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In 2012, an Action Comics No. 1, featuring the first appearance of Superman, was sold at auction for $1,650,000. The comic book was originally sold in 1943 for $.06. Required: For this to have been true, what was the annual increase in the value of the comic book? (Round your answer as directed, but do not use rounded numbers in intermediate calculations. Enter your answer as a percent rounded to 2 decimal places (e.g., 32.16).) Annual increase % ?
Assume you buy a new machine for $100,000 in January of a tax year that corresponds to a calendar year. Assume the machine is placed into service in August of the same tax year. The estimated life of the machine is eight years when salvage value is e..
The following table gives Foust Company's earnings per share for the last 10 years. The common stock, 6.7 million shares outstanding, is now (1/1/15) selling for $68 per share. Calculate Foust's after-tax cost of debt. Calculate Foust's cost of commo..
Suppose the Japanese yen exchange rate is ¥86.47 = $1, and the British pound exchange rate is £1 = $1.65. What is the cross-rate in terms of yen per pound? Suppose the cross-rate is ¥145 = £1. What is the arbitrage profit per dollar?
Assume that a bond makes 30 equal annual payments of $1,000 starting one year from today. (This security is sometimes referred to as an amortizing bond.) If the discount rate is 3.5% per annum, what is the current price of the bond? (Hint: Recognize ..
Ted and Alice Hansel have a son who will begin college 10 years from today. School expenses of $37,000 will need to be paid at the beginning of each of the four years that their son plans to attend college. What is the duration of this liability to t..
A one-year call option contract on Cheesy Poofs Co. stock sells for $1,310. In one year, the stock will be worth $63 or $84 per share. The exercise price on the call option is $76. What is the current value of the stock if the risk-free rate is 4 per..
Kinky Copies may buy a high-volume copier. The machine costs $160,000 and will be depreciated straight-line over 5 years to a salvage value of $28,000. Kinky anticipates that the machine actually can be sold in 5 years for $38,000. Should Kinky buy t..
A call with a strike price of $70 costs $7.71. A put with the same strike price and expiration date costs $4.39. If you create a straddle, what is the initial cash flow? If it's a cash outflow, answer in a negative number.
Fed Chairwoman Janet Yellen had indicated earlier this year that the FOMC should start to raise the rate this year. The FOMC can do so either at the October meeting or at the December meeting. Do you expect that the FOMC will raise the federal funds ..
A company must decide whether to buy Machine A or Machine B. What is the equivalent uniform annual cost (EUAC) of Machine A? What is the equivalent uniform annual cost (EUAC) of Machine B? Which machine should one choose?
ABC had assets of $15 million last year; sales were $18 million; liabilities plus accruals that increased spontaneously with sales was 8% of assets; net income was $275,000 of which $120,000 was paid out in the form of dividends. What is ABC's capita..
We try to model an asset with price St at time t = 0,1,2,3,4. Today, S0 = 10. For each case A, B, C below, answer the following questions: What are the possible values of S4 within this model? What is the expected mean and variance of S4? Trinomial T..
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