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Microhard has issued a bond with the following characteristics: Par: $1,000 Time to maturity: 21 years Coupon rate: 9 percent Se

kifflom [539]

Microhard has issued a bond with the following characteristics: Par: $1,000 Time to maturity: 21 years Coupon rate: 9 percent Semiannual payments Calculate the price of this bond if the YTM is 6% (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.):

Answer:

Price of bond = $982.63

Explanation:

The value of the bond is the present value (PV) of the future cash receipts expected from the bond. The value is equal to present values of interest payment plus the redemption value (RV).

Value of Bond = PV of interest + PV of RV

The value of bond for Microhard can be worked out as follows:

Step 1

PV of interest payments

Semi annul interest payment

= 9% × 1000 × 1/2 = 45

Semi-annual yield = 6%/2 = 3 % per six months

Total period to maturity (in months)

= (2 × 21) = 42 periods

PV of interest =

45 × (1- (1+0.03)^(-21)/0.03)= 693.6

Step 2

PV of Redemption Value

= 1000 × (1.03)^(-21×2) =288.95

Price of bond

= 693.6 + 288.95 =982.63

Price of bond = $982.63

4 0

2 years ago

Information technology has advanced dramatically within the last 25 years or so. At the same time there have been significant sh

Karo-lina-s [1.5K]

Answer:

Did the technology push the changes in the world, or was it the other way around? What evidence is opinion based upon or how did you draw your conclusions?

In my opinion the world started to change during the 1970s when Steve Jobs introduced the personal computer. Before him, only huge corporations could afford computers since they were huge and costed millions. Since then, information technology (IT) has increased in gigantic steps and when the internet was available for public use, the world as we know it changed.

When the world was struggling again during the great recession, my hero came back and changed the way IT industry again with the iPhone and the whole app culture. I am a little over 25, and I can tell that everything was very different when I was a small kid. You actually needed to read a newspaper and use encyclopedias (very large books).

Now everything is on the web and now most of us are even working using the internet. In just seconds we know what is happening in China or any other country in the world, while before all we heard about China was that were many Chinese and they were communists. IT has enabled whole new industries that boost the economy much more than any other manufacturing business ever had. The world would be a much different place if it wasn't for the Apple I, the internet or the iPhone.

4 0

2 years ago

During the last year, Len Corp. generated $1,170.00 million in cash flow from operating activities and had negative cash flow ge

Anit [1.1K]

Answer:

The firm’s cash flow (CF) due to financing activities in the second year is - $450 million

Explanation:

As we know that,

Net increase in cash = Operating activity - investing activity - financing activity

where,

Net increase in cash = Ending balance of second year - ending balance of first year

= $280 million - $200 million

= $80 million

The other items values would remain the same

Now put these values to the above formula

So, the value would equal to

$80 million = $1,170 million - $640 million + financing activity

$80 million = $530 + financing activity

So, financing activity = $80 million - $530 million

= - $450 million

8 0

2 years ago

July 15 Declared a cash dividend payable to common stockholders of $169,000. Aug. 15 Date of record is August 15 for the cash di

Brilliant_brown [7]

Answer:

Explanation:

The journal entries are shown below:

On July 15:

Retained earning A/c Dr $169,000

To Dividend payable $169,000

(Being cash dividend declared is recorded)

On Aug 15:

No journal entry is required on the date of declared

On Aug 31:

Dividend payable A/c $169,000

To Cash A/c $169,000

(Being dividend is paid is recorded)

3 0

2 years ago

The Converting Department of Worley Company had 2,400 units in work in process at the beginning of the period, which were 35% co

irinina [24]

Answer:

Equivalent units

Materials = 12,700 units

Conversion cost = 11,940 units

Explanation:

Equivalent Units E.U) are notional whole units which represent incomplete work and are used to apportion costs between between work in progress and completed work.

Equivalent Units = Degree of completion (%) × units

We will use the weighted average method

Weighted average method

The weighted average method of valuation of work in progress does not separate opening work-in progress from the newly introduced.

Using the weighted average method

Equivalent unit for material cost

Since direct materials are added at the the beginning of the production process the equivalent unit of direct material

EU = (100% × 10,800) + (100% ×1900) = 12700

Note that 100% represent the degree of completion.

Equivalent unit for conversion cost

Item Equivalent unit

Transferred out 100%× 10,800 = 10,800

Closing inventory 60% ×1900 = 1140

Total equivalent unit = 11,940

5 0

2 years ago