Discounted Cash Flow Techniques Essay Example for Free

Discounted Cash Flow Techniques Essay A brief tutorial on Excel financial functions (problems to follow) You may find the following Excel, built-in financial functions helpful when analyzing the problems below. (To access these functions, select Insert, Functions, and choose Financial.) =PV(rate, nper, pmt, fv, type) returns the present value of a series of cash flows. =FV(rate, nper, pmt, pv, type) returns the future value of a series of cash flows. =PMT(rate, nper, pv, fv, type) calculates the periodic payment for a loan based on constant payments and a constant interest rate. =NPER(rate, pmt, pv, fv, type) returns the number of periods for an investment based on periodic, constant payments and a constant interest rate. =NPV(rate, range) returns the net present value of an investment based on a discount rate and a series of future payments (negative values) and income (positive values). (Warning: By convention, NPV calculates the net present value one period before the first cash flow.) =IRR(range, guess) returns the internal rate of return for a series of cash flows. In these functions, rate = the discount, or interest rate. nper = number of periods. pmt = annual uniform payment. fv = future value, or future cash flow. type is a logical value allowing you to specify if cash flows occur at the end or the beginning of the period. A value of 1 indicates beginning of period, 0 or omitted indicates end of period. pv = present value. range = the cells on your spreadsheet containing the cash flows you want to analyze. For example, if the cash flows are in the first 10 rows of column A, the entry for range would be a1:a10. guess = your guess as to the internal rate of return. This helps the computer get started and may be left blank. An example Suppose you want to know the present value of $100 per year for 19 years and $500 at the end of the 19th year when the interest rate is 13 percent. Select a spreadsheet cell and enter =PV(0.13,19,100,500). Excel will return ($742.83). This is the amount one should be willing to pay today to receive the indicated stream of cash flows when the interest rate is 13 percent. Problems 1) An investment costing $50,000 promises an after tax cash flow of $18,000 per year for 6 years. a. Find the investments accounting rate of return and its payback period. b. Find the investments net present value at a 15 percent discount rate. c. Find the investments profitability index at a 15 percent discount rate. d. Find the investments internal rate of return. e. Assuming the required rate of return on the investment is 15 percent, which of the above figures of merit indicate the investment is attractive? Which indicate it is unattractive? 2) A $1,000 par value, 10 percent coupon bond matures in 20 years. If the price of the bond is $1,196.80, what is the yield to maturity on the bond? Assume interest is paid annually. 3) Ten years ago you invested $1,000 for 10 shares of Trublock common stock. You sold the shares recently for $2,000. While you owned the stock it paid $10.08 per share annual dividends. What was your rate of return on Trublock stock? 4) Having heard of your knowledge of present value techniques, you have been asked to testify as an expert witness in the following lawsuit. Several homeowners in a nearby community have organized to protest against alleged gouging on the part of a local lending institution. One resident presents his payment book as evidence. The resident has a 30-year, fixed rate loan at 6 percent interest for $200,000. He got the loan 10 years ago and has been making equal annual payments of $14,529.60 ever since. He observes that he has paid the lending company $145,296.00 yet his payment book indicates that the principal due on the loan has only declined by $33,345.40. He presents this as obvious proof of gouging on the part of the money changers. Do you agree? Why, why not? 5) In 1984, the city council of the town of Patterson agreed that their community badly in need of a modern hotel that would cost approximately $25 million. To finance construction members of the council organized the Patterson Hotel Corporation. Through strenuous promotion they raised $15 million by selling 15,000 shares of stock at $1,000 per share. They secured the other $10 million necessary to build the hotel as a loan provided by a local bank on a 10 year, 14 percent mortgage that called for uniform annual payments sufficient to pay interest and to extinguish the debt at the end of 10 years. Upon completion, the Patterson Hotel Corporation leased the hotel to a national company that operated a chain of hotels. The lease ran for 30 years and contained a clause permitting the lessee to purchase the hotel for $10 million at the end of the 30-year period. The lessee agreed to furnish the hotel and pay all taxes (including income taxes) and operating expenses, and was to meet the interest and repayment obligations on the mortgage during the first 10 years of the lease. During the last 20 years of the lease, the operating company agreed to make payments sufficient to permit annual dividends of $400 per share. No payments at all were to be made to the stockholders during the first 10 years. This was the most favorable operating contract that Patterson Hotel Company was able to negotiate. When stockholders, many of whom had bought stock under considerable pressure, learned that there was no prospect of dividends for 10 years, they were quite upset, and a number of them were anxious to sell their stock. Conrad Billings, a local businessmen in the original group that promoted the hotel, was reported to be buying stock from some of these disgruntled stockholders at $750 a share. Some locals were heard to comment that Conrad Billings was a clever old bastard who was taking advantage of his public-spirited neighbors. There were remarks regarding the fat dividends he would be receiving after the mortgage was paid off. One man was said to have declined Billings’ offer of $750 a share and to have commented publicly that nobody was going to get his stock unless they paid what it was worth. Make whatever assumptions and calculations you find necessary to estimate the fair value of the stock. Was $750 a share really too low a price? 6) You need four new tires for your car. You can buy cheap retread tires for $25 a piece and replace them every 20,000 miles or you can spend $40 per tire and replace them every 40,000 miles. If money has an opportunity cost of 10 percent to you, how many miles must you drive annually to warrant the more expensive tires?

Personal Narrative: My Favorite Noncompetitive Activities :: essays research papers

My Three Favorite Noncompetitive Activities The three different activities I like is bicycling, camping, and hiking. I got interested in camping because, you get to see the outdoors, and see the stars, and eat burnt marshmallows. This is very fun. Also, because this is a group activity. I also got interested in hiking because, it keeps you in shape, and its just plain fun and it is a dual activity. I got interested in bicycling because, you get to travel around in it, and it keeps you in shape, and it is very fun. And, because it is an individual activity. When I went to camp I got to fish, swim, and tell scary stories, and sleep in tents. It was a lot of fun. We got to pick our camp grounds. We got to make camp fires, so we can cook our food. We are also able to see the stars at night. We can?t really see the stars in the cities, because there is too much light. But anyways we had a lot of fun camping. Bicycling is also a lot of fun. You can travel anywhere on a bicycle. It keeps you in shape, and it is fun. But you have to be careful of glass or nails, or else your tires might become flat. But other than that, it can be a lot of fun. You can get a really strong workout with a bicycle. You can have races against other people. You can take it with you camping and to the beach. Hiking is a lot of fun. It keeps you in good shape. It exercises your body. It helps your brain to think and learn. You can also race against other people. You can see the great out doors if you are hiking in the woods. You can see different kinds of birds and trees and people. Well I can tell you this much, hiking is a lot of fun.

Observation Essay

Asian game was running in Inches. Since my friend from Hong Kong Is one of the representatives for Hong Kong girl squash team, and I wanted to watch any of the Aslant game matches, therefore, I chose to watch squash competition at last. It was on the 24th September. The competition was held in Hourly Squash Court. I took the wrong line of the subway since it was quite far from SHCOON and still, I was not too familiar with the subway system. As I interchanged station In Guru to Donnas of blue line 1, I saw a slight difference for people In the train from the milliamp green line 2.There were more elderly In the train. I was surprised to be asked to sit down by a kind lady. I felt like people have warmer hospitality than those from the city centre. After I entered the competition venue, I sit in front of the court that Hong Kong was playing with China. There were a few spectators as I expected. As know, squash is not a popular sport among all so it is really common to have a few spectat ors. There were 4 courts undergoing competitions In the venue. I looked around and I was shocked to see at the middle of the venue, there were full of people.I was wondering if the game was exciting so I walked towards that court. It was hard to get there because there were really a lot of people. Even the staffs heading there to see the game. I finally found a space. It was the women game which South Korea versus Japan and the score was even. I was really shocked by the full house spectators. Most of them are Korean and what surprised me most Is that many of them got banners or cheering tools. They yelled the cheering songs and slogans loudly to support the Korean team. At the same time, my Hong Kong friend had finished the game and came to me.She as also attracted by the loud cheering sound and was curious about the people. She said, â€Å"It would be so good If Hong Kong would ever have so many people supporting me. † I asked, † Would there ever be that many people w atching squash game In Hong Kong? ‘ she answered, † Even If there Is many spectators, they would never bring banners and cheer together loudly! † It was a tight game. Both Japanese and Korean players were well trained and passionate to win. I was amazed by Koreans passion to support the national team because when I went out of the venue to another venue, I could still hear their cheering sound.Korea finally won the game. After the game, there were so many questions pop-up In my mind. The first question is why is Korean so passionate to cheer for the team? I have come up with this question because squash is really not a popular sport and especially for women's match, it is not exciting as the men's. I have think of some possible answers. Firstly, since South Korea is the host country of the Asian game, people are proud and so they put their effort in supporting the team. Secondly, because the match was battling with Japan, which Is a country who always has rivalries with Korea, so Korean Observation essay I came across this situation between a Chills employee and a guest. I walked in through the to-go area, to pick up an order. As I approached the register I noticed a lady just standing there on her cell phone ignoring the to-go specialist. Since she was there before I was I kindly waited till she spoke to the young man. I heard him say repetitively welcome to chills† in the most friendliest tone ever. The lady was standing with her one hand on her hip and continued to have her conversation on her phone. The young man opened the register and began to count the money InsideIt. After he called her once again welcoming her, but at this point he was a bit agitated and you could tell within his voice. The women finally hung up her phone, yet still made no eye contact with the young man. She looked around the area grabbed a to-go menu, while glancing she said her name and was wondering why her order was taking so long. Already frustrated with the phone call she Just had, she just deci ded to take It out on the young man. Blaming him for getting her food late. According to her it was horrible service.Aggravatingly yelling â€Å"where Is your anger, I demand to speak to him! † with her hands in his face. He calmly said â€Å"yes ma'am, Ill go ahead and call him over here. † The manager approached both of them and asked what the problem was. The women went off saying he was rude because he ignored her presence, never welcomed her, nor asked for her name. Rolling her eyes claiming the employee was on his cell phone, testing people instead of doing his lob. The Chills manager apologized and to please the guest he gave the women a discount as well.After everything was taken care of she put on her black sunglasses ND as she was walking away she turned around and impolitely told the employee â€Å"thank for the horrible experience! † When I went up for my order I made sure I helped the young man clear his name. He did his Job, and he did it very well . The woman was obviously already in a bad mood as she walked into the restaurant, maybe she was having a bad day and that one phone call did not help. For her to take out her anger on a complete stranger is Just not right. Observation essay By bind lady Just standing there on her cell phone ignoring the to-go specialist.Since she was ere phone. The young man opened the register and began to count the money inside it. After he called her once again welcoming her, but at this point he was a bit she Just decided to take it out on the young man. Blaming him for getting her food late, according to her it was horrible service. Aggravatingly yelling â€Å"where is your ma'am, I'll go ahead and call him over here. † The manager approached both of them job. The Chills manager apologized and to please the guest he gave the women a â€Å"thank you for the horrible experience! † When I went up for my order I made sure I

A Brief Note On The Local Community Of Kilmaurs, East...

KILMAURS COMMUNITY Local Investigation Table of Contents Terms of Reference 2 Procedure 2 Findings 2 Facilities and Services 2 Education 3 Community Groups 4 Views of the Locals 4 Issues facing the community 5 Conclusion 5 Recommendations 6 Appendix 7 Bibliography 9 Terms of Reference On 24 September 2014, Helen Domigan was instructed by Ms Rachel Rae, Communities lecturer, to compile a formal report on my local community of Kilmaurs, East Ayrshire. The written report was to include recommendations and was to be submitted to Ms Rachel Rae on 17 December 2014. Kilmaurs is a village in East Ayrshire, around 2 miles north of Kilmarnock town. The village has a population of approximately 2601 residents. It has substantial history with many of the historic buildings still there to see in and around the village. It offers great travel links to Glasgow whether it be by bus, train or car. Throughout this report I hope to learn more about my local village and enjoy the opportunity to gather information through speaking with the locals. Procedure In order to gather the relevant information, the following procedures were adopted: A questionnaire (see appendix 1) was created which was handed out to 20 local residents on 8 October 2014 and were returned on 20 November 2014 Relevant material was researched online about the local services and facilities available to residents and visitors to Kilmaurs. Interviews with three local residents

The Formative Elements Of Classical Scholarship - 1691 Words

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To understand how the scholarly community came to be so receptive to Freud it is key to examine how these paradigms affected the respected views of myth and history – given by amateur historians and fop poets alike - in the Romantic era. ELITISM The Romantic Movement was really only open to the privileged and wealthy. Schiller’s early Romantic plays had many of the hallmarks of Romantic literature – historical figures such as Joan of Arc and Mary Queen of Scots were lauded and personal freedom and broadly anarchist views were positively expressed . However, the inherent classism in such RomanticShow MoreRelatedBook Critique of2736 Words   |  11 Pagesthese periods, their progress and failures and their impact in our modern day. Alister McGrath was born in Belfast, Northern Ireland, in 1953. He grew up in Downpatrick, Co. Down. He attended Wadham College, Oxford University on an open major scholarship to study chemistry. 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The Day That Changed My Life - 859 Words

September 8th 2006, the day that had a change in my life. The day I first came to America. Coming to America was one of the hardest things I ever had to do in my life. Knowing I m leaving my own country, my friends and relatives behind saddened me. Leaving my homeland, Vietnam, meant that I had to learn a completely new different language and make new friends. When I first came here I was only 9 years old; I did not know anything. I had always thought I was going to spend the rest of my life in my country, since I was born there, but I guess I was wrong. I remember as soon as I arrived at the airport, I got lost on my way to the restroom because the airport was exceptionally big and I did not know how to read the signs. That was when this one old lady found me just standing there and looking around. â€Å"Hey little girl, † she said. â€Å"Do you need help with directions? † I did not understand a single word that she was saying and thought she was talking to herself. H owever, my uncle found me just in time and helped me communicate with the lady. â€Å"Excuse me ma am. What did you ask her? † he asked the old lady. â€Å"I asked her if she need help with directions because she looked lost† she reply. My uncle then explained to me, in Vietnamese, that the lady was just trying to help me out if I needed help with directions to go somewhere. In Vietnamese, I told my uncle I needed to use the restroom, but I did not know where it is located. Therefore, he asked the lady and the ladyShow MoreRelatedThe Day That Changed My Life1258 Words   |  6 PagesThe Day That Changed My Life Only 38% of girls who have a child before the age of eighteen get a high school diploma. Thankfully with my motivation and support I was on the positive side of this statistic. Even though I have come a long way within the past year, it has been a year full of challenges and emotions. 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Child Eyewitness Testimony Essay Example For Students

Child Eyewitness Testimony Essay In the last forty years, there has been a shift in courtroom proceedings. Lawyers are not only focusing their evidence on the scientific aspects of an event, but also on those who may have witnessed the actual event as well. Recently, the number of eyewitness appearances in the courtroom has increased, making statements about either a crime or an event that occurred in their presence. But how does the courtroom decide who is a legitimate witness to an event? Too often, age, race, education, and socio-economics play a major role in this decision. Here, we will discuss the age aspect of this problem in terms of child eyewitness testimony and its implications in the courtroom. We will write a custom essay on Child Eyewitness Testimony specifically for you for only $16.38 $13.9/page Order now More than 200,000 children may be involved in the legal system in any given year, and 13,000 of these children are preschool age. Often with these cases involving young children, issues arise concerning credibility, vulnerability, and memory retrieval. Studies have shown that preschool age children are quite capable of providing accurate testimony, but they are also more vulnerable to distorting this memory and testimony. Public and professional opinion about the credibility of children as witnesses in court cases has been sharply divided. On one side, it is contended that when children disclose details of a circumstance, they must be believed, no matter what techniques were used to obtain this disclosure. For example, if a child is asked whether or not he/she was abused, and to describe this incident, we must believe that child because children cannot possibly generate a false report of their own sexual victimization. The other side depicts children as being helpless sponges who soa k up the interviewers suggestions and regurgitate these propositions in court. These two extreme positions have led to a controversy over victims rights, legal issues, and psychological intentions. A child is capable of being influenced by numerous factors that adults may not be. Factors such as: emotional dilemmas, physical circumstances, authoritative input, underdeveloped encoding strategies that have not matured yet, childlike familiarity with situations (what situation may be normal for a child, may not be normal for a teenager), and the reporting strategies that children use are no doubtedly different that adults. Thus, suggestion plays a key role when determining what a child is saying, especially during interviewing techniques. This power of suggestion has been used as an anti-child eyewitness testimony force, which has prompted many officials and psychologists to further study this predicament. This suggestibility issue has thrown a wrench in the credibility aspects of children on the stand, leading to the depiction of children as liars and misleading witnesses. The bottom line that needs to be addressed with this controversy is that ANYONE, not just children, can be s uggested and misled. The importance of retrieval and memory coding strategies can affect all people on the witness stand, leading to the misinterpretaion of a statement that has been made by a witness. Studies have concluded through suggestive interviewing techniques and repeated questioning, people can be led to make untrue statements about central and peripheral details of an event. This often happens with children due to the fact that from a childs point of view, if he/she keeps getting asked certain questions over and over again, they seem to think that they are answering in a wrong way. Interviewer bias (this can be parent, therapist, or investigator) can also effect eyewitness statements as well. When an interviewer believes that they know what really happened during an event, it can be likely that the interviewer will attempt to get the child to confirm this event, ignoring anything that the child says that does not conform with this bias, while encouraging anything that does . Stereotype induction can also occur with childrens eyewitness accounts due to the fact that an interview can depict the accused perpetrator as a bad man. It has been shown that children can come to assume and report negative things about someone that they had previously heard described in negative terms. Encouraging a child to visualize or imagine has also been proven to be detrimental to the providing of accurate information about an event. Authority figures and peer pressure are also factors that can mislead a childs memory strategies as well. When all of these circumstances are taken into account, it is easy to see how influenced children can be when it comes to relaying information. But this should not be a final factor when deciding childrens influence in the courtroom. As stated before, anyone can be suggested, misled, and pressured, including adults, and studies have shown this. This data shows a need for the standardization of interviewing techniques when deciding eyewitne ss accounts. It is well known that children encode, store, retrieve, and retain memories differently than adults. But it is up to a qualified interview to release these memories in a positive way. The knowledge base that children use to understand their surroundings and situations can be investigated through proper interviewing and strategies that children are familiar with, such as drawing or play therapy. In many cases of falsified accounts that children have stated, it is often the case that the interviewer used misleading techniques, and unstandardized means of approaching this information. Studies have shown that when children are asked questions in neutral ways, with open ended questions, and unbiased interpreters, their statements were not only more detailed, but also remarkably accurate. Children who were left to answer in any fashion, with no time frame, answered questions in a precise and errorless manner. So the question remains, Can we rely on children? Under unbiased, h ighly trained, standardized ways of interviewing..the answer is yes. Clinicians who have had the training necessary to evaluate and judge are completely capable of interviewing these children because children are indeed competent and qualified to testify on the witness stand. Open ended questioning, yes-no questioning, selective questioning (man or woman) and identification questioning (what time was it?) are key ways of interviewing to provide for accurate recollection. And when a child is asked these questions in a neutral way, you can believe that they are telling the truth. .ubd5f36c438866ad4c93d2df8eec5bed4 , .ubd5f36c438866ad4c93d2df8eec5bed4 .postImageUrl , .ubd5f36c438866ad4c93d2df8eec5bed4 .centered-text-area { min-height: 80px; position: relative; } .ubd5f36c438866ad4c93d2df8eec5bed4 , .ubd5f36c438866ad4c93d2df8eec5bed4:hover , .ubd5f36c438866ad4c93d2df8eec5bed4:visited , .ubd5f36c438866ad4c93d2df8eec5bed4:active { border:0!important; } .ubd5f36c438866ad4c93d2df8eec5bed4 .clearfix:after { content: ""; display: table; clear: both; } .ubd5f36c438866ad4c93d2df8eec5bed4 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .ubd5f36c438866ad4c93d2df8eec5bed4:active , .ubd5f36c438866ad4c93d2df8eec5bed4:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .ubd5f36c438866ad4c93d2df8eec5bed4 .centered-text-area { width: 100%; position: relative ; } .ubd5f36c438866ad4c93d2df8eec5bed4 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .ubd5f36c438866ad4c93d2df8eec5bed4 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .ubd5f36c438866ad4c93d2df8eec5bed4 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .ubd5f36c438866ad4c93d2df8eec5bed4:hover .ctaButton { background-color: #34495E!important; } .ubd5f36c438866ad4c93d2df8eec5bed4 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .ubd5f36c438866ad4c93d2df8eec5bed4 .ubd5f36c438866ad4c93d2df8eec5bed4-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .ubd5f36c438866ad4c93d2df8eec5bed4:after { content: ""; display: block; clear: both; } READ: Harriet tubman was a runaway slave from maryland w EssayPsychology Essays