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You represent the Texas State Pension Fund. On your direction, the fund invested $100 Million dollars into Cowher Capital Management, a large hedge fund. You negotiated a “High Water Mark” provision, and a 1% / 20% fee schedule. There is a lock-up provision so you are not allowed to withdraw any funds until at least three years have passed. If the fund has the following annual returns of 10%, -25%, -20%, and 45% (also assume like we said in class, the management fee is paid at the beginning of the year, but performance fee at year end) you do not add or remove any money from the fund answer the following:
a. In what years, do you pay the performance fee?
b. What is the total fee percentage paid in the final year?
c. What your ending balance?
The need for elimination of intercompany sales of inventory is made clear in the week's lesson as not to overstate sales and cost of goods sold as well as inventory. What impact, if any, does the choice of inventory valuation method (LIFO, FIFO, aver..
Which option is better, assuming they are of equal risk?
Describe how the profitability index is calculated and describe the information this measure provides about a sequence of cash flows. What is the profitability index decision rule?
Find the payoff of an interest rate call option on the annual rate with an exercise rate of 10 percent if the one-period rate at expiration is 11 percent.
What is the future value of a $810 annuity payment over four years if interest rates are 8 percent?
Calculate the degree of operating given: sales of 25,000; variable costs of 13,000, operating income of 7,000 for year one, and sales of 40,000, variable costs of 15,000 and operating income of 16,000 for year 2. (Specifically, calculate difference b..
What amount of total interest expense will the company pay on this note? Prepare the adjusting entry required at December 31,2015
You are considering purchasing an apartment building for 1.2 million dollars. You expect the yearly cash inflows for the first three years to be $175,000 and year 4 and 5 will be $200000 and 250,000 respectively. At hte end of year 5 you sell the bui..
what do you expect the price of the bond to be in two years?
Calculate the amount of output the firm should expect if it uses 25 units of capital and 50 units of labor.
Grandview Clinic has fixed costs of $2 million and an average variable cost rate of $15 per visit. Its sole payer, an HMO, has proposed an annual capitation payment of $150 for each of its 20,000 members. Past experience indicates that the population..
Given returns of 15%, -8%, 12%, and 5%, the difference between the arithmetic average and geometric average is. A four year project costs $125,000 and returns $42,025 at the end of each of the next four years. The internal rate of return (IRR) for th..
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