Saturday, December 14, 2019
The Return Midnight Chapter 37 Free Essays
Then Meredith saw something that was not smoke or fire. Just a glimpse of a door frame ââ¬â and a tiny breath of cool air. With this hope to sustain her, she scuttled straight for the door to the backyard, dragging Isobel behind her. We will write a custom essay sample on The Return: Midnight Chapter 37 or any similar topic only for you Order Now As she passed the threshold, she felt blessedly cold water somehow showering down onto her body. When she pul ed Isobel into the spray, the younger girl made the first voluntary sound she had during the entire journey: a wordless sob of thanks. Mattââ¬â¢s hands were helping her along, were taking away the burden of Isobel. Meredith got up to her feet and staggered in a circle, then dropped to her knees. Her hair was on fire! She was just recal ing her childhood rehearsal of stop, drop, and rol , when she felt the cold water turned on it. The hose water went up and down her body and she turned around, basking in the feeling of coolness, until she heard Mattââ¬â¢s voice say, ââ¬Å"The flames are out. Youââ¬â¢re good now.â⬠ââ¬Å"Thank you, Matt. Thank you.â⬠Her voice was hoarse. ââ¬Å"Hey, you were the one who had to go al the way to the bedrooms and back. Getting Mrs. Saitou out was pretty easy ââ¬â there was the kitchen sink ful of water, so as soon as I cut her free from the kitchen chair we just got al wet and dashed outside.â⬠Meredith smiled and looked around quickly. Isobel had become her responsibility now. To her relief, she saw that the girl was being hugged by her mother. And al it had taken was the nonsense choice between a thing ââ¬â however precious it was ââ¬â and a life. Meredith gazed at the mother and daughter and was glad. She could have another stave made. But nothing could replace Isobel. ââ¬Å"Isobel said to give this to you,â⬠Matt was saying. Meredith turned toward him, the fiery light making the world crazy, and for one moment didnââ¬â¢t believe her eyes. Matt was holding the fighting stave out to her. ââ¬Å"She must have dragged it with her free hand ââ¬â oh, Matt, and she was almost dead before we startedâ⬠¦Ã¢â¬ Matt said, ââ¬Å"Sheââ¬â¢s stubborn. Like someone else I know.â⬠Meredith wasnââ¬â¢t quite sure what he meant by that, but she knew one thing. ââ¬Å"Weââ¬â¢d al better get to the front yard. I doubt the volunteer fire department is going to come. Besides ââ¬â Theo ââ¬â ââ¬Å" ââ¬Å"Iââ¬â¢l get them moving. You scout the gate side,â⬠Matt said. Meredith plunged into the backyard, which was hideously il uminated by the house, now ful y engulfed in flames. Fortunately, the side yard was not. Meredith flicked the gate open with the stave. Matt was right behind her, helping Mrs. Saitou and Isobel along. Meredith quickly ran by the flaming garage and then stopped. From behind her she heard a cry of horror. There was no time to try to soothe whoever had cried, no time to think. The two fighting women were too busy to notice her ââ¬â and Theo was in need of help. Inari was truly like a fiery Medusa, with her hair writhing around her in flaming, smoking snakes. Only the crimson part burned, and it was that part that she was using like a whip, using one snake to wrest away the silver bul whip from Theoââ¬â¢s hand, and then another to wrap around Theoââ¬â¢s throat and choke her. Theo was desperately trying to pul the blazing noose from her neck. Inari was laughing. ââ¬Å"Are you suffering, petty witch? It wil al be over in seconds ââ¬â for you and for your entire little town! The Last Midnight has final y come!â⬠Meredith glanced back at Matt ââ¬â and that was al it took. He ran forward, passing her, al the way up to the space below the fighting women. Then he bent slightly, cupping his hands. And then Meredith sprinted, putting everything she had left into the short run, leaving her just enough energy to leap and place one foot into Mattââ¬â¢s cupped hands, and then she felt herself soaring aloft, just within distance for the stave to slice cleanly through the snake of hair that was choking Theo. After that Meredith was in free fal , with Matt trying to catch her from below. She landed more or less on top of him and they both saw what happened next. Theo, who was bruised and bleeding, slapped out a part of her gown that was smoldering. She held out a hand for the silver bul whip and it flew to meet her outstretched fingers. But Inari wasnââ¬â¢t attacking. She was waving her arms wildly, as if in terror, and then suddenly she shrieked: a sound so anguished that Meredith drew in her breath sharply. It was a death-scream. Before their eyes she was turning back into Obaasan, into the shrunken, helpless, dol -like woman Matt and Meredith knew. But by the time this shriveled body hit the ground it was already stiff and dead, her expression one of such unrepentant malice that it was frightening. It was Isobel and Mrs. Saitou then who came forward to stand over the body, sobbing with relief. Meredith looked at them and then up at Theo, who slowly floated to the ground. ââ¬Å"Thank you,â⬠Theo said with the faintest of smiles. ââ¬Å"You have saved me ââ¬â yet again.â⬠ââ¬Å"But what do you think happened to her?â⬠Matt asked. ââ¬Å"And why didnââ¬â¢t Shinichi or Misao come to help her?â⬠ââ¬Å"I think they al must be dead, donââ¬â¢t you?â⬠Theoââ¬â¢s voice was soft over the roar of the flames. ââ¬Å"As for Inari ââ¬â I think that perhaps someone destroyed her star bal . Iââ¬â¢m afraid I was not strong enough to defeat her myself.â⬠ââ¬Å"What time is it?â⬠Meredith abruptly cried, remembering. She ran to the old SUV, which was Stillrunning. Its clock showed 12:00 midnight exactly. ââ¬Å"Did we save the people?â⬠Matt asked desperately. Theo turned her face outward toward the center of the town. For nearly a minute she was Still, as if listening for something. At last, when Meredith felt that she might shatter from tension, she turned back and said quietly, ââ¬Å"Dear Ma ma, Grand mama, and I are one, now. I sense children who are finding themselves holding knives ââ¬â and some with guns. I sense them standing in their sleeping parentsââ¬â¢rooms, unable to remember how they got there. And I sense parents, hiding in closets, a moment ago frightened for their very lives, who are seeing weapons dropped and children fal ing onto master bedroom floors, sobbing and bewildered.â⬠ââ¬Å"We did it, then. You did it. You held her off,â⬠Matt panted. Stillgentle and sober, Theo said, ââ¬Å"Someone else ââ¬â far away ââ¬â did much more. I know that the town needs healing. But Grand mama and Ma ma agree. Because of them, no child has kil ed a parent this night, and no parent has kil ed a child. The long nightmare of Inari and her Last Midnight is over.â⬠Meredith, grimy and bedraggled as she was, felt something rise and swell inside her, bigger and bigger, until, for al her training, she couldnââ¬â¢t contain herself any longer. It exploded out of her in a yel of exultation. She found that Matt was shouting too. He was as grubby and unkempt as she was, but he seized her by the hands and whirled her around in a barbarian victory dance. And it was fun, whirling around and yel ing like a kid. Maybe ââ¬â maybe in trying to be calm, in always being the most grown-up, she had missed out on the essence of fun, which always felt as if it had some childlike quality to it. Matt had no trouble in expressing his feelings, whatever they were: childlike, mature, stubborn, happy. Meredith found herself admiring this, and also thinking that it had been a long time since sheââ¬â¢d real y looked at Matt. But now she felt a sudden wave of feeling for him. And she could see that Matt felt the same way about her. As if heââ¬â¢d never real y looked at her properly before. This was the momentâ⬠¦when they were meant to kiss. Meredith had seen it so often in movies, and read about it in books, that it was almost a given. But this was life, it wasnââ¬â¢t a story. And when the moment came, Meredith found herself holding Mattââ¬â¢s shoulders while he held hers, and she could see that he was thinking exactly the same thing about the kiss. The moment stretchedâ⬠¦ Then, with a grin, Mattââ¬â¢s face showed that he knew what to do. Meredith did too. They both moved in, and hugged each other. When they drew back, they were both grinning. They knew who they were. They were very different, very close friends. Meredith hoped that they always would be. They both turned to look at Theo, and Meredith felt a pang in her heart, the first since she had heard theyââ¬â¢d saved the town. Theo was changing. It was the look on her face as she watched them that gave Meredith the pang. After being young, and while watching youth at its peak, she was once again aging, wrinkling, her hair going white instead of moonlit silver. At last, she was an old woman wearing a raincoat covered with bits of paper. ââ¬Å"Mrs. Flowers!â⬠This person, it was perfectly safe and right to kiss. Meredith flung her arms about the frail old woman, lifting her off her feet in excitement. Matt joined them, and they boosted her above their heads. They carried her like this to the Saitous, mother and daughter, who were watching the fire. There, sobered, they put her down. ââ¬Å"Isobel,â⬠Meredith said. ââ¬Å"God! Iââ¬â¢m so sorry ââ¬â your homeâ⬠¦Ã¢â¬ ââ¬Å"Thank you,â⬠Isobel said in her soft, slurred voice. Then she turned away. Meredith felt chil ed. She was even beginning to regret the celebration, when Mrs. Saitou said, ââ¬Å"Do you know, this is the greatest moment in the history of our family? For hundreds of years, that ancient kitsune ââ¬â oh, yes, Iââ¬â¢ve always known what she was ââ¬â has been forcing herself upon innocent humans. And for the last three centuries it has been my family line of samurai mikos that she has terrorized. Now my husband can come home at last.â⬠Meredith looked at her, startled. Mrs. Saitou nodded. ââ¬Å"He tried to defy her and she banished him from the house. Ever since Isobel was born, I have feared for her. And now, please forgive her. She has trouble expressing what she feels.â⬠ââ¬Å"I know about that,â⬠Meredith said quietly. ââ¬Å"Iââ¬â¢l go have a little talk with her, if itââ¬â¢s All right.â⬠If ever in her life she could explain to a fel ow traveler what fun having fun was, she thought, it was now. How to cite The Return: Midnight Chapter 37, Essay examples
Friday, December 6, 2019
Project Management Accounting Carlton Speciality PLC
Question: Discuss about theProject Management Accounting for Carlton Speciality PLC. Answer: Introduction: The assignment concentrates on detailed preparation of the significant financial and manufacturing statements in the context of Carlton Speciality PLC. The first segment deals with the formation of combined schedule of cost of goods manufactured and cost of goods sold for the above-mentioned organisation. In addition, the missing values of the provided accounts have been computed based on the given adjustments. Furthermore, based on the above statements and accounts, the income statement for Carlton Speciality PLC has been developed for July 2016. The latter segment of the assignment sheds light on highlighting the dissimilarities between job costing and process costing along with categorising monthly production reports into the appropriate inventory system. Cost of Goods Sold, Cost of Goods Manufactured and Missing Values for Raw Materials and WIP Control Accounts of Carlton Speciality PLC: Calculation of finished goods labour hour Direct labour hours worked for July (A) 270000 Work in progress labour hours (B) 31250 Finished goods labour hours [(A) (B)] 238750 Calculation of labour absorption rate Direct labour cost (A) 100000 Direct labour hours worked (B) 31250 Labour rate per hour [(A)/(B)] 3.2 Calculation of manufacturing overhead absorption rate Manufacturing budgeted overhead cost (A) 1000000 Budgeted hours for labour (B) 200000 Overhead absorption rate [(A)/(B)] 5 Calculation of cost of goods manufactured Cost of goods sold (A) 4000000 Add: Closing finished goods (B) 1200000 Less: Opening finished goods (C) -320000 Cost of goods manufactured [(A) + (B) (C)] 4880000 Calculation of closing work in progress Direct labour cost (A) 100000 Direct material (B) 140000 Manufacturing overhead (C) 156250 Total work in progress at the end of June [(A) + (B) + (C)] 396250 Calculation of issue of cost of goods manufactured Closing Work in progress (A) 396250 Less: opening Work in progress (B) 240000 Issue of cost of goods manufactured [(A) (B)] 156250 Calculation of raw materials purchased Closing accounts payable (A) 65000 Payments to creditors (B) 430000 Less: Opening accounts payable (C) -70000 Materials purchased [(A) + (B) + (C)] 425000 Calculation of raw materials consumed in goods manufactured Cost of goods manufactured (A) 4880000 Less: Work in progress consumed (B) -156250 Less: Direct labour in finished goods [(C) = Finished goods labour hours x labour rate per hour] -764000 Less: Overhead in manufacturing [(D) = Finished goods labour hours x overhead absorption rate] -1193750 Raw materials consumed in goods [(A) + (B) + (C)] 2766000 Calculation of opening stock of raw materials Closing stock of raw materials (A) 850000 Add. Issue to manufacture (B) 2766000 Less: purchase (C) -425000 Opening stock of raw material [(A) + (B) + (C)] 3191000 Income Statement Carlton Speciality PLC for July 2016: Income statement for the month of July Cost of goods sold (A) 4000000 Add. Profit (B) 2000000 Sales [(A) + (B)] 6000000 Dissimilarities Between Job Costing and Process Costing: Points of Dissimilarities Job Costing Process costing Concept It is the process of computing the cost pertaining to a special contract or work order. Under this method, work is completed in accordance with the client instructions (Drury 2013). It is the process of charging costs to different processes for determining the operations. Nature The production technique in job costing is mainly customised. In process costing, the production is standardised in nature (Kaplan and Atkinson 2015). Cost assignment The cost related to each job is computed in job costing (Needles, Powers and Crosson 2013). In process costing, the cost is ascertained for the process itself and then, it is distributed afterwards over the manufactured units. Centre of cost The centre of cost is the job itself. The centre of cost is the whole process. Possibility of cost minimisation The scope of reducing cost is meagre in job costing. The scope of eliminating cost is higher in process costing in contrast to job costing (Weygandt, Kimmel and Kieso 2015). Distinctiveness All the jobs could be distinguished from each other (Mellor, Hao and Zhang 2014). Since, the manufacturing process is consecutive; the products could not be distinguished after production. Type of industry Job costing is deemed most appropriate for those industries, which produce goods in accordance with the placed orders of the customers. Process costing, on the other hand, is suitable for those industries, which are engaged in mass production (Frazier 2014). Identification of Monthly Production Reports Regarding Whether they are Periodic or Perpetual Inventory Systems: Monthly production reports could be categorised into perpetual inventory system, since this system records the records the balances continually in both the accounts of inventory and cost of goods sold. In addition, the monthly production reports are generated by debiting the cost of goods sold and crediting the inventory (Verma 2015). Periodic inventory system, on the other hand, is generated at the end of each accounting period, which is mostly a year (Gordon, Raedy and Sannella 2015). In order to generate monthly production report, a distinguishable entity is needed for adjusting the inventory account. This feature is observed in the perpetual inventory system. Moreover, periodic inventory system does not keep the regular record of purchases, which is a vital element in generating the monthly production reports (Ross 2015). For instance, in case of Carlton Speciality PLC, the closing stock of one period is used in the following month. Therefore, the inventory system of the company is to be considered as perpetual inventory system. Hence, monthly production reports are classified as the perpetual inventory system. Conclusion: The above discussion deals with preparation of the different manufacturing statements and missing account values in the context of Carlton Speciality PLC. In addition, job costing and process costing have been distinguished from each other, in which it has been found job costing is followed in accordance with the client demand. However, process costing is followed in case of mass production. Finally, it has been identified that monthly production reports are categorised as perpetual inventory system. References: Drury, C.M., 2013.Management and cost accounting. Springer. Frazier, W.E., 2014. Metal additive manufacturing: a review.Journal of Materials Engineering and Performance,23(6), pp.1917-1928. Gordon, E.A., Raedy, J.S. and Sannella, A.J., 2015.Intermediate Accounting. Pearson Education, Incorporated. Kaplan, R.S. and Atkinson, A.A., 2015.Advanced management accounting. PHI Learning. Mellor, S., Hao, L. and Zhang, D., 2014. Additive manufacturing: A framework for implementation.International Journal of Production Economics,149, pp.194-201. Needles, B.E., Powers, M. and Crosson, S.V., 2013.Principles of accounting. Cengage Learning. Ross, D.F., 2015. Managing Supply Chain Inventories. InDistribution Planning and Control(pp. 309-356). Springer US. Verma, M., 2015. Inventory Management Accounting for Obsolete Inventory. IUP Journal of Accounting Research Audit Practices,14(1), p.55. Weygandt, J.J., Kimmel, P.D. and Kieso, D.E., 2015.Financial Managerial Accounting. John Wiley Sons.
Friday, November 29, 2019
Rumble in the Jungle Essay Example
Rumble in the Jungle Essay The documentary, Rumble in the Jungle is about an event of boxing that took place on October 30, 1974, in the Mai 20 Stadium, and it is now held at the Tata Raphael Stadium, in Kinshasa, Zaire (now Democratic Republic of the Congo). It has been the biggest boxing around, and it has made Muhammad Ali become such an inspirational sportsperson. Mohamed Ali was more than an outstanding athlete, he is a catalyst for social change, a model for positive imitation, an inspiration to generations of people of all races worldwide. Muhammad Ali is an inspirational sportsperson not simply because of his skill as a boxer or public speaker, but in his ability to maintain his humanity. His an inspirational because he was a great boxer and sportsman but because he taught the world how to believe in what you stand for. I believe that his an inspirational sportsperson because the inspirational aspect that Ali relates to the way he conducted himself in his personal life. Ali was never afraid to speak his mind or to stand up for the things he believed in. He never giving up on things. I strongly agree to the fact that he is an inspirational as a sportsperson, because of the way he treats other people around him equally, his a great personal honour, strength, and integrity. I believe that Mohamed Ali is an inspirational sportsmen because in the scene when he was pushing the kids from the road, that shows that his a loving and a caring person. We will write a custom essay sample on Rumble in the Jungle specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Rumble in the Jungle specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Rumble in the Jungle specifically for you FOR ONLY $16.38 $13.9/page Hire Writer The reasons why I think his an inspirational sportsperson, is because what he does in the documentary that shows the audience, it shows that his nice and a great inspirational sportsmen. Muhammad Ali is an inspirational sportsmen because of the way he leads his fans, when they all listen to him and they get along well together. This shows that his respect by is fans and that is because his showing by providing the respect he has for them. Overall I think Muhammad Ali is an inspirational sportsmen because of the way he acts throughout the documentary, it shows that his a loving, kind hearted, amazing. He hasnââ¬â¢t let his illness stop him from being free to do what he wants. Ali is a good inspirational because has inspired so many people in so many different directions. Ali has shown that a sport can be more than entertainment; it can also be a cultural event with the power to change social values. And he has shown that a black man can stand up to social oppression.
Monday, November 25, 2019
A Feminist Criticism of a Farewell to Arms Essay Essay Example
A Feminist Criticism of a Farewell to Arms Essay Essay Example A Feminist Criticism of a Farewell to Arms Essay Paper A Feminist Criticism of a Farewell to Arms Essay Paper Essay Topic: A Farewell to Arms After completing A Farewell to Arms. I found it hard to accommodate Judith Fetterleyââ¬â¢s feminist onslaught of the novel with my ain personal sentiments. I agree that Hemingway does kick adult females to the kerb in his portraiture of Catherine. but my grounds for traping this offense on Hemingway are different from hersââ¬â¢ . Although she means good. Fetterley makes the pathetic claim that by portraying Catherine as an angelic. altruistically loving ââ¬Å"woman to stop all adult females. â⬠Hemingway disguises misogynous attitudes and a deep-seeded hatred towards the XX chromosome. This claim is non supported by the text. If we look at Hemingway through the lens of his ain words. we find that his misogynism does non jump from a ââ¬Å"too good to be trueâ⬠portrayal of Catherine. but instead in his inclination to project her down into the dirt-Catherine is a dependent. baby-manufacturing trap that stifles Lieutenant Henry: ââ¬Å"Poor. hapless beloved Cat. And this was the monetary value you paid for kiping together. This was the terminal of the trapâ⬠( 320 ) . It is his preference for sex and his demand for feminine comfort that keeps Henry coming back to Catherine. non some impression of ââ¬Å"loveâ⬠or true connexion. This is Hemingwayââ¬â¢s misogynism. nevertheless unwilled. unmasked. But to acquire a true sense of this ââ¬Å"anti-Fetterleyâ⬠feminist position of the novel. it is of import excessively look at the particulars of Hemingwayââ¬â¢s building of Catherine-facts that stand in direct resistance to Fetterleyââ¬â¢s declared onslaughts. First of all. Catherine is non Fetterleyââ¬â¢s unique and unachievable goddess-she is an object in Henryââ¬â¢s existence. a banquet of esthesiss but nil more. She is kindred to good nutrient and good drink: ââ¬Å"ââ¬ËI was made to eat. My God. yes. Eat and imbibe and kip with Catherineâ⬠( 233 ) . Indeed. Henryââ¬â¢s ideas about Catherine. both when he is at the forepart or by her side. mingle with yearnings for good vino and contemplations on deluxe repasts. In Henryââ¬â¢s universe. a good Capri would be nice. a nice hunk of cheese would be expansive. and kiping with Catherine would be empyreal. These things all equate to the satisfaction of basic human demands. Every now and so. Henry feels a rumble in his loins-a periodic hungriness for the ââ¬Å"cheeseâ⬠between Catherineââ¬â¢s legs. Hemingway dissolves Catherine into the least common denominator-the object. devoid of significance or existent importance ( when Henry isnââ¬â¢t hungry ) . How can Catherine be an angel. as Fetterley claims. when she is simply an object. a little. rocklike satellite revolving Planet Henry? This leads us to another facet of Hemingwayââ¬â¢s intervention of Catherine. In the novel. she is a wholly dependent and subservient slave to Henry and his desires-she is placed steadfastly under his heel. This is apparent from her duologue: ââ¬Å"ââ¬ËIââ¬â¢m good. Arenââ¬â¢t I good? You donââ¬â¢t want any other misss. make you? â⬠¦ You see? Iââ¬â¢m good. I do what you wantâ⬠( 106 ) . Through her words. we get a sense that the lone thing that concerns Catherine is the degree of Henryââ¬â¢s satisfaction. She needs his blessing ; he is the beginning and terminal of her universe. This dependence resurfaces many times in the novel. In Milan. Catherine works herself to the bone all twenty-four hours. so that she can hold sex with Henry all dark. Throughout this period. her greatest concern is that she doesnââ¬â¢t tack up to the misss that he has had in the yesteryear: ââ¬Å"ââ¬ËIââ¬â¢ll state merely what you wish and Iââ¬â¢ll do what you wish and so you will neer desire any other girlsâ⬠( 105 ) . When she is pregnant. her ideas and concerns continue to focus on wholly around Henryââ¬â¢s felicity: ââ¬Å"ââ¬ËBut after sheââ¬â¢s Born and Iââ¬â¢m thin once more Iââ¬â¢m traveling to cut it ( her hair ) and so Iââ¬â¢ll be a all right new and different miss for youâ⬠( 304 ) . Even during her long and backbreaking labour. Catherineââ¬â¢s individual concern is that she is a load on Henry: ââ¬Å"ââ¬ËOh. I wanted so o have this babe and non do problem. and now Iââ¬â¢m all done and all gone to pieces and it doesnââ¬â¢t workâ⬠( 322 ) . Fetterley might claim that this amounts to ââ¬Å"selfless-love. â⬠but I think this phrase gives Catherine ( and Hemingway ) excessively much recognition. Catherine. as portrayed in the text. seems more like an obedient Canis familiaris so a virtuous. unselfish being of visible radiation ; she is like a cur that serves its maestro because it has no 1 else and can non last on its ain. By the terminal of the n ovel. Hemingway succeeds in portraying Catherine as both an object and a docile topic in Lieutenant Henryââ¬â¢s land. This building diminishes Catherineââ¬â¢s character and allows Henry ( and Hemingway ) to see her and the babe wholly in footings of the load they entail. They are a ââ¬Å"trapâ⬠-flames that burn the log that ââ¬Å"Henry the antâ⬠scurries around on. This makes it much easier for Hemingway to kill off Catherine and rinse Henryââ¬â¢s custodies of all responsibility-the concluding pieces in his misogynous mystifier. This rough return is a more well-founded alternate to Fetterleyââ¬â¢s womens rightist onslaughts on the novel.
Thursday, November 21, 2019
Social Discount Rates Essay Example | Topics and Well Written Essays - 1500 words
Social Discount Rates - Essay Example The discount rate which is used in financial calculations is usually chosen to be equal to the cost of capital. Some adjustment may be made to the discount rate to take account of risks associated with uncertain cashflows, with other developments. Evaluating an investment project can require the use of approaches designed to integrate the consideration of the flexibility and uncertainties associated with the investment opportunity under study (Robert Wilson, 1982). Regardless of the approach adopted, a project evaluation, based on deterministic hypotheses, is nonetheless inevitable at some given moment. The problem that arises is the choice of the 'conventional' method which helps to determine the project value with due integration of the financing related aspects. As Brealey and Myers (Robert Wilson, 1982) show it, various methods can be used, including standard WACC, Arditti-Levy, equity residual and adjusted present value. Historically, with certain assumptions, the consistency of these methods has been demonstrated by comparing them in pairs by Robert Wilson, 1982. However, this consistency could also suggest the existence of a single approach underlying these different methods, and from which they could all derive. The NPV is greatly affected by the discount rate, so selecting the proper rate - sometimes called the hurdle rate - is critical to making the right decision. The hurdle rate is the minimum acceptable return on an investment. It should reflect the riskiness of the investment, typically measured by the volatility of cash flows, and must take into account the financing mix (Ross,1976). Managers may use models such as the CAPM or the APT to estimate a discount rate appropriate for each particular project, and use the weighted average cost of capital (WACC) to reflect the financing mix selected. A common practice in choosing a discount rate for a project is to apply a WACC that applies to the entire firm. Some believe that a higher discount rate is more appropriate when a project's risk is different from the risk of the firm as a whole(Ross,1976). In capital budgeting the correct risk adjusted discount rate for future cash flows is independent of whether the flow is a cost or a revenue. Contrary to a widely disseminated view in some popular textbooks and elsewhere, costs are not especially safe (nor risky), and accordingly costs should not be discounted at especially low risk adjusted discount rates (Robert, 1998). Three Methods for Determining Discount Rates 1. The historical approach: One approach to find discount rates is to assume that the average rate which has been observed in the past will continue into the future. Typically, those who use this approach rely on the real interest rates which have been reported over a decade. What analysis of these rates indicates is that real rates were fairly stable over the period 1950-1970, at approximately 3 percent. During the oil crisis, of the early 1970s, real interest rat
Wednesday, November 20, 2019
Introduction to Statistics Essay Example | Topics and Well Written Essays - 1500 words
Introduction to Statistics - Essay Example a) Proportion of affected patients was with the 95% confidence interval for the proportion of stroke patients who become clinically depressed given by . The confidence interval indicates with a confidence coefficient of 0.95 that the true proportion of stroke patients who become clinically depressed lies within this interval. b) To evaluate the claim of the health magazine, we check whether the confidence interval contains 60% of stroke sufferers. Since 0.60 is within the confidence interval, we conclude that the claim by the health magazine is consistent with the observed data (Mendenhall en Sinchich). c) The assumptions for the confidence interval to be valid include large sample size to ensure the validity of the normal approximation. The sample size of 79 is large enough to guarantee the validity of the normal approximation. d) Sample size to be used to achieve a 99% level of confidence that the sample proportion of stroke patients suffering from depression is within 0.025 of the true proportion is computed from the following formula. b) The main assumption for the validity of the confidence interval computed is that the sample should be drawn from a normal distribution or asymptotically, it should tend to a normal distribution. This assumption is violated since from the boxplot, the distribution of the temperature is right skewed. This is evident from the unequal length of whiskers of the boxplot, with a longer whisker for data to the right of the
Monday, November 18, 2019
My First Car Essay Example | Topics and Well Written Essays - 1500 words
My First Car - Essay Example It came to the point where I became very exhausted having to ask someone to take me to all the places that I want to go. Luckily, I have a great friend that does not mind doing anything for me. He once told me, ââ¬Å"Emmanuel, just let me know if you need me to do anything for you.â⬠One day, I decided to take my friend up on his offer. I called him at 5:30 pm on a Monday. I said, ââ¬Å"Can I speak to James?â⬠The person on the other line said to me, ââ¬Å"This is James, who is this?â⬠ââ¬Å"This is Emmanuel,â⬠I said. ââ¬Å"Ok, Emmanuel, what can I do for you? I hope itââ¬â¢s not going out because I have to go to work.â⬠I then replied, ââ¬Å"Well, since youââ¬â¢re about to go to work, what time are you going to be available?â⬠He told me that it depended on what I wanted to do. ââ¬Å"I just want to drive around, James.â⬠He said, ââ¬Å"Well, I really donââ¬â¢t have the time to do that right now as I am busy.â⬠I told him this was fine and that perhaps we could make plans for another time to which he agreed. On Tuesday, I was thinking very deeply about what I was going to do about James and the fact that he did not have the time to drive around with me. It was a difficult situation, to say the least. The next morning I called James to ask him for a favor. He sounded wary at first as he asked me what the favor was. I then told him that I wanted to learn how to drive. He sounded surprised by my request since I had previously told him that I was scared to learn. I swallowed the fear in my throat and said, ââ¬Å"If I want to go places, I need to learn how to drive myself. Itââ¬â¢s too hard having to ask someone for help all the time.â⬠He paused for a long moment before agreeing to help; however, he did have one stipulation: I had to buy my own car first. Purchasing a new car was an interesting experience for me. I had absolutely no idea how to go about it. I knew that I would need Jamesââ¬â¢ hel p. The next thing I know, I called him and said: ââ¬Å"James, I have something for you.â⬠He asked, ââ¬Å"What is it that you have for me?â⬠I replied, ââ¬Å"I have some gas money for you if you will take me to buy my first car.â⬠Fortunately, James was very happy to do this. We drove to numerous car lots that day, but we could not find a car that was good enough for me to crash and just when we were about to give up, we saw a nice little Honda Accord, 1987, driving by with a ââ¬Å"for saleâ⬠tag on it. Instantly, I said to James, ââ¬Å"Look! Thereââ¬â¢s a car for sale! We need to go after it.â⬠We hurried and made a u-turn. We finally caught up with the Honda Accord and asked the driver to stop. When he stopped, we told him that we were interested in purchasing his car. The name of the owner of the Honda Accord was Broke and we asked him how much he was selling the car for. He said he was selling it for $850.00. I said, ââ¬Å"How about $500.00?â⠬ He agreed to my price offer. I asked Broke, ââ¬Å"Does this vehicle come with any warranty at all?â⬠Broke looked at me and said, ââ¬Å"No, you buy it as it is.â⬠I replied, ââ¬Å"Well since I am buying it as it is, I need to make you a lower offer.â⬠Broke then asked me how much. I offered $375.00 and Broke said, ââ¬Å"Thatââ¬â¢s the too low man, you need to go a little higher.â⬠I said okay and offered about $400.00 and Broke again said no, that the price I offered was still too low. So James and I turned around and pretended we were about to leave.à Ã
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