. thomson media is considering some new equipment whose data are shown below. the equipment has a 3-year tax life and would be fully depreciated by the straight-line method over 3 years, but it would have a positive pre-tax salvage value at the end of year 3, when the project would be closed down. also, some new working capital would be required, but it would be recovered at the end of the project's life. revenues and other operating costs are expected to be constant over the project's 3-year life. what is the project's npv?

Answers

Answer 1

The project's NPV is -$52,000 + (Revenues - Operating Costs - Taxes) * 0.7513 - $24,999.99.

What is NPV?

Net Present Value (NPV) is a financial metric used to measure the profitability of an investment. It is the sum of all present values of the individual cash flows of an investment, discounted back to the present, minus the initial investment amount. NPV is used to compare the profitability of different investments and determine which one is most likely to yield a higher return. It is important to consider both the size and timing of cash flows when calculating NPV. If a project has a positive NPV, it is likely to be a profitable investment. If the NPV is negative, it is likely to be unprofitable. NPV can also be used to compare the profitability of different projects when capital is limited.

Equipment cost: $50,000
Tax life: 3 years
Salvage value: $5,000
Working capital required: $2,000
The NPV of the project can be calculated using the following formula:
NPV = - Initial Investment + Present Value of After-Tax Cash Inflows
Initial Investment = Equipment Cost + Working Capital Required = $50,000 + $2,000 = $52,000
After-Tax Cash Inflows = Revenues - Operating Costs - Depreciation - Taxes
Assuming a 30% tax rate, the After-Tax Cash Inflows can be calculated as:
After-Tax Cash Inflows = Revenues - Operating Costs - (Equipment Cost/3) * (1-tax rate) - Taxes
= Revenues - Operating Costs - ($50,000/3) * (1-0.3) - Taxes
= Revenues - Operating Costs - $33,333.33 - Taxes
The Present Value of After-Tax Cash Inflows can be calculated using the following formula:
Present Value of After-Tax Cash Inflows = After-Tax Cash Inflows * (1/(1+r)^t)
where r is the discount rate and t is the time period.
Assuming a discount rate of 10% and a time period of 3 years, the Present Value of After-Tax Cash Inflows can be calculated as:
Present Value of After-Tax Cash Inflows = After-Tax Cash Inflows * (1/(1+0.1)^3)
= After-Tax Cash Inflows * 0.7513
Therefore, the NPV of the project can be calculated as:
NPV = - Initial Investment + Present Value of After-Tax Cash Inflows
= -$52,000 + (After-Tax Cash Inflows * 0.7513)
= -$52,000 + (Revenues - Operating Costs - $33,333.33 - Taxes) * 0.7513
= -$52,000 + (Revenues - Operating Costs - Taxes) * 0.7513 - $24,999.99
Therefore, the project's NPV is -$52,000 + (Revenues - Operating Costs - Taxes) * 0.7513 - $24,999.99.

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Related Questions

the increasing economic interdependence among countries and their organizations as reflected in the flow of goods and services, financial capital, and knowledge across country borders is defined as:

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Globalization is the word accustomed describes the economic reciprocity of the world's economies, cultures, and populations, which is led by the cross-border exchange of merchandise and services, technology, and flows of investment, people, and knowledge.

Economic reciprocity could be a system by that several firms and nations square measure economically dependent upon one another. We've learned that it is a product of labor specialization. Once such a large amount of product square measure is created in one nation, jobs become additional specialized and economic reciprocity is absolute to kind.

The firm's resources and capabilities, along kind its distinctive competencies. These competencies alter innovation, efficiency, quality, and client responsiveness, which may be leveraged to form a value or differentiation advantage.

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from time to time, some of the activities within the eight major functions of marketing are eliminated to provide for a more effective marketing process. t or f

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The answer is true. Selling is a marketing function that entails communicating with potential customers and pursuing sales leads. Marketing professionals must pursue sales leads with tact.

Which allows them to build relationships with potential customers. The first step in developing a marketing strategy is to identify an external factor — the ideal people for your company to market to. Begin by conducting research on your intended audience. Look for patterns in the demographics and interests of sales current or prospective customers. Internal reporting systems, marketing research systems, marketing intelligence systems, and marketing models are the four components of a marketing information system.

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internal auditors review all aspects of operations in search of improvement, as well as review the internal control structure to determine if they are operating as expected. group of answer choices true false

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Internal auditors review all aspects of operations in search of improvement, as well as review the internal control structure to determine if they are operating as expected

This statement is true.

An internal auditor (IA) is a qualified professional who works for a company to give unbiased, independent assessments of all aspects of the company's financial and operational operations, including corporate governance.

They are responsible for making sure businesses adhere to rules and laws, follow correct procedures, and operate as effectively as feasible.

An internal auditor (IA) is a qualified expert tasked with conducting unbiased assessments of the financial and operational business operations of a corporation.

They are used to make sure businesses operate effectively and adhere to proper processes. Senior management receives final reports that may also contain recommendations.

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explain how the frs decision to lower short-term interest rates to near zero caused ad to shift to the right.

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The method used to reduce interest rates is to rotate money according to the money cycle. Not printing as much money as possible can also lower interest rates. This can also cause inflation.

Inflation is a process of an event, not the highs and lows of the price level. That is, a price level that is considered high does not necessarily indicate inflation. Inflation is an indicator to see the level of change, and is considered to occur if the price increase process takes place continuously and influences each other.

The term inflation is also used to mean an increase in the money supply which is sometimes seen as the cause of rising prices. There are many ways to measure the inflation rate, the two most frequently used are the CPI and the GDP deflator.

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gretchen is preparing a sales presentation for the executive team. what organizational structure is she most likely to use?

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Gretchen is preparing a sales presentation for the executive team. She should most likely use Matrix organizational structure.

The four forms of organizational structures are useful, multi-divisional, flat, and matrix structures. Others encompass round, group-based totally, and community structures.

Matrix organizational structure is a popular hybrid structure this is often used to streamline mission management. This version promotes collaboration between special groups and departments.

in which there may be a small wide variety of ranges within the hierarchy, the company is stated to be 'flat'. Flat establishments will generally tend to have wide spans of manipulation. In tall establishments, managers have smaller spans of manipulation (ie, fewer humans reporting at once to them).

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Aurora Township is asking all its citizens to chip in and donate money to build a new library. Tommy thinks he already pays enough money in taxes so he chooses not to donate. He knows that even if he doesn't contribute, he'll be able to use the library once it's built. This is an example of: adverse selection. the free-rider problem. asymmetric information. tragedy of the commons. moral hazard.

Answers

the free rider problem.

Aurora Township is placed in Kane County, Illinois. it is divided by using the Fox River. As of the 2010 census, its populace became 146,149 and it contained forty-nine,127 housing units.

Positioned normally in DuPage and Kane counties, it's by far the second maximum populous town in Illinois, after Chicago, and the 144th maximum populous metropolis inside the United state.

Consistent with the list, Chicago-region suburbs lengthy Grove and Clarendon Hills scored in the pinnacle 10 locations that are high-quality for a circle of relatives within the U.S. lengthy Grove ranked because the fourth first-class area to raise an own family national and the fine vicinity in Illinois, in line with the listing.

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renu has the customer satisfaction statistics. in this case, renu has a.information that requires analyzing and organizing before it will be of value. b.data that can be used as a basis for actions on her part without any further manipulation. c.data that requires analyzing and organizing before they will be of value. d.information that can be used as a basis for future actions on her part. e.information that need not be analyzed.

Answers

Customer satisfaction statistics contain data that must be organized and analysed in order to be useful.

What does the word "customer" actually mean?

Client definition An individual or company that buys products or services from this other company is known as a customer. Customers are crucial since they generate revenue. Organizations cannot remain operational without them.

What did you mean by costumer?

The assistance you give customers to make their transactions with you easy and enjoyable, both during and after they buy and use your products or services, is referred to as service quality. You must offer excellent customer service if you want to retain customers and grow your business.

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local governments usually build city streets because it is difficult to exclude people who don't pay for the streets from driving on them. which market failure is most likely involved?

Answers

Public good is a solution.

What does "common good" mean?

A good or service made accessible to all members of a community is known as a public good in economics. These services are typically provided by governments, and taxes are used to cover all of their costs. Public interests include rules of law, national defence, and law enforcement.

What is the economic system like?

Economics is the study of scarcity and how it affects a wide range of intricate social problems, such as how resources are used, how commodities and services are produced, how over time, output and welfare rise along with a plethora of other difficult issues.

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if a taxpayer claiming the american opportunity tax credit (aotc) has their tax liability reduced to zero, what is the maximum amount they may receive as a refundable credit?

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You are eligible to get a 40% refund of any unused credit funds, up to a maximum of $1,000, if the credit reduces the amount of tax you owe to zero.

Explain about the refundable credit?

The term refundable refers to tax credits that, if you are eligible for them and their value exceeds the tax you must pay, will result in a refund of the difference. For instance, if you owe $800 in taxes and are eligible for a $1,000 refundable credit, you would get a $200 refund.

A nonrefundable credit essentially indicates that the credit cannot be used to raise your tax refund or to generate a tax refund when you wouldn't have otherwise. In other words, your savings cannot be greater than the amount of taxes you owe.

The Earned Income Tax Credit (EITC) and the Additional Child Tax Credit are the two main refundable tax credits under U.S. federal law (ACTC).

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the uniforms worn by employees or an organization's dress code represent which type of observable artifact of the organization's culture?

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The uniforms worn by employees or an organization's dress code represent symbols type of observable artifact of the organization's culture.

What is considered an artifact of a workplace's organizational culture?

The continual manifestation of a company's values through its artifacts is referred to as its organizational culture. Any enduring event or thing made by a firm employee is considered an artifact. The term "artifact" refers to a man-made item with some sort of cultural significance.

Our processes, regulations, and procedures, as well as the environments we design and the tools we use on a daily basis, are all examples of work-related artifacts. Employees can easily perceive or discuss observable artifacts, which are aspects of an organization's culture. Artifacts can be categorized into six main categories: symbols, physical structures, language, stories, rituals, and ceremonies.

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the compromising style of conflict management reflects a high degree of cooperativeness and a low degree of assertiveness. a. true b. false

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The compromising style of conflict management reflects a high degree of cooperativeness and a low degree of assertiveness.

This statement is false.

Compromising style is about finding compromises, or abandoning some of your own concerns to confront those of others. This style is moderately confident and moderately cooperative. The goal is to find the midpoint.

Compromise is the basic negotiation process in which both parties give up what they want in order to get what they want more. Compromises usually occur in win-lose situations. When there's a solid piece of pie that needs to be shared and what one gains the other loses.

Compromise is usually considered a good thing. Compromise shows concern for others. It is also an approach that resolves faster than other styles. Cons: Compromises can limit the number of possible creative solutions.

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which economic choke point allows goods to move from the interior of both the u.s. and canada to the atlantic ocean?

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St. Lawrence Seaway economic choke point allows goods to move from the interior of both the u.s. and Canada to the Atlantic ocean.

Oceangoing ships can pass through the St. Lawrence Seaway, a network of locks, canals, and channels in Canada and the United States, to reach the Great Lakes and as far inland as Duluth, Minnesota, near the western end of Lake Superior. The St. Lawrence River, which originates in Lake Ontario and empties into the Atlantic Ocean, gives the seaway its name. Legally, the seaway comprises the Welland Canal and stretches from Montreal, Quebec, to Lake Erie. All five of the Great Lakes have ports that are accessible to ships from the Atlantic Ocean.

The Great Lakes-St. Lawrence Seaway is a deep draft waterway that connects the Atlantic Ocean to the head of the Great Lakes across a distance of 3,700 kilometers (2,340 miles).

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During this stage of résumé review, résumés are quickly scanned to eliminate as many candidates as possible: a. stage 1 b. stage 2 c. stage 3 please select the best answer from the choices provided a b c

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During stage 1 of résumé review, applicant's résumés are quickly scanned to eliminate as many candidates as possible. The Option A is correct.

What are stage of résumé review?

Stage 1 of résumé review:

This stage involves the quick scanning of the resume in order to eliminate candidates that are not fit for the job profile.

Stage 2 of résumé review:

This stage involves a comprehensive reading of the resumes in order to decide which candidate to call for an interview. It saves time because only a few job applicants who possess the requisite qualification and skills can be called for an interview.

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investors who are more likely to buy a stock if they see something about it in the news or if it has a high one-day return provide an example of the recency effect.

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The tendency to remember recent information better than earlier knowledge is known as the recency effect. The recency effect is demonstrated by investors who are more likely to purchase a stock if they learn about it in the media or if it has a strong one-day return.

What is an investor?

An investor is any individual or other entity (such as a business or mutual fund) who invests money with the hope of making a profit. Investors depend on a variety of financial instruments to generate a rate of return and achieve crucial financial goals like saving for retirement, paying for a child's school, or just collecting more wealth over time. Stocks, bonds, commodities, mutual funds, exchange-traded funds (ETFs), options, futures, foreign currency, gold, silver, retirement plans, and real estate are just a few examples of the many investment vehicles available to achieve objectives. Investors are able to examine opportunities from a variety of perspectives, and they often aim to reduce risk while maximizing rewards.

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grant’s strategy of maintaining the initiative against robert e. lee, thus suffering high casualties in the army of the potomac, earned him a reputation of the "butcher of men."

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"Grant’s strategy of maintaining the initiative against Robert e. lee, thus suffering high casualties in the army of the Potomac, earned him a reputation of the "butcher of men". " This statement is True.

Our reputation is the overall perception or opinion that different people have about you. in case you are taken into consideration honest and kind, you have got an awesome reputation. popularity comes from the Latin word reputation, which means "consideration." it's how human beings remember, or label, you — desirable or awful. popularity determines the social standing of someone inside society.

it is a degree of his or her impact. someone taking part in top popularity is really favored for better jobs and for taking over leadership roles. You build great recognition by way of doing what you say you'll do. human beings like folks that get matters achieved, says Killelea. recognition is the echo you go away inside the room; it is what people say about you when you're not there. “Align your phrases and your moves,” she says.

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Intangible assets with an identifiable useful life include ______.
trademarks
goodwill
copyrights
patents

Answers

Intangible assets with an identifiable useful life include copyrights.  

What are Copyrights?

A copyright is a sort of intellectual property that, typically for a certain period of time, grants its owner the sole authority to reproduce, transmit, adapt, exhibit, and perform a creative work. The creative work could take the form of something musical, artistic, educational, or literary. The legal term "copyright" (sometimes known as "author's right") is used to refer to the ownership rights that authors and other artists have over their creative works. The types of works protected by copyright include computer programmes, databases, ads, maps, and technical drawings in addition to books, music, paintings, sculptures, and films. The ownership, use, and dissemination of artistic and expressive works are regulated by copyright laws. People believe that the majority of creators produce their creative works in order to get compensated in this economic story regarding copyright.

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When a U.S. company makes a $200,000 donation to the International Red Cross to help the victims of an earthquake in India, the transaction is recorded in the

A.current account.
B.international help account.
C.official settlements account.
D.oneminus−way donations account.
E.capital account

Answers

When a U.S. company makes a $200,000 donation to the International Red Cross to help the victims of an earthquake in India, the transaction is recorded in the current account.

What does a company's current account mean?

It is incredibly convenient to collect payments from small customers because current account holders have access to multiple bank branches where they can deposit cash or checks.

One type of deposit account used by people who deal with banks frequently is a current account, also known as a financial account. At the applicant's request, the bank creates it and makes it frequently or instantly accessible.

Therefore, Current accounts, which are linked to liquid deposits, provide a wide range of customized options to assist with financial transactions.

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a put option on a stock with a current price of $33 has an exercise price of $35. the price of the corresponding call option is $2.25. according to put-call parity, if the effective annual risk-free rate of interest is 4% and there are three months until expiration, what should be the value of the put? 3.same information as in 2 except the price of put is actually $4. what is the arbitrage opportunity and how much is the profit?

Answers

In light of the posed query the exercise price of a particular investment on a corporation with a current valuation of $33 is $35; the put's price is $3.90.

What exactly does stock mean?

The noun "stock" applies to participation rights for any firm. A share, on the other hand, corresponds to the stock certificate of a particular corporation. If you purchase shares of a given company, we will then become a stakeholder in that company.

Briefing:

Stock price = $33

Strike Price = $35

Call option value = $2.25

Rate of interest = 4% = 0.04

Duration: 3 months.

∴ 3÷12 = 0.25 year

Price of the put = ?

Computation of Price of the put:

Price of the put = Strike Price/e^(rt) + Call value - Stock Price

Price of the put = [35 / [tex]e^{0.04*0.25}[/tex] ] + 2.25 - 33

                          = $3.90

Price of the put = $3.90

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The complete question is-

A put option on a stock with a current price of $33 has an exercise price of $35. The price of the corresponding call option is $2.25. According to put-call parity, if the effective annual risk-free rate of interest is 4% and there are three months until expiration.

consider the term marginal utility. which word is the best synonym for marginal?

Answers

By considering the term "Marginal Utility", Additional is the best synonym for "Marginal".

The marginal utility of a good or service is the utility it provides to the consumer, over and above the utility of the next best alternative. In other words, it is the extra satisfaction that a consumer derives from consuming one more unit of a good or service. The concept of marginal utility is important in understanding consumer behavior

The utility that a consumer derives from a good or service is known as marginal utility. It is the addition to satisfaction that a consumer gets from consuming one more unit of the good or service.

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Marian plunket owns her own business and is considering an investment. If she undertakes the​ investment, it will pay at the end of each of the next years. The opportunity requires an initial investment of plus an additional investment at the end of the second year of. What is the npv of this opportunity if the interest rate is per​ year? should marian take​ it?.

Answers

The NPV for this opportunity is -$800. No, Marian should not take the investment because the NPV is negative. This means that the expected return on this investment is lower than the cost.

The net present value, also known as net present worth, is applied to a series of cash flows that occur at different times. The present value of a cash flow is determined by the time elapsed between now and the cash flow. It is also affected by the discount rate. The time value of money is accounted for by NPV.

If the net present value is greater than zero, the investment is favorable and may provide a return on investment. If it's negative, you might end up losing money on the project.

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under the cash-flow-based valuation approach, free cash flows can be used instead of dividends as the expected future payoffs to the investor in the numerator of the general valuation model because:

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Under the cash-flow-based valuation approach, free money flows are used rather than dividends because of the expected future payoffs to the capitalist within the dividend of the overall valuation model because a. this approach focuses on earnings as a life of the capital that a firm creates.

It is useful as some value is distributed in free income dividends. Therefore, the remaining quantity is endowed once more in operation assets.

Free money flows (FCF) from operations is the money that an organization has left over to pay back stakeholders like creditors and shareholders. as a result, FCF represents a residual worth; it is accustomed to facilitating worth companies.

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An account earned interest of 3% per year. The beginning balance was $150. The equation t=log1. 03e150 represents the situation, where t is the time in years and e is the ending balance. If the account was open for 8 years, what was the ending balance? round to the nearest cent and do not include '$' in your answer.

Answers

An account received 3% annual interest. Initial balance was $150.  if the account was eight years old the ending balance is $ 190

What do you call interest that is earned?

Interest is the payment a bank or other financial institution makes to a depositor in exchange for maintaining their funds in a savings account.

A bank effectively borrows money from its depositors by using the funds placed to lend money to other customers.

Accumulated interest increases together with your interest earnings; but, you cannot use it until it is paid at the conclusion of the term.

Given :

Interest rate = 3% annually.

Initial balance= $150

Equation: (E / 150) t = log1.03

Calculate E as 8 = log1.03 (E / 150).

E / 150 = (1.03) (1.03)

⁸\sE = (1.03)⁸ (150)\sE = 190 $

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what expression does not reflect the correct relationship between the current and financial account?

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The current account is always offset by the capital and financial account so that the sum of these accounts – the balance of payments – is zero.

How is the financial account linked to the current account?The current account records the flow of goods and services in and out of a country (imports and exports). The capital account measures the capital transfers between U.S. residents and foreign residents.The financial account reflects increases or decreases in a country's ownership of international assets.A change in accounting estimate can be defined as a necessary adjustment of the book value or carrying value (cost of an asset in the balance sheet minus its depreciation) of an asset.Based on the information provided within the question we can say that all of these choices are correct. Financial accounting keeps track of a company's financial information which can be viewed by external users. In order to make sure that all the information is correct they need to follow a set of externally imposed rules or standardized guidelines set forth by different Government Branches.

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suppose a cup of coffee is 1.5 euros in germany and $.50 in the us. if purchasing power parity holds, what is the nominal exchange rate between euros and dollars?

Answers

3 euros per dollar  is the nominal exchange rate between euros and dollars.

What is nominal exchange rate?

The nominal exchange rate is reportedly:

how many units of one type of local currency must be exchanged for one type of foreign currency.

If the value of the Euro in terms of the dollar was 1.37, for example, the nominal exchange rate between the two currencies would be 1.37. We must pay $1.37 to buy one Euro.

It merely views the monetary values as numbers, which is why it is called nominal. It ignores the purchasing power of the various currencies. The "actual exchange rate," which takes buying power into account, is a different exchange rate.

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If a business decides to act outside of the prevailing ethical norms of that community.

Answers

Normative ethics is the branch of ethics that Ingrid's beliefs reflect. If a company decides to behave outside of the community's accepted ethical norms.

What are Normative ethics means?

Normative ethics is the study of ethical behavior and the part of philosophical ethics that addresses concerns about how one ought to conduct morally. Normative ethics differs from meta-ethics in that the former investigates moral standards and the metaphysics of moral facts, whilst the latter investigates the meaning of moral language and the metaphysics of moral facts. Similarly, normative ethics differs from applied ethics in that the former is concerned with 'who ought one to be rather than the ethics of a particular topic. Normative ethics differs from descriptive ethics in that the latter is an empirical study of people's moral ideas. In this setting, normative ethics is also referred to as prescriptive ethics.

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daily holding costs are equal to 5 percent of the cost of the beer. if he were to order 16 cases of stein beer at a time, what would be the length of an order cycle?

Answers

$1.28 would be the length of an order cycle.

What is Daily holding costs?

The sum of funds you spend keeping unsold goods in storage is referred to as your holding costs, also referred as inventory carrying costs. They include: The entire cost of the inventory (including shortfall and ordering expenses); The cost of the storage space.

Within a single supply chain, stock levels costs are computed as a portion of the overall inventory costs. Storage, insurance, labor, transport, depreciation, shrinkage of the inventory, spoilage of the inventory, obsolescence, and opportunity expenses are some of the charges. The expenses incurred for keeping items or inventory in a warehousing are known as inventory holding costs. Having too much inventory on hand causes companies' profit margins to shrink and their operating costs to rise.

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g we already know that the antitrust department policies monopolies in america but what other government agency also shares in this responsibility?

Answers

The main purpose of anti trust laws is to prevent companies from becoming so large that competition is impossible.

Who might, from an antitrust standpoint, be our rival?

Competitors are businesses that operate on the same product market as Infineon, including clients or suppliers. Additionally, businesses that can introduce a comparable product in the next three years at most are also regarded as competitors (potential competitors).

the United States government. Federal antitrust laws are enforced by both the Federal Trade Commission (FTC) and the DOJ Antitrust Division. Although some of their responsibilities overlap, the two agencies actually work better together.

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what type of organization works under contract with the cms to conduct medicare/medicaid certification surveys for hospitals?

Answers

The organization works under contract with the cms to conduct medicare/medicaid certification surveys for hospitals is State Survey Agencies.

What is State Survey Agencies?The various State Survey Agencies conduct the investigation (survey) for this determination on behalf of CMS. The agreements in Section 1864 of the Social Security Act (the Act) require the States to carry out certain tasks for CMS, which are collectively referred to as the certification process. Defining the Extended Survey. When an inadequate level of care is discovered during a routine survey, the Extended Survey is carried out. The extensive survey contains: reviewing a bigger sample of resident evaluations the evaluation of staffing and ongoing training. The surveys often take a wide look at how residents are being treated and respected. They put a strong emphasis on service delivery, resident rights, and care quality.

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Intangible assets may have ______.
- an identifiable useful life
- an indefinite useful life
- visible signs of deterioration
- a legal useful life

Answers

Intangible assets may have : An Indefinite useful life .

What is Intangible assets?

Intangible assets are non-physical assets that have monetary value to a business. Patents, copyrights, trademarks, goodwill, and software are examples of intangible assets. Intangible assets are often referred to as intellectual property because they are not physical assets such as buildings or machinery. It is also a long-term asset as it can provide value over a long period of time. Intellectual property, brand recognition and reputation, relationships and goodwill are examples of intangible assets.

Therefore the correct answer is B. An indefinite useful life.

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The relative profitability of a firm that employs an aggressive working capital financing policy will improve if the yield curve changes from upward sloping to downward sloping. True or False?

Answers

The statement that the  relative profitability of a firm that employs an aggressive working capital financing policy will improve if the yield curve changes from upward sloping to downward sloping is false.

What is the relative profitability?

Relative profitability  as well as the relative growth  can be described as the differences between a firm's profitability  as well as the growth measures  of its industry.

It should be noted that the relative profitability of a firm that employs an aggressive working capital financing policy  may not experience any improvement in a case whereby the yield curve changes from upward sloping to downward sloping.

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