Robert Campbell and Carol Morris are senior vice-presidents of the Mutual of Chicago Insurance Company. They are co-directors of the company’s pension fund management division. A major new client has requested that Mutual of Chicago present an investment seminar to illustrate the stock valuation process. As a result, Campbell and Morris have asked you to analyze the Bon Temps Company, an employment agency that supplies word processor operators and computer programmers to businesses with temporarily heavy workloads. You are to answer the following questions.

1. What is the difference between common stock and preferred stock? What are some of the characteristics of each type of stock?
2. (1) Write a formula that can be used to value any stock, regardless of its dividend pattern.

      (2) What is a constant growth stock? How do you value a constant growth stock?

(3) What happens if the growth is constant, and g > r_s? Will many stocks have g > r_s?

3. Bon Temps has an issue of preferred stock outstanding that pays stockholders a dividend equal to $10 each year. If the appropriate required rate of return for this stock is 8%, what is its market value?
4. Assume that Bon Temps is a constant growth company whose last dividend (D₀, which was paid yesterday) was $2 and whose dividend is expected to grow indefinitely at a 6% rate. The appropriate rate of return for Bon Temps’ stock is 16%.

      (1) What is the firm’s expected dividend stream over the next 3 years?

      (2) What is the firm’s current stock price?

      (3)

What is the stock’s expected value one year from now?

      (4) What are the expected dividend yield, the capital gains yield, and the total return during the first year?

5. Assume that Bon Temps’ stock is currently selling at $21.20. What is the expected rate of return on the stock?
6. Assume that Bon Temps is expected to experience supernormal growth of 30% for the next 3 years, then to return to its long-run constant growth rate of 6%. What is the stock’s value under these conditions? What are its expected dividend yield and its capital gains yield in Year 1? In Year 4?
7. Suppose Bon Temps is expected to experience zero growth during the first three years and then to resume its steady-state growth of 6% in the fourth year. What is the stock’s value now? What are its expected dividend yield and its capital gains yield in Year 1? In Year 4?

!!ONLY NEED ANSWERS FOR G AND F!! DONT SOLVE THE OTHER ONES IF YOU DONT WANT TO!!

Robert Campbell and Carol Morris are senior vice-presidents of the Mutual of Chicago Insurance Company. They are co-directors of the company’s pension fund management division. A major new client has requested that Mutual of Chicago present an investment seminar to illustrate the stock valuation process. As a result, Campbell and Morris have asked you to analyze the Bon Temps Company, an employment agency that supplies word processor operators and computer programmers to businesses with temporarily heavy workloads. You are to answer the following questions.

1. What is the difference between common stock and preferred stock? What are some of the characteristics of each type of stock?
2. (1) Write a formula that can be used to value any stock, regardless of its dividend pattern.

      (2) What is a constant growth stock? How do you value a constant growth stock?

(3) What happens if the growth is constant, and g > r_s? Will many stocks have g > r_s?

3. Bon Temps has an issue of preferred stock outstanding that pays stockholders a dividend equal to $10 each year. If the appropriate required rate of return for this stock is 8%, what is its market value?
4. Assume that Bon Temps is a constant growth company whose last dividend (D₀, which was paid yesterday) was $2 and whose dividend is expected to grow indefinitely at a 6% rate. The appropriate rate of return for Bon Temps’ stock is 16%.

      (1) What is the firm’s expected dividend stream over the next 3 years?

      (2) What is the firm’s current stock price?

      (3) What is the stock’s expected value one year from now?

      (4) What are the expected dividend yield, the capital gains yield, and the total return during the first year?

5. Assume that Bon Temps’ stock is currently selling at $21.20. What is the expected rate of return on the stock?
6. Assume that Bon Temps is expected to experience supernormal growth of 30% for the next 3 years, then to return to its long-run constant growth rate of 6%. What is the stock’s value under these conditions? What are its expected dividend yield and its capital gains yield in Year 1? In Year 4?
7. Suppose Bon Temps is expected to experience zero growth during the first three years and then to resume its steady-state growth of 6% in the fourth year. What is the stock’s value now? What are its expected dividend yield and its capital gains yield in Year 1? In Year 4?

2. B. Prepare a retained earnings statement for the year ended December 31, Year 1. • Refer to the Chart of Accounts for exact wording of account titles. • Refer to the Labels and Amount Descriptions for exact wording of text entries. • You will need to enter the word “Less” or “Add” as necessary.

Income Statement data:

Advertising expense $150,000

Cost of merchandise sold 3,700,000

Delivery expense 30,000

Depreciation expense-office buildings and equipment 30,000

Depreciation expense-store buildings and equipment 100,000

Dividend revenue 4,500 Gain on sale of investments 4,980

Income from Pinkberry Co. investment 76,800

Income tax expense 140,500

Interest expense 21,000

Interest revenue 2,720

Miscellaneous administrative expense 7,500

Miscellaneous selling expense 14,000

Office rent expense 50,000

Office salaries expense 170,000

Office supplies expense 10,000

Sales 5,254,000

Sales commissions 185,000

Sales salaries expense 385,000

Store supplies expense 21,000

Retained earnings and balance sheet data:

Accounts payable $194,300

Accounts receivable 545,000

Accumulated depreciation—office buildings and equipment 1,580,000

Accumulated depreciation—store buildings and equipment 4,126,000

Allowance for doubtful accounts

8,450 Available-for-sale investments (at cost) 260,130

Bonds payable, 5%, due 20Y2 500,000

Cash 246,000

Common stock, $20 par (400,000 shares authorized; 100,000 shares issued, 94,600 outstanding) 2,000,000

Dividends:

Cash dividends for common stock 155,120

Cash dividends for preferred stock 100,000

Goodwill 500,000 Income tax payable 44,000

Interest receivable 1,125

Investment in Pinkberry Co. stock (equity method) 1,009,300

Investment in Dream Inc. bonds (long term) 90,000

Merchandise inventory (December 31, Year 1), at lower of cost (FIFO) or market 778,000

Office buildings and equipment 4,320,000

Paid-in capital from sale of treasury stock 13,000

Excess of issue price over par:

-Common 886,800

-Preferred 150,000

Preferred 5% stock, $80 par (30,000 shares authorized; 20,000 shares issued) 1,600,000

Premium on bonds payable 19,000

Prepaid expenses 27,400

Retained earnings, January 1, Year 1 9,319,725

Store buildings and equipment 12,560,000

Treasury stock (5,400 shares of common stock at cost of $33 per share) 178,200

Unrealized gain (loss) on available-for-sale investments (6,500)

Valuation allowance for available-for-sale investments (6,500)

Ariel Tax Services prepares tax returns for individual and corporate clients. As the company has gradually expanded to 10 offices, the founder, Max Jacobs, has begun to feel as though he is losing control of operations. In response to this concern, he has decided to implement a performance measurement system that will help control current operations and facilitate his plans of expanding to 20 offices.

Jacobs describes the keys to the success of his business as follows:

“Our only real asset is our people. We must keep our employees highly motivated and we must hire the 'cream of the crop.' Interestingly, employee morale and recruiting success are both driven by the same two factors—compensation and career advancement. In other words, providing superior compensation relative to the industry average coupled with fast-track career advancement opportunities keeps morale high and makes us a very attractive place to work. It drives a high rate of job offer acceptances relative to job offers tendered.”

“Hiring highly qualified people and keeping them energized ensures operational success, which in our business is a function of productivity, efficiency, and effectiveness. Productivity boils down to employees being billable rather than idle. Efficiency relates to the time required to complete a tax return. Finally, effectiveness is critical to our business in the sense that we cannot tolerate errors. Completing a tax return quickly is meaningless if the return contains errors.”

“Our growth depends on acquiring new customers through word-of-mouth from satisfied repeat customers. We believe that our customers come back year after year because they value error-free, timely, and courteous tax return preparation. Common courtesy is an important aspect of our business! We call it service quality, and it all ties back to employee morale in the sense that happy employees treat their clients with care and concern.”

“While sales growth is obviously important to our future plans, growth without a corresponding increase in profitability is useless. Therefore, we understand that increasing our profit margin is a function of cost-efficiency as well as sales growth. Given that payroll is our biggest expense, we must maintain an optimal balance between staffing levels and the revenue being generated. As I alluded to earlier, the key to maintaining this balance is employee productivity. If we can achieve cost-efficient sales growth, we should eventually have 20 profitable offices!”

Required:

Create a balanced scorecard for Ariel Tax Services. Link your scorecard measures using the framework from Exhibit 9–5. Indicate whether each measure is expected to increase or decrease.

M5_8. Cullowhee Manufacturing manufactures kitchen sinks that are made out of a composite material. The production of these sinks utilizes three processes – molding, finishing, and painting. The number of units that can be processed by each of these processes in an hour is shown below:

This is a sequential process – so products cannot be finished if they have not been molded; products cannot be painted if they have not been finished (Hint: constraints- the number of finished products must be the same as the number of molded products?). The labor costs per hour are $11 for molding; $13 for finishing; and $15 for painting. Cullowhee manufacturing has a maximum labor budget of $4000 per week. A total of 120 hours of labor is available for each of the three processes per week. Each completed sink requires 9 pounds of the composite material and the company has a total of 8,000 pounds of this material available every week (Hint: how much material is used in one hour in Molding?). Each sink earns a profit of $125 (Hint: the profit for this situation is based on the number of products that are painted). The manager of Cullowhee Manufacturing wants to know how many hours per week to run each process to maximize profit. (Note: Product mix problems usually have decision variables that represent the number of products to make – this is a situation where the decision variables represent the number of hours to run each department)

1. a) What is the expected profit (the value of the objective function)?

2. b) Based on your solution, how many hours should molding operate per week (enter as an

   integer)?

3. c) Based on your solution, how many hours should finishing operate per week (enter as an

   integer)?

4. d) Based on your solution, how many hours should painting operate per week (enter as an

   integer)?

5. e) If you could additional hours to one department (e.g. increase from 120 per week to something

   greater than 120 per week) to improve the objective function – which department would you

   add additional hours of capacity?

6. f) How many sinks are they producing per week (you need to calculate this using information from

   your optimal solution.

   Submit the Word document with the formulation for Problem M5.8 (decision variables, objective function, constraints in standard format as specified/demonstrated in videos). Submit Excel file with solution for M5.8 using LP Template

1. Find the​ (a) mean,​ (b) median,​ (c) mode, and​ (d) midrange for the given sample data.

An experiment was conducted to determine whether a deficiency of carbon dioxide in the soil affects the phenotype of peas. Listed below are the phenotype codes where 1=smooth-yellow​,2=smooth-green​, 3=wrinkled-yellow​, and 4=wrinkled-green.

Do the results make​ sense?

​(a) The mean phenotype code is _____.

2. Statistics are sometimes used to compare or identify authors of different works. The lengths of the first 10 words in a book by Terry are listed with the first 10 words in a book by David. Find the mean and median for each of the two​ samples, then compare the two sets of results.

The mean number of letters per word in​ Terry's book is _____.

3. Refer to the data set of​ times, in​ minutes, required for an airplane to taxi out for​ takeoff, listed below. Find the mean and median. How is it helpful to find the​ mean?

Click the icon for the taxi out takeoff data.

Find the mean and median of the data set using a calculator or similar data analysis technology.

The mean of the data set is _____ minutes.

4. Find the mean of the data summarized in the given frequency distribution. Compare the computed mean to the actual mean of 50.4 miles per hour.

The mean of the frequency distribution is _____ miles per hour.

5.Six different​ second-year medical students at Bellevue Hospital measured the blood pressure of the same person. The systolic readings​ (in mmHg) are listed below. Find the​ range, variance, and standard deviation for the given sample data. If the​ subject's blood pressure remains constant and the medical students correctly apply the same measurement​ technique, what should be the value of the standard​ deviation?

126   126   138   125   137   134

Range= ______ mmHg

C#

1.Visual Studio .NET’s ___________ feature displays all the members in a class

a.real-time error checking

b.Quick Info

c.outlined code

d.Intellisense

2.An algorithm specifies the actions to be executed.

True

False

3.A(n) _________ occurs when an executed statement does not directly follow the previously executed statement in the written application.

a.unordered execution

b.transfer of control

c.action state

d.jump

4.The declarations and statements that compose the method definition are called the __________.   

a.method body

b.method header

c.parameter list

d.method name

5.The word directly following the return type (in a method header) is called the ___________.

a.method body

b.parameter list

c.argument

d.method name

6.Declaring a variable in the method’s body with the same name as a parameter variable in the method header is ___________.

a.a syntax error

b.a logic error

c.a logic error

d.not an error

e.a common programming practice

7.Failing to return a value from a non-void method __________.

a.is a syntax error

b.causes the application to fail

c.causes the method to return the default value for the return-type

d.causes the method to return the value 0

8.A(n) ____________ conversion occurs when C# converts one data type to another and the programmer has not provided code to perform the conversion.

a.explicit

b.implicit

c.narrowing conversion

d.widening

9.Statements using the ___________ class are explicit conversions.

a.Explicit

b.Convert

c.ExplicitConvert

d.ConvertType

10.If a local variable in a called method shares its name with a variable with class scope, then ____________.

a.a syntax error occurs

b.the local variable is assigned the value of the class scope variable

c.the class scope variable is hidden until the called method terminates execution

d.the local variable is hidden until the called method terminates execution

11.When an argument is passed ______________, the called method can access and modify the caller’s original data directly.

a.either by value or by reference

b.by value

c.using keyword ref

12.Enumerations can contain ___________ values.

a.only unique

b.an indefinite number of

c.up to 10

d.up to 100

13.To access a member of an enumeration, follow the enumeration name with __________ the member name.

a.a dot, followed by

b.parentheses surrounding

c.parentheses surrounding

d.a comma, followed by

e.an underscore character, followed by

14.Attempting to access an element in an array by using an index outside the array’s bounds _________.

a.is a syntax error

b.is an array-time error

c.is a run-time error

d.returns the data-type’s default value

e.returns the value of the last value in the array

Please submit SQL statements as a plain text file (.txt). If blackboard rejects txt file you can submit a zipped file containing the text file. Word, PDF, or Image format are not accepted. You do not need to show screen shot. Make sure you have tested your SQL statements in Oracle 11g.

Problem 1. Please create the following tables for a tool rental database with appropriate primary keys & foreign keys. [30 points]

Assumptions:

1. Each tool belongs to a category.
2. Each category may have a parent category but the parent category should not have parent category (so at most two levels). E.g., a Tool A belongs to electric mower, and electric mower belongs to mower. Mower has no parent category.
3. Each tool can be rented at different time units. The typical time units are hourly, daily, and weekly. There is a different price for each time unit and tool combination. E.g., tool A may be rented at $5 per hour, $30 per day, and $120 per week.
4. Each customer can rent a tool for a certain number of time units. If the tool is returned late a late fee will be charged.

The list of tables is:

Tables:

Cust Table:

cid, -- customer id

cname, --- customer name

cphone, --- customer phone

cemail, --- customer email

Category table:

ctid, --- category id

ctname, --- category name

parent, --- parent category id since category has a hierarchy structure, power washers, electric power washers, gas power washers. You can assume that there are only two levels.

Tool:

tid, --- tool id

tname, --- tool name

ctid, --- category id, the bottom level.

quantity, --- number of this tools

Time_unit table allowed renting unit

tuid, --- time unit id

len, --- length of period, can be 1 hour, 1 day, etc.

min_len, --- minimal #of time unit, e.g., hourly rental but minimal 4 hours.

Tool_Price:

tid, --- tool id

tuid, --- time unit id

price, -- price per period

Rental:

rid, --- rental id

cid, --- customer id

tid, --- tool id

tuid, --- time unit id

num_unit, --- number of time unit of rental, e.g., if num_unit = 5 and unit is hourly, it means 5 hours.

start_time, -- rental start time

end_time, --- suppose rental end_time

return_time, --- time to return the tool

credit_card, --- credit card number

total, --- total charge

1. Recalling what outfit you wore yesterday is an example of which type of memory?

A. episodic memory

B. declarative memory

C. short-term memory

D. both A and B

E. both A and C

2. Which of the following is NOT a form of long-term memory?

A. semantic memory

B. procedural memory

C. iconic memory

D. episodic memory

E. these are all forms of long-term memory

3. When conducting an experiment that asks participants to memorize a list of 20 words, which experimental manipulation would serve to abolish the recency effect?

A.speed up the presentation rate

B.slow down the presentation rate

C.add a distractor task at the beginning of the experiment

D.add a distractor task after the word list but before the recall test

E. none of these options would influence the recency effect

4. What are the three core components of the Baddeley & Hitch model of working memory?

A. encoding, storage, retrieval
B. sensory register, STM, LTM
C. phonological loop, visuo-spatial buffer, central executive
D. iconic memory, echoic memory, short-term memory
E. maintenance, manipulation, executive control

5. _____ is an example of _____.

A. Memory for the first question on this quiz; iconic memory

B. Knowing how to ride a skateboard; control processes

C. Dory from Finding Nemo; a short-term memory problem

D. The auditory sensory store; haptic register

E. Remembering whose face is on a $1 bill; semantic memory

6. What mechanism of working memory makes it possible for people to hold more information in mind than would be expected given our general capacity limit of 7 ± 2 items?

A. Rote rehearsal

B. Scanning

C. Chunking

D. Summarizing

E. Parallel search

7. The "testing effect" refers to the phenomenon that:

A. studied information will only be consolidated into long-term memory if it is subsequently tested.

B. testing is maximally effective when no feedback is provided.

C. testing increases the likelihood that explicit memories will become implicit memories.

D. testing in the same place you in which you studied will lead to improved performance.

E. the act of retrieving a piece of information will strengthen your memory for that information.

8.Which of the following claim(s) would be consistent with the levels of processing theory:

A. intentional learning is always better than incidental learning

B. deeper processing leads to stronger memories

C. the amount of rehearsal determines the strength of the memory

D. memory is best when the retrieval context closely matches the encoding context

E. All of the above are claims made by levels of processing theory