Hotel Cortez is an all-equity firm that has 10,900 shares of stock outstanding at a market price of $37 per share. The firm's management has decided to issue $66,000 worth of debt and use the funds to repurchase shares of the outstanding stock. The interest rate on the debt will be 8 percent. What is the break-even EBIT

Answers

Answer 1

Answer:

$32,264.07

Explanation:

The computation of the Break-even EBIT  is shown below:

(EBIT ÷ Number of shares) = (EBIT - Interest) ÷ Number of shares  

(EBIT ÷ 10,900) = (EBIT - $66,000 × 0.08) ÷ (10,900 - (66,000 ÷ $37))

(EBIT ÷ 10,900) = (EBIT - $5,280) ÷ (10,900 - 1,783.78)

(EBIT ÷ 10,900) = (EBIT - $5,280) ÷ (9116.22)

After solving this, the value of break-even EBIT is $32,264.07


Related Questions

Myers, Inc.
Income Statement
For the Year Ended December 31, 2020
Sales revenue $400,000
Cost of goods sold 180,000
Gross profit 220,000
Expenses (including $10,000 interest and $20,000 income taxes) 80,000
Net income $ 140,000
Additional information:________.
1. Common stock outstanding January 1, 2020, was 16,000 shares, and 24,000 shares were outstanding at December 31, 2020.
2. The market price of Myers stock was $9.59 in 2020.
3. Cash dividends of $19,600 were paid, $3,000 of which were to preferred stockholders.
Compute the following measures for 2020. (Round Earnings per share to 2 decimal places, e.g. 1.65, and all other answers to 1 decimal place, e.g. 6.8 or 6.8%.)
(a) Earnings per share $
(b) Price-earnings ratio times
(c) Payout ratio %
(d) Times interest earned times

Answers

Answer:

a. $6.85

b. 1.4 times

c. 11.9%

d. 17 times

Explanation:

a)  Weighted Average number of common shares outstanding = (Number of common shares outstanding in the beginning + Number of common shares outstanding in the end)/2

= (16,000 +24,000) /2

= 20,000 shares

Earnings per share = (Net income – Preferred stock dividend)/Weighted Average number of common shares outstanding

= (140,000 - 3,000) / 20,000

= 137,000/20,000

= $6.85

b) Price earnings ratio = Market price of 1 common share/Earnings per share

= 9.59 / 6.85

= 1.4 times

c)  Payout ratio = Cash dividends on common stock/Net income

= 16,600 / 140,000

= 0.11857

= 11.9%

d)  Times interest earned = (Net income + Interest expense + Tax expense) / Interest expense

= (140,000 + 10,000 + 20,000)/10,000

= 170,000 / 10,000

= 17 times

Supply Chain Integration Supply chain integration is a major contributing factor to organizational success. The goal of supply chain integration is alignment within the supply chain. As a business leader, how can you achieve greater supply chain integration with suppliers and customers

Answers

Answer:

True.

Explanation:

The integration of the supply chain comes from the use of the total quality management tool that will make the supply chain effective as a whole, generating significant improvements at each stage of the chain, with the help of technologies that streamline operations. Integrating the supply chain means organizing the steps so that there is a reduction in costs, time, waste and continuous optimization of the processes as a whole, making the product reach the final consumer correctly meeting their expectations and needs.

As the assistant to the CFO of Johnstone Inc., you must estimate its cost of common equity. You have been provided with the following data: D 0 = $0.80; P 0 = $22.50; and g = 8.00% (constant). Based on the DCF approach, what is the cost of common from reinvested earnings?

Answers

Answer:

The cost of common equity from reinvested earnings is 11.84%

Explanation:

The constant growth model of DDM or DCF approach is used to calculate the price of a stock today whose dividends are expected to grow at a constant rate forever. The model values the stock based on the present value of the expected future dividends form the stock.

The formula for price today under this model is,

P0 = D0 * (1+g) / (r - g)

Where,

P0 is price todayD0 is the dividend todayr is the cost of equityg is the growth rate in dividends

Plugging in the available values for all the variables, we can calculate the r or cost of common equity to be,

22.5 = 0.8 * (1+0.08) / (r - 0.08)

22.5 * (r - 0.08) = 0.864

22.5r - 1.8 = 0.864

22.5r = 0.864 + 1.8

r = 2.664 / 22.5

r = 0.1184 or 11.84%

Lance contributed investment property worth $507,500, purchased Five years ago for $312,500 cash, to Cloud Peak LLC in exchange for an 70 percent profits and capital interest in the LLC. Cloud Peak owes $380,000 to its suppliers but has no other debts.

Required information

A. What is Lance’s tax basis in his LLC interest?

B. What is Lance’s holding period in his interest?

C. What is Cloud Peak’s basis in the contributed property?

D. What is Cloud Peak’s holding period in the contributed property?

Answers

Answer:

a. Lance's Tax basis in his LLC interest

= Basis of investment property + Shares in LLC debt

= $312,500 + ($380,000 * 70%)

= $312,500 + $266,000

= $578,500

Therefore, LLC common debt obligation treated as non-recourse debt, lance income allocation ratio is used to allocate a share of LLC debt to him

b. Lance holding period in his interest is 5 years. The holding period of the contributed assets "tacks onto" his partnership interest because Lance contributed a capital asset

c. Cloud Peak's basis in the contributed property is $312,500. Also, the carryover basis would be taken by the LLC in the contributed property

d. Cloud's Peak holding period in the contributed property is 3 years

A newly issued 20-year maturity, zero-coupon bond is issued with a yield to maturity of 8% and face value $1,000. Find the imputed interest income in: (a) the first year; (b) the second year; and (c) the last year of the bond’s life.

Answers

Answer:

First Year $ 17.17

Second Year $ 18.53

Last Year $ 74.08

Explanation:

Computation to Find the imputed interest income in: (a) the first year; (b) the second year; and (c) the last year of the bond’s life

Imputed Interest

First step

Using this formula

Imputed interest=(Present Value /1+Yield to maturity)^Numberd of years

Year Years Remaining to Maturity Constant Yield Value ( 1 / 1.08)^n

0 20 (1/1.08)^20= $ 214.54

1 19 (1/1.08)^19=$ 231.71

2 18 (1/1.08)^18=$ 250.24

19 1 (1/1.08)^1=$ 925.92

20 0 (1/1.08)^0=$ 1,000

Second step is to find the Imputed interest for the first year, second year; and the last year of the bond’s life

Year Years Remaining to Maturity Constant Yield Value ( 1 / 1.08)^n =Imputed Interest

0 20 $ 214.54

1 19 $ 231.71 $17.17

($231.71-$214.54)= $17.17

2 18 $ 250.24 $18.53

($250.24-$231.71)=$18.53

19 1 $ 925.92

20 0 $ 1,000 $74.08

($1,000-$925.92) =$74.08

Therefore the imputed interest will be:

First Year $ 17.17

Second Year $ 18.53

Last Year $ 74.08

Sunny Day Manufacturing Company is considering investing in a one-year project that requires an initial investment of $450,000. To do so, it will have to issue new common stock and will incur a flotation cost of 2.00%. At the end of the year, the project is expected to produce a cash inflow of $550,000. The rate of return that Sunny Day expects to earn on its project (net of its flotation costs) is:____________

White Lion Homebuilders has a current stock price of $22.35 per share, and is expected to pay a per-share dividend of $2.03 at the end of next year. The company's earnings' and dividends' growth rate are expected to grow at the
constant rate of 8.70% into the foreseeable future. If White Lion expects to incur flotation costs of 5.00% of the value of its newly-raised equity funds, then the flotation-adjusted (net) cost of its new common stock (rounded to two decimal places) should be:_________

Sunny Day Manufacturing Company Co.'s addition to earnings for this year is expected to be $420,000. Its target capital structure consists of 50% debt, 5% preferred, and 45% equity. Determine Sunny Day Manufacturing Company's retained earnings breakpoint: ___________

a. $840,000
b. $980,000
c. $933,333
d. $886,666

Answers

Answer:

A lot to read and check but I will get back to you soon

What is another name for progress monitoring? a. Curriculum-based measurement c. Curriculum-based learning b. Assessment d. None of these

Answers

Answer:

Curriculum based measurement

Answer:

a.  Curriculum-based measurement

It's correct

g An increase in taxes when the economy is above full employment ​ ______ aggregate demand and real​ GDP, and the price level​ ______.

Answers

Answer:

C.  ​decreases; falls

Explanation:

As we know that

The rise in taxes results in low disposable income for individuals that lowered the spending of the consumer also the consumer spending is an element of the aggregate demand so ultimately it declines that result the curve to shift leftward or downward

Due to this, the real GDP also falls, and the price level too

Hence, the correct option is c.

Bark Inc. and Happy Toys Ltd. Bark Inc. and Happy Toys Ltd. are considering a merger and are worried that their two organizational cultures will clash. They perform a detailed diagnosis by collecting and analyzing data about the employees of the two companies. They identify several overlapping values, which they feel can be combined into a cohesive new culture. This process is known as:

Answers

Complete Question:

Bark Inc. and Happy Toys Ltd. Bark Inc. and Happy Toys Ltd. are considering a merger and are worried that their two organizational cultures will clash. They perform a detailed diagnosis by collecting and analyzing data about the employees of the two companies. They identify several overlapping values, which they feel can be combined into a cohesive new culture. This process is known as:

Group of answer choices.

A. a merger strategy.

B. a bicultural audit.

C. assimilation.

D. deculturation.

Answer:

B. a bicultural audit.

Explanation:

Bark Inc. and Happy Toys Ltd. Bark Inc. and Happy Toys Ltd. are considering a merger and are worried that their two organizational cultures will clash. They perform a detailed diagnosis by collecting and analyzing data about the employees of the two companies. They identify several overlapping values, which they feel can be combined into a cohesive new culture. This process is known as a bicultural audit.

A bicultural audit can be defined as the process of analyzing and measuring the cultural relations between two companies prior to a merger, as well as identifying the extent to which there might be cultural clashes among its employees.

Generally, bicultural audit process start with the identification of cultural differences between the merging companies. In order to create a cohesive new culture between the merging companies, a good action plan and effective strategy should be developed.

The Baldwin Company currently has the following balances on their balance sheet: Total Assets $260,881 Total Liabilities $150,673 Retained Earnings $52,700 Suppose next year the Baldwin Company generates $44,200 in net profit, pays $12,000 in dividends, total assets increase by $55,000, and total liabilities remain unchanged. What will ending Baldwins balance in Common Stock be next year

Answers

Answer:

common stock = $80,308

Explanation:

assets = liabilities + equity

current balance:

$260,881 = $150,673 + $110,208

$110,208 = common stock + retained earnings = $57,508 + $52,700

next year:

net income = $44,200

dividends = $12,000

assets = $260,881 + $55,000 = $315,881

liabilities = $150,673

equity = $315,881 - $150,673 = $165,208

retained earnings = $52,700 + $44,200 - $12,000 = $84,900

common stock = $165,208 - $84,900 = $80,308

Juice Drinks has beginning inventory of $10,000, purchases in the amount of $150,000, and ending inventory of $8,000. Juice Drinks cost of goods sold is $ ____________.

Answers

Answer:

$152,000

Explanation:

Given the data as shown below;

Opening inventory = $10,000

Purchases = $150,000

Ending inventory = $8,000

Therefore,

Juice drinks cost of goods sold = Opening inventory + Purchases - Ending inventory

= $10,000 + $150,000 - $8,000

= $152,000

Jensen Corporation uses the percentageofsales method to estimate uncollectibles. Net credit sales for the current year amount to and management estimates ​% will be uncollectible. The Allowance for Doubtful Accounts prior to adjustment has a debit balance of . After all adjusting entries are​ made, the balance in Allowance for Uncollectible Accounts will​ be:

Answers

Answer:

$42,300 credit balance

Explanation:

The question is incomplete:

Jensen Corporation uses the percentage-of-sales method to estimate uncollectibles. Net credit sales for the current year amount to $2,010,000 and management estimates ​3% will be uncollectible. The Allowance for Doubtful Accounts prior to adjustment has a debit balance of $18,000. After all adjusting entries are​ made, the balance in Allowance for Uncollectible Accounts will​ be:

uncollectible accounts = $2,010,000 x 3% = $60,300 credit

the adjusting entry at the end of the year:

December 31, 202x, bad debt expense:

Dr Bad debt 60,300

    Cr Allowance for uncollectible accounts 60,300

the ending balance of the Allowance for uncollectible accounts account = $60,300 - $18,000 (debit balance) = $42,300

Brodrick Company expects to produce 21,200 units for the year ending December 31. A flexible budget for 21,200 units of production reflects sales of $508,800; variable costs of $63,600; and fixed costs of $142,000. Assume that actual sales for the year are $587,200 (26,300 units), actual variable costs for the year are $113,900, and actual fixed costs for the year are $137,000. Prepare a flexible budget performance report for the year.

Answers

Answer:

                Flexible budget performance report  for the year

                           Flexible budget  Actual     Variance   Fav/Unf

Sales                        631,200         587,200    44,000   UNF

Variable cost           (78,900)         (113,900)    35,000    F

Contribution            416,000         368,000   48,000   UNF

margin

Fixed cost               (142,000)        (137,000)    5000       UNF

Net operating          274,000        231,000    43,000    UNF

income

Working:

a. At flexible budget, selling price per unit = $508,800 / 21,200 = $24 per unit . Total sales =26,300 *24 = $631,200  

b. Variable cost per unit = $63,600 / 21,200 = $3 per unit . Total cost = 3 * 26,300 = 78,900

Data pertaining to a company's joint production for the current period follows
L M
Quantities produced 310 lbs 260 lbs
Market value at split-off point . $10.2Mb $20.4/lb
Compute the cost to be allocated to Product L for this period's $792 of joint costs if the value basis is used. (Do not round intermediate calculations.)
a. $295.81.
b. $49619.
c. $39600.
d. $2,926.00.
e. $962.19.

Answers

Answer:

a. $295.81

Explanation:

Total market value = (310 * 10.2) + (260 * 20.4)

Total market value = 3,162 + 5,304

Total market value = 8466

Joint cost allocated to L on basis of value

= [ (310 * 10.2) / 8,466] * 792

= (3,162 / 8,466) * 792

= $295.81

A one-month summary of manufacturing costs for Rapid Routers Company follows.

Direct materials $40,000
Direct labour 20,000
Material handling costs 1,500
Product inspection and rework 2,000
Materials purchasing and inspection 500
Routine maintenance and equipment servicing 1,200
Repair of equipment 300

Required:
Classify each cost as value-added or non-value-added

Answers

Answer:

        Cost                                                                 Classification

Direct materials                                                       Value added

Direct labor                                                              Value added

Material handling costs                                           Non-value added

Product inspection and rework                              Non-value added

Materials purchasing and inspection                     Value added

Routine maintenance and equipment                    Non-value added

servicing

Repair of equipment                                                Non-value added

A stock currently sells for $34 a share but is expected to increase in value over the next six months to at least $36 a share. Assume there are 6-month options available on this stock with an exercise price of $35. Which of these options should have the most value today?a. American and European calls equallyb. European callc. European putd. American pute. American call

Answers

Answer:  American call

Explanation:

The price of the underlying stock is going to increase to at least $36 which is more than the exercise price on the option of $35. The option that would have more value therefore is a Call option because call options make profit when the exercise price is less than the market price.

The more valuable call option between the European and American call options is the American call option. This is because with an American call option, the holder is free to call in the option at any point in time up to the exercise date while a European option has to wait till the exercise date.

The American Call option is therefore the option with the most value today.  

An e-business can redefine its market by removing traditional marketplace intermediaries or by creating new ways to add value to business transactions.
a. True
b. False

Answers

Answer: True

Explanation:

An e-business is a kind of business whereby information is passed across on the internet. Since we live in a digital world, organizations now engage their customers online.

An e-business can redefine its market by removing traditional marketplace intermediaries or by creating new ways to add value to business transactions.

If a firm is producing so that the point chosen along the production possibility frontier is socially preferred, then that firm is said to have reached its:________

a. allocative efficiency
b. productive efficiency
c. utility-maximizing efficiency
d. minimum price efficiency


Answers

Answer:

b

Explanation:

Productive efficiency means that production is been carried out with no waste.  

Production possibility frontier is a curve that shows the various combinations of goods that can be produced in an economy when all resources are fully utilised.

On the ppf, all resources are fully utilised, so there is productive efficiency.

Bronco Corporation discovered these errors in August of Year 3:

Year Depreciation Overstated Prepaid Expense Omitted
1 $2500 $3000
2 4000 2000

Assume all current items are two months in duration. Net Income for Year 2 was $18,000. Assume all errors are discovered in August of Year #3. The Year #2 books are closed. The net effect on Year #3 Beginning Retained Earnings caused by the August Year #3 correcting journal entries was:

a. $5,500
b. $6,500
c. $6,000
d. $8,500
e. $4,500

Answers

Answer:

e. $4,500

Explanation:

Year            Depreciation overstated         Prepaid expense omitted

1                              $2,500                                $3,000

2                             $4,000                                $2,000

Year 2's net income = net income (year 2) + overstated depreciation (year 2) + omitted prepaid expenses (year 1) - omitted prepaid expenses (year 2) = $18,000 + $4,000 + $3,000 - $2,000 = $23,000

This means that year 2's net income was understated by $5,000.

But year 1's net income was overstated by = $2,500 - $3,000 = -$500.

The adjustment on the retained earnings account should be $5,000 - $500 = $4,500

White says, “We live in a world where success is defined by income.” Do you agree with this statement? Discuss examples in your life that support or negate this idea.

Answers

Answer:

yes i agree coz nowadays even in my family, the outsiders give more respect and praise my big brother as he earns big income

The decision that could be made regarding the statement that "In the modern world, income has turned equivalent to success" would be:

Yes.

The reason to agree with this statement is due to the increased importance that the modern world has provided to money.For example, a person is considered successful only when he earns a handsome amount while a person with a lower or average income but greater satisfaction level is considered unsuccessful. However, there is also a saying that "money can't buy happiness" which suggests that people can be sad even after having money and vice versa.Thus, it depends on the individual's perception and the way they equate success with happiness or material possessions.

Learn more about "Income" here:

brainly.com/question/14732695

GoSnow sells snowboards. Each snowboard requires direct materials of $128, direct labor of $53, and variable overhead of $63. The company expects fixed overhead costs of $844,976 and fixed selling and administrative costs of $391,000 for the next year. The company has a target profit of $290,000. It expects to produce and sell 11,800 snowboards in the next year. The company has a target profit of $189,800. It expects to produce and sell 11,800 snowboards in the next year. Required:Compute the selling price using the variable cost method.

Answers

Answer:

$364.83

Explanation:

The computation of selling price using the variable cost method is shown below:-

Sales units for target profit = (Total fixed costs + Target profit) ÷ (Selling price per unit - Total Variable cost per unit)

11,800 = ($1,235,976 + $189,800) ÷ (Selling price per unit - $244)

11,800 = ($1,425,776) ÷ (Selling price per unit - $244)

(Selling price per unit - $244) = $1,425,776 ÷ 11,800

(Selling price per unit - $244) = 120.83

Selling price per unit = $120.83 + 244

= $364.83

Working note

Total fixed cost = Fixed overhead costs + Fixed selling and administrative costs

= $844,976 + $391,000

= $1,235,976

Total variable cost = Direct materials + Direct labor + and variable overhead

= $128 + $53 + $63

= $244

Masters Machine Shop is considering a four-year project to improve its production efficiency. Buying a new machine press for $450,000 is estimated to result in $184,000 in annual pretax cost savings. The press falls in the MACRS five-year class, and it will have a salvage value at the end of the project of $74,000. The press also requires an initial investment in spare parts inventory of $33,000, along with an additional $3,750 in inventory for each succeeding year of the project. The shop’s tax rate is 23 percent and its discount rate is 10 percent. (MACRS schedule)

Required:
Calculate the NPV of this project.

Answers

Answer:

Masters Machine Shop

PV of Salvage value = $74,000 x 0.683 =               $50,542

Present value of total savings                                $449,126

less Present value of investments                          494,888

Net Present Value                                                      $4,780

Explanation:

a) Data                      Amount              Present Value

Cash Outflow         $450,000             $450,000

Initial spare parts        33,000                  33,000

Annual Inventory          3,750                    11,888

PV of investments                               $494,888

     

Project lifespan = 4 years

Discount rate = 10%

Annual pretax cost savings = $184,000

Tax rate                 23%              42,320

After Tax savings                    $141,680

PV of Annuity of Tax savings = $141,680 x 3.170 = $449,126

Salvage value = $74,000        

PV of Salvage value = $74,000 x 0.683 =               $50,542

Present value of total savings                                $449,126

less Present value of investments                          494,888

Net Present Value                                                      $4,780

b) Master Machine Shop's Net Present Value (NPV) is the difference between the cash inflows (savings) and the cash outflows (investments) for this four-year project

Jessie and Paul have worked in the same office at DEF Insurance LLC for 6 years. Jessie has always taken extra care to follow the office norms and ensure that everyone has a happy and harmonious working experience. Paul has been very driven during his years at DEF Insurance, and though he started as an insurance agent, he has since been promoted to the agency manager and proudly displays all of his awards on the wall of his new office. According to Learned Needs Theory, Jessie most likely has a high: Group of answer choices

Answers

Answer:

Need for affiliation

Explanation:

from the learned needs theory, Jessie most likely has a high need for affiliation.

This describes her need to feel a sense of involvement and belonging within her work environment.

By following office norms and trying to ensure everyone is happy, she is expressing her need for open and good relationships at work. People like Jessie are usually friendly, outgoing and cooperative

If the IRS intends to close a Taxpayer Assistance Center, they must notify the public at least _____ days in advance of the closure date.

Answers

Answer: 90 days

Explanation:

The Internal Revenue Service is typically known as the revenue service of the federal government as it is in charge of tax collection and enforcing tax laws.

If the IRS intends to close a Taxpayer Assistance Center, they must notify the public at least 90 days in advance of the closure date.

If annual demand is 50,000 units, the ordering cost is $25 per order, and the holding cost is $5 per unit per year, which of the following is the optimal order quantity in order to minimize the total annual inventory cost?
A. 707
B. 909
C. 634
D. 500
E. 141

Answers

Answer:

22

3 25

6 15

a. Determine which variable is the dependent variable.

b. Compute the least squares estimated line.

c. Compute the coefficient of determination. How would you interpret this value22

3 25

6 15

a. Determine which variable is the dependent variable.

b. Compute the least squares estimated line.

c. Compute the coefficient of determination. How would you interpret this value

When the actual cost of direct materials used exceeds the standard cost, the company must have experienced an unfavorable direct materials price variance.

a. True
b. False

Answers

Answer:

True

Explanation:

The cost was bigger than they had budgeted for, so it was an unfavorable variance.

Suppose that Dunkin Donuts reduces the price of its regular coffee from $2 to $1 per cup, and as a result, the quantity sold per day increased from 10 to 40. Over this price range, the price elasticity of demand for Dunkin Donuts’ regular coffee is:

Answers

Answer:

PED = -6

Explanation:

The PED or price elasticity of demand for a product measures the responsiveness of a product's demand to the changes in the price of the product. The PED is calculated as follows,

PED = % change in Quantity demanded / % change in price

PED = [(40 - 10) / 10]  /  [(1 - 2) / 2]

PED = -6

A PED of -6 represents that quantity demanded is highly price elastic and a negative sign means that it is a normal good.

When estimating the incremental after-tax free cash flows for a project, we include which one of the following costs?A. Investment costsB. Opportunity costsC. Sunk costsD. Costs that impact another product that the firm does not produce.

Answers

Answer: Opportunity cost

Explanation:

Opportunity cost is the cost of what one forgoes when one makes another decision or another choice. When estimating the incremental after-tax free cash flows for a project, the opportunity cost is included.

A sunk cost is a type of cost that an economic agent such as the individual, the firm or the government has already spent and therefore cannot be recovered again. This isn't included.

ZZZ-Best, Inc. recently issued $65 par value preferred stock that pays an annual dividend of $17. If the stock is currently selling for $76, what is the expected return of this preferred stock?

Answers

Answer:

r = 0.22368 or 22.368% rounded off to 22.37%

Explanation:

The expected or required rate of return on a preferred stock is the return provided by the stock in terms of dividend as a proportion of the current market price. The expected return on a preferred stock can be calculated as follows,

r = Dividend / current market price

r = 17 / 76

r = 0.22368 or 22.368% rounded off to 22.37%

The beta of company Myers’s stock is 2. The annual risk-free rate is 2% and the annual market premium is 8%. What is the expected return for Myers’ stock? A. 14% B. 25% C. 20% D. 18

Answers

Answer:

18%

Explanation:

Myers's stock has a beta of 2

The annual risk free rate is 2%

The annual market premium is 8%

Therefore, the expected return for Myers's stock can be calculated as follows

= 2% + (2×8%)

= 2% + 16%

= 18%

Hence the expected return for Myers's stock is 18%

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