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A traveling salesman travels from city to city for business. Every other year he buys a used car for about $17,000. The dealer allows about $8,000 as a trade in allowance, so the salesman spends about $9,000 every other year for a car. He keeps accurate records of his expenses, which total $0.323 per mile. His employer has two plans to reimburse car expenses:
Actual expenses: The salesman will receive all his operating expenses, and $4,500 each year for the car’s decline in value.
Standard mileage rate: The salesman will receive $0.565 per mile but no operating expenses and no depreciation allowance.
At what annual mileage do the two methods give the same reimbursement?
If the risk-free rate is 8% and Jupiter pays no dividends, what should the stock price be?
San Mateo Healthcare had an equity balance of $1.38 million at the beginning of the year. At the end of the year, its equity balance was $1.98 million. Assume that San Mateo is a not-for-profit organization. What was its net income for the period? No..
Calculate the yield to maturity on the following bonds. A 8.5 percent coupon (paid semiannually) bond, with a $1,000 face value and 25 years remaining to maturity. The bond is selling at $910. An 5.6 percent coupon (paid quarterly) bond, with a $1,00..
[Actuarial Math] Company ABC is required to pay their customers $20,000 after 3 years. Based on an annual effective interest rate of 4%, Andy, the company’s actuary, uses full immunization strategy to construct a portfolio of assets using a 2-year ze..
Harrison Clothiers' stock currently sells for $20 a share. It just paid a dividend of $2 a share (that is, D0 = 2). The dividend is expected to grow at a constant rate of 6% a year. What stock price is expected 1 year from now?
What percentage of value should be allocated to equity in WACC computations for a firm with $50 million in debt selling at 85% of par, $50 million in book value of equity, and $65 million in market value of equity?
Katie Holmes and Garden Co. has 10, 640,000 shares outstanding. The stock is currently selling at $52 per share. If an unfriendly outside group acquired 25 percent of the shares, existing stockholders will be able to buy new shares at 30 percent belo..
Stephen plans to purchase a car 4 years from now.The car will cost $64,794 at the time.Assume that Stephen car earn 9.84 percent(compound monthly)on his money. How much should he set aside today for the purchase?
The June Bug has a $340,000 bond issue outstanding. These bonds have a coupon rate of 6.25 percent, pay interest semiannually, and sell at 101.2 percent of face value. The tax rate is 35 percent. What is the amount of the annual interest tax shield?
Your CEO comes to you armed with the latest earnings results of a major competitor. What message might you provide to your CEO and what type of bias may he be reflecting?
You have just purchased a new warehouse. To finance the purchase, you’ve arranged for a 37-year mortgage loan for 85 percent of the $3,270,000 purchase price. The monthly payment on this loan will be $16,000. Requirement 1: What is the APR on this lo..
Assuming an interest rate of 10%, what is the present value at the beginning of 2010 of a $5 million payment Chapman would receive at the end of 2013?
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