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Practical Financial Management 5th Edition William R. Lasher - Solutions
4. Analyze the results of Morgan’s experiment, which showed that a gene affecting eye color in fruit flies is located on the X chromosome.
3. Outline different mechanisms of sex determination.
2. Explain the relationship between meiosis and Mendel’s laws of inheritance.
1. List the key tenets of the chromosome theory of inheritance.
3. Evaluate the validity of a hypothesis using a chi square test.
2. Predict the outcomes of crosses using the product rule or the binomial expansion equation.
1. Define probability.
4. Summarize the similarities and differences between homologous chromosomes.
3. Describe the procedure for making a karyotype.
2. Outline key differences between prokaryotic and eukaryotic cells.
1. Define the term chromosome.
2. Outline the phases of the eukaryotic cell cycle.
1. Describe the process of binary fission in bacteria.
3. Outline the key differences between animal and plant cells with regard to cytokinesis.
2. List and describe the phases of mitosis.
1. Describe the structure and function of the mitotic spindle apparatus.
2. Outline the key differences between mitosis and meiosis.
1. List and describe the phases of meiosis.
3. List the seven characteristics of pea plants that Mendel chose to study.
2. Outline the steps that Mendel followed to make crosses between different strains of pea plants.
1. Describe the characteristics of pea plants that make them a suitable organism to study genetically.
2. Outline different strategies for solving problems in genetics.
1. Describe what makes genetics an experimental science.
3. Predict the outcome of a single-factor cross or a selffertilization experiment using a Punnett square.
2. State Mendel’s law of segregation, and explain how it is related to gamete formation and fertilization.
1. Analyze Mendel’s experiments involving single-factor crosses.
4. Define loss-of-function allele, and explain why such alleles are useful to study.
3. Predict the outcome of a two-factor cross using a Punnett square.
2. State Mendel’s law of independent assortment.
1. Analyze Mendel’s experiments involving two-factor crosses.
2. Analyze a pedigree to determine if a trait or disease is dominant or recessive.
1. Describe the features of a pedigree.
5. Explain the process of evolution.
4. Describe how genes are transmitted in sexually reproducing species.
3. Discuss the relationship between genes and traits.
2. Define genetic variation.
1. Outline how the expression of genes leads to an organism’s traits.
3. Outline how DNA stores the information to make proteins.
2. Explain how proteins are largely responsible for cell structure and function.
1. Describe the biochemical composition of cells.
17. You are the CFO of Symantics Corp., which is considering investing $40 million in a plant in India. You have heard that there has been quite a bit of movement in the exchange rates between the U.S. dollar and the Indian rupee in the past few years. Before investing the firm’s money, you want
16. You just purchased a new sound system for $1,542.75. Based on current exchange rates, how much would the system have cost in:a. Brazilian realsb. Danish kronesc. Polish zlotysd. Swiss francs
15. Use the exchange rates between the U.S. dollar and the British pound and between the U.S. dollar and the Canadian dollar to calculate the cross rate between the Canadian dollar and the British pound. Look up that rate to see if your calculation was correct.
14. Analyze the exchange rate between the U.S. dollar and the Chilean peso.Record the monthly average for the indirect exchange rate over the last 18 months.a. What has the general trend been for the exchange rate between these two currencies?b. If you had invested $1,000 in Chilean pesos at the
13. Identify the graph of the indirect exchange rate between the U.S. dollar and Japanese yen for the past 120 days.a. When was the dollar strongest against the yen? When was it the weakest?b. If you converted $1,000 into yen when the indirect rate was the highest and converted back when it was the
12. Hanover Inc. spent £11.5 million building a factory in England in 1996 when the British Pound cost $1.5500. The plant operation was set up as a British subsidiary to manufacture Hanover’s product for sale and distribution in the United Kingdom and Europe. Hanover closed its consolidated
11. The Latimore Company invested $8.5 million in a new plant in Italy when the exchange rate was 1.1500 euros to the dollar. At the end of the year, the rate was 1.2000 euros to the dollar.a. Did Latimore make or lose money on the exchange rate movement? If so, how much?b. What kind of exchange
10. Hampshire Motors Ltd., a British manufacturing company, wants to buy a production machine that isn’t available in England. Comparable products are made by an American company and a French firm. The Americans have quoted Hampshire a price of $175,000, while the French want :192,000. How much
9. The Greenbay Motor Company ordered six German-built engines at :15,000 each when the direct exchange rate was $1.2500 per euro and elected not to cover the obligation with a forward contract. When the bill was due three months later, the rate was $1.1500. Greenbay’s marginal tax rate is 40%.a.
8. Suppose a car manufactured in Japan in the mid-1980s, when there were 250 yen to the dollar, cost 2 million yen to produce and was marked up 25% for sale in the United States. Assume the car’s cost in yen and markup are the same today, but the exchange rate is 100 yen to the dollar.a. What did
7. The Cline family made a trip to Europe in 2006. They paid the following amounts in local currency for hotel, entertainment, and transportation.England £855 France :1,462 Germany :2,753 Denmark K6,280 How much did the trip cost in U.S. dollars once they got to Europe? Use the exchange rates in
6. Steve Harris, CFO of Alston Concrete Products, is currently evaluating the purchase of an innovative machine that tests the strength of concrete. The machine is sold only in England and Alston has a price quote at £52,500 from the manufacturer that’s good for 60 days. Steve has read that the
5. Bob and Chris received a grant through their University to travel to Germany to do research. The grant awarded them $2,000 for room and board during their stay. It was paid to them in U.S. dollars On May 31 at which time the Euro was worth $.77980. They spent the money in Germany during July
4. The following direct quote exchange rates are found on the spot market today.a. Euro: $.9347b. Israeli shekel: $.2586c. British (U.K.) pound: $1.6544d. Japanese yen: $.009423 Calculate the price of a U.S. dollar in terms of each currency, the indirect quote.
3. Go to The Wall Street Journal and look up today’s exchange rates for the currencies in Problems 1 and 2. Resolve the problems using today’s rates. Analyze how the rates have changed since July 24, 2006.
2. A Japanese importer owes an American exporter $450,520.a. What is her bill in yen if she pays immediately?b. What would the bill be if the importer wanted to lock in an exchange rate today but pay in three months?
1. An American importer owes vendors the following sums.a. 140,560 Canadian dollarsb. 392,000 Australian dollarsc. 1,362,000 Mexican pesosd. 680,540 British (U.K.) poundse. 14,673 Euros State each debt in U.S. dollars.
4. Your friend James is an exchange student from an underdeveloped country. He comes from a privileged family that’s influential in the government, but the bulk of the nation’s population is very poor despite the fact that the people are frugal and hardworking. James is an idealistic young man
3. You’re the CFO of the Kraknee Roller Skate Company, which sells roller skates worldwide and also builds and operates roller rinks. Some time ago Archie Speedo, the head of international marketing, proposed selling skates in Russia.Everyone thought he was crazy, but the idea turned out to be
2. You’re the CFO of the Overseas Sprocket Company, which imports a great deal of product from Europe and the Far East and is continually faced with exchange rate exposure on unfilled contracts. Harry Byrite, the head of purchasing, has a plan to avoid exchange rate losses. He suggests that the
1. You’re the treasurer of Warm Wear Inc., which imports wool sweaters from around the world. Kreploc, a company in the country of Slobodia, has a product your marketing department would like to carry, and doesn’t require payment until 90 days after delivery. Unfortunately the Slobodian blivit
12. China refuses to allow its currency, the yuan, to float on international currency exchanges. Why is that a problem for the United States?
11. Broadly define and describe globalization and its implications.
10. A British importer has to pay for American goods, but the exchange rate is temporarily very unfavorable from the British perspective. Describe the Eurodollar market and tell how it might help the importer.
9. How and why is the U.S. dollar unique among the world’s currencies?
8. What is a trade deficit, and why does it hurt us to consistently run a deficit with another country?
7. Describe the difference between a floating and a fixed exchange rate system.
6. Why might the government be interested in influencing exchange rates from time to time? How would it go about moving the exchange rate?
5. What generates the supply of and the demand for foreign exchange? Why do the supply and demand curves have the shape they do? What makes the supply and demand curves and hence the exchange rate move around?
4. Exchange transactions between two currencies, neither of which is the U.S.dollar, have to be made by changing one currency into dollars and then changing the dollars into the other currency. This procedure is necessary because the exchange tables are all set up to convert between other
3. When you want to buy something from another country, you have to find a seller who’s willing to take dollars, but that isn’t too hard because the U.S. dollar is widely accepted. Comment on this statement.
2. After World War II, the United States was the world’s dominant economic power.We’re still the largest economy, but the rest of the world has caught up significantly.In some areas we’ve lost the lead. The production of consumer electronic equipment, for example, is largely done in the Far
1. Describe the ways in which international business has changed during the last 50 years. Include the concept of an MNC and the different types of foreign investment.
16. Using a search engine such as Yahoo, Google, or AltaVista, look up bankruptcy and find out how many business bankruptcies occurred in the United States last calendar year. Then try to break down these bankruptcies by type (retail, restaurant, etc.).Finally, find out whether the trend for
15. The Hamilton Corp. has 35,000 shares of common stock outstanding with a book value of $20 per share. It owes creditors $1.5 million at an interest rate of 12%.Selected financial results are as follows.Restructure the financial line items shown assuming a composition in which creditors agree to
14. Garwood Industries has filed for bankruptcy and will probably be liquidated. The firm’s balance sheet ($ millions) is shown below:The administrative costs of bankruptcy total $1.6 million. Current assets can be sold for 60% of book value and fixed assets for 25% of book value. Twenty percent
13. Lee & Long, a clothing manufacturer, is considering filing for bankruptcy. The firm has EBIT of $1.4 million and long-term debt of $40 million on which it pays interest at an average rate of 8.5%. It also has fixed assets (gross) totaling $60 million.Depreciation averages 5% of gross fixed
12. Integrity Group, an association of venture capitalists, is considering using a leveraged buyout to purchase Schrag Co., a well-established high-tech firm. Schrag has long-term debt with a book value of $15 million and a debt to equity ratio of 1:10. The firm’s stock is currently selling at
11. Lattig Corp. had a $2.0 million cash flow last year and projects that figure to increase by $200,000 per year for the next five years (to $3.0 million). After that, Lattig expects an annual growth rate of 6% forever. Assume the discount rate is 12%.a. What percent of the total present value of
10. In the last problem, assume the cash flow from the Downhill acquisition grows at 10% from its initial value for one year and then grows at 5% indefinitely (starting in the third year). Calculate the value of the firm and the implied stock price under these conditions. Use a terminal value at
9. Frozen North Outfitters Inc. makes thermal clothing for winter sports and outdoor work. It is considering acquiring Downhill Fashions Corp., which manufactures and sells ski clothing. Downhill is about one-quarter of Frozen’s size and manufactures its entire product line in a small rented
8. Benson’s Markets is a five-store regional supermarket chain that has done very well by using modern management and distribution techniques. Benson competes with Foodland Inc., a larger chain with 10 stores. However, Foodland has not kept pace with technological and merchandising developments,
7. Hirschler Motors is considering making a takeover bid for the chain of Richard’s Auto Superstores. Richard’s has 800,000 shares of stock outstanding, which is trading at $18 per share. Richard’s generated $2.5 million in cash last year, and cash flows are expected to increase by 6% per
6. Sourdough Mills has considered acquiring Mrs. Baird’s Bakery as an expansion strategy.Mrs. Baird’s Bakery generated positive cash flows of $5.3 million last year, and cash flows are expected to increase by 4% per year in the foreseeable future. Mrs.Baird’s has 1.3 million shares
5. Grandma’s Cookies Inc. is considering acquiring Mother’s Baked Goods Inc. After consideration of all benefits, synergies, and tax effects, Grandma (originally a finance major) has estimated that the incremental cash flows from the acquisition will be about $150,000 per year for 15 years.
4. The Johnson Machine Tool Company is thinking of acquiring Lansing Gear Works Inc. Lansing is a stable company that produces cash flows of $525,000 per year. That figure isn’t expected to change in the near future, and no synergies are expected from the acquisition. Johnson’s management has
3. Moser Materials Inc. is considering acquiring Newkirk Products, which produces a number of products that would enhance Moser’s product line. Last year, Newkirk reported a $30 million loss. Moser has estimated that Newkirk will break even in the fourth year after acquisition. The improvement in
2. Harrison Ltd. is considering acquiring Pugs International Inc. Pugs had cash flows of $15 million last year and has 2.5 million shares outstanding which are currently selling at $29 per share. The discount rate for analysis has been correctly estimated at 14%.a. How much should Harrison be
1. The target of an acquisition generates cash flows of $8 million per year with a risk level consistent with a return on equity of 16%.a. How much should an acquirer be willing to pay if it won’t consider more than five years of future earnings in setting a price?b. What is the per-share price
5. You’re the CFO of the Littleton Lighting Company. Joan Brightway, the president, has approached you and the firm’s other senior executives with a proposal to take the company private through an LBO. She says that this is a good time to do it because the economic outlook is shaky and the
4. The Phlanders Flange Company has been doing quite well lately and would like to accelerate its growth within the flange industry. Harry Flatiron, the firm’s CEO, has become interested in growth through acquisition because of some exciting articles in the business press. In particular he’s
3. The Blue Tag Company and the Pink Label Corporation both make packaging and labeling equipment. The following facts are relevant.• Both firms use similar production and sales methods.• Pink Label has been losing money for years, while Blue Tag has been and is expected to continue to be
2. You’re a seasoned financial executive who’s recently been hired as the CFO of the Pilaster Corporation. The firm has just finished two years in which its financial performance has been clearly below par. The company isn’t in danger of failing, but it’s clear that earnings and growth
1. The Cranston Company would like to acquire the Lamont Company, but overtures made to management have been emphatically rebuffed. Forty-five percent of Lamont’s stock is owned by five investors who were involved in the company’s founding and continue to be active in its management. Charlie
7. The Blivitt Company has been losing money and experiencing serious cash flow problems lately. The main problem is a large debt to the First National Bank that was incurred to purchase a computer that’s now obsolete. Bill Blivitt, the firm’s owner, has stated his intention to declare
6. Clarington Corp. has a division that’s been performing well but doesn’t fit into the company’s current long-term strategic plans. Describe the methods through which it can divest the operation.
5. Suppose an industry is dominated by three firms, one of which is twice as large as the other two, which are about the same size. Could a merger of the two smaller firms actually increase competition in the industry?
4. Industry A is dominated by 10 large firms, each with sales of approximately $500 million per year. A proposal to merge two of these firms was approved by the Justice Department as not violating the antitrust laws. Industry B is locally defined and much smaller. It is dominated by three small
3. Define vertical, horizontal, and conglomerate mergers and describe the economic effects of each.
2. Hostile acquisitions create animosities between the stockholders of the acquired and acquiring companies. Comment on the truth of this statement.
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