c. Bjorn migrated from Finland to Australia with his family. Shortly after arriving he had to return to Finland to finish a work contract that had two years remaining. Bjorn departed three weeks after arriving and settling his family in Sydney. In Finland he lived in the family house that the family lived in prior to leaving for Australia. He also used the family car for work in Finland. Although Bjorn intends to join the family in Australia for good at the end of the contract he is keeping his options open in case he can get another work contract. In the twelve months Bjorn has been back in Finland he has visited the family once in Australia for a period of one week. Is Bjorn a resident of Australia for tax purposes? Why/Why not?

You graduated college six years ago with an undergraduate degree in Finance. Although satisfied with your current job, your goal is to become an investment banker, and you wonder if an MBA degree would allow you to achieve that goal. After examining schools, you have narrowed your choice to either Wilton University or Mount Perry College. Although internships are encouraged by both schools, to get credit for the internship, no salary can be paid. Other than internships, neither school will allow students to work while enrolled on the MBA program. However, thanks to a bequest from your grandmother, your savings account has enough money to cover the entire cost of the MBA program

You currently work a money management firm, earning $53, 000 annually. Your salary is expected to increase 3% per year until retirement. You expect to work for 38 more years. Your current job includes a fully paid health insurance plan. Your current average tax rate is 26%.

The Ritter College of Business at Wilton University is one of the top MBA programs in the country. The MBA degree requires 2 years of full-time enrollment at the university. Annual tuition is $58,000, payable at the beginning of each school year. Books and other supplies are estimated to cost $2,000 per year. Upon graduation from Wilton you expect to receive a job offer for about $87,000 per year, with a $10,000 signing bonus. Because of the higher salary, your tax rate will increase to 31%. Annual salary increases are expected to be at 4% per year.

The Bradley School of Business at Mount Perry College began its MBA program 16 years ago. The Bradley School is smaller and less well known than Ritter College. Bradley offers an accelerated one-year program; cost of tuition for the program is $75,000, to be paid upon matriculation. Books and other supplies are expected to cost $4,200. You think that you will receive an offer of $78,000 per year upon graduation, with an $8,000 signing bonus, resulting in an average tax rate of 29%. The salary at this job would increase 3.5% per year.

Both schools offer comparable health insurance that will cost $3,000 per year, payable at the beginning of the year. Both schools also offer graduate housing, that will result in a decrease to your current room and board expenses of $4,000 per year, whichever school you attend.

Assume the appropriate discount rate is 5.5%.

REQUIRED:

Respond to the following questions. Each response must comprise at least three complete sentences, with proper grammar and punctuation. All calculations that support your answers must be shown in their entirety. Cite any referenced materials using APA format.

1. Does your age affect your decision to get an MBA? If so, how?

2. What other, perhaps nonquantifiable, factors affect your decision to get an MBA?

3. Assuming all salaries are paid at the end of each year, what is your best option from a strictly financial standpoint?

4. A friend suggests that the appropriate analysis is to calculate the future value of each option. How would you evaluate this statement?

5. What initial salary would you need to receive to make you indifferent between attending Wilton University and staying in your current position?

6. Suppose that instead of being able to cover the cost of the MBA from your savings, you must borrow money. (The current borrowing rate is 5.4%) How does this affect your decision?

David Jetter graduated from college six years ago with a finance undergraduate degree. Although he is satisfied with his current job, his goal is to become an investment banker. He feels that an MBA degree would allow him to achieve his goal. After examining schools, he has narrowed his choice to either Prentice University or Mount Alliance College. Although internships are encouraged by both schools, to get class credit for the internship, no salary can be paid. Other than internships, neither school will allow its students to work while enrolled in its MBA program.

David currently works at the money management firm of Dewey and Louis. His annual salary at the firm is $50,000 per year, and his salary expected to increase at 3 % per year until retirement. He is currently 28 years old and expects to work for 40 more years. His current job includes a fully paid health insurance plan, and his current average tax rate is 26 %. David has savings account with enough money to cover the entire cost of his MBA program.

The Ritt College of Business at Prentice University is one of the top MBA programs in the country. The MBA degree requires two years of full time enrollment at the university. The annual tuition is $65,000, payable at the beginning of each school year. Books and other supplies are estimated to cost $3000 per year. David expects that after graduation from Prentice, he will receive a job offer for about $110,000 per year, with a $20,000 signing bonus. The salary at this job will increase at 4 % per year. Because of the higher salary, his average income tax rate will increase to 31 %.

The Bradel School of Business at Mount Alliance College began its MBA program 16 years ago. The Bradel School is smaller and less well known than the Ritt College. Bradel offers an accelerated, one – year program, with a tuition cost of $80,000 to be paid upon matriculation. Books and other supplies for the program are expected to cost $4,500. David thinks that he will receive an offer of $92,000 per year upon the graduation, with an $18,000 signing bonus. The salary at this job will increase at 3.5 % per year. His average tax rate at this level of income will be 29 %.

Both schools offer a health insurance plan that will cost $3,000 per year, payable at the beginning of the year. David also estimates that room and board expenses will cost $2,000 more per year at both schools than his current expenses, payable at the beginning of each year. The appropriate discount rate is 6.5 percent.

1. How does David’s age affect his decision to get an MBA? Explain why?

2. What other, perhaps non- quantifiable factors affect David’s decision to get an MBA? Explain in detail

3. Assuming all salaries are paid at the end of each year, what is the best option for David – from a strictly financial standpoint? Explain why in detail with calculations.

4. David believes that the appropriate analysis is to calculate the future value of each option. How would you evaluate this statement? So what is the future value of each option?

5. What initial salary would David need to receive to make him indifferent between attending Prentice University and staying in his current position?
Explain in detail with calculations.

Ben Bates graduated from college six years ago with a finance undergraduate degree. Although he is satisfied with his current job, his goal is to become an investment banker. He feels that an MBA degree would allow him to achieve this goal. After examining schools, he has narrowed his choice to either Wilton University or Mount Perry College. Although internships are encouraged by both schools, to get class credit for internship, no salary can be paid. Other than internships, neither school will allow his students to work while enrolled in its MBA program. Ben currently works at the money management firm of Dewey and Louis. His annual salary at the firm is $50,000 per year, and his salary is expected to increase 3 percent per year until retirement. He is currently 28 years old and expected to work for 35 more years. His current job includes a fully paid health insurance plan, and his currently average tax rate is 26 percent. Ben has a savings account with enough money to cover the entire cost of his MBA program. The Ritter College of Business at Wilton University is one of the top MBA programs in the country. The MBA degree requires two years of full-time enrollment at the University. The annual tuition is $60,000, payable at the beginning of each school year. Books and other supplies are estimated to cost $2,500 per year. Ben expects that after graduation from Wilton, he will receive a job offer for about $95,000 per year, with a $15,000 signing bonus. The salary at this job will increase 4 percent per year. Because of the higher salary, his average tax rate will increase to 31 percent. The Bradley School of Business at Mount Perry College began its MBA 16 years ago. The Bradley School is smaller and less well known than Ritter College. Bradley offer an accelerated , one-year program, with a tuition cost of $75,000 to be paid upon matriculation. Books and other supplies for the program are expected to cost $3,500. Ben thinks that he will receive an offer of $78,000 per year upon graduation, with a $10,000 signing bonus. The salary at this job will increase at 3.5 percent per year. His average tax rate at this level of income will be 29 percent. Both schools offer a health insurance plan that will cost $3,000 per year, payable at the beginning of the year. Ben also estimates that room and board expenses will cost $20,000 per year at either school. The appropriate discount rate is 6.5 percent.

Given the case above, use Excel spreadsheet to analyze problems 3 and 4. Inside the Excel file, also answer questions 1 and 2 in brief discussion.

1. How does Ben's age affect his decision to get an MBA?

2. What other, perhaps nonquantifiable factors affect Ben's decision to get an MBA?

3. Assuming all salaries are paid at the end of each year, what is the best option for Ben-from a strictly financial point?

4. What initial salary would Ben need to receive to make him indifferent between attending Wilton University and staying in his current position?

THE MBA DECISION

Ben Bates graduated from college six years ago with a finance undergraduate degree. Since graduation, he has been employed in the finance department at East Coast Yachts. Although he is satisfied with his current job, his goal is to become an investment banker. He feels that an MBA degree would allow him to achieve this goal. After examining schools, he has narrowed his choice to either Wilton University or Mount Perry College. Although internships are encouraged by both schools, to get class credit for the internship, no salary can be paid. Other than internships, neither school will allow its students to work while enrolled in its MBA program.

Ben’s annual salary at East Coast Yachts is $57,000 per year, and his salary is expected to increase at 3 percent per year until retirement. He is currently 28 years old and expects to work for 40 more years. His current job includes a fully paid health insurance plan, and his current average tax rate is 26 percent. Ben has a savings account with enough money to cover the entire cost of his MBA program.

page 129The Ritter College of Business at Wilton University is one of the top MBA programs in the country. The MBA degree requires two years of full-time enrollment at the university. The annual tuition is $63,000, payable at the beginning of each school year. Books and other supplies are estimated to cost $2,500 per year. Ben expects that after graduation from Wilton, he will receive a job offer for about $105,000 per year, with an $18,000 signing bonus. The salary at this job will increase at 4 percent per year. Because of the higher salary, his average income tax rate will increase to 31 percent.

The Bradley School of Business at Mount Perry College began its MBA program 16 years ago. The Bradley School is smaller and less well known than the Ritter College. Bradley offers an accelerated, one-year program, with a tuition cost of $75,000 to be paid upon matriculation. Books and other supplies for the program are expected to cost $3,500. Ben thinks that after graduation from Mount Perry, he will receive an offer of $88,000 per year, with a $15,000 signing bonus. The salary at this job will increase at 3.5 percent per year. His average income tax rate at this level of income will be 29 percent.

Both schools offer a health insurance plan that will cost $3,000 per year, payable at the beginning of the year. Ben also estimates that room and board expenses will cost $2,000 more per year at both schools than his current expenses, payable at the beginning of each year. The appropriate discount rate is 6.1 percent. Assume all salaries are paid at the end of each year.

1. How does Ben’s age affect his decision to get an MBA?

2. What other, perhaps nonquantifiable factors, affect Ben’s decision to get an MBA?

3. Assuming all salaries are paid at the end of each year, what is the best option for Ben—from a strictly financial standpoint?

4. In choosing between the two schools, Ben believes that the appropriate analysis is to calculate the future value of each option. How would you evaluate this statement?

5. Suppose that instead of being able to pay cash for his MBA, Ben must borrow the money. The current borrowing rate is 5.4 percent. How would this affect his decision to get an MBA?

1. Joe is considering pursuing an MBA degree. He has applied to two different universities. The acceptance rate for applicants with similar qualifications is 25 percent for University A and 40 percent for University B.
   
   a) Is the acceptance decision at University A independent of the acceptance decision at University B?  

2. What is the probability that Joe will be accepted at both universities?
3. What is the probability that Joe will be accepted at University A and rejected at University B?
4. What is the probability that Joe will not be accepted at either university?
5. What is the probability that Joe will be accepted by at least one of the two universities?
6. What is the probability that Joe will be accepted at one, and only one, university?

Can someone please help me with these questions with steps for Statistics for the business course??

The MBA decision: Ben Bates graduated from college six years ago with a finance undergraduate degree. Although he is satisfied with his current job, his goal is to become an inves\tment banker. He feels that an MBA degree would allow him to achieve his goal. After examining schools, he has narrowed his choice to either Wilton University or Mount Perry College. Although internships are encouraged by both schools, to get class credit for the internship, no salary can be paid. Other than internships, neither school will allow its student to work while enrolled in its MBA program. Ben currently works at the money management firm of Dewey and Louis. His annual salary at the firm is $70,000 per year, and his salary is expected to increase at 3 percent per year until retirement. He is currently 28 years old and expects to work for 37 more years. His current job includes a fully paid health insurance plan, and his current average tax rate is 28 percent. Ben has a savings account with enough money to cover the entire cost of his MBA program. The Ritter College of Business at Wilton University is one of the top MBA programs in the country. The MBA degree requires two years of full-time enrollment at the university. The annual tuition is $65,000, payable at the beginning of each school year. Books and other supplies are estimated to cost $2,000 per year. Ben expected that after graduation from Wilton, he will receive a job offer for about $100,000 per year, with a $10,000 signing bonus. The salary at this job will increase at 4% per year. Because of the higher salary, his average income tax rate will increase to 32 percent. The Bradley School of Business at Mount Perry College began its MBA 16 years ago. The Bradley School is smaller and less well known than the Ritter College. Bradley offers an accelerated, oneyear program, with a tuition cost of $75,000 to be paid upon matriculation. Books and other supplies for the program are expected to cost $3,000. Ben thinks that he will receive an offer of $85,000 per year upon graduation, with a $10,000 signing bonus. The salary at this job will increase at 3.5 percent. His average tax rate at this level of income will be 30 percent. Both schools offer a health insurance plan that will cost $2,500 per year, payable at the beginning of the year. Ben also estimates that room and board expenses will cost $15,000 per year at either school. The appropriate discount rate is 6 percent.

Assuming all salaries are paid at the end of each year, what is the best option for Ben – from a strictly financial standpoint?

Problem 9 - PYTHON

There is a CSV-formatted file called olympics2.csv. Write code that creates a dictionary named country_olympians where the keys are country names and the values are lists of unique olympians from that country (no olympian's name should appear more than once for a given country).

Name,Sex,Age,Team,Event,Medal
A Dijiang,M,24,China,Basketball,NA
A Lamusi,M,23,China,Judo,NA
Gunnar Nielsen Aaby,M,24,Denmark,Football,NA
Edgar Lindenau Aabye,M,34,Sweden,Tug-Of-War,Gold
Christine Jacoba Aaftink,F,21,Netherlands,Speed Skating,NA
Christine Jacoba Aaftink,F,21,Netherlands,Speed Skating,NA
Christine Jacoba Aaftink,F,25,Netherlands,Speed Skating,NA
Christine Jacoba Aaftink,F,25,Netherlands,Speed Skating,NA
Christine Jacoba Aaftink,F,27,Netherlands,Speed Skating,NA
Christine Jacoba Aaftink,F,27,Netherlands,Speed Skating,NA
Per Knut Aaland,M,31,United States,Cross Country Skiing,NA
Per Knut Aaland,M,31,United States,Cross Country Skiing,NA
Per Knut Aaland,M,31,United States,Cross Country Skiing,NA
Per Knut Aaland,M,31,United States,Cross Country Skiing,NA
Per Knut Aaland,M,33,United States,Cross Country Skiing,NA
Per Knut Aaland,M,33,United States,Cross Country Skiing,NA
Per Knut Aaland,M,33,United States,Cross Country Skiing,NA
Per Knut Aaland,M,33,United States,Cross Country Skiing,NA
John Aalberg,M,31,United States,Cross Country Skiing,NA
John Aalberg,M,31,United States,Cross Country Skiing,NA
John Aalberg,M,31,United States,Cross Country Skiing,NA
John Aalberg,M,31,United States,Cross Country Skiing,NA
John Aalberg,M,33,United States,Cross Country Skiing,NA
John Aalberg,M,33,United States,Cross Country Skiing,NA
John Aalberg,M,33,United States,Cross Country Skiing,NA
John Aalberg,M,33,United States,Cross Country Skiing,NA
"Cornelia ""Cor"" Aalten (-Strannood)",F,18,Netherlands,Athletics,NA
"Cornelia ""Cor"" Aalten (-Strannood)",F,18,Netherlands,Athletics,NA
Antti Sami Aalto,M,26,Finland,Ice Hockey,NA
"Einar Ferdinand ""Einari"" Aalto",M,26,Finland,Swimming,NA
Jorma Ilmari Aalto,M,22,Finland,Cross Country Skiing,NA
Jyri Tapani Aalto,M,31,Finland,Badminton,NA
Minna Maarit Aalto,F,30,Finland,Sailing,NA
Minna Maarit Aalto,F,34,Finland,Sailing,NA
Pirjo Hannele Aalto (Mattila-),F,32,Finland,Biathlon,NA
Arvo Ossian Aaltonen,M,22,Finland,Swimming,NA
Arvo Ossian Aaltonen,M,22,Finland,Swimming,NA
Arvo Ossian Aaltonen,M,30,Finland,Swimming,Bronze
Arvo Ossian Aaltonen,M,30,Finland,Swimming,Bronze
Arvo Ossian Aaltonen,M,34,Finland,Swimming,NA
Juhamatti Tapio Aaltonen,M,28,Finland,Ice Hockey,Bronze
Paavo Johannes Aaltonen,M,28,Finland,Gymnastics,Bronze
Paavo Johannes Aaltonen,M,28,Finland,Gymnastics,Gold
Paavo Johannes Aaltonen,M,28,Finland,Gymnastics,NA
Paavo Johannes Aaltonen,M,28,Finland,Gymnastics,Gold
Paavo Johannes Aaltonen,M,28,Finland,Gymnastics,NA
Paavo Johannes Aaltonen,M,28,Finland,Gymnastics,NA
Paavo Johannes Aaltonen,M,28,Finland,Gymnastics,NA
Paavo Johannes Aaltonen,M,28,Finland,Gymnastics,Gold
Paavo Johannes Aaltonen,M,32,Finland,Gymnastics,NA
Paavo Johannes Aaltonen,M,32,Finland,Gymnastics,Bronze
Paavo Johannes Aaltonen,M,32,Finland,Gymnastics,NA
Paavo Johannes Aaltonen,M,32,Finland,Gymnastics,NA
Paavo Johannes Aaltonen,M,32,Finland,Gymnastics,NA
Paavo Johannes Aaltonen,M,32,Finland,Gymnastics,NA
Paavo Johannes Aaltonen,M,32,Finland,Gymnastics,NA
Paavo Johannes Aaltonen,M,32,Finland,Gymnastics,NA
Timo Antero Aaltonen,M,31,Finland,Athletics,NA
Win Valdemar Aaltonen,M,54,Finland,Art Competitions,NA

Ben Bates graduated from college six years ago with a finance undergraduate degree. Although he is satisfied with his current job, his goal is to become an inves\tment banker. He feels that an MBA degree would allow him to achieve his goal. After examining schools, he has narrowed his choice to either Wilton University or Mount Perry College. Although internships are encouraged by both schools, to get class credit for the internship, no salary can be paid. Other than internships, neither school will allow its student to work while enrolled in its MBA program. Ben currently works at the money management firm of Dewey and Louis. His annual salary at the firm is $70,000 per year, and his salary is expected to increase at 3 percent per year until retirement. He is currently 28 years old and expects to work for 37 more years. His current job includes a fully paid health insurance plan, and his current average tax rate is 28 percent. Ben has a savings account with enough money to cover the entire cost of his MBA program. The Ritter College of Business at Wilton University is one of the top MBA programs in the country. The MBA degree requires two years of full-time enrollment at the university. The annual tuition is $65,000, payable at the beginning of each school year. Books and other supplies are estimated to cost $2,000 per year. Ben expected that after graduation from Wilton, he will receive a job offer for about $100,000 per year, with a $10,000 signing bonus. The salary at this job will increase at 4% per year. Because of the higher salary, his average income tax rate will increase to 32 percent. The Bradley School of Business at Mount Perry College began its MBA 16 years ago. The Bradley School is smaller and less well known than the Ritter College. Bradley offers an accelerated, oneyear program, with a tuition cost of $75,000 to be paid upon matriculation. Books and other supplies for the program are expected to cost $3,000. Ben thinks that he will receive an offer of $85,000 per year upon graduation, with a $10,000 signing bonus. The salary at this job will increase at 3.5 percent. His average tax rate at this level of income will be 30 percent. Both schools offer a health insurance plan that will cost $2,500 per year, payable at the beginning of the year. Ben also estimates that room and board expenses will cost $15,000 per year at either school. The appropriate discount rate is 6 percent.

What initial salary would Ben need to receive to make him indifferent between attending Wilton University and staying in his current position?

Suppose that GMAT scores of all MBA students in Canada are normally distributed with a mean of 550 and a standard deviation of 120.

a. A university (that is representative of the MBA students in the U.S.) claims that the average GMAT scores of students in its MBA program are at least 550. You take a sample of 121 students in the university and find their mean GMAT score is 530. Can you still support the University’s claim? Test at 5% significance level. Interpret the test result.

b. Calculate the p-value for the test in part (a). If the hypothesis was to be tested at 10% significance level instead of 5% would your answer to part (a) change? Explain why without actually conducting the test.

c.Do you need the assumption that “GMAT scores of all MBA students in the U.S. are normally distributed” to answer part (a) or (b)? Explain.

d. You discover that the population standard deviation you’ve been using is actually the sample standard deviation. All other sample information holds. If you were still conducting the hypothesis test as you set up in part (a), would your test statistic/ distribution change? How?

And would you need the assumption of normality of the population now? Why?