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Myra owns a house, which she advertises for sale for $200,000. On May 1, Nicole offers Myra $180,000 for the house. On May 5, Myra delivers to Nicole a form that includes additional terms but does not state a price. At 9 A.M. on May 6, Nicole signs the form and gives it to Odell, her administrative assistant, with instructions to mail it. At 10 A.M., Myra calls to tell Nicole that the deal is off. The next day, Odell mails the signed form to Myra. When Myra refuses to sell the house, Nicole files a suit against her, alleging breach of contract. Myra claims that there was no contract. What are arguments supporting each party’s position? What is the court likely to rule? Explain.
You sell a bond for $11M. This bond has a 20-year maturity, a face value of $10M, a beta of 0.10, and promises an annual coupon payment of 5 percent of the face value. Assume a risk-free rate of 4 percent and a market risk premium of 6 percent. What ..
What's the present value of a 4-year ordinary annuity of $1,000 plus an additional $2,000 at the end of Year 4 if the annual interest rate is 10%? a. $4,356.27 b. $4,626.61 c. $4,719.14 d. $4,535.89 e. $4,445.17
Sosa Company has $39 per unit in variable costs and $1900 per year in fixed costs. Demand is estimated to be 138,000 units annually. What is the price if a markup of 35% on total cost is used to determine the price?
Under the circumstances is the effective annual rate different than the stated annual rate, and when are they the same?
We buy a put option of Stefanic and associates. Its premium is $1 and the strike price is $34. The current market price is $40. If the price drops to $20, shall we exercise the put option? If not, why not , and If yes, why yes? Compare the two cases ..
What is the monthly break even point for the number of pints made and sold to the nearest integer? ________
Howard has received several verbal and written threats, and his house has been spray-painted with graffiti. The atmosphere has become so hostile that Howard has decided to sell his new home and relocate in a different city. Will he be eligible to exc..
Airborne Airlines Inc. has a $1,000 par value bond outstanding with 20 years to maturity. The bond carries an annual interest payment of $106 and is currently selling for $860. Airborne is in a 40 percent tax bracket. Make the appropriate tax adjustm..
Bayou Okra Farms just paid a dividend of $3.05 on its stock. The growth rate in dividends is expected to be a constant 5 percent per year indefinitely. Investors require a return of 12 percent for the first three years, a return of 10 percent for the..
Chip’s Home Brew Whiskey management forecasts that if the firm sells each bottle of Snake-Bite for $20, then the demand for the product will be 15,000 bottles per year, whereas sales will be 90 percent as high if the price is raised 10 percent. What ..
You can buy a car for $20,000, or you can lease it for 36 monthly payments of $350 each, with the first payment due immediately. At the end of the 36 months the car will be worth $10,000. Which alternative should you prefer if the interest rate (APR)..
Operating cash flows, rather than accounting profits, are used in project analysis. What is the basis for this emphasis on cash flows as opposed to net income? Explain why sunk costs should not be included in a capital budgeting analysis but opportun..
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