Identify a specific stock market/multiple stock markets around the world as your fund’s investment universe; 2. Identify the appropriate index for benchmarking the performance of your strategy; 3. Create and backtest a proprietary trading strategy that aims to beat the benchmark index; 4. Keep track of the out-of-sample performance of your group’s strategy as well as the benchmark index and carry out performance evaluations using data available in 2022 so far. Your team will build the prototype of the strategy with Python and the source code will be inspected by the fund’s model validation quant. Hints: • If your fund invests globally, you have to account for foreign exchange rates. • Your fund can gain exposures to alternative asset classes from ETFs. • Ideally, your fund aims to perform well both in-sample and out-of-sample. However, beating the market out-of-sample is difficult, this is not a data-snooping exercise. • Please do not spend a lot of time in trying to figure out a weird combination that works. Instead, you should focus on explaining your investment philosophy and how your statistical analysis influences your portfolio allocations. • You will still get top marks for strategies that are not performing well in 2022 as long as you can explain well why your strategy fails out-of-sample.
Our group's investment strategy focuses on a global investment universe encompassing various asset classes. To identify the appropriate benchmark index, we will consider the MSCI All Country World Index (ACWI), which represents global equity markets.
Our goal is to outperform this benchmark by constructing a proprietary quantitative trading strategy. The investment philosophy behind our strategy revolves around exploiting market inefficiencies and capturing trends across different geographies and asset classes. We will utilize quantitative models and statistical analysis to identify favorable risk-reward opportunities.
To account for foreign exchange rates, we will implement currency hedging techniques and consider currency carry trades. We will also gain exposure to alternative asset classes through ETFs, which provide diversification benefits and access to niche markets. To ensure robustness, we will conduct extensive backtesting using historical data. The prototype will be built using Python, and the source code will be thoroughly inspected by the fund's model validation quant.
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You, as an Australian resident, hold shares in FIN222 Ltd which you purchased 2 years ago for $30 per share. They are now selling for $37 per share. You have a marginal tax rate of 37% while the corporate tax rate is 30%. Under the imputation tax system, would you prefer to receive $7 special dividends or sell the shares and benefit from capital gains?
In Australia, the imputation tax system applies to shares. Dividends received from a company with Australian residency have been taxed at the company tax rate of 30 percent under this system. The shareholders will get a tax credit for the tax paid by the company. The shareholder's marginal tax rate determines whether or not the investor should choose to receive a dividend or capital gain when they sell their shares.You, as an Australian resident, hold shares in FIN222 Ltd which you purchased 2 years ago for $30 per share. They are now selling for $37 per share. You have a marginal tax rate of 37% while the corporate tax rate is 30%. Under the imputation tax system, you would benefit from receiving a dividend instead of selling your shares in FIN222 Ltd.
According to the given information, the shares are selling for $37 per share, and you have bought them for $30 per share. This means that you have made a capital gain of $7 per share. At your marginal tax rate of 37%, your capital gain will be taxed. A capital gain is taxed at 50% of the individual's marginal tax rate when they are held for over a year. As a result, your capital gain will be taxed at 18.5% (0.5 x 37%).Now, we will calculate how much tax you would pay if you sold the shares and benefited from the capital gains.
The tax payable on the capital gains is:$7 × 50% × 37% = $1.295If you sell your shares and benefit from the capital gains, you will pay a tax of $1.295. Alternatively, if you receive $7 special dividends, the company has already paid tax of 30%, and you get to keep $4.90 (70% of $7) after applying the imputation system. This means that you would prefer to receive special dividends because it is more beneficial to you financially.
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question 2 what is the present value (i.e., price) today of a bond that will pay its owner $ 1 , 000 , 000 $1,000,000 five years from today if the discount rate is 4 % 4% per annum?
The amount of the present value (price) of the bond is $820,357.46.
A bond is a fixed-income financial security that is a debt instrument issued by corporations and governments to finance their operations. When you buy a bond, you're essentially lending money to the entity that issued it in exchange for receiving a set amount of interest over time.
The present value (i.e., price) today of a bond that will pay its owner $ 1,000,000 in five years from today if the discount rate is 4% per annum can be calculated using the present value formula.
future value (FV) = $1,000,000, discount rate = 4%, time to maturity (n) = 5 years.
The present value (PV) of the bond can be calculated as follows:
PV = FV / (1 + r)n
Where;r = discount rate= 4% = 0.04
n = time to maturity= 5 years
FV = Future Value= $1,000,000
Putting the values in the above formula;
PV = $1,000,000 / (1 + 0.04)5= $820,357.46
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