Knowledge exam FINC312

(quiz 4 question 2) (T/F) If company A has a lower WACC than company B, it can create value by acquiring company B since it will apply a lower cost of capital to discounting cash flows of company B.

False Common mistake that companies make is during acquations you assume the lower WACC Company b cost of capital isnt changing immediatly, need to establish over time

(quiz 3 question 2) (T/F)You are the manager of a fund believing that General Motors is going to do well and Ford will decline. You can guarantee profit through an arbitrage opportunity by going long on GM and short on Ford.

False (word guarantee)

(quiz 4 question 1) Assume the risk-free rate of 3% and the expected return on the market is 7%. What is the expected return of a security with a Beta of 1.1?

on excel Answer: 0.074

(quiz 4 question 18) Calculate levered Beta for a firm with asset beta of 1.1, total debt of $4M, equity of $5M, and tax rate of 44%

on excel Answer: 1.5928

(quiz 4 question 11) Find the Cash Conversion Cycle for Alaimo Enterprise

on excel Answer: 46.5

(quiz 2 question 10) *Excel* Find the Free Cash Flow for 2019 for the Mysterious Vitamins Inc.

on excel Free cash flow=

(quiz 2 question 16) *excel* Find the expected NPV of the project with the following possible scenarios. Assume the discount rate of 10%.

!st: find NPV's of each one 2nd: =sumproduct(Probabilitys, NPVs)

(quiz 1 question 11) Which of the following two companies' long-term debt (highlighted) is riskier?

(Look at long term debt/ Capitalization ratio, and whichever one is lower is more riskier.)

(quiz 2 question 2) Looking at just profits can be problematic for a few reasons discussed in class. Which of the following metrics are often used as proxies for firm performance focused on cash flows? -EBITDA -Operating Cash Flow -Change in Market Capital -Free Cash Flow -Gross Margin= -EBIT -Net Profit -EBIAT

-EBITDA -Operating Cash Flow -Free Cash Flow

(quiz 2 question 14) From what kind of activities can a firm generate cash flows? -Financing activities -Investing activities -Receiving activities -Balancing activities -Operating activities

-Financing activities -Investing activities -Operating activities

(quiz 3 question 7) Which of the following least likely belongs on the sell side? -Salespeople -Broker-dealers -Traders -Hedge funds -Investment bankers Buy side?

-Hedge funds -Investment bankers

(quiz 3 question 6) Which of the following are possible consequences of the usual compensation model and industrial structure for equity analysts? (Choose all that apply.) -High-ranking analysts may "herd" by choosing valuations similar to other analysts to protect their position in the rankings. -Analysts tend to recommend "sell" to build the brand of maintaining high standards. -Low-ranked analysts may make outlandish and contrary predictions, hoping that a lucky break will proper them to the top of the rankings. -Analysts will work hard to provide accurate valuations for companies. -Analysts will usually recommend "sell" in order to gain profits from selling short

-High-ranking analysts may "herd" by choosing valuations similar to other analysts to protect their position in the rankings. -Low-ranked analysts may make outlandish and contrary predictions, hoping that a lucky break will proper them to the top of the rankings. -Analysts will work hard to provide accurate valuations for companies.

(quiz 2 question 11) Which of the following would you expect to have a relatively high profit margin?

-Intel -Corning Glass

(quiz 4 question 13) Which of the following has decreased from 2018 to 2019 for Alaimo Enterprise(select all that apply) -Leverage -Profitability -Productivity -ROE

-ROE -Leverage (on excel #11 on quiz 3)

(quiz 4 question 9) Which of the following can be a source of value creation? (Choose all that apply.) Earnings per share Gross profits -Reinvesting profits to grow -Returns to capital that exceed costs of capital

-Reinvesting profits to grow -Returns to capital that exceed costs of capital (exceeding it you have more funds)

(quiz 2 question 13) Which of the following is a disagreement between finance and accounting? -How to order assets on the balance sheet -What constitutes economic returns -Where to record inventory -How to value equity

-What constitutes economic returns (net profit or free cash flows) Accounting values book value -How to value equity

(quiz 4 question 16) Calculate unlevered Beta for a firm with levered beta of 1.13, total debt of $7M, equity of $14M, and tax rate of 43%Round your answer to the nearest 0.0001

0.8794 on excel

(quiz 2 question 18) What will be the impact of NWC on CFs in year 2

1st: Find NWC of both years (NWC=Receivables + inventory - payables) 2nd: Then see how much it went down by (answer should be negative)

(quiz 2 question 1) *Excel* Given a discount rate of 8%, find the NPV of the 4-year project with the following cash flows:

=NPV(Disocunt rate, year 1 through 4) + Year 0

(quiz 2 question 20) Find the YTM of a 15-year bond with $100 annual coupons, par value of $1,000, if it is selling for $1,200.

=Rate (bond, annual coupon, - selling for, par value)

(quiz 4 question 12) Find the Free Cash Flow in 2019 for Alaimo Enterprise

? Answer: -8

(quiz 1 question 7) Which of the following companies is most likely to have the lowest inventory turnover?

A bookstore (rest are food)

(quiz 1 question 13) Fictional Metal is a gold mining company, with its accounts receivable making up 20% of its total assets. Which of the following companies is most likely to owe Fictional Metal money as part of Fictional Metal's accounts receivable?

A jewelry company specializing in 24K gold products (A company that wants to buy their stuff since its accounts receivable)

(quiz 3 question 5) Most equity research analysts are employed by (and receive their paychecks from): -A sell-side firm -The media -Individual households -Industrial companies Which of the following is an example of a bad incentive -CEOs take large risks with their companies, bc a great deal of their personal wealth is tied up in stock options -Pension funds invest in high quality companies bc they want to take care of their retirees -Analysts are afraid to recommend "sell" for a companies stock bc that company may not do business with their employer in the future - Investors want to make money so they invest in companies that are doing well.

A sell-side firm Analysts are afraid to recommend "sell" for a companies stock bc that company may not do business with their employer in the future

(quiz 5 question 6) Which of the following is not one of the common valuation mistakes? -Accepting projects with a negative projected IRR -Exaggerating synergies and ignoring integration costs -Underestimating capital intensity -Ignoring incentives

Accepting projects with a negative projected IRR

(quiz 3 question 16) 9-year bond with $130 annual coupons and $1,000 par value has the YTM of 7.6%. Find the percent change in the bond's price if the YTM rises 46 basis points

Answer: -0.0262 in excel

(quiz 1 question 17) Market Value of which of the following is likely to be the closest to its Book Value? -Debt -Assets -Preferred Equity -Common Equity

Answer: Debt Market to book value of both equity's will drastically change bc volitile n meant to vary. Debt is secure bc debt and interest rate expense is consistent.

(quiz 4 question 8) Imagine a conglomerate with three divisions. Division A's assets have a beta of 0.5; division B's assets, a beta of 1.0; and division C's assets, a beta of 1.5. If the company uses the average, 1.0, when valuing projects for all its divisions, which division will the company overinvest in? -A and C will overinvest -Division C -Division B -Division A -It will not overinvest

Answer: Divison C A B C .5 1 1.5 average these you get 1 want lower cost of capital Higher beta means more cost of capital C you're over investing bc its a risker value than you are assuming so putting too much money into that project

(quiz 1 question 16) T/F) If a company develops in-house a highly profitable treatment and secures a patent for it, the asset will most likely appear on its balance sheet as an intangible asset (goodwill).

Answer: False Because it hasn't been bought yet, it's hard to put a direct value on it.

(quiz 1 question 9) Which of the following is least likely to belong in the DuPont framework? -Liquidity -Leverage -Return on Equity -Efficiency -Profitability -Productivity

Answer: Liquidity ROE= Profitability x efficeincy/productivity x leverage Return on assets = efficeincy/productivity

(quiz 5 question 13) A project has cash flows of +$200, -$180, -$40 in consecutive years. The prevailing interest rate is 5%. Should you take this project? -No, since IRR is 8.44%, exceeding the 5% -Impossible to determine; Not enough information is given -No, since NPV is -$7.71 -Yes, since Payback Period is just 2 years -Yes, since IRR is 8.44%, exceeding the 5%

Answer: No, since NPV is -$7.71 (When NPV is positive, it adds value to the firm. When it is negative, it subtracts value. An investor should never undertake a negative NPV project.)

(quiz 1 question 2) Which of the four pieces of the DuPont framework should be the most similar across different industries?

Answer: ROE Dupont consists of ROE= net profit margin x return on assets x financial leverage ROE= Net profit/sales x Sales/assets x Assets/equity

(quiz 1 question 14) T/F) Even when common stockholders get no dividends, preferred stockholders may get dividends (T/F) Southwest airlines generally have high levels of inventory

Answer: True Because if there is a limited amount of money, preferred holders are paid first Answer: False its an airline

(quiz 1 question 6) Who should be the most anxious? 1.) Customers of a firm with a low current ratio 2.)Suppliers of a firm with a low current ratio 3.)Customers of a firm with a high current ratio 4.)Suppliers of a firm with a high current ratio 5.)Bondholders of a firm with a high current ratio

Answers: 2.)Suppliers of a firm with a low current ratio -customers don't care -bondholders have long term debt. -Stockholders has equity in the company which is long term. Assets = liabilities + stockholders equity -suppliers care short term -High current ratio is better bc they wanna be able to pay back their suppliers

(quiz 1 question 19) Find the ROE for a firm with the following financials:

Asset turnover x Assets to Equity (leverage) x Profit margin (Asset turnover = Sales/assets, Assets to Equity = Assets/Equity, Profit Margin = Income/Sales)

(quiz 3 question 15) You buy a new car for $50K. After a few days, you decide that you don't want the car. What will be at the root of the reason why you will not be able to sell it for close to the amount you originally paid? -Toothbrush -Principal-agent problem -Asymmetric information -Depreciation

Asymmetric information (person you are selling it back to may think you know something is wrong with the car)

(quiz 3 question 1) What clouds the transparency in financial markets, especially between companies and the banks? -Asymmetric information -Principal-agent problem -The media -Short sellers -Consolidated ownership

Asymmetric information : a term that refers to when one party in a transaction is aware of more information than the other person) (used car, don't wanna pay as much other person might be hiding something)

(quiz 5 question 2) Based on the following P/E ratios, which of the following is likely to have more growth opportunities? -Brookster -Fanta -Cupleys

Brookster (want better P/E)

(quiz 3 question 9) *excel* Find the cash conversion cycle of Zonpi Meesh for 2019:

CCC= DIO + DSO - DPO DIO = 365/Inventory Turnover = 365/COGS/Average Inventory DSO = 365/ Sales/Average Receivables DPO = 365/ COGS/Average Payables

(quiz 1 question 3) Which ratio does not measure liquidity of a company?

Current Profit/Current Revenues

(quiz 3 question 14) Buy-side vs. Sell-side is one way to slice financial markets. What's another one that may make more sense? -PE vs. VC -Deals (Private Markets) vs. Public Markets -Buyers vs. Short Sellers -Lenders vs. Savers -Hedge funds vs. Mutual funds

Deals (Private Markets) vs. Public Markets

(quiz 4 question 14) As a firm takes on more leverage, its debt beta -Increases -Remains constant -Decreases As a firm takes on more leverage, its equity beta -Increases -Remains constant -Decreases

Debt beta: Increases Equity beta: Increases

(quiz 2 question 12) In the late 1990s, which metric was likely most emphasized?

EBITDA

(quiz 5 question 5) Calculate the Enterprise Value of the firm with -Cash of 206 -Debt of 64 -Market Value of equity of 665

Enterprise value= equity+debt-cash

(quiz 3 question 12) When management of the firm discovers a very profitable project that will surprise everyone, which of the following sources of capital should they try to avoid using to fund the investment? -Debt -Cash -Equity

Equity (if they shell out some of their equity to pay for that, and it goes all the way up, then they lost all of their equity) (giving up what they own of the company, losing out on profit they can get get bc they own less of the company now)

(quiz 4 question 17) For a firm with some amount of debt, which Beta should be the highest? -Debt Beta -Equity Beta -Asset Beta

Equity Beta (equity would be more than asset)

(quiz 2 question 9) Roll Tide Gear Inc. has a receivables collection period of 45 days, a days inventory of 125 days, and a payables period of 30 days. How long is its funding gap?

Funding gap= Receivables + inventory - payables

(quiz 3 question 8) What institutional investor is the most controversial, with the industry growing from $260B in 2000 to $3T in 2017? -The Media -Short Sellers -Mutual Funds -Hedge Funds -Pension Funds

Hedge Funds

(quiz 4 question 4) Which of the following industry is likely to have the highest beta? Media -Food, beverage, and tobacco -Real Estate -Transportation -Utilities -Energy Lowest? -Food, beverage, and tobacco -Real Estate -Transportation -Utilities -Energy

Highest:Energy Lowest: Utilities -Food, beverage, and tobacco (Can food vs nicer food) -Real Estate -Transportation -Utilities (if electric or water goes up, you're not gonna stop using it) -Energy (amount using throughout the year can vary, can easily cut costs on energy like gas for example like if gas goes up you can find other ways to travel)

(quiz 4 question 7) What is some evidence contradicting CAPM? -According to CAPM, expected return on some securities is lower than risk-free rate -There's been evidence of stocks with negative Beta -Historically, low-beta stocks performed similarly to high-beta stocks -Market Risk Premium continuing to fluctuate

Historically, low-beta stocks performed similarly to high-beta stocks (CAPM is how its doing)

(quiz 1 question 10) Generally, which of the following will have the highest amount of accounts receivable relative to its sales? -Staples (an office supplies chain) -Walmart (a multinational retail corporation) -Intel (a semiconductor chip manufacturer)

Intel (a semiconductor chip manufacturer) The more something costs the longer it will take to pay

(quiz 3 question 13) Which of the following is NOT true about Private Equity? -It tends to use leverage for LBOs -It consolidates ownership -It aims to improve the firms it buys -It contributes to the agent-principal problem

It contributes to the agent-principal problem (The principal-agent relationship is an arrangement in which one entity legally appoints another to act on its behalf. In a principal-agent relationship, the agent acts on behalf of the principal and should not have a conflict of interest in carrying out the act.)

(quiz 2 question 6) From finance perspective, there are a few issues with Net Profit. Which of the following is not one of them. -Capital structure and tax rates make it harder to compare operations of firms -Group cash and non-cash expenses -It fails to capture the varying COGS -Managers may have discretion in their calculation of net profit

It fails to capture the varying COGS

(quiz 2 question 19) Which of the following is true about free cash flow? -It is for equity providers only and is tax adjusted -It is for all capital providers and is not tax adjusted -It is for all capital providers and is tax adjusted -It is for equity providers and is not tax adjusted

It is for all capital providers and is tax adjusted

(quiz 1 question 12) Which of the following constituencies care most about a company's ROE? Its competitors Its debt holders Its stockholders Its suppliers Its customers

Its stockholders ROE = return on equity, so you have equity as a stockholder so you want a higher return so you get more money

(quiz 1 question 1) Why does leverage at times get a bad rep?

Just like profits, leverage multiplies losses, too. leverage can increase debt debt has interest

(quiz 4 question 15) For a company with returns to capital of 5 percent and costs of capital of 10 percent, its market-to-book ratio will most likely be -Less than 1 -Greater than 1 -I don't have enough information -Equal to 1

Less than 1 Market-to-book ratio = returns to capital/cost of capital 5/10 = .05 which is less than 1

(quiz 3 question 4) A portfolio of which two stocks would be likely best diversified? -Long General Motors, auto manufacturer & long Bayer, a multinational chemical and pharmaceutical company -Long General Motors, auto manufacturer & long Ford, auto manufacturer -Long Dow Chemical, a multinational chemical corporation & long Bayer, a multinational chemical and pharmaceutical company?

Long General Motors, auto manufacturer & long Bayer, a multinational chemical and pharmaceutical company (two different industries)

(quiz 1 question 8) Which of the following comes with an explicit interest rate? -Other liabilities -Accounts receivable -Long term debt -Accrued expenses -Accounts payable

Long term debt -Implicit would be calculated within the company -explicit calculated outside company debt will always have interest

(quiz 1 question 20) Find the leverage metric defined as BV of Long-Term Debt / BV of Equity for Mysterious Vitamins in 2019.Assume that the firm has 100 shares trading at $15 per share.

Long term debt/ equity

(quiz 4 question 3) The decision to time the issuance of equities or debt to market conditions is known as -share buybacks -Leveraged Buy Out (LBO) -playing the market -short selling -market timing -squeezing out alpha -tax shielding

Market Timing

(quiz 5 question 3) Which of the following is not an example of a valuation multiple? -Net Income to Sales -Price to Sales -P/E NTM (Price to Earnings, Next Twelve Months) -Enterprise Value to EBITDA -Price to earnings

Net Income to Sales

(quiz 2 question 5) Your company builds a new plant with an investment of $200 million and an expected present value from its future cash flows of $250 million. A year later, it becomes apparent that the new product isn't selling as well as expected, and the present value of future cash flows at that point is only worth $150 million. Should the company shut down the plant?

No, the present value of continuing the project is positive at this point. Anything with a NPV thats positive is good and continue the project. Sunk cost at that point cant get it back

(quiz 3 question 11) Select all of the following metrics that increased from 2018 to 2019: -Leverage -Profit Margin -ROE -Asset Turnover -ROA

On excel sheet

(quiz 2 question 3) Select all of the following that will have a positive effect on the firm's cash flows? -Decrease in Accounts Payable -Decrease in short-term debt -Decrease in Accounts Receivable -Increase in Accounts Payable -Increase in Inventory -Decrease in Inventory -Increase in Accounts Receivable -Increase in Working Capital Select all of the following that will have a negative effect on the firm's cash flows? -Decrease in Accounts Payable -Decrease in short-term debt -Decrease in Accounts Receivable -Increase in Accounts Payable -Increase in Inventory -Decrease in Inventory -Increase in Accounts Receivable -Increase in Working Capital

Pos Answer: -Decrease in Accounts Receivable -Increase in Accounts Payable -Decrease in Inventory Neg. Answer: Explanation: having more accounts payable means that is cash that you are keeping rather than paying to whoever you owe money to Like i could do two things, I could pay you now, which means I have less cash but I don't owe you anything anymore, or I could keep the cash and still owe you money. When we are finding free cash flow, keeping that cash is a good thing for free cash flow.

(quiz 3 question 3) If you short sell 100 shares of Delta at $35 and the share price goes down to $10, what is your overall profit/loss? -Loss of $15 -Loss of $25 -Profit of $2,500 -Profit of $25 -Loss of $2,500

Profit of $2,500 ($35-$10 = $25 * 100) (sold it before it dropped so its profit)

(quiz 2 question 15) Find NWC of Goff Technologies in 2019:

Receivables + inventory - payables

(quiz 1 question 18) *Excel* Find receivables collection period for Mysterious Vitamins in 2019

Receivables Collection Period = 365/accounts receivable turnover Accounts receivable turnover = (sales/ average accounts receivable)

(quiz 5 question 8) You are considering two projects and can choose only one: the first one has an IRR of 15% and NPV of $3,200; and the second one has an IRR of 25% and NPV of $2,500. The WACC for both projects is 12%. Which project should you choose? -The project with the IRR of 15% and NPV of $3,200 -The project with an IRR of 25% and NPV of $2,500. -Insufficient information to decide -Neither - both projects are value destroying

The project with the IRR of 15% and NPV of $3,200

(quiz 2 question 4) (T/F) Though profitability may have been comparable, Amazon has really outperformed Netflix when it came to operating cash flows during 2007-2017.

True

(quiz 5 question 14) (T/F) Even large successful companies such as McDonald's can have a negative Book Value of Equity.

True

(quiz 2 question 7) The conservatism principle suggests that firms tend to underestimate the value of their assets and overestimate the value of their liabilities.

True Being more conservative you rather overestimate the amount of liabilities rather than assets to be safe, "being conservative" use more discretion

(quiz 1 question 4) T/F Leverage can give you control over assets you would otherwise not have.

True Gives you more money to do stuff

(quiz 1 question 5) What types of companies are more likely to have high leverage?

Utility companies

(quiz 2 question 8) To what did the CFO of Heineken compare "revenue"?

Vanity

(quiz 5 question 4) You find yourself in the middle of a zombie apocalypse era. Given the opportunity of a 0% corporate tax rate, you eagerly decide to seize the opportunity of 0 corporate tax rate and open up a juicing company called Type O-Cean Spray. Figure out the relevant WACC for your firm with the relevant facts: The optimal capital structure is 40% debt and 60% equity The risk-free rate is 1.2% The lender will charge 4.4% interest on the project The market risk premium is 3% Beta of 0.5

WACC formula in quiz 4 excel

(quiz 1 question 15) Go to www.sec.gov/edgar (Links to an external site.) to obtain the latest 10-K and calculate the Asset Turnover ratio for American Airlines for 2018 (not 2019). *You can find Total Assets in the tab of Consolidated Balance Sheets, on row 24.

between 0.7 and 0.8

(quiz 5 question 7) Calculating the Terminal Value of perpetually growing cash flows if the next cash flow in one year is $12.Assume a discount rate of 7.1% and a growth rate of 2.6%.

on excel 266.66

(quiz 4 question 5) Which of the following risks cannot be diversified away by adding more securities to your portfolio? -Unique -Systematic -Nonsystematic -Market -Diversifiable -Non-diversifiable -Firm-specific Can be diversified

cannot -Systematic (bc thats all the risk asssociated with the market itself) -Market -Non-diversifiable can -firm-specific -Nonsystematic -Unique -Diversifiable

(quiz 5 question 10) Calculate the IRR of the 7-year project with the following cash flows: Assume the discount rate of 4.50%. (gives year & cash flows)

on excel 0.1344

(quiz 3 question 17) Calculate the standard deviation given the following distribution of returns

in excel

(quiz 3 question 18) Using the monthly return data below, find Beta for Southwest.Round the answer to the nearest 0.0001.You should be able to select and copy & paste the table into Excel.Alternatively, you can also use the file attached:

in excel

(quiz 3 question 19) Using the monthly return data below, find the standard deviation of S&P500 monthly return.Round the answer to the nearest 0.0001.You should be able to select and copy & paste the table into Excel.Alternatively, you can also use the file attached:

in excel

(quiz 5 question 15) Your private firm has $1M in debt outstanding, a market capitalization of $11M, and its average tax rate of 14%. New bonds would have to be issued offering investors a 3.5% YTM (assume there's sufficient retained earnings to maintain the same capital structure). Your closest competitor has a beta of 0.7, D/E ratio of 0.78, and 25% tax rate. Assume the risk-free rate is estimated to be 2.1% and the expected return on the market of 7% over the coming years. What cost of capital should be applied to your firm based on the competitor?

on excel 0.0431

(quiz 5 question 1) You are considering purchasing a firm that has three possible scenarios on how things play out.First, the worst-case scenario has a probability of 30%, and the company is worth $10 million. The base-case scenario has a 50% chance of happening, and the company is worth $20 million. The best-case scenario has a 20% probability, and the company is worth $50 million. What is the highest amount you would be ready to pay for the company?

on excel 23

(quiz 5 question 11) Calculate the Payback of the 7-year project with the following cash flows: Assume the discount rate of 4.50%. (gives year & cash flows)

on excel 6

(quiz 5 question 12) Delta's competitors, Southwest, and American Airlines have P/E (Price to Earnings) ratios of 12.4 and 9.0. Estimate Delta's share price if its EPS (Earnings Per Share) is $6.06.

on excel 64.84

(quiz 5 question 9) Calculate the NPV of the 7-year project with the following cash flows: Assume the discount rate of 4.50%. (gives year & cash flows)

on excel 9,360.74

(quiz 4 question 19) The risk free rate is 2.3%. The Market Risk Premium is 4.9%. If Rossin Enterprise has a beta of 1.2, its bonds yield 3.3%, and it has $2M of debt and $8M of equity, find its WACC:Assume its marginal tax rate to be 21%.

on excel Answer: 0.0707

(quiz 4 question 20) The risk free rate is 2.0%. The Market Risk Premium is 3.9%. If Rossin Enterprise has a beta of 1.7, its bonds yield 3.9%, and it has $5M of debt and $15M of equity, find its WACC:Assume its marginal tax rate to be 25%.

on excel Answer: 0.072

(quiz 4 question 6) The risk-free rate is 2%. The expected rate of return on the market is 7%. A corporation intends to issue publicly traded bonds that promise a rate of return of 4% and offer an expected rate of return of 3%. What is the implicit beta of the bonds?

on excel Answer:0.2

(quiz 4 question 10) Consider a company that relies solely on equity financing; The firm has a book value of $100, as it has just been capitalized with $100. The return on equity is projected to be 8%. The company is expected to reinvest 40% of its profits in the company. These reinvestments represent growth opportunities and earn similar returns to its current return on equity. The company will end its operations after 6 years, and anything that's left will be distributed to the shareholders. It will sell all of its assets for a one-time cash flow (assume it can do so at the book value of those assets at that time). Future cash flows will be discounted at a rate of 11%. What should this company's market-to-book ratio be?

on excel Answer:0.86

(quiz 2 question 17) *excel* How much would you pay for a chance to find out which outcome will happen and be able to abandon the project before making the initial investment? Assume the discount rate of 9%

on excel its long

(quiz 3 question 10) *excel* Find the FCF of the Zoonpi Meesh for 2019:

on excel sheet