Thousand Cranes By Yasunari Kawabata Essays

Thousand Cranes by Yasunari Kawabata ILLUSTRATE THE ROLE WHICH MRS OTA AND HER DAUGHTER FUMIKO PLAY IN BRINGING ABOUT THE REFORMATION OF KIKUJIS CHARACTER TO COME TO TERMS WITH HIS PAST. IN WHAT WAYS (IF ANY) DOES THIS HELP HIM BECOME A BETTER PERSON? Kawabatas Thousand Cranes is a novel that puts little emphasis on story lines, placing more value on emotions, reflections, symbolism and such. The rather crude (at first sight) plot of this complicated piece of Japanese literature is concentrated on a tangled web of relationships of the past, riddled with jealousy, insecurity and deep mistrust. Kikuji Mitani, the main character, has grown up watching many of these triangular and adulterous ties all unfold before his eyes his father taking the star role. As a result of this, even now, as a young working man the ghosts of the past come to haunt him, threatening to take over his life and make him a replication of his father even though he is now dead. The center of this haunting is in something he witnessed as a boy of eight or nine Chikakos birthmark. This disgusting image has a surprisingly intense effect on Kikuji, in fact so deep- He could sometimes imagine even that his own destinies were enmeshed in it. This is the state of Kikuji at the start of the book, an obsessive, even neurotic, driven character completely confused and angered by life, trying to push the past as far away as possible. His first meeting with Mrs. Ota is a forced one, a meeting he would rather have avoided. He had wanted to meet the Inamura girl later identified as the girl of the thousand cranes who is beautiful and more importantly pure in his eyes- clean against the rankling histories of middle-aged women in sharp contrast to the likes of Mrs. Ota, whose very presence is impure- It seemed wrong to meet the girlhere before Mrs. Ota. The thought of seeing Fumiko for the first time is even less appealing- he was even more repelled at the thought of meeting the daughter today. However his first impressions after four years of Mrs. Ota are- She seemed wholly warm, tender, overcome by pleasure at such an unexpected meeting. But this is quickly ruined by his malicious thought- One can only conclude she was wholly unaware of her place in the assembly and in society (?). From repulsion for both Mrs. Ota and Fumiko, Kikuji reserves his disgust only for Mrs. Ota, leaving sympathy for Fumiko- Was the woman foolish, or shameless? He was overcome with pity for the daughter Fumiko is still an unknown, with nothing revealed about her personality or any past history, but Kikuji does notice as Mrs. Ota is leaving that- There was a look of appeal in the girls eyes. We can conclude from here that Kikuji is very perceptive, noticing details that others may not take note of, although her appeal can be understood in many different ways, maybe an appeal for forgiveness, or an appeal to stay away from her mother. But the point being made here is that Kikuji is observing maybe a little too much about the two women if he has such a deep hatred for them. He should rather be aloof and uninterested in them. There are many other instances throughout the book where he scrutinizes like this, Fumiko and her mother both being characterized by their long, white neck(s)/throat(s). His keen perception of such detail could be used to guess at another aspect of his personality- that he is to some extent like an artist. However Kikujis newfound willingness to deal with his history is displayed when he purposely walks to Mrs. Ota despite his aversion for her- Nevertheless, he walked toward the gate. This is a very impulsive and perhaps dangerous (mentally harmful) decision for Kikuji to make, quite rash, because anything can happen. He seems to have made it quite clear in the pages before that at the moment he believes that his only salvation from his fathers curse (obviously he feels it is a curse) is to keep away from its living components- Mrs. Ota, Chikako and perhaps Fumiko. Now he is not even stopping to think what this new contradictory action will do to his years of resolve, to his determination to

Virus Essay essays

Virus Essay essays A virus is a strand of hereditary material coated by protein. They are too small to be seen by a light microscope and can take many shapes and forms. They can also do many different things. Viruses have neither a cell membrane nor nucleus or any other organelles. Viruses are harmful because they multiply by infecting host cells, living cells within the body, and then make copies of themselves while inside the living cell. After the new copied viruses disperse from the host cell, it dies. Some viruses, latent viruses, do not multiply, but become part of the host cell changing and becoming part of it's hereditary material. When a host cell infected with a latent virus copies itself, the viral DNA is also copied. Viruses can stay latent for many years, and certain conditions may activate the virus. Viruses attack all sorts of hosts, such as animals, plants, fungi, protists and all prokaryotes. While some many affect a broad range, other viruses can only infect certain kinds of cells. Viruses can not move by themselves, they must be transported by external means, such as wind. Most viruses only attack one kind of host cell because it must fit together exactly with the virus. A different type of virus is the bacteriophage. Bacteriophages infect bacteria by entering and releasing hereditary material. Each infected cell releases around 100 viruses. To fight viruses, we use vaccines. Vaccines are made of inactive, dead or weakened virus cells that con no longer infect host cells. Edward Jenner was the first to create a vaccine. In 1796 he developed a vaccine for small-pox by taking inactive cells from a disease called cowpox and injecting them into healthy people. Antibiotics do not work on viral infections because they are meant for bacterial infections. If not treated by vaccine, your body can try to prevent viral infections by making inferons. They are proteins created by infected cells, and are sent to other ...

Relating Physical and Service Performance in Local Government Communit Essay

Relating Physical and Service Performance in Local Government Community Facilities - Essay Example It leverages the economies of scale and is based on real needs. The factors critical to FM in an organization include organizational characteristics, facilities feature, business sector, culture and contexts. FM is no more restricted to business units but is greatly needed in the education sector, medical and health care sector and in care homes which are highly service oriented and case specific. It is also used in â€Å"smart† homes using technology to enhance facilities and support services. In the case of care homes, the stay of the service users is long term and hence the need for individualized service is even more pronounced. Consumers are vulnerable and their choice of home is more serious and complex than choosing other consumer goods in care homes. FM has a long way to go and can contribute to giving a strategic direction to any organization. It requires a professional approach with a trained facilities manager having different skills. It is usually the non-core acti vities that need to be addressed professionally. These activities, despite being non-core functions are in alignment with the core objectives and business goals. While its focus remains the workplace, the facilities extended are beyond the space that is provided. The FM function has to fit with the nature and demand of the organization. It provides better infrastructure and logistics support to the business unit. The support services are given priority based on the key role they play in support of the key business activities. FM works as a key strategic function in reducing risks and gaining advantages for the organization of facility resource issues. The most important element that matters at the end is customer satisfaction – what the business unit is achieving in relation to the expectations of the customer. Aligning the management of facilities with the institutional strategic aims and objectives goes beyond the role of providing space as the need arises.

How Apple will not survive after the death of Steve Jobs Research Paper

How Apple will not survive after the death of Steve Jobs - Research Paper Example His return did not only resuscitate the company but also disrupted seven industries: personal computing, animated movies, music, phones, tablet computing, retail stores, and digital publishing (Isaacson, 2012). Under Jobs leadership, Apple became a innovative company that introduced products in the market that rendered other product obsolete and revolutionized the industry itself. Today, Apple is the world’s leading brand due to the innovation and leadership that Steve Jobs introduced in Apple without which, Apple would be nowhere near its status as the world’s leading brand today. This success is attributed to Steve Jobs management style of structured leadership and organizational behavior that has been both criticized and lauded by its critics but nevertheless made Apple of what it is today. There are many literatures that described Steve Job’s management style. Almost everybody is unanimous in their assessment about Steve Job’s passion for product excel lence that drove Apple towards innovation. Steve Jobs is extremely engrossed not only towards the details of Apple’s products but also on how it is marketed. He is known to push people to accomplish goals and objectives more than they thought they could achieve. He also stretched the possibilities of hardware and software design that yielded revolutionary products of which we enjoy today that often drove his people nuts(time). He was known to become rude, [slave driver at times], unreasonable, fickle, arrogant and even took credit for other’s ideas (time). But despite these seeming weaknesses, Job’s leadership have undeniably drove the company from near bankruptcy to become one of the most envied companies in the world. This kind of leadership was aptly encapsulated and articulated by Geil Browning as structured in the article entitled â€Å"Why Steve Jobs' Exactitude Mattered as Much as His Vision† at it dissected why Steve Jobs was effective as leader w ith his management style. Structured leadership meant having a road map on how to get things done such as â€Å"definition of objectives, develop process and road maps, pinpoint roles and responsibilities, develop timelines and schedules, establish milestones and checkpoints, determine success metrics, and identify control mechanisms† (2013).   To be specific, this kind of management style continues to learn by doing which is why Apple was always ahead on the learning curve of smartphones and gadgets. This is supported by practicality and straightforwardness which critics have branded Steve Jobs as rude for his forthrightness in communicating. Structured leadership is also sequential such as Jobs which drove his subordinates’ nuts because he does not seem to get contented with vague ideas. In sum Steve Job’s structured leadership boils to â€Å"communicating a specific, desired outcome, providing the tools to complete the assignment, and articulating how to d o it. Then just leave your employees alone. The work will get done--on time, on budget, and with precision† (Browning, 2013) particularly the precision part of which Job was known because he was precise to the minutest details. This management style of Steve Jobs however is no longer emphasized in the present leadership of Apple. Being such, Apple is bound to fail without Steve Jobs because the leadership and organizational behavior that was instilled by Steve Jobs that drove the company to excellence and produce radical innovation is already gone. Its new CEO Tim

Presentation Essay Example for Free

Presentation Essay First, to ensure the improvement and continued success of my upcoming PC-2 presentation, I should keep in mind the strong points of my previous work, and make a conscious effort to continue them. I must make sure that I continue to be lively, persuasive and enthusiastic. I should also ensure that I prepare well for the upcoming presentation, so as to remain the authority or the expert in what I am discussing. It will also be important to continue the various techniques I used in grabbing and keeping the attention of my audience, and to again arrange my presentation in such a way that the audience stays with me and does not get bored with it. Second, based on the comments of my fellow students, my professor, and from my own observations, here are some things that I can improve on. The first and obvious area that needs improvement is with regard the technical aspect of my presentation. I will need to get better equipment (I. e. new web/video cam, sound recording devices) to ensure that my audience sees and hears my presentation clearly. All my hard work and preparation will be put to waste if no one will be able to properly view my work. Second, I will have to improve the place where I shoot or record my video presentation, as my previous area was a distraction to some, if not most of my audience. Perhaps I can use a more professional setting, or at least something which will not distract and divert the attention of my audience from my presentation. Next, I think I can also improve on some of my unconscious mannerisms while doing the presentation. As pointed out, there were instances when I was moving my chair back and forth, which distracted my audience. I should make a more conscious effort to be aware of these mannerisms, and perhaps to do the presentation while standing up, which will help in making my over-all appearance more persuasive and assertive. Lastly, in the end, nothing compares to a good preparation an planning of the presentation to ensure its success.

Averting Problems in the New Millennium Essay -- Technology

Averting Problems in the New Millennium As we approach the end of this century, many people have raised concerns regarding the serious issues surrounding the Y2K problems. Although no one knows precisely what will happen on January 1, 2000, the general opinion is that Y2K related problems will cause failures of basic services including utilities, water and phone service. Contrary to popular opinion, I believe that the Y2K problems will have more of a positive effect on our society because it has caused us to analyze more carefully, the data and the technology we rely on in everyday situations. In addition, the new millennium will usher an era of tremendous opportunities for technological advancements in our society. In other words, the current preparations to avert a Y2K crisis, has given us an advantage which will minimize technological breakdowns in the future and create new technology which will ensure a relatively smooth transition into the new millennium. The main focus of our concerns regarding the Y2K crisis is the fact that we know precisely when it is scheduled to begin and "this appointment with destiny cannot be postponed or avoided" (Jeffrey 10). During the past eighteen months, we have been bombarded with extensive information in the media regarding the Y2K problem including predictions on how it will impact our society. This problem can be traced back to approximately forty years ago, when programmers in the fledging computer industry made a fateful decision to save memory and space by recording year dates with only two digits. Unfortunately, no one anticipated that these early computer programs and mainframes would still be using these systems in 1999. As a result, this technological glitch may cause compute... ...other utilities, hopefully for short periods and the worst case scenario, could be a few weeks. However, these incidents will not translate into doomsday proportions and will not mean the "end of the world" as we know it. There is less reason to panic over Y2K because unlike the many natural disasters that we experienced in the United States we were able to proactively address this crisis. I am certain that we will witness one of the best New Year's Eve celebration in this century as the Waterford crystal ball is expected to drop and glow " 2000" in brilliant lights and the city lights will stay on. Works Cited Gould, Stephen Jay. Questioniung the Millennium. New York: Harmony Books, 1999. Seymour, Jim PC Magazine. "The Year 2000 Countdown" New York: April 1999. Jeffrey, Grant R. The Millennium Meltdown. Toronto: Frontier Research Publication, Inc., 1998.

Multiple Choice Questions

CH 1 Answers Multiple Choice Questions 1. E 8. E 15. E 2. E 9. E 16. A 3. E 10. C 17. D 4. E 11. E 18. E 5. D 12. A 6. B 13. D 7. E 14. E CH 2 Answers Multiple Choice Questions 1. C 11. B 21. E 2. C 12. E 22. A 3. B 13. E 23. C 4. B 14. E 24. D 5. D 15. B 25. C 6. E 16. D 26. A 7. A 17. D 27. D 8. D 18. E 28. B 9. A 19. C 10. D 20. E CH 3 Answers Multiple Choice Questions 1 B 9. B 17. D 2. C 10. A 18. E 3. B 11. A 19. C 4. D 12. B 20. D 5. E 13. D 21. C 6. A 14. A 7. C 15. D 8. E 16. A CH 4 Answers Multiple Choice Questions 1 B 9. B 17. D 2. C 10. A 18. E 3. B 11. A 19. C 4. D 12. B 20. D 5. E 13. D 21. C 6. A 14. A 7. C 15. D 8. E 16. A 9. D 18. B CH 5 Answers Multiple Choice Questions 1. E 11. B 21. C 2. B 12 B 22. A 3. C 13. B 23 B 4. C 14. E 24 A 5. B 15. E 25. C 6. B 16. C 26. E 7. D 17. D 27. B 8. A 18. A 28. A 9. B 19. D 29. D 10. B 20. A Solutions 16. Solution: use Equation (5-4) [(. 32 – . 30)/. 30] x (360/180) = 13. 3% 17. Solution: use Equation (5-4) [(. 30 – . 32)/. 32] x (360/180) = -12. 5% 18. Solution: cross rate . 28/. 86 = . 3256 19. Solution: cross rate DM. 31/FF: FF1/DM. 31 = FF3. 23/DM FF3. 23/$. 35 = FF9. 228/$ 20. Solution: use Equation (5-1) [(. 0045 – . 0035)/. 0035 = 29% 21. Solution: use Equation (5-8) [(. 864 – S)/S) x (360/90)] = . 10 – . 04 S = . 3807 22. Solution: use Equation (5-6). Remember that Cr$3342. 63 = $0. 0002991. new exchange rate = $0. 0002991[(1 + . 05)/(1 + . 90)] = $. 0001652/Cr$; or Cr$1/$. 0001653 = Cr$6053. 27/$ 23. Solution: Use Equation (5-7): nominal rate = real rate + inflation rate. nominal rate = 5% + 4% = 9% S olution: invest in the U. S. : $10,000 x 1. 01 = $10,100 invest in the U. K. and cover in the forward market. buy pounds at the present spot rate: $10,000/1. 8 = ? 5,555 invest in the U. K: ? 5,555 x 1. 015 = ? 5,638 sell pounds forward: ? 5,638 x 1. 8 = $10,036 The investor would earn $64 more by investing in the United States instead of the United Kingdom. 25. Solution: use Equation (5-8) and solve for the forward rate: [(F – 1. 800)/1. 800 x (360/90)] = 0. 04 – 0. 06 F = ? 1. 809 26. Solution: use Equation (5-8) and solve for the U. K. interest rate. [(1. 780 – 1. 800)/1. 800 x (360/90)] = 0. 04 – if if = 0. 084 27. Solution: Use Equation (5-1). % Change = (0. 68 – 0. 64)/0. 64 = 0. 0625 or 6. 25% 28. Solution: Converting the above example into indirect quotations, the Swiss franc changes from 1. 5625 francs to 1. 4706 francs. Use Equation (5-2) to solve this problem. % Change = (1. 5625 – 1. 4706)/1. 4706 = 6. 25% 29. Solution: Use Equation (5-3). Spread = (0. 68 – 0. 64)/0. 64 = 0. 0625 or 6. 25% CH 6 Answers Multiple Choice Questions 1. E 10. E 19. B 2. E 11. B 20. E 3. E 12. E 21. E 4. B 13. A 22. C 5. C 14. A 23. D 6. E 15. D 24. A 7. C 16. C 25. B 8. B 17. D 9. B 18. A Solutions 16. $value = $0. 50 x DM10,000,000 = $5,000,000 17. Investment =? 62,500 x $1. 65 x 0. 02 = $2,062. 50 Profit = ? 62,500 ($1. 67 – $1. 65) = 1,250 Rate of return = (1,250/2,062. 50) x (12/6) = 121% 18. Potential profit = $1. 65 – $1. 62 = $0. 3 19. Potential loss = $1. 62 – $1. 65 = -$0. 03 20. Buy call options on March 19 -$0. 04 Exercises the option on September 19 -$0. 80 Sell the pounds on September 19 +$0. 92 Net profit as of September 19 +$0. 08 Net profit for three contracts = Can$150,000 x $0. 08= $12,000 21. Total loss = Can$150,000 x $0. 04 = $6,000 22. Intrinsic value = $0. 16 â⠂¬â€œ $0. 15 = $0. 01 23. Breakeven point = $1. 75 + $0. 07 = $1. 82 24. Total receipts = FF10,000,000 x $0. 20 = $2,000,000 total premium = FF10,000,000 x $0. 05 =$ 500,000 net receipts = $1,500,000 25. Breakeven point = $0. 70 – $0. 05 = $0. 65 CH 7 Answers Multiple Choice Questions 1. E 10. C 19. C 2. E 11. B 20. B 3. E 12. B 21. D 4. C 13. A 22. E 5. E 14. B 23. A 6. A 15. B 24. C 7. E 16. C 25. D 8. A 17. E 26. A 9. C 18. A 27. D Solutions 20. $7,500,000 x (0. 082 – 0. 08) = $15,000. 21. $15,000 x the annuity discount factor of $1 for 5 years at 8 percent = $15,000 x 3. 993 = $59,895. 22. You will receive a total of $30,000 for the first two years [$7,500,000 x (0. 082 – 0. 080) x 2]. The new floating rate that you will receive: 8. 2% -1. 5% = 6. 7%. You will pay a total of $292,500 for the last three years [$7,500,000 x (0. 67 – 0. 08) x 3 years]. Thus, your net payment over the five years will be -$262,500 ($30,000 – $292,500). 23. $500,000 x SFr1. 4 = SFr700,000. 24. $500,000 x 0. 09 = $45,000. 25. $500,000 x (0. 09 – 0. 08) = $5,000. 26. SFr700,000 (1. 08) = SFr756,000. 27. $500,000 (1. 09) = $545,000. CH 8 Answers Multiple Choice Questions 1. E 9. E 17. D 2. C 10. A 18. D 3. E 11. D 19. A 4. D 12. E 20. C 5. E 13. C 21. E 6. D 14. E 22. C 7. E 15. D 23. C 8. B 16. C 24. E Solutions 18. Use Equation (8-1): % Change = ( 0. 70 – 0. 65 ) / 0. 65 = 7. 69% 19. Use Equation (8-2): % Change = ( 0. 65 – 0. 0 ) / 0. 70 = -7. 14% 20. Use Equation (8-1): % Change = ( 0. 44 – 0. 40 ) / 0. 40 = 10% 21. Use Equation (8-3): Predicted Rate = $0. 4 x [ ( 1 + 0. 05 ) / ( 1 + 0. 03 ) ] = $0. 4078 22. ( 0. 4400 – 0. 4078 ) / 0. 4078 = 7. 9% 23. Use Equation (8-5): Predicted Rate = $0. 50 x [ ( 1 + 0. 12 ) 5 / ( 1 + 0. 08 ) 5 ] = $0. 5997 CH 9 Answers Multiple Choice Questions 1. B 10. D 19. C 2. E 11. D 20. D 3. D 12. A 21. A 4. C 13. A 22. A 5. E 14. E 23. C 6. E 15. E 24. D 7. C 16. A 8. E 17. C 9. D 18. B Solutions 12. Call option = ? 50,000 x $1. 7 = $85,000 Spot transaction = ? 50,000 x $1. = $90,000 Thus, the U. S. company should exercise the option. 16. Net Exposure = Ps300 million – Ps200 million = Ps100 million Gain or loss = $0. 0001 x (-Ps 100 million)= – $10,000 17. (Expected amount) $15 million – (actual amount) $14 million = exchange loss of $1 million 18. (Profit after taxes) ? 50 million + (depreciation) ? 10 million = (cash flows from operation) ? 60 million Exchange gain or loss = ? 60 million x $0. 02 = $1. 2 million 19. Gain or loss = $15 million x 3 = $45 million 20. [ ( 1. 8090 – 1. 800 ) / 1. 8000 ] x 360 / 90 = 0. 08 – 0. 1 0. 02 = 0. 02 21. irect loan credit swap 50,000y + (250,000y – 500,000) = 50,000y + 50,000 y = 2. 2 22. $value = $2. 02 x ? 10,000 = $20,200 23. 1) borrow ? 9,709 (10,000/1. 03) 2) buy $19,515 (? 9709 x $2. 01) 3) invest $19,515 in the U. S. at 2% 4) receive $19,905 ($19,515 x 1. 02) 24. Call option = ? 50,000 x $1. 7 = $85,000 CH 10 Answers Multiple Choice Questions 1. E 10. D 19. e 2. E 11. E 20. E 3. C 12. E 21. D 4. B 13. D 22. A 5. E 14. D 23. E 6. E 15. E 7. D 16. E 8. E 17. B 9. E 18. C CH 11 Answers Multiple Choice Questions 1. B 9. A 17. B 2. B 10. B 18. E 3. E 11. D 19. B 4. E 12. D 20. C 5. B 13. A 21. D 6. D 14. E 22. E 7. B 15. A 8. D 16. C CH 12 Answers Multiple Choice Questions 1. E 10. B 19. C 2. A 11. A 20. D 3. E 12. C 21. D 4. E 13. C 22. B 5. B 14. B 23. D 6. D 15. E 24. C 7. D 16. E 25. C 8. E 17. E 9. E 18. A CH 13 Answers Multiple Choice Questions 1. C 8. C 15. E 2. A 9. D 16. A 3. D 10. E 17. D 4. E 11. C 18. B 5. D 12. B 19. E 6. D 13. B 20. B 7. D 14. D 21. D CH 14 Answers Multiple Choice Questions 1. E 11. E 21. D 2. D 12. E 22. E 3. E 13. B 23. C 4. E 14. A 24. B 5. A 15. B 25. A 6. A 16. C 26. D 7. B 17. B 27. D 8. B 18. E 28. C 9. E 19. C 10. D 20. A Solutions 25. Solution: U. S. nvestment earns 1 percent. Percentage change in mark = ($0. 40 – $0. 50)/$0. 50 = -20%. German investment loses 18. 8 percent: [(1 + 0. 015)(1 + (- 0. 20)] – 1 = -18. 8%. 26. Solution: Convert DM100,000 to $50,000 at $0. 50 rate. Invest $50,000 in the U. S. at 11 percent. ($50,000 x 1. 11 = $55,500) Reconvert dollars to marks. ($55,500/$0. 46 = DM120,652) Yield = (DM120,652 – DM100,000)/DM100,000 = 20. 65%. 27. Solution: Use Equation (14-1). 0. 10 = (1 + 0. 13)(1 + ie) – 1; solve the equation for ie (percentage depreciation). ie = (1 + 0. 10/(1 + 0. 13) – 1 = -2. 65%. 28. Solution: Use Equation (14-1). 0. 09 = (1 + 0. 60)(1 + ie) – 1; solve the equation for ie (percentage depreciation). ie = (1 + 0. 09)/(1 + 0. 60) – 1 = -31. 88%. CH 15 Answers Multiple Choice Questions 1. B 9. A 17. D 2. E 10. E 18. A 3. D 11. B 19. E 4. E 12. D 20. A 5. A 13. B 21. A 6. E 14. B 22. B 7. A 15. E 23. E 8. B 16. C 24. A Solution 20. Use Equation (15-2): R = . 07 + (. 15 – . 07) 1. 4 = 18. 2% 21. Use Equation (15-2): R = . 05 + (. 11 – . 05) 1. 2 = 12. 2% < 20% 22. Use Equation (15-4): Rp = (. 4) (. 12) + (. 6) (. 20) = 16. 8%. 23. Use Equation (15-4): 0. 17 = (0. 60) (Rus) + (0. 40) (0. 20). Rus = 15%. 4. Average price = (40 + 50 + 60) / 3 = $50. Use Equation (15-1) for the standard deviation: Standard deviation = {[ ( 40 – 50 ) 2 + ( 50 – 50 ) 2 + ( 60 – 50 ) 2 ] / ( 3 – 1 ) } ? =$10. 1. The coefficient of variation = 10 / 50 = 0. 20. CH 16 Answers Multiple Choice Questions 1. E 11. A 21. C 2. B 12. C 22. E 3. B 13. D 23. C 4. E 14. E 24. B 5. A 15. B 25. B 6. C 16. D 26. B 7. C 17. B 27. A 8. B 18. E 28. E 9. D 19. C 10. C 20. A CH 17 Answers Multiple Choice Questions 1. A 11. D 2. D 12. E 3. B 13. E 4. B 14. E 5. D 15. A 6. E 16. B 7. C 17. A 8. C 18. C 9. B 19. A 10. A Solutions 15. ayback period = 1 + (15,000 – 8,000)/9,000 = 1. 8 years. 16. NPV = $8,000/(1. 12) + $9,000/(1. 12)2 + $10,000/(1. 12)3 + $10,000/(1. 12)4 -$ 15,000 = $13,433. 17. NPV = $8,000/(1. 20) + $9,000/(1. 20)2 + $10,000/(1. 20)3 + $10,000/(1. 20)4 -$ 15,000 = $9,002. 18. Year 1: DM12,000,000 x $0. 60 = $ 7,200,000 Year 2: DM30,000,000 x $0. 60 = $18,000,000 Net present value = $7,200,000/(1. 18) + $18,000,000/(1. 18)2 – $8,000,000 = $11,029,015. 19. NPV = $900 (0. 75)/(1. 06) + $1,000(0. 55) /(1. 06)2 + $1,400(0. 35)/(1. 06)3 -$ 1,400 = $138. CH 18 Answers Multiple Choice Questions 1. D 10. C 19. E 2. C 11. C 20. B 3. D 12. E 21. E 4. E 13. B 22. C 5. B 14. B 23. B 6. C 15. E 24. E 7. B 16. A 25. D 8. D 17. A 26. E 9. B 18. E 27. A 28. D Solutions 21. Use Equation (18-2): Cost of common stock = 4 / 54 + . 09 = 16. 4% 22. Use Equation (18-5): Cost of bond = . 124 (1 – . 40) = 7. 4% 23. Use Equation (18-1): Cost of capital = (120,000/200,000). 164 + (80,000/200,000). 074 = 12. 8% 24. Use Equation (18-3): Cost of common stock = 0. 06 + (0. 08 – 0. 06) 1. 2 = 8. 4%. 25. Use Equation (18-6): The before-tax cost of debt = 0. 30 x 0. 85 – 0. 15 = 0. 105. After-tax cost of debt = 0. 105 (1 – 0. 35) = 6. 3% 26. Use Equation (18-4): The cost of common stock = 1 / 25 = 4%. 27. If you rearrange Equation (18-2) for the market price of equity, you will have: market price = dividend / (cost of equity – annual dividend growth rate) = $1. 2 / (0. 20 – 0. 04) = $7. 50. 28. Solve Equation (18-2) for the market price of equity: Because the dividend per share is $2. 40 ($4. 00 x 0. 60), market price of the stock = $2. 4 / (0. 12 – 0. 05) = $34. 29. CH 19 Answers Multiple Choice Questions 1. E 11. E 2. D 12. A 3. D 13. E 4. A 14. A 5. D 15. D 6. A 16. E 7. E 17. D 8. E 18. C 9. C 19. C 10. D 20. A