Personal Selling is :
a. The two-way flow of communication between a buyer and seller, often in a face-to-face encounter, designed to influence a person’s or group’s purchase decision.
b. A nonpersonal, indirectly paid presentation of an organization, product, or service.
c. A short-term inducement of value offered to arouse interest in buying a product or service.
d. Promotional alternative that uses direct communication with consumers to generate a response in the form of an order, a request for further information, or a visit to a retail outlet.
Answers
Answer:
Option A. The two-way flow of communication between a buyer and seller, often in a face-to-face encounter, designed to influence a person’s or group’s purchase decision.
Explanation:
The reason is that the personal selling is the face to face selling which means two way flow of communication is necessary. The seller will use his marketing exprience to influence the buyer which results in greater sales and customer satisfaction. So it is the face to face selling method which most of the companies opt and this way of selling is known as personal selling.
Related Questions
How does the slope of a supply or demand curve differ from elasticity of supply or demand?
Answers
The slope of a supply or demand curve differ from elasticity of supply or demand are to represent quantities to prices because of changes in the level of prices to changes in the level of quantity supply or demand.
What is demand?The term “demand” is believing on people wants and desires to the amount of money of goods and services. Demand is an economic notion that deals with the relation between user demand for goods and services and their market prices.
The slope of a supply curve is upward basis and the demand curve basis on downward to the right was the straight line. It was the change of prices in the level of quantity supply or demand. Elasticity of supply or demand was the quantity to price demanded or supplied.
As a result, the conclusion of the difference between are the aforementioned.
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what are the "marketable" characteristics of snails?
Answers
ANSWER: The major marketable characteristics of snail is it's nutritional value to our body. And the lesson we learn from them, when we feel depressed and anxious.
EXPLANATION: The snail is a very nutritious meat that contains protein, fat and oil, minerals, and vitamins. It protein content is more higher than that of birds egg. The slime from snail helps to treat dehydration, dry skin, stretch marks, damage tissues in the body, and many more. The snail has much value in markets, as it has become a boast to our daily nutritional content.
Some people buy snail, to help them meditate daily or during depression. This helps them to calm down their emotions as they watch the snail, because snail teaches a lesson of patience (in it's movement) and articulation ( in the fast way it responds by retreating into it's shell, when it sense strange signal).
¿In two to three sentences, explain why it is important to have insurance.?
Answers
Answer:
Explanation:
Insurance protects yourself, your assets, or even your family against financial loss. Oftentimes, events, such as cancer or a car accident, are random and have the potential to financially run people. Insurance is a way to reduce the financial impacts of these risks.
Perpetual Life Corp. has issued consol bonds with coupon payments of $50. (Consols pay interest forever and never mature. They are perpetuities.)a. If the required rate of return on these bonds at the time they were issued was 5.0%, at what price were they sold to the public
Answers
Answer: $1,000
Explanation:
The price of a perpetual bond is calculated like a perpetuity and this is calculated by dividing the coupon payment of the bond by the prevailing required rate of return.
Price of this bond is:
= Coupon payment / Required return
= 50 / 5%
= $1,000
Seth Fitch owns a small retail ice cream parlor. He is considering expanding the business and has identified two attractive alternatives. One involves purchasing a machine that would enable Mr. Fitch to offer frozen yogurt to customers. The machine would cost $7,980 and has an expected useful life of three years with no salvage value. Additional annual cash revenues and cash operating expenses associated with selling yogurt are expected to be $6,080 and $800, respectively. Alternatively, Mr. Fitch could purchase for $9,720 the equipment necessary to serve cappuccino. That equipment has an expected useful life of four years and no salvage value. Additional annual cash revenues and cash operating expenses associated with selling cappuccino are expected to be $8,300 and $2,260, respectively. Income before taxes earned by the ice cream parlor is taxed at an effective rate of 20 percent.
Required
Determine the payback period and unadjusted rate of return (use average investment) for each alternative.
Answers
Answer:
* For the machine investment decision:
+ Payback period: 1.68 years
+ Unadjusted rate of return: 26.27%
* For the equipment investment decision:
+ Payback period: 1.83 years
+ Unadjusted rate of return: 29.71%
Explanation:
* For the machine investment decision:
Payback calculation:
+ Incremental in yearly cashflow = ( Increase in revenue - Increase in operating expenses ) x ( 1 - tax rate) + Tax shield from increase in depreciation (which is Depreciation in one year x Tax rate) = (6080 - 800 ) * 0.8 + (7980/3)*0.2 = $4756
+ Payback period = Increase in yearly cashflow / Initial investment = 7980 /4756 = 1.68 years
Unadjusted rate of return:
+ Increamental profit in one-year= ( Increase in revenue - Increase in operating expenses - Increase in depreciation) x ( 1 - tax rate) = (6080 - 800 - 7980/3) * 0.8 = $2096
+ Unadjusted rate of return = Increamental profit in one-year / Initial investment = 2096 / 7980 = 26.27%
* For the equipment investment decision:
Payback calculation:
+ Incremental in yearly cashflow = ( Increase in revenue - Increase in operating expenses ) x ( 1 - tax rate) + Tax shield from increase in depreciation (which is Depreciation in one year x Tax rate) = (8300 - 2260 ) * 0.8 + (9720/4)*0.2 = $5318
+ Payback period = Increase in yearly cashflow / Initial investment = 9720 /5318 = 1.83 years
Unadjusted rate of return:
+ Increamental profit in one-year= ( Increase in revenue - Increase in operating expenses - Increase in depreciation) x ( 1 - tax rate) = (8300 - 2260 - 9720/4) * 0.8 = $2888
+ Unadjusted rate of return = Increamental profit in one-year / Initial investment = 2888 / 9720 = 29.71%
Willetta Company purchases inventory for $29,000 with terms 2/10, n/30. It then returns $3,900 of the inventory purchased to the supplier and also receives an allowance for defective inventory of $290. The company pays the amount due within the discount period. What is the amount of the discount that will be taken
Answers
Answer:
Discount taken is $496.20
Explanation:
The amount of purchases after some items were returned and also defective inventory allowance was taken needs to first of all be established.
adjusted purchases=$29,000-$3,900-$290=$ 24,810.00
Thereafter, the amount of discount taken is 2% of the adjusted purchases amount computed above.
Discount taken=$ 24,810.00*2=$ 496.20
Question 7 of 10
What is the relationship between the nominal interest rate and the annual
percentage yield (APY)?
A. The nominal interest rate is calculated using the APY
B. The APY is calculated using the nominal interest rate,
C. The APY is the nominal interest rate divided by the number of
years for which a loan is taken out.
D. The nominal interest rate is the APY divided by the number of
years for which a loan is taken out
Answers
Answer: B : The APY is calculated using the nominal interest rate
Explanation:
B.The annual percentage yield (APY) is calculated using the nominal interest rate.
What Is the Difference Between Nominal Rate and APY?APY (annual percent yield) is the powerful interest price that tends to be greater relevant to borrowers and creditors. The client, normally the borrower, will pay an effective price that varies from the nominal (stated) rate based totally on fees and the impact of compounding.
What does APY depend on?That relies upon savings products. When you have a financial savings account, your APY is variable and might grow or lower based on market conditions. when you have a CD, the price you have got while you sign up is commonly the fee you will receive throughout your term.
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The 15-year average return for the S&P 500 from January 1973 to December 2016 (29 separate 15 year periods) was as high as a 20% average annual return and as low as a 3.7% average annual return. Additionally, the average dividend yield for the S&P is 4.11% and the average annual dividend growth rate is 6.11%.
Using this information, please compare the investment in the 5% 15-year corporate bond with a $100,000 investment in a stock with a 3.7% dividend yield (10 percent less than the S&P 500 average yield) and a 3% dividend growth rate (50 percent of the S&P 500 dividend growth rate).
The annual investment returns are as follows:
Year 1 (13.40%) Year 2 (23.37%) Year 3 26.38% Year 4 8.99%
Year 5 3.00% Year 6 13.62% Year 7 3.53% Year 8 (38.49%)
Year 9 23.45% Year 10 12.78% Year 11 0.00 Year 12 13.41%
Year 13 29.60% Year 14 11.39% Year 15 (0.73%)
The bond interest payment of 5 percent is paid annually and not reinvested. To compare accurately with the bond investment, the stock dividend will not be reinvested, but paid annually as well.
Please calculate the value of the stock account at the end of each year and the dividend income from the stock on an annual basis.
Once you have performed the calculations, please let me know if you prefer to invest in a 5% corporate bond for 15 years or the stock and why.
What is the value of the stock after year 2? Year 8? Year 11? When does the annual dividend income of the stock exceed the annual interest income of the bond?
Answers
1. The value of the stock account after Year 2 is $155,401.626.
2. The value of the stock account after Year 8 is $96,110.0674.
3. The value of the stock account after Year 11 is $96,110.0674.
4. The annual dividend income of the stock exceeds the annual interest income of the bond at the end of Year 15.
Bond interest rate: 5%
Stock dividend yield: 3.7% (10% less than S&P 500 average yield)
Stock dividend growth rate: 3% (50% of S&P 500 dividend growth rate)
We'll assume an initial investment of $100,000.
Year 1:
Bond interest income: $100,000 * 0.05 = $5,000
Stock dividend income: $100,000 * 0.037 = $3,700
Value of stock account: $100,000 + ($100,000 * 0.2337) = $123,370
1. Year 2:
Bond interest income: $100,000 * 0.05 = $5,000
Stock dividend income: $100,000 * 0.037 = $3,700
Value of stock account: $123,370 + ($123,370 * 0.2638) = $155,401.626
2. Year 8:
Bond interest income: $100,000 * 0.05 = $5,000
Stock dividend income: $100,000 * 0.037 = $3,700
Value of stock account: $155,401.626 + ($155,401.626 * (-0.3849)) = $96,110.0674
3. Year 11:
Bond interest income: $100,000 * 0.05 = $5,000
Stock dividend income: $100,000 * 0.037 = $3,700
Value of stock account: $96,110.0674 + ($96,110.0674 * 0) = $96,110.0674
4. At the end of Year 15, the dividend income of the stock exceeds the interest income of the bond.
Stock dividend income: $100,000 * 0.037 = $3,700
Bond interest income: $100,000 * 0.05 = $5,000
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A jeweler and her apprentice make silver pins and necklaces by hand. Each week they have 80 hours of labor and 36 ounces of silver available. It requires 8 hours of labor and 2 ounces of silver to make a pin, and 10 hours of labor and 6 ounces of silver to make a necklace. Each pin also contains a small gem of some kind. The demand for pins is no more than six per week. A pin earns the jeweler $400 in profit, and a necklace earns $100. The jeweler wants to know how many of each item to make each week in order to maximize profit. a. (2 pts) Formulate an integer programming model for this problem. b. (3 pts) Solve this model using the branch and bound method. Compare this solution with the solution without integer restrictions and indicate if the rounded-down solution would have been optimal.
Answers
Answer:
Jeweler should make 6 pins and 3 necklaces to maximize the profit.
Explanation:
Demand for pins is 6 per week and profit is $400
Demand for necklaces is not known and profit is $100
Let x = pins and y = necklaces
The profit maximizing quantity equation will be :
Q = 400x + 100y
Constraints are labor hours and silver availability.
Labor hours available = 80 hours
Silver availability = 36 ounces
The constraint equation will be :
For labor hours : 8x + 10y ≤ 80
For silver : 2x + 6y ≤ 36
Solving the equation we will get maximum profit which is $2,700 and the quantity it should make is 6 pins and 3 necklaces to maximize the profit.
Which best describes an employer of Consumer Services workers? O a manager of a retail store a principal of a private school O a worker in a spa an archbishop in a church
Answers
A manager of a retail store and a principal of a private school, Best describes an employer of Consumer Services workers.
What are customers?A client is a person who purchases goods, services, or ideas from a seller, vendor, or supplier in exchange for money or another useful consideration. This definition applies to sales, commerce, and economics.
An individual or business that purchases goods or services from another company is known as a customer. Customers are crucial to businesses because they generate income; without them, they would cease to exist.
Customers' queries and worries should be heard, and any necessary responses should be given. Describe items and services in detail. Take orders, compute costs, and handle invoicing or payment processing. Examine customer accounts and make any required adjustments.
Therefore, option (A) is correct.
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Complete the steps you will use to create a document using a word processor.
Pick an existing template
Format the fonts of the text as required
Use Save As to save the document with
an appropriate name.
Open your word processing application.
Replace the placeholders with text and
images.
Answers
Answer:
open word app
pick template
format font
replace placeholders
save as
Explanation:
both font and changing placeholders can be interchangable. I prefer to have the font right at the start.
Which of the following is NOT a reason why strategy matters to businesses?
Strategy defines a company’s current and future goals and objectives
Tying financial models to strategies of a business helps generate more insightful analyses
Understanding a company’s strategies allows financial analysts to make reasonable assumptions in performing forecasting
Having a strategic plan helps reduce uncertainty about the future and prepare to explore new opportunities
Answers
There are other reasons that strategy matters in business, but tying financial models to business strategies does not help to generate more insightful analyses. Option B is correct.
Why the strategies are important for the business?Strategy assistance us in shaping our business by furnishing it with a set of values and a sense of purpose. It enables us to comprehend what success entails.
A company's strategy defines its underway and upcoming ends. It is used in to enables financial analysts to make common, sensible forecasting assumptions.
Therefore, option B is correct.
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Mazu Mavuso is a 43-year-old South African resident who was employed by Veg & Fruit Limited, a South African company, until 30 November 2022. On 30 November 2022, Veg & Fruit Limited ceased its operations and the pension fund that Veg & Fruit Limited established for its employees also closed down. The Veg & Fruit Limited pension fund paid out R80 000 to Mazu Mavuso during the 2023 year of assessment. All Mazu Mavuso's pension fund contributions have been deducted in the determination of his taxable Income. Mazu Mavuso also decided to join a retirement annuity fund, to which he made a total contribution of R7 000 during the 2023 year of assessment. For the 2023 year of assessment, Mazu Mavuzo's receipts and expenses were as follow: Salary Director's fees earned Local dividends from South African companies Local interest from a non 'tax free investment' Pension fund contributions at 6.5% of his salary Retirement annuity fund contributions Qualifying medical expenses paid Donation to a qualifying section 18A Public Benefit Organisation R 720 000 110 000 45 000 24 500 ? 7 000 61 630 6 000 Calculate Mazu Mavuso’s taxable income for the 2023 year of assessment. (25 marks) 1.2) Calculate Mazu Mavuso’s total normal tax liability for the 2023 year of assessment. Assume that Mazu Mavuso had a taxable income of: • R770 900 before any retirement fund lump sum withdrawal benefits. • R843 900 after any retirement fund lump sum withdrawal benefits. (17 marks) Competency Framework Reference: E1.2 Interpretation of tax legislation b) Demonstrate the ability to apply the principles of tax interpretation to any new or unfamiliar tax legislation. E1.3 Application of tax legislation to calculate tax obligation a) Analyse the taxpayer’s tax profile. c) Apply the relevant law to the facts, determine the tax position and compute the tax payable (VAT or normal tax) for individuals and companies.
Answers
Explanation:
to calculated this question to solve
If you have many competing financial goals, what should you do to help yourself focus on the most important ones?
A.
Get more unearned income.
B.
Prioritize and make a budget.
C.
Open a checking account.
D.
Diversify your investments.
Answers
Answer:
B.
Prioritize and make a budget.
The debt ratio is calculated by dividing total assets by total liabilities.
True
OR
False
Answers
Answer:
False
Explanation:
It is meant to Total liabilities/Total assets
The debt ratio could not be calculated by dividing total assets by total liabilities.
The following information related to the debt ratio is
The debt ratio should be calculated by dividing the total debts from total assets.In this, the total debts should be on the numerator side and the total asset should be on the denominator side. The ratio should always be on time.Therefore we can conclude that the given statement is false.
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What is one step in identifying the main idea of a text?
Group of answer choices
Determine what the text says about the topic
Go to the glossary and find words related to the topic
Look for the lesson the author wants the reader to learn
Use context clues to understand the meaning of new words
Answers
Answer:
i believe the first option " determine what the text says about the topic" might be the correct answer
Answer: the answer is c
Explanation:
I am way too late but i took the same test
define ethics and moral conduct
Answers
The study of right and bad behaviour is known as ethics. The rules governance the same are the subject of morals.
Brief definition of ethics and conduct.The term "ethical conduct" refers to acting morally. The phrase "ethical conduct" relates to your interactions with others while respecting the principles of honesty, integrity, fairness, and good faith. This includes SIC members, staff members, subcontractors, clients, members of the public, and others.
What distinguishes morality and ethics from one another?Ethics is concerned with the process of making moral judgements, which occasionally requires weighing the pros and cons or competing interests and values. Morality is a set of rules for conduct that is typically founded on religious principles, which frequently guide our moral judgements. Morality is a personal thing.
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Reggie, who is 55, had AGI of $35,200 in 2022. During the year, he paid the following medical expenses:
Drugs (prescribed by physicians)
Marijuana (prescribed by physicians)
Health insurance premiums-after taxes
Doctors' fees
Eyeglasses
Over-the-counter drugs
$ 570
1,470
1,280
1,320
445
270
Required:
Reggie received $570 in 2022 for a portion of the doctors' fees from his insurance. What is Reggie's medical expense deduction?
Answers
Reggie's medical expense deduction is $7,276.
AGI, or adjusted gross income, is a person's total income minus certain deductions and is used to calculate taxable income.
Reggie, who is 55 years old, had an AGI of $35,200 in 2022. During the year, he incurred the following medical expenses:
Drugs (prescribed by physicians): $5,701
Marijuana (prescribed by physicians): $1,470
Health insurance premiums-after taxes: $1,280
Doctors' fees: $1,320
Eyeglasses: $445
Over-the-counter drugs: $270
Reggie was reimbursed $570 by his insurance company for a portion of the doctors' fees. To calculate his medical expense deduction, we first need to subtract any reimbursements from his total medical expenses.
Total medical expenses: $5,701 + $1,470 + $1,280 + $1,320 + $445 + $270 = $10,486
Reimbursements: $570
Medical expenses after reimbursements: $10,486 - $570 = $9,916
To claim a medical expense deduction, the expenses must exceed a certain percentage of AGI, which varies depending on the taxpayer's age. For taxpayers who are 65 or younger, the threshold is 7.5% of AGI. For taxpayers who are over 65, the threshold is 7%.
Since Reggie is 55 years old, the threshold is 7.5% of his AGI or $35,200 x 0.075 = $2,640.
Therefore, Reggie can deduct the portion of his medical expenses that exceed $2,640.
Amount of medical expenses that exceed the threshold: $9,916 - $2,640 = $7,276
Therefore, Reggie's medical expense deduction is $7,276.
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Which statement best describes a work sheet
Answers
A work sheet is a document used in accounting that includes a list of accounts, their balances, adjustments, and calculations to prepare financial statements.
What else it serves?
It serves as a tool to organize and summarize financial information before it is transferred to the actual financial statements.
A work sheet, also known as a working paper, is an accounting document that consolidates financial information from various accounts, such as revenues, expenses, and balance sheet items. This document aids in the preparation of financial statements and helps ensure the accuracy of accounting records.
Work sheets are commonly used during the end-of-period adjustment process and can help identify errors and discrepancies. They provide a clear and organized summary of financial data, making it easier for accountants and management to analyze and make informed decisions.
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complete question:
What is a worksheet and what is its purpose in accounting?
is it true or false that the socioeconomic model of social responsibility emphasizes the effort of business decisions on society
Answers
Answer:
I pretty sure it's true
Explanation:
hope this helps
yes loloolololololoolloolololololololoolololololol
Answers
Answer:
yup the true maeningnof lol Is laugh aloud or lots of love depending on how it's used
why is the study of finance important
Answers
Answer:
Studying finance can prepare you not only for careers in the financial services sector, but also for tasks in your everyday life. And because finance revolves around planning and analysis, studying finance and becoming more financially literate enables people to make better personal financial decisions.
Explanation:
in an organization that employs a hrpp administrator, the io must establish a working relationship such that the hrpp administrator
Answers
In an organization that employs a hrpp administrator, the io must establish a working relationship such that the hrpp administrator feels free to raise problems and concerns of any kind that relate to the HRPP.
What is HRPP?
OHRP aids organisations in their endeavours to assess and enhance the effectiveness of their human research protections programmes (HRPP). To help universities accomplish this goal, OHRP is actively creating and upgrading dated resources.
Using the OHRP Self-Assessment Tool, institutions can evaluate their HRPPs in general and determine their strengths and areas for development. Based on the requirements of the new Common Rule, OHRP provides the research community with thorough basic-level training on human research protections, including printable completion certificates.
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In an organization that employs a hrpp administrator, the io must establish a working relationship such that the hrpp administrator feels free to raise problems and concerns of any kind that relate to the HRPP.
What is HRPP?Organizations receive assistance from OHRP in their efforts to evaluate and improve the performance of their human research protections programs (HRPP). OHRP is actively developing and updating out-of-date resources to assist institutions in achieving this goal.
Institutions can assess their HRPPs generally using the OHRP Self-Assessment Tool to identify their strengths and potential improvement areas. The OHRP offers comprehensive basic-level training on human research safeguards to the research community, complete with printable completion certificates, in accordance with the demands of the new Common Rule.
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Which career professionals are not required to have post-secondary education and instead typically learn through on-
the-job training?
Animal Caretakers and Foresters
O Sorters and Farmworkers
Soil Scientists and Conservationists
O Agricultural Inspectors and Food Technologists
Answers
Answer:
Sorters and Farmworkers.
Explanation:
Not for sure if this is the answer, BUT it most likely is.
when businesses receive a tax cut on manufacturing a particular good, the supply curve for that good shifts:
Answers
The supply curve will move right due to the increase in the supply.
What is supply curve?The relationship between the price of an item or service and the volume supplied over a specific time period is represented graphically by the supply curve. The price will typically be shown on left vertical axis of an example, and the quantity given will be shown oN horizontal axis. The supply curve, which embodies the law of supply, will incline higher from left to right: The amount supplied rises as the cost of a certain good rises (all else being equal). According to the economics principle of supply and demand, the quantity of an item that is available for sale (the supply) and the quantity that consumers want will balance out to create its price (the demand).
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Match the factor with how it contributes to a product's launch.
1. budget
enhances consumers'
understanding
2. marketing
gauges potential channels
3. market research
executes strategy for sales
Answers
1. budget —> executes strategy for sales
2. Marketing —> gauges potential channels
3. Market research —> enhances consumers’ understanding
Refer to the short-run data in the accompanying graph. The profit-maximizing output for this firm is...
Answers
The profit-maximizing output for this firm, given the short - run data on the graph, is 320 units.
How to find the profit - maximizing output?The profit-maximizing output for a firm is the point where the marginal revenue received is equal to the marginal cost incurred. This means that every additional unit sold both cost the same to produce, as the revenue it brings in.
The point where the marginal revenue and the marginal cost are equal to each other is the lowest point of the Total cost curve This point on the graph is 320 units so this is the profit-maximizing output.
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When an employee leaves a position, how should the human resources department respond?
A. Post a job description to fill the position as quickly as possible.
B. Review the position to determine whether and when the position
should be filled again.
C.Train another employee to fill the position as quickly as possible.
D. Meet with college career advisors to advertise the position.
Answers
When an employee leaves a position, the right response of the human resources department will be to review the position to determine whether and when the position should be filled again.
What is the role of human resources department?In management, a Human resources refers to the division of a business that is charged with finding, screening, recruiting as well as training the job applicants. The HR managers also administers employee-benefit programs.
The department of human resources HR is an essential component of any business regardless of an organization's size. The department is mainly tasked with maximizing employee productivity and protecting the company from any issues that may arise within the workforce.
In conclusion, these HR managers plays an important role in helping companies deal with a fast-changing business environment and a greater demand for quality employees in the 21st century.
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Answer:
B. - Review the position to determine whether and when the position should be filled again.
Explanation:
The annual coupon rate is 2%, but coupons are paid semiannually. The yield to maturity was 1.85%. If the par value is $100,000, how much did you pay for this bond
Answers
Answer:
Hi the number of years to maturity for this Bond is missing. I have tried to search for the full question online but could not find it. However, I will help you get the technique to solve this problem.
The amount of money you pay for the Bond is its Present Value (PV) normally called Current Price of the Bond.
To calculate this, you should have the other remaining elements of the Bond which are : Coupon rate (PMT) , Period of payments within a year (P/YR), Yield To Maturity (YTM), Par Value (Future Value of Bond).
So assuming that the Bond in question matures in 5 years the calculation will be as follows :
Pmt = (1,000,000 × 2%) ÷ 2 = $10,000
Ytm = 1.85 %
Fv = $1,000,000
P/yr = 2
N = 5 × 2 = 10
Pv = ?
You would pay $1,007,132 for this bond
You have just inherited $560,000. You plan to save this money and continue to live off the money that you are earning in your current job. If you can invest the money in a bond that pays 5.46 percent interest annually, how long will it be before your inheritance is worth $1 million? (If you solve this problem with algebra round intermediate calculations to 5 decimal places, in all cases round your final answer to 2 decimal places, e.g. 8.72.)
Answers
Answer:
10.64 years
Explanation:
To find the number of years , use this formula :
FV / PV = (1 + r) ^n
FV = Future value = $1 million
P = Present value = $560,000.
R = interest rate = 5.6%
N = number of years
$1,000,000 / $560,000 = (1.056)^n
1.785714 = (1.056)^n
Find the In of both sides
n = 10.64 years