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Determining the present value of an annuity The dean of the School of Naoural Science is trying to decide whether to purchase a copy machine to place in the lobby of the building. The machine would add to student convenience, but the dean feels compelled to earn an 8 percent reourn on the investment of funds. Estimaoes of cash inflows from copy machines that have been placed in other university buildings indicate that the copy ma- chine would probably produce incremental cash inflows of approximaoely $15,000 per year. The machine is expected to have a three-year useful life with a zero salvage value. Required a. Use Present Value Table 1 in the chapter’s Appendix to determine the maximum amount of cash the dean should be willing to pay for a copy machine. b. Use Present Value Table 2 in the chapter’s Appendix to determine the maximum amount of cash the dean should be willing to pay for a copy machine. c. Explain the consistency or lack of consistency in the answers to Requirements a and b.”

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Select a company with long term bonds outstanding. There are many examples in the textbook. Locate and analyze a current quotaoion for that bond. Use figure 10.2 in the textbook as a guide. Compare the current prece with the par value. Explain at least one (1) reason for the difference. TABLE 10.2 Common elements of Bonds Represent borrowed funds Contractual agreement between a borrower and lender (INDENTURE) Senior claim on assets and cash flow No voting right Par value Having a Bond rating improves the issue’s marketability to investor’s covenants Interest: tax deductible to the issuing firm Usually fixed over the issue’s life but can be variable as the indenture allows coupon rate on new issues affected by market interest rates and bond rating. Maourity: usually fixed; can be affected by convertibility, call and put provisions, sinking fund, extendibility features in the indenture. Security: can have senior claim on specific assets pledged in case of default or can be unsecured(debenture or subordinated [junior claim] debenture)

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Construct the best argument to explain why we invaded Iraq. Bear in mind that Paul O’Neill (Bush’s original Secretary of the Treasury, who attended Cabinet meetings) reported in his book that the invasion of Iraq was discussed at the Cabinet level even before 9/11, and also that this conclusion is confirmed in “The Downing St. Memos”. Bear in mind, too, that the various reasons the administration had given to invade Iraq – that Saddam was behind 9/11, that he was aiding al Qaida, that he had nuclear WMDs, that he had chemical and biological WMDs, that he was a vicious dictator, have all appeared to be either false or irrelevant.