Abraham Lincoln Essay -- essays research papers

On February 12, 1809 a boy was born unto Thomas and Nancy Lincoln in a one room log cabin on Nolin Creek near Hodgenville, Kentucky. Who would know that this son of a farmer and a boy with not much education would grow up to be not only the 16th President of the United States but also one of the most famous speakers in history. I will chronicle for you some of the most remembered and effective public addresses of President Abraham Lincoln.   Ã‚  Ã‚  Ã‚  Ã‚  Lincoln’s rise to presidency was a lengthy one. His first political speech came in 1830 after he and his family moved to Illinois where they settled on undeclared land along the Sangamon River; he was in favor of improving navigation on this river.   Ã‚  Ã‚  Ã‚  Ã‚  At age 24, Lincoln is elected to the Illinois General Assembly and begins his studies in law. Two years later he is re-elected to the Illinois Gen. Assembly and is now a leader of the Whig party. September 9th, 1836 Lincoln receives his law license and in June of 1840 he argues his first case before the Illinois Supreme Court. After being elected to the U.S. House of Representatives, he delivers a speech on the floor of the House against President Polks war policy regarding Mexico. In March of 1849 he makes an appeal before the U.S. Supreme Court regarding the Illinois statute of limitations, but is unsuccessful and leaves politics to practice law. Lincoln’s aptitude in public speaking soon gains him a reputation as an outstanding lawyer and is nicknamed â€Å"honest abe†.   Ã‚  Ã‚  Ã‚  Ã‚  In 1854 he decides to re-enter politics and is elected to Illinois legislature but declines the seat in order to try to become U.S. Senator; however he is again unsuccessful and does not get chosen by the Illinois legislature to be U.S. Senator.   Ã‚  Ã‚  Ã‚  Ã‚  Abe Lincoln was well known in history for his views on anti-slavery laws. On June 26th, 1857, he first speaks against slavery at the Dredd Scott ruling. Dredd Scott was an African-American slave whom was taken by his master, an officer in the U.S. Army from the slave state of Missouri to the free territory of Wisconsin where he lived on free soil for a long period of time. When the Army ordered his master back to Missouri, he took Scott back to that slave state where his master died. In 1846, Scott was helped by Abolitionist lawyers to sue for his free... ...shall be then, thenceforward, and forever free.† The most famous and important Civil War Battle occurred over three summer days, July 1-3, 1863, around the small market town of Gettysburg, Pennsylvania. Lincoln was outraged at the number of casualties and on November 19th delivers the Gettysburg Address dedicating the battlefield as a national cemetery. He spoke in his high, penetrating and in a little over two minutes delivered the address, surprising many by its shortness and leaving others quite unimpressed. â€Å"Over time, however, the speech and its words- government of the People, by the People, for the People- have come to symbolize the definition of democracy itself.† Unfortunately, Lincoln’s next tenure as President, is cut short by his untimely death. During the play â€Å"Our American Cousin† at Ford’s Theater on April 14, 1865, Lincoln was killed by a bullet to the head by John Wilkes Booth. President Abraham Lincoln dies at 7:22 in the morning on April 15, 1865. The public addresses of Abraham Lincoln allow us to learn fundamental aspects of public speaking. Due to his outstanding ability to communicate, teaches us still today, the effectiveness of great speech communication.

Enron Essay -- essays research papers

Integrative Case – The Downfall of Enron Part I 1.  Ã‚  Ã‚  Ã‚  Ã‚  Ken Lay served as CEO and chairman and Jeffrey Skilling also served as CEO. They both were responsible for planning, organizing, controlling and leading the company. They set goals for the company and organized how they would be achieved. Kay’s role was as the figurehead and the leader. He also served as the spokesperson for the company and made many of the decision on the future of the company. As CEO’s they both possessed effective communication skills, where decisive, which was evidenced by their vision for the company and refusal to admit wrong even at the end, and visionary. Throughout Lay’s tenor the company continued to grow and prosper at a fast pace. 2.  Ã‚  Ã‚  Ã‚  Ã‚  The challenges faced were those of a changing workforce, competitiveness, and globalization, as well as ethics and social responsibility. While many companies were downsizing in the mid-1980s, Enron continued to grow and expand despite their lofty goals. They ventured out into foreign markets to be more competitive. The workforce also became more diverse and the characteristics changed. Employees during Enron’s tenor were less devoted to long-term career prospects; instead they were more interested in financial gain at any cost. Ethics seemed to be a secondary thought for most people during Enron’s time. To meet these challenges Enron executives had to make working for their company more attractive and lucrative. 3.  Ã‚  Ã‚  Ã‚  Ã‚  The contributing factors to their ineffectiveness were poor planning and leadership. The company grew to quickly. In their desire to grow and expand, the company’s senior management did not establish and follow ethical practices that would sustain the company. Controls were not established in key places, such as, accounting practices and principles. Senior management failed to appropriately manage the activities of lower level managers and set a bad example. Part II – The People 1.  Ã‚  Ã‚  Ã‚  Ã‚  Enron sought out young, ambitious, recent college graduates and placed them in entry-level positions and then gave them the autonomy to make big trade decisions. The few star performers were promoted very quickly. Taking this hiring approach benefited the company because it kept labor costs low due to the employee’s inexperience. It also ... ...y grew and prospered very quickly. Employees were motivated to be creative and come up with the next great idea or innovation to increase revenue. These values also hurt the company because it put constant pressure on employees to achieve and constantly pushed them to excel in order to produce more revenue for the company and advance in the company. This forced employees to use unethical practices. They were often left to use their own devices to achieve the aforementioned results. There were no checks in balances in place with respect to managing subordinates. 3.  Ã‚  Ã‚  Ã‚  Ã‚  Organizations must change in order to meet the needs of the changing workplace, environment, technology, and economy in order to be competitive. Change is good for an organization if it is done in a controlled and structured manner. Change is also risky because it is often met with resistance. For example, people may feel threatened and fear power loses and subsequently, resists the change. Change can also be ineffective if it is narrow and doesn’t concern itself with people and is over determined. In Enron’s case, the organization was constantly changing with no collective rhyme or reason.

Life: A User’s Manual by Georges Perec Essay

Life: A User’s Manual by Georges Perec was originally written in French in 1978 and was translated in English by David Bellos in 1988. The original work is quite complex and a rich work of art and because of this, its title page describes it as novels i. e. , in plural. The matter becomes clear as we go on reading the book. Perec has imagined the whole story when he was working with a jigsaw puzzle and it is considered as one of his most remembered work. Perec’s books are all examples of his playfulness and all his works are typical in some way or other. Life: A User’s Manual is a combination of short tories and it seems Perec wants to tell the readers that life is like a jigsaw puzzle and we have to arrange the jigsaws to get a coherent picture. Perec tells, It’s not the subject of the picture, or the painter’s technique, which makes a puzzle more or less difficult, but the greater or lesser subtletly of the way it has been cut; an arbitrary cutting pattern will necessarily produce an arbitrary degree of difficulty. . . The art of jigsaw puzzling begins with wooden puzzles cut by hand, whose maker undertakes to ask himself all the questions the player will have to solve, and, instead of llowing chance to cover his tracks, aims to replace it with cunning, trickery and subterfuge. In the story there is an extremely rich Englishman, Bartlebooth who has some plans that will occupy his rest of life and spend his fortune at the same time. He spent his first ten years learning to paint with watercolors and then twenty years went for a trip round the world with his faithful servant Smautf. During this trip his servant makes paintings of different ports in watercolor and Bartlebooth sends each of the paintings to France. Here he painting is glued to a support board and a selected craftsman cuts it cautiously into a jigsaw puzzle. When Bartlebooth returns he spends his time solving these jigsaw puzzles. As the puzzles get solved, the paper is rebound with the help of a special solution and the wooden support is removed. Then it is sent to the port where it was painted and is immersed in the water till the colors get dissolved leaving just the faint marks of a painting on the paper and the marks of rejoining of the paper too. This paper is once again returned to Bartlebooth. In the end there was nothing to show what he had done in the last 50 years f his life. This was an ongoing process and eventually as the puzzles became difficult Bartlebooth turned blind and while he was working on his 439th puzzle he died and he was sixteen months behind his project. This is the story so carefully written that the reader finds it interesting as well as occupied completely with the story. The narrator wants to tell his readers through his character, Bratlebooth that life can be seen in the same way, i. e. , like the paintings that are turned into jigsaw puzzles and when the puzzle is solved it is turned into a blank paper once again. This shows that the events in our life are like the paintings that need to be arranged into coherent pictures and then it should be forgotten completely. Take a new jigsaw puzzle or any problem in life and solve it. One should not get too much attached to anything in life even if you have given it your beautiful and youthful years. Things, people and events are meant to come and go and there is no need to get too much involved with any of them. The story is told in six parts and occupies ninety-nine chapters. The story in fact begins ith a jigsaw puzzle and the reader finds that the whole story is in itself a jigsaw puzzle but so interestingly and uniquely written that the reader feels completely involved in the story. Perec’s puzzle can be related to a number of events and characters of the story and as you read on you will find that you are actually solving a puzzle like situation. There are different types of descriptions in this book and the book seems to gather so many stories but very neatly bound between two shiny covers. The character of this book resembles the actual world and life where we find that everything is like a puzzle and we eed to solve each one and then it vanishes from our hands after sometime. There are depths upon depths in this book, which is felt when the reader inspects it closely. The book is written like the chess game and the narrator always jumps two spaces like a knight and has arranged the apartment building like chessboard. The narrator wants to tell you that life is like the puzzle pieces and when you try and arrange them to complete a logical picture, it tricks you. But you should go on solving new and different problems or situations in life even if you find yourself tricked by some of them.

Fin 202- Group Assignment

â€Å" p c l h n t Ms h m Le H S ei t a k o . a i a a P n frh ligu t d t i po c† o e n s o o hs rj t p e Table of content: Excutive Summary: †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. P. 3 Business Plan:†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. P. 3 Vision:†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. P. 3 Main Services:†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦P. 3 Evaluating the market:†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. P. 4 Financial Plan:†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. P. 5 Initial Investment:†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. P. 5 Interest Payment:†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦P. 6 Wages Payment: †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦P. 6 Variable cost:†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. P. 7 Fixed cost per year for Selling and Admin activities:†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. P. 7 Expected number of customers:†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. P. 7 Total expense:†¦Ã¢â ‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. P. 8 Price of each services:†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦P. 8 Revenue Plan:†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦P. Profit & Loss Plan:†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. P. 9 Break even for each year:†¦Ã¢â‚¬ ¦P. 9 Cash flow& Analysis:†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. P. 10 Conclusion:†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. P. 10 Reference:†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. P. 11 Excutive summary: In order to bring customers a new service, especially for the female customers, our group decided to bring a new project- call Cake Paradise. Nowadays, need of making a handmade cake or chocolate of female customers for their lovers, friends or families is very high but not everyone has enough money to buy for herself an expensive oven or cake cooking tools. Our project is created to solve this problems.We provide a service for customer to hire our kitchen with full machines & tools of cake co oking to made a cake or chocolate. We also provides ingridiants in Shop of cake ingridients in 1st floor and Class of learning how to make a cake 2 times/week. With this advantages and professional of this service, we believe we will achieve the highest expectation from customer. To be the first company provide service in hiring Cake making machines and Tools, Cake paradise have high grow rate and fullfill the need of customers about the cake making-which means profitable and deserve to be invested.Business plan: Vision: Customers Focus High quality services Grown up by 100% in the first 5 years Making profits since 2nd or 3rd year operating Main Services: 1st Floor: Shop of Cake ‘ingridientswhere you can find any kinds of cake ingridients and tools. 2nd & 3rd Floor: Cake paradise’s Kitchen – for hiring with fullfill cake making ‘s equipment and tools. It is call DIY service- With VND120,000 for 3 hours, you will have full of cake making equipment and tools to make your ideal cake for your lovers.Every Friday and Sunday, we have classes of making cake, which are teached by cookers who are very experienced in making cakes- With VND400,000 for a 4-hour class, you will learn to make 3 kinds of delicious cakes or chocolate in the world, it is a best price for any learners. Evaluating Market: Instead of going to a cake shop and buy for the lovers or family, friends a cake, recently, many girls and women want to make for her relatives a cake by herself.This gift is unique and more meaningful to her relatives and in other way, it prove the womenliness and caringful of who made it. It now creates a trend not only in making cake but also in making handmade stuffs. We notice that there is a lack for cake handmade market. We can easily find handmake ‘s materitals and tools in the market as paper, stuff,†¦.. with a quite cheap price. But in making cake, the ingridients, especially the cake making equipments are very expensive.Not every one has enough money to buy for herself a expensive oven or cooking tools. When in the market, there are many suppliers provides for other handmade things but there aren’t a supplier which provide hiring cake making machine & tools although the demand of it is very high. Seeing this, our group decided to bring Cake paradise service to customer. Financial Plan: Innital Investment: We plan the project will be implemented in 5 years For the long-term assets, time for full depreciation is 5 years. No.Tool& Equipment Capital Expense 1st Floor -Shop for Cake's ingridients Good shelf Refrigerator Table Electronic Cash Regristor Cost of Installment& Decoration 2nd & 3rd Floor- Place for DIY and Learning Kitchen cupboard Oven Refrigerator Hand-mixer Blender Gas cooker Fan Table Cost of Installment & Decoration 4th Floor -Office Destop & PC Phones Printer Office Table and chairs Cost of Installment& Decoration Working capital for the zero year Uniform for Staff Training course for staf f Tools for the kitchen Tools for the office CashINITAL INVESTMENT Quantity Cost per Unit Total Cost 148,500,000 17,800,000 4,800,000 3,500,000 1,000,000 3,500,000 5,000,000 99,900,000 30,000,000 18,000,000 26,000,000 2,800,000 1,100,000 4,000,000 4,000,000 4,000,000 10,000,000 30,800,000 20,000,000 800,000 3,000,000 5,000,000 2,000,000 45,000,000 2,000,000 3,000,000 5,000,000 5,000,000 30,000,000 193,500,000 29,700,000 1 1 1 600,000 3,500,000 1,000,000 3,500,000 5,000,000 15,000,000 3,000,000 13,000,000 700,000 550,000 2,000,000 1,000,000 1,000,000 10,000,000 10,000,000 800,000 3,000,000 1,000,000 2,000,000 200,000 500,000 TOTAL DEPRECITAION 2 6 2 4 2 2 4 4 2 1 1 5 10 6 Interest Payment: Year Quarter 1 I II III IV 2 I II III IV 3 I II III IV 4 I II III IV 5 I IIIII IV INTEREST PAYMENTS (VND) Beginning Balance Principal Payment Interest Payment Total Payment Total Payment/Year Ending Balance 80,000,000 4,000,000 2,400,000 6,400,000 24,880,000 76,000,000 76,000,000 4,000,000 2,280,00 0 6,280,000 72,000,000 72,000,000 4,000,000 2,160,000 6,160,000 68,000,000 68,000,000 4,000,000 2,040,000 6,040,000 64,000,000 64,000,000 4,000,000 1,920,000 5,920,000 22,960,000 60,000,000 60,000,000 4,000,000 1,800,000 5,800,000 56,000,000 56,000,000 4,000,000 1,680,000 5,680,000 52,000,000 52,000,000 4,000,000 1,560,000 5,560,000 48,000,000 48,000,000 4,000,000 1,440,000 5,440,000 21,040,000 44,000,000 44,000,000 4,000,000 1,320,000 5,320,000 40,000,000 40,000,000 4,000,000 1,200,000 5,200,000 36,000,000 36,000,000 4,000,000 1,080,000 5,080,000 32,000,000 32,000,000 4,000,000 960,000 4,960,000 19,120,000 28,000,000 28,000,000 4,000,000 840,000 4,840,000 24,000,000 24,000,000 4,000,000 720,000 4,720,000 20,000,000 20,000,000 4,000,000 600,000 4,600,000 16,000,000 16,000,000 4,000,000 480,000 4,480,000 17,200,000 12,000,000 12,000,000 4,000,000 360,000 4,360,000 8,000,000 8,000,000 4,000,000 240,000 4,240,000 4,000,000 4,000,000 4,000,000 120,000 4,120,000 Notes: Debt of VND80,000, 000 from bank, maturity of 5 years, interest rate 12% Interest is paid in from the first month, principal payment is incurred once a quarter Wages payment:Job title 1 Director 2 Secretary 3 Accountant 4 Sales Assistant 5 Cooking teacher 6 Securities Total Quantity 1 1 1 6 2 2 WAGE PAYMENTS (VND) Year 1 Year 2 72,000,000 75,600,000 42,000,000 44,100,000 48,000,000 50,400,000 144,000,000 151,200,000 96,000,000 100,800,000 48,000,000 50,400,000 450,000,000 472,500,000 Year 3 79,380,000 46,305,000 52,920,000 158,760,000 105,840,000 52,920,000 496,125,000 Year 4 83,349,000 48,620,250 55,566,000 166,698,000 111,132,000 55,566,000 520,931,250 Year 5 87,516,450 51,051,263 58,344,300 175,032,900 116,688,600 58,344,300 546,977,813 Notes: 1. Wages of Director, Secretary, Accountant, Sales Assistant, Securities are included in Selling and Admin Fixed expense each year 2. Wages of cooking teacher is included as Direct Labor for Learning Services 3. Wages growth rate is 5% each year Variable cost :We have three services in this project, in general, to estimate the variable cost, we estimate the variable cost beyond the number of customers we service. Services Included Shopping DIY Learning Bag Tool packgage 1 Tools package 2 Ingridients Using CP's kitchen Using CP's tools Teacher Services Included Bag Tool package 1 Tool package 2 Ingridients Using CP's kitchen (gas, water, electricity cost,†¦) Using CP's kitchen ‘s tools Teacher Total VARIABLE COST PER CUSTOMER Shopping DIY 500 3,500 Learning 500 3,500 15,000 3,000 10,000 500 3,500 15,000 50,000 3,000 10,000 50,000 132,000 4,000 32,000 Fixed cost per year for Selling and Admin activities:FIXED COST PER YEAR FOR ADMINSTRATIVE & SELLING ACTIVITIES Detail Per month Per year Internet bill 250,000 3,000,000 Electricity bill 1,500,000 18,000,000 Water bill 200,000 2,400,000 Phoning bill 200,000 2,400,000 Advertising exp 6,000,000 Other exp 1,000,000 12,000,000 43,800,000 Expected number of customers: year 1 Shopping DI Y Learning Total EXPECTED NUMBER OF CUSTOMER year 2 year 3 year 4 3500 4550 5460 2920 3796 4555 768 998 1198. 1 7,188 9,344 11,213 year 5 5733 4783 1258 11,774 6020 5022 1321 12,363 We assume that because this is a new services which haven't existed in the market so it will have a numerous of customers The growth rate will be 30%, 10% and 5% for the year of 2, 3, 4 and 5 respectively , after the services enter the market. Total expense:Year 0 Total Variable costs Shopping DIY Learning Total Fixed costs Wages Depreciation House Renting Fixed cost of selling and admin Intersest payment Total cost TOTAL EXPENSE Year 1 Year 2 Year 3 Year 4 Year 5 208,816,000 271,460,800 325,752,960 342,040,608 14,000,000 18,200,000 21,840,000 22,932,000 93,440,000 121,472,000 145,766,400 153,054,720 101,376,000 131,788,800 158,146,560 166,053,888 512,380,000 354,000,000 29,700,000 60,000,000 43,800,000 24,880,000 721,196,000 528,160,000 371,700,000 29,700,000 60,000,000 43,800,000 22,960,000 799,620,800 544,825,000 390,285,000 29,700,000 60,000,000 43,800,000 21,040,000 870,577,960 562,419,250 409,799,250 29,700,000 60,000,000 43,800,000 19,120,000 904,459,858 359,142,638 24,078,600 160,707,456 174,356,582 580,989,213 430,289,213 29,700,000 60,000,000 43,800,000 17,200,000 940,131,851 Price of each services:Customer Year 1 Shopping DIY Learning Year 2 Shopping DIY Learning Year 3 Shopping DIY Learning Year 4 Shopping DIY Learning Year 5 Shopping DIY Learning 3,500 2,920 768 4,550 3,796 998 5,460 4,555 1,198 5,733 4,783 1,258 6,020 5,022 1,321 Variable Cost 14,000,000 93,440,000 101,376,000 18,200,000 121,472,000 131,788,800 21,840,000 145,766,400 158,146,560 22,932,000 153,054,720 166,053,888 24,078,600 160,707,456 174,356,582 Fixed cost Toatal cost Cost per customer Average cost in 5 year 512,380,000 51,238,000 65,238,000 18,639 15,138 230,571,000 324,011,000 110,963 92,074 230,571,000 331,947,000 432,223 360,406 528,160,000 52,816,000 71,016,000 15,608 237,672,000 359,144,000 94 ,611 237,672,000 369,460,800 370,053 544,825,000 54,482,500 76,322,500 13,978 245,171,250 390,937,650 85,822 245,171,250 403,317,810 336,637 562,419,250 56,241,925 79,173,925 13,810 253,088,663 406,143,383 84,915 253,088,663 419,142,551 333,186 580,989,213 58,098,921 82,177,521 13,652 261,445,146 422,152,602 84,059 261,445,146 435,801,728 329,932 Shopping DIY Learning Original Cost plus 1% Final Price Note: We calculate the total cost of a service and base on it to estimate the price 15,289 17,000 For the Shopping services, the price is the average profit we gain from each shopping bill 92,995 120,000Assume that the shop don't have inventory because the goods are directly taken from agent 364,010 400,000 Revenue Plan:Year 0 Shopping Customer Profit/bill DIY Customer Price Learning Customer Price Total Growth rate of revenue (%) Year 1 EXPECTED REVENUE Year 2 Year 3 Year 4 Year 5 59,500,000 77,350,000 92,820,000 97,461,000 102,334,050 3,500 4,550 5,460 5,733 6,020 17,000 17,000 17,00 0 17,000 17,000 350,400,000 455,520,000 546,624,000 573,955,200 602,652,960 2,920 3,796 4,555 4,783 5,022 120,000 120,000 120,000 120,000 120,000 307,200,000 399,360,000 479,232,000 503,193,600 528,353,280 768 998 1,198 1,258 1,321 400,000 400,000 400,000 400,000 400,000 717,100,000 932,230,000 1,118,676,000 1,174,609,800 1,233,340,290 30 20 5 5 Because this is a completely new services, so after the first year, the number of customers increase sharply in the 2nd and 3rd year, but in the 4th and 5th year when Cake paradise (C has the competitor, ( who enter the market to join this segment), the growth rate of CP increase slightly at 5%. Profit & Loss Plan:Year 1 Revenue Variable Cost Contribute Margin Fixed Cost Earning before Tax Tax Earning after tax PROFIT AND LOSS PLAN Year 2 Year 3 Year 4 Year 5 717,100,000 932,230,000 1,118,676,000 1,174,609,800 1,233,340,290 208,816,000 271,460,800 325,752,960 342,040,608 359,142,638 508,284,000 660,769,200 792,923,040 832,569,192 874,197,652 512,380,000 528,160,000 544,825,000 562,419,250 580,989,213 (4,096,000) 132,609,200 248,098,040 270,149,942 293,208,439 28% 28% 28% 28% 28% (4,096,000) 95,478,624 178,630,589 194,507,958 211,110,076 We can see that in the first year, because this is a new service and it needs time for the customers to know and have the habit to use this service, so the earning after tax for the first year is negative. After the first year,the number of customers who know and use Cake Paradise service increase (beyond word of mouth), the earning after tax for the 2nd, 3rd, 4th, 5th increase sharply. Break even for each year:Year 1 CM CM unit CM Ratio Break even point Break even revenue Safety of margin 508,284,000 70712. 9 0. 7088 7,246 722,878,741 (5,778,741) BREAK EVEN Year 2 Year 3 Year 4 Year 5 660,769,200 792,923,040 832,569,192 874,197,652 70712. 9 70712. 9 70712. 9 70712. 9 0. 7088 0. 7088 0. 7088 0. 7088 7,469 7,705 7,954 8,216 745,141,567 768,652,973 793,475,388 819,674,364 187,088,433 350, 023,027 381,134,412 413,665,926 Cash flow: We have, cost of capital was calculated by WACC assumption: ( ( ) ) Year 0 Revenue Operating Expense EBITDA D&A EBIT (1- Tax) NOPAT CFOP Capital expense Working capital Add W. C Free Cash flow Payback Period Cost of capital NPV IRR MIRRCASH FLOW Year 1 Year 2 Year 3 Year 4 Year 5 717,100,000 932,230,000 1,118,676,000 1,174,609,800 1,233,340,290 691,496,000 769,920,800 840,877,960 874,759,858 910,431,851 25,604,000 162,309,200 277,798,040 299,849,942 322,908,439 29,700,000 29,700,000 29,700,000 29,700,000 29,700,000 (4,096,000) 132,609,200 248,098,040 270,149,942 293,208,439 0. 72 0. 72 0. 72 0. 72 0. 72 (4,096,000) 95,478,624 178,630,589 194,507,958 211,110,076 25,604,000 125,178,624 208,330,589 224,207,958 240,810,076 (148,500,000) (45,000,000) (193,500,000) 2. 5 15. 30% 277,726,609 54% 30. 39% (45,000,000) 25,604,000 (58,500,000) (13,500,000) 111,678,624 (70,200,000) (11,700,000) 196,630,589 (73,710,000) (3,510,000) 220,697,958 (77,395,50 0) (3,685,500) 314,520,076 The Payback Period is:Conclusion: 1. 2. 3. 4. The project completely has the ability of reaching the break-even point from the first year. Payback period is nearly 2. 5 years, a very appropriate period in the whole process of 5 years. NPV is a positive numbers and IRR is at 54%, much more higher than the cost of capital. MIRR is at 30. 39%, a high figure. ? Although the initial investment is quite small, all the figures above have proved that this project is profitable and promises to bring high profit. Reference: Fundamental of corporate financial Book Vatgia. vn Kitchenart. wordpress. com Nguyenkim. vn â€Å"Special thank to Ms. Pham Lien Ha to helps us to do this project† Fin 202- Group Assignment â€Å" p c l h n t Ms h m Le H S ei t a k o . a i a a P n frh ligu t d t i po c† o e n s o o hs rj t p e Table of content: Excutive Summary: †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. P. 3 Business Plan:†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. P. 3 Vision:†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. P. 3 Main Services:†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦P. 3 Evaluating the market:†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. P. 4 Financial Plan:†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. P. 5 Initial Investment:†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. P. 5 Interest Payment:†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦P. 6 Wages Payment: †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦P. 6 Variable cost:†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. P. 7 Fixed cost per year for Selling and Admin activities:†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. P. 7 Expected number of customers:†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. P. 7 Total expense:†¦Ã¢â ‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦. P. 8 Price of each services:†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦P. 8 Revenue Plan:†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦P. Profit & Loss Plan:†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. P. 9 Break even for each year:†¦Ã¢â‚¬ ¦P. 9 Cash flow& Analysis:†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. P. 10 Conclusion:†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. P. 10 Reference:†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. P. 11 Excutive summary: In order to bring customers a new service, especially for the female customers, our group decided to bring a new project- call Cake Paradise. Nowadays, need of making a handmade cake or chocolate of female customers for their lovers, friends or families is very high but not everyone has enough money to buy for herself an expensive oven or cake cooking tools. Our project is created to solve this problems.We provide a service for customer to hire our kitchen with full machines & tools of cake co oking to made a cake or chocolate. We also provides ingridiants in Shop of cake ingridients in 1st floor and Class of learning how to make a cake 2 times/week. With this advantages and professional of this service, we believe we will achieve the highest expectation from customer. To be the first company provide service in hiring Cake making machines and Tools, Cake paradise have high grow rate and fullfill the need of customers about the cake making-which means profitable and deserve to be invested.Business plan: Vision: Customers Focus High quality services Grown up by 100% in the first 5 years Making profits since 2nd or 3rd year operating Main Services: 1st Floor: Shop of Cake ‘ingridientswhere you can find any kinds of cake ingridients and tools. 2nd & 3rd Floor: Cake paradise’s Kitchen – for hiring with fullfill cake making ‘s equipment and tools. It is call DIY service- With VND120,000 for 3 hours, you will have full of cake making equipment and tools to make your ideal cake for your lovers.Every Friday and Sunday, we have classes of making cake, which are teached by cookers who are very experienced in making cakes- With VND400,000 for a 4-hour class, you will learn to make 3 kinds of delicious cakes or chocolate in the world, it is a best price for any learners. Evaluating Market: Instead of going to a cake shop and buy for the lovers or family, friends a cake, recently, many girls and women want to make for her relatives a cake by herself.This gift is unique and more meaningful to her relatives and in other way, it prove the womenliness and caringful of who made it. It now creates a trend not only in making cake but also in making handmade stuffs. We notice that there is a lack for cake handmade market. We can easily find handmake ‘s materitals and tools in the market as paper, stuff,†¦.. with a quite cheap price. But in making cake, the ingridients, especially the cake making equipments are very expensive.Not every one has enough money to buy for herself a expensive oven or cooking tools. When in the market, there are many suppliers provides for other handmade things but there aren’t a supplier which provide hiring cake making machine & tools although the demand of it is very high. Seeing this, our group decided to bring Cake paradise service to customer. Financial Plan: Innital Investment: We plan the project will be implemented in 5 years For the long-term assets, time for full depreciation is 5 years. No.Tool& Equipment Capital Expense 1st Floor -Shop for Cake's ingridients Good shelf Refrigerator Table Electronic Cash Regristor Cost of Installment& Decoration 2nd & 3rd Floor- Place for DIY and Learning Kitchen cupboard Oven Refrigerator Hand-mixer Blender Gas cooker Fan Table Cost of Installment & Decoration 4th Floor -Office Destop & PC Phones Printer Office Table and chairs Cost of Installment& Decoration Working capital for the zero year Uniform for Staff Training course for staf f Tools for the kitchen Tools for the office CashINITAL INVESTMENT Quantity Cost per Unit Total Cost 148,500,000 17,800,000 4,800,000 3,500,000 1,000,000 3,500,000 5,000,000 99,900,000 30,000,000 18,000,000 26,000,000 2,800,000 1,100,000 4,000,000 4,000,000 4,000,000 10,000,000 30,800,000 20,000,000 800,000 3,000,000 5,000,000 2,000,000 45,000,000 2,000,000 3,000,000 5,000,000 5,000,000 30,000,000 193,500,000 29,700,000 1 1 1 600,000 3,500,000 1,000,000 3,500,000 5,000,000 15,000,000 3,000,000 13,000,000 700,000 550,000 2,000,000 1,000,000 1,000,000 10,000,000 10,000,000 800,000 3,000,000 1,000,000 2,000,000 200,000 500,000 TOTAL DEPRECITAION 2 6 2 4 2 2 4 4 2 1 1 5 10 6 Interest Payment: Year Quarter 1 I II III IV 2 I II III IV 3 I II III IV 4 I II III IV 5 I IIIII IV INTEREST PAYMENTS (VND) Beginning Balance Principal Payment Interest Payment Total Payment Total Payment/Year Ending Balance 80,000,000 4,000,000 2,400,000 6,400,000 24,880,000 76,000,000 76,000,000 4,000,000 2,280,00 0 6,280,000 72,000,000 72,000,000 4,000,000 2,160,000 6,160,000 68,000,000 68,000,000 4,000,000 2,040,000 6,040,000 64,000,000 64,000,000 4,000,000 1,920,000 5,920,000 22,960,000 60,000,000 60,000,000 4,000,000 1,800,000 5,800,000 56,000,000 56,000,000 4,000,000 1,680,000 5,680,000 52,000,000 52,000,000 4,000,000 1,560,000 5,560,000 48,000,000 48,000,000 4,000,000 1,440,000 5,440,000 21,040,000 44,000,000 44,000,000 4,000,000 1,320,000 5,320,000 40,000,000 40,000,000 4,000,000 1,200,000 5,200,000 36,000,000 36,000,000 4,000,000 1,080,000 5,080,000 32,000,000 32,000,000 4,000,000 960,000 4,960,000 19,120,000 28,000,000 28,000,000 4,000,000 840,000 4,840,000 24,000,000 24,000,000 4,000,000 720,000 4,720,000 20,000,000 20,000,000 4,000,000 600,000 4,600,000 16,000,000 16,000,000 4,000,000 480,000 4,480,000 17,200,000 12,000,000 12,000,000 4,000,000 360,000 4,360,000 8,000,000 8,000,000 4,000,000 240,000 4,240,000 4,000,000 4,000,000 4,000,000 120,000 4,120,000 Notes: Debt of VND80,000, 000 from bank, maturity of 5 years, interest rate 12% Interest is paid in from the first month, principal payment is incurred once a quarter Wages payment:Job title 1 Director 2 Secretary 3 Accountant 4 Sales Assistant 5 Cooking teacher 6 Securities Total Quantity 1 1 1 6 2 2 WAGE PAYMENTS (VND) Year 1 Year 2 72,000,000 75,600,000 42,000,000 44,100,000 48,000,000 50,400,000 144,000,000 151,200,000 96,000,000 100,800,000 48,000,000 50,400,000 450,000,000 472,500,000 Year 3 79,380,000 46,305,000 52,920,000 158,760,000 105,840,000 52,920,000 496,125,000 Year 4 83,349,000 48,620,250 55,566,000 166,698,000 111,132,000 55,566,000 520,931,250 Year 5 87,516,450 51,051,263 58,344,300 175,032,900 116,688,600 58,344,300 546,977,813 Notes: 1. Wages of Director, Secretary, Accountant, Sales Assistant, Securities are included in Selling and Admin Fixed expense each year 2. Wages of cooking teacher is included as Direct Labor for Learning Services 3. Wages growth rate is 5% each year Variable cost :We have three services in this project, in general, to estimate the variable cost, we estimate the variable cost beyond the number of customers we service. Services Included Shopping DIY Learning Bag Tool packgage 1 Tools package 2 Ingridients Using CP's kitchen Using CP's tools Teacher Services Included Bag Tool package 1 Tool package 2 Ingridients Using CP's kitchen (gas, water, electricity cost,†¦) Using CP's kitchen ‘s tools Teacher Total VARIABLE COST PER CUSTOMER Shopping DIY 500 3,500 Learning 500 3,500 15,000 3,000 10,000 500 3,500 15,000 50,000 3,000 10,000 50,000 132,000 4,000 32,000 Fixed cost per year for Selling and Admin activities:FIXED COST PER YEAR FOR ADMINSTRATIVE & SELLING ACTIVITIES Detail Per month Per year Internet bill 250,000 3,000,000 Electricity bill 1,500,000 18,000,000 Water bill 200,000 2,400,000 Phoning bill 200,000 2,400,000 Advertising exp 6,000,000 Other exp 1,000,000 12,000,000 43,800,000 Expected number of customers: year 1 Shopping DI Y Learning Total EXPECTED NUMBER OF CUSTOMER year 2 year 3 year 4 3500 4550 5460 2920 3796 4555 768 998 1198. 1 7,188 9,344 11,213 year 5 5733 4783 1258 11,774 6020 5022 1321 12,363 We assume that because this is a new services which haven't existed in the market so it will have a numerous of customers The growth rate will be 30%, 10% and 5% for the year of 2, 3, 4 and 5 respectively , after the services enter the market. Total expense:Year 0 Total Variable costs Shopping DIY Learning Total Fixed costs Wages Depreciation House Renting Fixed cost of selling and admin Intersest payment Total cost TOTAL EXPENSE Year 1 Year 2 Year 3 Year 4 Year 5 208,816,000 271,460,800 325,752,960 342,040,608 14,000,000 18,200,000 21,840,000 22,932,000 93,440,000 121,472,000 145,766,400 153,054,720 101,376,000 131,788,800 158,146,560 166,053,888 512,380,000 354,000,000 29,700,000 60,000,000 43,800,000 24,880,000 721,196,000 528,160,000 371,700,000 29,700,000 60,000,000 43,800,000 22,960,000 799,620,800 544,825,000 390,285,000 29,700,000 60,000,000 43,800,000 21,040,000 870,577,960 562,419,250 409,799,250 29,700,000 60,000,000 43,800,000 19,120,000 904,459,858 359,142,638 24,078,600 160,707,456 174,356,582 580,989,213 430,289,213 29,700,000 60,000,000 43,800,000 17,200,000 940,131,851 Price of each services:Customer Year 1 Shopping DIY Learning Year 2 Shopping DIY Learning Year 3 Shopping DIY Learning Year 4 Shopping DIY Learning Year 5 Shopping DIY Learning 3,500 2,920 768 4,550 3,796 998 5,460 4,555 1,198 5,733 4,783 1,258 6,020 5,022 1,321 Variable Cost 14,000,000 93,440,000 101,376,000 18,200,000 121,472,000 131,788,800 21,840,000 145,766,400 158,146,560 22,932,000 153,054,720 166,053,888 24,078,600 160,707,456 174,356,582 Fixed cost Toatal cost Cost per customer Average cost in 5 year 512,380,000 51,238,000 65,238,000 18,639 15,138 230,571,000 324,011,000 110,963 92,074 230,571,000 331,947,000 432,223 360,406 528,160,000 52,816,000 71,016,000 15,608 237,672,000 359,144,000 94 ,611 237,672,000 369,460,800 370,053 544,825,000 54,482,500 76,322,500 13,978 245,171,250 390,937,650 85,822 245,171,250 403,317,810 336,637 562,419,250 56,241,925 79,173,925 13,810 253,088,663 406,143,383 84,915 253,088,663 419,142,551 333,186 580,989,213 58,098,921 82,177,521 13,652 261,445,146 422,152,602 84,059 261,445,146 435,801,728 329,932 Shopping DIY Learning Original Cost plus 1% Final Price Note: We calculate the total cost of a service and base on it to estimate the price 15,289 17,000 For the Shopping services, the price is the average profit we gain from each shopping bill 92,995 120,000Assume that the shop don't have inventory because the goods are directly taken from agent 364,010 400,000 Revenue Plan:Year 0 Shopping Customer Profit/bill DIY Customer Price Learning Customer Price Total Growth rate of revenue (%) Year 1 EXPECTED REVENUE Year 2 Year 3 Year 4 Year 5 59,500,000 77,350,000 92,820,000 97,461,000 102,334,050 3,500 4,550 5,460 5,733 6,020 17,000 17,000 17,00 0 17,000 17,000 350,400,000 455,520,000 546,624,000 573,955,200 602,652,960 2,920 3,796 4,555 4,783 5,022 120,000 120,000 120,000 120,000 120,000 307,200,000 399,360,000 479,232,000 503,193,600 528,353,280 768 998 1,198 1,258 1,321 400,000 400,000 400,000 400,000 400,000 717,100,000 932,230,000 1,118,676,000 1,174,609,800 1,233,340,290 30 20 5 5 Because this is a completely new services, so after the first year, the number of customers increase sharply in the 2nd and 3rd year, but in the 4th and 5th year when Cake paradise (C has the competitor, ( who enter the market to join this segment), the growth rate of CP increase slightly at 5%. Profit & Loss Plan:Year 1 Revenue Variable Cost Contribute Margin Fixed Cost Earning before Tax Tax Earning after tax PROFIT AND LOSS PLAN Year 2 Year 3 Year 4 Year 5 717,100,000 932,230,000 1,118,676,000 1,174,609,800 1,233,340,290 208,816,000 271,460,800 325,752,960 342,040,608 359,142,638 508,284,000 660,769,200 792,923,040 832,569,192 874,197,652 512,380,000 528,160,000 544,825,000 562,419,250 580,989,213 (4,096,000) 132,609,200 248,098,040 270,149,942 293,208,439 28% 28% 28% 28% 28% (4,096,000) 95,478,624 178,630,589 194,507,958 211,110,076 We can see that in the first year, because this is a new service and it needs time for the customers to know and have the habit to use this service, so the earning after tax for the first year is negative. After the first year,the number of customers who know and use Cake Paradise service increase (beyond word of mouth), the earning after tax for the 2nd, 3rd, 4th, 5th increase sharply. Break even for each year:Year 1 CM CM unit CM Ratio Break even point Break even revenue Safety of margin 508,284,000 70712. 9 0. 7088 7,246 722,878,741 (5,778,741) BREAK EVEN Year 2 Year 3 Year 4 Year 5 660,769,200 792,923,040 832,569,192 874,197,652 70712. 9 70712. 9 70712. 9 70712. 9 0. 7088 0. 7088 0. 7088 0. 7088 7,469 7,705 7,954 8,216 745,141,567 768,652,973 793,475,388 819,674,364 187,088,433 350, 023,027 381,134,412 413,665,926 Cash flow: We have, cost of capital was calculated by WACC assumption: ( ( ) ) Year 0 Revenue Operating Expense EBITDA D&A EBIT (1- Tax) NOPAT CFOP Capital expense Working capital Add W. C Free Cash flow Payback Period Cost of capital NPV IRR MIRRCASH FLOW Year 1 Year 2 Year 3 Year 4 Year 5 717,100,000 932,230,000 1,118,676,000 1,174,609,800 1,233,340,290 691,496,000 769,920,800 840,877,960 874,759,858 910,431,851 25,604,000 162,309,200 277,798,040 299,849,942 322,908,439 29,700,000 29,700,000 29,700,000 29,700,000 29,700,000 (4,096,000) 132,609,200 248,098,040 270,149,942 293,208,439 0. 72 0. 72 0. 72 0. 72 0. 72 (4,096,000) 95,478,624 178,630,589 194,507,958 211,110,076 25,604,000 125,178,624 208,330,589 224,207,958 240,810,076 (148,500,000) (45,000,000) (193,500,000) 2. 5 15. 30% 277,726,609 54% 30. 39% (45,000,000) 25,604,000 (58,500,000) (13,500,000) 111,678,624 (70,200,000) (11,700,000) 196,630,589 (73,710,000) (3,510,000) 220,697,958 (77,395,50 0) (3,685,500) 314,520,076 The Payback Period is:Conclusion: 1. 2. 3. 4. The project completely has the ability of reaching the break-even point from the first year. Payback period is nearly 2. 5 years, a very appropriate period in the whole process of 5 years. NPV is a positive numbers and IRR is at 54%, much more higher than the cost of capital. MIRR is at 30. 39%, a high figure. ? Although the initial investment is quite small, all the figures above have proved that this project is profitable and promises to bring high profit. Reference: Fundamental of corporate financial Book Vatgia. vn Kitchenart. wordpress. com Nguyenkim. vn â€Å"Special thank to Ms. Pham Lien Ha to helps us to do this project†

Fi515

Final Exam Page 1 1. (TCO A) Which of the following does NOT always increase a company's market value? (Points : 5) Increasing the expected growth rate of sales Increasing the expected operating profitability (NOPAT/Sales) Decreasing the capital requirements (Capital/Sales) Decreasing the weighted average cost of capital Increasing the expected rate of return on invested capital| 2. (TCO F) Which of the following statements is correct? (Points : 5) For a project with normal cash flows, any change in the WACC will change both the NPV and the IRR.To find the MIRR, we first compound cash flows at the regular IRR to find the TV, and then we discount the TV at the WACC to find the PV. The NPV and IRR methods both assume that cash flows can be reinvested at the WACC. However, the MIRR method assumes reinvestment at the MIRR itself. If two projects have the same cost, and if their NPV profiles cross in the upper right quadrant, then the project with the higher IRR probably has more of its c ash flows coming in the later years.If two projects have the same cost, and if their NPV profiles cross in the upper right quadrant, then the project with the lower IRR probably has more of its cash flows coming in the later years. | 3. (TCO D) The Ramirez Company's last dividend was $1. 75. Its dividend growth rate is expected to be constant at 25% for 2 years, after which dividends are expected to grow at a rate of 6% forever. Its required return (rs) is 12%. What is the best estimate of the current stock price? a. $41. 58 b. $42. 64 c. $43. 71 d. $44. 80 e. $45. 92(Points : 20) | 4. TCO G) The ABC Corporation's budgeted monthly sales are $4,000. In the first month, 40% of its customers pay and take the 3% discount. The remaining 60% pay in the month following the sale and don't receive a discount. ABC's bad debts are very small and are excluded from this analysis. Purchases for next month's sales are constant each month at $2,000. Other payments for wages, rent, and taxes are con stant at $500 per month. Construct a single month's cash budget with the information given. What is the average cash gain or (loss) during a typical month for the ABC Corporation? (Points : 20) | 5. TCO G) Clayton Industries is planning its operations for next year, and Ronnie Clayton, the CEO, wants you to forecast the firm's additional funds needed (AFN). The firm is operating at full capacity. Data for use in your forecast are shown below. Based on the AFN equation, what is the AFN for the coming year? Dollars are in millions. Last year's sales = S0| $350| | Last year's accounts payable| $40| Sales growth rate = g| 30%| | Last year's notes payable| $50| Last year's total assets = A0*| $500| | Last year's accruals| $30| Last year's profit margin = PM| 5%| | Target payout ratio| 60%| a. $102. b. $108. 2 c. $113. 9 d. $119. 9 e. $125. 9 (Points : 30) | | Final Exam Page 2 1. (TCO H) Desai Inc. has the following data, in thousands. Assuming a 365-day year, what is the firm's cash con version cycle? Annual sales = Annual cost of goods sold = Inventory = Accounts receivable = Accounts payable =| $45,000 $30,000 $4,500 $1,800 $2,500| a. 28 days b. 32 days c. 35 days d. 39 days e. 43 days (Points : 30) | 2. (TCO C) A firm buys on terms of 2/8, net 45 days, it does not take discounts, and it actually pays after 58 days. What is the effective annual percentage cost of its nonfree trade credit? Use a 365-day year. ) a. 14. 34% b. 15. 10% c. 15. 89% d. 16. 69% e. 17. 52%(Points : 30) | 3. (TCO E) Daves Inc. recently hired you as a consultant to estimate the company's WACC. You have obtained the following information. (1) The firm's noncallable bonds mature in 20 years, have an 8. 00% annual coupon, a par value of $1,000, and a market price of $1,050. 00. (2) The company's tax rate is 40%. (3) The risk-free rate is 4. 50%, the market risk premium is 5. 50%, and the stock's beta is 1. 20. (4) The target capital structure consists of 35% debt and the balance is common equi ty.The firm uses the CAPM to estimate the cost of common stock, and it does not expect to issue any new shares. What is its WACC? a. 7. 16% b. 7. 54% c. 7. 93% d. 8. 35% e. 8. 79%(Points : 30) | 4. (TCO B) Leak Inc. forecasts the free cash flows (in millions) shown below. If the weighted average cost of capital is 11% and FCF is expected to grow at a rate of 5% after Year 2, what is the Year 0 value of operations, in millions? Assume that the ROIC is expected to remain constant in Year 2 and beyond (and do not make any half-year adjustments). Year: 1 2 Free cash flow: -$50 $100 a. $1,456 b. 1,529 c. $1,606 d. $1,686 e. $1,770(Points : 35) | 5. (TCO G) Based on the corporate valuation model, Hunsader's value of operations is $300 million. The balance sheet shows $20 million of short-term investments that are unrelated to operations, $50 million of accounts payable, $90 million of notes payable, $30 million of long-term debt, $40 million of preferred stock, and $100 million of common equity. The company has 10 million shares of stock outstanding. What is the best estimate of the stock's price per share? a. $13. 72 b. $14. 44 c. $15. 20 d. $16. 00 e. $16. 80(Points : 35) | |

Columbian Exchange: Europe and the Americas

Sagar Shah Columbian Exchange: Europe and the Americas The Columbian Exchange was an impactful spread of culture, food and even frightening diseases between the Old World and the New World. This great exchange started after the accidental discovery of the Americas by Christopher Columbus. Originally, Columbus and his crew set on a journey to find a western sea route to China, India and the spice islands of Asia. Instead, he found a whole new world in the western hemisphere that was eventually named â€Å"The New World†. The Columbian Exchange had lasting effects on both the Old World as well as the New World.The Columbian Exchange had several positive impacts, one of which was the introduction of new staple crops such as maize and potatoes to Europe. These staple crops and even some additional new foods such as capsicum pepper, plain vanilla and coca provided nutrients that the indigenous crops didn’t have. Europe also received quinine which was a medicine that helped d eal with malaria. The Columbian Exchange also had a few negative impacts; the most devastating was the spread of diseases in the Americas that were brought from Europe. Diseases like smallpox, tuberculosis, and bubonic plague quickly transfused across the New World.Overall the Columbian Exchange had a more negative impact on the New World and a more positive influence on the Old World. One lasting impression the New World had on the Old World was the introduction of new crops and foods. One staple food that the Europeans brought back was maize. Maize was a success in Europe because it produces well in a variety of climates. Maize prospers in areas too dry for rice and too wet for wheat making it ideal to grow in many different climates (Crosby W. Alfred 2003). For this reason maize was very popular and adopted quickly. The potato also had a huge effect on the Old World.The potato contains large amounts of calories and nutrients due to the starch in it. The potato is able to sustain life better than any other food that is consumed (Davidson and Passmore, 1965, p. 285). Like maize, the potato can also be cultivated in a variety of climates making it ideal for Europeans to use (Crosby W. Alfred 2003). The first place the potato reached was Ireland. In fact the potato spurred a population growth in Ireland (Nunn and Qian 2009). The reason the potato became popular in Europe was because of the abundance of nutrients that it contains and because it can sustain lives all by itself which other crops cannot do.Even though potatoes and maize had a big impact on Europe, many other foods like capsicum peppers also had a positive impact on the Old World. Capsicum Peppers originated in Bolivia and southern Brazil. When the Europeans came to the Americas, the pepper migrated to Mesoamerica and the Caribbean (Andrews, 1992, 82-83). The capsicum peppers had reached Spain and Africa by 1453. It had also reached the East Indies by 1540 and India by 1542 (Andrews, 1992, 82-83). T he capsicum pepper has also impacted many other countries. In Southeast Asia the capsicum pepper has been used in cuisines.Capsicum peppers are also very nutritious. They contain a good amount of vitamin A, vitamin B, and vitamin C. They also contain large amounts of iron and magnesium. Magnesium is essential because it spurs energy production and iron is important because it speeds up metabolism (Greger 1994). This shows how capsicum peppers that originated in the Americas came to big use in Europe making a positive impact on their society. Another food that had a positive impact on Europe was plain vanilla. Plain vanilla originated in Mexico, Central America, and South America. Plain vanilla comes from the plant Vanilla planifolia.The vanilla pods need to be fermented and it creates the chemical vanillin. The vanillin is the chemical that gives plain vanilla its scent and its distinct flavor (Rain, 1992, p. 37). Plain vanilla was first brought back to Spain when Cortez came to the Americas. It became very popular in a very short amount of time in Europe because factories were using the vanilla to flavor the chocolate. Like chocolate, vanilla too became a luxury that only the aristocrats could afford (Rain, 1992, p. 40). Vanilla was not only used for flavoring, it was also used for scents in perfumes and tobacco (Bruman, 1948, pp. 71-372). This is why plain vanilla grew so popular in the Old World. It’s great taste and smell made it appealing to many countries. Coca was another crop that benefited Europe. People of the Inca Empire first used coca leaves, where they chewed them during religious activities. The first Spanish settlers adopted this idea and brought back to Europe where it became popular. A well-known psychologist by the name of Sigmund Freud started chewing coca after he found out that coca increases stamina, creativity, and it decreases hunger (Hobhouse, 2005, pp. 10-313). After this was discovered, coca became extremely popular in Europe and it began to spread throughout the world. Foods were not the only positive things that helped the Europeans. A gift that the New World gave to the Old World was quinine. Quinine contains anti-malarial alkaloids, which come from the barks of cinchona trees. These trees grow in Columbia, Ecuador, and Peru (Brockway, 1979, p. 108). This medicine was helpful to the Europeans because it let them travel across the world and conquer lands without worrying about the threat of malaria.Even though the Columbian Exchange had an overall positive effect on Europe, it had a negative influence on the Americas. One disease that was brought to the New World was Smallpox. The smallpox virus is caused by Variola, which is closely related to cowpox and monkeypox (Patterson 2002). The infection causes skin rashes and causes mucus membranes to emerge. These rashes stay for about 12 days then the person infected then experiences 104 degree Fahrenheit fever, back pain, and vomiting. Three days later th e rash will spread to the nose, mouth, forearms, throat, hands, and face (Ngan, 2011).Smallpox easily spreads through close contact. â€Å"Estimates of death rates resulting from smallpox epidemics range between 39% for the Aztecs, 50% for the Piegan, Huron, Catawba, Cherokee, and Iroquois, 66% for the Omaha and Blackfeet, 90% for the Mandan, and 100% for the Taino†¦ † (Halverson, 2007). Smallpox epidemics affected the life of many Native American tribes for hundreds of years. This is only one disease that had an awful effect on the Native Americans. Tuberculosis is also another disease that spread from the Old World to the New World. Tuberculosis, is caused by a bacterium called Mycobacterium tuberculosis (Paulsen 1987).The bacteria can attack any part of the body, but most frequently attacks the lungs. Tuberculosis of the lungs and throat is infectious. When a person with Tuberculosis coughs or sneezes, the bacteria spread into the air. People nearby may breathe in the se bacteria and become infected. When a person breathes in the bacteria, the bacteria settle in the lungs and begin to grow. The first major outbreaks of Tuberculosis among the native people of North America began in the 1880’s after they were settled on reservations. When Native Americans were required to live in small fixed huts, an epidemic began.As Native Americans were living to reservations their death rates from Tuberculosis increased rapidly. Bates and Stead give the death rates of Native Americans. â€Å"By 1886 the Tuberculosis death rate reached 9000 per 100,000 people. These rates are much higher than ever observed in Europe because the Native Americans lacked immunity to Tuberculosis and were weak in fighting off the bacteria† (Bates & Stead, 1993). The Native Americans were being hit by disease after disease with the Europeans coming over and settling. Another disease that devastated them was the Bubonic Plague. The Bubonic Plague is also known as the Bla ck Death.Bubonic plague painfully causes swollen lymph nodes that appear around the groin, armpit, or neck (Halverson, 2007). The Bubonic plague had already devastated Europe by killing millions and after Europeans came to the Americas, the Black Death killed millions of Native Americans. The Columbian Exchange was a time when European nations sent explorers to the Americas after Christopher Columbus discovered the â€Å"New World†. The Americas were filled with new crops and foods that turned out to be very beneficial to the Europeans. The Europeans brought back staple crops like maize and potato that contain a large amount of nutrients.Other crops include capsicum pepper, plain vanilla, and coca. Each had their own way of helping the Europeans. A medicine that the Europeans took from the Americas was quinine. Quinine fought off malaria, which enormously benefited the Europeans because they were able to conquer lands that have malaria but not die from the disease. The Columb ian Exchange benefited the Europeans, but it did not benefit the Americas. The Columbian Exchange brought many Europeans to the Americas. With many Europeans traveling to the New World, many diseases also came along.Diseases like smallpox, tuberculosis, and the bubonic plague resulted in the death of millions of Native Americans. These diseases even killed off many tribes completely. The Columbian Exchange proved to be beneficial to the Old World while devastating a lot of the New World. Andrews, Jean. 1992. The peripatetic chili pepper: Diffusion of the domesticated capsicums since Columbus. In Nelson Foster and Linda S. Cordell (eds. ) Chilies to Chocolate: Food the Americas Gave the World. Tucson: University of Arizona Press, 81-93. Bates, Joesph H. , and William W. Stead. â€Å"Oregon Experience: White Plague. † TB Among Native Americans. N. p. 1993. Web. 07 Apr. 2013. Brockway, Lucile H. 1979. Science and Colonial Expansion: The Role of the British Royal Botanical Garden s. New York: Academic Press . Brooks, Jerome Edmund. 1952. The Mighty Leaf: Tobacco through the Centuries. Boston: Little, Brown and Company. Bruman, Henry. 1948. The culture history of Mexican vanilla. Hispanic American Historical Review 28(3): 360-376. Christian, JL, Greger, JL. Nutrition for Living (4th Ed. ) Reading, MA: The Benjamin/Cummings Publishing Company, Inc. 1994. Crosby W. Alfred. The Columbian Exchange Biological and Cultural consequences of 1492. Westport: Praeger Publishers 2003 PrintDavidson, Stanley and R. Passmore. 1965. Human Nutrition and Dietetics. Baltimore: Churchill Livingstone. Duiker, William J. , and Jackson J. Spielvogel. World History. Belmont, CA:: Thomson/Wadsworth, 2007. Print. Halverson, Melissa Sue. â€Å"Native American Beliefs and Medical Treatments During the Smallpox Epidemics: An Evolution. † Native Americans and The Smallpox Epidemic. N. p. , Summer 2007. Web. 07 Apr. 2013. Ngan, Vanessa. â€Å"DermNet NZ. † Smallpox (variola). N. p. , 1 July 2011. Web. 07 Apr. 2013. Nunn, Nathan and Nancy Qian. 2009. The potato’s contribution to population and urbanization: Evidence from an historical experiment.NBER Working Paper 15157. Patterson, Kristine. â€Å"Result Filters. † National Center for Biotechnology Information. U. S. National Library of Medicine, Apr. 2002. Web. 12 Apr. 2013. Paulsen, H. Jay. JSTOR. N. p. , Nov. -Dec. 1987. Web. 12 Apr. 2013. Rain, Patricia. 1992. Vanilla: Nectar of the Gods. In Chilies to Chocolate: Food the Americas gave the World (eds) Nelson Foster and Linda S. Cordell. Tucson: University of Arizona Press, 35-45. Wood, Ethel. AP World History: An Essential Coursebook. Reading, PA: WoodYard Publications, 2008. N. pag. Print.

Bank of America Research Paper Example | Topics and Well Written Essays - 1500 words

Bank of America - Research Paper Example It trades across various asset categories to companies, governments, organizations, and people in the globe and it company more than 150 countries of the globe. This essay seeks to analyze the talent management program that leads to the organizations success, the strengths of the program. It will analyze how they lead to achievement and opportunities for improvement. In addition, the essay will also create two effective approaches to meet the talent management challenges in the future. The talent management program used for the bank’s success was the use executive on-boarding approach. The bank accommodates international and local executives every year. This program is designed to help new executives learn to be facile in navigating the bank’s large matrixes organization. It also helps them in building and leveraging networks of relationships for career success and implementing the company initiatives. The bank utilized a multifaceted approach to establish at the execut ive level and the managements support to the development program of leadership. The development of the bank leadership executive activities include management, selection, on-boarding, performance, executive talent upgrading process, process of experiences development and compensation. The organizations culture promoted by Lewis encourages conduct, trust, teamwork, and accountability at all management levels. The company deeply emphasizes individual performance and believes that today’s performer is not necessarily tomorrow’s performer. To develop an effective on-board program, the firm has created a program that is categorized in to four phases, which includes the selection phase of the program. The company does not only use expertise and experience to select executives but also leadership ability and cultural fit. An executive lacking leadership and interpersonal skills as well as cultural sensitivity is perceived to cause derailments, (Bank of America, 1994). To elim inate this, the company uses partnerships with executive search firms to get the ideal candidates for the positions. The people in the recruitment position must have an understanding of culture and leadership requirement of the bank when called upon to do an executive level research. Job design is also another consideration made in the selection phase, whereby the stakeholders are given clear job specifications before they are given a mandate to conduct the executive research. This allows the hiring executive not to make a blind selection of the new employees. Additionally, the LD partner is vital to the selection phase as he serves as the main talent officer in the process of recruiting and on-boarding. This individual usually has between ten to fifteen years of experience and with a leadership or organizational development background. This experience gives them an increased level of credibility in the eyes of the executive and the stakeholders. After executives have been selected, this is the entry phase and the most critical weeks on a job are the initial weeks on hiring. The new executive is expected to accomplish dour vital outcomes; develop business acumen, learn organizational culture, master the roles of leadership demands and build critical organization relationships. The new executive must be able to learn customer and financial information in regards to his/her new roles. He /he must also set realistic goals