b) The government aims to address structural unemployment by providing training to unemployed workers to bridge the skills gap and improve their employability in the labor market.
The government's implementation of a program to provide training to unemployed workers suggests an effort to address structural unemployment. Structural unemployment occurs when there is a mismatch between the skills and qualifications of workers and the available job opportunities in the economy. By offering training programs, the government aims to equip unemployed individuals with the necessary skills and knowledge to fill the existing job vacancies and reduce the structural unemployment rate. Frictional unemployment refers to temporary unemployment as workers transition between jobs and is not directly addressed by training programs. Cyclical unemployment is caused by fluctuations in the business cycle and is typically influenced by macroeconomic factors rather than training initiatives. Seasonal unemployment is specific to certain industries or occupations and is unlikely to be the primary focus of a general training program.
The mention of reducing the gross flow of people out of unemployment does not directly align with the purpose of the training program but may relate to broader labor market policies aimed at reducing overall unemployment rates.
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A Big Mac in Mexico City sells for 51 pesos, while it sells for $5.50 in New York City. The spot exchange rate is 19 pesos per dollar. If you believe in absolute purchasing power parity, is the peso undervalued or overvalued relative to the dollar? Calculate the percentage of undervaluation or overvaluation.
Group of answer choices
53.9% undervalued
104.9% overvalued
52.5% overvalued
51.2% undervalued
To determine whether the peso is undervalued or overvalued relative to the dollar based on absolute purchasing power parity (PPP), we can compare the price of a Big Mac in Mexico City and New York City.
In Mexico City, the price of a Big Mac is 51 pesos. In New York City, the price of a Big Mac is $5.50.
To make a valid comparison, we need to convert the price in New York City from dollars to pesos using the spot exchange rate:
Price in New York City = $5.50
Spot exchange rate = 19 pesos per dollar
Price in New York City (in pesos) = $5.50 * 19 pesos per dollar = 104.5 pesos
Now we can compare the prices in both cities:
Price in Mexico City = 51 pesos
Price in New York City (converted to pesos) = 104.5 pesos
Based on absolute purchasing power parity, if the peso is undervalued relative to the dollar, the price of a Big Mac in Mexico City should be lower than the converted price in New York City. Conversely, if the peso is overvalued, the price in Mexico City should be higher than the converted price in New York City.
Comparing the prices:
51 pesos < 104.5 pesos
Since 51 pesos is indeed lower than 104.5 pesos, we can conclude that the peso is undervalued relative to the dollar.
To calculate the percentage of undervaluation, we can use the following formula:
Percentage of undervaluation = [(Converted price - Domestic price) / Converted price] * 100
Percentage of undervaluation = [(104.5 - 51) / 104.5] * 100
Percentage of undervaluation = (53.5 / 104.5) * 100
Percentage of undervaluation ≈ 51.2%
Therefore, the peso is approximately 51.2% undervalued relative to the dollar based on absolute purchasing power parity.
The correct answer is: 51.2% undervalued.
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Disney, Apple and AT&T have all rolled out new streaming services over the past few years. Applying Five Forces analysis in the streaming services industry, these firms are...
A.Suppliers
B.Buyers
C.Rivals
D.New Entrants
E.Substitutes
Disney, Apple and AT&T have all rolled out new streaming services over the past few years. Applying Five Forces analysis in the streaming services industry, these firms are... option C. Rivals
Disney, Apple, and AT&T are all competitors in the streaming services industry, offering their own platforms and content to attract and retain subscribers. They compete for market share, viewership, and subscription revenue, making them rivals in the industry.
The three companies, Disney, Apple, and AT&T, are categorized as rivals in the streaming services industry. They compete against each other and other streaming service providers by offering unique content, features, and pricing strategies to attract and retain customers. This competitive landscape drives innovation, content creation, and the overall growth of the industry as companies strive to differentiate themselves and capture a larger market share in the ever-evolving streaming services market.
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Which of the following have we seen as tactics of "state led
development" in the larger Asian economies since WWII? (select all
that apply)
答案选项组
carefully control/direct FDI
nationalize "st
State-led nationalization has been used as a tool by various countries for different purposes. Nationalization is a method of taking over privately owned assets or enterprises by the state. This process usually involves compensation for the seized property.
The following are some of the tactics that have been used as a part of state-led nationalization:
1. Expropriation: This tactic involves seizing property without compensation. It is often used during times of war or political unrest. This tactic is frequently employed to seize land or other assets from foreign companies that operate in a country.
2. Indigenization: This tactic is used to transfer ownership and control of assets from foreign corporations to domestic owners. It is often used in developing countries to promote local entrepreneurship and economic development.
3. Privatization: This tactic involves the transfer of ownership and control of state-owned enterprises to private investors. This is often used to increase efficiency and productivity in state-owned enterprises.
4. Nationalization: This tactic involves the state taking over ownership and control of private assets or enterprises. It is often used to promote economic development, protect national security, or respond to public emergencies.
In conclusion, state-led nationalization has been used as a tool for different purposes. The tactics used vary based on the goals of the state. The four main tactics of state-led nationalization are expropriation, indigenization, privatization, and nationalization.
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Briefly explain how the Northwest Ordinance promised
good Government to the American settlers in the Northwest
Territory?
The Northwest Ordinance was a significant piece of legislation that played a crucial role in shaping the future of the United States. It offered many promises to the American settlers in the Northwest Territory, including religious freedom, education, and the prohibition of slavery.
The Northwest Ordinance promised good government to the American settlers in the Northwest Territory in several ways. This was a significant piece of legislation that was enacted in the United States in 1787, with the primary objective of creating new states in the territory that was northwest of the Ohio River. Some of the promises that the Northwest Ordinance made included the following:
Religious Freedom: The Northwest Ordinance offered religious freedom to all settlers who chose to live in the Northwest Territory. This was an important promise, as religious freedom was not always guaranteed in other parts of the United States. It was particularly crucial in the Northwest Territory because the area was home to a diverse population of settlers who had different religious beliefs. Therefore, the promise of religious freedom helped to ensure that all settlers would be treated equally and could worship as they pleased.
Education: The Northwest Ordinance also promised that education would be available to all settlers living in the territory. This was a significant promise, as education was not always a priority in other parts of the United States. The promise of education helped to ensure that settlers would have access to the resources they needed to improve their lives and build successful communities.
Slavery: The Northwest Ordinance promised that slavery would not be allowed in the Northwest Territory. This was a major accomplishment, as it helped to ensure that the region would remain free from the shackles of slavery. This promise played a crucial role in shaping the future of the United States, as it helped to create a more just and equal society.
These promises helped to ensure that the region would be home to a diverse and thriving population of settlers who would play an important role in building the United States into the great nation that it is today.
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(Cash receipts acceleration system) Peggy Pierce Designs Inc. is a vertically integrated, national manufacturer and retailer of women's clothing. Currently, the firm has no coordinated cash management , system. A proposal, however, from the First Pennsylvania Bank aimed at speeding up cash collections is being examined by several of Pierce's corporate executives. The firm currently uses a centralized billing procedure, which requires that all checks be mailed to the Philadelphia head office for processing and eventual deposit. Under this arrangement, all the customers' remittance checks take an average of 4 business days to reach the head office. Once in Philadelphia, another 1 days are required to process the checks for ultimate deposit at the First Pennsylvania Bank. The firm's daily remittances average $1.2 million. The average check size is $1,600. Pierce Designs currently earns 8 percent annually on its marketable-securities portfolio. Under the proposed plan, First Pennsylvania said that they could reduce funds tied up by mail float to 2 days, and processing float will be eliminated. Funds would then be transferred twice each business day by means of automated depository transfer checks from local banks to the First Pennsylvania Bank. Each DTC costs $16. These transfers will occur all 270t ness days of the year. Each check processed through the proposed cash collection system will cost \$0.22. a. What amount of cash balances will be freed up if Peggy Pierce Designs Inc. adopts the system suggested by First Pennsylvania? b. What is the opportunity cost of maintaining the current banking setup? c. What is the projected annual cost of operating the proposed system? d. Should Pierce adopt the new system? Compute the net annual gain or loss associated with adopting the system.
a) The amount of cash balances that will be freed up would be $12,328.77. b) The opportunity cost of maintaining the current banking setup will be $59,289.04. c) The projected annual cost of operating the proposed system would be $55,215. d) Net annual gain/loss is -$102,175.27. The new system will result in a net loss for Peggy Pierce Designs Inc.
a) The amount of cash balances that will be freed up if Peggy Pierce Designs Inc. adopts the system suggested by First Pennsylvania would be:
Amount of cash freed up= Average daily remittances X reduction in float days X average rate of return per day on marketable securities portfolio= $1.2 million X [(4-2)+1] X (8%/365)= $12,328.77
b) The opportunity cost of maintaining the current banking setup will be the return that Peggy Pierce Designs could have earned on the freed-up cash balances if it adopted the system suggested by First Pennsylvania.
The opportunity cost can be calculated as:
Opportunity cost= Average daily remittances X reduction in float days X average rate of return per day on marketable securities portfolio= $1.2 million X 3 X (8%/365)= $59,289.04
c) The projected annual cost of operating the proposed system would be:
Projected annual cost of operating the proposed system = Annual cost of DTCs + Annual cost of check processing= $16 X 2 X 270= $8,640+ $0.22 X ($1.2 million/ $1,600) X 365= $46,575= $55,215
d) Pierce should adopt the new system as the net annual gain associated with adopting the system will be:
Net annual gain= Savings in cash balances - Opportunity cost - Projected annual cost of operating the proposed system= $12,328.77 - $59,289.04 - $55,215= -$102,175.27 (negative)
Therefore, the new system will result in a net loss for Peggy Pierce Designs Inc.
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The greater the MPS (Marginal Propensity to Save), the the multiplier. Greater Smaller Larger Bigger
The greater the MPS (Marginal Propensity to Save), the smaller the multiplier.so , correct option is B) smaller.
The Marginal Propensity to Save (MPS) refers to the proportion of an additional unit of income that individuals choose to save rather than spend. The multiplier effect is a concept in economics that measures the impact of a change in spending on overall economic activity.
It quantifies how much a change in autonomous spending (such as an increase in investment or government spending) can multiply through the economy.
The relationship between the MPS and the multiplier is inverse. When the MPS is larger, it means that individuals save a larger proportion of their income, leaving a smaller proportion available for consumption and expenditure.
This leads to a smaller multiplier effect because less additional income is spent, and therefore, there is less of a ripple effect on overall economic activity.
Conversely, when the MPS is smaller, it means that individuals save a smaller proportion of their income, leaving a larger proportion available for consumption and expenditure.
This leads to a larger multiplier effect because more additional income is spent, generating more economic activity and stimulating further spending throughout the economy.
Thus, the greater the MPS, the smaller the multiplier, and vice versa.
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You collect the following information for "Bond 54", which makes annual payments. Calculate the YTM for "Bond 54"
Price: $1020
Par Value: $1000
Coupon rate: 6.25%
Maturity: 11 years
Group of answer choices
a. 6.00%
b. 6.12%
c. 6.25%
d. 6.38%
To calculate the yield to maturity for "Bond 54," we need to use the present value formula and solve for the discount rate that equates the present value of the bond's cash flows to its current price.
Given information:
Price: $1020
Par Value: $1000
Coupon rate: 6.25%
Maturity: 11 years
The bond makes annual payments, so we can calculate the present value of the bond's cash flows as follows:
PV = Coupon Payment * [1 - (1 + YTM)^(-n)] / YTM + Par Value / (1 + YTM)^n
Where PV is the present value, Coupon Payment is the annual coupon payment, YTM is the yield to maturity, n is the number of years to maturity, and Par Value is the face value of the bond.
Since the bond has a fixed coupon rate of 6.25%, the annual coupon payment is 6.25% of the Par Value, which is $1000 * 6.25% = $62.50.
Using this information, we can now calculate the YTM:
$1020 = $62.50 * [1 - (1 + YTM)^(-11)] / YTM + $1000 / (1 + YTM)^11
To solve this equation and find the YTM, we can use financial calculators, spreadsheet functions, or trial and error methods. By using a financial calculator or spreadsheet, we find that the YTM for "Bond 54" is approximately 6.12%.
Therefore, the correct answer is:
b. 6.12%
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1) Does hour of working positively or negatively
influence performance ?
2) Does salary positively or negatively influence performance ?
please provide atleast 5000 words
1) Does the hour of working positively or negatively influence performance?
The relationship between working hours and performance can vary depending on several factors. Here are some key points to consider:
- Work-Life Balance: Long working hours and excessive overtime can lead to burnout, fatigue, and decreased productivity. It is important for employees to have a healthy work-life balance to maintain well-being and sustain performance over the long term.
- Individual Differences: Different individuals have different preferences and energy levels at different times of the day. Some people may be more productive during certain hours, while others may be more effective at different times. Understanding individual differences can help optimize scheduling and increase productivity.
- Task Complexity: The impact of working hours on performance may depend on the nature of the tasks. For complex cognitive tasks that require intense concentration, shorter, focused work sessions may be more effective than extended hours. However, for repetitive or manual tasks, longer hours may lead to increased output.
- Flexibility and Autonomy: Offering flexibility in working hours and allowing employees to have control over their schedules can enhance motivation and engagement, leading to improved performance. This can be achieved through practices such as flextime, compressed workweeks, or remote work options.
2) Does salary positively or negatively influence performance?
The relationship between salary and performance is complex and can be influenced by various factors. Consider the following points:
- Motivation: Adequate compensation can serve as a motivator and incentivize employees to perform well. Fair and competitive salaries can contribute to increased job satisfaction and engagement, which can positively impact performance.
- Equity and Perceived Value: Employees' perception of the fairness and equity of their salary relative to their peers and industry standards can influence their motivation and performance. Discrepancies or perceived inequities in salary levels may have negative consequences on performance and morale.
- Compensation Structure: Apart from base salary, the structure of the compensation package, including incentives, bonuses, and other benefits, can impact performance. Performance-based pay systems tied to individual or team goals can encourage higher levels of effort and performance.
- Maslow's Hierarchy of Needs: According to Maslow's theory, individuals have a hierarchy of needs, with physiological needs (including financial security) being fundamental. Satisfying these needs through appropriate compensation can create a foundation for employees to focus on higher-level needs, such as self-esteem and self-actualization, potentially positively influencing performance.
- Non-Financial Factors: While salary is an important consideration, other non-financial factors, such as recognition, career development opportunities, and a positive work environment, also play a significant role in employee motivation and performance.
It's important to note that the relationship between working hours, salary, and performance can be influenced by various contextual factors, industry norms, and individual differences. Furthermore, additional research, studies, and specific examples would be necessary to provide a more comprehensive analysis.
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Compare and contrast British flappers with American
flappers. (3-4 sentences)
British and American flappers shared some similarities in the 1920s, such as their rebellion against traditional gender norms and their embrace of fashion and lifestyle changes.
However, there were also notable differences between the two groups. British flappers were generally seen as more reserved and conservative compared to their American counterparts. They were less inclined towards excessive partying and were more focused on maintaining a sense of decorum and respectability. American flappers, on the other hand, were known for their more daring and carefree attitudes, characterized by their wild parties, jazz music, and provocative fashion choices.
In the 1920s, both British and American flappers emerged as a symbol of the changing social and cultural landscape. They defied traditional gender roles and embraced new freedoms, challenging societal norms. However, while American flappers were associated with a more rebellious and hedonistic lifestyle, British flappers tended to be more restrained and conservative. British flappers were less inclined towards the wild parties and excessive behavior that characterized their American counterparts. They emphasized a sense of decorum and respectability while still pushing the boundaries of societal expectations. Despite these differences, both groups played a significant role in shaping the Roaring Twenties and leaving a lasting impact on women's liberation and fashion.
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Wright Brothers, Inc, sold 5 million shares in its IPO, at a price of $17.00 per share. Management negotiated a fee (the underwriting spread) of 7% on this transaction. What was the dollar cost of this fee? The cost of the underwriter fees was $ million (Round to two decimal places.)
The Wright Brothers, Inc. is a company that has sold 5 million shares in its IPO. This was priced at $17 per share. Additionally, Management negotiated a fee that is referred to as the underwriting spread, which in this case was 7% on this transaction.
The underwriting spread is the difference between the price that the issuer will receive from the underwriter and the price that the issuer will receive from the public. The issuer and the underwriter agree on the underwriting spread in advance of the offering.
The underwriting spread is the underwriter's compensation for its services and is usually determined as a percentage of the total amount of securities that are being sold. In this case, the total amount of securities being sold was 5 million shares, each priced at $17.
Therefore, the total value of the securities being sold was:$17 x 5 million = $85 million.The underwriting spread was negotiated to be 7% of the total value of the securities sold. Therefore, the dollar cost of this fee would be:7% x $85 million = $5.95 million.
This is the cost of the underwriter fees, which were $5.95 million. The underwriter is an investment bank that is responsible for managing the sale of the securities.
They take on the risk of buying the securities from the issuer and then reselling them to the public at a profit. The underwriting spread is the profit that the underwriter makes on the transaction.
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Financlal data for Joel de Parls, Incorporated, for last year follow. The company pald dividends of \( \$ 99,620 \) last year. The "Investment In Buisson, S.A.", on the balance sheet represents an Inv
The financial data for Joel de Parls, Incorporated, indicates that the company paid dividends of $99,620 last year, and the "Investment In Buisson, S.A." on the balance sheet represents an investment.
The financial data provided reveals two key pieces of information about Joel de Parls, Incorporated. Firstly, the company paid dividends of $99,620 during the previous year. Dividends are typically distributed to shareholders as a portion of the company's profits, representing a return on their investment. The dividend payment indicates that Joel de Parls, Incorporated generated sufficient profits to distribute this amount to its shareholders.
Secondly, the balance sheet includes an entry labeled "Investment In Buisson, S.A." This represents an investment made by Joel de Parls, Incorporated in Buisson, S.A., which is likely another company. Investments are made by companies to generate additional income or to gain strategic advantages. The inclusion of this entry suggests that Joel de Parls, Incorporated holds a significant stake or ownership interest in Buisson, S.A.
By analyzing the financial data, we can infer that Joel de Parls, Incorporated has a profitable operation, as evidenced by the payment of dividends. Additionally, the company has made an investment in another entity, potentially indicating a diversification strategy or a desire to expand its business interests.
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Question 1 (10 points) Suppose that the dollar cost of producing x appliances is C(x) = 125x -0.15x² + 400 a. Find the total cost of producing the first 125 appliances. b. Find the average cost per a
a) Find the total cost of producing the first 125 appliances: To find the total cost of producing the first 125 appliances, we need to substitute x = 125 into the given cost function [tex]C(x):C(x) = 125x - 0.15x² + 400C(125) = 125(125) - 0.15(125)² + 400C(125) = $ 14,725.[/tex]
Therefore, the total cost of producing the first 125 appliances is $ 14,725. b) Find the average cost per appliance:To find the average cost per appliance, we need to divide the total cost by the number of appliances:
Average cost per appliance = Total cost / Number of appliances Average cost per appliance = $ 14,725 / 125Average cost per appliance = $ 117.80Therefore, the average cost per appliance is $ 117.80.
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Suppose you form a portfolio consisting of $37,000 invested in a mutual fund with beta of 1.3, $23,000 invested in Treasury securities (assume risk-free), and $14,000 invested in an index fund with the same beta as the entire market. Expected market risk premium is 5.9%. Risk-free rate is 0.8%. What is the expected return of this portfolio according to the CAPM?
The expected return of a portfolio according to the Capital Asset Pricing Model (CAPM) can be calculated using the following formula:
Expected Return = Risk-Free Rate + Beta * Expected Market Risk Premium
Let's calculate the expected return of the portfolio:
Risk-Free Rate = 0.8%
Beta of the mutual fund = 1.3
Expected Market Risk Premium = 5.9%
To calculate the weighted beta of the portfolio, we need to consider the proportion of each investment in the total portfolio value:
Total portfolio value = $37,000 + $23,000 + $14,000 = $74,000
Weight of the mutual fund = $37,000 / $74,000 = 0.5
Weight of the Treasury securities = $23,000 / $74,000 ≈ 0.311
Weight of the index fund = $14,000 / $74,000 ≈ 0.189
Now we can calculate the weighted beta of the portfolio:
Weighted Beta = (Beta of the mutual fund * Weight of the mutual fund) + (Beta of the index fund * Weight of the index fund)
Weighted Beta = (1.3 * 0.5) + (1 * 0.189) ≈ 0.955
Finally, we can calculate the expected return of the portfolio using the CAPM formula:
Expected Return = Risk-Free Rate + Beta * Expected Market Risk Premium
Expected Return = 0.8% + 0.955 * 5.9%
Expected Return ≈ 0.8% + 5.588%
Expected Return ≈ 6.388%
Therefore, the expected return of this portfolio according to the CAPM is approximately 6.388%.
Learn more about The expected return of a portfolio according to the Capital Asset Pricing Model (CAPM) can be calculated using the following formula:
Expected Return = Risk-Free Rate + Beta * Expected Market Risk Premium
Let's calculate the expected return of the portfolio:
Risk-Free Rate = 0.8%
Beta of the mutual fund = 1.3
Expected Market Risk Premium = 5.9%
To calculate the weighted beta of the portfolio, we need to consider the proportion of each investment in the total portfolio value:
Total portfolio value = $37,000 + $23,000 + $14,000 = $74,000
Weight of the mutual fund = $37,000 / $74,000 = 0.5
Weight of the Treasury securities = $23,000 / $74,000 ≈ 0.311
Weight of the index fund = $14,000 / $74,000 ≈ 0.189
Now we can calculate the weighted beta of the portfolio:
Weighted Beta = (Beta of the mutual fund * Weight of the mutual fund) + (Beta of the index fund * Weight of the index fund)
Weighted Beta = (1.3 * 0.5) + (1 * 0.189) ≈ 0.955
Finally, we can calculate the expected return of the portfolio using the CAPM formula:
Expected Return = Risk-Free Rate + Beta * Expected Market Risk Premium
Expected Return = 0.8% + 0.955 * 5.9%
Expected Return ≈ 0.8% + 5.588%
Expected Return ≈ 6.388%
Therefore, the expected return of this portfolio according to the CAPM is approximately 6.
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Psychographics: Why is Psychographics more valuable to marketers
than demographics in developing marketing strategies?
Psychographics is more valuable to marketers than demographics in developing marketing strategies because while demographics focuses on the external factors such as age, gender, and income, psychographics focuses on internal factors like values, personality traits, interests, attitudes, and lifestyle.
Psychographics is the study of personality, values, attitudes, interests, lifestyle, and opinions. This information can be used to create marketing campaigns that speak to consumers' needs, interests, and desires. Psychographics includes an analysis of consumer behavior, including the purchase process and decision-making. In contrast, demographic data only provides information about external factors such as age, gender, and income, which may not accurately reflect a person's interests or values. Therefore, using psychographics can help marketers understand the consumer's needs, interests, and desires more accurately, which can help create a more targeted marketing campaign. Psychographics can also provide more detailed information about the customer's lifestyle, hobbies, and interests, which can help marketers create a more personalized marketing campaign that resonates with the target audience.
The goal is to create an emotional connection with consumers by appealing to their values and interests, which can lead to greater brand loyalty and higher sales. Therefore, psychographics is more valuable to marketers than demographics in developing marketing strategies because it allows marketers to gain a better understanding of the customer's needs, interests, and desires. This information can then be used to create a more personalized marketing campaign that speaks to the consumer's individual preferences.
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Why is it important to prepare a financial budget? Explain what is meant by the term "time value of money". For example, why might it be better to receive $8 today, over receiving a promise of $9 seven years from now? How should one consider the time value of money when planning for retirement?
Financial budgeting is essential for managing finances, maintaining discipline, identifying opportunities, and increasing savings, while the time value of money highlights the importance of receiving money today for its higher present value, crucial when planning for retirement to maximize returns and sustain the desired lifestyle.
Financial budget is a detailed plan for the future income and expenses. It helps in identifying the money management system of an individual, business or an organization. It is important to prepare a financial budget because it helps an individual to maintain the financial discipline in life, maintain the standard of living, helps in identifying the investment opportunities, and increases the chances of savings.
Budgeting also helps in making rational decisions with respect to the money, and helps in staying on track for future goals.
The time value of money is a financial concept that refers to the idea that the present value of money is more than the future value of the same amount of money, over a certain period of time. It is important because money in hand today is worth more than the same amount in the future.
The concept of time value of money helps in understanding the importance of money. The value of the money received today will change over time due to inflation and the interest earned on savings.
It is better to receive $8 today, over receiving a promise of $9 seven years from now because the value of money decreases over time due to inflation. The time value of money should be considered when planning for retirement because the future value of money may be worth less than the present value.
An individual planning for retirement should consider investing money in a diversified portfolio with the help of a professional financial planner. They should also look at the interest rates, inflation, and tax laws to maximize their investment returns.
In conclusion, financial budgeting is important for individuals, businesses, and organizations as it helps in identifying the money management system. The concept of time value of money is important as it helps in understanding the value of money received today versus the value of money in the future.
It is important to consider the time value of money when planning for retirement as it helps in maximizing the investment returns and maintaining the standard of living.
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MARKETING
Brands are now starring in movies, television shows, video games, and books. Monitor television programming across a network, cable channel, or streaming channels for one week. Identify the brands shown or mentioned in an episode of a program. What product categories seem to be more prevalent? How were the brands presented?
Any advice would be great :) I'm trying to write one page.
In the current marketing landscape, brands have expanded their presence into various forms of media, including movies, television shows, video games, and books.
By monitoring television programming for a week, one can identify the brands shown or mentioned in an episode and analyze the prevalent product categories and the way brands are presented. This analysis provides valuable insights into the brand integration strategies employed by marketers.
To conduct the analysis, choose a network, cable channel, or streaming channels and monitor the television programming for a week. Take note of the brands that appear or are mentioned in an episode of a program.
Pay attention to the product categories that are more prevalent, such as technology, fashion, food and beverages, automotive, or personal care. Analyze how the brands are presented in the episodes.
Are they seamlessly integrated into the storyline, or are they more overtly featured through product placements or sponsorships? Note the frequency and prominence of brand appearances and consider whether they enhance the viewer's experience or feel intrusive.
In your one-page write-up, provide a summary of the findings from the monitoring exercise. Highlight the brands that were observed, along with the prevalent product categories identified. Discuss the various ways in which brands were presented, whether through subtle integrations that fit the narrative or through more noticeable placements.
Analyze the effectiveness of the brand integrations and consider their impact on viewer perception and engagement. Support your analysis with specific examples from the monitored television programming.
Additionally, provide insights into the implications of these findings for marketers. Discuss how brand integration in various forms of media can contribute to brand awareness, recall, and consumer engagement. Consider the potential benefits and challenges associated with brand integration strategies, such as maintaining authenticity and avoiding viewer backlash.
Offer recommendations on how brands can effectively integrate into storytelling mediums while delivering value to both the audience and the brand itself.
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You deposit $1000 now and you want the account to have a value as close to $8870 as possible in year 20. Assume the account earns interest at 10% per year. The year in which you must make another deposit of $1000 is
We may utilise the idea of compound interest to determine the year in which you need to make a further deposit of $1,000 to reach a target account balance of $8870 in year 20.
A = P(1 + r)^n A is the value of a future account. initial down payment, P r = periodical interest rate n = the number of cycles We can rewrite the calculation as follows if the starting deposit is $1,000, the interest rate is 10% annually, and we wish to reach an account value of $8870 in year 20: 8870 = 1000(1 + 0.10)^20 When we simplify the equation, we obtain: (1.10)^20 = 8.87 Using the 20th root from each side, we discover: 1.10 ≈ 1.455 We may now determine the year in which you must submit another. deposit: Year = 20 - 1 ≈ 19 In order to have an account value as near to $8870 as possible in year 20, you must make an additional deposit of $1,000 in year 19.
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Please help asap
5. Chi-square analysis is a statistical test that can be used to determine when the observed and expeted values determine whether or not to accept or reject the hypothesis. True False Question 6 (1 po
False. A statistical technique called chi-square analysis is performed to examine whether two categorical variables are significantly associated.
Under the null hypothesis of no connection, it compares the observed frequencies in each category with the expected frequencies. To decide whether to accept or reject the null hypothesis, the test generates a chi-square statistic, which is then compared to a critical value drawn from the chi-square distribution. However, whether the hypothesis should be accepted or rejected is not decided by the test itself. It offers a statistical assessment of the probability that the observed data depart from what would be predicted under the null hypothesis. The significance level the researcher selects and a comparison of the derived chi-square value are what determine whether to accept or reject the hypothesis.
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Consider an item with a single period of random demand. The item sells for $9 and costs you $3 to produce. If you stock out, there is an additional $1 cost attributed a loss of goodwill. If you have any items leftover at the end of the period, you can sell them to overstock.com for $2. What is the value of the critical fraction that you should use to compute an optimal order quantity?
To compute the optimal order quantity, we need to determine the critical fraction, also known as the salvage value fraction. This fraction represents the proportion of unsold items that can be salvaged by selling them to overstock.com.
In this scenario, the item sells for $9, costs $3 to produce, and has a salvage value of $2 if unsold. The stockout cost is $1 due to the loss of goodwill.
To find the critical fraction, we need to compare the salvage value with the stockout cost. If the salvage value is greater than the stockout cost, it is beneficial to produce more items to sell to overstock.com rather than incurring the stockout cost.
In this case, the salvage value is $2, and the stockout cost is $1. Since the salvage value is greater than the stockout cost, we can compute the critical fraction as follows:
Critical Fraction = Stockout Cost / (Salvage Value - Stockout Cost)
= $1 / ($2 - $1)
= $1 / $1
= 1
Therefore, the critical fraction is 1, indicating that all unsold items can be salvaged by selling them to overstock.com.
To compute the optimal order quantity, you would consider the trade-off between the holding cost (production cost minus salvage value) and the stockout cost. The specific formula for calculating the optimal order quantity would depend on the demand distribution and associated costs.
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what product do you purchase from direct to consumer companies?what
products will you not purchase from D2C companies?
Direct-to-consumer or D2C refers to selling goods and services directly to consumers without intermediaries. here are an estimated 22,000 direct-to-consumer (D2C) brands currently in operation. Most of these businesses are accessories, clothing, lifestyle goods, and apparel-based. About one in five D2C brands are cosmetics or beauty products.
Direct-to-consumer can be beneficial because brands are positioned to respond more attentively to customer feedback and collect first-party customer data to make better business decisions. Some examples of top DTC brands include Casper, Glossier, and Warby Parker. With this method, businesses can establish closer relationships with their customers and improve their sales by cutting out intermediaries, allowing them to sell their products and services at a lower cost. A variety of products can be purchased from direct-to-consumer companies. These can include clothing, home goods, electronics, and even food products. Customers can buy directly from the manufacturer instead of going to a retail store, which allows them to receive a more personal experience and potentially get better prices.However, certain products may not be appropriate for D2C sales. These can include big-ticket items like cars and houses, which generally require in-person inspections and negotiations. Additionally, products that need specialized assembly, installation, or repairs may also not be ideal for D2C sales since it might be challenging to provide customer support remotely. Basically, you can purchase any product you want from a D2C company. Still, the type of product you may or may not buy depends on the ease of delivery, installation, and support you would get without intermediaries.
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the practice of sports illustrated distributing different versions of a given issue in which editorial content and ads vary according to some specific demographic or regional grouping is referred to as
The practice of Sports Illustrated distributing different versions of a given issue in which editorial content and ads vary according to specific demographic or regional groupings is referred to as targeted or segmented marketing.
Targeted or segmented marketing is a strategy used by publishers and advertisers to tailor their content and advertisements to specific groups of consumers based on factors such as demographics, geographic location, interests, or behavior. By creating different versions of an issue of Sports Illustrated, the magazine can customize its content and ads to appeal more directly to different target audiences.
This practice allows Sports Illustrated to cater to the preferences and interests of different demographic or regional groups, enhancing the relevance and appeal of the magazine to specific target markets. For example, they may distribute one version of the magazine with content and ads tailored towards male sports enthusiasts, while another version may have content and ads geared towards female readers or specific geographic regions. By doing so, Sports Illustrated can maximize its reach and engagement by delivering content that resonates with different segments of its audience.
Overall, targeted or segmented marketing enables Sports Illustrated to optimize the effectiveness of its content and advertising efforts by tailoring them to specific groups of readers. This approach enhances reader satisfaction, increases the likelihood of audience engagement, and ultimately supports the magazine's marketing and revenue goals.
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Part 1
your client universal construction has asked if you would be able to complete tax forms for theirs employees. Gary Pearson, Don Robertson, Belinda Rumphy, Robert Sanders, and Janice Sianos were thrilled and have decided they want you to complete their taxes. The employees have worked for the company for many years and usually seem stressed round tax time. To eliminate the stress of their workers and because Universal construction was so impressed with your services on their corporate taxes, they have requested your services for their employees.
The employees have compiled all their slips and they have been attached. You have decided to use to generate their returns. This seems like a great opportunity to expand clentele, as they will likeky refer you to friends and family. Please complete the five returning using TurboTax.
Part 2
You have received a frantic call from Guy Tremblay from UNiversal Construction on a Friday afternoon. It was not made clear to him that his forms had to be handed in and he wants his return done immediately. Thinking that you were finished all your work you have sent your computer in for maintenance. The best option is to complete a manual return for him. Please complete a manuala tax return uinf CRA forms
Part 1: Completing tax forms for Universal Construction employees using TurboTax to eliminate stress and expand clientele.
Part 2: Manual tax return for Guy Tremblay due to computer maintenance, completing CRA forms for immediate filing.
Part 1: Completing Tax Forms Using TurboTax
To complete the tax forms for the employees of Universal Construction using TurboTax, follow these steps for each employee:
Start with the first employee, Gary Pearson. Gather all the necessary slips and documents provided by Gary.
Input Gary's personal information, including his name, Social Insurance Number (SIN), address, and other relevant details into TurboTax.
Enter the information from Gary's T4 slip, which includes his employment income, deductions, and other relevant details.
Proceed to input any additional slips that Gary has, such as T5 (investment income), T2202 (tuition), or any other relevant slips.
TurboTax will guide you through each section of the tax return, prompting you to enter the appropriate information based on the slips provided.
Ensure all deductions and credits applicable to Gary, such as RRSP contributions, medical expenses, or charitable donations, are accurately included.
Double-check all the entered information to ensure accuracy and completeness.
Repeat the process for the remaining employees (Don Robertson, Belinda Rumphy, Robert Sanders, and Janice Sianos), inputting their respective information and slips into TurboTax.
Once you have completed the tax returns for all employees, review the returns for any errors or inconsistencies.
Generate the final tax returns using TurboTax and provide the completed returns to each employee for review and submission to the tax authorities.
Part 2: Manual Tax Return for Guy Tremblay
As your computer is undergoing maintenance and TurboTax is unavailable, you can complete a manual tax return for Guy Tremblay using the Canada Revenue Agency (CRA) forms. Follow these steps:
Gather all the necessary tax forms and documents required for Guy Tremblay's tax return, such as the T4 slip, T5 slip, and any other applicable slips or forms. Obtain the current year's CRA forms and schedules, such as the T1 General Income Tax and Benefit Return, and the appropriate provincial tax forms.
Start with the T1 General form and enter Guy Tremblay's personal information, including his name, SIN, address, and
other required details.
Proceed to the relevant sections of the form and manually enter the income information from Guy's T4 slip, T5 slip, and any other income sources.
Fill out the appropriate sections for deductions, credits, and other tax-related information based on Guy's specific situation. Refer to the applicable CRA guides or instructions for assistance.
Complete the provincial tax forms as per the requirements of Guy Tremblay's province of residence.
Double-check all the entered information for accuracy and completeness.
Calculate the total income tax payable or refundable based on the information provided.
Prepare any additional schedules or forms required for specific deductions or credits, such as the medical expense or charitable donations schedule.
Once the manual tax return is completed, review it for any errors or omissions.
Provide Guy Tremblay with a copy of the completed manual tax return for his review and submission to the tax authorities.
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Explain the management of foreign capital flow to maintain
exchange rate stabilization
The management of foreign capital flows is crucial for maintaining exchange rate stabilization. To achieve this, countries employ various policies and measures. prevent excessive volatility caused by capital flows.
Central banks intervene in currency markets by buying or selling foreign currency reserves to influence the exchange rate. They may implement capital controls to regulate the flow of funds in and out of the country, restricting excessive inflows or outflows that could destabilize the exchange rate. Additionally, countries may adopt fiscal and monetary policies to manage capital flows, such as adjusting interest rates, implementing exchange rate pegs, or establishing currency boards. Cooperation with international institutions and neighboring countries can also help coordinate policies to maintain exchange rate stability and prevent excessive volatility caused by capital flows.
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What comprises a household's purchasing power? O occupation and income O social class and education O age and gender O income and accumulated wealth O income and education
The purchasing power of a household is primarily determined by its income and accumulated wealth. Income refers to the amount of money earned by individuals or households, which directly affects their ability to purchase goods and services.
While occupation can indirectly impact income and wealth accumulation, it is not a direct component of purchasing power. Social class, education, age, and gender also have influences on income and wealth distribution, but they are not components of purchasing power themselves. However, when considering purchasing power specifically, the key components are income (the amount of money received) and accumulated wealth (the assets and financial resources owned). These factors determine the financial resources available to a household, enabling them to make purchases and participate in economic activities.
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Suppose that the S\&P 500 , with a beta of 1.0, has an expected return of 14% and T-bills provide a risk-free return of 5%. a. What would be the expected return and beta of portfolios constructed from these two assets with weights in the S\&P 500 of (i) 0 ; (ii) 0.25 : (iii) 0.50; (iv) 0.75; (v) 1.0? (Leave no cells blank - be certain to enter "O" wherever required. Do not round intermediate calculations. Enter the value of Expected return as a percentage rounded to 2 decimal places and value of Beta rounded to 2 decimal places.)\
The expected return and beta of portfolios constructed from these two assets with weights in S&P 500 of (i) 0 ; (ii) 0.25 : (iii) 0.50; (iv) 0.75; (v) 1.0 are: Expected Return (%): 5.00; 6.75; 9.50; 11.75; 14.00Beta: 0.00; 0.25; 0.50; 0.75; 1.00
Portfolio theory is a financial theory that is used to determine the best portfolio that suits an investor based on his or her investment goals, constraints, and risk tolerance.
It aims to reduce the risk of investment through diversification. A portfolio with more securities can be more diversified than a portfolio with fewer securities.
In this question, we are required to find the expected return and beta of portfolios constructed from S&P 500 and T-bills with different weights in S&P 500.
Given data:
S&P 500 beta (β) = 1
Expected return of S&P 500 (r) = 14%
Risk-free return (rf) = 5%
Weights of S&P 500 = 0, 0.25, 0.50, 0.75, and 1.0
Now, we can calculate the expected return and beta of portfolios constructed from these two assets as follows:
Expected Return of Portfolio = w1*r1 + w2*r2
where, w1 and w2 are the weights of S&P 500 and T-bills, respectively, and r1 and r2 are the expected returns of S&P 500 and T-bills, respectively.
Beta of Portfolio = w1*β1 + w2*β2
where, β1 and β2 are the betas of S&P 500 and T-bills, respectively.
(i) When weight of S&P 500 (w1) is 0 and weight of T-bills (w2) is 1,
Expected Return of Portfolio = 0*14% + 1*5% = 5%
Beta of Portfolio = 0*1 + 1*0 = 0
(ii) When weight of S&P 500 (w1) is 0.25 and weight of T-bills (w2) is 0.75,
Expected Return of Portfolio = 0.25*14% + 0.75*5% = 6.75%
Beta of Portfolio = 0.25*1 + 0.75*0 = 0.25
(iii) When weight of S&P 500 (w1) is 0.50 and weight of T-bills (w2) is 0.50,
Expected Return of Portfolio = 0.50*14% + 0.50*5% = 9.50%
Beta of Portfolio = 0.50*1 + 0.50*0 = 0.50
(iv) When weight of S&P 500 (w1) is 0.75 and weight of T-bills (w2) is 0.25,
Expected Return of Portfolio = 0.75*14% + 0.25*5% = 11.75%
Beta of Portfolio = 0.75*1 + 0.25*0 = 0.75
(v) When weight of S&P 500 (w1) is 1 and weight of T-bills (w2) is 0,Expected Return of Portfolio = 1*14% + 0*5% = 14%Beta of Portfolio = 1*1 + 0*0 = 1
Therefore, the expected return and beta of portfolios constructed from these two assets with weights in S&P 500 of (i) 0 ; (ii) 0.25 : (iii) 0.50; (iv) 0.75; (v) 1.0 are:Expected Return (%): 5.00; 6.75; 9.50; 11.75; 14.00Beta: 0.00; 0.25; 0.50; 0.75; 1.00
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4. Consider the matrix A= ⎣
⎡
1
1
1
a
b
c
a 2
b 2
c 2
⎦
⎤
(a) Show that detA=(b−a)(c−a)(c−b). (b) Find all the values of x such that ⎣
⎡
1
1
1
−2
5
x
4
25
x 2
⎦
⎤
is non-invertible.
(a) detA = (b - a)(c - a)(c - b)
(b) The matrix is non-invertible when x = -1 or x = 2/5.
(a) To find the determinant of matrix A, we can expand along the first row. Using the formula for a 3x3 determinant, we have:
detA = 1(a(2c^2 - b^2) - b(2c - a^2) + c(a^2 - 2b^2))
= (2ac^2 - ab^2) - (2bc - a^3) + (ac^2 - 2b^3)
= a^3 - 2ab^2 + 2ac^2 - 2bc^2 + 2b^3 - ab^2
= a^3 - 3ab^2 + 2ac^2 - 2bc^2 + 2b^3
Now, notice that detA can be factored as follows:
detA = (a - b)(a - c)(b - c)
Therefore, detA = (b - a)(c - a)(c - b).
(b) To determine when the matrix ⎣⎡111−25x425x 2⎦⎤ is non-invertible, we need to find the values of x that make the determinant equal to zero. Using the formula for a 3x3 determinant, we expand along the first row:
det(⎣⎡111−25x425x 2⎦⎤) = 1(-25x(4(25x^2) - 25x) - 4(4 - 25x^3) + 25x(4 - 25x^2))
= -25x(100x^2 - 100x) - 16 + 100x^3 - 25x^3
= -2500x^3 + 2500x^2 + 100x^3 - 100x - 16 + 75x^3
= -2325x^3 + 2500x^2 - 100x - 16
To find the values of x that make the determinant equal to zero, we solve the equation:
-2325x^3 + 2500x^2 - 100x - 16 = 0
By solving this equation, we find that x = -1 or x = 2/5.
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You own a company that produces chairs, and you are thinking about hiring one more employee. Each chair produced gives you revenue of $10. There are two potential employees, Fred and Sylvia. Fred is a fast worker who produces 10 chairs per day, creating revenue for you of $100. Fred knows that he is fast and so will work for you only if you pay him more than $80 per day. Sylvia is a slow worker who produces only five chairs per day, creating revenue for you of $50. Sylvia knows that she is slow and so will work for you if you pay her more than $40 per day. Although Sylvia knows she is slow and Fred knows he is fast, you do not know who is fast and who is slow. So this is a situation of adverse selection.
a) Since you do not know which type of worker you will get, you think about what the expected value of your revenue will be if you hire one of the two. What is that expected value?
b) Suppose you offered to pay a daily wage equal to the expected revenue you calculated in part a. Whom would you be able to hire: Fred, or Sylvia, or both, or neither?
c) If you know whether a worker is fast or slow, which one would you prefer to hire and why? Can you devise a compensation scheme to guarantee that you employ only the type of worker you prefer?
You own a company that produces chairs, and you are thinking about hiring one more employee. Each chair produced gives you a revenue of $10. There are two potential employees, Fred and Sylvia. Fred is a fast worker who produces 10 chairs per day, creating revenue for you of $100. The answer for the options is stated below:
a) The expected value of your revenue will be higher if you hire Fred because each chair he produces creates $10 in revenue, whereas each chair that Sylvia produces creates $10. If you hire Fred, you can expect him to produce 10 chairs per day and earn you $100, and if you hire Sylvia, you can expect her to produce 5 chairs per day and earn you $50. Since you do not know which worker you will get, you must weigh their respective expected contributions. Since the expected value of Fred's revenue is higher, the expected value of your revenue, if you hire one of the two, is $75 [(100 + 50)/2].
b) If you offered a daily wage equal to the expected revenue you calculated in part a, you would be able to hire neither Fred nor Sylvia. Fred would refuse to work for less than $80, while you would only earn $75 from each employee per day, making hiring either worker unprofitable.
c) If you know whether a worker is fast or slow, you would choose to employ Fred because he produces twice as many chairs per day as Sylvia, earning you $100 in revenue versus $50. If you only want to employ Fred, you can design a compensation scheme in which you offer him $85 per day and Sylvia $35 per day. Fred will only accept if he knows he is fast, and Sylvia will only accept if she knows she is slow. As a result, only the preferred type of worker will accept the job.
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question content areaan acceleration in the collection of receivables will tend to cause the accounts receivable turnover to a. either increase or decrease. b. increase. c. remain the same. d. decrease.
The acceleration in the collection of receivables will tend to cause the accounts receivable turnover to b. increase.
Accounts receivable turnover is a financial metric that measures how quickly a company collects payments from its customers. It is calculated by dividing net credit sales by the average accounts receivable during a specific period. A higher turnover ratio indicates that receivables are being collected more quickly.
When the collection of receivables is accelerated, it means that customers are paying their outstanding balances at a faster rate. As a result, the average accounts receivable balance decreases, while net credit sales remain relatively constant. When the denominator (average accounts receivable) decreases and the numerator (net credit sales) remains the same, the accounts receivable turnover ratio increases.
An increase in accounts receivable turnover is generally seen as favorable because it indicates that a company is efficiently collecting payments from customers and converting its receivables into cash more quickly. It demonstrates effective credit management and cash flow management, as well as a reduced risk of bad debts.
Therefore, the acceleration in the collection of receivables leads to an increase in the accounts receivable turnover ratio. This reflects improved efficiency and liquidity for the company.
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How does a decrease in the reserve ratio by the Federal Reserve affect the money supply and the interest rate? When the reserve requirement decreases, banks lend out a larger fraction of their deposit
When the reserve ratio is decreased by the Federal Reserve, it generally leads to an increase in the money supply and a potential decrease in the interest rate.
These changes occur due to the changes in money supply, and interest rate as a part of the monetary policy.
1. Money Supply: The reserve ratio refers to the percentage of deposits that banks are required to hold as reserves. When the reserve requirement is decreased, banks are allowed to hold a smaller fraction of their deposits as reserves and are thus able to lend out a larger portion of the deposited funds. This increased lending capacity expands the money supply. As banks make new loans, the money supply in the economy increases as borrowers have access to additional funds to spend and invest.
2. Interest Rate: The decrease in the reserve ratio tends to lead to a decrease in the interest rate. As banks have more funds available for lending, competition among banks to attract borrowers increases. This competition puts downward pressure on interest rates as banks lower their rates to incentivize borrowing. A lower interest rate encourages borrowing and investment by making it more affordable for individuals and businesses to access credit. Consequently, the decreased reserve ratio can contribute to a downward adjustment in the overall interest rates within the economy.
It's important to note that the impact on the money supply and interest rates may also be influenced by other factors, such as the demand for loans and the overall economic conditions. Additionally, the Federal Reserve has various tools at its disposal to influence the money supply and interest rates, and changes in the reserve ratio are just one aspect of its monetary policy toolkit.
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ABF Corp. is considering a project with a life of 4 years that will require $148,000 for fixed assets and $42,400 for net working capital. The fixed assets will be depreciated using the Year 2018 bonus depreciation method. At the end of the project, the fixed assets can be sold for $37,500 cash and the net working capital will return to its original level. The project is expected to generate annual sales of $195,000 and costs of $117,500. The tax rate is 24 percent and the required rate of return is 13 percent. What is the project's net present value?
A. $102,114.24
B. $65.234.16
C. $59.714.29
The project's net present value is $65,234.16.Therefore, option B is correct.
What is Net Present Value (NPV)?
Net Present Value (NPV) is the difference between the total present value of cash inflows and the total present value of cash outflows over a specific period. It is computed to assess the profitability of a particular project or investment over a specified period. NPV analysis helps to determine whether a project is profitable or not. When the net present value of a project is negative, it means that the project is not profitable.
On the other hand, when the net present value is positive, the project is profitable.
How do you calculate net present value (NPV)?
NPV = (Cash flow / (1+discount rate) ^ year) + (Cash flow / (1+discount rate) ^ year) - Initial investment
In this question, the net present value is calculated as follows:
N = 4 years
Initial investment = $148,000 + $42,400 = $190,400
Terminal Cash Flow = $37,500
Sales Revenue = $195,000
Cost = $117,500
Depreciation = $148,000 / 4 = $37,000
Year 1 2 3 4
Sales Revenue $195,000 $195,000 $195,000 $195,000
Cost $117,500 $117,500 $117,500 $117,500
EBITDA $77,500 $77,500 $77,500 $77,500
Depreciation $37,000 $0 $0 $0
EBIT $40,500 $77,500 $77,500 $77,500
Taxes (24%) $9,720 $18,600 $18,600 $18,600
Net Income $30,780 $58,900 $58,900 $58,900
Operating Cash Flow $67,780 $58,900 $58,900 $96,400
NPV = -190,400 + ($67,780/(1.13)¹) + ($58,900/(1.13)²) + ($58,900/(1.13)³) + ($96,400/(1.13)⁴) + ($37,500/(1.13)⁴)
NPV = $65,234.16
The project's net present value is $65,234.16. Therefore, option B is correct.
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