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It is now January. The current interest rate is 6.2%. The June futures price for gold is $1548.00, while the December futures price is $1,546. Assume the June contract expires in exactly 6 months and the December contract expires in exactly 12 months.
Calculate the appropriate price for December futures using the parity relationship?
Hag Lund Department Store is located in the downtown area of a small city. While the store had been profitable for many years, it is facing increasing competition from large national chains that have set up stores on the outskirts of the city. Use ar..
Dewey Cheetham & Howe accounting firm is considering the purchase of a $1000 New Haven Municipal Bond. The stated coupon rate is 5% paid quarterly. The bond will mature in 22 years. The YTM for similar bonds is 4%. What should the market price of the..
Suppose you are still committed to owning a $150,000 Ferrari. If you believe your mutual fund can achieve a 10.25% annual rate of return, and you want to buy the car in 10 years on the day your turn 30, how much must you invest today?
Aria Acoustics, Inc. (AAI), projects unit sales for a new seven-octave voice emulation implant as follows: Year Unit Sales 1 79,000 2 92,000 3 106,000 4 101,000 5 82,000 Production of the implants will require $1,580,000 in net working capital to sta..
The bid-ask spread on a security is the difference between:
You believe that the Non-stick Gum Factory will pay a dividend of $3 on its common stock next year. Thereafter, you expect dividends to grow at a rate of 2% a year in perpetuity. If you require a return of 12% on your investment, how much should you ..
What are agency costs, and how are agency costs of financial distress different from agency benefits of leverage? Explain their impact on calculating the value of a firm with financial distress.
American products is concerned about managing cash efficiently. On the average, inventories have an age of 90 days, and accounts receivable are collected in 60 days. Calculate the firm's operating cycle. Calculate the firm's cash conversion cycle. Ca..
Hy-tec Communication has calculated the return on assets (ROA) for one of its projects using a simulation method. By simulating the operations 1,000 times, they obtained an ROA of 16.7 percent and a standard deviation of 6.2. The results of the simul..
You are considering a project which will provide annual cash inflows of $4,500, $5,700, and $8,000 at the end of each year for the next three years, respectively. what is the net present value of these cash flows, given a 9 percent discount rate?
Assume a 20-year $1,000 par value zero-coupon bond with an annual YTM of 4% and semiannual compounding. How much implicit interest would be earned on this bond in year 1? How much in year 12?
Under consideration is the purchase of a new air conditioning system. It costs $30,000 to purchase and will be used for 5 years. The electric bill paid at the end of each year will be reduced by $9,000 with the new system. The new unit will require a..
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