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If you were risk-averse and deciding how much to forward on an item not yet produced, you are uncertain about the spot price at production time and the eventual size of the production. What would be a good approach to forward? IE. always sell forward the average total produced, never sell forward more than the minimum amount produced, or don't sell forward more than the maximum or less than the minimum produced? And why ?
Suppose that today’s date is April 15. A bond with a 8.0% coupon paid semiannually every January 15 and July 15 is listed in The Wall Street Journal as selling at an ask price of 101:15. If you buy the bond from a dealer today, what price will you pa..
Suppose interest rates have been at historically high levels the past two years and you therefore expect they will soon go down. A reasonable strategy for bond investors during this time period would be to:
Your company has been approached to bid on a contract to sell 4,200 voice recognition (VR) computer keyboards per year for four years. Due to technological improvements, beyond that time they will be outdated and no sales will be possible. What is th..
Community Hospital has annual net patient revenues of $150 million. At the present time, payments received by the hospital are not deposited for six days on average. The hospital is exploring a lockbox arrangement that promises to cut the six days to..
Bayside Memorial Hospital's financial statements are presented in Exhibits 13.1, 13.2, and 13.3. a. Calculate Bayside's financial ratios for 2009. Assume that Bayside had $1 million in lease payments and $1.4 million in debt principal repayments in 2..
Corporate income tax/ Meyer Inc has taxable income (earnings before taxes) of 300,000. Calcualte Meyer's federal income tax liability using the tax table . What are the firm's average and marginal taxes?
A store stocks beer mugs and the demand for these beer mugs is 10,200 per year. It costs $120 per order of the mugs and it costs $1.35 per mug per year to keep the mugs in stock. Once an order is placed, it takes seven days to receive the order from ..
The interest rate on a five-year Treasury bonds is 3.1 percent, the rate on six-year T-bonds is 2.9 percent, and the rate on seven-year T-bonds is 2.6 percent. Using the expectations theory, compute the expected one-year interest rates in (a) Year 6 ..
Assume that interest rate parity holds and that 90-day risk-free securities yield 3% in the United States and 3.6% in Germany. In the spot market, 1 euro equals $1.38 dollar. Is the 90-day forward rate trading at a premium or discount relative to the..
The 2011 balance sheet of Anna’s Tennis Shop, Inc., showed long-term debt of $6.0 million, and the 2012 balance sheet showed long-term debt of $6.25 million. The 2012 income statement showed an interest expense of $205,000. What was the firm’s 2012 o..
Rose Resources faces a smooth annual demand for cash of $10.3 million; incurs transaction costs of $340 every time they sell marketable securities, and can earn 4.2 percent on their marketable securities. What will be their optimal cash replenishment..
Given the following information, calculate the firm's weighted average cost of capital (WACC). Market value of common stock=$60 million; market value of preferred stock=$10 million, market value of debt=$30 million; cost of common stock=15%; cost of ..
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