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cal, legal, financial, safety, and other critical issues? 8 Who owns Wikipedia? 9 Why am I having trouble logging in? 10 How can I contact Wikipedia? How do I create a new page? <span>You are required to have a Wikipedia account to create a new article—you can register here. To see other benefits to creating an account, see Why create an account? For creating a new article see Wikipedia:Your first article and Wikipedia:Article development; and you may wi

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Określenia advertising można również używać w odniesieniu do przemysłu reklamowego.

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Advice jest rzeczownikiem niepoliczalnym o znaczeniu: „rada”

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Each of the liberal arts is both a science and an art in the sense that in the province of each there is something t o know (science) and something to do (art).

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A demand curve for bread is derived from the indifference curve map and a set of budget constraints representing different prices of bread.

upper exhibit, we have rotated the budget constraint rightward, indicating successively lower prices of bread, P1B , P2B , P3B , P4B , while holding income constant at I. Exhibit 15. Deriving a Demand Curve Note: <span>A demand curve for bread is derived from the indifference curve map and a set of budget constraints representing different prices of bread. This pair of diagrams deserves careful inspection. Notice first that the vertical axes are not the same. In the upper diagram, we represent the quantity of the other good,

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dy>NPV measures the dollar benefit of the project to shareholders. However, it does not measure the rate of return of the project, and thus cannot provide "safety margin" information. Safety margin refers to how much the project return could fall in percentage terms before the invested capital is at risk.<body><html>

on that capital. If a firm takes on a project with a positive NPV, the position of the stockholders is improved. Decision rules: The higher the NPV, the better. Reject if NPV is less than or equal to 0. <span>NPV measures the dollar benefit of the project to shareholders. However, it does not measure the rate of return of the project, and thus cannot provide "safety margin" information. Safety margin refers to how much the project return could fall in percentage terms before the invested capital is at risk. Assuming the cost of capital for the firm is 10%, calculate each cash flow by dividing the cash flow by (1 + k) t where k is the cost of capital and t is the year number.

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The cost of capital is the rate of return that the suppliers of capital—bondholders and owners—require as compensation for their contribution of capital.

The cost of capital is the rate of return that the suppliers of capital—bondholders and owners—require as compensation for their contribution of capital. Another way of looking at the cost of capital is that it is the opportunity cost of funds for the suppliers of capital: A potential supplier of capital will not voluntarily invest in a

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; Free cash flow = CFO - capital expenditure Free Cash Flow to the Firm (FCFF): Cash available to shareholders and bondholders after taxes, capital investment, and WC investment. <span>FCFF = NI + NCC + Int (1 - Tax rate) - FCInv - WCInv NI: Net income available to common shareholders. It is the company's earnings after interest, taxes and preferred dividends. NCC: Net non-cash

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To quickly approximate the number of periods, practitioners sometimes use an ad hoc rule called the Rule of 72 : Divide 72 by the stated interest rate to get the approximate number of years it would take to double an investment at the interest rate. Here, the approximation gives 72/7 = 10.3 year

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To quickly approximate the number of periods, practitioners sometimes use an ad hoc rule called the Rule of 72 : Divide 72 by the stated interest rate to get the approximate number of years it would take to double an investment at the interest rate. Here, the approximation gives 72/7 = 10.3 years. The Rule of 72 is loosely based on the observation that it takes 12 years to double an amount at a 6 percent interest rate, giving 6 × 1

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An interest rate can be viewed as the sum of the real risk-free interest rate and a set of premiums that compensate lenders for risk: an inflation premium, a default risk premium, a liquidity premium, and a maturity premium. <span>The future value, FV, is the present value, PV, times the future value factor, (1 + r) N . The interest rate, r, makes current and future currency amounts equivalent based on their time value. The stated annual interest rate is a quoted interes

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compensate lenders for risk: an inflation premium, a default risk premium, a liquidity premium, and a maturity premium. The future value, FV, is the present value, PV, times the future value factor, (1 + r) N . <span>The interest rate, r, makes current and future currency amounts equivalent based on their time value. The stated annual interest rate is a quoted interest rate that does not account for compounding within the year. The periodic rate is the quoted interest

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s per year. The effective annual rate is the amount by which a unit of currency will grow in a year with interest on interest included. An annuity is a finite set of level sequential cash flows. <span>There are two types of annuities, the annuity due and the ordinary annuity. The annuity due has a first cash flow that occurs immediately; the ordinary annuity has a first cash flow that occurs one period from the present (indexed at t = 1). On

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ypes of annuities, the annuity due and the ordinary annuity. The annuity due has a first cash flow that occurs immediately; the ordinary annuity has a first cash flow that occurs one period from the present (indexed at t = 1). <span>On a time line, we can index the present as 0 and then display equally spaced hash marks to represent a number of periods into the future. This representation allows us to index how many periods away each cash flow will be paid. Annuities may be handled in a similar fashion as single payments if we use annuity factors instead of single-payment factors. The present value, PV, is t

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a time line, we can index the present as 0 and then display equally spaced hash marks to represent a number of periods into the future. This representation allows us to index how many periods away each cash flow will be paid. <span>Annuities may be handled in a similar fashion as single payments if we use annuity factors instead of single-payment factors. The present value, PV, is the future value, FV, times the present value factor, (1 + r) − N . The present value of a perpetuity is A/r, where A is the pe

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may be handled in a similar fashion as single payments if we use annuity factors instead of single-payment factors. The present value, PV, is the future value, FV, times the present value factor, (1 + r) − N . <span>The present value of a perpetuity is A/r, where A is the periodic payment to be received forever. It is possible to calculate an unknown variable, given the other relevant variables in time value of money problems. The cash flow additivity principle c

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s. The present value, PV, is the future value, FV, times the present value factor, (1 + r) − N . The present value of a perpetuity is A/r, where A is the periodic payment to be received forever. <span>It is possible to calculate an unknown variable, given the other relevant variables in time value of money problems. The cash flow additivity principle can be used to solve problems with uneven cash flows by combining single payments and annuities. <span><body></

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present value of a perpetuity is A/r, where A is the periodic payment to be received forever. It is possible to calculate an unknown variable, given the other relevant variables in time value of money problems. <span>The cash flow additivity principle can be used to solve problems with uneven cash flows by combining single payments and annuities. <span><body><html>

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Free Cash Flow to Equity (FCFE): Cash available to stockholders after payments to and inflows from bondholders. This is the cash flow from operations net of capital expenditures and debt payments (including both interest and repayment of principal). FCFE = FCFF + Net borrowing - Int ( 1- Tax rate) FCFE can be calculated from net income. Recall that FCFF = NI + NCC + Int (1 - Tax rate) - FCInv - WCInv. Then: FCFE = NI + NCC + Net borrowing - FCInv - WCInv FCFE can be calculated from CFO. FCFE = CFO + Net borrowing - FCInv This is different from the formula given in the textbook since net debt repayment should be included in net borrowing! Cash Flow Ratios The cash flow statement may also be used in financial ratios measuring a company's profitability, performance, and financial str

ion FCFF = CFO + Int (1 - tax rate) - Investment in fixed capital = 250 + 50 (1 - 0.3) - 240 = $45 million As CFO is given, information on WCInv and non-cash charges is not required. <span>Free Cash Flow to Equity (FCFE): Cash available to stockholders after payments to and inflows from bondholders. This is the cash flow from operations net of capital expenditures and debt payments (including both interest and repayment of principal). FCFE = FCFF + Net borrowing - Int ( 1- Tax rate) FCFE can be calculated from net income. Recall that FCFF = NI + NCC + Int (1 - Tax rate) - FCInv - WCInv. Then: FCFE = NI + NCC + Net borrowing - FCInv - WCInv FCFE can be calculated from CFO. FCFE = CFO + Net borrowing - FCInv This is different from the formula given in the textbook since net debt repayment should be included in net borrowing! Cash Flow Ratios The cash flow statement may also be used in financial ratios measuring a company's profitability, performance, and financial strength. Performance Ratios Cash flow to revenue = CFO / Net revenue: cash generated per dollar of revenue. Cash return on assets = CFO / Average total assets: cash generated from all resources. Cash return on equity = CFO / average shareholders' equity: cash generated from owner resources. Cash to income = CFO / Operating income: cash-generating ability of operations. Cash flow per share = (CFO - Preferred dividends) / number of common shares outstanding: operating cash flow on a per-share basis. Coverage Ratios Debt coverage = CFO / Total debt: financial risk and financial leverage. Interest coverage = (CFO + Interest Paid + Taxes paid) / Interest paid: ability to meet interest obligations. Reinvestment = CFO / Cash paid for long-term assets: ability to acquire assets with operating cash flows. Debt payment = CFO / Cash paid for long-term debt repayment: ability to pay debt with operating cash flows. Dividend payment: CFO / Dividends paid: ability to pay dividends with operating cash flows. Investing and financing: CFO / Cash outflows for investing and financing activities: ability to acquire assets, pay debts, and make distributions to owners. <span><body><html>

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calculated from CFO. FCFE = CFO + Net borrowing - FCInv This is different from the formula given in the textbook since net debt repayment should be included in net borrowing! <span>Cash Flow Ratios The cash flow statement may also be used in financial ratios measuring a company's profitability, performance, and financial strength. Performance Ratios Cash flow to revenue = CFO / Net revenue: cash generated per dollar of revenue. Cash return on assets = CFO / Average total assets: cash generated from all resources. Cash return on equity = CFO / average shareholders' equity: cash generated from owner resources. Cash to income = CFO / Operating income: cash-generating ability of operations. Cash flow per share = (CFO - Preferred dividends) / number of common shares outstanding: operating cash flow on a per-share basis. Coverage Ratios Debt coverage = CFO / Total debt: financial risk and financial leverage. Interest coverage = (CFO + Interest Paid + Taxes paid) / Interest paid: ability to meet interest obligations. Reinvestment = CFO / Cash paid for long-term assets: ability to acquire assets with operating cash flows. Debt payment = CFO / Cash paid for long-term debt repayment: ability to pay debt with operating cash flows. Dividend payment: CFO / Dividends paid: ability to pay dividends with operating cash flows. Investing and financing: CFO / Cash outflows for investing and financing activities: ability to acquire assets, pay debts, and make distributions to owners.<span><body><html>

ion FCFF = CFO + Int (1 - tax rate) - Investment in fixed capital = 250 + 50 (1 - 0.3) - 240 = $45 million As CFO is given, information on WCInv and non-cash charges is not required. <span>Free Cash Flow to Equity (FCFE): Cash available to stockholders after payments to and inflows from bondholders. This is the cash flow from operations net of capital expenditures and debt payments (including both interest and repayment of principal). FCFE = FCFF + Net borrowing - Int ( 1- Tax rate) FCFE can be calculated from net income. Recall that FCFF = NI + NCC + Int (1 - Tax rate) - FCInv - WCInv. Then: FCFE = NI + NCC + Net borrowing - FCInv - WCInv FCFE can be calculated from CFO. FCFE = CFO + Net borrowing - FCInv This is different from the formula given in the textbook since net debt repayment should be included in net borrowing! Cash Flow Ratios The cash flow statement may also be used in financial ratios measuring a company's profitability, performance, and financial strength. Performance Ratios Cash flow to revenue = CFO / Net revenue: cash generated per dollar of revenue. Cash return on assets = CFO / Average total assets: cash generated from all resources. Cash return on equity = CFO / average shareholders' equity: cash generated from owner resources. Cash to income = CFO / Operating income: cash-generating ability of operations. Cash flow per share = (CFO - Preferred dividends) / number of common shares outstanding: operating cash flow on a per-share basis. Coverage Ratios Debt coverage = CFO / Total debt: financial risk and financial leverage. Interest coverage = (CFO + Interest Paid + Taxes paid) / Interest paid: ability to meet interest obligations. Reinvestment = CFO / Cash paid for long-term assets: ability to acquire assets with operating cash flows. Debt payment = CFO / Cash paid for long-term debt repayment: ability to pay debt with operating cash flows. Dividend payment: CFO / Dividends paid: ability to pay dividends with operating cash flows. Investing and financing: CFO / Cash outflows for investing and financing activities: ability to acquire assets, pay debts, and make distributions to owners. <span><body><html>

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