...Sources of Business Finance ----------------------- |Finance method |Explanation |Benefits |Drawbacks | |Owner’s Funds |Business owners often have to use their|Savings are a good source of finance |There is always risk involved; the owner could | | |own personal savings to start a |because no interest has to be paid |lose his funds if the business is not successful. | | |business, particularly if they are a |whilst the money is being used. | | | |new sole trader. | |The owner may not have sufficient funds to start | | | |Business remains in full control of the|up the business. | | |Banks may no be willing to take the |owner. | | | |risk and invest in them. | | | |Retained Profits |This is the money retained in the |Using retained...
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...Jamie Lyons Finance W2 4-1 Questions Annuity-A financial product sold by financial institutions that is designed to accept and grow funds from an individual and then, upon annuitization, pay out a stream of payments to the individual at a later point in time. Annuities are primarily used as a means of securing a steady cash flow for an individual during their retirement years. Lump-sum payment- A one-time payment for the total or partial value of an asset. Cash flow- A revenue or expense stream that changes a cash account over a given period Uneven cash flow stream- Any series of cash flows that doesn’t conform to the definition of an annuity is considered to be an uneven cash flow stream. 4-1 problem Solve for FV 10,000 × (1.10)5 power 10,000 × 1.6105 16,105.10 4-2 At = A0 * (1+r/100m)^mt At= 5000 A0 =? r= 7%, m = 1 t = 20 Answer =$1,292.10 4-3 (FV) = 1,000,000 (PV) = 250,000 (n) = 18 years (i) = ? 1,000,000 = 250,000 (1 + i)15 power = .801% 4-4 i = 6.5% n =? PV = 1000 FV =2000 1000 = 2000 / (1+0.065)n power (1.065)n power=2 I put 11 in for n 11.01 4-6 S = R(((1 + i)n - 1) / i) *(1 + i) $300(((1 + .07)n - 1)/.07) S = $1725.22 * 1.07 S = $1845.99 Each year – $1,725.22 Due- $1,845.99 4-8 Financial calculator used N = 60 I = 1 PV = -20000, FV = 0 PMT = $444.89 EAR formula = (1.01)12 – 1.0 = 12.68%. NOM% = 12 P/YR =12 EFF% = 12.6825% PMT= $444.89 EAR= 12.6825% ...
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...International Finance Karen Davis University of Phoenix September 9, 2010 Introduction 3. A firm’s current balance sheet is as follows: Assets - $100 Debt $10 Equity $90 Question 3a. What is the firm’s weighted cost of capital at various combinations of debt and equity, given the following information? Debts/Assets After Tax Debt Cost Cost of Equity Cost of Capital (weight)(cost of debt) weight (cost of equity) = k (cost of capital) 0% 8% 12% 10 8 12% 20 8 12% 30 8 13% 40 9 14% 50 10 15% 60 12 16% Answer – Debts/Assets After Tax Debt Cost Cost of Equity Cost of Capital (weight)(cost of debt) weight (cost of equity) = k (cost of capital) 0% (.0)(.08) (1.0)(.12) 12.0 % 10% (.1)(.08) (.9)(.12) 11.6 % 20% (.2)(.08) (.8)(.12) 11.2% 30% (.3)(.08) (.7)(.13) 11.5% 40% (.4)(.09) (.6)(.14) 12.0% 50% (.5)(.10) (.5)(.15) 12.5% 60% (.6)(.12) (.4)(.16) 13.6% Question 3b. Construct a pro forma balance sheet that indicates the firm’s optimal capital structure. Compare this balance sheet with the firm’s current balance sheet. What course of action should the firm take? CURRENT BALANCE SHEET PROFORMA BALANCE SHEET Assets - $100 Assets - $100 Debt $10 Debt $20 Equity $90 Equity $80 The optimal capital structure is “the unique capital structure that minimizes the firm’s composite cost of long-term capital” (Keown, et.al. 2005). The debt is 20% of the capital and the cost of capital is 11...
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...ESS Products LLP The Business. ESS are a ventilation and electrical contracting business. Based in Liphook the business operates in London and throughout the South East. The main focus of the business is installing ventilation equipment into domestic properties. 70% of business turnover comes from working for Housing Associations in the London area. The company employs 16 people with the 2013/2014 turnover forecast at £750,000 which is 20% increase over the previous financial year. Internal sources of finance. Retained Profit: This is the cheapest form of finance and is a short-term source. This profit retained in the business at the end of the previous year’s trading can be used to grow the company organically – e.g. by spending on new equipment, staff and resources to grow their operations. This may mean potentially slower growth than taking out a loan to grow rapidly but more stable finances. It can also lead to higher long term profit as there is no debt to pay interest on for the business. As the business had a 20% rise in turnover this year it is likely to have increased its retained profit, which should enable them to fund further growth in the future. A way of boosting the retained profit is by reducing the owner’s salaries to retain profit in the business to fund growth. This may cause problems in the short term as the owners are not drawing enough salary, but in the medium term it can be highly beneficial for the company as a cheap way of...
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...JOHN P. deJONGH, JR. GOVERNOR GREGORY R. FRANCIS LT. GOVERNOR 2014 DEPARTMENT OF FINANCE JANUARY S M H H 27 T 7 21 28 W H 8 15 22 29 MAY S 4 11 18 25 M 5 12 19 H T 6 13 20 W 7 14 21 28 T $ 8 $ 22 $ F C 9 16 23 30 S C 10 17 24 31 S 1 8 15 22 29 M 2 9 16 23 30 OCTOBER F 5 12 19 26 S 6 13 20 27 5 12 19 26 S M T 7 14 21 28 W 1 8 15 22 T $ 9 $ 23 $ F 3 10 17 24 31 S 4 11 18 25 2 9 16 23 30 $ = Payday AD = Administrative Leave C = Carnival H = Holiday FEBRUARY F AD 10 17 24 31 S 4 11 18 25 2 9 16 23 3 10 H 24 4 11 18 25 5 12 19 26 JUNE T 3 10 17 24 W 4 11 18 25 T 5 $ $ F 6 13 27 S 7 14 21 28 6 13 20 27 7 14 21 28 S M T $ 13 $ 27 7 14 21 28 S M T W T F S 1 8 15 22 2 9 16 23 3 10 17 24 H 4 11 18 25 S M T MARCH W 5 12 19 26 JULY W T H $ 17 $ 31 F H 11 18 25 S 5 12 19 26 3 10 17 24 31 4 11 18 25 5 12 19 26 S M T T $ 13 $ F 7 14 21 S 1 8 15 22 6 13 20 27 S M T 1 8 15 22 29 APRIL W T $ 10 H 24 F S 5 12 19 T 2 $ 16 $ 30 2 9 $ 23 30 4 11 H 5 12 19 26 7 14 H 28 13 14 25 26 27 28 29 30 AUGUST W 6 13 20 27 T $ 14 $ 28 F 1 8 15 22 29 S 2 9 16 23 30 1 8 15 22 29 2 9 16 23 30 19 20 27 SEPTEMBER S 7 14 21 28 M H T 2 9 16 23 30 W 3 10 17 24 T $ 11 $ 25 NOVEMBER S M 3 T H H 18 25 W 5 12 19 $ T 6 $ H F 7 14 28 S H 8 15 22 29 7 14 21 28 S M 1 8 15 22 T 2 9 16 DECEMBER W 3 10 17 T 4 $ H F 5 12 H S 6 13 20 27 8 15 22 29 6 H 20 27 10 17 24 18 19 20 21 29 23 $ 29 30 31 ANGEL E. DAWSON, JR. COMMISSIONER...
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...perform more productively? Try proven, specific techniques designed to keep even your most cynical employees satisfied and productive. The first step? Back off. Nobody likes a micromanager. Ads by Google Options Trading Lessons With just these 3 Free reports you could be trading by day's end. wealthdaily.com/Options_Trading Step 1 Set specific goals, and trust your employees to reach them. According to Forbes, nothing makes enthusiasm vanish faster than a micromanager who doesn't trust her employees to do their work properly. Force yourself to let go by setting a clear and achievable goal; for example, "I want to beat increase our sales by 5 percent over the next 60 days." Ask for feedback, then back off and see what happens. Step 2 Reward top performers publicly and meaningfully. Inc. magazine suggests that letting employees share in success keeps them happy and motivated. It also increases the work ethic of those who aren't top performers. Financial incentives are always appreciated,...
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...1 www.oldwitchcraft.com 2 www.oldwitchcraft.com 3 INTRODUCTION The science of numerology can be traced back thousands of years. The Chinese, Japanese, Greek, Hebrews, Egyptians, Phoenicians, early Christians, Mayans, and Incas all used some form of numerology to gain a deeper understanding of themselves and the universe. Numerology is perhaps the easiest of the occult arts to understand and use. All you need is the birth date and the complete name of an individual to unlock all of the secrets that the numbers hold. (Most authorities agree that the full birth name as recorded on your birth certificate is the name that must be used for all calculations involving name.) There are eleven numbers used in constructing Numerology charts. These numbers are 1, 2, 3, 4, 5, 6, 7, 8, 9, 11, and 22. Larger numbers that occur from adding the numbers in the complete birth date or from the values assigned to each name are reduced by adding the digits together until the sum achieved is one of the core numbers. Merely add the components of the larger number together (repeatedly, if necessary) until a single digit (or the "master" numbers 11 or 22) results. Each of these numbers represents different characteristics and expressions. Master numbers are the only exception to rule of reducing to the single digit. The master numbers 11 and 22 are intensified versions of the single digit number they replace (2 and 4). These numbers suggest a potential for a high degree of learning and/or achievement...
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............................................ 11 Energizer: Accentuate the Positive............................................................................. 11 Energizer: Name Game.............................................................................................. 11 Energizer: Heart to Heart ........................................................................................... 11 Energizer: Guess my Body Language ........................................................................ 11 Energizer: How to Say Hello in Different Languages ................................................. 12 Energizer: Good Morning Game ................................................................................ 12 Service Value # 2 – Maintain A Professional Image ................................................. 14 Energizer: You Look Marvellous ................................................................................ 14 Energizer: First Impressions ....................................................................................... 14 Energizer: Your Professional Image Assessment ...................................................... 15 Energizer: Beauty Pageant...
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...FIN3000 Assignment 2 -Topic 5: Risk and Return HPU Due on: March 14, 2013 CLASS TIME (Solutions without necessary derivation cannot receive credit) 1. Please calculate the expected value and the standard deviation of returns for asset A (See below.) Asset A Possible Outcomes | Probability | Returns (%) | Weighted Value | Pessimistic | 0.25 | 10 | 2.5% | Most Likely | 0.45 | 12 | 5.4% | Optimistic | 0.30 | 16 | 4.8% | TOTAL | 1.00 | EXPECTED RETURN | 12.7% | j | rⱼ | rᵪ | rⱼ- rᵪ | (rⱼ- rᵪ)² | Prⱼ | (rⱼ- rᵪ)² x Prⱼ | 1 | 10% | 12.7% | -2.7% | 7.29% | 0.25 | 1.8225% | 2 | 12% | 12.7% | -0.7% | 0.49% | 0.45 | 0.2205% | 3 | 16% | 12.7% | 3.3% | 10.89% | 0.30 | 3.267% | j=1n(rⱼ- rᵪ)² x Prⱼ=5.31% σ=j=1nrⱼ- rᵪ2 x Prⱼ=5.31%≈2.304% 2. Tom Skinner has $45,000 invested in a stock with a beta of 0.8 and another $55,000 invested in a stock with a beta of 1.4. These are the only two investments in his portfolio. What is his portfolio’s beta? ASSET | ASSET WORTH | PORTFOLIO BETA | BETA | TOTALS | 1 | $45,000 | 45,000/(45,000+55,000) | .8 | 0.36 | 2 | $55,000 | 55,000/(45,000+55,000) | 1.4 | 0.77 | TOTALS | | | | 1.13 | 3. Kamath Manufacturing Company has a beta of 1.45, while Gehr Industries has a beta of 0.85. The required return on the stock market is 12.00%, and the risk-free rate is 5.00%. What is the difference between Kamath's and Gehr's required rates of return? Market Risk Premium= (.12-...
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...random manner. Show that regardless of how the numbers are positioned on the wheel, there are three adjacent numbers whose sum is at least 39. Adding all 25 inequalities, we find that 3∑_(i=1)^25▒xi = 3∑_(i=1)^25▒i < 25(39) = 975. But 3∑_(i=1)^25▒i=(25)(26)/2=325 gives us the contradiction that 988 = 3(325) < 975 7. A lumberjack has 4n + 110 logs in a pile consisting of n layers. Each layer has two more logs than the layer directly above it. If the top layer has six logs, how many layers are there? . . 18. Consider the following four equations: 1) 1 =1 2) 2 + 3 + 4 = 1 + 8 3) 5 + 6 + 7 + 8 + 9 = 8 + 27 4) 10 + 11 + 12 + 13 + 14 + 15 + 16 = 27 + 64 1) 1=1 n = 1 2) 2 + 3 + 4 = 1 + 8 n = 2 3) 5 + 6 + 7 + 8 + 9 = 8 + 27 n = 3 4) 10 + 11 + 12 + 13 + 14 + 15 + 16 = 27 + 64 n = 4 Formula (n-1)²+1, or n²-2n+1+1or n²-2n+2. n²-2n+2 Exercise 4,3 10 & 15 10. If n ∈ Z+, and n is odd, prove that 8|(n2 − 1). 15. Write each of the following (base-10) integers in base 2 and base 16. a)22 b) 527 c) 1234 d) 6923 22) base 2 10110 base 16 = 16 527 base 2 = 1000001111 base 16 = 20F 1234 base 2 = 10011010010 base 16 = 4D2 6923 base 2 = 1101100001011 base 16 = 1B0B Exercise 4.4 (1&14) 1. For each of the following pairs a, b ∈ Z+, determine gcd(a, b) and express it as a linear combination of a, b. 231, 1820 b) 1369, 2597 c) 2689, 4001 a) 231, 1820 a) 231, 1820 1820 = 7 (231) + 203 ...
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...Identifying Good or Bad Statements Anit Maharjan HUMN210-H5WW Meghan Roehll Franklin University 4th April, 2013 a. Nobody in the world today is really good. Yes, I have heard of good people, but not really good people. - Good statement. b. The world is not flat. Well, if you look at a map it is: - in what point of view - bad statement. c. I will need an extended period of laborious cogitation to assimilate the missive. This doesn't make any sense - bad statement. d. The number 2 is odd. Are we talking about an even number? I believe your confusion comes from the fact that 2 is a prime number, but it is still even. It is the only even number that is prime – false statement. e. If you believe in evolution, then your ancestors were filthy apes. There are two kinds of people in the world: - one is god prayer and the next is science believer. If you support the statement from the point of scientific theory of evolution by Darwin, then yes our ancestors are filthy apes, whereas if you think form the side of god’s prayer then the statement is false – good statement. f. Some swans are black. In this statement, I am not sure that some swans are black or not, all swans could be black or white – good statement. g. If you are a human, then you are a person. If you are an individual, then you are alive. Human is a person and of course the person becomes an individual and every individual breaths...
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...Year | Album | Peak chart positions | Sold | | | UK | AUS | GER | SWI | FRA | NZ | AUT | IRE | | 2000 | Bright Lights * Released: August 2000 * Label: Island | 1 | 3 | 2 | 2 | 6 | 3 | 10 | 1 | * UK: 3xPlatinum * AUS: Platinum * GER: Platinum * SWI: Platinum * FRA: Gold * NZ: Platinum * IRE: Platinum | 2001 | Dangerously In Love * Released: October 2001 * Label: Island | 1 | 1 | 1 | 1 | 3 | 1 | 6 | 1 | * UK: 4xPlatinum * AUS: Platinum * GER: Platinum * SWI: Platinum * FRA: Platinum * NZ: Platinum * AUT: Gold * IRE: Platinum | 2003 | All Night Long * Released: August 2003 * Label: Island | 1 | 6 | 5 | 5 | 10 | 6 | 14 | 1 | * UK: 2xPlatinum * AUS: Gold * GER: Gold * SWI: Gold * NZ: Gold * IRE: Platinum | 2004 | Troublemaker * Released: October 2004 * Label: Island | 3 | 12 | 10 | 10 | 14 | 12 | 18 | 3 | * UK: Platinum * IRE: Platinum | Year | Song | Peak chart positions | Sold | Album | | | UK | AUS | GER | SWI | FRA | NZ | AUT | IRE | | | 2000 | | 2 | 12 | 10 | 10 | 14 | 12 | 16 | 2 | * UK: Gold * AUS: Gold * NZ: Gold | | | | 1 | 6 | 4 | 4 | 8 | 6 | 10 | 1 | * UK: Platinum * AUS: Platinum * GER: Gold * SWI: Gold * NZ: Platinum | | 2001 | | 8 | 24 | 22 | 22 | 26 | 24 | 28 | 8 | * UK: Gold | | | | 12 | - | - | - | - | - | - | 12 | | | | | 1 | 8 | 6 | 6 | 10 | 8 | 12 | 1 | * UK: Platinum * AUS: Platinum * GER: Gold * SWI: Gold * NZ: Platinum...
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...receives it. And also some other facts which should be considered like life expectancy, importance, age etc. when deciding on whom to donate the heart to. He’s cause for damage to the heart was the steroids, of which he was unaware of the consequences of taking the steroids at the time he took so there wasn’t any sort of health irresponsibility known otherwise. His chances to live 10-15 more years are very high so it’s one point investing in him. He has a family to take care of, wife and the 3 kids who he has to support till they are on their feet and so forth. He also has been a good supporting father as he’s already being supporting their dreams career wise and the future. So my first choice with all confidence would be Jerry. The number 2 choice is Ozzie because as LONG as he does not get back on his old ways HE does hold out some hope on society as a whole as long he does NOT revert back and does good in society by helping out and he no longer does any drugs - he really can have a useful and a prosperous and productive life. His chances of living after a successful heart transplant are another 10 years but only if he stays off the drugs and which is not really guaranteed but if he does he can be a very good mentor and a coach or a guidance for teens with troubled life as they are on drugs already. Since Ozzie have seen the side effects and losses because of the drugs, he can let the teens know it too and...
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...MON TUE FEB WED THU FRI SAT SUN MON TUE MAR WED THU FRI SAT SUN MON TUE APR WED THU FRI SAT 1 2 3 4 5 6 8 9 10 11 12 13 15 16 17 18 19 20 22 23 24 25 26 27 29 30 31 2012 SUN MON TUE 7 14 21 28 5 6 7 12 13 14 19 20 21 26 27 28 SUN MON TUE 1 2 3 8 9 10 15 16 17 22 23 24 29 JUNE WED THU FRI 4 11 18 25 4 5 6 7 11 12 13 14 18 19 20 21 25 26 27 28 SUN MON TUE 1 2 3 8 9 10 15 16 17 22 23 24 29 30 31 FRI SAT 1 2 3 4 5 6 8 9 10 11 12 13 15 16 17 18 19 20 22 23 24 25 26 27 29 30 AUG SUN MON TUE WED THU FRI 7 14 21 28 MAY WED THU FRI SAT JULY SAT WED THU SAT 6 7 13 14 20 21 27 28 2012 1 2 3 4 5 8 9 10 11 12 15 16 17 18 19 22 23 24 25 26 29 30 31 SEPT WED THU FRI SAT 3 4 5 6 7 10 11 12 13 14 17 18 19 20 21 24 25 26 27 28 OCT SUN MON TUE WED THU 1 8 15 22 29 FRI 2 9 16 23 30 SAT 1 2 3 4 5 6 8 9 10 11 12 13 15 16 17 18 19 20 22 23 24 25 26 27 29 30 31 NOV SUN MON TUE WED THU FRI 7 14 21 28 5 6 7 12 13 14 19 20 21 26 27 28 SUN MON TUE 1 2 3 8 9 10 15 16 17 22 23 24 29 30 31 DEC WED THU FRI 4 11 18 25 SUN MON TUE SAT SAT 2 3 4 5 6 7 9 10 11 12 13 14 16 17 18 19 20 21 23 24 25 26 27 28 30 1 8 15 22 29 7 14 21 28 1 2 3 4 5 6 8 9 10 11 12 13 15 16 17 18 19 20 22 23 24 25 26 27 29 30 31 4 5 6 7 11 12 13 14 18 19 20 21 25 26 27 28 1 2 3 8 9 10 15 16 17 22 23 24 29 30 2 9 16 23 30 3 4 5 6 7 10 11 12 13 14 17 18 19 20 21 24 25 26 27 28 31 1 8 15 22 29...
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... 30 29 28 27 26 25 24 23 22 21 20 19 18 17 16 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 25 24 23 22 21 20 19 18 17 16 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 30 29 28 27 26 Dec (12)2011 Nov (11)2011 29 28 27 26 25 24 23 22 21 20 19 18 17 16 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 23 22 21 20 19 18 17 16 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 31 30 29 28 27 26 Jan (1)2012 Dec (12)2011 30 29 28 27 26 25 24 23 22 21 20 19 18 17 16 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 22 21 20 19 18 17 16 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 31 30 29 28 27 26 25 24 Feb (2)2012 Jan (1)2012 30 29 28 27 26 25 24 23 22 21 20 19 18 17 16 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 23 22 21 20 19 18 17 16 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 29 28 27 26 25 24 23 Mar (3)2012 Feb (2)2012 29 28 27 26 25 24 23 22 21 20 19 18 17 16 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 21 20 19 18 17 16 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 31 30 29 28 27 26 25 24 Apr (4)2012 Mar (3)2012 30 29 28 27 26 25 24 23 22 21 20 19 18 17 16 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 21 20 19 18 17 16 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 30 29 28 27 26 25 24 23 22 May (5)2012 Apr (4)2012 30 29 28 27 26 25 24 23 22 21 20 19 18 17 16 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 20 19 18 17 16 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 31 30 29 28 27 26 25 24 23 22 Jun (6)2012 May (5)2012 29 28 27...
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