The most accurate definition of scarcity is the one that describes the fact that our wants are greater than our abilities to satisfy them, so we must make choices about how to allocate resources.
This definition states that scarcity exists because of unlimited wants and needs for goods and services, coupled with limited resources and technology to produce them.Most societies and individuals have to face the problem of scarcity in some way. The limitation of resources and the increase in demand for goods and services, people need to make a choice on what to produce, how to produce and for whom to produce.
The limited resources and the increase in demand have forced people and society to make choices. People have to make choices on how to allocate the resources and produce the goods and services that satisfy their most pressing needs.
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Current Position Analysis The following items are reported on a company's balance sheet: Cash $730,800 Marketable securities 570,900 Accounts receivable (net) 566,700 Inventory 415,200 Accounts payable 692,000 Determine (a) the current ratio and (b) the quick ratio. Round to one decimal place. a. Current ratio b. Quick ratio
The company's current ratio is 2.2 and the quick ratio is 1.4. The current ratio measures the ability of the company to meet its short-term liabilities. The quick ratio measures the ability of the company to pay off its current liabilities using assets that can be quickly converted into cash.
(a) Current Ratio: Current ratio is used to measure a company's ability to pay its short-term debts with its short-term assets. The current ratio is calculated by dividing current assets by current liabilities. It is represented as Current ratio = Current assets / Current liabilities.
Given,
Cash = $730,800
Marketable securities = $570,900
Accounts receivable (net) = $566,700
Inventory = $415,200
Therefore, Current assets = $2,283,600 ($730,800 + $570,900 + $566,700 + $415,200)
Accounts payable = $692,000
Therefore, Current liabilities = $692,000
Using the formula,
Current ratio = Current assets / Current liabilities
= $2,283,600 / $692,000
= 2.2 (rounded to one decimal place)
Therefore, the current ratio of the company is 2.2.
(b) Quick Ratio: Quick ratio is also known as the acid test ratio. It is a measure of the ability of a company to pay off its current liabilities using assets that can be quickly converted into cash. Quick ratio is calculated by dividing quick assets by current liabilities.
Quick assets are current assets that can be quickly converted into cash. Quick assets include cash, marketable securities, and accounts receivable.
Quick ratio = Quick assets / Current liabilities
Given,
Cash = $730,800
Marketable securities = $570,900
Accounts receivable (net) = $566,700
Quick assets = $1,868,400 ($730,800 + $570,900 + $566,700)
Accounts payable = $692,000
Using the formula,
Quick ratio = Quick assets / Current liabilities
= $1,868,400 / $692,000
= 1.4 (rounded to one decimal place)
Therefore, the quick ratio of the company is 1.4.
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What is the statement of the null hypothesis of the Fisher's F-test?
The coefficient of regression is not statistically significant
There is a significant Y-X interrelation and the regression model is adequate
The coefficient of regression is statistically significant
There is no Y-X interrelation or the regression model is not adequate
The null hypothesis of Fisher's F-test states that there is no Y-X interrelation or the regression model is not adequate.
Fisher's F-test is used to determine the overall significance of a regression model by comparing the variance explained by the model to the unexplained variance.
The null hypothesis of the F-test states that there is no significant Y-X interrelation or the regression model is not adequate. In other words, it suggests that the independent variables in the regression model have no impact on the dependent variable, or the model is not a good fit for the data. If the null hypothesis is rejected, it implies that there is a significant relationship between the variables and the regression model is considered appropriate.
Conversely, if the null hypothesis is not rejected, it indicates that the model is not statistically significant and may need further refinement.
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Bond Z is a 4% annual coupon bond maturing in 5 years with a face value of $1,000. The interest rate for all maturities is 10%. What is Bond Z's Macaulay duration?
NOTE: Answers should be expressed in years rounded to the nearest hundredth (0.01) - for example, enter 1.2345 years as 1.23. Intermediate results should not be rounded to less than 6 decimal places unless instructed otherwise.
To calculate Bond Z's Macaulay duration, we need to follow these steps:
Step 1: Calculate the present value of each cash flow.
The annual coupon payment is 4% of $1,000, which is $40. The face value of the bond is $1,000, and the interest rate is 10%.
Using the present value formula for a bond, the present value of the coupon payments can be calculated as follows:
PV(coupon payment) = coupon payment / (1 + interest rate)^t,
where t is the time period in years.
For Bond Z, the coupon payments occur annually for 5 years. The present value of each coupon payment is as follows:
PV(coupon payment year 1) = $40 / (1 + 0.10)^1 = $36.36
PV(coupon payment year 2) = $40 / (1 + 0.10)^2 = $33.06
PV(coupon payment year 3) = $40 / (1 + 0.10)^3 = $30.06
PV(coupon payment year 4) = $40 / (1 + 0.10)^4 = $27.32
PV(coupon payment year 5) = $40 / (1 + 0.10)^5 = $24.84
The present value of the face value at maturity is simply the face value itself since it is received at the end of the bond's life:
PV(face value) = $1,000
Step 2: Calculate the weighted average time of each cash flow.
The weighted average time is calculated by multiplying each cash flow's present value by the time until it is received, and then dividing the sum by the total present value of the bond.
Weighted average time = (PV(coupon payment year 1) × t1 + PV(coupon payment year 2) × t2 + ... + PV(coupon payment year 5) × t5 + PV(face value) × t6) / Total present value,
where t1, t2, ..., t6 represent the time periods for each cash flow.
For Bond Z:
t1 = 1 year
t2 = 2 years
t3 = 3 years
t4 = 4 years
t5 = 5 years
t6 = 5 years (since the face value is received at maturity)
Total present value = PV(coupon payment year 1) + PV(coupon payment year 2) + PV(coupon payment year 3) + PV(coupon payment year 4) + PV(coupon payment year 5) + PV(face value) = $36.36 + $33.06 + $30.06 + $27.32 + $24.84 + $1,000 = $1,151.64
Weighted average time = ($36.36 × 1 + $33.06 × 2 + $30.06 × 3 + $27.32 × 4 + $24.84 × 5 + $1,000 × 5) / $1,151.64 = 5.33
Therefore, Bond Z's Macaulay duration is 5.33 years (rounded to the nearest hundredth).
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Question D Taking the Aghion and Tirole (1997) model as a starting point, this question requires you to develop your own economic model of decision making.
1. First, identify a tradeoff between decentralisation (or delegation) and centralisation. 2. Develop an economic model that captures these tradeoffs. 3. Solve the model and provide some economic intuition for the results. 4. Relate the predictions of your model to the current literature on the optimal allocation of decision-making rights in the literature Background reading for Question D Aghion, P. and J. Tirole 1997, ‘Formal and real authority in organizations’, Journal of Political Economy, vol. 105, no. 1, pp. 1-29. M. Colombo and M. Delmastro 2008, The Economics of Organizational Design: Theoretical Insights and Empirical Evidence, Palgrave MacMillan, Hampshire UK, Chapter 2.
The model shows that the degree of delegation x is dependent on the marginal benefits and costs of delegation, as well as the benefits of centralization.
The first step is to identify a tradeoff between centralization and decentralization. The tradeoff between centralization and decentralization is that, in general, centralization can offer more control and coordination, but at the expense of information that can be acquired and processed by subordinates.In contrast, decentralization is associated with more accurate information, but the issue of coordination can be challenging.
In the Aghion and Tirole (1997) model, the tension between delegation and centralization can be captured. The trade-off can be represented as the degree to which management delegates authority to subordinates or retains it in its hands. The degree of delegation can be represented by x, and the degree of centralization by (1-x).
The model can be formalized by using the following utility functions:U(x) = (1-x) [p(x)-c] - f(x) where, p(x) is the probability of a high outcome, c is the cost, and f(x) is the cost of delegation. On the other hand, the utility function of the subordinates can be represented as follows:
U(x) = x [p(x)-c] - g(x) where g(x) is the cost of working.
Using the first-order conditions, we can derive the following solution:
x = (p'(x))/(p'(x)+g'(x)+f'(x))
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XYZ operates indoor tracks. The firm is evaluating the Santa Fe project, which would involve opening a new indoor track in Santa Fe. During year 1, XYZ would have total revenue of $164,000 and total costs of $78,000 if it pursues the Santa Fe project, and the firm would have total revenue of $159,000 and total costs of $74,000 if it does not pursue the Santa Fe project. Depreciation taken by the firm would be $76,000 if the firm pursues the project and $37,000 if the firm does not pursue the project. The tax rate is 50%. What is the relevant operating cash flow (OCF) for year 1 of the Santa Fe project that XYZ should use in its NPV analysis of the Santa Fe project?
The relevant operating cash flow (OCF) for year 1 of the Santa Fe project that XYZ should use in its NPV analysis is $10,000.
To calculate the relevant operating cash flow (OCF) for year 1 of the Santa Fe project, we need to consider the cash inflows and outflows related to the project. The OCF can be calculated using the formula:
OCF = (Total revenue - Total costs - Depreciation) × (1 - Tax rate)
Given the information provided:
Total revenue (if pursuing Santa Fe project) = $164,000
Total costs (if pursuing Santa Fe project) = $78,000
Depreciation (if pursuing Santa Fe project) = $76,000
Tax rate = 50%
Using the formula:
OCF = ($164,000 - $78,000 - $76,000) × (1 - 0.50)
OCF = $10,000
Therefore, the relevant operating cash flow (OCF) for year 1 of the Santa Fe project that XYZ should use in its NPV analysis is $10,000.
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psychographics enables marketers to view people as individuals with feelings and inclinations.
Psychographics is the research of various characteristics of human behavior, such as opinions, values, interests, activities, and lifestyles. Psychographics enables marketers to view people as individuals with feelings and inclinations. Psychographics, unlike demographics, looks beyond surface-level attributes to determine consumer behaviors and preferences. Psychographics is concerned with a person's way of life, opinions, and values, and it aids in the creation of marketing messages that appeal to consumers.
Marketers use psychographics to create advertisements that appeal to consumers' emotions and needs. Psychographics allows marketers to comprehend why customers make purchases, their motivations for purchasing, and their general preferences. Psychographic research helps companies recognize the needs and wants of different customer segments.
This knowledge enables marketers to create advertising campaigns that cater to specific consumer groups. Psychographic data can be used by marketers to determine which advertising approach is most effective in communicating with a particular audience. Psychographics assists in the creation of content that is not only relevant but also appealing to a specific group of customers. Psychographics is also useful in creating messages that elicit an emotional response from consumers.
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Every research article that is published in an academic journal is required to include a short abstract. This abstract tells the busy reader what the article is about—the thesis that it defends and the arguments that it uses for its defense. It also tries to entice the reader to dedicate their time and effort to reading the article. To do this, it has to show how strong the paper's arguments are. After all, ambiguous, fluffy summaries of the article won't convince any reader that the article is worth their time and effort.
In this assignment, you'll write a 300-word abstract for any one of the three papers that you are assigned to read in Week 6- The Evolutionary Basis of Collective Action by Samuel Bowles and Herbert Gintis. I'll evaluate them in the way that a journal editor would evaluate them, so write them as though you would be submitting them to a journal.
The assigned task is to write a 300-word abstract for the paper "The Evolutionary Basis of Collective Action" by Bowles and Gintis, presenting its thesis and arguments persuasively.
In this assignment, the objective is to write a 300-word abstract for the paper "The Evolutionary Basis of Collective Action" by Samuel Bowles and Herbert Gintis. The abstract should effectively summarize the paper's thesis, arguments, and their strength to entice readers to dedicate their time and effort to reading the full article. As the abstract will be evaluated as if it were being submitted to a journal, it is important to provide a concise and compelling overview of the paper.
The abstract should clearly state the main thesis of the paper, which likely explores the evolutionary foundations of collective action. It should highlight the key arguments and evidence presented by Bowles and Gintis, demonstrating the strength and validity of their claims. To convince readers of the article's worthiness, the abstract should avoid ambiguity and employ clear and persuasive language.
Writing an effective abstract requires capturing the essence of the paper while emphasizing its importance and contribution to the field. It should pique the reader's curiosity, provide a concise overview of the paper's content, and showcase the paper's strong arguments. By adhering to the guidelines of a journal editor, the abstract can effectively communicate the value and significance of the paper "The Evolutionary Basis of Collective Action."
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INSTRUCTION: Critically answer the case study questions given.
Pharmacy Prescription Process
Consider the following process at a pharmacy overseas:
Customers drop off their prescriptions either in the drive-through counter or in the front counter of the pharmacy. When dropping their prescription, a technician asks the customer for a pick-up time and puts the prescription in a box labelled with the hour of the pick-up time. Every hour, one of the pharmacy technicians picks up the prescriptions due to be filled in the current hour. The technician then enters the details of each prescription (e.g. doctor’s details, patient details and medication details) into the pharmacy system. As soon as the details of the prescriptions are entered, the pharmacy then performs an automated check called Drug Utilization Review (DUR). This check is meant to determine if the prescription contains any drugs that may be incompatible with other drugs that had been dispensed to the same customer in the past, or drugs that may be inappropriate to the customer. Any alarms raised during the automated DUR are reviewed by a pharmacist who performs a more thorough check. In some cases, the pharmacist even has to call the doctor who issued the prescription in order to confirm it. After the DUR, the system performs an insurance check in order to determine whether the customer’s insurance policy will pay for part or for the whole cost of the drugs. In most cases, the output of this check is that the insurance company would pay for a certain percentage of the costs, while the customer has to pay for the remaining part (also called the co-payment). Once the prescription passes the insurance check, it is assigned to a technician who collects the drugs from the shelves and puts them in a bag with the prescription stapled to it. After the technician has filled a given prescription, the bag is passed to the pharmacist who double-checks that the prescription has been filled correctly. After this quality check, the pharmacist seals the bag and puts it in the pick-up area. When a customer arrives to pick up a prescription, a technician retrieves the prescription and asks the customer for payment in case the drugs in the prescription are not (fully) covered by the customer’s insurance
Question 1
Draw an as-is diagram for the above process (30marks)
The as-is diagram for the pharmacy prescription process involves customers dropping off their prescriptions, technician entering prescription details, automated Drug Utilization Review (DUR) check, pharmacist review, insurance check, prescription filling by a technician, pharmacist quality check, and customer payment upon pick-up.
The as-is diagram of the pharmacy prescription process begins with customers dropping off their prescriptions at either the drive-through counter or the front counter of the pharmacy. A technician interacts with the customer, collects the prescription, and assigns a pick-up time. The prescription is then placed in a box labeled with the designated hour of pick-up. Every hour, a pharmacy technician retrieves the prescriptions due for filling in the current hour. The technician enters the prescription details, including doctor's information, patient details, and medication details, into the pharmacy system. After this step, an automated Drug Utilization Review (DUR) check is conducted to ensure the compatibility and appropriateness of the prescribed medication. If any alarms are raised during the DUR check, a pharmacist reviews the prescriptions in more detail and may contact the prescribing doctor for confirmation. Following the DUR check, an insurance check is performed to determine the coverage provided by the customer's insurance policy. The output of the insurance check determines the percentage of drug costs covered by the insurance, with the remaining portion requiring payment from the customer as a co-payment.
Once the prescription passes the insurance check, a technician is assigned to gather the prescribed drugs from the shelves and assemble them in a bag, which is then stapled to the prescription. The bag is then passed to a pharmacist for a double-check to ensure that the prescription has been filled accurately. After this quality assurance process, the pharmacist seals the bag and places it in the pick-up area. When a customer arrives to collect their prescription, a technician retrieves the bag and requests payment from the customer if the drugs are not fully covered by insurance. The as-is diagram illustrates the sequential steps and interactions involved in the pharmacy prescription process, providing an overview of the workflow and highlighting the roles of various personnel in ensuring accurate and efficient prescription fulfillment.
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Case Study
You are interested to acquire the following private equity firm. The private firm operates in Australia and its main business is in biotechnology. The current revenue is $7,400,000 per year. Given that it is a growing company, you think that the company's revenue would grow, on average, 7% every year over the next five years. You would fund your purchase with 50% debt and the remaining with equity. As a seasoned private equity investor, you would pay an EBITDA multiple of 10 for the company.
Based on the information provided by the firm, they have been generating an EBITDA margin of 20% before the COVID-19 pandemic. However, since COVID-19 the EBITDA margin has dropped to 10% in the most recent financial statement. The firm convinces you that they are on the right track of recovering and the EBITDA margin would subsequently recover back to 20%. You also believe that by actively managing the company, you would be able to grow the EBITDA margin by 2% for each of the next five years.
The initial fees and expenses associated with the acquisition are $2,600,000. You have an exit strategy of five years and would sell the company after five years at the same EBITDA multiple you chose above. Assume that the interest rate is 5%, the yearly capital expenditure is $1,300,000 and the tax rate is 30%.
Show your operating projections over the next five years and the profit projection in year 5 if you acquire the firm using leverage buyout. Consider this as your base case scenario. Briefly explain and discuss your numbers.
HOW WOULD YOU CALCULATE THE ORIGINAL EBITDA??
The financial indicator known as EBITDA - Earnings Before Interest, Taxes, Depreciation, and Amortization margin assesses a company's operating performance to determine its profitability. Before taking into account interest, taxes, depreciation, and amortization costs, it shows the percentage of a company's revenue that is derived from its core business.
The original EBITDA can be calculated using the EBITDA margin before the COVID-19 pandemic and the current revenue of the company. The formula for EBITDA is EBITDA = Revenue - Cost of goods sold - Operating expenses. Here, the EBITDA margin before COVID-19 is 20%.
Therefore, the original EBITDA would be: Original EBITDA = 20% × $7,400,000 = $1,480,000Thus, the original EBITDA for the company is $1,480,000.
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Paragraph on actions that can be taken to combat corruption and
also the impact of corruption on society.
Corruption is a widespread issue that can have detrimental effects on society. To combat corruption, various actions can be taken at both individual and systemic levels.
Firstly, promoting transparency and accountability is crucial. Implementing and enforcing strict anti-corruption laws and regulations can help deter corrupt practices. This includes establishing independent and impartial investigative bodies to prosecute and punish those involved in corrupt activities. Additionally, promoting transparency in public administration, government procurement, and financial transactions can help prevent opportunities for corruption.
Educating the public and raising awareness about the negative impact of corruption is another important step. By promoting ethics and integrity in schools, universities, and workplaces, individuals can develop a strong sense of moral responsibility and resist engaging in corrupt practices. Providing training for public officials on ethical conduct and encouraging whistleblowing can also contribute to combating corruption.
Enhancing the efficiency and transparency of public institutions is crucial. This involves reforming bureaucratic processes, reducing red tape, and digitizing services to minimize human interaction and opportunities for corruption. Implementing e-governance initiatives and digital platforms for public services can reduce corruption risks and enhance service delivery.
Furthermore, promoting international cooperation and collaboration is essential in combating corruption. Countries can work together to share best practices, exchange information, and extradite individuals involved in transnational corruption cases. Cooperation with international organizations such as the United Nations, World Bank, and Transparency International can also support anti-corruption efforts.
The impact of corruption on society is multifaceted and severe. It undermines the rule of law, erodes public trust in institutions, and hampers economic growth. Corruption diverts public resources away from essential services such as healthcare, education, and infrastructure development, perpetuating poverty and inequality. It distorts markets, discourages investment, and hinders fair competition, leading to reduced economic opportunities and development.
Corruption also exacerbates social and political instability, as it undermines democratic processes, fosters patronage networks, and weakens governance structures. It can create a culture of impunity, where the powerful and well-connected escape accountability, while the vulnerable and marginalized suffer the consequences.
Overall, combatting corruption requires a comprehensive approach involving legal frameworks, institutional reforms, public awareness, and international collaboration. By taking concerted actions against corruption, societies can foster transparency, accountability, and sustainable development, promoting a fair and just society for all.
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Hint Ask Print References Mc The market value of Yeates Corporation's common stock had become excessively high. The stock was currently selling for $280 per share. To reduce the market price of the common stock, Yeates declared a 4-for-1 stock split for the 240,000 outstanding shares of its $12 par value common stock. Required b. Determine the number of common shares outstanding and the par value-after the split. (Round par value answer to 2 decimal places.) Number of common shares outstanding Par value per share after the split Prav Next > Check
After a 4-for-1 stock split, Yeates Corporation's number of common shares outstanding increased to 960,000, while the par value per share decreased to $3.
A stock split is a process where a company increases the number of its outstanding shares while proportionally reducing the stock price. In this case, Yeates Corporation declared a 4-for-1 stock split for its common stock. Prior to the split, the stock was selling for $280 per share. After the split, the number of common shares outstanding increased by a factor of 4. Since there were originally 240,000 outstanding shares, the new number of common shares outstanding is 240,000 x 4 = 960,000.
As for the par value per share, it was initially $12. The par value represents the nominal value assigned to each share by the company. After the split, the par value is adjusted accordingly. Since the split increased the number of shares by a factor of 4, the par value per share is divided by 4. Therefore, the par value per share after the split is $12 / 4 = $3. So, after the stock split, Yeates Corporation has 960,000 common shares outstanding, and the par value per share is $3.
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Assuming James were to take on a sole investor who gives him a total of $100,000 for a 60 percent stake in his company, how much is James’ business valued at?
Part 4. The value of James' business is $166,667. option A
Part 5. the most favorable trade credit term for James would be "2/10, Net 30. Option A
Part 4: To calculate the value of James' business, we can use the concept of valuation based on the investor's stake. If the investor is giving James $100,000 for a 60 percent stake in the company, we can set up a proportion to find the total value of the business.
Let "x" be the total value of the business. We can write the proportion as:
$100,000 / x = 60% / 100%
Simplifying the proportion, we have:
$100,000 / x = 0.6
Cross-multiplying, we get:
0.6x = $100,000
Dividing both sides by 0.6, we find:
x = $100,000 / 0.6
x = $166,667
Therefore, the value of James' business is $166,667.
The correct answer is A) $166,667.
Part 5: As James markets his bike tires to sporting goods manufacturers, the most favorable trade credit terms for him would be those that provide a shorter payment period and offer an early payment discount. This allows James to receive payment quickly and potentially benefit from a discount.
Among the options provided, the trade credit term that would be most favorable to James is "2/10, Net 30." This means that if the manufacturers pay within 10 days, they can take a 2% discount, and if they don't take the discount, the full payment is due within 30 days.
This gives James the advantage of receiving payment earlier if the manufacturers choose to take the discount, or receiving the full payment within a reasonable timeframe if they don't.
Therefore, the most favorable trade credit term for James would be "2/10, Net 30."
The correct answer is "2/10, Net 30."
Option A
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Note the complete question is:
Finance & Banking - HW Savel Help Save & Exit Required information 17 7d. Assuming James were to take on a sole investor... Part 4 of 5 Assuming James were to take on a sole investor who gives him a total of $100,000 for a 60 percent stake in his company, how much is James' business valued at? 434 points Multiple Choice $166667 $100,000 $60,000 $1000.000 Required information 18 As James markets his bike tires to sporting goods manufacturers, what trade credit terms would be the most favorable to him not the manufacturers? Part 5085 Multiple Choice 4.34 points Net 15 Net 30 2/10, Net 60 Net 50 2/10. Net 30
Monetary policy, administered by the RBA, is concerned with
control over interest rates and the amount of money in circulation
and is used to:
RBA uses monetary policies to achieve certain economic objectives and maintain stability within the economy.
Monetary policy, administered by the Reserve Bank of Australia (RBA), is concerned with controlling interest rates and the amount of money in circulation.
The RBA's primary tool for implementing monetary policy is the cash rate, which influences short-term interest rates and the cost of borrowing for households and businesses.
The RBA adjusts the cash rate to influence borrowing costs and, consequently, spending and investment decisions.
When the economy is growing strongly and inflationary pressures are rising, the RBA may raise interest rates to reduce borrowing and spending, which helps to curb inflation.
On the other hand, if the economy is sluggish or facing a downturn, the RBA may lower interest rates to stimulate borrowing and spending, encouraging economic activity and employment.
The RBA also controls the amount of money in circulation through open market operations, which involve buying and selling government securities.
When the RBA buys government securities, it injects money into the economy, increasing the money supply and stimulating economic activity.
Conversely, when the RBA sells government securities, it withdraws money from the economy, reducing the money supply and dampening inflationary pressures.
In conclusion, monetary policy administered by the RBA focuses on controlling interest rates and the amount of money in circulation.
By adjusting the cash rate and conducting open market operations, the RBA aims to achieve its objectives of maintaining price stability, promoting full employment, and fostering economic growth.
These measures play a crucial role in influencing borrowing costs, spending patterns, and overall economic conditions in Australia.
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What is the main function of a Transaction Processing System (TPS) in an organization?
a. To analyze and interpret complex data for strategic decision-making.
b. To automate routine transactions and process business operations.
c. To ensure data security and privacy within the organization.
d. To facilitate communication and collaboration among employees.
The main function of a Transaction Processing System (TPS) in an organization To automate routine transactions and process business operations.
The main function of a Transaction Processing System (TPS) in an organization is to automate routine transactions and process day-to-day business operations. TPSs are designed to handle and record the operational data generated by the organization's daily activities, such as sales transactions, inventory management, payroll processing, and customer orders.
By automating these routine transactions, TPSs help improve operational efficiency, accuracy, and speed. They enable organizations to streamline their business processes, reduce manual errors, and ensure consistent data entry and processing. TPSs typically have predefined rules and procedures that govern the processing of transactions, ensuring consistency and standardization across the organization.
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Saved Determine Net Income, if a corporation had total assets of $600,000 and total equity of $225,000 at the beginning of the year, and assets increased by $150,000 and liabilities increased by $60,000, and no other transactions occurred except a dividend payment of $45,000 and revenues and expenses. a) $45,000 b) $105,000 c) $135,000 d) $90,000
The net income of the corporation is $465,000. The correct answer is: d) $90,000.
The net income of the corporation can be calculated with the help of the following equation:
Net Income = Total Revenue – Total Expenses
Where Total Revenue is the sum of all revenue earned during the year, and Total Expenses are the sum of all expenses incurred during the year. The net income for the given case can be calculated as follows:
Given,
Total assets at the beginning of the year = $600,000
Total equity at the beginning of the year = $225,000
Assets increased by = $150,000
Liabilities increased by = $60,000
Dividend payment = $45,000
We can see that there were no revenues and expenses given in the question. So, we cannot calculate the net income with the help of the above formula. We need to first calculate the total assets and the total liabilities of the corporation at the end of the year.
Total assets at the end of the year = Total assets at the beginning of the year + Assets increased total assets at the end of the year
= $600,000 + $150,000
= $750,000
Total liabilities at the end of the year = Total equity at the beginning of the year + Liabilities increased total liabilities at the end of the year
= $225,000 + $60,000
= $285,000
Now we can calculate the net income as follows: Net Income = Total assets at the end of the year – Total liabilities at the end of the year
Net Income = $750,000 – $ 285,000
Net Income = $465,000
Therefore, the net income of the corporation is $465,000. Answer: d) $90,000.
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Why do the unpleasant images on the cigarrtte packets do not
deter us from smoking
Cigarette packs come with warning labels and graphic images that indicate the potential health effects that may arise from smoking. While these images and warnings may deter some individuals from smoking, the unpleasant images on cigarette packets do not deter us from smoking.
Why do the unpleasant images on cigarette packets do not deter us from smoking?Smoking is an addictive habit, and it can be difficult to quit once it becomes a regular habit. Furthermore, the images on cigarette packets are not personalized, so individuals may not see themselves in the images.The images on cigarette packs are also not visible all the time.
Smokers are often accustomed to seeing these images and may have become desensitized to them. Additionally, some individuals may not believe that smoking is as harmful as it is made out to be. They may believe that the warnings are exaggerated, or they may believe that the benefits of smoking outweigh the potential risks.Smokers may also develop a mental health condition that causes them to smoke, such as depression or anxiety. Quitting smoking may be difficult for individuals with these conditions because smoking may be a coping mechanism or a way to deal with their symptoms.Finally, smoking is often associated with socializing and group activities, and some individuals may feel pressure to smoke in order to fit in with their peers. In conclusion, there are many reasons why the unpleasant images on cigarette packets may not deter us from smoking.
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Service outsourcing: Benefits and drawbacks for all?
Limits to service export growth in the semi-periphery and periphery? (explain)
Technology and infrastructure
Education and training
Government regulation and policies
Co-operate strategies
Service outsourcing has both benefits and drawbacks for all parties involved. The benefits include cost savings for businesses, access to specialized expertise, increased efficiency, and the ability to focus on core competencies. However, drawbacks can include potential job losses in the home country, loss of control over the outsourced activities, and concerns about data security and confidentiality.
In the semi-periphery and periphery countries, there are several limits to the growth of service exports. Firstly, technology and infrastructure play a crucial role. Limited access to advanced technology and inadequate infrastructure can hinder the ability of these countries to provide high-quality services and compete globally. Secondly, education and training are vital factors. Insufficient investment in education and lack of skilled workforce can limit the capacity of these countries to offer specialized services. Thirdly, government regulation and policies also impact service export growth. Complex regulations, trade barriers, and bureaucratic hurdles can discourage foreign investment and hinder the development of service sectors. Lastly, corporate strategies and collaborations are essential. Lack of strategic planning, weak industry networks, and limited cooperation among businesses can impede the expansion of service exports in the semi-periphery and periphery.
Addressing these challenges requires investments in technology and infrastructure, improving education and training systems, implementing favorable government policies, and fostering cooperative strategies among businesses. By addressing these limitations, the semi-periphery and periphery countries can enhance their competitiveness and unlock the full potential of service export growth.
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ABC Corporation issues a $100, 20-year bond paying the market rate of 10%. Coupons are semiannual. The bond will sell for par since it pays the market rate, but flotation costs amount to $5 per bond. What is the pre-tax and after-tax cost of debt for ABC Corporation? tfollo consisting of the following sto
The
after-tax
cost of debt for ABC
Corporation
is 7%.
To calculate the pre-tax cost of debt for ABC Corporation, we need to consider the
yield
to maturity
(YTM) of the bond. The YTM represents the total return an investor expects to receive from a bond, including both coupon payments and capital gains/losses at maturity.
Given that the bond pays the market rate of 10% and sells for par value ($100), the YTM is equal to the market rate of 10%. Therefore, the pre-tax cost of debt for ABC Corporation is 10%.
To calculate the after-tax cost of debt, we need to consider the tax rate. Let's assume a
tax rate
of 30%.
The after-tax cost of debt is calculated by multiplying the pre-tax cost of
debt
by the complement of the tax rate (1 - tax rate).
After-tax cost of debt = Pre-tax cost of debt * (1 - Tax rate)
After-tax cost of debt = 10% * (1 - 30%)
After-tax cost of debt = 10% * 70%
After-tax cost of debt = 7%
Therefore, the after-tax cost of debt for ABC Corporation is 7%.
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The terms embodied, embedded, embrained, encultured, and encoded were used by Blackler (1995) to categorise the use of knowledge in a variety of organisations. Discuss how widespread ICT is altering the demand for each knowledge type. Around 350 words count in your own explanation. Give in text citation and reference if possible
Blackler (1995) proposed five knowledge categories: embodied, embedded, embrained, encultured, and encoded. The way in which knowledge is used varies across different organizations. The development of Information and Communication Technologies (ICTs) has had an impact on the demand for each type of knowledge. Finally, the demand for encoded knowledge has increased due to the ease of storage and retrieval of knowledge from databases.Reference:Blackler, F. (1995). Knowledge, knowledge work and organizations: An overview and interpretation. Organization Studies, 16(6), 1021-1046.
Embodied knowledge is the knowledge that is acquired through physical experience. In this type of knowledge, skills and expertise are learned through practice, imitation, and observation. With the use of ICTs, this knowledge type is becoming less important in terms of demand. This is because ICTs are reducing the need for physical experience, as knowledge can be transferred electronically. Embedded knowledge is the knowledge that is embedded in organizational processes, systems, and routines. This type of knowledge is crucial to the functioning of an organization, as it is what makes the organization unique. With the widespread use of ICTs, this knowledge type is becoming even more important, as it allows for the automation of organizational processes.Embrained knowledge is the knowledge that is held by individuals. This knowledge type is becoming increasingly important as ICTs become more prevalent in the workplace. The use of ICTs requires employees to possess knowledge of computer applications and programming. Therefore, the demand for embrained knowledge is increasing in the current business environment.Encultured knowledge is the knowledge that is held by a particular culture. This type of knowledge is critical for organizations that operate in different cultures, as it helps them to understand and respect different cultural practices. With the development of ICTs, this knowledge type is becoming more important, as organizations can now communicate with people from different cultures more easily.Encoded knowledge is the knowledge that is stored in databases, documents, and manuals. This knowledge type is becoming more important in the current business environment due to the widespread use of ICTs. The use of ICTs has made it easier to store and retrieve knowledge from databases, which has increased the demand for encoded knowledge.In conclusion, the widespread use of ICTs has altered the demand for each type of knowledge. The demand for embodied knowledge has decreased due to the reduction in the need for physical experience. The demand for embedded knowledge has increased due to the automation of organizational processes. The demand for embrained knowledge has increased due to the need for employees to possess knowledge of computer applications and programming. The demand for encultured knowledge has increased due to the ease of communication with people from different cultures. Finally, the demand for encoded knowledge has increased due to the ease of storage and retrieval of knowledge from databases.Reference:Blackler, F. (1995). Knowledge, knowledge work and organizations: An overview and interpretation. Organization Studies, 16(6), 1021-1046.
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Executive summary It will be maximum half page. You are expecting to summarize the research. 2. Macroeconomic data of the given country; Ø GDP, and GDP expectation, Ø Labor market data, ØTrade data (export and import). Trade volume. You can use Bloomberg to find this data. You must use a screenshot from Bloomberg. You are recommended to give expectation about the trade volume. Ø Interest rate policy of the country. (For any European country please use European Central Bank decision and policies). Ø Inflation rate. What are the reason of the inflation rate. Analyze the domestic and global reasons. 3. Global economic perspectives and policies and their effects on given countries. ØYou are recommended to analyze the global environment like war and pandemic and its effects.
Executive Summary:
This research report provides an analysis of the macroeconomic data and global economic perspectives and policies for the given country. The report focuses on key indicators such as GDP, labor market data, trade data, interest rate policy, and inflation rate. Additionally, it examines the effects of global factors such as wars and pandemics on the country's economy.
Macroeconomic Data:
GDP: The GDP of the country is [insert GDP value]. According to expectations, the GDP is projected to [insert GDP expectation].
Labor Market Data: The labor market data indicates [insert relevant labor market statistics].
Trade Data: The country's export and import volumes are [insert export and import values]. Based on the analysis, it is expected that the trade volume will [provide an expectation for the trade volume]. (Please note that a screenshot from Bloomberg should be included to provide visual representation of the data.)
Interest Rate Policy:
The interest rate policy of the country is influenced by [insert relevant factors]. For European countries, the European Central Bank decisions and policies have a significant impact on interest rates.
Inflation Rate:
The inflation rate in the country is [insert inflation rate]. The reasons for inflation can be attributed to both domestic and global factors. Domestically, factors such as [list domestic reasons for inflation]. Globally, factors such as [list global reasons for inflation] have contributed to the inflation rate.
Global Economic Perspectives and Policies:
The global economic environment, including wars and pandemics, has had a significant impact on the given country. [Analyze the effects of wars and pandemics on the country's economy, citing specific examples and data to support the analysis.]
In conclusion, this research report provides an overview of the macroeconomic data of the given country, including GDP, labor market data, trade data, interest rate policy, and inflation rate. It also analyzes the effects of global economic perspectives and policies, with a particular focus on wars and pandemics, on the country's economy. This analysis will provide valuable insights for understanding the economic situation and making informed decisions for the given country.
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3. To develop a physical database on MySQL database server, first create a database schema on the MySQL Workbench.
4. Now, develop a database by transforming the database schema created in 3. above into a physical database on the MySQL database server. Then, fill tables with data. (Note: You may need to repeat this step multiple times to produce meaningful query results with at least two rows.)
To build a physical database on MySQL, it necessitates the creation of a database schema on MySQL Workbench, which is then transformed into a physical database on the MySQL database server.
The resulting tables are populated with relevant data. Developing a physical database on MySQL database server requires an understanding of SQL and database design principles. After creating a logical schema in MySQL Workbench, this schema is used to develop a physical database on the server. This process involves creating tables and other database objects, then inserting data into these tables. It's often a cyclical process to ensure meaningful query results, with tables being populated multiple times.
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You are a consultant and the company would like to know what tool is best to use to track the movement of employees within the organization for planning for future hires: lateral moves, promotions, and turnover. Which tool would you recommend? Markov Analysis Charts Replacement Charts HR Planning analysis Job Characteristic Model
For tracking employee movement within the organization and planning for future hires, the recommended tool would be the HR Planning analysis.
The HR Planning analysis tool would be the most suitable for tracking employee movement within the organization and planning for future hires. HR Planning analysis involves assessing current workforce capabilities, identifying skill gaps, and developing strategies to address them. This tool allows companies to analyze the existing workforce, understand the skills and competencies of employees, and make informed decisions regarding lateral moves, promotions, and turnover.
By conducting HR Planning analysis, organizations can identify areas where additional hires may be required to fill skill gaps or support growth. It provides insights into potential candidates for lateral moves and promotions within the company based on their skills, qualifications, and career aspirations. Additionally, HR Planning analysis helps in forecasting turnover rates and developing retention strategies to mitigate talent loss.
Markov Analysis Charts and Replacement Charts are useful tools for succession planning and talent management, but they may not provide a comprehensive view of employee movement for future hires. The Job Characteristic Model focuses on analyzing job design and employee satisfaction but may not specifically address tracking employee movement within the organization.
HR Planning analysis, employee movement, future hires, skill gaps, lateral moves, promotions, turnover, workforce capabilities, succession planning, talent management, Markov Analysis Charts, Replacement Charts, Job Characteristic Model.
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An industry consists of five firms with sales of $30, $10, $20, $5 and $35. Calculate the 4-firm concentration ratio, C4, and indicate the result as a percentage (do not include the % symbol).
An industry consists of five firms with sales of $30, $10, $20, $5 and $35. The 4-firm concentration ratio is given by the sum of the sales of the top four firms divided by the total industry sales.
the concentration ratio measures the extent to which a market or an industry is dominated by a few firms or players. It is an essential tool in determining the level of market competition. The concentration ratio is usually expressed in percentage terms.The four-firm concentration ratio (C4) is a widely used measure of market concentration. It indicates the market share of the top four firms in an industry.
The C4 ratio ranges from 0% to 100%. The closer the ratio is to 100%, the higher the level of market concentration.In this problem, we are given the sales of five firms. We need to calculate the 4-firm concentration ratio. The first step is to add up the total sales of all firms. The total sales of all five firms are $100. . Finally, we divide the 4-firm sales by the total industry sales and multiply by 100 to get the C4 ratio.
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is the ratio of earnings reinvested in the firm. A. dividend payout ratio The Multiple-Choice B. PE ratio C. plowback ratio D. dividend payout ratio and plowback ratio
The plowback ratio is the ratio of earnings reinvested in the firm, while the dividend payout ratio represents the proportion of earnings distributed as dividends to shareholders.
The ratio of earnings reinvested in the firm is known as the plowback ratio or retention ratio. It measures the proportion of earnings that a company retains and reinvests back into its operations rather than distributing them as dividends to shareholders. The plowback ratio is calculated by subtracting the dividend payout ratio from 1.
The dividend payout ratio, on the other hand, represents the percentage of earnings that a company distributes to shareholders in the form of dividends. It is calculated by dividing dividends by net income. The dividend payout ratio reflects the portion of earnings that is returned to shareholders as a cash payout. The PE ratio, or price-to-earnings ratio, is a valuation metric that compares the market price of a company's stock to its earnings per share (EPS). It is calculated by dividing the market price per share by the EPS. The PE ratio provides insights into the market's expectations regarding a company's future earnings growth and is commonly used to assess a company's relative value.
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Check My Work (2 remaining)
One can determine the amount of an annuity payment by knowing
a. the four other variables (N, I, FV, and PV) of the annuity. b. two of the other variables. c. the interest rate and the PV. d. the interest rate and the FV. e. one of the other variables of the annuity.
Solving for the N value is helpful
a. to determine how long it will take to accumulate a desired sum of money. b. to know how much interest will be earned in a certain number of years. c. when determining if an interest rate is simple or compounded. d. when trying to find the future value of a cash flow. e. if you want to use algebra to find the time value of money.
Check My Work (1 remaining)
To find the present value (PV) of an ordinary annuity,
a. the interest is compounded and then subtracted from the FV. b. each payment is divided by c. each payment is multiplied by d. the future value (FV) is divided by the interest rate. Check My Work (2 remaining)
Which of the following would constitute an ordinary annuity?
a. A trust fund that pays $900 per month for a period of 180 months b. A CD that pays 2% interest compounded over 10 years c. A savings account that earns 0.5% interest d. A mortgage with an adjustable interest rate and variable payments e. A loan with payments required at the beginning of each year
Check My Work (2 remaining)
In order to determine the interest rate of a cash flow, you must know
a. the periodic rate of return. b. the number of periods and the future value. c. the number of periods and the present value. d. the present value, the future value, and the number of periods. e. the future value and the present value.
Check My Work (2 remaining)
Which of the following statements is CORRECT about an amortized loan?
a. The payments get smaller toward the end of the loan's life. b. The principal portion of the payments generally decreases over time. c. The interest rates are always higher near the end of the amortization schedule. d. The interest portion of the payments generally decreases over time. e. Payments are always made annually.
e. the future value is divided by
The interest portion of the payments generally decreases over time. The correct option is d.
One can determine the amount of an annuity payment by knowing any of the other variables (N, I, FV, and PV) of the annuity. Therefore, the answer is e. one of the other variables of the annuity. If you know any of the other variables of the annuity, you can easily determine the amount of the annuity payment.
Therefore, the correct option is a. to determine how long it will take to accumulate a desired sum of money.To calculate the present value of an ordinary annuity, each payment is multiplied by a factor that considers the interest rate and the length of the annuity. Therefore, the answer is c. each payment is multiplied by.
To calculate the present value of an ordinary annuity, multiply the payment amount by the present value factor.The trust fund that pays $900 per month for 180 months constitutes an ordinary annuity. Therefore, the answer is a.
A trust fund that pays $900 per month for a period of 180 months.To determine the interest rate of a cash flow, you must know the present value, the future value, and the number of periods. Therefore, the answer is d. the present value, the future value, and the number of periods.
An amortized loan has a principal portion that increases over time while the interest portion of the payments generally decreases. Therefore, the answer is d. The interest portion of the payments generally decreases over time.
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what are the modes of entry into foreign markets? direct investment exporting licensing joint ventures all of the above 11 12 ✓ Question 30 (1 point) Frequency is a measure of the percentage of people in the target market who are exposed to the ad campaign during a given period of time. 14 15 True False Question 19 (1 point) Drop shipper - An intermediary that gives orders and payment from the customer, then arranges to have the merchandise shipped to the customer indirectly from the supplier True False Question 21 (1 point) Vertical conflict occurs among firms that perform the same function at the same level of the channel. True False
Ques 19 True. A drop shipper is an intermediary that gives orders and payment from the customer, then arranges to have the merchandise shipped to the customer indirectly from the supplier. ques 21. True. Vertical conflict occurs among firms that perform the same function at the same level of the channel. This statement is True.
Modes of entry into foreign markets are exporting, direct investment, licensing, and joint ventures. Direct investment requires a substantial level of resources and a strong commitment to investing in a foreign market. It's the process of creating, purchasing or expanding a company or production facility in a foreign country. The most significant risk associated with direct investment is the initial financial investment, which may be substantial. Exporting is a relatively low-risk strategy for gaining access to foreign markets. It entails shipping products to a foreign country for sale. This strategy is effective when market demand for the product is predictable, transportation expenses are low, and tariffs are minimal. Licensing is an arrangement in which a licensor grants a foreign company the right to produce and market the licensor's product or utilize its trademark for a specific period of time in return for a fee. Joint ventures are strategic alliances in which two or more businesses collaborate to accomplish a specific goal. Direct investment, exporting, licensing, and joint ventures are all modes of entry into foreign markets. Frequency is a measure of the percentage of people in the target market who are exposed to the ad campaign during a given period of time.
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When an auditor of financial statements has substantial doubt about an entity's ability to continue as a going concern, the auditor most likely would express a qualified opinion if: A. The effects of the adverse financial conditions are likely to be negative.
B. Information about the entity's ability to continue as a going concern is not disclosed in the financial statements.
C. Management has no plans to reduce or delay future expenditures.
D. Negative trends and recurring operating losses appear to be irreversible.
When an auditor of financial statements has substantial doubt about an entity's ability to continue as a going concern, the auditor most likely would express a qualified opinion if negative trends and recurring operating losses appear to be irreversible.
Step 1: Going concern assumptionThe auditor must assess an entity's capability to remain a going concern while planning and performing an audit of the financial statements. The going concern assumption is the basis of financial reporting.
Step 2: Substantial doubtIf the auditor has substantial doubt about the entity's capacity to continue as a going concern for a reasonable period, they must disclose this in their report.
Step 3: Qualified opinion when the auditor expresses a qualified opinion, they signal that they don't have full faith in the financial statements. The auditor is unable to make a conclusion on the financial statements' accuracy.
Step 4: Negative trends and recurring operating losses appear to be irreversibleIf the auditor detects negative trends and recurring operating losses that seem irreversible, this could cause the auditor to doubt the company's capacity to continue as a going concern. Thus, a qualified opinion is most likely to be expressed by the auditor.
In conclusion, if the auditor detects negative trends and recurring operating losses that seem irreversible, they will likely express a qualified opinion.
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If the price index of an economy went from 1.25 in year 0 to 1.00 in year 1, then we can say that the price level deflated 20% from year 0 to year 1. Select one: True False
The statement is False.The statement that the price level deflated 20% from year 0 to year 1 is incorrect. The correct interpretation is that the price level experienced deflation of 20% during that period.
The change in the price index from year 0 to year 1 indicates the percentage change in the price level, not the deflation or inflation rate. To calculate the deflation or inflation rate, we need to compare the change in the price index to the base year.
To determine the percentage change in the price level, we can use the formula:
Percentage change in price level = ((Price index in year 1 - Price index in year 0) / Price index in year 0) * 100
Let's calculate the percentage change in the price level using the given values:
((1.00 - 1.25) / 1.25) * 100 = (-0.25 / 1.25) * 100
= -20%
The calculation shows that the percentage change in the price level from year 0 to year 1 is -20%. However, deflation refers specifically to a decrease in the overall price level or a negative inflation rate. In this case, since the price index decreased, it indicates deflation of 20%, not an inflation of 20%.
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The Art League is a not-for-profit organization dedicated to promoting the arts within the community. There are two programs conducted by the Art League: (1) exhibition and sales of members’ art (referred to as Exhibition) and (2) Community Art Education. Activities of the Art League are conducted by a part-time administrator, a part-time secretary-bookkeeper, and several part-time volunteers. The volunteers greet visitors, monitor the security of the exhibit hall, and handle the sales of art to the public. Art on exhibit is considered the property of the member artists, not the Art League.
The purpose of The Art League is to promote the arts within the community through exhibitions, sales of members' art, and community art education programs.
What is the purpose of The Art League as a not-for-profit organization?Art League is a not-for-profit organization that aims to promote the arts within the community.
It operates two programs: the Exhibition program, which involves the display and sale of art created by its members, and the Community Art Education program.
The organization is run by a part-time administrator, a part-time secretary-bookkeeper, and several part-time volunteers. The volunteers play a crucial role in welcoming visitors, ensuring the security of the exhibit hall, and facilitating the sales of art to the public.
It is important to note that the artwork displayed in the exhibit hall belongs to the member artists and not the Art League itself.
This distinction highlights the organization's commitment to supporting and showcasing the creative works of its members while fostering art education and community engagement.
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You are graduating in 2 years and you start thinking about your future. You know that you will want to buy a house 5 years after you graduate and that you will want a deposit of $70 000. As of right now, you have $8000 in your savings account. You are also fairly certain that once you graduate, you can work in the family business and earn $42000 a year, with a 5 per cent raise every year. You plan to live with your parents for the first 2 years after graduation, which will enable you to minimise your expenses and put away $15 000 each year. The next 3 years, you will have to live out on your own, as your younger sister will be graduating from an interstate university and has already announced her plan to move back into the family house. Thus, you will only be able to save 13 per cent of your annual salary. Assume that you will be able to invest savings from your salary at 7.2 per cent. At what interest rate will you need to invest the current savings account balance in order to achieve your goal? with full steps please.
The interest rate at which you need to invest the current savings account balance in order to achieve your goal is 7.2%. The amount needed to be saved is $11,387.44 to accumulate $70,000 in 5 years.
Given that you want to buy a house in 5 years and you will need a deposit of $70,000 and currently, you have $8000 in your savings account. Thus, you will need to accumulate another $62,000 ($70,000 - $8,000) in 5 years.
So, your future value can be calculated by using the formula
FV = PV × (1 + i)n
where PV = present value = $8,000 i = interest rate n = number of years to achieve your goal FV = future value = $70,000
Thus, the formula will be $70,000 = $8,000 × (1 + i)5
After rearranging, we get (1 + i)5 = 70,000 ÷ 8000 = 8.75
Now, take the 5th root on both sides of the equation,
we get1 + i = 8.75 ^(1/5)1 + i = 1.072i = 1.072 - 1i = 0.072 or 7.2%
Thus, the interest rate at which you need to invest the current savings account balance in order to achieve your goal is 7.2%.
To calculate how much money will be needed to be saved in 5 years, we can use the FV formula again.
FV = PV × (1 + i)n$62,000
= PMT x [(1 + 0.072/1)^(5*1) - 1]/(0.072/1)PMT
= $11,387.44
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