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In the early 1990s, the California Air Resources Board (CARB) started planning its “Phase 2” requirements for reformulated gasoline (RFG). RFG is gasoline blended to tight specifications designed to reduce pollution from motor vehicles. CARB consulted with refiners, environmentalists, and other interested parties to design these specifications. As the outline for the Phase 2 requirements emerged, refiners realized that substantial capital investments would be required to upgrade California refineries.
Assume a refiner is contemplating an investment of $490 million to upgrade its Californian plant. The investment lasts for 23 years and does not change raw-material and operating costs. The real (inflation-adjusted) cost of capital is 9%.
How much extra revenue would be needed each year to recover that cost?
The “Brasher doubloon,” which was featured in the plot of the Raymond Chandler novel The High Window, was sold at auction in 2014 for $4,582,500. The coin had a face value of $15 when it was first issued in 1787 and had been previously sold for $430,..
Carson Corporation stock sells for $59 per share, and you've decided to purchase as many shares as you possibly can. You have $39,000 available to invest. What is the maximum number of shares you can buy if the initial margin is 60 percent?
Metallica Bearings, Inc., is a young start-up company. No dividends will be paid on the stock over the next nine years because the firm needs to plow back its earnings to fuel growth. The company will pay a $12 per share dividend 10 years from today ..
Fred was persuaded to open a credit card account and now owes $5,150 on this card. Fred is not charging any additional purchases because he wants to get this debt paid in full. The card has an APR of 15.1 percent. How much longer will it take Fred to..
Southern California Gas Co. is selling off some old equipment it no longer needs because its associated project has come to an end. The equipment originally cost $27,500, of which 75% has been depreciated. The firm can sell the used equipment today f..
Suppose you are the treasurer of a large U.S. multinational firm that wants to hedge the foreign exchange risk associated with a payable of 1,000,000 Australian dollars due in 90 days. How many futures contracts would cover your risk? Assume that eac..
Suppose your company has a building worth $380 million. Because it is located in a high-risk area for natural disasters, the probability of a total loss in any particular year is 1.2 percent. What is your company’s expected loss per year on this buil..
Dividend Initiation and Stock Value A firm does not pay a dividend. It is expected to pay its first dividend of $.90 per share in 2 years. This dividend will grow at 13 percent indefinitely. Using a 15 percent discount rate, compute the value of this..
When using the dividend discount model to estimate the cost of equity, it is important to
Which of the following statement about payback period analysis is NOT correct?
Joanne Germano works in an accounts payable department of a major retailer. She has attempted to convince her boss to take the discount on the 1/15 net 65 credit terms most suppliers offer, but her boss argues that giving up the 1% discount is less c..
Jane and Bill Collins have total take-home pay of $3,900 a month. Their monthly expenses total $2,800. Calculate the minimum amount this couple needs to establish an emergency fund.
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