Playground Payback - Original Essay -- Papers

Playground Payback - Original Essay In the far hills of North Carolina, there was a school called Blue Creek Elementary. It was half a century old, and you could definitely tell. The yellow stained walls of the classrooms had marks from play dough and crayon. The chalk board was cloudy with dust from a thousand words before. The smell of each room was basically the same, chalk clappers and weak tea, and the colour of autumn leaves was present throughout the year. It was January 2002. The climbing frame in the playground was rust incrusted, and the paint was crumbling off, but still was in use as if it was new everyday. No one child was dissatisfied with their school life, they could see nothing wrong with the way they were ruled, the rota they followed or the order they had come to be in for so many years. They were treated equally as each other, by the council they had elected. Every new school year in September there would be an election. Any volunteers would under go a number of campaigns to become the new king of the playground. For the last three years no one had been a match for King Rob. In the last year no one was even prepared to challenge Rob Jenkins, but it wasn’t because they were scared, no, quite the opposite. There was nothing wrong with the way he ruled them. He took care of them; he was their agony aunt to their problems, a King Solomon in his own day. He brought them new games, fought for new rights and changed the word recess itself. But all this was about to change, something, or someone was just around the corner. PJ, Felicity, Pikes, Jennie and Russ were playing kickball, a game Jennie ruled without a dou... ... the crowd a few seconds to mull over the information they had just been given, and then spoke once more, â€Å"So I ask you, are you regretful? Are you sorry? But most of all, do you want King Rob back?† the crowd gave no pause, just a dramatic, deafening â€Å"YES!† Prince (or Jack) was expelled from Blue Creek Elementary for stealing. He and his family moved to Alabama. King Rob was restored to his throne. The Jaimes were given luxuries to go in their clubhouse. The gang were labelled playground heroes, and Pikes was given an honorary stationary kit because of his bravery in City Hall. As for PJ, he was given the job of Royal Assistant. He monitored Jack’s movement in Alabama, and checked out any new kids. Blue Creek Elementary was back to where it started, but with more trust, guidance and hope for the future- High School.

Exercises from Financial Management Book, Chapter14

Solutions to Exercises Session 2 (Capital Structure) 14-1QBE = [pic] QBE = [pic] QBE = 500,000 units. 14-4From the Hamada equation, b = bU[1 + (1 – T)(D/E)], we can calculate bU as bU = b/[1 + (1 – T)(D/E)]. bU = 1. 2/[1 + (1 – 0. 4)($2,000,000/$8,000,000)] bU = 1. 2/[1 + 0. 15] bU = 1. 0435. 14-8Facts as given: Current capital structure: 25% debt, 75% equity; rRF = 5%; rM – rRF = 6%; T = 40%; rs = 14%. Step 1:Determine the firm’s current beta. rs= rRF + (rM – rRF)b 14%= 5% + (6%)b 9%= 6%b 1. 5= b. Step 2:Determine the firm’s unlevered beta, bU. bU= bL/[1 + (1 – T)(D/E)] 1. 5/[1 + (1 – 0. 4)(0. 25/0. 75)] = 1. 5/1. 20 = 1. 25. Step 3:Determine the firm’s beta under the new capital structure. bL= bU[1 + (1 – T)(D/E)] = 1. 25[1 + (1 – 0. 4)(0. 5/0. 5)] = 1. 25(1. 6) = 2. Step 4:Determine the firm’s new cost of equity under the changed capital structure. rs= rRF + (rM – rRF)b = 5% + (6%)2 = 17%. 14-9a. a. If net income = $1,000,000 and dividend payout ratio = 40%, then the total amount of dividend paid in Year 0 was 40% x $1,000,000 = $400,000. Therefore, the current dividend per share, D0, = $400,000/200,000 shares = $2. 0. D1 = $2. 00(1. 05) = $2. 10. Therefore, P0 = D1/(rs – g) = $2. 10/(0. 134 – 0. 05) = $25. 00. b. Step 1:Calculate EBIT before the recapitalization: The firm is 100% equity financed, so there is no interest expense. (EBIT = EBT NI = EBT – Taxes = EBT – EBT(T) = EBT (1-T) ? EBIT = EBT = NI/ (1-T) = $1,000,000/(1 – T) = $1,000,000/0. 6 = $1,666,667. Step 2:Calculate net income after the recapitalization: EBT = EBIT – Interest expense = $1,666,667 – 11%($1,000,000) $1,666,667 – $110,000 = $1,566,667 NI = EBT (1–T) = $1,566,667(. ) = $934,000 Step 3:Calculate the number of shares outstanding after the recapitalization: The company takes out a $1,000,000 to repurchase stock currently prices at $25. Number of shares after recapitalization: 200,000 – ($1,000,000/$25) = 160,000 shares. Step 4:Calculate D1 after the recapitalization: Given the 40% payout ratio: D0 = 40%($934,000/160,000) = $2. 335. D1 = $2. 335(1. 05) = $2. 45175. Step 5:Calculate P0 after the recapitalization: P0 = D1/(rs – g) = $2. 45175/(0. 145 – 0. 05) = $25. 8079 ( $25. 81.

The Portrayal of Blindness in The Outsider and Oedipus the...

The Portrayal of Blindness in The Outsider and Oedipus the King A primitive motif in Oedipus the King by Sophocles and The Outsider by Albert Camus is blindness. The protagonists in the novels are blinded to a personal truth, and are physically blinded as well. In The Outsider, Meursault’s blindness is metaphorical, as he is negligent to his own absurdity, which he later becomes categorized as. On the other hand, Oedipus’s blindness is literal, as he is ignorant to the truth of his life; and the fact that he is incapable of escaping the destiny that the Gods have set out for him, which resulted in him gorging his eyes out. The characters suffer an emotional and physical blindness, which leads to tragic irony in Oedipus the King†¦show more content†¦Salamano himself is not incomparable to his dog as he has â€Å"ended up looking like his dog with reddish scabs on his face and his hair is thin and yellow† (p.30). Salamano mistreats his dog and swears at it until it cringes in fear, to the point where they both â€Å"stop on the pavement and stare at each other, the dog in terror, the man in hatred† (pg.31). Ironically, Meursault is blind and disregardful towards their desolate world and never comments on how miserable and unfeeling their situation is. Akin to Meursault, Oedipus is also blind towards accepting and understanding his life, and where he originated from. Astonishingly, given that Oedipus is given many hints that could lead him towards understanding his life, he still fails to detect them. The most distinct ironies in the two novels come from the blind prophet, as he is literally blind and yet he understands a great deal more than Oedipus, who was not physically blind at the time. Teiresias points this out to Oedipus very bluntly by saying â€Å" you have taunted me with blindness, you have your sight yet you cannot see where, nor with whom, you live, nor in what horror (411-413).† In The Outsider, the blinding light is constantly portrayed, and the main purpose of this would have been to highlight Meursault’s mental blindness. The light is usually brought about in the parts of