Wednesday, November 27, 2019

Cómo Estás and Other Spanish Greetings

Cà ³mo Ests and Other Spanish Greetings  ¿Cà ³mo ests? How are you? With that simple line - its pronounced KOH-moh ess-TAHSS - you can greet almost any Spanish speaker youve met before. Add to that these phrases below, and youll be well-positioned to make a good first impression wherever you go in Spain or most of Latin America. Spanish Greetings and Similar Phrases Phrases in common use can vary with location and sometimes with age or social status. But except where indicated, those listed below can be used appropriately in almost any situation. Pronunciations given are approximate; in all pronunciations below, the th is pronounced as in this, and the oo is pronounced as in boom. Hola - Hello, hi - OH-lah -   This greeting is suitable in both formal and informal contexts.Hola, alà ³, jalà ³, bueno, diga - Hello (on the telephone) - OH-lah, ah-LOH, hah-LOH, BUEH-no, DEE-gah -   The choice of telephone greeting varies from location to location. Hola would be understood anywhere but is not customary in many places.Adià ³s - Goodbye - ah-THYOHSS  -   An informal alternative in many areas is chau (pronounced chow, sometimes spelled ciao, from Italian). ¿Cà ³mo ests?  ¿Cà ³mo est? - How are you? - KOH-moh es-TAHSS, KOH-moh es-TAH - The first form (which is informal) normally would be used with someone you know on a first-name basis or when speaking with a child. The second form generally would be used in other situations. Usage can depend quite a bit on where you are; in some areas, the informal form (ests) would be expected where under the same circumstances the formal form would be used in other areas. If youre a foreigner, chances are no one will criticize you for using the wrong form, although you may be politely corrected. Muy bien, gracias - Very well, thank you  - mwee-vyenn GRAHSS-yahss.Buenos dà ­as - Good day, good morning - BWEH-nohss DEE-ahss -   In some areas, a shortened form, buen dà ­a, is used.Buenas tardes - Good afternoon, good evening - BWEH-nahss TAR-dess -   In most areas, buenas tardes should be used in the early evening in preference to buenas noches.Buenas noches - Good night - BWEH-nahss NOH-chess -   Unlike the English translation, buenas noches can be used as a greeting as well as a farewell. ¿Cà ³mo te va?  ¿Cà ³mo le va?  ¿Quà © tal?  ¿Quà © hay? - Hows it going? -   KOH-moh teh-VAH, KOH-moh leh-VAH, kay-TALL, kay-AYE - There is also a variety of colloquial alternatives, although many of them depend on the area. The first one given is informal, used as with  ¿Cà ³mo ests? above. ¿Quà © pasa? - Whats happening?  - kay PAHSS-ah. ¿Quà © hubo?  ¿Quà © onda? - How is it going? Whats happening? - kay OO-boh, kay OHN-dah -   These phrases are most common in Mexico. ¿Cà ³mo te llamas?  ¿Cà ³mo se llama usted? - Whats your name? - KOH-moh teh YAHM-mahss, KOH-moh seh YAHM-mah oo-STETH  -   A literal translation would be What do you call yourself? or, somewhat less literally, What are you called? The first form normally would be used with a child, or possibly with someone of equal social status at an informal occasion. If youre uncertain which form to use, the second one is safer. Also see the explanation with the entry for  ¿Cà ³mo ests? above. Me llamo (nombre).- My name is (name). - meh YAHM-moh (NOHM-breh)  -   A literal translation would be I call myself (name) or, somewhat less literally, I am called (name). You can also literally translate the English: Mi nombre es (nombre).Mucho gusto. Encantado. - Its a pleasure to meet you. - MOO-choh GOO-stoh, en-kahn-TAH-thoh. Either of these could be said when someone introduces him- or herself to you. If youre female, you should say encantada  (en-kahn-TAH-thah) instead of encantado.Bienvenido, bienvenida, bienvenidos, bienvenidas - Welcome - byem-beh-NEE-thoh, byem-beh-NEE-thah,  byem-beh-NEE-thohss,  byem-beh-NEE-thahss  -   Note the difference in number and gender. Bienvenido would be used with a man, bienvenida with a woman, bienvenidas with a group of all females, and bienvenidos with males or a mixed group.

Saturday, November 23, 2019

When to Capitalize Words for Compass Points

When to Capitalize Words for Compass Points When to Capitalize Words for Compass Points When to Capitalize Words for Compass Points By Mark Nichol North, south, east, west when is capitalization best? Obviously, when the directional term is part of a current or historical proper name for example, North Dakota and West Germany, respectively capitalization is nonnegotiable. But many lesser-known geographical designations aren’t as obvious. Here’s a rundown of some examples: Four of Australia’s seven states and territories Western Australia, the Northern Territory, South Australia, and New South Wales include a directional term, but only the latter may seem unequivocally correct. If you’re referring in writing to the western half of Australia (Western Australia, by contrast, constitutes only about one-third of the nation’s land area), say so; to refer simply to â€Å"western Australia† in that context might invite an erroneous correction. Corresponding terms do not necessarily refer to equivalent entities: North Africa is a region comprising numerous countries, while South Africa is a smaller area consisting of the eponymous nation. Some unofficial divisions have a virtual force of law based on cultural factors; one such example is the concept of Northern California and Southern California, which to many people in the Golden State at least might as well be two distinct jurisdictions. The distinction is complicated by the notion of Central California, and few people, including Californians, seem to be aware that there’s also an area called Eastern California (hidden from the rest of the state by the north-south mountain range known as the Sierra Nevada and culturally aligned with the neighboring state of Nevada). However, â€Å"Western California† is not part of the local lexicon, because the coastal areas and the middle of the state on a north-south axis are the â€Å"default† California. Various parts of Texas have the same type of distinction, though, as with their Californian counterparts, the dividing lines are nebulous. The largest state in the Lower 48 (that’s an unofficial but canonical designation itself) consists of six areas, including West Texas and three other corresponding regions so capitalized, plus Central Texas and the Texas Panhandle (which, counterintuitively, is north of North Texas). In the United States, regions are often named at least in part for their relative direction: There’s the Southwest, the South (which is actually the southeastern part of the country, but it was named when the territory of the United States extended only halfway across the North American continent), the Pacific Northwest, and so on. (There is no North, however, except in reference to Union during the Civil War.) These are not governed entities, but they are official designations. However, they should be capitalized only in such contexts; names of compass points in sentences such as â€Å"I drove southeast for several hours† or â€Å"Have you been to any of the southwestern states?† are not capitalized. Directional terms in culturally significant phrases such as â€Å"the Wild West† and â€Å"the Old West† are capitalized, as they are in names of districts and parts of cities: Chicago’s South Side, London’s West End, and the Middle East’s West Bank. Sometimes, a directional term preceding a city name refers to a separate, smaller jurisdiction, such as East Los Angeles; West Los Angeles, meanwhile, is a district of Los Angeles proper. The world’s two major oceans, the Atlantic and the Pacific, have no dotted lines marking their exact boundaries, but there are conventions about their extent, and divisional descriptions such as â€Å"North Atlantic† and â€Å"South Pacific† are official. When in doubt, look it up, taking care to be sensitive to cultural and regional nuances. Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Style category, check our popular posts, or choose a related post below:Inquire vs EnquireThe Many Forms of the Verb TO BEOne "L" or Two?

Thursday, November 21, 2019

Safety and Efficacy of Resveratrol Assignment Example | Topics and Well Written Essays - 750 words

Safety and Efficacy of Resveratrol - Assignment Example Adversarial effects of drug in humans have ever been experienced. Longstanding side effects remain unknown (Barclay 2007). A negligible and short-lived clinical experiment performed few years ago among the obese patients provided 150 mg each day of the compound manifested no dangerous reactions (Sarubin-Fragakis & Thomson 2007).Resveratrol can act as an enhancer or antagonist to the estrogen according to Linus Pauline institute. As a result it might promote or discourage the development of cancers that depend on estrogen among individuals. However, there is no proof that the drug promotes or discourage cancer development among women.MedicationsConsumption of large quantities of pure resveratrol might elevate drug levels in blood which are normally metabolized by CYP3A4 (Barclay 2007). Such occurrences imply that calcium particular immunosuppressant drugs, channel blockers as well as erectile dysfunction might increase quantities of blood. Critical caution is necessary when administer ing the pure resveratrol together with the drugs such as the anti-coagulant as well as the anti- platelets (DyBuncio 2012). Before taking the drugs, kindly refer to the labels and ensure that you abide by the requirements such as not being a child or pregnant. Pharmaceutical advice is necessary in all situations (Polycarpou 2013).Resveratrol may enlarge blood vessels besides decreasing the action of cells essential for clotting the blood. Some studies proposes that resveratrol has frail estrogen influences.

Tuesday, November 19, 2019

Computer Communications & Networks Lab Report Example | Topics and Well Written Essays - 2000 words

Computer Communications & Networks - Lab Report Example The devices are called end devices or more correctly hosts; which are either the destinations or sources of information transmitted via a network so accessing a network or site remotely involves three elements; a source or sender, a destination and a medium which is the channel through which the data is transmitted. The data transmitted can be in the form of text, graphics, voice or video which are converted into a language the computer understands called binary bits (data is transmitted as a zero or a one: 0I). The bits are then ‘programmed’ or coded into signals or data packets that can be transmitted through a medium over a network. Now sending data as one continuous stream will mean that no other data or devices can use the medium while the data is being transmitted just like a pipeline; if it is delivering gasoline, it cannot at the same time deliver liquid petroleum gas; so the data is broken into smaller packets; a process called segmentation which allows many dif ferent data to be transmitted concurrently, this is called multiplexing and segmenting data enhances network reliability so data is not lost easily whenever a break in communication occurs (â€Å"3rd Symposium on Networked Systems design and Implementation (NSDI’06), San Jose, California†). ... The one used for internet communication is called TCP/IP stack which contains four layers; Application protocols layer that is defined to applications like WWW, or FTP (File Transfer Protocol), a transmission control protocol which is responsible for directing packets of data to specific computers by using a port number. It also has an internet protocol layer that directs data bits to destinations using the IP addresses of the computers and a hardware layer that converts data into data streams or signals such as the network cards or modems. An instruction flows from the sender (computer) from the application to the transfer control protocol then to the internet protocol and finally to the hardware protocol that converts the bits of information into signals transmitted through a medium through the internet. On reaching the destination computer, the signals are converted back to binary bits through the hardware layer then to the internet protocol layer then to transfer protocol layer a nd then to the application such as a web server software. The internet is made up of many big networks called Network Service providers (NSPs0 connected together in a peer standard. The NSPs exchange data packets with each other and must connect to three network access points (NAPs) and at metropolitan Area Exchanges (MAEs) both of which are called internet exchange points (IXs). Information is then sent around these networked computers to its destinations by routers which contain information tables and switch data packets to the right destination (Serpanos and Wolf 292-302) As soon as one types the web address to be accessed into a web browser (a web browser is a program that is used for internet applications and

Sunday, November 17, 2019

Elizabeth Costello in J.M Coetzees in relation to the theme of Kafkas works Essay Example for Free

Elizabeth Costello in J.M Coetzees in relation to the theme of Kafkas works Essay Elizabeth Costello is a humane, ethical and uncompromising creation of Coetzee. In Coetzee’s book The Lives of Animals, Costello is used to describe her dislike and rejection of the rationality of the criteria justifying the unequal treatment of animals. Costello claims that the purpose of the book is to clarify that to differentiate beings with regard of their species is a form of discrimination, indefensible and immoral. Costello also maintains that she had chosen the path not because she was not aware of the crucial kind of thoughts and sentiments of respect regarding other creatures, but because the reason was more universal and compelling to appeal. Costello maintains though she admired those who eliminated speciesism form their lives due to their compassionate regard for other creatures she did not believe a pressure to empathy and good-heartedness only would prove to majority of the people into the wrongness of speciesism. Nevertheless, the messages Costello portrays are not from the invisible world although from the invisible of this world most cases the voiceless like animals that she can access by imagination. She is not worried with other earthly, disembodied voices, although this-worldly, embodied and embedded voices, dead or alive perpetrators fictional or historical. The human critics such as Costello are opposed to the authority of the world of other world as he is to the powers of this world. Costello proclaims that there is not any salvation to be brought into being in an afterlife in immortality. Costello is midwife not to immortal Forms, although a mortal voices and to being of the voices. The power of imagination stays not only in its potential to stir up and listen to other voices and to enter into speaking for other including for the voiceless but also use narrative to depiction literature in the particular work of narrative that rationally is divine spark that raises mankind above the rest of nature therefore in showing our continuity with animal-kind which allows us to regain our death, our humanity and imperfectness. The similarities between Costello and Socrates are outstanding, and are more striking than their differences. Similar to Socrates, Costello attempts to prompt persons to realize their humanity, to open their hearts, to the anguish of animals. Costello just like Socrates is faced by unfairness, which in her case is the discrimination of specialism, which she attempts to dispel with counter-illusions. â€Å"What does one choose the side of justice when it is not in one’s material interest to? The magistrates give the rather Platonic answer: because we are born with the idea of justice. † (Paola, et al. , 95). In The Lives of Animals the disregarded has come to take account of non-human animals. Costello is convinced that there is a crime regarding animals as stupid that is perpetrated towards animals. Costello challenge is to attempt to extend justice to animals especially to those that resemble humans. In Socrates, Plato’s mouthpiece in the Republic, spends the whole discussion arguing for justice suggesting that it is better to live rightly and show to be unjust than being unjust with all material rewards that come by and yet show to be just, Costello ends her speech by saying that proof points in the opposite direction and that individuals can do anything and get away with it that there is no reprimand. In The Poets and the Animals Costello disapproves the ecological approach to animals suggested by Plato since Plato’s perception implies that only human beings can understand the position of living things in the entire picture of natural world and as a result solely have the right to manage animal populations not including human population. Therefore (Paola, et al. , 102), might have valid point which is that a person should not enforce principled vegetarianism on a society but its misdirected as a disapproval of the position of Costello since she had gone to the great lengths to disapprove reason as decisive criterion of moral worth and as an only means to live an ethical life. Costello maintains that it is not right to construe the animal rights movement like imposing vegetarianism upon free citizens. Instead it appears as protecting the interests and the rights of nonhuman animals, guarding animals form exploitation, though this might as well lead to outlawing the eating of meat. Nevertheless, is clear that just as Coetzee distrusts commitment to moral principles he is suspicious of certain notions of justice. Coetzee and Costello’s aim is to alter the heart of individuals through feeling, friction and compassionate imagination instead of enforcing a large-scale utopian changing of society as purportedly stated by reason. Costello is perceived as arrogantly superior and as heralding a foreign set of values that of fighting for animal rights in opposition to blindly anthropocentric culture, and both individuals made numerous enemies by courageously inquiring the prejudices of the people around them. The arrogance of Costello can be demonstrated by certain members his audience anger having their discrimination and lack of knowledge exposed. In addition, Costello seems to be earnestly attempting to break through the shadows of ignorance and prejudice with the light of her imaginative sympathy and is ready to admit that she dose not understand that she could be correct â€Å"Am I fantasizing it all? I must be mad! † (Derek, 69). Costello might be ironically aware that some of her images might be imaginative for example when she gives anthropomorphic feelings to ape, Sultan: â€Å"In his deepest being Sultan is not interested in the banana problem. Only the experimenter’s single-minded regimentation compels him on it. The question that truly occupies him, as it occupies a rat and the cat and other animal trapped in hell f the laboratory or the zoo, is: where is home, and how do I get there? † (Stephen, 69). Costello was attempting to get her audience to think, feel and imagine that in new ways about something persons do not care to regard at all, specifically their use and abuse of animals: certainly she desires people to imagine how it would experience in the place of an exploited animal a state of powerlessness. Costello believes the mission will awaken individuals form their assertive sleep. Costello does not attempt to reject the reason for the infallibility and its assertion to make a distinction between animals and human beings and therefore doe not give good reason for the exploitation of animals. In The Lives of Animals, Coetzee portrays Costello as a Socrates figure. The analysis starts with â€Å"What is Realism? † since it was first in 1997, prior to its publishing in Elizabeth Costello in 2003. The Socratic and Platonic ideologies are clearly evident in this story strengthens the contention that Costello plays a role as Socratic figure in The Lives of Animals. Certainly, Coetzee refers to this story in his fist foot note of The Lives of Animals therefore further sustaining this perspective. In â€Å"What is Realism? † Platonic ideas are crucial to the story. Even though Coetzee keeps interrupting his realist mode and drawing attention to the fact that it is an undertaking therefore suggesting that realism and certainly all fiction deals with imaginations and there are times the power of fiction to attain immortality is asserted though always ironical. The depiction to the monkeys echoes Costello’s discussion of Kafka’s ape, suggesting that artistic creation is what differentiates humans from other animals. The story of Socrates might also illuminate other features of Elizabeth Costello, as described in The Lives of Animals, namely her reference to her embodiedness and her mortality. A similar relationship takes place between Costello and Coetzee, and in spite of his undeniable intellectual contributions as a public thinker, Coetzee remains retiring and an imaginary figure. On the other hand Costello is depicted as heavily embodied throughout Elizabeth Costello and The Lives of Animals. Behind every dialogue of Plato Socrates emerges and there is a consciousness of the fact that Socrates will be executed by the Athenian democracy for impiety and corruption of the youth. The same feeling of Costello’s mortality, together with a declining sense of desire, accompanies all Coetzee’s works in which he is featured. Therefore when Costello cannot be regarded as a martyr for her beliefs as did the Socrates there is nevertheless a feeing in which she is dying for her beliefs. Costello’s own mortality and feeling of her mortality heightens her compassion for animals that are being bred in numerous numbers and when still healthy and young are being exploited for experimentation, hunting testing and slaughter. â€Å"After a long flight, Costello is looking at her age. She has never taken care of her appearance; she used to be able to get away with it; now it shows. Old and tired. † (Stephen, 3). These illustrations continue in the beginning of the first paragraph of The Lives of Animals: He is waiting at the gate when her flight comes in. Two years have passed since he last saw his mother; despite himself, he is shocked at how she has aged. Her hair, which had had sneaks of gray in it, now was entirely white; her shoulders stoop; her flesh has grown flabby. In Costello’s speeches death is recurrent topic, in a sense The Lives of Animals reads like a memento mori for Coetzee himself. John (Costello’s son) guesses that his mother was about to talk about death. John dose not enjoy Costello talking about death and in addition her audience who majority consists of young people do not want any talks regarding death. Costello goes ahead in comparing the mass killing of animals in abattoirs to the mass killings of Jews in Nazi death camps. All through her speech, Costello talk about and describes the Nazi death camps and she returns to discuss death while talking about Nagel’s bat-being. â€Å"What I know is what a corpse does not know: that it is extinct, that it knows nothing and will never know anything more. For an instant, before my whole structure of knowledge collapses in panic, I am alive inside that contradiction, dead and alive at the same time. † (Derek, 32). Costello’s talk about lives of animals can be more or less lessened to her own solitude, seclusion and awareness of her own human mortality and all that she required was compassionate interaction with other human beings. In Slow man Costello is illustrated as returning rejuvenated. In The Lives of Animals, when Costello starts her conversation, she returns to her use of Kafka earlier in another speech, â€Å"What is Realism? † in which she identifies with Kafka’s ape, Red Peter. In both cases Costello points her similarity with Red Peter in that they are both salaried entertainers performing before a literate audience. Afterwards in her speech, Costello returns again to Kafka, and uses the terminologyâ€Å" amanuensis† two times with reference to the association between Kafka and his imaginative creation, the ape Red Peter (Franz, 35). The meaning of â€Å"amanuensis† is a person employed to take dictation or to copy manuscripts. The use of the phrase is not usual since it implies that Kafka the author took dictation from Red Peters in his imaginative creation. The same case applies in the relation between the writer Coetzee and Costello his imaginative creation. In the two cases, the normal causal association between the author and the character, creature and creator is interchanged. Costello and Red Peters are used by the authors as creatures that have an artistic reliability, a life of their own, which the authors have represented faithfully. The authors have respected the individual beings and voices of these creations. The two creations are required to come across as living animals and not just the ideal of animals. In â€Å"What is Realism? † Costello disputes that the greatness of Kafka is that Kafka stays awake during the gaps when people are sleeping. † WORKS CITED Derek, Attridge, J. M. Coetzee and the Ethics of Reading: Literature in the Event. Chicago and London: The University of Chicago Press, 2004. Stephen, Mulhall, The Wounded Animal: J. M. Coetzee the Difficulty of Reality in Literature and Philosophy. Princeton: Princeton University Press, 2008. Paola, et al. , The Death of the Animal: A Dialogue, New York: Columbia University Press: 2009. Franz, Kafka, The Diaries of Franz Kafka 1910–23 . London: Vintage, 1999.

Thursday, November 14, 2019

Canadian Businesses and Technology Essay -- Economy

Canadian Businesses and Technology Technological changes today, and in the near future, will be the greatest influence on Business as we know it. With the development of computers and robots, the requirements for many industries will fill up extremely quickly. By having machines to perform complex and monotonous operations by humans, industries will seek out their aid and most likely affect the emplyoment rate both ways. There is no question that many individuals will lose their jobs but at the same time new options will arise. An example would be the development of the Telstat Telecommunications satellite which opened the door for many unemployed citizens who possessed the key ingredient to hold down such a job. This ingredient would be based upon Toffler's thesis that information is the most valuable aspect our lives and that wealth is insignificant compared to the rewards of knowledge. There is an abudance of positions available to Canadians that cannot be completed by computers (at least, for the time being) and therefore, our standard of living and qualit...

Tuesday, November 12, 2019

Manhood, Power and Respect instead of Childhood Essay

Dave Saunders is the main character of the story, the Theme of the Story is â€Å"Looking for Maturity, Respect and Power†. He is tired of been treated as a child, wants to spend his money to whatever he wants, because his mom holds his money, so he just wants to prove to the others that he is a Man. One day he decided to go the local store to buy a gun, which is the store of Mistah Joe, he ask Joe for a catalog, once he gets the catalog he went back home, his mom sees the catalog, and she doesn’t let him to buy, but after he tells her that the house needs a gun and also that he’s going to give the gun to his dad, she gives $2 for him to buy it. Next day he goes to Mistah Joe store to buy the gun, after buying it he goes to the field to admire the pistol. Next day of work, his is so excited that now his has a gun, he takes jenny the mule and goes far away, so he can test the gun, but accidentally he killed jenny. However, when everybody finds out that he is lying about jenny death, he decided to escape and leave all behind. And the story started like this. Dave Saunders 17 years-old, works at Mr. Hawkins fields, there is the place he makes his own money, and also when he begins his desire to get older, powerful and more respect. One day after he works at Mr. Hawkins fields he was heading home and thinking about the discussion that he had with others field hands that day, and also tired of being treated as a child. He resolves to get a gun for himself, so he can show more power to the others. Instead going home he goes to the local store that they offer a mail-catalog, which is the store of Mistah Joe, when he gets there he asks Mistah Joe for a gun, Mistah Joe Surprised says to Dave â€Å"ain’t nothing but a boy,† (Richard Wright) and he does not need a gun, but he nevertheless offer to sell an old pistol left-hand fully loaded for $2 dollars, Dave goes to his house so excited to ask his mom for $2 dollars to purchase the gun, but when he gets to his house Mrs. Saunders is angry because he has kept the dinner waiting, he sits down and Mrs. Saunders sees the catalog in his arm, and she sizes it, she takes the catalog and tells him to go wash his hands, when he comes back, Dave was so infatuated with the catalog that he did not notice that his father had spoken to him and his food is in front of him. But he knows if he asks his father the money the answer would be a straight NO, and he thinks that his mother is a little easier to persuade. But when he starts a conversation with her, she tells him â€Å"git outta here! Don yuh talk t me bout no gun! Yuh a fool!† (Richard Wright), but Dave states that the family needs a gun and after he buys it he will give to his father, Mrs. Saunders agrees to buy the gun but with one condition, as soon as he buys the gun it has to come straight to her possession and also make him promise that he will do it as she said. The first thing he does in the next morning is go to the Mistah Joe store and purchase the gun, while he comes back home, he stops in the field just to play with the gun and he starts shooting imagery objects, afterwards he gets home, he breaks his promise because he hide the gun under his pillow and tells his Mrs. Saunders that the pistol is hidden outside, and it is not true. He leaves his house very early in the morning, ties the pistol in his leg with a piece of flannel and goes to Mr. Hawkins field, he hooks up Jenny the mule and go plow the field far away so he can practicing shooting the gun and no one would hear it, but a fatality happened, he shot Jenny at his first shoot, when he realizes that Jenny is been shot he tried to plug dirty into the bullet hole to stop bleeding, but Jenny soon dies, he is frightened about what happened, he goes back to Mr. Hawkins and trying to tell a believable story about Jenny’s death, afterward someone finds Jenny and Dave make up a story that Jenny had something wrong and all of sudden fell on the point of the plow, but Mrs. Saunders knows it’s a lie, Dave is forced to tell the truth, when he assumed that he killed Jenny, Mr. Hawkins tells him that he has to pay $50 dollars for the mule, and he will take $2 dollars every month of his salary until he pays the $50 dollars. Dave feels annoyed because he has to pay back the mule, also very upset because all the others think he is a child more now than ever before. He decides to leave the city, by doing this he will leave all behind, his childhood and he will become a man as his desire. Dave Saunders is a boy that wants to get the power, the respect, the manhood and also the maturity that most of the men have. The gun seems to symbolize all this to Dave’s eyes, but it’s been showed that is just a phony imagination. Work Cited Richard Wright’s Parody of the Hunt Tradition in â€Å"The Man Who Was Almost a Man†(Fall 1986). Detroit: Gale Group, 2000

Sunday, November 10, 2019

Solutions of Financial Management

Chapter 1 An Overview of Financial Management Learning Objectives After reading this chapter, students should be able to: ? Identify the three main forms of business organization and describe the advantages and disadvantages of each one. ? Identify the primary goal of the management of a publicly held corporation, and understand the relationship between stock prices and shareholder value. ? Differentiate between what is meant by a stock’s intrinsic value and its market value and understand the concept of equilibrium in the market. Briefly explain three important trends that have been occurring in business that have implications for managers. ? Define business ethics and briefly explain what companies are doing in response to a renewed interest in ethics, the consequences of unethical behavior, and how employees should deal with unethical behavior. ? Briefly explain the conflicts between managers and stockholders, and explain useful motivational tools that can help to prevent t hese conflicts. Identify the key officers in the organization and briefly explain their responsibilities. Lecture Suggestions Chapter 1 covers some important concepts, and discussing them in class can be interesting. However, students can read the chapter on their own, so it can be assigned but not covered in class. We spend the first day going over the syllabus and discussing grading and other mechanics relating to the course. To the extent that time permits, we talk about the topics that will be covered in the course and the structure of the book.We also discuss briefly the fact that it is assumed that managers try to maximize stock prices, but that they may have other goals, hence that it is useful to tie executive compensation to stockholder-oriented performance measures. If time permits, we think it’s worthwhile to spend at least a full day on the chapter. If not, we ask students to read it on their own, and to keep them honest, we ask one or two questions about the mate rial on the first mid-term exam.One point we emphasize in the first class is that students should print a copy of the PowerPoint slides for each chapter covered and purchase a financial calculator immediately, and bring both to class regularly. We also put copies of the various versions of our â€Å"Brief Calculator Manual,† which in about 12 pages explains how to use the most popular calculators, in the copy center. Students will need to learn how to use their calculators immediately as time value of money concepts are covered in Chapter 2. It is important for students to grasp these concepts early as many of the remaining chapters build on the TVM concepts.We are often asked what calculator students should buy. If they already have a financial calculator that can find IRRs, we tell them that it will do, but if they do not have one, we recommend either the HP-10BII or 17BII. Please see the â€Å"Lecture Suggestions† for Chapter 2 for more on calculators. DAYS ON CHAPT ER: 1 OF 58 DAYS (50-minute periods) Answers to End-of-Chapter Questions 1-1When you purchase a stock, you expect to receive dividends plus capital gains. Not all stocks pay dividends immediately, but those corporations that do, typically pay dividends quarterly.Capital gains (losses) are received when the stock is sold. Stocks are risky, so you would not be certain that your expectations would be met—as you would if you had purchased a U. S. Treasury security, which offers a guaranteed payment every 6 months plus repayment of the purchase price when the security matures. 1-2No, the stocks of different companies are not equally risky. A company might operate in an industry that is viewed as relatively risky, such as biotechnology—where millions of dollars are spent on R&D that may never result in profit.A company might also be heavily regulated and this could be perceived as increasing its risk. Other factors that could cause a company’s stock to be viewed as re latively risky include: heavy use of debt financing vs. equity financing, stock price volatility, and so on. 1-3If investors are more confident that Company A’s cash flows will be closer to their expected value than Company B’s cash flows, then investors will drive the stock price up for Company A. Consequently, Company A will have a higher stock price than Company B. -4No, all corporate projects are not equally risky. A firm’s investment decisions have a significant impact on the riskiness of the stock. For example, the types of assets a company chooses to invest in can impact the stock’s risk—such as capital intensive vs. labor intensive, specialized assets vs. general (multipurpose) assets—and how they choose to finance those assets can also impact risk. 1-5A firm’s intrinsic value is an estimate of a stock’s â€Å"true† value based on accurate risk and return data. It can be estimated but not measured precisely.A sto ck’s current price is its market price—the value based on perceived but possibly incorrect information as seen by the marginal investor. From these definitions, you can see that a stock’s â€Å"true long-run value† is more closely related to its intrinsic value rather than its current price. 1-6Equilibrium is the situation where the actual market price equals the intrinsic value, so investors are indifferent between buying or selling a stock. If a stock is in equilibrium then there is no fundamental imbalance, hence no pressure for a change in the stock’s price.At any given time, most stocks are reasonably close to their intrinsic values and thus are at or close to equilibrium. However, at times stock prices and equilibrium values are different, so stocks can be temporarily undervalued or overvalued. 1-7If the three intrinsic value estimates for Stock X were different, I would have the most confidence in Company X’s CFO’s estimate. In trinsic values are strictly estimates, and different analysts with different data and different views of the future will form different estimates of the intrinsic value for any given stock.However, a firm’s managers have the best information about the company’s future prospects, so managers’ estimates of intrinsic value are generally better than the estimates of outside investors. 1-8If a stock’s market price and intrinsic value are equal, then the stock is in equilibrium and there is no pressure (buying/selling) to change the stock’s price. So, theoretically, it is better that the two be equal; however, intrinsic value is a long-run concept. Management’s goal should be to maximize the firm’s intrinsic value, not its current price.So, maximizing the intrinsic value will maximize the average price over the long run but not necessarily the current price at each point in time. So, stockholders in general would probably expect the firmâ⠂¬â„¢s market price to be under the intrinsic value—realizing that if management is doing its job that current price at any point in time would not necessarily be maximized. However, the CEO would prefer that the market price be high—since it is the current price that he will receive when exercising his stock options.In addition, he will be retiring after exercising those options, so there will be no repercussions to him (with respect to his job) if the market price drops—unless he did something illegal during his tenure as CEO. 1-9The board of directors should set CEO compensation dependent on how well the firm performs. The compensation package should be sufficient to attract and retain the CEO but not go beyond what is needed. Compensation should be structured so that the CEO is rewarded on the basis of the stock’s performance over the long run, not the stock’s price on an option exercise date.This means that options (or direct stock awards) sho uld be phased in over a number of years so the CEO will have an incentive to keep the stock price high over time. If the intrinsic value could be measured in an objective and verifiable manner, then performance pay could be based on changes in intrinsic value. However, it is easier to measure the growth rate in reported profits than the intrinsic value, although reported profits can be manipulated through aggressive accounting procedures and intrinsic value cannot be manipulated.Since intrinsic value is not observable, compensation must be based on the stock’s market price—but the price used should be an average over time rather than on a spot date. 1-10The three principal forms of business organization are sole proprietorship, partnership, and corporation. The advantages of the first two include the ease and low cost of formation. The advantages of the corporation include limited liability, indefinite life, ease of ownership transfer, and access to capital markets.The disadvantages of a sole proprietorship are (1) difficulty in obtaining large sums of capital; (2) unlimited personal liability for business debts; and (3) limited life. The disadvantages of a partnership are (1) unlimited liability, (2) limited life, (3) difficulty of transferring ownership, and (4) difficulty of raising large amounts of capital. The disadvantages of a corporation are (1) double taxation of earnings and (2) setting up a corporation and filing required state and federal reports, which are complex and time-consuming. 1-11Stockholder wealth maximization is a long-run goal.Companies, and consequently the stockholders, prosper by management making decisions that will produce long-term earnings increases. Actions that are continually shortsighted often â€Å"catch up† with a firm and, as a result, it may find itself unable to compete effectively against its competitors. There has been much criticism in recent years that U. S. firms are too short-run profit-oriente d. A prime example is the U. S. auto industry, which has been accused of continuing to build large â€Å"gas guzzler† automobiles because they had higher profit margins rather than retooling for smaller, more fuel-efficient models. -12Useful motivational tools that will aid in aligning stockholders’ and management’s interests include: (1) reasonable compensation packages, (2) direct intervention by shareholders, including firing managers who don’t perform well, and (3) the threat of takeover. The compensation package should be sufficient to attract and retain able managers but not go beyond what is needed. Also, compensation packages should be structured so that managers are rewarded on the basis of the stock’s performance over the long run, not the stock’s price on an option exercise date.This means that options (or direct stock awards) should be phased in over a number of years so managers will have an incentive to keep the stock price hig h over time. Since intrinsic value is not observable, compensation must be based on the stock’s market price—but the price used should be an average over time rather than on a spot date. Stockholders can intervene directly with managers. Today, the majority of stock is owned by institutional investors and these institutional money managers have the clout to exercise considerable influence over firms’ operations.First, they can talk with managers and make suggestions about how the business should be run. In effect, these institutional investors act as lobbyists for the body of stockholders. Second, any shareholder who has owned $2,000 of a company’s stock for one year can sponsor a proposal that must be voted on at the annual stockholders’ meeting, even if management opposes the proposal. Although shareholder-sponsored proposals are non-binding, the results of such votes are clearly heard by top management. If a firm’s stock is undervalued, t hen corporate raiders will see it to be a bargain and will attempt to capture the firm in a hostile takeover.If the raid is successful, the target’s executives will almost certainly be fired. This situation gives managers a strong incentive to take actions to maximize their stock’s price. 1-13a. Corporate philanthropy is always a sticky issue, but it can be justified in terms of helping to create a more attractive community that will make it easier to hire a productive work force. This corporate philanthropy could be received by stockholders negatively, especially those stockholders not living in its headquarters city.Stockholders are interested in actions that maximize share price, and if competing firms are not making similar contributions, the â€Å"cost† of this philanthropy has to be borne by someone–the stockholders. Thus, stock price could decrease. b. Companies must make investments in the current period in order to generate future cash flows. Sto ckholders should be aware of this, and assuming a correct analysis has been performed, they should react positively to the decision. The Mexican plant is in this category. Capital budgeting is covered in depth in Part 4 of the text.Assuming that the correct capital budgeting analysis has been made, the stock price should increase in the future. c. U. S. Treasury bonds are considered safe investments, while common stock are far more risky. If the company were to switch the emergency funds from Treasury bonds to stocks, stockholders should see this as increasing the firm’s risk because stock returns are not guaranteed—sometimes they go up and sometimes they go down. The firm might need the funds when the prices of their investments were low and not have the needed emergency funds.Consequently, the firm’s stock price would probably fall. 1-14a. No, TIAA-CREF is not an ordinary shareholder. Because it is one of the largest institutional shareholders in the United St ates and it controls nearly $280 billion in pension funds, its voice carries a lot of weight. This â€Å"shareholder† in effect consists of many individual shareholders whose pensions are invested with this group. b. The owners of TIAA-CREF are the individual teachers whose pensions are invested with this group. c. For TIAA-CREF to be effective in wielding its weight, it must act as a coordinated unit.In order to do this, the fund’s managers should solicit from the individual shareholders their â€Å"votes† on the fund’s practices, and from those â€Å"votes† act on the majority’s wishes. In so doing, the individual teachers whose pensions are invested in the fund have in effect determined the fund’s voting practices. 1-15Earnings per share in the current year will decline due to the cost of the investment made in the current year and no significant performance impact in the short run. However, the company’s stock price should increase due to the significant cost savings expected in the future. -16The board of directors should set CEO compensation dependent on how well the firm performs. The compensation package should be sufficient to attract and retain the CEO but not go beyond what is needed. Compensation should be structured so that the CEO is rewarded on the basis of the stock’s performance over the long run, not the stock’s price on an option exercise date. This means that options (or direct stock awards) should be phased in over a number of years so the CEO will have an incentive to keep the stock price high over time.If the intrinsic value could be measured in an objective and verifiable manner, then performance pay could be based on changes in intrinsic value. Since intrinsic value is not observable, compensation must be based on the stock’s market price—but the price used should be an average over time rather than on a spot date. The board should probably set the CEOà ¢â‚¬â„¢s compensation as a mix between a fixed salary and stock options. The vice president of Company X’s actions would be different than if he were CEO of some other company. 17.Setting the compensation policy for three division managers would be different than setting the compensation policy for a CEO because performance of each of these managers could be more easily observed. For a CEO an award based on stock price performance makes sense, while in this situation it probably doesn’t make sense. Each of the managers could still be given stock awards; however, rather than the award being based on stock price it could be determined from some observable measure like increased gas output, oil output, etc. Answers to End-of-Chapter ProblemsWe present here some intermediate steps and final answers to end-of-chapter problems. Please note that your answer may differ slightly from ours due to rounding differences. Also, although we hope not, some of the problems may have mor e than one correct solution, depending on what assumptions are made in working the problem. Finally, many of the problems involve some verbal discussion as well as numerical calculations; this verbal material is not presented here. 2-1FV5 = $16,105. 10. 2-2PV = $1,292. 10. 2-3I/YR = 8. 01%. 2-4N = 11. 01 years. 2-5N = 11 years. 2-6FVA5 = $1,725. 22; FVA5 Due = $1,845. 99. 2-7PV = $923. 98; FV = $1,466. 4. 2-8PMT = $444. 89; EAR = 12. 6825%. 2-9a. $530. d. $445. 2-10a. $895. 42. b. $1,552. 92. c. $279. 20. d. $499. 99; $867. 13. 2-11a. 14. 87%. 2-12b. 7%. c. 9%. d. 15%. 2-13a. 10. 24 years. c. 4. 19 years. 2-14a. $6,374. 97. d(1). $7,012. 47. 2-15a. $2,457. 83. c. $2,000. d(1). $2,703. 61. 2-16PV7% = $1,428. 57; PV14% = $714. 29. 2-179%. 2-18a. Stream A: $1,251. 25. 2-19a. $423,504. 48. b. $681,537. 69. c(2). $84,550. 80. 2-20Contract 2; PV = $10,717,847. 14. 2-21a. 30-year payment plan; PV = $68,249,727. b. 10-year payment plan; PV = $63,745,773. c. Lump sum; PV = $61,000,000. 2-22a . $802. 43. c. $984. 88. 2-23a. $881. 7. b. $895. 42. c. $903. 06. d. $908. 35. e. $910. 97. 2-24a. $279. 20. b. $276. 84. c. $443. 72. 2-25a. $5,272. 32. b. $5,374. 07. 2-26$17,290. 89; $19,734. 26. 2-27a. Bank A = 4%. 2-28INOM = 7. 8771%. 2-293%. 2-30a. E = 63. 74 yrs. ; K = 41. 04 yrs. b. $35,825. 33. 2-31a. $35,459. 51. b. $27,232. 49. 2-32$496. 11. 2-33$17,659. 50. 2-34a. PMT = $10,052. 87. b. Yr 3: Int/Pymt = 9. 09%; Princ/Pymt = 90. 91%. 2-35a. PMT = $34,294. 65. b. PMT = $7,252. 78. c. Balloon PMT = $94,189. 69. 2-36a. $5,308. 12. b. $4,877. 09. 2-37a. 50 mos. b. 13 mos. c. $112. 38. 2-38$309,015. 2-39$36,950. 2-40$9,385. 3-1$1,000,000. 3-2$2,500,000. -3$3,600,000. 3-4$20,000,000. 3-5a, possibly c. 3-6$89,100,000. 3-7a. $50,000. b. $115,000. 3-8NI = $450,000; NCF = $650,000; OCF = $650,000. 3-910,500,000 shares. 3-10a. $2,400,000,000. b. $4,500,000,000. c. $5,400,000,000. d. $1,100,000,000. 3-11$12,681,482. 3-12a. $592 million. b. RE04 = $1,374 million. c. $1,600 million. d. $15 million. e. $620 million. 3-13a. $90,000,000. b. NOWC05 = $192,000,000; NOWC04 = $210,000,000. c. OC04 = $460,000,000; OC05 = $492,000,000. d. FCF = $58,000,000. 3-14a. $2,400,000. b. NI = 0; NCF = $3,000,000. c. NI = $1,350,000; NCF = $2,100,000. 4-1AR = $800,000. 4-2D/A = 58. 33%. 4-3TATO = 5; EM = 1. . 4-4M/B = 4. 2667. 4-5P/E = 12. 0. 4-6ROE = 8%. 4-7$112,500. 4-815. 31%. 4-9$142. 50. 4-10NI/S = 2%; D/A = 40%. 4-112. 9867. 4-12TIE = 2. 25. 4-13TIE = 3. 86. 4-14ROE = 23. 1%. 4-15(ROE = +5. 54%; QR = 1. 2. 4-167. 2%. 4-17a. 4-186. 0. 4-19$262,500. 4-20$405,682. 4-21$50. 4-22A/P = $90,000; Inv = $90,000; FA = $138,000. 4-23a. Current ratio = 1. 98; DSO = 76. 3 days; Total assets turnover = 1. 73; Debt ratio = 61. 9%. 4-24a. TIE = 11; EBITDA coverage = 9. 46; Profit margin = 3. 40%; ROE = 8. 57%. 6-1b. Upward sloping yield curve. c. Inflation expected to increase. d. Borrow long term. 6-22. 25%. 6-36%; 6. 33%. 6-41. 5%. 6-50. %. 6-621. 8%. 6-75. 5%. 6-88. 5%. 6-96. 8%. 6-106. 0 %. 6-111. 55%. 6-120. 35%. 6-131. 775%. 6-14a. r1 in Year 2 = 6%. b. I1 = 2%; I2 = 5%. 6-15r1 in Year 2 = 9%; I2 = 7%. 6-1614%. 6-177. 2%. 6-18a. r1 = 9. 20%; r5 = 7. 20%. 6-19a. 8. 20%. b. 10. 20%. c. r5 = 10. 70%. 7-1$935. 82. 7-2a. 7. 11%. b. 7. 22%. c. $988. 46. 7-3$1,028. 60. 7-4YTM = 6. 62%; YTC = 6. 49%; most likely yield = 6. 49%. 7-5a. VL at 5% = $1,518. 98; VL at 8% = $1,171. 19; VL at 12% = $863. 78. 7-6a. C0 = $1,012. 79; Z0 = $693. 04; C1 = $1,010. 02; Z1 = $759. 57; C2 = $1,006. 98; Z2 = $832. 49; C3 = $1,003. 65; Z3 = $912. 41; C4 = $1,000. 00; Z4 = $1,000. 00. -710-year, 10% coupon = 6. 75%; 10-year zero = 9. 75%; 5-year zero = 4. 76%; 30-year zero = 32. 19%; $100 perpetuity = 14. 29%. 7-815. 03%. 7-9a. YTM at $829 ? 15%. 7-10a. YTM = 9. 69%. b. CY = 8. 875%; CGY = 0. 816%. 7-11a. YTM = 10. 37%; YTC = 10. 15%; YTC. b. 10. 91%. c. -0. 54% (based on YTM); -0. 76% (based on YTC). 7-12a. YTM = 8%; YTC = 6. 1%. 7-13VB = $974. 42; YTM = 8. 64%. 7-1410. 78%. 7-15a. 5 years. b. YTC = 6. 47%. 7-16$987. 87. 7-17$1,067. 95. 7-188. 88%. 7-19a. ABS = 6. 3%; F = 8%. 7-20a. 8. 35%. b. 8. 13%. 8-1[pic] = 11. 40%; ( = 26. 69%; CV = 2. 34. 8-2bp = 1. 12. 8-3r = 10. 9%. 8-4rM = 11%; r = 12. 2%. 8-5a. = 1. b. r = 13%. 8-6a. [pic]Y = 14%. b. (X = 12. 20%. 8-7bp = 0. 7625; rp = 12. 1%. 8-8b = 1. 33. 8-94. 5%. 8-104. 2%. 8-11r = 17. 05%. 8-12rM – rRF = 4. 375%. 8-13a. ri = 15. 5%. b(1). rM = 15%; ri = 16. 5%. c(1). ri = 18. 1%. 8-14bN = 1. 16. 8-157. 2%. 8-16rp = 11. 75%. 8-171. 7275. 8-18a. $0. 5 million. d(2). 15%. 8-19a. CVX = 3. 5; CVY = 2. 0. c. rX = 10. 5%; rY = 12%. d. Stock Y. e. rp = 10. 875%. 8-20a. rA = 11. 30%. c. (A = 20. 8%; (p = 20. 1%. 8-21a. ri = 6% + (5%)bi. b. 15%. c. Indifference rate = 16%. 9-1D1 = $1. 6050; D3 = $1. 8376; D5 = $2. 0259. 9-2[pic] = $6. 25. 9-3[pic] = $21. 20; rs = 11. 30%. 9-4b. $37. 80. c. 34. 09. 9-5$60. 9-6rp = 8. 33%. 9-7a. 13. 33%. b. 10%. c. 8%. d. 5. 71%. 9-8a. $125. b. $83. 33. 9-9a. 10%. b. 10. 38%. 9-10$23. 75. 9 -11$13. 11. 9-12a(1). $9. 50. a(2). $13. 33. a(3). $21. 00. a(4). $44. 00. b(1). Undefined. b(2). -$48. 00, which is nonsense. 9-13a. rC = 8. 6%; rD = 5%. b. No; [pic] = $32. 61. 9-14[pic] = $27. 32. 9-15a. P0 = $32. 14. b. P0 = $37. 50. c. P0 = $50. 00. d. P0 = $78. 28. 9-16P0 = $19. 89. 9-17a. $713. 33 million. b. $527. 89 million. c. $42. 79. 9-186. 25%. 9-19a. $2. 10; $2. 205; $2. 31525. b. PV = $5. 29. c. $24. 72. d. $30. 00. e. $30. 00 9-20a. P0 = $54. 11; D1/P0 = 3. 55%; CGY = 6. 45%. 9-21a. 24,112,308. b. $321,000,000. c. $228,113,612. d. $16. 81. 9-22$35. 00. 9-23a. New price = $44. 26. b. beta = 0. 5107. 9-24a. $2. 01; $2. 31; $2. 66; $3. 06; $3. 52. b. P0 = $39. 43. c. D1/P0 2006 = 5. 10%; CGY2006 = 6. 9%; D1/P0 2011 = 7. 00%; CGY2011 = 5%. 10-1rd(1 – T) = 7. 80%. 10-2rp = 8%. 10-3rs = 13%. 10-4rs = 15%; re = 16. 11%. 10-5Projects A through E should be accepted. 10-6a. rs = 16. 3%. b. rs = 15. 4%. c. rs = 16%. d. rs AVG = 15. 9%. 10-7a. rs = 14. 83%. b. F = 10%. c. re = 15. 81%. 10-8rs = 16. 51%; WACC = 12. 79%. 10-9WACC = 12. 72%. 10-10WACC = 11. 4%. 10-11wd = 20%. 10-12a. rs = 14. 40%. b. WACC = 10. 62%. c.Project A. 10-13re = 17. 26%. 10-1411. 94%. 10-15a. g = 9. 10%. b. Payout = 50. 39%. 10-16a. g = 8%. b. D1 = $2. 81. c. rs = 15. 81%. 10-17a. g = 3%. b. EPS1 = $5. 562. 10-18a. rd = 7%; rp = 10. 20%; rs = 15. 72%. b. WACC = 13. 86%. c. Projects 1 and 2 will be accepted. 10-19a. Projects A, C, E, F, and H should be accepted. b. Projects A, F, and H should be accepted; $12 million. c. Projects A, C, F, and H should be accepted; $15 million. 10-20a. rd(1 – T) = 5. 4%; rs = 14. 6%. b. WACC = 10. 92%. 11-1NPV = $7,486. 68. 11-2IRR = 16%. 11-3MIRR = 13. 89%. 11-44. 34 years. 11-5DPP = 6. 51 years. 11-6a. 5%: NPVA = $3. 52; NPVB = $2. 87. 0%: NPVA = $0. 58; NPVB = $1. 04. 15%: NPVA = -$1. 91; NPVB = -$0. 55. b. IRRA = 11. 10%; IRRB = 13. 18%. c. 5%: Choose A; 10%: Choose B; 15%: Do not choose either one. 11-7a. NPVA = $866. 16; IRRA = 19. 86%; MIRRA = 17. 12%; PaybackA = 3 yrs; Discounted Payback = 4. 17 yrs; NPVB = $1,225. 25; IRRB = 16. 80%; MIRRB = 15. 51%; PaybackB = 3. 21 yrs; Discounted Payback = 4. 58 yrs. 11-8a. Without mitigation: NPV = $12. 10 million; With mitigation: NPV = $5. 70 million. 11-9a. Without mitigation: NPV = $15. 95 million; With mitigation: NPV = -$11. 25 million. 11-10Project A; NPVA = $30. 16. 11-11NPVS = $448. 86; NPVL = $607. 0; Accept Project L. 11-12IRRL = 11. 74%. 11-13MIRRX = 13. 59%. 11-14a. HCC; PV of costs = -$805,009. 87. c. HCC; PV of costs = -$767,607. 75. LCC; PV of costs = -$686,627. 14. 11-15a. IRRA = 20%; IRRB = 16. 7%; Crossover rate ? 16%. 11-16a. NPVA = $14,486,808; NPVB = $11,156,893; IRRA = 15. 03%; IRRB = 22. 26%. b. Crossover rate ? 12%. 11-17a. NPVA = $200. 41; NPVB = $145. 93. b. IRRA = 18. 1%; IRRB = 24. 0%. c. MIRRA = 15. 10%; MIRRB = 17. 03%. f. MIRRA = 18. 05%; MIRRB = 20. 48%. 11-18a. No; PVOld = -$89,910. 08; PVNew = -$94,611. 45. b. $2,470. 80. c. 22. 94%. 11-19b. NPV10% = -$99,174; NPV20% = $500,000. d. 9. 54%; 22. 7%. 11-20$10,239. 20. 11-21MIRR = 10. 93%. 11-22$250. 01. 12-1a. $12,000,000. 12-2a. $2,600,000. 12-3$4,600,000. 12-4b. Accelerated method; $12,781. 64. 12-5E(NPV) = $3,000,000; (NPV = $23. 622 million; CV = 7. 874. 12-6a. -$178,000. b. $52,440; $60,600; $40,200. c. $48,760. d. NPV = -$19,549; Do not purchase. 12-7b. -$126,000. c. $42,518; $47,579; $34,926. d. $50,702. e. NPV = $10,841; Purchase. 12-8a. Expected CFA = $6,750; Expected CFB = $7,650; CVA = 0. 0703. b. NPVA = $10,036; NPVB = $11,624. 12-9NPV5 = $2,211; NPV4 = -$2,081; NPV8 = $13,329. 12-10a. NPV = $37,035. 13. b. +20%: $77,975. 63; -20%: NPV = -$3,905. 37. c.E(NPV) = $34,800. 21; (NPV = $35,967. 84; CV = 1. 03. 13-1a. E(NPV) = -$446,998. 50. b. E(NPV) = $2,806,803. 16. c. $3,253,801. 66. 13-2a. Project B; NPVB = $2,679. 46. b. Project A; NPVA = $3,773. 65. c. Project A; EAAA = $1,190. 48. 13-3NPV190-3 = $20,070; NPV360-6 = $22,256. 13-4A; EAAA = $1,407. 85. 1 3-5Projects A, B, C, and D; Optimal capital budget = $3,900000. 13-6NPVA = $9. 93 million. 13-7Machine B; Extended NPVB = $3. 67 million. 13-8EAAY = $7,433. 12. 13-9Wait; NPV = $2,212,964. 13-10No, NPV3 = $1,307. 29. 13-11a. Accept A, B, C, D, and E; Capital budget = $5,250,000. b. Accept A, B, D, and E; Capital budget = $4,000,000. c.Accept B, C, D, E, F, and G; Capital budget = $6,000,000. 13-12a. NPV = $4. 6795 million. b. No, NPV = $3. 2083 million. c. 0. 13-13a. NPV = -$2,113,481. 31. b. NPV = $1,973,037. 39. c. E(NPV) = -$70,221. 96. d. E(NPV) = $832,947. 27. e. $1,116,071. 43. 14-1QBE = 500,000. 14-230% debt and 70% equity. 14-3a. E(EPSC) = $5. 10. 14-4bU = 1. 0435. 14-5a. ROELL = 14. 6%; ROEHL = 16. 8%. b. ROELL = 16. 5%. 14-6a(1). -$60,000. b. QBE = 14,000. 14-7No leverage: ROE = 10. 5%; ( = 5. 4%; CV = 0. 51; 60% leverage: ROE = 13. 7%; ( = 13. 5%; CV = 0. 99. 14-8rs = 17%. 14-9a. P0 = $25. b. P0 = $25. 81. 14-10a. FCA = $80,000; VA = $4. 80/unit; PA = $8. 0/unit. 14-11a. 10. 96%. b. 1. 25. c. 1. 086957. d. 14. 13%. e. 10. 76%. 14-12a. EPSOld = $2. 04; New: EPSD = $4. 74; EPSS = $3. 27. b. 339,750 units. c. QNew, Debt = 272,250 units. 14-13Debt used: E(EPS) = $5. 78; (EPS = $1. 05; E(TIE) = 3. 49(. Stock used: E(EPS) = $5. 51; (EPS = $0. 85; E(TIE) = 6. 00(. 15-1Payout = 55%. 15-2P0 = $60. 15-3P0 = $40. 15-4D0 = $3. 44. 15-5$3,250,000. 15-6Payout = 31. 39%. 15-7a. $1. 44. b. 3%. c. $1. 20. d. 33? %. 15-8a. 12%. b. 18%. c. 6%; 18%. d. 6%. e. 28,800 new shares; $0. 13 per share. 15-9a(1). $3,960,000. a(2). $4,800,000. a(3). $9,360,000. a(4). Regular = $3,960,000; Extra = $5,400,000. c. 5%. d. 15%. 16-1103. 41 days; 86. 99 days; $400,000; $32,000. 16-273 days; 30 days; $1,178,082. 16-3$1,205,479; 20. 5%; 22. 4%; 10. 47%; bank debt. 16-4a. 83 days. b. $356,250. c. 4. 87(. 16-5a. DSO = 28 days. b. A/R = $70,000. 16-6a. 32 days. b. $288,000. c. $45,000. d(1). 30. d(2). $378,000. 16-7a. 57. 33 days. b(1). 2(. b(2). 12%. c(1). 46. 5 days. c(2). 2. 1262(. c(3 ). 12. 76%. 16-8a. ROET = 11. 75%; ROEM = 10. 80%; ROER = 9. 16%. 16-9b. $420,000. c. $35,000. 16-10a. Oct. loan = $22,800. 17-1AFN = $410,000. 17-2AFN = $610,000. 17-3AFN = $200,000. 17-4a. $133. 50 million. b. 39. 06%. 17-5a. $5,555,555,556. b. 30. 6%. c. $13,600,000. 7-6$67 million; 5. 01. 17-7$156 million. 17-8a. $480,000. b. $18,750. 17-9? S = $68,965. 52. 17-10$34. 338 million; 34. 97 ? 35 days. 17-11$19. 10625 million; 6. 0451. 17-12a. $2,500,000,000. b. 24%. c. $24,000,000. 17-13a. AFN = $128,783. b. 3. 45%. 17-14a. 33%. b. AFN = $2,549. c. ROE = 13. 06%. 18-1a. $5. 00. b. $2. 00. 18-2$27. 00; $37. 00. 18-3a, b, and c. 18-4$1. 82. 18-5rd = 5. 95%; $91,236. 18-6b. Futures = +$4,180,346; Bond = -$2,203,701; Net = $1,976,645. 18-7a. $3. 06; $4. 29. b. 16. 67%, 61. 46%; -100%. c. -16. 67%; -100%; 63. 40%. d. No; $30. 00 and $27. 00. e. Yes; $37. 50 and $37. 50. 19-10. 6667 pound per dollar. 9-227. 2436 yen per shekel. 19-31 yen = $0. 00907. 19-41 euro = $0. 68966 or $1 = 1. 45 e uros. 19-5 |Dollars per 1,000 Units of: | |Pounds |Can. Dollars |Euros |Yen |Pesos |Kronas | |$1,747. 10 |$820. 60 |$1,206. 90 |$8. 97 |$93. 10 |$128. 10 | 19-76. 49351 krones. 19-815 kronas per pound. 19-10rNOM-U. S. = 4. 6%. 19-11117 pesos. 19-12b. $1. 6488. 19-13a. $2,772,003. b. $2,777,585. c. $3,333,333. 19-14+$250,000. 19-15b. $19,865. 19-16$468,837,209. 19-17a. $52. 63; 20%. b. 1. 5785 SF per U. S. $. c. 41. 54 Swiss francs; 16. 92%. 20-155. 6%; 50%. 20-2$196. 6. 20-3CR = 25 shares. 20-4a. D/AJ-H = 50%; D/AM-E = 67%. 20-5a. PV cost of leasing = -$954,639; Lease equipment. 20-6a. EV = -$3; EV = $0; EV = $4; EV = $49. d. 9%; $90. 20-8a. PV cost of owning = -$185,112; PV cost of leasing = -$187,534; Purchase loom. 20-9b. Percent ownership: Original = 80%; Plan 1 = 53%; Plans 2 and 3 = 57%. c. EPS0 = $0. 48; EPS1 = $0. 60; EPS2 = $0. 64; EPS3 = $0. 86. d. D/A0 = 73%; D/A1 = 13%; D/A2 = 13%; D/A3 = 48%. 21-1P0 = $37. 04. 21-2P0 = $43. 48. 21-3$37. 04 to $43. 48. 21-4a. 16. 8%. b. V = $14. 93 million. 21-5NPV = -$6,747. 71; Do not purchase. 21-6a. 14%. b. TV = $1,143. 4; V = $877. 2.

Thursday, November 7, 2019

Drums Along the Mohawk essays

Drums Along the Mohawk essays Type of literary work: Historical Novel The theme of this novel is the willpower to achieve one's goal, or in this case, the American dream. The characters are very strong and show a lot of fortitude in accomplishing their goals. They go through very tough and adverse times, but they refuse to accept defeat. These are the foundations upon which America was built. No matter what happens they continue to fight for their natural, God-given, rights, as defined in the Constitution. Through hardships of their own, they hope to earn their land, houses, animals, and their material possessions necessary to live their lives. They do this in order to make life easier and more beautiful for themselves and their children. Lana and Gil are good examples of this theme. When they are first married, they have nothing but a cow, a few pieces of furniture, a peacock feather, which symbolizes the entity of this dream. This is all eventually lost in the war, but by the end of the novel, Gil is farming on his own land, has built a new house, and owns a yoke of oxen. Lana has her two boys, a baby daughter, and she later reclaims her feather. They are both now satisfied with the lives they are living, and Lana goes on to say,We?ve got this place?We?ve got the children?We?ve got each other. Nobody can take those things away. Not any more.? This is the statement that provides which they have accomplished their goals, and it finalizes their contentment. The novel is set in the eighteenth century during the time of the Revolutionary War. Such characters live in a very hostile environment. Instead of focussing on the huge impact of the war, the author shows how the times affected the farmers and residents of the Mohawk Valley in upstate New York. This is where the novel takes place. There are constant invasions, which devastate the residents of the valley. They are very detrimental to the attempts made at farming. It is hard for the set...

Tuesday, November 5, 2019

How to Write Your First Screenplay

How to Write Your First Screenplay How to Write Your First Screenplay How to Write Your First Screenplay By Ali Hale Have you ever daydreamed about writing for the big screen? I know I have! Writing a screenplay that gets picked up by Hollywood could see your story reach millions of people – whereas even bestselling novels often only sell in the tens of thousands. Writing a screenplay is very different from writing a short story or a novel, though. There are some specific conventions that you need to know about, in terms of the structure of your story itself, and in terms of how you lay it out on the page. I’m not going to attempt to give you an exhaustive guide in a single blog post – but I’ll take you through all the basics, and give you plenty of links to further reading so you can dig deeper on particular areas of screenwriting that interest you. What’s the Difference Between a Screenplay and a Script? Scripts for plays are laid out slightly differently. They’re designed to be performed live, rather than pre-recorded and shown on a screen. They’ll include stage directions (like â€Å"Exit, stage left† – or Shakespeare’s famous, â€Å"Exit, pursued by a bear†). Screenplays are scripts for something that will be filmed and later â€Å"screened† – shown in the cinema or on TV. They’ll often include instructions for specific shots – e.g. â€Å"CLOSE UP†. Assuming that you’re writing for film, they’ll also have specific length requirements. Coming Up With an Idea for a Screenplay Just as with any type of fiction you write, having a strong idea is essential. Your screenplay should be able to be summed up in a â€Å"logline† – a one-sentence summary of the plot. This logline should include: The protagonist (hero) – e.g. A suburban mother of two. Their goal – e.g. must save her husband The antagonist (villain) or antagonistic force – from a deranged and deadly neighbour. As James Burbridge says, in a great post about constructing a logline: If you can’t write a decent logline of your idea  before  embarking on the script, then maybe reconsider writing that thing. If it’s unfocused and muddled at the loglines stage, it’s not going to get any better as you write. If you’re short of ideas, you might look for inspiration from: Art or music – could something you’ve seen or heard spark off your story? Something you wrote in the past – perhaps you didn’t have enough material for a novel but it would make a great screenplay. A classic story – there have been many, many films based on fairy tales (Disney has probably cornered the market in these!) and Shakespeare. Your idea needs to be something that will take about 100 – 120 minutes to play out on screen. A minute on the screen equates to about one page of script so that means that your screenplay should be between 100 and 120 pages (when laid out with proper formatting, which we’ll come onto in a moment). Planning and Structuring Your Screenplay All writing has structure, and if you’ve written so much as a short story, you’ll know how important it is to have a beginning, middle and end. Screenplays have a more detailed structure, though. You might think this is restrictive – but there’s a lot you can do within this structure, and it’ll help you shape your ideas so your story doesn’t drag. The standard screenplay structure looks like this: Act I – roughly the first 25% of your screenplay. (20 – 30 minutes on the screen.) This is often called the â€Å"setup† – it’s where you introduce your characters and their world and get the story started. Act II – the middle 50% of your screenplay. (Up to an hour on the screen.) This is often called the â€Å"confrontation† – it’s where you complicate the story and the tension rises. Act III – the final 25% of your screenplay. (A final 20 – 30 minutes.) This is often called the â€Å"resolution† – it’s where there’s a confrontation between the protagonist and antagonist (or antagonistic force) and – normally – the protagonist prevails. Within these acts, there are particular points that you’re expected to hit at specific stages: The first turning point: this comes towards the end of Act I, and it changes things. It’s where the protagonist discovers something, or does something, that means nothing will ever be the same. This is what really kicks off the story. For instance, in the story a suburban mother of two must save her husband from a deranged and deadly neighbour, the first turning point might be the neighbour threatening or even attacking the husband. The second turning point: this comes towards the end of the second act. It raises the stakes and moves the story into the third act. For instance, this second turning point might have the neighbour kidnapping one of the children: the mother needs to rescue her child and protect her husband. There are plenty of other â€Å"points† that screenwriters are advised to meet, though you’ll probably find there’s some debate about what exactly these are! There’s a good breakdown of the five-point structure here, which you might want to follow. Laying Out Your Screenplay on the Page Screenplays require a very specific format, which is different from scripts written to be performed on stage. (For instance, these scripts will have character names on the left, with a colon after them, and screenplays have character names centred, with no colon.) For your screenplay, you should use the font Courier New, size 12. Why? Because that way, all scripts fit the same number of lines on a page – making it easy to estimate their run-time from the page count. (Courier is a fixed-width font, so each letter takes up the same amount of space.) Here’s how the first few lines of a script might look: Ive annotated it with some notes about the way in which its laid out. The easiest way to make sure you’re formatting your screenplay correctly is to use specialised software: Final Draft is the industry standard, used by the majority of professional screenwriters but it’s pricy ($249.99). Scrivener can be used to format screenplays (as well as novel manuscripts) – it’s not as specialised as Final Draft, but it’s a lot cheaper ($45). Each of these offer a free trial, so you can give them a try before deciding whether or not to purchase them. Writing a screenplay is no small undertaking – and we’ve only covered the basics of what you need to know. If you want to go further with your screenwriting journey, check out some of these great resources: How to Write a Screenplay, WikiHow While I sometimes find WikiHow’s articles low-quality, this is a great in-depth piece that’s been expertly reviewed and carefully put together. If you want a step by step, very beginner-friendly introduction to writing a screenplay, give it a read! How to Write a Screenplay You Can Sell, Stephanie Palmer, Good in a Room This honest, practical article explains what you need to do to write a good screenplay – from choosing one genre to watching the same movie over and over again to get to grips with structure. If you’re serious about screenwriting, give it a read. How to Write a Screenplay: Script Writing Example Screenwriting Tips, Mario O. Moreno and Kay Tuxford, Writers Store This is a detailed, reassuring article about writing a screenplay, with lots of specific details on layout as well as some helpful tips on length and even on binding and presenting your script. How to Write Your Screenplay in 24 Hours – Advice from a Hollywood Screenwriter and Producer, Dr. Kenneth Atchity, TCKPublishing In this post, you’ll find two really useful resource: precise instructions on what should happen by different points in your screenplay (with page numbers, for a 115 page script), and a nifty way to chart the rising and falling intensity of different scenes in your screenplay. 10 Screenplay Structures That Screenwriters Can Use, Ken Miyamoto, Screencraft If you’d like to look at some different ways to tell a story, going beyond the three-act structure, this post is a great place to begin. Throughout the post, there are examples of each type of structure, with tips on what types of story each one will work best for. Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Fiction Writing category, check our popular posts, or choose a related post below:7 Classes and Types of Phrases15 Types of DocumentsDouble Possessive

Sunday, November 3, 2019

How can we define authorship in TV Assignment Example | Topics and Well Written Essays - 500 words

How can we define authorship in TV - Assignment Example Given this argument, it follows that the identification of the technical competence of the director would enable critic and viewers alike to determine the quality and artistic value of the TV program. Auteurism however has been criticized in its application to film and TV show making because the creation of a film or show involves a lot of people in its production process that it would be difficult to say that a certain individual was solely responsible of the authorship or creation of the film (Moran 1999). Moreso, in a Hollywood setting where a multitude of people had to work and collaborate together to create a film. We can cite for example the film The Big Sleep (1946) which was a product of collaboration with different film makers. It involved novelist Raymond Chandler who wrote the novel which was the basis of the film, Howard Hawks, screenwriters William Faulkner, Leigh Brackett and actors Humphrey Bogart and Lauren Bacall (Lev 1988) all were distinguished artists in their own right. It is also important to note that the film made a last minute revision in January of 1946 invites discussion about authorship because it clarifies when and who decides for the change of the fi lm indicating ownership of the film (Lev 1988). This is an important notion of auteurism because it highlights the complicity in according authorship in a film as argued by the critics of auteurism. In contemporary setting in creating a TV program various creative people are involved to complete the production. It involves Director,  Producer,  Creator,  Executive producer,  Assistant producer,  Researcher,  Star,  Writer, all of which have creative inputs to complete the production of a TV program. Such, if we are to determine authorship in the strict meaning of the word, it would be difficult to assign it to a single individual because no individual can complete a TV program by himself.   We can however infer to the

Friday, November 1, 2019

Summary Essay Example | Topics and Well Written Essays - 250 words - 4

Summary - Essay Example In its most basic sense, the petrophysical model took into account nearly all the measurements as well as readings which were extracted from down hole using logging tools and hence the pertinent interpretations were derived as a result of the same. His assertion was that logging data and then finding out the readings are in essence elements that were all computerized and thus he was optimistic that the industry shall cease to make use of the old logs which used to be written on papers and later on saved within different packs of paper, all of which were cylindrical in shape and form. What this model did was to include different kinds of logs as it made use of a wire line data within its entirety. Further, the model focused on the basis of finding out how and where to complete the well as well as identify the net pay zone, and whether or not it cut off any data meanwhile. Mullen pinpointed after a thorough analysis a certain number of advantages related with this software which suggested that it was indeed pretty easy to learn and make use of, and it also cut back on the cycle time as nearly all logs were digital in nature. Moving on, this software played its due role at providing job treatment reports as well as other information which saved a lot of time as it employed the most advanced technological regimes. What is even better is that this software was considered very accurate as well as up to date with regards to its related understanding level. For instance, in GR logs it was able to distinguish each and every radioactive mineral in its own form so that a proper determination was sought as to whether shale or clay minerals and rocks could have existed, whilst understanding the same within the realms of the readings that were taken. Further it played its due role at differentiating the height of the reservoir, its permeability as well as the hydrocarbon pore volume. The orientation of naturally occurring fracture within the formation was also accounted