...The Lazy Mower: Is It Really Worth It Solution to Case 03 Cash Flow Analysis Questions: 1. Prepare a Pro Forma Statement showing the annual cash flows resulting from the Lazy Mower project. (See table on next page) | |0 |1 | |Base | $ 46,162,736.36 |60.806% | |Pessimistic | $ 36,143,876.79 |51.733% | |Optimistic | $ 60,917,016.49 |74.153% | 3. Realizing that the CIC will demand some kind of sensitivity analyses, how should Dave and Rick prepare their report? Which variables or inputs are obvious ones that need to be analyzed using multiple values? Explain by performing suitable calculations. The variables that are vulnerable to economic and market factors such as competition, inflation, and recession are selling price per unit and variable cost per unit. To some extent fixed costs can be sensitive as well. Price per unit has been adjusted over the years to allow for downward trends due to competitive pressure. However, cost sensitivity needs to be analyzed. Variable cost per unit can be increased by 10% up to 30% and the impact on cash flows and Net Present Value and IRR can be analyzed. 4. How should the interest expenses be treated? Explain. The interest expense should not be deducted when calculating the annual cash flows. Interest is a financing expense and is included in the discount rate (cost of capital) used to calculate the NPV. If we deduct interest expenses we will be double counting. 5. Using the base case estimates calculate...
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...The Lazy Mower: Is it really worth it? Questions: 1. Prepare a Pro Forma Statement showing the annual cash flows resulting from the Lazy Mower project. (See table on next page) 0 1 2 3 4 5 6 7 8 9 10 Sales (units) 30,000 34,000 38,800 38,000 36,000 36,000 35,500 35,000 34,500 34,000 Adjusted Sales Price 1,000 1,000 1,000 950 950 950 950 900 900 900 Revenues 30,000,000 34,000,000 38,800,000 36,100,000 34,200,000 34,200,000 33,725,000 31,500,000 31,050,000 30,600,000 Variable Cost 12,000,000 13,600,000 15,520,000 15,200,000 14,400,000 14,400,000 14,200,000 14,000,000 13,800,000 13,600,000 Fixed Costs 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000 Rent ($10,000 per month) 120,000 120,000 120,000 120,000 120,000 120,000 120,000 120,000 120,000 120,000 EBIT 16,380,000 18,780,000 21,660,000 19,280,000 18,180,000 18,180,000 17,905,000 15,880,000 15,630,000 15,380,000 MACRS Rates ...
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...Planning Case 8- Paying Off That Dream House; Loan Amortization Case 9- Wake Up and Smell the Coffee!; Time Value of Money Case 10- Corporate Bonds-They Are More Complex Than You Think; Bond Analysis and Valuation Case 11- How Low Can It Go?; Application of Stock Valuation Methods Case 12- What Are We Really Worth; Valuation of Common Stock Case 13- The Lazy Mower: Is It Really Worth It?; Estimating Cash Flow-New Project Analysis Case 14- If the Coat Fits, Wear it; Replacement Project Analysis Case 15- The Dilemma at Day-Pro; Comparison of Capital Budgeting Techniques Case 16- Too Hot to Handle; Capital Budgeting Case 17- Flirting with Risk; Risk and Return Case 18- I Wish I Had a Crystal Ball; Real Options and Capital Budgeting Case 19- Can One Size Fit All?; Determining the Cost of Capital Case 20- We Are Not All Alike; Divisional Costs of Capital Case 21- Where Do We Draw the Line?: Marginal Cost of Capital and Capital Budgeting Case 22- EVA ? Does It Really Work?; Economic Value Added (EVA) Case 23- It’s Better to Be Safe Than Sorry!; Evaluating Project Risk Case 24- Look Before You Leverage; Debt Versus Equity Financing Case 25- Is It Worth More Dead or Alive?; Bankruptcy and Reorganization Case 26- Is It Much Ado About Nothing?; Dividend Policy Case 27- Timing Is Everything!; Working Capital Management Case 28- Getting Our Act Together; Cash Budgeting Case 29- The Elusive Cash Balance;...
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...unique that the same list of values could never be applied to all, or even most, of their fellow citizens. Although Americans may think of themselves as being more varied and unpredictable than they actually are, it is significant that they think they are. Americans tend to think they have been only slightly influenced by family, church or schools. In the end, each believes, "I personally chose which values I want to live my own life by." Despite this self-evaluation, a foreign anthropologist could observe Americans and produce a list of common values that would fit most Americans. The list of typically American values would stand in sharp contrast to the values commonly held by the people of many other countries. We, the staff of the Washington International Center, have been introducing thousands of international visitors to life in the United States for more than a third of a century. This has caused us to try to look at Americans through the eyes of our visitors. We feel confident that the values listed here describe most (but not all) Americans. Furthermore, we can say that if the foreign visitor really understood how deeply ingrained these 13 values are in Americans, he or she would then be able to understand 95% of American actions—action that might otherwise appear strange or unbelievable when evaluated from the perspective of the foreigner’s own society and its values. The different behaviors of a...
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...beginning of their junior year. Scarlett's boyfriend is killed in a motorcycle accident; then she finds out that she is carrying his baby. For the first time ever, Scarlett really needs Halley. Now Halley has to learn how to be strong for Scarlett. It won't be easy, but Halley knows that she can't let Scarlett down. Because a true friend is a promise you keep forever. ( Word Converter - Unregistered ) http://www.word-pdf-converter.com ( Word Converter - Unregistered ) http://www.word-pdf-converter.com Best friends. "Scarlett?" I said, there in the dark, and as she turned to me I saw her face was streaked with tears. For a minute, I didn't know what to do. I thought again of that picture tucked in her mirror, of her and Michael just weeks ago, the water so bright and shiny behind them. And I thought of what she had done all the millions of times I'd cried to her, collapsing at even the slightest wounding of my heart or pride. So I reached over and pulled her to me, wrapping my arms around her, and held my best friend close, returning so many favors all at once. . . . ************************************ PART I THE GRAND CANYON ( Word Converter - Unregistered ) http://www.word-pdf-converter.com Chapter 1 Scarlett Thomas has been my best friend for as long as I can remember. That's why I knew when she called me at Sisterhood Camp, during the worst week of my life, that something was wrong even before she said it. Just by her...
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...skills for writing an effective argumentative essay rom August 1987 until January 2007, Alan Greenspan was chairman of the Federal Reserve Board (“the Fed”). Because any remark he made about U.S. monetary policy could cause markets all over the world to fluctuate wildly, he developed a complicated way of speaking that came to be known as “Fedspeak.” Here’s an example: It is a tricky problem to find the particular calibration in timing that would be appropriate to 2/9/2016 12:17 PM 3 of 56 stem the acceleration in risk premiums created by falling incomes without prematurely aborting the decline in the inflation-generated risk premiums.* Greenspan has admitted that such remarks were not really intended to be understood. Asked to give an example by commenting on the weather, Greenspan replied, I would generally expect that today in Washington, D.C., the probability of changes in the weather is highly uncertain. But we are monitoring the data in such a manner that we will be able to update people on changes that are important.* Page 70 2/9/2016 12:17 PM This tells us nothing about the weather, of course, and was not intended to. Many times, though, we run across similarly complicated examples of speech or writing that do seem to be intended to inform us. For example, Allan Bloom, the famous American educator who authored The Closing of the American Mind, which was read (or at least purchased) by millions, wrote in that book: If openness means to “go with the flow,” it is...
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...Foreword 11 How Keen Is Your Observation? 13 Does what you see register in your mind? Which light is on top of the traffic light? Is the number six on your watch dial, the Arabic #6 or is it the Roman #VI? Other observation questions. The importance of observation in memory. Habit Is Memory 20 There is no such thing as a poor memory, only a trained or untrained one. There is no limit to the capacity of the memory. Lucius Scipio was able to remember the names of all the people of Rome; Seneca could memorize and repeat two thousand words after hearing them once. Test Your Memory 24 If you can remember any one thing by association, you can do it with anything else. A series of tests for you to take now to indicate how limited your untrained memory is. Interest in Memory 32 The first step is to be interested in remembering names, faces, dates, figures, facts—anything, and that you have confidence in your ability to retrain them. Link Method of Memory 39 What the Link Method is. Use this method of associating ridiculous mental images with items you want to remember. Start to remember as you've never remembered before. Peg System of Memory 48 The Peg System helps you associate and remember numbers. You can learn to remember 52 items by number, in and out of order. Uses of the Peg and Link Systems 60 Start with remembering a Shopping List and Daily Errands. From this you will go on to more difficult feats. How to Train Your Observation 66 ...
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...S E C O N D E D I T I O N POWER MARKETING, SELLING, and PRICING A Business Guide for Wedding and Portrait Photographers Amherst Media ® PUBLISHER OF PHOTOGRAPHY BOOKS Mitche Graf Dedication I would like to dedicate this book to one of the greatest men I have ever met, Pat Wright. Although he is no longer with us, he left behind a legacy that will not soon be forgotten. As my stepfather, my supporter, and my friend, he showed me the value of not only a hard days’ work, but also the importance of taking time to enjoy the precious moments life has to offer. By example, he taught me to take my work seriously, but to take myself lightly. His playful spirit will forever be an integral part of my daily life, and his gentle approach to loving others will always help guide me in each of my relationships. I am honored to have known such a tender and loving man. Copyright © 2009 by Mitche Graf. All rights reserved. Published by: Amherst Media, Inc. P.O. Box 586 Buffalo, N.Y. 14226 Fax: 716-874-4508 www.AmherstMedia.com Publisher: Craig Alesse Senior Editor/Production Manager: Michelle Perkins Assistant Editor: Barbara A. Lynch-Johnt Editorial Assistance: John S. Loder, Carey A. Maines, C. A. Schweizer ISBN-13: 978-1-58428-246-4 Library of Congress Card Catalog Number: 2008926666 Printed in Korea. 10 9 8 7 6 5 4 3 2 1 No part of this publication may be reproduced, stored, or transmitted in any form or by any means, electronic, mechanical...
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...of Congress has cataloged the hardcover edition as follows: Library of Congress Catalog Card Number-. 74-159446 Generated by ABC Amber LIT Converter, http://www.processtext.com/abclit.html ISBN 0-671-66458-1 (hc) ISBN 0-60-81785-1 (Pulse pbk.) Go Ask Alice is based on the actual diary of a fifteen-year-old drug user. It is not a definitive statement on the middle-class, teenage drug world. It does not offer any solutions. It is, however, a highly personal and specific chronicle. As such, we hope it will provide insights into the increasingly complicated world in which we live. Names, dates, places and certain events have been changed in accordance with the wishes of those concerned. The Editors. September 16 Yesterday I remember thinking I was the happiest person in the whole earth, in the whole galaxy, in all of God's creation. Could that only have been...
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...Sam Walton Made in America My Story by Sam Walton with John Huey BANTAM BOOKS NEW YORK• TORONTO• LONDON• SYDNEY• AUCKLAND This edition contains the complete text of the original hardcover edition. NOT ONE WORD HAS BEEN OMITTED. SAM WALTON: MADE IN AMERICA A Bantam Book/published by arrangement with Doubleday PUBLISHING HISTORY Doubleday edition published June 1992 Bantam edition/June 1993 Photographs without credits appear courtesy of the Walton family. All rights reserved. Copyright© 1992 by the Estate of Samuel Moore Walton. Cover photo copyright© 1989 by Louis Psihoyos/Matrix. Cover design by Emily & Maura Design. Library of Congress Catalog Card Number: 92-18874. ISBN 0-553-56283-5 Published simultaneously in the United States and Canada Bantam Books are published by Bantam Books, a division of Bantam Doubleday Dell Publishing Group, Inc. Its trademark, consisting of the words "Bantam Books" and the portrayal of a rooster, is Registered in U.S. Patent and Trademark Office and in other countries. Marca Registrada. Bantam Books, 1540 Broadway, New York, New York 10036. PRINTED IN THE UNITED STATES OF AMERICA OPM 31 30 29 28 27 26 25 24 23 Contents Acknowledgments 4 Foreword 5 1 Learning to Value a Dollar 9 2 Starting on a Dime 14 3 Bouncing Back 25 4 Swimming Upstream 33 5 Raising a Family 44 6 Recruiting the Team 50 7 Taking the Company Public 58 8 Rolling Out the Formula 68 9 Building the Partnership 77 10 Stepping...
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...UNIT I INTRODUCTION ------------------------------------------------- Understanding Brand - What is a Brand? Brands are different from products in a way that brands are “what the consumers buy”, while products are “what concern/companies make”. Brand is an accumulation of emotional and functional associations. Brand is a promise that the product will perform as per customer’s expectations. It shapes customer’s expectations about the product. Brands usually have a trademark which protects them from use by others. A brand gives particular information about the organization, good or service, differentiating it from others in marketplace. Brand carries an assurance about the characteristics that make the product or service unique. A strong brand is a means of making people aware of what the company represents and what its offerings are.To a consumer, brand means and signifies: * Source of product * Delegating responsibility to the manufacturer of product * Lower risk * Less search cost * Quality symbol * Deal or pact with the product manufacturer * Symbolic device | | Brands simplify consumers purchase decision. Over a period of time, consumers discover the brands which satisfy their need. If the consumers recognize a particular brand and have knowledge about it, they make quick purchase decision and save lot of time. Also, they save search costs for product. Consumers remain committed and loyal to a brand as long as they believe...
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...YOU CAN WIN Winners don't do different things. They do things Differently. A STEP BY STEP TOOL FOR TOP ACHIEVERS SHIV KHERA To my mother to whom I shall remain indebted for setting the foundation on which this book is based Page 1 of 175 PREFACE Success doesn't mean the absence of failures; it means the attainment of ultimate objectives. It means winning the war, not every battle. Edwin C. Bliss You have met people who literally wander through life. They simply accept whatever fate brings them. A few may succeed by accident, but most suffer through a lifetime of frustration and unhappiness. This book is not for them. They have neither the determination to succeed nor the willingness to devote the time and effort necessary to achieve success. This book is for you. The simple fact that you are reading this book indicates you want to live a richer, more fulfilling life than you have now. This book can enable you to do that. WHAT KIND OF BOOK IS THIS? In one sense, this book is a construction manual. It describes the tools you will need for success, and offers blueprints to help you build a successful and rewarding life. In a second, sense, it is a cookbook. It lists the ingredients the principles you will need to follow to become successful and gives you the recipe for mixing them in the correct proportions. But, above all, this is a guidebook a step by step, how to book that will take you from dreaming about success to unlocking your potential for success. HOW TO...
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...towards mastery in the practice of problem solving Assessments MODULE 4 Technology 1. You are the manager of 2 small stores with production functions q = K¼L¼ and a larger store with production function q = 2K¼L¼. You hire capital for $4, labour for $1. When you took over this role, your boss told you that Q = 24 was the profit maximizing output for this multi-plan firm: 24 = q1 + q2 + q3. Now, the price of labour rises to $4. Provide (i) Isoquant/Isocost diagrams, (ii) Total Cost and (iii) Marginal Cost diagrams. Illustrate the substitution effect (point a to b) and output effect (point b to c) on these diagrams. Explain why your firm uses less capital even when the price of labour increases. (September 2010) For the production function q = K2 + L2 (A) Demonstrate that the elasticity of substitution is negative. (B) Provide a labelled diagram showing the q = 100 isoquant (C) Briefly explain what a negative value means for σ 3. 4. A special production function is q = min( 80K, 4L1 + 2L2). Discuss the production process described by this function. Is this production function constant returns to scale? Five-year-old Jack has set up a hot chocolate stand outside his home. His customers like hot chocolate made in only one way, one unit of chocolate and 3 units of milk to go into each unit of hot chocolate. Jack’s mother, Naomi, provides him with heat, cups and cleaning free of charge. However, she charges him $0.25 for each unit of chocolate and $0.50 for each unit of milk. What...
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...cities for refuge, which ye shall appoint for the manslayer, that he may flee thither. Numbers 35: 6 Country of Asylum Chapter 1 It was just beginning to get hot in Tikrit when I first realized I might have to kill this new man of my wife’s. It’s possible I overreacted to everything. You have to get up pretty early to call the States, if you want your privacy and you want to catch anybody awake at home; at home it’ll be sometime the night before. The desert is cool in the mornings too, or cooler, so that you’ll see the occasional soldier getting his PT in before it gets too hot, but he’s usually far enough away that you don’t have to whisper. I would watch the big black beetles fighting with each other in the dirt (they’re way bigger here than they are at home) while waiting for the call to go through. It always takes so long just to connect that I nearly give up before the static stops and the phone starts to ring. The day I was going home was about the worst: I tried three times and couldn’t get anybody at the apartment to pick up, then tried Felicia’s cell phone four times with no answer. Finally, I called over to Mama’s. Pops picked up after I called the second time. I knew he wouldn’t pick up...
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...THE ULTIMATE PHRASAL VERB BOOK Contents 4 TO THE TEACHER 6 TO THE STUDENT 7 1. FOCUS ON: separable and nonseparable phrasal verbs 9 come from 9 figure out 10 give back 10 look for 10 put on 10 run into 11 show up 11 take off 12 2. FOCUS ON: phrasal verbs and do, does, and did 16 come off 17 doze off 18 fall for 18 give in 18 hear about 18 pull through 18 stay off 19 throw up 19 3. FOCUS ON: three-word phrasal verbs 22 feel up to 22 get over with 22 go along with 22 go in for 23 look forward to 23 put up with 23 screw out of 23 talk down to 23 4. FOCUS ON: present and past continuous phrasal verbs 26 cheat on 26 go after 26 look up 27 pay for 27 plan for 28 point to 28 put to 28 wrap up 29 5. FOCUS ON: pronunciation of two-word phrasal verbs 32 break down 32 burn down 34 call in 34 find out 34 hand back 34 look at 35 setup 35 6. FOCUS ON: pronunciation of three-word phrasal verbs 40 boil down to 40 come down with 40 come up with 41 get around to 41 get out of 41 go back on 41 go through with 42 monkey around with 42 7. FOCUS ON: separable phrasal verbs with long objects 45 cut up 45 hold up 46 let out 46 point out 47 run over 47 see about 48 take in 48 8. FOCUS ON: present perfect phrasal verbs 54 burn out 54 fall over 55 fight back 55 hear of 56 pick...
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