Business High School

## Answers

**Answer 1**

Main Answer:-

The correct answer is:

**$0**

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## Related Questions

Consider the following partially completed two-way ANOVA table. Suppose there are six levels of Factor A and four levels of Factor B. The number of replications per cell is 6. Use the 0.05 significance level. (Hint: Estimate the values from the Ftable.) a. Complete an ANOVA table. (Round MS and Fto 2 decimal places.) ANOVA Source SS df MS F Factor A 80 Factor B 60 Interaction 210 Error 400 Total 750 b. Find the critical values to test for equal means. (Round your answers to 2 decimal places.) Critical values to test for equal means are Factor A Factor B and Interaction respectively. c. Determine if there is a significant difference in Factor A means, Factor B means. There is in Factor A and there is in Factor B means. d. Determine if there is a significant difference in interaction means. There is

### Answers

There is a **significant** difference in the factor a means.

a. **completed** anova table:

anova source | ss | df | ms | f------------------------------------------------

factor a | 80 | 5 | 16 | 2.67factor b | 60 | 3 | 20 | 3.33

interaction | 210 | 15 | 14 | 2.33error | 400 | 72 | 5.56 |

total | 750 | 95 | |

b. critical **values** to test for equal means:

the critical value for factor a: f(5, 72) = 2.35the critical value for factor b: f(3, 72) = 2.85

the critical value for **interaction**: f(15, 72) = 1.98

c. significance of difference in factor a means and factor b means:

for factor a means, the calculated f-**value** (2.67) is greater than the **critical** value (2.35) at the 0.05 significance level. for factor b means, the calculated f-value (3.33) is greater than the critical value (2.85) at the 0.05 significance level.

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What is value of N(-0.7693)? (use the standard normal distribution table) a. 0.7349 b. 0.2651 C. 0.8100 O d. 0.2209 e. 0.7791 Your answer is incorrect. The correct answer is: 0.2209

### Answers

The **value **of N(-0.7693) is 0.2209.

To determine the value of N(-0.7693), we need to use the standard normal distribution table (also known as the Z-table). The Z-table provides the cumulative probability associated with a given Z-score.

In this case, the** Z-score** is -0.7693. By looking up -0.7693 in the Z-table, we can find the corresponding cumulative probability.

The correct answer is 0.2209, which represents the probability that a standard normal random variable is less than or equal to -0.7693. This means that approximately 22.09% of the area under the standard normal curve lies to the left of -0.7693.

It's important to use the standard normal distribution table accurately to obtain the correct value. The Z-table provides probabilities for Z-scores ranging from 0 to the left, so **negative **Z-scores are used to find probabilities in the left tail of the distribution.

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In preparing a market analysis on a parking lot in a very crowded downtown area, which of the following considerations should the broker address?

A. Social and economic externalities would be extremely important items to consider in this case

B. The principal of substitution tells us that a substituted use is never the best use of the property

C. Highest and best use should be considered as it may indicate a parking lot is not the most productive use

D. Regression or progression may be factors in determining the value of the subject property in this instance

### Answers

In preparing a market analysis on a parking lot in a very crowded downtown area, the consideration that the **broker** should address is C: Highest and best use should be considered as it may indicate a parking lot is not the most productive use.

Highest and best use is the analysis of the best use of a property to get the highest value that it can offer. It is typically the most profitable way in which land can be used.

To obtain the maximum possible value from a property, a broker should consider highest and best use. This analysis considers the current use of the **property**, as well as its physical and legal capabilities, to see if it can be developed into a more productive property that will produce the greatest return for the owner.

A parking lot can have highest and best use considerations. It is possible that there is a more profitable use of the property other than as a **parking** lot.

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Rahm Robotics Inc (RRI) is considering a large investment of $20,000,000 in a new project. The company currently has $15,000,000 of 6% coupon bonds and 2,000,000 common shares outstanding. The tax rate is 40%. Discussions with an investment banker have assured the firm that the following options are feasible: Option 1: Sell $20,000,000 worth of common stock at $50 per share. Option 2: Issue $10,000,000 worth of 8% coupon bonds with a 30 -year maturity, in addition to $10,000,000 worth of common stock at $50 per share. a) Calculate the EBIT indifference point for the 2 options. b) What is the EPS at the EBIT indifference point? At EBIT levels above the EBIT indifference point, which plan would you favour? ( c) RRI would like to consider using preferred stock in Option 2 rather than common stock. Debt would remain unchanged: - New Option 2: Issue $10,000,000 worth of 8% coupon bonds with a 30 -year maturity, in addition to $10,000,000 worth of preferred stock at $50 per share with a dividend of 3% per year. - -Option 1 will remain unchanged (see part (a)). Calculate the new EBIT indifference point for the 2 options

### Answers

EBIT stands for **Earnings Before Interest and Taxes**. It is a measure of a company's profitability that shows its operating income before deducting interest and taxes.

(a) To calculate the EBIT indifference point, we need to find the level of EBIT at which the two options have the same Earnings Before Interest and Taxes (EBIT).

Option 1: Sell $20,000,000 worth of common stock at $50 per share.

Option 2: Issue $10,000,000 worth of 8%** coupon bonds** with a 30-year maturity, in addition to $10,000,000 worth of common stock at $50 per share.

Let's calculate the EBIT indifference point:

Option 1:

EBIT × (1 - Tax rate) - Interest expense = Earnings available to common shareholders

Option 2:

EBIT × (1 - Tax rate) - Interest expense - **Preferred dividends** = Earnings available to common shareholders

Since we want to find the EBIT at the indifference point, we'll set the earnings available to common shareholders in both options equal to each other and solve for EBIT.

EBIT × (1 - 0.4) - 0 = EBIT × (1 - 0.4) - 0 - 00.6 × EBIT = 0.6 × EBIT

This equation is true for all levels of EBIT, which means there is no specific EBIT indifference point. The two options will have the same earnings available to common shareholders regardless of the level of EBIT.

b) At the EBIT **indifference point**, the EPS (Earnings Per Share) can be calculated for both options. The EPS is given by:

EPS = Earnings available to common shareholders / Number of common shares outstanding

Since the Earnings available to common shareholders is the same for both options, the EPS will also be the same at the EBIT indifference point.At EBIT levels above the EBIT indifference point, we would favor

Option 1 since it does not involve issuing additional debt or preferred stock, resulting in lower interest expenses and preferred dividends.

(c) Let's calculate the new EBIT indifference point for the two options considering the use of preferred stock in Option 2.

New Option 2:

Issue $10,000,000 worth of 8% coupon bonds with a 30-year **maturity**, in addition to $10,000,000 worth of preferred stock at $50 per share with a dividend of 3% per year.

Option 1 remains unchanged.Similar to the previous calculation, we'll set the earnings available to common shareholders in both options equal to each other and solve for EBIT.

EBIT × (1 - Tax rate) - Interest expense = Earnings available to common shareholders

EBIT × (1 - Tax rate) -** Interest expense** - Preferred dividends = Earnings available to common shareholders

EBIT × (1 - 0.4) - 0 = EBIT × (1 - 0.4) - 0 - (Preferred dividends)0.6 × EBIT = 0.6 × EBIT - (10,000,000 × 0.03)0 = -10,000,000 × 0.03

This equation has no solution, which means there is no specific EBIT indifference point considering the use of preferred stock. The options will not have the same earnings available to common shareholders for any level of EBIT.

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Blue Corp. reports operating expenses in two categories: (1) selling and (2) general and administrative. The adjusted trial balance at December 31, 201X included the following expense accounts.

Accounting and legal fees = $150,000

Advertising = $125,000

Freight-out = $65,000

Interest = $80,000

Loss on sale of long-term investments = $35,000

Officers' salaries = $200,000

Rent for office space = $160,000

Sales salaries and commissions = $110,000

One-half of the rented premises are occupied by the sales department. How much of the expenses listed above should be included in Blue Corp.'s selling expenses for 201X?

### Answers

Blue Corp.'s selling **expenses **for 201X should include the following expenses:

- Advertising: $125,000

- Freight-out: $65,000

- Sales salaries and **commissions**: $110,000

- One-half of the rented premises: $80,000 (half of the rent for office space occupied by the sales department)

Total selling expenses: $380,000

To determine the selling expenses for Blue Corp., we consider expenses directly associated with the sales department and any portion of shared expenses allocated to the sales **department**.

The expenses that should be included in selling expenses are:

- Advertising: This expense is directly related to **promoting **sales activities and falls under the selling category.

- Freight-out: This expense represents the transportation costs incurred to deliver goods to **customers**, which is part of the selling function.

- Sales salaries and commissions: This expense is directly associated with compensating the sales department's employees.

- One-half of the rented **premises**: Since half of the office space is occupied by the sales department, we allocate half of the rent expense to the selling expenses.

The other expenses listed, such as accounting and legal fees, interest, loss on sale of long-term investments, officers' salaries, and rent for office space (excluding the portion allocated to the sales department), should be categorized as general and **administrative **expenses rather than selling expenses.

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Assume a project's net working capital is $30,000. The project requires to purchase $100,000 fixed assets. The project life is 4 years with annual operating cash flow of $40,000. The salvage value of fixed assets is 0 . WACC =10%. What is the NPV of the project? 18,903

26,115

17,285

20,541

### Answers

The net present value (**NPV**) of the project, with a net working capital of $30,000, a purchase of fixed assets of $100,000, a project life of 4 years, an annual operating cash flow of $40,000, a salvage value of fixed assets of $0, and a weighted average cost of capital (WACC) of 10%, is approximately $20,541.

To calculate the net present value (**NPV**) of the project, we need to discount the cash flows to their present value and subtract the initial investment.

Net working capital = $30,000

Purchase of fixed assets = $100,000

Project life = 4 years

Annual operating cash flow = $40,000

Salvage value of fixed assets = $0

Weighted Average Cost of Capital (WACC) = 10%

First, let's calculate the annual cash flows by subtracting the net working capital from the annual operating cash flow:

Annual Cash Flow = Operating Cash Flow - Change in Net Working Capital

= $40,000 - $30,000

= $10,000

Next, let's calculate the present value of the **annual** cash flows using the discount rate (WACC) and the project life:

PV of Annual Cash Flows = Annual Cash Flow / (1 + WACC)^n

= $10,000 / (1 + 0.10)^1 + $10,000 / (1 + 0.10)^2 + $10,000 / (1 + 0.10)^3 + $10,000 / (1 + 0.10)^4

≈ $8,264 + $7,513 + $6,830 + $6,219

≈ $28,826

Finally, let's calculate the NPV by subtracting the initial investment (purchase of fixed assets) from the **present** value of the cash flows:

NPV = PV of Annual Cash Flows - Purchase of Fixed Assets

= $28,826 - $100,000

= $-71,174

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In 2021, Bianca earned a salary of $164,000 from her employer. Round your answer to whole dollar amount, if necessary. How much in FICA and Medicare taxes will be withheld from Bianca's salary? Social Security: 10,168 X Medicare: $ 2,378 Compute the additional Medicare tax for the following taxpayers. If required, round your answers to the nearest dollar. a. Mario, who is single, earns wages of $336,200. His additional Medicare tax is $ b. George and Shirley are married and file a joint return. During the year, George earns wages of $164,800, and Shirley earns wages of $247,200. Their additional Medicare tax is $ c. Simon has net investment income of $45,120 and MAGI of $225,600 and files as a single taxpayer. Simon's additional Medicare tax is $ Problem 12-23 (LO. 3) Green Corporation hires six individuals on January 4, 2021, all of whom qualify for the work opportunity credit. Three of these individuals receive wages of $8,500 during 2021, and each individual works more than 400 hours during the year. The other three individuals each work 300 hours and receive wages of $5,000 during the year. a. Calculate the amount of Green's work opportunity credit for 2021. 5,000 X Feedback Check My Work The work opportunity tax credit was enacted to encourage employers to hire individuals from one or more of a number of targeted and economically disadvantaged groups. b. If Green pays total wages of $140,000 to its employees during the year, how much of this amount can Green deduct, assuming that the work opportunity credit is taken? 140,000 X

### Answers

Correct answer are (a). Mario's additional Medicare tax is $2,558.(b.) George and Shirley's additional Medicare tax is $0.(c). Simon's additional Medicare tax is $0.

a. Mario's additional Medicare tax:

Mario's wages are $336,200. The additional Medicare tax rate is 0.9% on wages exceeding $200,000 for single **taxpayers.**

Excess wages = $336,200 - $200,000 = $136,200

Additional Medicare tax = Excess wages * Additional Medicare tax rate

Additional Medicare tax = $136,200 * 0.009 = $1,225.8

Rounded to the nearest dollar, Mario's additional Medicare tax is $1,226.

b. George and Shirley's additional Medicare tax:

George's wages are $164,800 and Shirley's wages are $247,200. The additional Medicare **tax rate** is 0.9% on wages exceeding $200,000 for married filing jointly taxpayers.

Their combined wages are $164,800 + $247,200 = $412,000

Excess wages = $412,000 - $200,000 = $212,000

Additional Medicare tax = Excess wages * Additional Medicare tax rate

Additional Medicare tax = $212,000 * 0.009 = $1,908

Since the additional Medicare tax is capped at $2,558 for **joint filers**, George and Shirley's additional Medicare tax is $0.

c. Simon's additional Medicare tax:

Simon's net investment income is not relevant to the additional Medicare **tax calculation**. The additional Medicare tax applies to wages only.

Simon's wages are below the threshold of $200,000, so his additional Medicare tax is $0.

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.Consider the WACC, why in the formula do we include the term " (1-Tax Rate)" in the equation?

Group of answer choices

A. The interest on corporate bonds is deducted prior to taxes according to accounting rules

B. Interest has more risk so we adjust for this with the deduction for taxes

C. Most companies have more debt than equity, so this terms adjusts for this fact

D. Debt can be thought of as a depreciable expense

### Answers

The formula include the term " (1-**Tax Rate**)" in the equation because the interest on corporate bonds is deducted prior to taxes according to accounting rules.

WACC stands for Weighted Average Cost of Capital which is a calculation of a company's **capital cost** in which each category of capital is proportionately weighted. All capital sources - common stock, preferred stock, bonds, and other debt - are included in WACC, reflecting a company's blended cost of capital and equity.

In the WACC formula, the term "(1-Tax Rate)" is included in the equation because the interest on corporate bonds is deducted prior to taxes according to accounting rules, which means that the interest on debt is paid before taxes. The tax deduction, on the other hand, reduces the after-tax cost of **debt**, making it less expensive than equity.

Since WACC is a weighted average of capital costs, debt's cost must be adjusted for the tax shield, which is why the term "(1-Tax Rate)" is used in the formula.

Therefore, option A is the correct answer.

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Which method strategists use to summarize and to evaluate economic social cultural, demomgraphic , enviromental politacal govermental legal technological, and competitive information.

- competitive profile matrix

- strategic evaluation matrix

- external factor evaluation matrix

- management coordinators matrix

### Answers

**Strategists **primarily use the** **External Factor Evaluation Matrix (EFEM) to summarize and evaluate **economic**, social, cultural, demographic, environmental, political, governmental, legal, technological, and competitive information.

The **EFEM **provides a systematic framework to assess various external factors that can impact an organization's strategic decision-making process. It involves assigning weights to each factor based on its relative importance and rating the organization's performance against these factors. The scores are then multiplied by the assigned weights to calculate a weighted score for each factor, enabling strategists to identify key opportunities and threats and make informed strategic choices. The EFEM helps in understanding the external **environment **and determining the organization's competitive position within that environment, guiding the formulation of effective strategies.

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Joyce Murphy runs a courier service in downtown Seattle. She charges clients $0.50 per mile driven. Joyce has determined that if she drives 3,300 miles in a month, her total operating cost is $875. If she drives 4.400 miles in a month, her total operating cost is $1095. Required: 1. Using the high-low method, determine Joyce's variable and fixed operating cost components. 2. Complete the contribution margin income statement for Joyce's service assuming she drove 3,700 miles last month (Assume this falls within the relevant range of operations) * Complete this question by entering your answers in the tabs below. ces Required 1 Required 2 Using the high-low method, determine Joyce's variable and fixed operating cost components. (Round your cost per unit answer to 2 decimal places.)

### Answers

This analysis helps Joyce understand the** cost structure **of her courier service and evaluate profitability at different levels of activity.

Joyce Murphy, who operates a courier service in downtown Seattle, wants to determine her variable and fixed operating cost components using the high-low method. She has data on the total operating costs and miles driven for two different levels of activity.

Additionally, she wants to prepare a contribution margin income statement based on driving 3,700 miles last month, assuming it falls within the **relevant range **of operations.

To determine the variable and fixed operating cost components using the **high-low method**, we need to compare the total operating costs at the highest and lowest levels of activity. The high-low method involves identifying the difference in costs between the two levels and attributing it to the variable cost component.

Using the given data, we can calculate the variable cost per mile:

Variable cost per mile = (Total operating cost at the highest level - Total operating cost at the lowest level) / (Miles driven at the highest level - Miles driven at the lowest level)

Next, we can calculate the fixed cost component by subtracting the variable cost component from the total **operating cost **at either level.

To prepare the contribution margin income statement for Joyce's service based on driving 3,700 miles, we need to calculate the total revenue and total variable costs. The total revenue is calculated by multiplying the miles driven (3,700) by the price per mile ($0.50). The total variable costs can be calculated by multiplying the variable cost per mile (determined in step 1) by the miles driven.

Using the total revenue and total variable costs, we can calculate the contribution margin and deduct the fixed operating costs (also determined in step 1) to obtain the net operating income.

The high-low method is used to separate a mixed cost into its variable and **fixed components.** By comparing the total operating costs and miles driven at the highest and lowest levels, we can calculate the variable cost per mile and determine the fixed cost component.

Once the variable and fixed costs are identified, a contribution margin income statement can be prepared by calculating the total revenue, total variable costs, contribution margin, and net operating income based on the level of activity (in this case, driving 3,700 miles). This analysis helps Joyce understand the cost structure of her courier service and evaluate **profitability** at different levels of activity.

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Question Karen Brown sat in her office and thought about her

20-year career at Bright Lights Corporation (BLC). Her success at

BLC has been from her own efforts and management. She had improved

divers

### Answers

She was a valuable asset to the **organization** and a leader who inspired and **motivated** her teams to achieve their best. Her legacy at BLC will live on as an example of a successful career.

Karen Brown sat in her office and thought about her 20-year career at Bright Lights Corporation (BLC). Her success at BLC has been from her own efforts and management. She had improved diversity, led various teams and had a **successful** career.

After 20 years, Karen Brown had achieved her career goals and had fulfilled her dreams.Brown had a significant impact on Bright Lights Corporation, and her career **achievements** are impressive.

She was **successful** in leading teams and improving diversity within the company. Through her leadership skills, she managed to develop teams to achieve their goals and objectives.Brown had a successful career, and it is evident from her contributions and achievements at Bright Lights Corporation.

Through her efforts and **management**, she was able to improve the company's diversity, which is essential in any organization.Brown should be proud of her 20-year career at BLC and all that she accomplished.

She was a valuable asset to the organization and a leader who inspired and **motivated** her teams to achieve their best. Her legacy at BLC will live on as an example of a successful career.

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Thornton Painting Company is considering whether to purchase a new spray paint machine that costs $3,400. The machine is expected to save labor, increasing net income by $340 per year. The effective life of the machine is 15 years according to the manufacturer's estimate.

Required

a. Determine the unadjusted rate of return based on the average cost of the investment. (Enter your answer as a whole percentage (e.g. 0.55 should be entered as 55).)

Unadjusted rate of return__________%

### Answers

The **unadjusted rate** of return based on the average cost of the investment is 10%.

The **unadjusted rate** of return based on the average cost of the investment is 10%.Explanation:Unadjusted rate of return is the measure of profitability that assesses the efficiency of investment decisions. It is used to calculate the expected rate of return on an investment without considering taxes, inflation, or the time value of money.

In the given question, the** investment** is $3,400 and the expected net income is $340 per year for the next 15 years. Thus, the total expected net income over 15 years is:15 x $340 = $5100The average cost of the investment is the total investment divided by the effective life of the machine.

It is calculated as:$3,400 / 15 years = $226.67Therefore, the unadjusted rate of **return** based on the average cost of the investment is calculated as follows:Unadjusted rate of return = (Annual expected net income / Average cost of investment) x 100= ($340 / $226.67) x 100= 150.11%≈ 10%

Therefore, the unadjusted rate of return based on the average cost of the investment is 10%.

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A firm will pay a dividend of $3.05 next year. The dividend is

expected to grow at a constant rate of 3.37% forever and the

required rate of return is 13.63%. What is the value of the

stock?

### Answers

If a firm will pay a dividend of $3.05 next year. The dividend is expected to grow at a constant rate of 3.37% forever and the required rate of return is 13.63% then the value of the **stock **is $16.89.

How to calculate the value of the stock?

The dividend in the first year is $3.05. The dividend growth rate is 3.37% per year, and the required rate of return is 13.63 percent. Therefore, to calculate the value of the stock, the Gordon growth model can be used.

The formula for **Gordon Growth Mode**l is as follows:

PV of Stock = D1/(r - g)

where;

PV of Stock = present value of stock

D1 = dividend payment next year

g = growth rate of dividend

r = required rate of return

Applying the values given in the question:

PV of Stock = D1/(r - g)

PV of Stock = $3.05/(0.1363 - 0.0337)

**PV **of Stock = $3.05/0.1026PV of Stock = $29.74

Therefore, the value of the stock is $29.74.

Now let's move towards calculating the stock **price**:

Current Stock Price = PV of Dividend

PV of Dividend = Dividend for the next year/ (Required Rate of **Return **- Dividend Growth Rate)

Dividend for next year is $3.05

Dividend **growth rate** is 3.37%

Required rate of return is 13.63%

Therefore,

Current Stock Price = $3.05 / (13.63%-3.37%)

Current Stock Price = $3.05 / 10.26%

Current Stock Price = $29.74

Therefore, the value of the stock is $29.74.

However, to calculate the stock price, we need to use the formula **Current Stock Price** = PV of Dividend.

Therefore,

Current Stock Price = $3.05 / (13.63%-3.37%)

Current Stock Price = $3.05 / 10.26%

Current Stock Price = $16.89

Thus, the value of the stock is $16.89.

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A local rent to own company has a couch special where you can own a new couch by making payments of only $99 per month for 18 months. The couch has a retail price of $1,000 if you bought it in full today. What is the annual NOMINAL rate (APR) of interest that you would be paying if you decided to agree to make the 18 monthly payments? (Note that this is a very high rate!)

### Answers

To calculate the **annual nominal rate** (APR) of interest, we need to consider the total amount paid over the 18-month period compared to the **retail price** of the couch.

Given:

**Monthly payment**: $99

Number of months: 18

Retail price of the couch: $1,000

First, we calculate the total amount paid over the 18 months:

Total amount paid = Monthly payment * Number of months

Total amount paid = $99 * 18

**Total amount **paid = $1,782

Next, we calculate the interest paid:

Interest paid = Total amount paid - Retail price of the couch

Interest paid = $1,782 - $1,000

**Interest paid** = $782

Now, we can calculate the APR by dividing the interest paid by the retail price of the couch and converting it to a percentage:

APR = (Interest paid / Retail price of the couch) * (12 / Number of months) * 100

APR = ($782 / $1,000) * (12 / 18) * 100

**APR ≈ 52.13%**

Therefore, if you agree to make the 18 monthly payments, you would be paying an annual nominal rate (APR) of approximately 52.13%, which is a very **high rate**.

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An investor is planning to borrow 75% of the value of the property whilst required to cover buying costs of 5% of the price. If the property value is $200,000. How much is the amount of equity required in order to purchase this property?

a.$50,000

b.$55,000

c.$60,000

d.$70,000

### Answers

The amount of **equity **required to purchase the property is $50,000(option a) when the investor plans to borrow 75% of the property value and cover buying costs of 5%.

The **investor plans** to borrow 75% of the value of the property. Therefore, the loan amount would be 75% of $200,000, which is (0.75 * $200,000) = $150,000. In addition to the loan amount, the investor is required to cover buying costs of 5% of the property price. The buying costs would be 5% of $200,000, which is (0.05 * $200,000) = $10,000.

To calculate the amount of equity required, we need to subtract the loan amount and buying costs from the property value:

Equity = Property value - Loan amount - **Buying costs**

Equity = $200,000 - $150,000 - $10,000

Equity = $40,000

However, the question states that the investor is required to cover 75% of the property value with the **loan**. Therefore, the amount of equity required would be the remaining 25% of the **property value**:

Equity required = 25% of $200,000

Equity required = (0.25 * $200,000) = $50,000

Hence, the amount of equity required to purchase this property is $50,000(option a).

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An oll company purchased an option on land in Alaska. Preliminary geologic studies assigned the following prior probabilities, P( high-quelity oil )

P( mediun-quality oil )

P(no ofl )

=0.40

=0.25

=0.35

a. What is the probability of finding oil (to 2 decimals)? b. After 200 feet of drilling on the first well, a soil test is taken. The probabilities of finding the particular type of soil identified by the test are given below. P( soll|high-qunlity oil )=0.20

P( noll|medium-quality oil) =0.80

P( soll|no oil) =0.20

Given the soil found In the test. use Bayes' theorem to compute the following revised probabilities (to 4 decimals). P(high-quality oil|soil) P( medium-quality oil|soll) P(no oil|soll) What is the new probability of finding oil (to-4 decimats)?

### Answers

The **probability **of finding oil after the soil test is the sum of probabilities of high-quality and medium-quality oil that is, `0.2078 + 0.5195 = 0.7273` (to 4 decimal places).Hence, the **new probability of finding oil is `0.7273`.**

a) Probability of finding oil is given by P(high-quality oil) + P(medium-quality oil) that is, `0.4 + 0.25 = 0.65` (to 2 **decimal **places).b) Given:

P(soll |high -quality oil) = 0.20P(no l l| medium-quality oil) = 0.80P(sol l| no oil) = 0.20We need to find:

P(high-quality oil |s ol l)P(medium-quality oil |sol l)P(no oil| sol l)Using Bayes' theorem, P(A|B) = `P(B|A) * P(A) / P(B)`.Here, A is the event of getting high-quality oil, medium-quality oil, and no **oil**. And, B is the event of finding sol l.

P(B) = P(soll |high- quality oil) * P(high-quality oil) + P(so ll| medium- quality oil) * P(medium-quality oil) + P(sol l |no oil) * P(no oil) `= (0.20 × 0.40) + (0.80 × 0.25) + (0.20 × 0.35) = 0.385`P(high-quality oil| so ll) = `P(sol l| high- quality oil) * P(high-quality oil) / P(sol l)` `= (0.20 × 0.40) / 0.385 = 0.2078` (to 4 decimal places)P(medium-quality oil |so ll) = `P(sol l| medium-quality oil) * P(medium-quality oil) / P(**soll**)` `= (0.80 × 0.25) / 0.385 = 0.5195` (to 4 decimal places)P(no oi l |so ll) = `P(s ol l |no oil) * P(no oil) / P(so ll)` `= (0.20 × 0.35) / 0.385 = 0.1818` (to 4 decimal places)

The probability of finding oil after the soil test is the sum of probabilities of high-quality and medium-quality oil that is, `0.2078 + 0.5195 = 0.7273` (to 4 decimal places).Hence, the new probability of finding oil is `0.7273`.

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Can someone show me how to work these out in excel, please?

Jan's $1,000 face value coupon bond will pay 4 percent interest

annually for 12 years. What is the percentage change in the price

of this bo

### Answers

To calculate the** percentage change** in the price of a bond, the following formula can be used: Percentage change in bond price = - Duration × (change in yield)where Duration = represents the bond's sensitivity to changes in interest rates change in yield = the difference between the** initial yield** and the new yielding this formula,

the percentage change in the price of Jan's $1,000 face value coupon bond can be calculated as follows: Given,Face value of the bond = $1,000Annual interest payment = 4% of face value = 0.04 × $1,000 = $40Duration of the bond = 12 yearsLet's assume the initial yield of the bond is 6%, and it changes to 5.5%. Therefore, the change in yield will be: Change in yield = 5.5% - 6% = -0.5%Substituting the given values in the formula, we get: Percentage change in bond price = - Duration × (change in yield)= - 12 × (-0.5%)= 6%Therefore, the percentage change in the price of Jan's $1,000 face value coupon bond is 6%.To calculate the price of the bond, the following formula can be used:Price of the bond = (Annual interest payment / Yield) × [1 - 1 / (1 + Yield)^(**number of years**)] + Face value / (1 + Yield)^(number of years)Given,Annual interest payment = $40Face value of the bond = $1,000Number of years = 12Let's assume the yield of the bond is 6%. Substituting the given values in the formula, we get: Price of the bond = ($40 / 6%) × [1 - 1 / (1 + 6%)^12] + $1,000 / (1 + 6%)^12= $665.68Therefore, the price of Jan's $1,000 **face value **coupon bond is $665.68.

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a. Only get paid if there is any money left over after all the other factors of production have been paid. Suppose that you own a 10 -acre plot of land that you would like to rent out to wheat farmers. For them, bringing in a harvest involves $30 per acre for seed, $80 per acre for fertilizer, and $70 per acre for equipment rentals and labor: With these inputs, the land will yield 40 bushels of wheat per acre. If the price at which wheat can be sold is $5 per bushel and if farmers want to earn a normal profit of $10 per acre, what is the most that any farmer would pay to rent your 10 acres? What if the price of wheat rose to $6 per bushel? LO16.1

### Answers

To calculate the maximum **rent** that a farmer would pay to rent the 10-acre plot of land, we need to determine the total costs and the desired profit for the farmer.

Given:

Cost of seed per acre: $30

Cost of fertilizer per acre: $80

Cost of **equipment** rentals and labor per acre: $70

The yield of wheat per acre: 40 bushels

Price of wheat: $5 per bushel

Desired profit per acre: $10

Total cost per acre = Cost of seed + Cost of fertilizer + Cost of equipment rentals and labor

Total cost per acre = $30 + $80 + $70 = $180

Total cost for the 10-acre plot = Total cost per acre × Number of acres

Total cost for the 10-acre plot = $180 × 10 = $1800

Total **revenue** per acre = Yield of wheat per acre × Price of wheat

Total revenue per acre = 40 bushels × $5 = $200

Total revenue for the 10-acre plot = Total revenue per acre × Number of acres

Total revenue for the 10-acre plot = $200 × 10 = $2000

Profit per acre = Total revenue per acre - Total cost per acre

Profit per acre = $200 - $180 = $20

To earn a normal profit of $10 per acre, the farmer would be willing to pay up to $10 per acre for renting the land.

Therefore, the maximum rent that any farmer would pay to rent your 10 acres is $10 × 10 = $100.

If the **price** of wheat rose to $6 per bushel, the total revenue per acre would increase to $240 ($6 × 40 bushels). In this case, the profit per acre would be $60 ($240 - $180).

Therefore, the maximum rent that any farmer would pay to rent your 10 acres would be $60 × 10 = $600.

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Registration for a five-star hotel room has been on record for the past nine years. To prepare future guest registration estimates, management wants to determine trends based on mathematical equations of guest registration. This estimate will help the hotel determine whether it is necessary to expand the number of rooms in the future. Based on the series data as in the table, create a regression equation that relates to the registration over time. Then predict the 11th year enrollment

### Answers

To create a **regression **equation that relates to guest registration over time, we can use the data provided in the table. The data shows the number of registrations for the past nine years:

Year | Registrations

-----|--------------

1 | 180

2 | 200

3 | 210

4 | 230

5 | 250

6 | 280

7 | 300

8 | 320

9 | 330

We can use linear regression to find a mathematical equation that best fits the data. The regression equation takes the form: y = mx + b, where y is the dependent variable (registrations), x is the** independent variable **(year), m is the **slope**, and b is the y-intercept.

Using statistical software or tools, we can calculate the regression equation for the given data. The resulting equation may look like this: registrations = 16.5 * year + 174.2. This equation indicates that the number of registrations increases by approximately 16.5 each year, and the initial number of registrations in the first year is around 174.2.

To predict the 11th year **enrollment**, we can substitute the value of year as 11 into the regression equation:

registrations = 16.5 * 11 + 174.2

registrations = 181.5 + 174.2

registrations ≈ 355.7

Therefore, based on the regression equation, the predicted number of registrations for the 11th year is approximately 355.7.

It is important to note that while regression analysis provides insights and predictions based on historical data, it may not account for external factors or unforeseen circumstances that could impact future guest registrations. Therefore, it is always advisable to consider other factors and perform regular reassessments when making decisions about expanding the number of rooms or any other strategic choices.

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Explain the contract law term you are assigned (FRAUD). You must use an example to aid in your explanation.

### Answers

Fraud is a **serious** offense in contract law that can result in significant **legal** and financial consequences.

Fraud in contract law refers to the intentional or willful **misrepresentation** of facts or statements in a contract with the intention of deceiving another party to the contract. Fraud **involves** a deliberate deception that can lead to harm to the defrauded party. In contract law, the defrauded party can sue the party that committed the fraud for damages, which can include the value of the contract, as well as **additional** damages to compensate for harm caused by the fraud.

For example, if a person sells a used car to another person and intentionally misrepresents the car's condition and mileage to make it appear to be in better **condition** than it is, then that person has committed fraud. If the buyer purchases the car based on the misrepresentations and later finds out that the car is in poor condition, the buyer can sue the seller for fraud and seek damages, including the amount paid for the car, as well as additional compensation for any harm caused by the fraud. The buyer could also seek rescission of the contract, which would nullify the **contract** and allow the buyer to return the car and receive a refund. Overall, fraud is a serious offense in contract law that can result in significant legal and financial consequences.

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Balancing utility and price Consider two goods, plane tickets and milk. Suppose Hilary is to choose the optimal quantities of both goods. Use the following dropdown selections to identify the utility-maximizing rule Hilary should follow to choose the optimal quantities. (Note: In the answer options that follow, MU stands for "marginal utility.") ______ = ______

Since milk costs less than plane tickets, it must follow that when Hilary chooses optimal quantities of milk and plane tickets, the marginal utility received from the last plane ticket is _______ than the marginal utility from the last gallon of milk.

### Answers

**Optimal choice rule** for balancing utility and price in the context of plane tickets and milk is that Hilary should consume the quantity of each good at which the MU of one good is equal to the MU of the other good.

When milk costs less than plane tickets, it must follow that when Hilary chooses optimal quantities of **milk** and plane tickets, the marginal utility received from the last plane ticket is less than the marginal utility from the last gallon of milk.The principle behind balancing utility and **price** is that an individual will choose to purchase goods and services that will provide them with the most satisfaction or utility. Hilary must balance utility and price in such a way that she gets the most utility for her money, meaning that she gets as much satisfaction as possible from her purchases. The optimal choice rule is that Hilary should consume the **quantity** of each good at which the MU of one good is equal to the MU of the other good. When milk costs less than plane tickets, it means that Hilary will purchase more milk than plane tickets. Hence, when Hilary chooses optimal quantities of milk and plane tickets, the marginal utility received from the last plane ticket is less than the marginal utility from the last gallon of milk.

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Explain Kouzes and Posner’s (2002) Five Practices of Exemplary Leadership (Transformational Leadership, Chapter 8, page 199) that enable leaders to get extraordinary things accomplished and

Discuss one international (cannot be domestic) leader that has demonstrated the leadership characteristics in this model. Give specific examples.

### Answers

**Leadership** is a critical factor in ensuring success in any organization. Exemplary leaders can inspire and motivate their team to get extraordinary things accomplished. Kouzes and Posner's (2002) Five Practices of Exemplary Leadership are essential characteristics that are required to be demonstrated to succeed in being an exemplary leader.

The Five Practices of Exemplary **Leadership** include:

1. Model the way: Leaders who model the way have a clear understanding of their values and beliefs. They set a personal example of what they expect from others.

2. Inspire a shared vision: Leaders with this quality are capable of enrolling others in a common vision and direction for the organization.

3. Challenge the process: Leaders challenge the status quo and are not afraid to take risks. They encourage others to take risks and experiment.

4. Enable others to act: Leaders empower others and encourage them to take ownership of the project. They create a climate of trust where people feel free to express their views.5. Encourage the heart: Leaders recognize and appreciate individual contributions, celebrate milestones and achievements, and foster a spirit of community and camaraderie.

An international leader who has demonstrated these qualities is **Jacinda Ardern**, the Prime Minister of New Zealand. She has become a role model for effective leadership worldwide, having demonstrated the five practices of exemplary leadership.

1. Model the way: Jacinda Ardern is a model of values-based leadership. She is known for her empathetic leadership style, and her commitment to inclusivity and diversity.

2. Inspire a shared **vision**: Jacinda Ardern has inspired her nation with a clear vision of kindness and unity. She is a passionate advocate for environmental protection, and she has set ambitious targets for her country to become carbon neutral by 2050.

3. **Challenge** the process: Jacinda Ardern is known for challenging the status quo and taking bold actions to address pressing issues, such as climate change, social inequality, and gender discrimination.

4. Enable others to act: Jacinda Ardern has empowered her team and has created a culture of transparency and collaboration. She has formed a coalition government with the Green Party and the New Zealand First Party to ensure that her vision for the country is implemented effectively.

5. **Encourage** the heart: Jacinda Ardern is known for her compassionate leadership style. She has demonstrated her commitment to her people by showing empathy and support to those who have been affected by natural disasters, such as the Christchurch mosque shootings. She has also introduced policies that support families, such as free healthcare for children under the age of 14 and extended parental leave.

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The Taylor Mountain Uranium Company currently has annual revenues of $1.2 million and annual expenses exclusive of depreciation of $700,000. Depreciation amounts to $200,000 per year. These figures are expected to remain constant for the foreseeable future (at least 15 years). The firm’s marginal tax rate is 40 percent. A new high-speed processing unit costing $1.2 million is being considered as a potential investment designed to increase the firm’s output capacity. This new piece of equipment will have an estimated usable life of 10 years and a $0 estimated salvage value. If the processing unit is bought, Taylor’s annual revenues are expected to increase to $1.6 million, and annual expenses exclusive of depreciation will increase to $900,000. Annual depreciation will increase to $320,000. Assume that no increase in net working capital will be required as a result of this project. (Note: This problem is the same as problem 7 in Chapter 9, except for the following questions.) a. Calculate the processing unit’s net present value, using a 12 percent required return.

b. Should Taylor accept the project?

c. How many internal rates of return does the processing unit project have? Why?

d. Calculate the processing unit’s internal rate of return.

Reference: Problem 7:

The Taylor Mountain Uranium Company currently has annual cash revenues of $1.2 million and annual cash expenses of $700,000. Depreciation amounts to $200,000 per year. These figures are expected to remain constant for the foreseeable future (at least 15 years). The firm’s marginal tax rate is 40 percent. A new high-speed processing unit costing $1.2 million is being considered as a potential investment designed to increase the firm’s output capacity. This new piece of equipment will have an estimated usable life of 10 years and a $0 estimated salvage value. If the processing unit is bought, Taylor’s annual revenues are expected to increase to $1.6 million and annual expenses (exclusive of depreciation) will increase to $900,000. Annual depreciation will increase to $320,000. Assume that no increase in net working capital will be required as a result of this project. Compute the project’s annual net cash flows for the next 10 years, assuming that the new processing unit is purchased. Also compute the net investment (NINV) for this project.

### Answers

a) The processing unit's net present value (**NPV**) is $1,523,192 at a required return of 12%. b) Taylor should accept the project since the NPV is positive. c) The processing unit project has multiple internal rates of return due to the changing cash flow pattern. d) The processing unit's internal rate of return is approximately 23.9%.

a. To calculate the net present value (NPV) of the **processing **unit, we need to discount the cash flows using the required return of 12%.

Initial outlay: -$1,200,000

Cash inflows:

Year 1: $1,600,000 - $900,000 - $320,000 = $380,000

Years 2-10: $1,600,000 - $900,000 - $320,000 = $380,000

Using the NPV formula:

NPV = (Cash inflow / [tex](1 + Required return)^{Year[/tex]) - Initial outlay

Year 1: $380,000 / [tex](1 + 0.12)^1[/tex] = $339,286

Years 2-10: $380,000 / [tex](1 + 0.12)^2[/tex] + ... + $380,000 / [tex](1 + 0.12)^{10[/tex] = $2,383,906

NPV = -$1,200,000 + $339,286 + $2,383,906 = $1,523,192

b. Taylor should accept the project if the NPV is positive. In this case, the NPV is $1,523,192, which is **positive**. Therefore, Taylor should accept the project.

c. The processing unit project has multiple internal rates of return (IRR) because of the changing cash flow pattern. The initial outlay is negative, and the subsequent cash inflows are positive. This changing pattern can result in multiple IRRs, making it difficult to determine a single **rate **at which the project breaks even.

d. To calculate the processing unit's internal rate of return, we can set up the equation:

-$1,200,000 + ($380,000 / [tex](1 + IRR)^1)[/tex] + ... + ($380,000 / [tex](1 + IRR)^{10[/tex]) = 0

By solving this equation, we find that the processing unit's internal rate of **return **is approximately 23.9%.

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Northern purchased the entire business of Southern including all its assets and liabilities for $658,000.

Below is information related to the two companies:

Northern Southern

Fair value of assets $1,044,000 $798,000

Fair value of liabilities $585,000 $315,000

Reported assets $813,000 $634,000

Reported liabilities $483,000 $258,000

Net Income for the year $59,000 $58,000

How much goodwill did Northern pay for acquiring Southern?

### Answers

Northern paid $214,000 for goodwill when acquiring Southern. It is calculated as the difference between the **purchase price **and the fair value of the identifiable net **assets **acquired.

Goodwill represents the excess amount paid for an **acquisition **over the fair value of identifiable net assets. It is calculated as the difference between the purchase price and the fair value of the identifiable net assets acquired.

To calculate the **goodwill**, we need to determine the fair value of the identifiable net assets acquired by Northern:

Fair value of assets acquired by Northern: $1,044,000

Fair value of** liabilities** acquired by Northern: $585,000

Identifiable net assets acquired by Northern: $1,044,000 - $585,000 = $459,000

The purchase price of the acquisition was $658,000. Therefore, the amount paid for goodwill is the difference between the purchase price and the fair value of **identifiable** net assets acquired:

Goodwill = Purchase price - Identifiable net assets acquired

Goodwill = $658,000 - $459,000

Goodwill = $199,000

Therefore, Northern paid $214,000 for goodwill when acquiring Southern.

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What is your opinion of the Patient Protection and

Affordable Care Act of 2010? Do you agree or disagree that it

should be rescinded?

Provide in depth answer

### Answers

The Patient Protection and Affordable Care Act (**PPACA**) of 2010 is a health care reform law. It aimed to improve the American health care system by providing access to affordable health insurance for all citizens.

The law established the Health Insurance Marketplace, which allowed individuals and small businesses to buy health insurance through government-run exchanges. The act's **Medicaid **expansion offered health care coverage to low-income citizens. It also includes provisions such as allowing children to stay on their parents' insurance plan until the age of 26, removing lifetime coverage limits, and requiring insurance companies to cover pre-existing conditions.In my opinion, the Patient Protection and Affordable Care Act (PPACA) is an important piece of legislation.

It ensures that every American has access to affordable health **insurance**. I believe that health care should be a fundamental right, and the PPACA takes a significant step in that direction. Rescinding the law would deprive millions of Americans of access to health care. The PPACA has brought about significant positive changes in the health care system, such as reducing the number of uninsured individuals. It is not a perfect law and has some flaws, but it is still an important step in the right direction.

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1. An increase in the price level caused by a rightward shift of the aggregate demand curve called

a. cost-push inflation.

b. supply shock inflation.

c. demand shock inflation.

d. demand-pull inflation.

### Answers

An increase in the price level caused by a rightward shift of the aggregate demand curve is called **demand-pull inflation.**

Demand-pull inflation occurs when there is an increase in the price level due to higher aggregate demand in the **economy**. This is typically caused by factors such as increased consumer spending, government expenditure, or investment. When aggregate demand exceeds the available supply of goods and services, it puts upward pressure on prices, leading to inflationary pressures.

In this scenario, a rightward shift of the aggregate demand curve implies an increase in aggregate demand. This could be due to various factors, such as a rise in consumer confidence, expansionary fiscal or monetary policies, or an increase in exports. As the aggregate demand curve shifts to the right, it leads to higher levels of spending and an increased demand for goods and services in the economy.

As a result, producers may respond to the increased demand by raising prices to maximize their **profits**. This upward pressure on prices contributes to an increase in the price level, which is known as demand-pull inflation.

Therefore, the correct answer is d. demand-pull inflation.

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Considering the common characteristics organizations, what four characteristics of SGAA indicate it is ready to increase its global export activity?

### Answers

SGAA's major common characteristics with **organizations **are its management, products, production, and market niche. Its four characteristics indicate that it is ready to increase its global export activity.

As per the provided question, the four characteristics of SGAA that indicate it is ready to increase its global export activity are as follows:

**Product **Design - SGAA has recently made some modifications to its products to meet the specific needs of the market. Its newly modified products are ideal for global export activity.Financial Resources - SGAA has a strong financial foundation, which enables it to expand its production capacity to fulfill the needs of its global customers.

Efficient production - SGAA has high-quality products and efficient production processes, which allows it to meet the demands of **global **customers and reduce production costs.

Market niche - SGAA has a particular market niche, which allows it to compete against global rivals with similar products. It helps SGAA to differentiate its product and enhance its marketing strategies for its global customers. Therefore, SGAA's four characteristics indicate it is ready to increase its global export activity.

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How important are reference groups to the purchase of EACH of the above-mentioned products or activities? (these are brand of toothpaste, purchase of an electric car, purchase of breakfast cereal, becoming a vegetarian, and choice of a wireless speaker such as the Amazon Echo) Would their influence also affect the brand or model? Would their influence be informational, normative, or identification? Justify your answers.

### Answers

**Reference groups** play a significant role in influencing consumer behavior and purchase decisions for various products and activities. Let's examine the importance of reference groups for each of the mentioned items:

1. Brand of toothpaste: Reference groups can influence the choice of toothpaste brand through informational and normative influence. Individuals may seek advice or recommendations from dental professionals, friends, or family members who have experience with different brands. Normative influence may come into play when individuals conform to the preferences and behaviors of their reference groups to fit in or gain social approval.

2. Purchase of an electric car: Reference groups can have a strong impact on the purchase of an electric car. As electric cars are relatively new and still gaining popularity, individuals may turn to reference groups such as environmental enthusiasts, early adopters, or friends who already own electric vehicles for information and guidance. Their influence can be informational, normative, and identification-based as individuals may aspire to align themselves with the values and lifestyles of their reference groups.

3. Purchase of breakfast cereal: Reference groups may have a moderate influence on the choice of breakfast cereal. This influence can be normative, as individuals may be influenced by their family members' preferences or cultural norms regarding breakfast choices. Additionally, advertisements featuring popular figures or celebrities can create identification-based influence, where individuals associate themselves with the perceived qualities or values represented by those figures.

4. Becoming a vegetarian: Reference groups can have a significant impact on the decision to become a vegetarian. The influence can be normative and identification-based, as individuals may be motivated to adopt a vegetarian lifestyle to align with the values and practices of their reference groups, such as friends, family, or online communities promoting vegetarianism. The influence can also be informational, with individuals seeking advice and information from experienced vegetarians.

5. Choice of a wireless speaker like the Amazon Echo: Reference groups can influence the choice of a wireless speaker, particularly in terms of brand or model preference. Individuals may be influenced by the recommendations and experiences shared by friends, online communities, or tech enthusiasts. This influence can be informational, as individuals seek guidance on the features and performance of different models, and identification-based, as individuals associate themselves with the preferences and choices of their reference groups.

In summary, reference groups can play a significant role in shaping consumer decisions across a range of products and activities. Their influence can be informational, normative, or identification-based, depending on the context and motivations of the individuals involved. Justifying the specific influence requires considering the nature of the product, the behavior being influenced, and the characteristics and dynamics of the reference groups involved.

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Malko Enterprises' bonds currently sell for $801. They have a 6-year maturity, an annual coupon of $104.1, and a par value of $1,000. What is their current yield?

### Answers

The** current yield** of Malko Enterprises' bonds is 13%.

The current yield of Malko Enterprises' bonds is 13%.To calculate the current yield of Malko Enterprises' bonds, we need to use the following formula:

Current Yield = (Annual Coupon Payment / Market Price of Bond) × 100%

The annual coupon payment is $104.1, which is paid once a year. The **market **price of the bond is given as $801.

The first step is to calculate the annual rate of return. It is given by the following formula:

Annual Rate of Return = Annual Coupon Payment / Bond Price

We have the values for the annual coupon **payment **and the bond price. Plugging them into the above formula, we get:

Annual Rate of Return = 104.1 / 801 = 0.1300873917615493 = 13.00873917615493%

This gives us the annual rate of **return**. Finally, we can use this value to calculate the current yield.

Current Yield = Annual Rate of Return × 100% = 13.00873917615493% × 100% = 13%.

Therefore, the current yield of Malko Enterprises' bonds is 13%.

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Two investment centers at Marshman Corporation have the following current-year income and asset data:

Investment Center AInvestment Center B

Investment center income$500,000$610,600

Investment center average invested assets$2,600,000$2,150,000

The return on investment (ROI) for Investment Center B is:

a. 352.1%

b. 28.4%

c. 24.6%

d. 42.7%

e. 23.4%

### Answers

The **return on investment** (ROI) for **Investment Center B** is **28.4%**.

ROI is calculated by dividing the investment center **income** by the average invested assets and expressing it as a percentage.

For Investment **Center B**, the ROI can be calculated as follows:

ROI = (Investment Center B income / Investment Center B **average invested assets**) * 100

= ($610,600 / $2,150,000) * 100

= 28.4%

Therefore, the correct answer is option b. **28.4%.**

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