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Technical Consumer Products, Inc. (TCP) makes and distributes energy-efficient lighting products. Emily Bahr was TCP’s district sales manager in Minnesota, North Dakota, and South Dakota when the company announced the details of a bonus plan. A district sales manager who achieved 100 percent year-over-year sales growth and a 42 percent gross margin would earn 200 percent of his or her base salary as a bonus. TCP retained absolute discretion to modify the plan. Bahr’s base salary was $42,500. Her final sales results for the year showed 113 percent year-over-year sales growth and a 42 percent gross margin. She anticipated a bonus of $85,945, but TCP could not afford to pay the bonuses as planned, and Bahr received only $34,229. In response to Bahr’s claim for breach of contract, TCP argued that the bonus plan was too indefinite to be an offer. Is TCP correct? Explain.
You short-sell 500 shares of a stock for one year – i.e., you borrow and sell the shares at time t = 0, and you purchase and return the shares at time t = 1. At time t = 0, the ask and bid prices of the stock per share are 75.25 and 73.50, respective..
Walmart plans lower their capital expenditure projections for fiscal 2017-2019. Walmart (MWT) expects to generate $80 billion in cash flow over fiscal 2017–2019, up from $75 billion in the last three years. The company plans to move the same in fundi..
Constant Growth Rate, g A stock is trading at $85 per share. The stock is expected to have a year-end dividend of $6 per share (D1 = $6), and it is expected to grow at some constant rate g throughout time. The stock's required rate of return is 11% (..
A company you are researching has common stock with a beta of 1.20. Currently, Treasury bills yield 3%, and the market portfolio offers an expected return of 15%. The company finances 30% of its assets with debt that has a yield to maturity of 6%. Th..
A bond currently sells for $1,030, which gives it a yield to maturity of 6%. Suppose that if the yield increases by 30 basis points, the price of the bond falls to $990. What is the duration of this bond?
Company Z is considering purchasing a robotic welding machine which is estimated to reduce expenses by $54,000 per year. The machine will have no effect on revenues but is expected to pay for itself from the cost savings. Fill in the following inform..
Determine the profits and graph the results. Identify the breakeven stock price at expiration. What are the maximum possible gain and loss on this transaction?
FITCO Inc. is a Pharmaceutical Company which is considering investing in new equipment for the production of pain-reliever medicine for individuals who suffer from cardio vascular diseases. Calculate the initial outlay of the project. Determine the t..
The president of Speedy Copy has asked you to evaluate the proposed acquisition of a new copier. The copier equipment is expected to cost $30,000 and will be depreciated in a straight-line manner for the three years of the asset’s life after which it..
Explain the meaning of simple interest? Briefly describe what is meant by the time value of money? Describe the process of compounding and the meaning of compound interest? What is the meaning of discounting? Give an illustration.
Discuss the role of the credit Ratings Agencies (Moody’s Investors Service, Standard & Poor’s and Fitch Ratings).
Vidal Corporation has a bond outstanding with 15 years to maturity, an 8.25% nominal coupon, semiannual payments, and a $1,000 par value. The bond has a 6.50% nominal yield to maturity, but it can be called in 6 years at a price of $1,120. What is th..
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