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You are long 8 gold futures contracts, established at an initial settle price of $1,240 per ounce, where each contract represents 100 troy ounces. Your initial margin to establish the position is $13,000 per contract, and the maintenance margin is $12,200 per contract. Over the subsequent four trading days, gold settles at $1,230, $1,220, $1,305, and $1,320, respectively. Compute the balance on your margin account at the end of each of the four trading days, and compute your total profit or loss at the end of the trading period. Assume that a margin call requires you to fund your account back to the initial margin requirement.
You must evaluate the purchase of a proposed spectrometer for the R&D department. The base price is $140,000, and it would cost another $30,000 to modify the equipment for special use by the firm. What is the initial investment? What is the deprecati..
Ritz Company sells fine collectible statues and has implemented activity-based costing. Costs in the shipping department have been divided into three cost pools. During the period, the Far East sales office generated 697 orders for a total of 6,020 i..
Bayou Okra Farms just paid a dividend of $3.35 on its stock. The growth rate in dividends is expected to be a constant 4 percent per year indefinitely. Investors require a return of 16 percent for the first three years, a return of 14 percent for the..
What is the present value of your windfall if the appropriate discount rate is 9 percent?
Vandalay Industries is considering the purchase of a new machine for the production of latex. Machine A costs $3,084,000 and will last for six years. Variable costs are 40 percent of sales, and fixed costs are $225,000 per year. Both machines will be..
The following table presents the long-term liabilities and stockholders’ equity of Information Control Corp. one year ago:
The following table gives abbreviated balance sheets and income statements for Estée Lauder Companies. ($ in millions) End of Year Start of Year Balance Sheet Assets Current assets: Cash and marketable securities $1,303 $1,126 Accounts receivable 996..
Upton Computers makes bulk purchases of small computers, stocks them in conveniently located warehouses, ships them to its chain of retail stores, and has a staff to advise customers and help them set up their new computers. That is, what is the maxi..
In 2003, the maximum tax rate on dividends and capital gains is 15%. Andrew, who is in the 35% ordinary income tax bracket, purchased 100,000 shares of stock at $50 per share in January 2003. Dividends of $0.50 per share were paid in April and Septem..
The Leveraged Corporation has an 8-year bond outstanding with a coupon rate of 12 percent and a price of $942.5. If the bond pays its coupons semi-annually and the firm’s marginal tax rate is 40%, its after-tax cost of debt is
In Arthur Levitt's speech, referred to in the opening quote, he also said: "I fear that we are witnessing erosion in the quality of earnings and therefore, the quality of financial reporting. What role does financial analysts' earnings expectations ..
Use the exact form of interest rate parity in calculating the expected spot rates.
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