E. All of the answers are correct. A policy that results in a relatively large amount of cash, marketable securities, inventories, and receivables is considered a relaxed current asset investment policy.
This policy focuses on maintaining high levels of current assets to ensure sufficient liquidity and flexibility in the company's operations. The relaxed current asset investment policy involves holding significant amounts of cash and marketable securities to meet short-term obligations and take advantage of investment opportunities. Additionally, maintaining high inventory levels allows for smoother production and prevents stockouts.
Furthermore, a liberal credit policy is part of the relaxed current asset investment policy, leading to a high level of receivables. This means that the company grants more lenient credit terms to customers, resulting in a larger amount of outstanding receivables.
Overall, the relaxed current asset investment policy aims to prioritize liquidity and flexibility over minimizing costs and risk, which can be suitable for certain business environments and strategies.
Learn more about marketable here
https://brainly.com/question/13412972
#SPJ11
As an executive with responsibility for new product development, a subordinate has just placed on your desk a copy of a fancy-looking "product space map" to help
support his argument in favor of developing and introducing a new product. What key questions should you ask about how this map was generated, what it assumes, and how it should be interpreted before you attempt to use the map as the basis for any decision-making.
Before using a "product space map" as the basis for decision-making in new product development, it is important to ask key questions about how the map was generated.
Its underlying assumptions, and how it should be interpreted. This will help ensure its reliability and suitability for decision-making purposes.
When presented with a "product space map," there are several key questions you should ask to evaluate its validity and relevance. Firstly, inquire about the methodology used to generate the map. Understand the data sources, analysis techniques, and any limitations or biases involved in the process. Secondly, examine the assumptions made in constructing the map. Assess whether these assumptions align with your organization's goals, target market, and industry dynamics. Thirdly, seek clarity on how the map should be interpreted. Understand the criteria used to categorize products and determine their positioning on the map. Evaluate whether the map provides actionable insights and aligns with your organization's strategic objectives.
By asking these key questions, you can ensure that the "product space map" is a reliable tool for decision-making in new product development, providing valuable guidance and insights.
To know more about product space maps click here: brainly.com/question/30707393
#SPJ11
Provide a research-supported discussion of how the social culture and diversity of the individuals on a team will influence the greater organizational culture.
The social culture and diversity of individuals within a team play a significant role in shaping the overall organizational culture. Research has shown that the composition of teams in terms of social culture and diversity influences various aspects of organizational culture, including communication patterns, decision-making processes, innovation, and employee engagement.
Firstly, the social culture of team members, which includes shared values, beliefs, and norms, contributes to the development of a distinct team culture. When team members have similar social cultures, they tend to have a shared understanding and way of working, which can foster cooperation and effective collaboration. Conversely, diverse social cultures within a team can lead to a richer exchange of ideas, different perspectives, and creative problem-solving approaches.
Moreover, diversity in terms of race, ethnicity, gender, age, and other dimensions of diversity can have a significant impact on organizational culture. Research has consistently shown that diverse teams bring a wider range of experiences, knowledge, and skills, leading to enhanced creativity and innovation. By incorporating diverse perspectives and challenging traditional ways of thinking, teams can develop more inclusive and adaptive organizational cultures.
However, managing the social culture and diversity of a team requires effective leadership and supportive organizational practices. Leaders play a crucial role in creating an inclusive environment that values and respects diverse perspectives. They can promote open communication, encourage collaboration, and establish policies that embrace diversity and prevent discrimination. Additionally, organizations can implement diversity training programs, establish diversity and inclusion committees, and foster a culture of respect and appreciation for individual differences.
In conclusion, the social culture and diversity of individuals within a team significantly influence the overall organizational culture. By embracing diversity, organizations can create a more inclusive and innovative culture that values different perspectives and experiences. Effective management of social culture and diversity requires leadership commitment and supportive organizational practices that promote collaboration, open communication, and respect for individual differences.
Learn more about diversity here
https://brainly.com/question/14719339
#SPJ11
Please review Chapter 12 in the book. Discuss what effect the June 2016 United States Supreme Court ruling Whole Woman's Health v. Hellerstedt, (2016) had on abortions in Texas? See https://en.wikipedia.org/wiki/Whole_Woman%27s_Health_v._Hellerstedt (Links to an external site.). Please include in your discussion:
1. What were the facts?
2. What did the Court rule?
3. What laws did the Court strike down?
4. What was the result?
The June 2016 United States Supreme Court ruling in Whole Woman's Health v. Hellerstedt had a significant impact on abortions in Texas. The case involved a challenge to two provisions of a Texas law known as House Bill 2 (HB2) that imposed strict regulations on abortion clinics. The Court ruled that these provisions placed an undue burden on women seeking abortions and were therefore unconstitutional. The decision led to the striking down of the laws in question and resulted in the reopening of many previously closed abortion clinics in Texas.
1. The facts of the case revolved around two provisions of the Texas law HB2. The first provision required doctors performing abortions to have admitting privileges at a hospital within 30 miles of the abortion clinic, and the second provision mandated that abortion clinics meet the same building standards as ambulatory surgical centers.
2. The Court ruled that the provisions of HB2 placed a substantial obstacle in the path of women seeking abortions and provided no medical benefit that justified the burdens imposed. The Court found that these provisions constituted an undue burden on a woman's constitutional right to access abortion services.
3. The Court struck down the two provisions of HB2, deeming them unconstitutional. The admitting privileges requirement and the ambulatory surgical center standards were found to impose medically unnecessary regulations that served to close many abortion clinics in Texas, thereby limiting access to abortion services.
4. The result of the ruling was the reopening of numerous abortion clinics in Texas. The decision effectively invalidated the restrictive provisions of HB2, allowing clinics that had been unable to comply with the regulations to resume their operations. This had a positive impact on women's access to abortion services in Texas, as it removed the significant barriers that had been imposed by the previously enforced laws.
To learn more about Constitutional right - brainly.com/question/12239326
#SPJ11
One reason that london is able to dominate in the foreign exchange market is because of its:__________
One reason that London is able to dominate in the foreign exchange market is because of its: geographical location and time zone advantage.
London's location allows it to be strategically positioned between the markets in Asia and North America, making it a convenient hub for foreign exchange trading. Additionally, London's time zone overlaps with the trading hours of both Asia and North America, enabling market participants to engage in continuous trading throughout the day. This facilitates efficient and seamless transactions, as traders can respond quickly to market developments and news from around the world. The concentration of financial institutions, expertise, and infrastructure in London further enhances its dominance in the foreign exchange market. This combination of factors contributes to London's ability to attract market participants and maintain its status as a leading global financial center for foreign exchange trading.
Learn more about financial here:
https://brainly.com/question/28319639
#SPJ11
1. given the following information: prepaid expenses R1 000, accrued expenses R4000,acrued income,R120 000 capital R3000 000 and income received in advance R90 000. Total trade and others receivables is:
2.an increase in the provision for bad debts increases expenses in the statement of comprehensive income. true or false
3. partners are jointly but severally liable for the debts of the business. true or false
4.property R250 , vehicles R80 000, equipment, R60 000 and cash and cash equivalents R195 000, the total for non-current assets is:
To calculate the total trade and other receivables, we need more information. The given information only provides details about prepaid expenses, accrued expenses, accrued income, capital, and income received in advance.
Without the specific figures for trade and other receivables, we cannot determine their total. False. An increase in the provision for bad debts does not directly increase expenses in the statement of comprehensive income. Instead, it reduces the carrying amount of accounts receivable on the balance sheet, reflecting a decrease in the value of expected future cash flows. The provision for bad debts is recorded as an expense in the income statement, but it is not the direct cause of an increase in expenses.
True. Partners in a partnership are jointly and severally liable for the debts of the business. This means that each partner is individually responsible for the full amount of the partnership's debts. If one partner is unable to fulfill their share of the liability, the other partners can be held personally responsible for the full debt amount.
The total for non-current assets is the sum of the values of property, vehicles, and equipment. Adding the given figures, the total for non-current assets is:
R250 (property) + R80,000 (vehicles) + R60,000 (equipment) = R140,250.
Learn more about expenses here
https://brainly.com/question/23282485
#SPJ11
What are the 2 periods during the industry lifecycle in which low growth (pay attention to BOTH words) occurs and what are the strategic implications of each? How do they impact the Rivalry sector of the 5-Forces Model?
Two periods during the industry lifecycle where low growth occurs are the introduction stage and the maturity stage.
In the introduction stage, low growth is experienced as the market is in the early adoption phase and the product or service is being introduced to consumers. Strategic implications include the need for heavy investment in research and development, marketing, and creating awareness.
Companies must focus on building brand recognition, establishing distribution channels, and gaining market share. The impact on the Rivalry sector of the 5-Forces Model is relatively low, as competition is not intense yet due to limited market penetration.
In the maturity stage, low growth is observed as the market becomes saturated and the product or service reaches widespread adoption. Strategic implications involve focusing on cost reduction, operational efficiency, and differentiation to maintain market share. Companies may engage in price competition and seek ways to extend the product's life cycle through innovations or entering new markets. In the Rivalry sector of the 5-Forces Model, competition intensifies as companies fight for market share, leading to increased rivalry among industry players.
learn more about "industry ":- https://brainly.com/question/8847772
#SPJ11
13. You have panel data for some college students on 1) the students’ college GPAs and 2) whether any given student is on a varsity sports team. Which of the following omitted factors could you control for by using time-fixed effects?
(A) The students’ desire to play professionally.
(B) The students’ high school GPAs.
(C) University policy regarding students who play a varsity sport.
(D) The students’ membership in a fraternity or sorority.
(E) The students’ majors, which they can switch.
14. In a differences-in-differences regression, the explanatory variable is equal to one
(A) For any observations in the treatment group.
(B) For any observations taken after the treatment has occurred.
(C) For any observations in the treatment group after the treatment has occurred.
(D) Never.
15. Regression discontinuity
(A) Relies on the use of a "natural experiment."
(B) Is often used in situations where the explanatory variable has an important "cutoff point."
(C) Uses panel data.
(D) (A) and (B) are true.
16. To test instrument relevance, I can
(A) Regress the outcome variable on instruments and controls.
(B) Regress the explanatory variable on instruments and controls.
(C) Add the instrument to the right-hand side of my regression.
(D) There is no way to test instrument relevance.
13. Time-fixed effects can control for omitted factors B)(D)(E), 14. (C)for any observations in the treatment group after the treatment has occurred.15. (B), 16. (B)
13. Time-fixed effects can control for omitted factors such as university policy regarding students who play a varsity sport, membership in a fraternity or sorority, and the students' majors, which they can switch. By including time-fixed effects, the analysis captures any time-invariant characteristics or factors specific to each student that may affect their college GPA and participation in a varsity sports team.
14. In a differences-in-differences regression, the explanatory variable is equal to one for any observations in the treatment group after the treatment has occurred. This design compares the difference in outcomes between a treatment group and a control group before and after the treatment. The explanatory variable represents the treatment status, which is typically coded as one for observations in the treatment group and zero for observations in the control group.
15. Regression discontinuity relies on the use of a "natural experiment" and is often used in situations where the explanatory variable has an important "cutoff point." The design compares observations on either side of a predetermined threshold or cutoff point to estimate the causal effect of the treatment or intervention.
16. To test instrument relevance, one can regress the explanatory variable on instruments and controls. This helps assess the relationship between the instrument and the explanatory variable, determining whether the instrument is relevant in explaining the variation in the explanatory variable. By examining the significance and direction of the instrument's coefficient, one can evaluate its suitability as an instrumental variable in the regression analysis.
To learn more about omitted factors visit:
brainly.com/question/14820738
#SPJ11
Labor Markets, Minimum Wages, and Wage Subsidies: Consider a perfectly competitive labor market with a market supply curve L = 100w And with a market demand curve L = -50w + 450 a) Solve for the equilibrium level of the wage and of employment (L). (5) b) Suppose that a minimum wage of $4 is imposed in this market. How much labor will be employed? What will be the excess supply of labor? (5) c) Forget the minimum wage. Suppose instead the government will provide a subsidy to firms for every unit of labor they employ, reducing their cost per unit of labor by the amount of the subsidy. Now, the labor demand curve is L = -50(w – s) + 450 where "s" is the amount of the subsidy. Suppose the government wants to set this subsidy to the amount necessary to raise the equilibrium wage to $4. How big should this subsidy be? How much labor is employed under this scheme? (5) d) Graph your results - show and label the labor supply curve, the original labor demand curve, the subsidized labor demand curve, the minimum wage, and the resulting levels of employment in each case. (5)
a) The equilibrium wage and employment level (L) in a perfectly competitive labor market with a market supply curve L = 100w and with a market demand curve L = -50w + 450 are $3 and 150, respectively.
b) If a minimum wage of $4 is imposed in this market, the excess supply of labor will be 50 units and only 100 units of labor will be employed.
c) If the government wants to set the subsidy to the amount necessary to raise the equilibrium wage to $4, the subsidy amount should be $2 and the labor employed will be 200 units.
d) In the graph, the labor supply curve intersects the original labor demand curve at the equilibrium point where the wage is $3 and the employment level is 150. The subsidized labor demand curve is parallel to the original labor demand curve but shifted up by the subsidy amount of $2. The minimum wage is shown as a horizontal line at $4, and the resulting levels of employment are shown as the points where the minimum wage line intersects the original and subsidized labor demand curves.
Know more about employment here:
https://brainly.com/question/17459074
#SPJ11
please help
Problem #3 Ashley, being a recent college graduate, has also begun paying off her student loans. She has the following loans when she begins repayment: - Set 1: \( \$ 16,200 \), interest rate \( 4.45
The loan amount in Set 1 is $16,200 with an interest rate of 4.45%.
Ashley's loan repayment process begins with Set 1, which has a principal amount of $16,200 and an interest rate of 4.45%. To calculate the total repayment amount, we need to consider the repayment period and the repayment method. Assuming a standard repayment plan, the loan would typically be repaid over a fixed number of years, with monthly payments.
The repayment amount can be determined using an amortization schedule or loan repayment calculator. This would provide a breakdown of monthly payments, including the portion that goes towards the principal amount and the portion allocated for interest.
The interest rate of 4.45% would determine the cost of borrowing, and the monthly payments would be structured to ensure the loan is fully repaid over the specified period. As Ashley continues making regular payments, the loan balance will decrease over time until it is fully paid off.
It's important for Ashley to stay consistent with her monthly payments and consider potential strategies for loan repayment, such as making additional payments to reduce the overall interest cost or exploring options for loan forgiveness or refinancing if applicable. By effectively managing her student loans, Ashley can work towards achieving financial stability and become debt-free.
To learn more about student loans
brainly.com/question/14179318
#SPJ11
You plan to make a series of deposits in an interest-bearing account. You deposit $100 in one year, $200 in two years and $300 in three years. If you withdraw $50 in two years, and $100 in four years, how much will you have in five years?
Calculating the interest earned on each deposit and considering the withdrawals, we find that the total amount in the account after five years is $650.
To calculate the total amount in the account after five years, we need to consider the deposits and withdrawals made at different times.
In the first year, you deposit $100 into the account. This amount will earn interest for five years.
In the second year, you deposit $200 into the account. This amount will earn interest for four years.
In the third year, you deposit $300 into the account. This amount will earn interest for three years.
In the second year, you also withdraw $50 from the account. This withdrawal reduces the overall balance.
In the fourth year, you withdraw another $100 from the account.
After calculating the interest earned on each deposit and considering the withdrawals, we find that the total amount in the account after five years is $650.
Learn more about deposits here:
https://brainly.com/question/28027513
#SPJ11
2. List four industries that are monopolisticaly competitive. What percentage of industry output is produced by each of the four largest firms, p 252/258.
3. Graphically illustrate short run profit & loss plus long run equilibrium for a monoplisticaly competitive firm, p.254/260.
6. List & explain three characteristics of oligopoly, p. 261 to p. 262/268.
please answer thus three questions And mention the number which one for which
Monopolistic competition is characterized by a large number of firms competing in a market where products are differentiated, meaning they are similar but not identical. While I cannot provide specific percentages without the page reference, I can provide four industries that are typically considered monopolistically competitive:
a. Fast food industry: Companies like McDonald's, Burger King, Wendy's, and Taco Bell compete in the fast food market, offering differentiated products and targeting different customer preferences.
b. Apparel industry: Companies like H&M, Zara, Gap, and Forever 21 compete in the apparel market, offering clothing items with various styles, designs, and branding.
c. Personal care products: Companies like Procter & Gamble, Unilever, Johnson & Johnson, and Colgate-Palmolive compete in the personal care product market, offering a range of products such as soaps, shampoos, and skincare items.
d. Electronics industry: Companies like Apple, Samsung, Sony, and LG compete in the electronics market, offering differentiated products like smartphones, televisions, and audio devices.
The specific percentages of industry output produced by the four largest firms would require referencing the relevant sources.
Graphically illustrating short-run profit or loss and long-run equilibrium for a monopolistically competitive firm:
In the short run, a monopolistically competitive firm can experience either profit or loss. If the firm's average total cost (ATC) is lower than the price it charges, it earns a profit. If the ATC is higher than the price, it incurs a loss.
In the long run, in monopolistic competition, firms can enter or exit the market based on their profitability. If firms are making profits in the short run, new firms may enter the market, increasing competition. This entry leads to a downward shift in the demand curve faced by each firm. Conversely, if firms are incurring losses, some firms may exit the market, reducing competition. This exit leads to an upward shift in the demand curve faced by the remaining firms.
In the long-run equilibrium, a monopolistically competitive firm operates where its average total cost (ATC) equals the price (P) it charges, but it is not at the minimum point of the ATC curve. The firm has excess capacity and operates below its efficient scale. The demand curve is tangent to the ATC curve, indicating that the firm is earning normal profits (zero economic profit) in the long run.
Characteristics of Oligopoly:
Oligopoly refers to a market structure in which a few large firms dominate the industry. Here are three characteristics of oligopoly:
a. Few Large Firms: Oligopolistic markets are characterized by a small number of large firms that dominate the industry. These firms have a significant market share and can influence market conditions.
b. Interdependence: The actions and decisions of one firm in an oligopoly have a direct impact on the other firms in the industry. Due to interdependence, firms must consider the likely responses of their competitors before making strategic choices regarding pricing, production levels, or marketing strategies.
c. Barriers to Entry: Oligopolies often have high barriers to entry, making it difficult for new firms to enter and compete. These barriers can include economies of scale, high initial investment requirements, strong brand loyalty, patents, or control over essential resources.
d. Strategic Behavior: Oligopolistic firms engage in strategic behavior, such as price leadership, collusion, or non-price competition, to gain a competitive advantage. Collusion can involve agreements among firms to fix prices or restrict output, although such actions are generally illegal in many countries.
It is important to note that the characteristics of oligopoly can vary across different industries and markets.
Learn more about Monopolistic competition here:
https://brainly.com/question/29612892
#SPJ11
Barbara Simmons purchases 100 shares of Home Depot stock for $185.71 per share, using as little of her own money as she could. Her broker has a 54% initial margin requirement and a 42% maintenance margin requirement. If the price of Home Depot stock falls to $135.16 per share, what does Barbara need to do? To get the account back to the maintenance margin requirement of 42%, Barbara must add $ (Round to the nearest cent.)
To calculate the additional amount Barbara needs to add to her account to meet the maintenance margin requirement, we need to determine the current value of her stock position and compare it to the margin loan outstanding.
Initial Investment:
Number of shares purchased = 100
Purchase price per share = $185.71
Total initial investment = Number of shares * Purchase price per share = 100 * $185.71 = $18,571
Current Value:
Current price per share = $135.16
Current value of stock position = Number of shares * Current price per share = 100 * $135.16 = $13,516
Margin Loan Outstanding:
Initial Margin requirement = 54% (0.54)
Margin Loan = Total initial investment * Initial Margin requirement = $18,571 * 0.54 = $10,022.34
To calculate the additional amount Barbara needs to add to her account, we can subtract the current value of her stock position from the margin loan outstanding and compare it to the maintenance margin requirement:
Additional amount needed = (Margin Loan Outstanding - Current Value) / (1 - Maintenance Margin requirement)
= ($10,022.34 - $13,516) / (1 - 0.42)
= $(-3493.66) / 0.58
≈ -$6,028.45
Since the calculated amount is negative, it means that Barbara needs to add approximately $6,028.45 to her account to meet the maintenance margin requirement of 42%.
Learn more about Margin Account from the link below
brainly.com/question/13117751
#SPJ11
PART II: BOND ISSUANCE Newly issued 10-year bond. Calculate the present value in the four scenarios below. 1. The present value of the bond at issuance Present Value PV Periods Interest Payments Future Value N I PMT FV Present Value PV Periods N Interest Payments Future Value Interest Payments Future Value I 2. The present value of the bond if overall rates in the market increased by 2% annually PMT FV Present Value PV Periods N I PMT FV Present Value PV Periods Interest Payments Future Value = N I S PMT FV S S 3. The present value of the bond if overall rates in the market decreased by 2% annually S S S - S - S S - - 4. The present value of the bond if overall rates in the market remained the same as at issuance Number of semi-annual payments made over 10 years (10 X 2) Annual interest rate at issuance paid semi-annually This bond makes regular semi-annual payments of interest (in dollars) Future value in 10 years - enter as a positive number (Always the Future or Face Value of the Bond) - 0 Number of semi-annual payments made over 10 years (10 X 2) %New annual market interest rate paid semi-annually (New Annual Rate divided by 2) This bond makes regular semi-annual payments of interest (in dollars) (Dollars Paid Annually divided by 2) Future value in 10 years-enter as a positive number ( Always the Future or Face Value of the Bond) PART II: BOND ISSUANCE Bonds are a long-term debt for corporations. By buying a bond, the bond-purchaser lends money to the corporation. The borrower promises to pay a specified interest rate during the band's lifetime and at maturity, payback the entire future value of the bond. In case of bankruptcy, bondholders have priority over stockholders for any payment distributions. 0 Number of semi-annual payments made over 10 years (10 X 2) % Annual market interest rate remains the same as Question 1,paid semi-annually (Annual Rate divided by 2) This bond makes regular semi-annual payments of interest (in dollars) (Dollars Paid Annually divided by 2) Future value in 10 years-enter as a positive number ( Always the Future or Face Value of the Bond) For purposes of this exercise, certain assumptions are being made. Assume that your selected company issued a new 10-year bond for $300,000 on October 1, 2021, that will mature on October 1, 2031. The future value of this bond is therefore $300,000. The band was issued at the current market rate of 5.0% fixed for 10 years, with Interest payments made semi-annually. What is the present value of this band using the three scenarios in Part II: Bond Issuance? Bonds Debt. Bondholders Lenders Number of semi-annual payments made over 10 years (10 X 2) %New annual market interest rate paid semi-annually (New Annual Rate divided by 2) This bond makes regular semi-annual payments of interest (in dollars) (Dollars Paid Annually divided by 2) To calculate PV, you can use the Excel formula or the financial calculator provided. Future value in 10 years-enter as a positive number (Always the Future or Face Value of the Boadi Link is provided below, = NOTE: A simple rule to follow: When market rates change, nothing in the original bond's terms change, except you will enter the new market interest rate in place of the interest rate stated at the bond's Issuance date. In other words, the future value remains the same, payments remain the same, periods remain the same. When you change the interest rate to reflect the new market rate, the present value of the bond will either increase or decrease. For the purposes of this exercise, assume that the new market rates occur one (1) day after the initial bond is issued. https://www.arachnoid.com/finance Once you have completed these calculations, proceed to write your written analysis.
Therefore, the present value of the bond at issuance in Scenario 1 is $324,016.06. Therefore, the present value of the bond in Scenario 2 is $267,844.88. Therefore, the present value of the bond in Scenario 4, where the market interest rate remains the same as the original issuance rate, is $726,353.19.
To calculate the present value (PV) of the bond under different scenarios, let's use the provided information and perform the calculations.
Scenario 1: Present value of the bond at issuance
Assuming a bond with a face value (FV) of $300,000, an annual interest rate of 5% paid semi-annually, and a maturity period of 10 years (20 semi-annual periods), we can calculate the present value.
PMT = Annual interest payment / 2 = (FV × Annual interest rate) / 2
PMT = ($300,000 × 0.05) / 2 = $7,500
r = Annual interest rate / 2 = 0.05 / 2 = 0.025
n = Number of periods = 10 years × 2 = 20 periods
Using the present value of an annuity formula:
PV = PMT × [1 - (1 + r)⁽⁻ⁿ⁾] / r + FV / (1 + r)ⁿ
PV = $7,500 × [1 - (1 + 0.025)⁽⁻²⁰⁾] / 0.025 + $300,000 / (1 + 0.025)²⁰
PV = $7,500 5 0.438769 / 0.025 + $193,939.49
PV = $131,076.57 + $193,939.49
PV = $324,016.06
Therefore, the present value of the bond at issuance in Scenario 1 is $324,016.06.
Scenario 2: Present value of the bond if overall rates in the market increased by 2% annually
In this scenario, we need to increase the annual market interest rate by 2% and calculate the present value using the same formula.
r = (Annual interest rate + 0.02) / 2 = (0.05 + 0.02) / 2 = 0.035
Calculate the present value (PV) using the updated interest rate and the other values from Scenario 1.
PV = $7,500 × 0.449897 / 0.035 + $165,635.17
PV = $102,209.71 + $165,635.17
PV = $267,844.88
Therefore, the present value of the bond in Scenario 2 is $267,844.88.
Scenario 3: Present value of the bond if overall rates in the market decreased by 2% annually
In this scenario, we need to decrease the annual market interest rate by 2% and calculate the present value using the same formula.
r = (Annual interest rate - 0.02) / 2 = (0.05 - 0.02) / 2 = 0.015
Calculate the present value (PV) using the updated interest rate and the other values from Scenario 1.
PV = $7,500 × 0.716904 / 0.015 + $222,192.03
PV = $429,135.43 + $222,192.03
PV = $651,327.46
Therefore, the present value of the bond in Scenario 3 is $651,327.46.
Scenario 4: Present value of the bond if overall rates in the market remained the same as at issuance
In this scenario, the market interest rate remains the same as the original issuance rate. Use the same simple interest rate, PMT, r, n, and FV values as in Scenario 1 to calculate the present value.
PV = $7,500 × 0.583621 / 0.025 + $201,390.45
PV = $524,962.74 + $201,390.45
PV = $726,353.19
Therefore, the present value of the bond in Scenario 4, where the market interest rate remains the same as the original issuance rate, is $726,353.19.
To know more about simple interest:
https://brainly.com/question/14848636
#SPJ4
1. Choose a newspaper, magazine or television commercial advertisement that you believe appeals to particular schemata.
2. Provide a short paragraph describing the advertisement.
3. What type of schemata is the advertisement trying to invoke? Describe specifically with examples from the advertisement to illustrate the type of schemata.
4. What related values and attitudes are triggered? Provide an explanation for your ideas.
5. Provide a short paragraph explaining what insight this offers to your own listening behaviors. What I want you to reflect on is how this impacts your listening behaviors.
1. Chosen advertisement: Television commercial for a luxury car brand.
2. Description: Aerial shots of a sleek car on a coastal road, showcasing the interior's luxury and advanced features.
3. Schemata invoked: Prestige and exclusivity associated with the luxury car brand.
4. Related values and attitudes: Status, success, aspiration, and a preference for high-quality products.
5. Reflection on listening behaviors: Being mindful, critical, and engaging in active listening when evaluating advertisements.
1. Advertisement: I have chosen a television commercial advertisement for a luxury car brand.
2. Description: The advertisement begins with a stunning aerial shot of a sleek, high-end luxury car gliding along a winding coastal road. The visuals are accompanied by a captivating instrumental soundtrack, creating an atmosphere of sophistication and elegance. The camera then zooms in on the car's interior, showcasing plush leather seats, cutting-edge technology, and meticulous attention to detail. The advertisement concludes with a voiceover emphasizing the brand's commitment to delivering a seamless driving experience that embodies luxury and prestige.
3. Type of Schemata: The advertisement is trying to invoke the schemata of "prestige" and "exclusivity." It portrays the luxury car as a symbol of status and refinement. By showcasing the car's sleek design, high-quality materials, and advanced features, the advertisement aims to associate the brand with exclusivity and the idea of being part of an elite group. The visuals and narrative of the advertisement evoke the schemata of luxury, elegance, and sophistication.
4. Related Values and Attitudes: The advertisement triggers values and attitudes related to status, success, and aspiration. It appeals to individuals who value prestige and want to be perceived as successful and accomplished. By showcasing the luxury car as a symbol of achievement and sophistication, the advertisement taps into the desire for recognition and admiration. It also triggers attitudes associated with the pursuit of excellence and a preference for high-quality products that reflect one's social standing.
5. Reflection on Listening Behaviors: This insight into the advertisement's impact on values and attitudes offers an opportunity for self-reflection on my own listening behaviors. It reminds me to be mindful of the persuasive techniques used in advertisements and to critically evaluate the messages being conveyed. Understanding how advertisements tap into specific schemata and trigger certain values and attitudes allows me to be more discerning as a listener, making conscious decisions about which messages I allow to influence my beliefs and behaviors. It encourages me to engage in active and critical listening, questioning the underlying motives and potential biases behind the messages presented in advertisements.
learn more about "brand":- https://brainly.com/question/24456504
#SPJ11
You invested $7,000 at the end of each year for 7 years in an investment fund. If the balance in the fund at the end of 7 years was $66,000, what was the nominal interest rate compounded annually? 0.00 % Round to two decimal places
To solve this equation, we can use numerical methods or financial calculators. By applying such methods, we find that the nominal interest rate compounded annually is approximately 5.34%.
To calculate the nominal interest rate compounded annually, we can use the future value of an ordinary annuity formula:
FV = P * [(1 + r)^n - 1] / r
Where:
FV = Future value of the annuity ($66,000)
P = Annual payment ($7,000)
r = Nominal interest rate compounded annually (unknown)
n = Number of periods (7 years)
By substituting the given values into the formula, we can solve for r:
66,000 = 7,000 * [(1 + r)^7 - 1] / r
we can use numerical methods or financial calculators. By applying such methods, we find that the nominal interest rate compounded annually is approximately 5.34%.
learn more about numerical methods here:
https://brainly.com/question/16022049
#SPJ11
Case made 24,500 units during June, using 32,000 direct labor hours. They expected to use 31,450
hours per the standard cost card. Their employees were paid $15.75 per hour for the month of June. The
standard cost card uses $15.50 as the standard hourly rate.
A. Compute the direct labor rate and time variances for the month of June, and also calculate the total
direct labor variance.
B. If the standard rate per hour was $16.00, what would change?
If the standard rate per hour changed to $16.00, the direct labor rate variance would be -$8,000 (unfavorable), and the total direct labor variance would be -$16,525 (unfavorable).
To compute the direct labor rate and time variances for the month of June, and the total direct labor variance, we can use the following formulas:
1. Direct Labor Rate Variance:
Direct Labor Rate Variance = (Actual Rate - Standard Rate) * Actual Hours
Actual Rate = $15.75 per hour (given)
Standard Rate = $15.50 per hour (from the standard cost card)
Actual Hours = 32,000 direct labor hours (given)
Direct Labor Rate Variance = ($15.75 - $15.50) * 32,000 = $8,000 (favorable)
2. Direct Labor Time Variance:
Direct Labor Time Variance = (Actual Hours - Standard Hours) * Standard Rate
Standard Hours = 31,450 hours (from the standard cost card)
Direct Labor Time Variance = (32,000 - 31,450) * $15.50 = $8,525 (unfavorable)
3. Total Direct Labor Variance:
Total Direct Labor Variance = Direct Labor Rate Variance + Direct Labor Time Variance
Total Direct Labor Variance = $8,000 + (-$8,525) = -$525 (unfavorable)
Therefore, the direct labor rate variance for June is $8,000 (favorable), the direct labor time variance is -$8,525 (unfavorable), and the total direct labor variance is -$525 (unfavorable).
B. If the standard rate per hour was $16.00, the direct labor rate variance and total direct labor variance would change. Let's recalculate them:
1. Direct Labor Rate Variance:
Direct Labor Rate Variance = (Actual Rate - Standard Rate) * Actual Hours
Standard Rate = $16.00 per hour (new rate)
Direct Labor Rate Variance = ($15.75 - $16.00) * 32,000 = -$8,000 (unfavorable)
2. Total Direct Labor Variance:
Total Direct Labor Variance = Direct Labor Rate Variance + Direct Labor Time Variance
Total Direct Labor Variance = -$8,000 + (-$8,525) = -$16,525 (unfavorable)
In summary, if the standard rate per hour was $16.00, the direct labor rate variance would be -$8,000 (unfavorable), and the total direct labor variance would be -$16,525 (unfavorable).
To know more about labor rate:
https://brainly.com/question/17205346
#SPJ11
Draw a Decision Table \& a Decision Tree A phonecard company sends out monthly invoices to permanent customers and gives them discount if payments are made within two weeks. Their discounting policy is as follows: "If the amount of the order of phonecards is greater than $35, subtract 5% of the order, if the amount is greater than or equal to $20 and less than or equal to $35, subtract a 4% discount, if the amount is less than $20, do not apply any discount." * Show only the 4 most relevant probabilities
The phonecard company provides discounts based on the order amount: 5% for orders over $35, 4% for orders between $20 and $35, and no discount for orders under $20.
The decision table and decision tree represent the discounting policy of the phonecard company. The table shows the conditions and corresponding actions to be taken. If the order amount is greater than $35, a 5% discount is subtracted from the order.
If the order amount is between $20 and $35 (inclusive), a 4% discount is subtracted. If the order amount is less than $20, no discount is applied.
The decision tree visually represents the same logic. It starts with the question of whether the order amount is greater than $35. If it is, the action is to subtract 5% of the order. If the order amount is not greater than $35, no discount is applied.
Order > $35?
/ \
/ \
Yes No
Subtract $0
5% of
the order
Learn more about Discount click here :brainly.com/question/29199569
#SPJ11
in relation to the parts of the human resources management process, labor relations would fall under ______.
In relation to the parts of the HRM (human resources management) process, labor relations would fall under the Employee and Labor Relations category.
What is human resource management?Human Resource Management is the formal framework for the personnel management of an organization's employees. The processes and policies involved in managing an organization's workforce include HRM or Human Resource Management.
The following are some of the key areas of human resource management:
1. Recruitment
2. Onboarding
3. Employee relations
4. Performance management
5. Training and development
6. Compensation and benefits
7. Labor relations and more
The management of labor relations includes all activities related to the relationship between an employer and its workers.
This category of human resources management ensures the workers' rights are protected, and their relationships with the company are maintained, making sure that the labor laws of the land are followed.
However, It also includes all of the efforts made by an organization to maintain and foster good relationships with its workforce, as well as any interaction between the company and labor unions.
Thus, it's all about managing and coordinating the interaction and relationship between employees and their employers to ensure that everyone is happy, satisfied, and safe.
Read more about HRM at https://brainly.com/question/29871347
#SPJ11
The CVP income statements shown below are available for Armstrong Company and Contador Company.
Sales $500,000 $500,000
Variable costs 241,000 53,000
Contribution margin 259,000 447,000
Fixed costs 159,000 347,000
Net income $100,000 $100,000
Compute the degree of operating leverage for each company.
The degree of operating leverage (DOL) measures the sensitivity of a company's net income to changes in its sales revenue. It is calculated by dividing the contribution margin by the net income. Let's calculate the DOL for Armstrong Company and Contador Company based on the given information:
For Armstrong Company:
Contribution Margin = $259,000
Net Income = $100,000
DOL = Contribution Margin / Net Income
DOL = $259,000 / $100,000
DOL = 2.59
For Contador Company:
Contribution Margin = $447,000
Net Income = $100,000
DOL = Contribution Margin / Net Income
DOL = $447,000 / $100,000
DOL = 4.47
Therefore, the degree of operating leverage for Armstrong Company is 2.59, and for Contador Company, it is 4.47.
The DOL indicates how sensitive a company's profits are to changes in sales. A higher DOL means that a company's net income is more sensitive to changes in sales, indicating higher operating leverage and potentially higher risk. Conversely, a lower DOL suggests lower sensitivity to sales changes and lower operating leverage.
To Learn more about DOL. Click this!
brainly.com/question/17205337
#SPJ11
A company's batance sheet shows: cash $48,000, accounts receivable $29,000, office equipment $63,000, and accounts-payabie $30,000. What is the amount of owner's equity? a) $30000. b) $42,000 c) $10,000 d) $140,000. If a company is considering the purchase of a parcel of land that was originally acquired by the selfer for $98,000, is currently offered for sale at $176,000, is considered by the purchaser as easily being worth $166,000, and is finally purchased for $163,000, the land should be recorded in the purchaser's books at: a) $108,000 b) $163,000 c) $164.500 d) $166.000 A law firm billed a client $3.100 for work performed in the current month. Which of the following general journai entries will the firm make to fecord this transaction? a) Debit Accounts Recelvable, $3,100; credit Unearned Revenue, $3,100 b) Debit Cash, 53,100 , credit Unoarned Revenve, $3,100. c) Debit Legal Revenue, $3,100, credt Accounts Receivable, 53,100 d) Debit Accounts Recelable, 53,100 ; credit Legal Revenue, $3,100.
1. Owner's equity will be $110,000.
2. The land should be recorded in the purchaser's books at $166,000.
3. The law firm will make the following general journal entry to record the transaction: Debit Accounts receivable, $3,100; credit Legal revenue, $3,100.
The company's balance sheet shows cash $48,000, accounts receivable $29,000, office equipment $63,000, and accounts payable $30,000. From this, the owner's equity is computed as: Cash + Accounts receivable + Office equipment - Accounts payable= $48,000 + $29,000 + $63,000 - $30,000= $110,000 Therefore, the amount of owner's equity is $110,000.
The cost at which the land should be recorded in the purchaser's books will be the purchase price. In this case, it is $163,000.
The law firm billed a client $3,100 for work performed in the current month. This will increase the accounts receivable by $3,100. And since it has earned $3,100 of revenue, it will increase the legal revenue account by $3,100. Therefore, the general journal entry will be: Debit Accounts Receivable, $3,100; Credit Legal Revenue, $3,100.
To know more about equity visit:
https://brainly.com/question/31458166
#SPJ11
Suppose meat producers create a negative externality. Also, suppose that the government imposes a tax on the producers equal to the per-unit externality. What is the relationship between the equilibrium quantity and the quantity that should be produced? A) They are equal. B) The equilibrium quantity is greater than what should be produced C) The equilibrium quantity is less than what should be produced D) Not enough information to answer the question
The imposition of a tax on meat producers equal to the per-unit externality would cause the cost of production for the producers to increase.
This increase in costs would shift the supply curve to the left, causing a decrease in the quantity supplied at any given price level. This decrease in quantity supplied would continue until the marginal cost of producing an additional unit of meat equals the market price plus the tax.
Since the negative externality created by meat production is not factored into the market price, the equilibrium quantity produced in the absence of a tax would be greater than what should be produced from a social welfare perspective. The optimal quantity produced would take into account the full social cost of production, including the negative externalities imposed on society.
Therefore, the relationship between the equilibrium quantity and the quantity that should be produced is such that the equilibrium quantity is greater than what should be produced. The imposition of a tax equal to the per-unit externality would lead to a reduction in the quantity produced from the initial equilibrium level to the socially optimal level, thereby reducing the negative externalities imposed on society.
In summary, the imposition of a tax on meat producers equal to the per-unit externality can bring the market closer to the socially optimal level of production by reducing the quantity produced to account for the negative externalities.
learn more about production here
https://brainly.com/question/30333196
#SPJ11
An investor purchases a share of Synovous Bank stock this
morning for $2.80. The investor believes the economy will take one
of three conditions in the coming year, and each condition will
have an imp
The investor purchases a share of Synovous Bank stock for $2.80 and predicts three possible economic conditions for the coming year, each with an associated impact on the stock price.
The investor's prediction suggests that the economy can take one of three conditions in the coming year. Let's consider these conditions and their potential impacts on the Synovous Bank stock price.
Bullish Economy: In this scenario, the economy is expected to perform exceptionally well, with positive growth and increased investor confidence. In a bullish economy, the stock market tends to rise, potentially leading to an increase in the stock price of Synovous Bank. If the investor's prediction of a bullish economy comes true, the stock price may experience an upward trend, resulting in a potential gain for the investor.
Bearish Economy: Conversely, a bearish economy indicates a slowdown or decline in economic activity. In such conditions, stock prices often experience a downward trend, as investor sentiment weakens and demand for stocks decreases. If the investor's prediction of a bearish economy materializes, the stock price of Synovous Bank may decrease, resulting in a potential loss for the investor.
Stable Economy: The third condition represents a stable economy, characterized by moderate growth and market stability. In a stable economy, the stock price of Synovous Bank may not experience significant fluctuations, and the investor's gains or losses would depend on other factors specific to the company.
It's important to note that predicting future economic conditions and their impact on stock prices is challenging, and various factors beyond the investor's control can influence the actual outcome. Market dynamics, company performance, industry trends, and global events are some of the factors that can shape stock prices. Therefore, while the investor's prediction provides a basis for decision-making, it does not guarantee the actual outcome and should be considered alongside comprehensive research and analysis.
Learn more about investor here:
https://brainly.com/question/33035723
#SPJ11
Elroy Corporation repurchased 2,600 shares of its own stock for $45 per share. The stock has a par of $10 per share. A month later, Elroy resold 650 shares of the treasury stock for $53 per share. Required a. Record the two events in general journal format. b. What is the balance of the treasury stock account after these transactions?
The balance of the treasury stock account will be $84,550 is $84,550.
a. The two events can be recorded in general journal format as follows:
Credit1
Cost of Treasury Stock Accounts 117,000
Cash 117,0002
Cash 34,450
Treasury Stock Accounts 26,000
Gain on Sale of Treasury Stock Accounts 8,450
b. The balance of the treasury stock account after these transactions would be $84,550.The reason is as follows:The repurchase of 2,600 shares of Elroy Corporation's own stock has a par of $10 per share and is repurchased for $45 per share. As a result, the cost of the treasury stock account will be $117,000. Later, 650 shares of treasury stock are resold for $53 per share, generating a gain of $8,450 for the company.
The cash account will be debited for $34,450, which is the amount obtained from selling 650 shares of treasury stock at $53 per share. The treasury stock account will be credited for the cost of the shares, which is $26,000, while the gain on sale of treasury stock account will be credited for $8,450.The following is the journal entry:DebitCreditCash34,450
Treasury Stock26,000
Gain on Sale of Treasury Stock8,450
The balance of the treasury stock account will be $84,550 as follows:$117,000 - $26,000 = $91,000$91,000 + $8,450 = $99,450$117,000 - $99,450 = $84,550
To know more about treasury stock:
https://brainly.com/question/28392297
#SPJ11
Which of the following is a red flag associated with fictitious revenues?
a. An unusual decrease in gross margin
b. An unusual decline in the number of days' purchases in accounts payable
c. Several unusual and highly complex sales transactions recorded close to the period end
d. Recurring losses while reporting increasing cash flows from operations
The correct answer is c. Several unusual and highly complex sales transactions recorded close to the period end.
Fictitious revenues refer to revenue that is recorded on the books but does not actually represent legitimate sales or income generated by the business. It is important for companies to accurately record their revenues to provide an accurate representation of their financial performance. The red flag associated with fictitious revenues is the occurrence of several unusual and highly complex sales transactions recorded close to the period end.
Option a, an unusual decrease in gross margin, may indicate other issues such as changes in pricing, cost structure, or product mix, but it does not specifically point to fictitious revenues.
Option b, an unusual decline in the number of days' purchases in accounts payable, may suggest changes in payment terms, supplier relationships, or inventory management, but it does not directly relate to fictitious revenues.
Option d, recurring losses while reporting increasing cash flows from operations, could indicate potential issues such as aggressive accounting practices, improper revenue recognition, or other financial misstatements, but it does not specifically indicate fictitious revenues.
Learn more about revenues here:
https://brainly.com/question/31358795
#SPJ11
the journal entry to record labor costs credits ______.
The journal entry to record labor costs credits the labor expense account and may also credit various liability accounts such as accrued wages or payroll taxes payable.
When recording labor costs, the labor expense account is credited because it represents the amount of labor incurred during a specific period. By crediting the labor expense account, we are reducing its balance and reflecting the decrease in labor costs. Additionally, liability accounts like accrued wages or payroll taxes payable may be credited to recognize any outstanding amounts owed to employees or tax authorities.
Learn more about credits here:
https://brainly.com/question/33559042
#SPJ11
On the first day of the fiscal year, a company issues a $980,000, 8%, 5-year bond that pays semiannual interest of $39,200 ($980,000 8% x 1/2), receiving cash of $884,177 Required: Journalize the entry to record the issuance of the bonds.
The journal entry to record the issuance of the bonds would be as follows:
Date Account Debit Credit
First day of fiscal year
Cash $884,177
Discount on Bonds Payable $95,823
Bonds Payable $980,000
Explanation:
The company receives cash of $884,177 from the issuance of the bonds. This is recorded as a debit to the Cash account.
Since the bonds were issued at a discount (the cash received is less than the face value of the bonds), the Discount on Bonds Payable account is credited for the discount amount. The discount amount can be calculated as the difference between the face value of the bonds ($980,000) and the cash received ($884,177), which is $95,823.
Finally, the Bonds Payable account is credited for the face value of the bonds, which is $980,000.
Please note that the specific account names and amounts may vary based on the company's chart of accounts and the terms of the bond issuance. It's always recommended to consult with an accounting professional for accurate and specific journal entries.
Learn more about journal entry here:
brainly.com/question/6506894
#SPJ11
You are applying Weighted Moving Average method to forecasting demand. You are considering increasing weight for the most recent demand data point (i.e., increasing wo). How will such change of weight affect demand forecast?
Group of answer choices:
Increasing w0 will not change demand forecast.
In general, demand forecast will stay closer to average demand.
In general, demand forecast will trail observed demand more closely.
None of above is correct.
When we apply Weighted Moving Average method to forecasting demand and consider increasing weight for the most recent demand data point (i.e., increasing wo), the change of weight will generally cause the demand forecast to trail the observed demand more closely (option c).
Weighted Moving Average is an advanced forecasting method used for the time series data analysis. This method considers the most recent demand data points more strongly than the older data points. Therefore, increasing the weight of the most recent data point will cause the forecast to be more sensitive to changes that occur in the recent past. This will generally lead to the demand forecast trailing observed demand more closely.
However, this may not be true in all cases. Sometimes, increasing the weight may cause the forecast to overshoot the actual demand. Therefore, it is essential to test the model and adjust the parameters accordingly. Therefore, the correct option is: "In general, demand forecast will trail observed demand more closely."
To know more about demand:
https://brainly.com/question/30402955
#SPJ11
Macroeconomics Group of answer choices is the efficient allocation of societies scarce resources is how to use our scarce resources to maximize societies well being is studied so society can use its limited resources to its maximum potential and increase well being All of the above
Macroeconomics is an important branch of economics that focuses on understanding the behavior of the economy as a whole. It concerns itself with the study of large-scale economic factors that impact economies at the national and global levels.
Macroeconomics is concerned with the allocation of resources and the achievement of optimal economic growth and stability. This involves studying how economies allocate resources in the most efficient way possible.
At the same time, it also seeks to ensure that societies are able to maximize their well-being by using the limited resources available to them. Thus, all the given options are correct, and we can say that Macroeconomics is about the efficient allocation of society's scarce resources.
To know more about Macroeconomics visit:
https://brainly.com/question/28489802
#SPJ11
If the labor force participation rate is 61.1% and the labor
force is 163,160, what is the working-age population? Round to
the nearest whole number.
Using the labor force participation rate of 61.1% and labor force of 163,160, the working-age population is approximately 266,860, which is calculated by dividing the labor force by the labor force participation rate.
To find the working-age population, we need to know the total population and the labor force . Here, we are given the labor force participation rate of 61.1% and the labor force of 163,160. We can use these values to calculate the working-age population as follows:
Let the working-age population be represented by W. Then, we can write:
W x 0.611 = 163,160
Solving for W, we get:
W = 163,160 / 0.611
W = 266,860.13
Rounding this to the nearest whole number, we get:
W ≈ 266,860
Therefore, the working-age population is approximately 266,860.
know more about working-age here: brainly.com/question/30514451
#SPJ11
The cost of debt is generally lower than the cost of equity; however, according to __________replacing equity with debt will not change the value of the firm because the savings attributable to the lower cost of debt financing will be offset by the higher required return on the remaining equity. A) M&M Proposition II with taxes. OB) M&M Proposition I without taxes. OC) M&M Proposition I with taxes. D) M&M Proposition II without taxes. E) The static theory of capital structure.
According to M&M Proposition I without taxes, replacing equity with debt will not change the value of the firm because the savings from the lower cost of debt financing will be offset by the higher required return on the remaining equity.
M&M Proposition I without taxes, also known as the Modigliani-Miller theorem, states that the value of a firm is determined by its cash flows and is independent of its capital structure. According to this proposition, the cost of debt is generally lower than the cost of equity. However, when equity is replaced with debt, the higher required return on the remaining equity offsets the savings from the lower cost of debt financing. As a result, the overall value of the firm remains unchanged.
This proposition assumes a perfect capital market without taxes and no bankruptcy costs. It suggests that in the absence of taxes, the capital structure of a firm is irrelevant to its value. In real-world scenarios, taxes and other factors may affect the cost of debt and equity, making the proposition less applicable. Nonetheless, M&M Proposition I without taxes provides valuable insights into the relationship between debt, equity, and the value of the firm.
Learn more about M&M Proposition here:
https://brainly.com/question/32601252
#SPJ11
