For Lady Hawkins OnlyAnswers 2Bids 1Other questions 10

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Due 1/23/17 Taking the Patient’s HistoryEach assignment in this course will help you prepare your Final Paper. For each assignment, you will use the movie character or historical figure you chose in your Week One journal. Remember, after submitting this week’s assignment, you will not be allowed to change your movie character or historical figure.One of the first steps in any clinical assessment is to gather a thorough history from the patient. This history includes, at minimum, the patient’s identifying information, presenting problem, and relevant personal history relating to their presenting problem.For this assignment, you will write the first few sections of your psychological report. View the complete instructions for the Final Paper in the link within Week Five of your online course or the “Components of Course Evaluation” section of this guide. This week, your assignment must cover the following sections of your psychological report and include the headings as listed: Identifying InformationWithin this section, you will describe basic information on your patient, including the person’s name, sex, gender, sexual orientation, age, race, occupation, and location of residence (country, state, and region).Chief Complaint/Presenting ProblemWithin this section, you will include the patient’s primary complaint verbatim to identify and describe the main source of his or her distress and/or concerns. If there is no verbatim complaint, include observable information to create an overall picture of the presenting problem. Typically, this section within a psychological report seeks to answer the following question (further elaboration within this section is encouraged where possible):What are the patient’s complaints? (e.g., the patient might complain about “feeling on edge” or experiencing stress)You will not be completing section III of the Final Paper for this week’s assignment.Personal History Within this section, you will describe your patient’s personal background and history of abnormal behavior(s) that inform your diagnostic impression. You will also gather information about the patient’s cultural background and cultural norms.Typically, this section within a psychological report seeks to answer the following questions (further elaboration within this section is encouraged where possible):Where did the patient grow up?What cultures did the patient experience throughout life?What was the patient’s school life like?What were his or her grades? What is his or her highest level of education?What is the patient’s interpersonal relationship history?What was/is the patient’s romantic relationship history?What was/is the patient’s friendship history?Family History Within this section, you will describe the patient’s familial relationship(s) and identify any abnormalities that might affect future treatment. You will also integrate information about the patient’s family and cultural background to identify any maladaptive behaviors and relational patterns.Typically, this section within a psychological report seeks to answer the following questions (further elaboration within this section is encouraged where possible):How old were the patient’s parents when the patient was born?Who were the patient’s primary caregivers?What was/is family life like? (Include any information relevant to your diagnostic impression.)Did the family move often?What was/is the patient’s relationship with their siblings (if applicable)?What culture did/does the family come from?What belief systems are attached to that culture?Therapy History Within this section, you will describe the patient’s therapy history to inform your diagnostic impression. Analyze the patient’s therapy history to identify the effectiveness of previous treatment(s). Evaluate previous treatment interventions based on information and knowledge of the patient’s cultural background. Typically, this section within a psychological report seeks to answer the following questions (further elaboration within this section is encouraged where possible):Who was the previous therapist (if any)?How long did the previous therapy/therapies last?What was the patient’s diagnosis?What interventions did the therapist(s) use?Were those interventions appropriate for the patient’s culture?Was treatment successful?Your assignment should include both a title page and reference page, and be of sufficient depth and detail to support and inform your diagnostic impression, with an absolute minimum of four pages (not including the title and reference pages). A cursory or surface level review of the patient’s presenting problem and history will unlikely provide enough information for your diagnostic impression.Any sources used in the paper must be cited and referenced in APA style as outlined in the Ashford Writing Center.Optional: If you would like to start writing additional sections in your psychological report and submit them along with this assignment for instructor feedback, feel free to cover any sections up to and including Section VIII (Substance Use). Before doing this, please read the Final Paper prompt for guidance on additional sections.Carefully review the Grading Rubric for the criteria that will be used to evaluate your assignment.  Due 1/30/17 Gathering Collateral InformationEach assignment in this course will help you prepare your Final Paper. For all assignments, you will use the movie character or historical figure that you used in your Week Two assignment and selected in your Week One journal.After gathering your patient’s history, it is considered good practice to contact people who interact with the patient on a regular basis and/or are related to the patient. These people often provide valuable insights into the patient’s behavior(s) and mindset. Typically, the gathered information provides a context for the patient’s environment.For this assignment, you will write another section of your Final Paper.  View the complete instructions for the Final Paper in the link within Week Five of your online course or the “Components of Course Evaluation” section of this guide.   Your assignment this week must cover the following section of your psychological report and include the heading as listed:Collateral Within this section, you will interpret specific collateral information as it relates to your patient’s abnormal behavior and behavior patterns. You will also integrate information and knowledge regarding the patient’s culture in your evaluation of the maladaptive behavior as reported by the collateral sources. Typically, this section within a psychological report seeks to answer the following questions (further elaboration within this section is encouraged where possible):What do other people have to say about the patient’s behavior?Are there any commonalities between the collateral sources’ reports?Do the collateral sources have any psychological issues that might exacerbate the patient’s problems?Are there any police reports?Are there any personality testing or intelligence testing reports available?Your assignment should be a minimum of one page and include sufficient depth and detail to support and inform your diagnostic impression. A title page is not necessary; however, a reference page must be included. A cursory or surface level investigation of the patient’s interpersonal relationships will not provide enough information for your diagnostic impression. If no collateral information is available, create collateral information on your own to inform your diagnostic impression.Any sources used in the paper must be cited and referenced in APA style as outlined in the Ashford Writing Center.Carefully review the Grading Rubric for the criteria that will be used to evaluate your assignment.  2/13/17 Final PaperFor your Final Paper, you will demonstrate your knowledge of psychopathology and apply your skills to a realistic scenario. Throughout this course, you have developed unique knowledge and skill sets that will allow you to critically analyze depictions of psychopathology in popular media and historical case examples from an informed point of view.Your Final Paper will be a psychological report that may be based on a character from a movie or a historical case study. Review the provided lists of movies and historical case studies that are approved for use in this assignment.  You must choose from these lists. You may not use examples from your personal life in the psychological report since doing so would be unethical (see Standards 2.04 and 9.01a in the Ethical Principles of Psychologists and Code of Conduct).As you create this report, you will be taking on the role of a clinician who is conducting an assessment and providing treatment recommendations for a patient (a character from your selected film or historical case study). Please note that a psychological report does not follow the same structure for reports you may have used in other courses. Your report must follow the format below and it must include each of the sections and their headings listed in this order: Identifying InformationWithin this section, you will describe basic information on your patient, including the person’s name, sex, gender, sexual orientation, age, race, occupation, and location of residence (country, state, and region).Chief Complaint/Presenting Problem Within this section, you will include the patient’s primary complaint verbatim to identify the main source of his or her distress and/or concerns. If there is no verbatim complaint, include observable information to create an overall picture of the presenting problem. Typically, this section within a psychological report seeks to address the following question (further elaboration within this section is encouraged where possible):What are the patient’s complaints? (e.g., the patient might complain about “feeling on edge” or experiencing stress)Symptoms Within this section, you will interpret specific behavioral issues and intrapsychic conflicts as they relate to abnormal behavior, behavior patterns, maladaptive thought processes, and potential unconscious conflicts. Interpret and comment on the patient’s chief complaint and/or presenting problem in the context and language of the symptoms found in the DSM-5. (e.g., the patient who complains about ‘feeling on edge’ might actually be experiencing symptoms related to post-traumatic stress disorder or generalized anxiety disorder)Personal History Within this section, you will analyze your patient’s personal background and history of abnormal behavior(s) that inform your diagnostic impression. You will also gather information about the patient’s cultural background and cultural norms.Typically, this section within a psychological report seeks to answer the following questions (further elaboration within this section is encouraged where possible):Where did the patient grow up?What cultures did the patient experience throughout life?What was the patient’s school life like?What were his or her grades? What is his or her highest level of education?What is the patient’s interpersonal relationship history?What was/is the patient’s romantic relationship history?What was/is the patient’s friendship history?Family History Within this section, you will analyze the patient’s familial relationship(s) and identify any abnormalities that might affect future treatment. You will also integrate information about the patient’s family and cultural background to identify any maladaptive behaviors and relational patterns.Typically, this section within a psychological report seeks to answer the following questions (further elaboration within this section is encouraged where possible):How old were the patient’s parents when the patient was born?Who were the patient’s primary caregivers?What was/is family life like? (Include any information relevant to your diagnostic impression.)Did the family move often?What was/is the patient’s relationship with their siblings (if applicable)?What culture did/does the family come from?What belief systems are attached to that culture?Therapy History Within this section, you will describe the patient’s therapy history to inform your diagnostic impression. Analyze the patient’s therapy history to identify the effectiveness of previous treatment(s). Analyze previous treatment interventions based on information and knowledge of the patient’s cultural background.Typically, this section within a psychological report seeks to answer the following questions (further elaboration within this section is encouraged where possible):Who was the previous therapist (if applicable)?How long did the previous therapy/therapies last?What was the patient’s diagnosis?What interventions did the therapist(s) use?Were those interventions appropriate for the patient’s culture?Was treatment successful?Medical Conditions Within this section, you will analyze the patient’s medical history and comment on any possible medical conditions that could influence your diagnostic impression. Interpret specific behavioral issues as they relate to salient medical conditions. If the person has any medical conditions, indicate that in this section. Integrate information and knowledge about the patient’s cultural background as it affects treatment options for medical conditions.Substance Use Within this section, you will analyze and comment on the patient’s substance use to identify any potential issues that could influence your diagnostic impression. Interpret specific behavioral issues as they relate to substance use. If the person misuses specific substances, indicate that in this section. Integrate information and knowledge about the patient’s cultural background to inform your interpretation of substance misuse in this patient’s case. Typically, this section within a psychological report seeks to answer the following questions (further elaboration within this section is encouraged where possible):Which substances does the patient use? (Include any over-the-counter, herbal, and/or prescription medications.)For how long has the patient used the substance?What is the patient’s quantity and frequency of use?Collateral Within this section, you will interpret specific collateral information as it relates to your patient’s abnormal behavior and behavior patterns. You will also integrate information and knowledge regarding the patient’s culture in your evaluation of the maladaptive behavior as reported by the collateral sources. Typically, this section within a psychological report seeks to answer the following questions (further elaboration within this section is encouraged where possible):What do other people have to say about the patient’s behavior?Are there any commonalities between the collateral sources’ reports?Do the collateral sources have any psychological issues that might exacerbate the patient’s problems?Are there any police reports?Are there any personality testing or intelligence testing reports available?Results of Evaluation Within this section, you will analyze the patient’s behavior and mental processes. There are two parts to this section. To begin your analysis, you will write a brief evaluation of each theory of personality development that you learned about in this course and determine whether or not each theoretical orientation can be used to conceptualize the patient’s current situation and treatment goals. Next, use one major theoretical orientation to write an in-depth analysis for your results of evaluation section. Within the context of this theoretical perspective, you will analyze all of the information from the previous sections. Analyze specific behaviors, cognitions, and intrapsychic processes as they relate to your diagnostic impression. Integrate knowledge of the patient’s cultural background and norms within that culture as you prepare your supporting evidence. Typically, this section within a psychological report seeks to answer the following question (further elaboration within this section is encouraged where possible):Based on the information you gathered in the previous sections, what led to the patient’s current state?Diagnostic Impression With Differential Justification Within this section, you will provide your diagnosis for the patient. To demonstrate your understanding of diagnostic procedure and justification, specifically address each symptom that the patient displayed and relate each symptom to a diagnostic criterion in the DSM-5. Analyze the patient’s behaviors and mental processes within your differential justification. Clearly demonstrate that the patient meets criteria to be given a diagnosis. If the patient does not meet criteria for any diagnosis based on your assessment, explain why. Also, explore any alternative diagnoses and explain why these were not chosen.Recommendations Within this section, you will you provide treatment recommendations for the person to help them improve his or her quality of life. These recommendations must be based on the theoretical orientation you used in your Results of Evaluation. Explain why you chose your treatment intervention(s) and include peer-reviewed articles that support your choice(s). If treatment is not necessary, explain why. Pay close attention to the person’s culture since some treatment options may be insensitive to his or her culture or way of living. Writing the Final PaperThe Final Paper:Must follow the report outline provided above with the requisite headings and be formatted according to APA style as outlined in the Ashford Writing Center.Must include a title page with the following:Title of paperStudent’s nameCourse name and numberInstructor’s nameDate submittedMust address the assessment with critical thought.Must use at least five peer-reviewed sources that were published within the last ten years, in addition to the text, a minimum of four must be from the Ashford University Library.Must document all sources in APA style as outlined in the Ashford Writing Center.Must include a separate reference page that is formatted according to APA style as outlined in the Ashford Writing Center.Carefully review the Grading Rubrics for the criteria that will be used to evaluate your assignment.  All both assingments and Final paper will be based off fo Earnest Hemmingway  In Ashford courses, there are two different ways to submit assignments for grading. Depending on the system the course utilizes, assignments will either be submitted via the classroom Assignment Basket  or Waypoint .  Waypoint Assignment SubmissionThe assignments in this course will be submitted to Waypoint.  Please refer to the instructions below to submit your assignment.Click on the Assignment Submission button above. The Waypoint ‘Student Dashboard’ will appear.Browse for your assignment.Click Upload.Confirm that your assignment was successfully submitted by viewing the appropriate week’s assignment tab in Waypoint, or clicking on Check Assignment Status within the Meet Your Instructor unit in the left navigation panel.For more detailed instructions, refer to the Waypoint Tutorial.

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FOR WIZARD KIM Intro to Quality Management WK 3Answers 1Bids 0Other questions 10

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Intro to Quality Management Week 3 Air Bag Recall Assignment Review the article “Blow Out” from this week’s reading assignment. This article pertains to the recall of air bag products. Assume you are the manager for a large automotive company that will be using air bags in your products. What risk assessment tools will you use in order to ensure that the product being installed into your vehicles meets safety standards in order to avoid a recall? Use your course materials and outside research to generate a solid analysis on why these methods would be helpful. Your analysis should be supported by research.  Directions for obtaining the file: Login to the Grantham University library by clicking on the Resources tab from the main page. You will then log into EBSCOHost. Once you have accessed the database, simply copy and paste the title of the article and press enter to search and you should now have the file accessible to review. The requirements below must be met for your paper to be accepted and graded: •Write between 750 – 1,250 words (approximately 3 – 5 pages) using Microsoft Word in APA style, see example below. •Use font size 12 and 1” margins. •Include cover page and reference page. •At least 80% of your paper must be original content/writing. •No more than 20% of your content/information may come from references. •Use at least three references from outside the course material, one reference must be from EBSCOhost. Text book, lectures, and other materials in the course may be used, but are not counted toward the three reference requirement. •Cite all reference material (data, dates, graphs, quotes, paraphrased words, values, etc.) in the paper and list on a reference page in APA style. Article Section:  Features Business: Cars  Keywords: Safety; Automotive industry; Driving; Accidents; Brain; Congress; Design; Regulations; Vehicles; Weight; Fariello; Cars Air bags are meant to save lives. Now a massive recall shows how they sometimes can turn deadly Forensic Investigator Sal Fariello, whose job is to deconstruct car crashes, has witnessed a catalog of carnage caused by air bags over the past two decades. In his collection, there is a photo of a woman who has been horribly scarred by an inflating air bag. There’s an X-ray of a driver’s broken wrists snapped in the ‘fling zone’ of an air bag that mashed both arms from a 10-and-2 position into the car’s roof. He can cite numerous drivers who suffered torn aortas or lacerated brain stems, all the result of being ‘punched’ by an air bag inflating at 200 m.p.h. (322 km/h). ‘What’s sitting in the front of the steering wheel is an explosive device,’ explains Fariello, the author of Airbag Injuries: Causation & Federal Regulation. ‘Nasty, unexpected events can occur.’ None have been nastier than the injuries and deaths caused by exploding inflators in air bags made by automotive supplier Takata Corp., based in Tokyo. Its air bags have been blamed for killing five motorists in the U.S. so far. More than 10 million cars from 10 makers—including BMW, Chrysler, Honda, Nissan and Toyota—have been recalled. On Nov. 26, the National Highway Traffic Safety Administration (NHTSA) ordered Takata to expand its most recent recall from a regional one to a national one. Takata declined on the basis that the problem is confined to areas like Florida with high relative humidity. Toyota and Honda are following NHTSA’s advice and issued a national recall. All the cars are from model year 2011 or older. Takata’s suspect inflation canisters contain a propellant—tablets of ammonium nitrate—that is ignited at the onset of a crash to initiate a chemical reaction that produces nitrogen gas to fill the bag. Moisture may be destabilizing the ammonium nitrate. In the faulty inflators, the blast shatters the canister, sending metal shards through the air bag toward the driver. Arriving at the scene of one such incident, police thought the victim had been shot in the face before crashing. ‘My understanding is our products in this accident worked abnormally,’ said Hiroshi Shimizu, who is in charge of Takata’s global quality assurance, when prodded by Nevada Senator Dean Heller during Senate-committee testimony on Nov. 20. On Dec. 2, Toyota called for a joint industry initiative to independently test the Takata bags. ‘The safety, security and peace of mind for our customers are our highest priority, and I believe this is shared with all the other automakers,’ said Simon Nagata, CEO of Toyota’s North American manufacturing unit. Perhaps these scenes—accident reports detailing both gore and tragedy, congressional hearings well stocked with outrage, and executives who struggle for the right tone of response—should come as no surprise. It has, after all, been a very bad year for the auto industry. General Motors’ recall of 2.6 million vehicles earlier in 2014 stemmed in part from defects that led to air bags’ not deploying at all, causing injury and death. But the Takata crisis once again reminds us that this foundational piece of auto safety equipment has always carried the risk of injury—and death—riding shotgun. People have been hurt because they are the wrong size, shape or age to get the optimal benefit from a device first designed for an average male. And now, in Takata’s case, because of a defect. How Did We Get Here? An air bag in deployment has to first measure—and then counter—the considerable inertial forces that are brought to bear when your car crashes into another vehicle or object. In a collision, your car stops abruptly, but you don’t. Your head and body keep moving forward, translating that energy according to Newtonian physics until some other force arrests it. Before the advent of air bags and seat belts, this ‘velocity debt’ was repaid—at terrible cost—when your head or body smashed into the steering column or dashboard. To stop your head’s violent forward motion requires considerable counterviolence. After a car’s accelerometers and sensors detect a crash pulse—the rapid deceleration that signals impact—an algorithm in the electronic control unit (ECU) then decides whether to deploy the air bag and at what pressure. If the ECU says deploy, the explosion that rapidly expands an air bag also hurtles it toward your head at speeds ranging from 98 m.p.h. to 200 m.p.h. (158 km/h to 322 km/h). In fact, the bag should be deflating by the time your head makes contact, creating a cushioning force that dissipates the energy of the crash by distributing it over the larger surface area of the bag. The entire process of sensing and deploying the air bag has to take place in 20 to 30 milliseconds, by which time your head has already moved forward five inches. Air bags have been saving lives since 1973, when General Motors produced 1,000 Chevrolet Impalas equipped with air bags as an option. According to Byron Bloch, an auto-safety expert who has long campaigned for better air bags, Chevy produced a good one: a dual-pressure system that protected children from a fully powered air bag’s potentially lethal force. GM was satisfied with the technology—the concept was patented in 1953—and Bloch said the company was ready to expand the program. ‘We were going to have dual-pressure air bags phased in the ’74—’75 model year,’ he says. Instead, air bags disappeared for nearly 20 years. Why? The Big Three auto companies, led by Ford boss Henry Ford II and his deputy Lee Iacocca, convinced President Richard Nixon that air bags wouldn’t be cost-effective. The pressure on the Big Three to offer air bags ultimately came from smaller competitors, like Volvo, that made air bags standard equipment. With consumers clamoring for protection, Congress made air bags mandatory as of September 1998. The design and testing standards of these late-1990s air bags, however, would not make them better than the ones GM used in the early 1970s. When two elderly women were killed by air bags in the early ’90s, it was a lethal indication that there were flaws. ‘The elderly die very easily in car crashes,’ says Fariello, who has been a paid expert witness for both plaintiffs and defendants in injury lawsuits. The force of the deployed air bag, even in low-speed fender benders, was causing fatal chest and brain injuries. Short women were being injured because they moved their seats forward to reach the gas and brake pedals. As a result, their faces were within 10 in. of the steering wheel, which experts say is the minimum safety margin. Auto-industry safety organizations, consumer groups, the Society of Automotive Engineers, NHTSA and the Insurance Institute for Highway Safety have debated test conditions for decades. NHTSA’s frontal tests are run at 35 m.p.h. (56 km/h) into a rigid barrier using a crash-test dummy optimized for a 50th-percentile male—about 172 lb. and 5 ft. 9 in. (78 kg and 175 cm). Yet most crashes happen at speeds below 35 m.p.h., and they involve all kinds of people, objects and crash angles. Hitting a pole is different from hitting a wall or another vehicle. The test method meant that passengers who weren’t perfectly average were ‘out of position,’ in the vernacular of crash analysis. ‘If you are not a 50th-percentile male, something else happens,’ says Fariello. Something very bad, it turned out, happens to women and children. According to NHTSA’s data, air bags killed 191 children from 1990 to 2009, as well as 39 women who were 5 ft. 2 in. (157 cm) or shorter. ‘In the real world, crashes occur in all different directions, but we still need some standard test procedures to design around. The question is, What proportion of real-world crashes have you covered?’ says Priya Prasad, a safety consultant and expert in injury biomechanics who was formerly Ford’s top safety scientist. It would take several years of debate before NHTSA added a fifth-percentile female crash dummy to the test. There’s no question that air bags can and do save lives, especially in combination with advanced seat belts. But frontal-air-bag performance hasn’t changed significantly in recent years, says Professor Richard Kent. He is deputy director of the Center for Applied Biomechanics at the University of Virginia, which does testing for the government and other institutions. The adoption of advanced air bags that depower in low-speed crashes, mandatory since 2006, and moving kids out of the front seat and into backseat restraints marked the last big survivability improvements. ‘As far as injury effectiveness, there’s no reason to think it’s substantially different than what it was five years ago,’ he says. How Good Are Air Bags Anyway? But the bottom line on air bags is that their contribution to an accident’s survivability has always been incremental. Seat belts are the first and most important line of defense. Studies show that if you wear a seat belt, you have about a 45% greater chance of surviving a potentially lethal crash. Adding an air bag improves that figure to 50%, with a margin for error in both cases. According to NHTSA, frontal air bags saved 2,213 lives in 2012, but seat belts saved 12,174 lives, more than five times as many. Keep in mind that 33,561 highway deaths were recorded in 2012. If you crash at a high speed and aren’t wearing a seat belt, having an air bag in the car is as useful as having a balloon. Can air bags get better? ‘In my opinion, air-bag technology is mature. It has sort of done what it is supposed to do,’ says Kent. There’s more promise in advances elsewhere. Electronic stability control, for instance, is reducing rollovers, which are particularly lethal. More advanced seat belts and sensors offer even more possibilities. By sensing the weight and position of occupants, and whether they are belted, belts work with air bags first to pretension (that is, tighten) the shoulder strap and then let it unspool to apply the minimum force needed to restrain passengers without injuring their ribs or thorax, with the air bag arriving to cushion the head. That’s particularly important for the increasing number of older drivers, who suffer a disproportionate number of chest injuries. It might be possible, says Prasad, to move to a smarter three-stage air-bag system. More likely, he says, is that black-box data recorders now in every car combined with newer anticollision warning and braking systems will improve the margin of safety. ‘You will be able to predict what type of crash. And once you start predicting, you could fire an air bag before the crash.’ Ultimately, self-driving cars may render the whole driver-safety issue moot. But that could take a decade or even two. In the meantime, there are still a lot of old cars out there. Fariello recommends that you follow the New York State transportation department’s advice and hold the wheel in the 9 and 3 o’clock position, as opposed to the 10 and 2 that many people were taught. If you are short, consider pedal extenders to keep your face at least 10 in. (25 cm) from the wheel. And as far as car sizes go, in a collision big beats small. Newton’s laws won’t have it any other way. Fariello, Bloch and others are concerned that overweight people still face greater danger. Current testing hasn’t accounted for them. According to Humanetics, a company that makes crash-test dummies, obese people are 78% more likely to die in crashes than average-weight people. The company is developing a test dummy that is 273 lb. (124 kg), with a body mass index of 35. There is no precaution that protects you if your air bag becomes a weapon, as has happened in some of the Takata incidents. Bloch, a longtime advocate for safer air bags, believes carmakers should disclose the air-bag supplier for each model. Some inflate in a basketball shape, while others are pillow shaped, which is better. Some have tethers that limit the distance they can travel, which is potentially less damaging. Amid all this sobering news, it’s worth noting that the death rate on U.S. roads is declining—it has fallen 23% since 2005 and should decrease again this year—and seat-belt usage is at a record high. We’re a lot safer—and will be even more so when the defective air bags are fixed. HOW AIR BAGS WORK THEY DEPLOY ONLY IN CERTAIN CRASH CONDITIONS. DEFECTS CAN HARM THE VEHICLE’S OCCUPANTS [This article consists of 3 illustrations. Please see hardcopy of magazine or PDF.] IMPACT Sensors in your car detect the pulse of impact as well as the position of occupants, sending signals to the electronic control unit in the middle of the car. An algorithm decides whether to deploy the air bags and at what force—full or partial power. PROPELLANT STEERING COLUMN FOLDED AIR BAG IGNITER INFLATOR DEPLOYMENT Air-bag inflators are small metal containers that hold an igniter and a propellant. In a crash, the ignited propellant triggers a chemical reaction that produces nitrogen gas, which fills the bag rapidly. NITROGEN GAS WHAT GOES WRONG Takata’s propellant, ammonium nitrate tablets, may be degrading over time, particularly in humid climates. This could cause a violent reaction in a crash, in which the force blasts apart the inflator, causing injuries or death. 8—14 M.P.H. Minimum crash speed (13—23 km/h) that could cause an air bag to deploy 2,213 Lives saved by air bags in the U.S. in 2012 AFTER A CRASH, IT TAKES: 0.02 SECONDS for an air bag to deploy 0.06 SECONDS for the passenger to hit the air bag

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Managerial economics an strategic analysisAnswers 1Bids 1Other questions 10

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This week’s paper is required to be approximately 4 -6 pages in length, not including the title page and the reference page.    No paper should be fewer than 1400 words.   Double space your work, cite your work, limit quotes, and edit your work well for spelling, grammar, and punctuation errors.   If you have quotes included in your paper, you should have more than 1400 words to compensate.   Your work will be automatically reviewed by Turnitin upon submission.   Please make sure you have cited your work properly.  Utilize the APA resource material provided in the lessons section of the classroom under course materials.    After reading chapters 9 & 10 from week 6 and reading chapters 11 & 12 from week 7 you should have an understanding of the  types of strategic control, the need for balance between rewards, culture, and boundaries, the pros and cons of different organizational structures, the elements of effective leadership, ethics programs, the types of risk a company may take.   After reading the attached articles below, you then can incorporate all of these strategies with the managerial economic impact certain decisions will have on a company. Read the two articles attached about managerial economics.     Discuss six selected topics from our studies throughout weeks six and seven (chapters 9 – 12)(HERE THEY ARE:  building a strong and effective culture; setting boundaries and constraints; creating an effective structure;  creating an ethical organization; staffing to capture value from innovation;; motivating with rewards in incentives;  Discuss these six topics in relation to your company and also incorporate the issue of managerial economics within your company and how the economic situation of today influences the strategic decisions your company is making.  Each of the six topics discussed should be in bold print.  For example, one topic you may choose may be how your company attains balance between culture, rewards, and boundaries.  Another topic may be your company’s organizational structure and why they have the structure they have.     Give examples using the terms and concepts in your textbook and your research articles. (Terms to choose from from text: strategic control,traditional approach to strategic control informational control,behavioral control,organizational culture reward system,boundaries and constraints,corporate governance corporation,agency theory,board of directorsshareholder activism external governance control mechanisms,market for corporate control,takeover constraint,principal-principal conflicts,expropriation of minority shareholders,business groups,organizational structure,simple organizational structure,functional organizational structure,divisional organizational structure,strategic business unit (SBU) structure,holding company structure,matrix organizational structure,international division structure,geographic-area division structure,worldwide matrix structure,worldwide functional structure,worldwide product division structure,global start-up,boundaryless organizational designs,barrier-free organization,modular organization,virtual organization,horizontal organizational structures,adaptability,alignment,ambidextrous organizational designs,     B. What is the importance of each of the six topics within your company?   C. What is the usefulness of understanding this topic in today’s corporate structure?    D. How does managerial economics fit into your topic?   Paper Format (no abstract is necessary):   -Title Page – Include a title page with your name, student number, title of your paper, course number, course name, & date. -Introductory Paragraph – Include an introductory paragraph that states your company and your six topics and why you selected them. -Font and Spacing – Use Times New Roman 12 pitch font with double-spaced lines. -Length – Write a 4 to 6 page essay not including the title page and citation page. Make sure you have at least 1400 words, not including the title and reference page.  -Reference Page – Include all sources including your textbook on a separate reference page.  Use references with authors, not websites. All references must have citations within your paper.   -Utilize the APA Style for documenting sources. You will need to include at least 2 sources in additional to your textbooks.   – Finally, remember Wikipedia is NOT a scholarly source. Punctuation, essay format (thesis, supporting paragraphs with transition and topic sentences, and summary) grammar and documentation count toward your grade.    THE CASINO INDUSTRY* On February 21, 2013, Revel, the only new casino built in Atlantic City in almost a decade, was preparing to file for bankruptcy. The $2.4 billion megaresort built on 20 acres of beachfront had opened only eight months earlier. “We will continue to improve customer service and roll out new amenities for our guests,” said Kevin DeSanctis, the casino’s chief executive officer.1 The fate of the Revel has reflected the effect of the recent economic crunch on casinos, particularly in places like Las Vegas and Atlantic City, as people have been forced to cut back on their spending. Even as casinos struggle to show profits, there are growing concerns about the growth potential of places such as Las Vegas and Atlantic City over the longer term (see Exhibit 1). The economic slowdown forced potential visitors to put off their travel plans and find some type of casino activity closer to where they live. As economic conditions improve, it is not clear how many of these patrons will return to these two major casino destinations. With some form of casino now allowed in over half of the states (see Exhibit 2), competition is developing all over EXHIBIT 1 U.S. Casino Industry Gaming Revenues*  Billions of Dollars2012†36.71201135.64201034.60200934.28200836.22200737.52200635.27200532.77200431.17200328.72200228.07 * Gaming revenues include the amount of money won by casinos from various gaming activities such as slot machines, table games, and sports betting. † 2012 figure is author estimate, based on recent industry trends. Source: State Gaming Regulatory Agencies * Case developed by Professor Jamal Shamsie, Michigan State University, with the assistance of Professor Alan B. Eisner, Pace University. Material has been drawn from published sources to be used for purposes of class discussion. Copyright © 2013 Jamal Shamsie and Alan B. Eisner. EXHIBIT 2 Breakdown of Gaming Revenues by State, 2012 StateRevenue (billions of dollars)Number and Type of CasinosNEVADA10.70*256 land-basedNEW JERSEY3.32†11 land-basedINDIANA2.721 land-based, 10 riverboats, 2 racetrack casinosMISSISSIPPI2.2430 land-based docksideLOUISANA2.371 land-based, 13 riverboats, 4 racetrack casinosPENNSYLVANIA3.024 land-based, 6 racetrack casinosMISSOURI1.8112 riverboatsILLINOIS1.4810 riverboatsIOWA1.427 land-based, 7 riverboats, 3 racetrack casinosMICHIGAN‡1.423 land-basedNEW YORK1.269 racetrack casinosWEST VIRGINIA0.964 racetrack casinosCOLORADO0.7540 land-basedDELAWARE0.553 racetrack casinosRHODE ISLAND0.512 racetrack casinosNEW MEXICO0.255 racetrack casinosFLORIDA0.385 racetrack casinosSOUTH DAKOTA§0.1035 land-based (limited stakes)OKLAHOMA0.102 racetrack casinosMAINE0.061 racetrack casinoKANSAS0.052 land-based * $5.50 billion of this revenue comes from the Las Vegas strip. † All of this revenue comes from Atlantic City. ‡ All of this revenue comes from Detroit. § All of this revenue comes from Deadwood.   Source: 2012 AGA Survey of Casino Entertainment. C12 the country, led by riverboat casinos and Native American casinos (see Exhibit 3). Similar concerns are being raised about the growth of competition in various locations outside the United States. Over the years, casinos have been developed in various parts of Europe and Asia, and these compete for the high rollers who have been frequent visitors to Las Vegas and Atlantic City in the past. In 2007, Macau replaced Las Vegas as the leading casino gambling center, after the opening of Sands Macao, Macau’s first Las Vegas-style casino, three years ago. Other Las Vegas-based casinos have also entered this market with lavish properties, such as MGM Macau and Wynn Macau. EXHIBIT 3 States With Native American Casinos, 2012 StateNumber of CasinosAlabama3Alaska2Arizona25California70Colorado2Connecticut2Florida8Idaho8Iowa1Kansas4Louisiana3Michigan24Minnesota38Mississippi3Missouri1Montana13Nebraska6Nevada3New Mexico22New York7North Carolina2North Dakota10Oklahoma114Oregon9South Dakota11Texas1Washington34Wisconsin29Wyoming4   Source: 2012 AGA Survey of Casino Entertainment. For years, casinos in Las Vegas and Atlantic City have fought back by developing extravagant new properties. But it has been harder to obtain financing as the latest additions, such as the Revel in Atlantic City and the Palazzo in Las Vegas, have failed to draw enough clients. MGM Mirage had to search for new partners to push ahead with its ambitious City Center, which was completed in 2012, although work on one of the luxury hotel towers has been abandoned. Covering 67 acres, this $8.5 billion minicity includes luxury hotels, condominium units, a convention center, and retail space. Most indicative of the downturn in Las Vegas is the half-completed Echelon Place, on which work has been suspended since 2009. At more than $4 billion, the 5,000-room hotel and retail complex was expected to be far more expensive than the previous record for a single casino, which was set when Steve Wynn built his $2.7 billion Wynn Las Vegas. “The last four or five years showed our dependence on the national economy. We always knew it, but this is the first time it really hit us,” said Billy Vassiliadis, the head of an advertising agency that represents the Las Vegas Convention and Visitors Authority.2 Riding the Growth Wave Although some form of gambling in the United States can been traced back to colonial times, the recent advent of casinos began with the legalization of gaming in Nevada in 1931. For many years, this was the only state in which casinos were allowed. As a result, Nevada still retains its status as the state with the highest revenues from casinos, with annual gambling revenues rising to over $10 billion by 2004. After New Jersey passed laws in 1976 to allow gambling in Atlantic City, the large population on the East Coast gained easier access to casinos. The further growth of casinos to other areas has occurred since 1988, as more and more states have legalized the operation of casinos because of their ability to help generate commercial activity and create jobs, in large part by increasing tourism. The greatest growth has come in the form of waterborne casinos that have begun to operate in six states that have allowed casinos to develop at waterfronts such as rivers and lakes. By 2012, over 80 such casinos were generating about $10 billion in annual revenues. Several of the casinos along the Gulf Coast were destroyed or severely damaged by Hurricane Katrina. To encourage casinos to rebuild, Mississippi lawmakers passed a law in 2005 allowing casinos to operate up to 800 feet from the shore, allowing them to have a stronger foundation to withstand future hurricanes. Most of the damaged casinos in the area had reopened by early 2007. C13 As casinos have spread to more states, there has also been a growing tendency to regard casino gambling as an acceptable form of entertainment for a night out. Although casinos have tended to draw players from all demographic segments, a recent national survey found that their median age was 47 and their median household income was around $50,000. On the whole, casino gamblers tended to be better educated and more affluent than those who bought lottery tickets. In fact, the bigger casinos attracted a high-roller segment, which could stake millions of dollars and included players from all over the world. Many of the casinos worked hard to obtain the business of this market segment, despite the risk that the sustained winning streak of a single player could significantly weaken the earnings for a particular quarter. The growth of casino gambling has also been driven by the significantly better payouts that they give players compared with other forms of gambling. Based on industry estimates, casinos typically keep less than $5 of every $100 that is wagered. This compares favorably with racetrack betting, which holds back over $20 of every $100 that is wagered, and with state-run lotteries, which usually keep about $45 of every $100 that is spent on tickets. Such comparisons can be somewhat misleading, however, because winnings are put back into play in casinos much faster than they are in other forms of gaming. This provides a casino with more opportunities to win from a customer, largely offsetting its lower retention rate. Finally, most of the growth in casino revenues has come from the growing popularity of slot machines. These coin-operated slot machines typically account for almost two-thirds of all casino gaming revenues (see Exhibit 4). A major reason for their popularity is that it is easier for prospective gamblers to feed a slot machine than to learn the nuances of various table games. Slot machines were also less labor intensive than table games. Major slot machine manufacturers, such as International Game Technology, have been making the transition to cashless or coin-free gaming by switching to the use of tickets. With the advent of new technology, server-based gaming will allow games on these machines to be changed or updated from a central system.   EXHIBIT 4 Top Five Favorite Casino Games, 2012 Game Slot machines53%Blackjack23%Poker7%Roulette3%Craps3% Betting on a Few Locations Although casinos have spread across much of the country, two cities still dominate the casino business. Both Las Vegas and Atlantic City have seen a spectacular growth in casino gaming revenues over the years. Although Las Vegas has far more hotel casinos, each of the dozen casinos in Atlantic City typically generates much higher revenues. Over the last couple of decades, these two locations accounted for almost a third of the total revenues generated by all forms of casinos throughout the United States. Las Vegas clearly acts as a magnet for the overnight casino gamblers, offering several high-end casino hotels with many choices for fine dining, great shopping, and top-notch entertainment. This allows the casinos to generate revenues from offering a wide selection of activities apart from gambling. At MGM Mirage, for example, revenue from nongaming activities has typically accounted for almost 60 percent of net revenue in recent years. Visitors find it easy to travel to Las Vegas, as it is linked by air to many major cities both in the United States and around the world. During the 1990s, Las Vegas tried to become more receptive to families, with attractions such as circus performances, animal reserves, and pirate battles. But the city has been very successful with its recent return to its sinful roots, with a stronger focus on topless shows, hot night clubs, and other adult offerings that have been highlighted by the new advertising slogan: “What happens in Vegas, stays in Vegas.” Paul Cappelli, who creates advertising messages, believes that Las Vegas lost its way with the effort to become family friendly. “People don’t see Vegas as Jellystone Park. They don’t want to go there with a picnic basket,” he explained.3 For the most part, Las Vegas has continued to show a consistent pattern of growth in visitors. “We still compete with Orlando and New York,” said Terry Jicinsky, head of marketing for the Las Vegas Convention and Visitors Authority. “But based on overnight visitors, we’re the top destination in North America.”4 In order to accommodate this growth, several of the major resorts, such as Bellagio, Venetian, and Mandalay Bay, have added new wings. Even some of the older properties have been given expensive renovations, such as Caesars Palace, which was expanded to include a new Colosseum and a new Roman Plaza. By comparison, Atlantic City cannot compete with Las Vegas in terms of the broad range of dining, shopping, and entertainment choices. It does, however, offer a beach and a boardwalk, along which its dozen large casino hotels are lined. Atlantic City attracts gamblers from various cities in the Northeast, many of whom arrive by charter bus and stay for less than a day. Atlantic City officials point out that one-quarter of the nation’s population lives sufficiently close so that they can drive there with just one tank of gas. The opening of the much-ballyhooed Revel was part of a drive to try and make Atlantic City much more competitive with Las Vegas. But it failed to replicate the success of (Dess C11-C14) Dess, Gregory, G.T. Lumpkin, Alan Eisner, Gerry McNamara. Strategic Management: Text and Cases, 7th Edition. McGraw-Hill Learning Solutions, 09/2013. VitalBook file. The citation provided is a guideline. Please check each citation for accuracy before use.

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This is a discussion with 1 answer for each PART not one answer. I need up to date references.200 words for each part.Answers 1Bids 1Other questions 10

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‘Time Value of Money and Bond Valuation’  Please respond to the following:Examine the concept of time value of money in relation to corporate managers. Propose two (2) methods in which time value of money can help corporate managers in general.Examine the pros and cons of a sinking fund from the viewpoint of both a firm and its bondholders. Determine the fundamental manner in which this knowledge could be helpful to a financial manager. Provide a rationale for your response. FIN 534 Week 3 Part 1: Time Value of MoneySlide 1IntroductionWelcome to Financial Management. In this lesson we will discuss the time value of money. Next slideSlide 2 Topics The following topics will be covered in this lesson: Timelines;Future values;Present values;Finding the interest rate, I;Finding the number of years, N;Annuities;Future value of an ordinary annuity;Future value of an annuity due;Present value of ordinary annuities and annuities due;Finding annuity payments, periods, and interest rates;Perpetuities;Uneven, or irregular, cash flows;Future value of an uneven cash flow stream;Solving for I with irregular cash flows;Semiannual and other compounding periods;Fractional time periods;Amortized loans; and,Growing annuities. Next slideSlide 3TimelinesRecall, the primary objective of financial management is to maximize the value of the firm’s stock.  Moreover, the value of the firm’s stock depends in part on the timing of the cash flows investors expect to receive from investing in the firm.  Hence, it is very important that the financial manager have an understanding of the time value of money and how it impacts the firm’s stock price.  Time value of money is also referred to as discounted cash flow, or DCF, analysis.  As we study this concept it is important to remember that there is no other concept in finance that is more important than time value of money or DCF. When we analyze time value of money it is important to draw a timeline because this helps us visualize what is happening in a particular problem and helps us solve the problem. Consider the timeline shown on the slide. Time zero is today;  Time one is one from today, or the end of period one;  Time two is two time periods from today, or the end of period two and so on.   Many times the periods are measured in years, but that is not a requirement.  Time can be measured in semiannual periods, quarters, months, or days.  Look that time period one.  The tick mark at time one represents the end of period one and it also represents the beginning of time two since time one has just passed.  Cash flows are placed directly underneath the tick marks.  Suppose a lump sum or single amount of cash outflow in the amount of one hundred dollars is invested at time zero.  The five percent is the interest rate for each of the three time periods.  Look at time period three.  At time three the cash flow is unknown.  Note that in time periods one and two there are no cash flows and the interest rate is constant for all three time periods. Next slideSlide 4Future ValuesA dollar today is worth more than a dollar in the future primarily because of inflation.  We refer to the value of a dollar today as present value or PV.  If we invest money today at some interest rate we refer to the value received in the future as the future value or FV.  The process of going from present value to future value is referred to as compounding.  I is the interest rate the bank pays on the account each year.  INT is the dollar amount of interest earned during the year. We calculate this amount by multiplying the beginning amount by I.  Therefore, INT equals PV times I.  FV sub N is the future value, or ending amount, in the account at the end of N years.  PV is the value today but FV sub N is the value N years in the future after the interest earned is added to the account.  There are four ways we can solve this problem.  First we can use a step by step approach.  This method requires that we calculate the future value for each year and then sum the results. The second method we can use is called the formula approach.  The formula approach uses a mathematical equation to solve time value of money problems.  In general, FV sub N equals PV times one plus I raised to the Nth power.  Next we can use a financial calculator to solve time valued money problems.  Financial calculators have five keys corresponding to the five variables in the time value equations:Specifically, N is the number of time periods;  I divided by YR is the interest rate per period;  PV is the present value and since we began by making a deposit this number is an outflow and must have a minus sign in front of it;  PMT is the payment –this key is used only if there is a series of equal payments; in our example this value should be entered as a zero; and FV is future value which is automatically determined by the calculator.   The last method we can use to solve a time value of money problem is an Excel spreadsheet.  To calculate future value we locate the FV function which is given by FV.  This formula calculates the FV.  We can set up this formula by using either numbers or cell references from an Excel spreadsheet and the results are the same.  Using spreadsheets to solve a time value money problems has two advantages over the other methods.  First, it is easy to verify the inputs.  Second the analysis is more transparent.Recall when interest is earned on interest earned in prior periods it is referred to as compound interest.  If instead interest is earned solely on the principal it is referred to as simple interest.  Mathematically with simple interest is total interest is given by PV times I times N or principal times interest times the number of time periods.  Then the future value equals PV plus PV times I times N.   Next slideSlide 5Present ValuesPresent value is the opposite of future value.  To see that this is true consider the following example. Assume we have money to invest and a broker offers to sell us a bond that pays one hundred fifteen dollars and seventy-six cents in three years.  Assume that banks offer a three year certificate of deposit, or CD, at five percent and if you don’t purchase the bond you’ll purchase the CD.  The five percent paid on the CD is called the opportunity cost or the rate of return we would earn on a different investment of similar risk.  We want to know how much we should pay for the bond today.  To determine this amount we must calculate the present value which means we are discounting a future sum.  Recall, to find FV we use the formula FV sub N equals PV times the quantity one plus I raised to the Nth power.  To find the PV we rearrange the formula and find that PV equals FV sub N divided by the quantity one plus I raised to the Nth power.  We know FV sub N equals one hundred fifteen dollars and seventy-six cents and I equals five percent.  Then PV equals one hundred fifteen dollars and seventy-six cents divided by one point zero five cubed which equals one hundred dollars.  This amount is referred to as the fair price of the bond.  If we could purchase the bond for less than one hundred dollars we should buy the bond instead of the CD.  If we must pay more than one hundred dollars for the bond we should purchase the CD.  If the price of the bond is exactly one hundred dollars we are in different between the bond and the CD.  The one hundred dollars is the present value of one hundred fifteen dollars and seventy-six cents due in three years when the interest rate is five percent.  It is important to remember that time value of money problems can be solved using more than one method.  Additionally always keep in mind that the goal of financial management is to maximize the company’s intrinsic or fundamental value.  This value is the present value of the firm’s expected future cash flows.Next slideSlide 6Finding the Interest Rate, ISo far we’ve calculated FV and PV.  But notice that the equation has four variables.  If we know the values of three of the variables we can easily calculate the fourth.  Note that the variables are PV, FV, I, and N.  Suppose we know the values for TV, FV and N and we want to find I.  How do we do this?  Now we know PV, FV, N, and must determine I.  To calculate I we solve the following equation: FV equals PV times the quantity one plus I raised to the Nth power.  We should use either a financial calculator or the RATE function in Excel to solve the problem since any other method would prove to be very difficult and very time-consuming. Next slideSlide 7Finding the Number of Years, NNow suppose we have five hundred thousand dollars to invest when the interest is four point five percent.  We want to calculate how long it will take five hundred thousand dollars to accumulate to one million dollars.  To determine N we solve the following the equation: One million dollars equals five hundred thousand dollars times the quantity one plus zero point zero four five raised to the Nth power.  We can solve for N by using a financial calculator, the NPER function in Excel or by working with natural logarithms using natural logarithms. Regardless of the method used, the result is the same.Next slideSlide 8AnnuitiesAn annuity is a series of equal payments made at fixed intervals.  If the payments are made at the end of each period the annuity is called an ordinary annuity or deferred annuity.  If the payments are made at the beginning of each period the annuity is called an annuity due.  In finance ordinary annuities are more common than annuities due.  It is important to observe that in the case of an annuity due, each payment is shifted back one time period.Next slideSlide 9Check Your Understanding  Slide 10Future Value of an Ordinary AnnuitySuppose we have an ordinary annuity where we deposit one hundred dollars at the end of each year for three years and earn five percent per year.  We want to calculate the future value of the annuity or FVA sub N.  To solve for FVA sub N we can use a step by step formula approach, a financial calculator or the FV function in Excel.  If we use the step by step approach we set up the problem in the following way:  FVA sub N equals PMT times the quantity one plus I raised to the N minus one power plus PMT times the quantity one plus I raise to the N minus two power plus PMT times a quantity one plus I raised to the N minus three power.   This equation tells us that the first payment earns interest for two periods, the second for one period, and the third earns no interest because the payment is made at the end of the annuity’s life.  It follows that FVA sub N equals one hundred dollars times one point zero five squared plus one hundred dollars times one point zero five plus one hundred dollars which equals three hundred fifteen dollars and twenty-five cents.  In general, the future value of an annuity is given by FVA sub N equals PMT times the quantity one plus I raised to Nth power divided by I minus one divided by I.  Next slideSlide 11Future Value of an Annuity DueThe future value of an annuity due is larger than that of an ordinary annuity because in the case of an annuity due payments are made at the beginning of each time period and for this reason each payment occurs one period earlier and therefore the payment earns interest for one additional period. These types of problems are solved by using either a financial calculator where we set the calculator to begin mode or the FV function in Excel where we set Type equal to one. Additionally, FVA sub due equals FVA sub ordinary times the quantity one plus I. Next slideSlide 12Present Value of Ordinary Annuities and Annuities DueTo calculate the present value of an annuity, with PVA sub N we can use the step by step approach, the formula approach, a financial calculator, or the spreadsheet method. Let’s look at the present value of an ordinary annuity.  The PV of an ordinary annuity can be written as PVA sub N equals PMT times the quantity one divided by I minus I divided by I times the quantity one plus I raised to the Nth power.  Additionally, we can use a financial calculator or the PV function in Excel to solve this problem.   If instead we want to calculate PVA sub due we can use the following formula:  PVA sub due equals PVA sub ordinary times one plus I.  We use this formula because each payment occurs one period earlier.   Next slideSlide 13Finding Annuity Payments, Periods, and Interest RatesAssume we need ten thousand dollars in five years.  If we earn six percent interest per year on our money.  How much must we deposit to earn this amount?  In other words, we need to calculate PMT.  We know that FV equals ten thousand dollars, PV equals zero, N equals five and I equals six percent.  We can use either a financial calculator or the PMT function in Excel to solve this problem.  In the case of an ordinary annuity we would need to deposit seventeen hundred seventy three dollars and ninety-six cents per year.  In the case of an annuity due we would need to deposit sixteen hundred seventy-three dollars and fifty-five cents at the beginning of each year. Continuing with our example, assume we need ten thousand dollars and decide to make end of year deposits but can only deposit twelve hundred dollars per year.  Assuming we earn six percent per year how long would it take to accumulate ten thousand dollars?   In this case it is not advisable to use the step by step approach since it would require a trial and error procedure to determine N or I for that matter.  Hence, we should use either a financial calculator or the NPER function in Excel.  It turns out that N equals six point nine six years.  If instead we make deposits at the beginning of each time period and equals six point six three years. Now assume we save twelve hundred dollars annually but need ten thousand dollars in five years.  We need to calculate the rate of return we have to earn in order to achieve our goal.  In this case we should use either a financial calculator or the RATE function in Excel.  It turns out we would have to earn twenty-five point seventy-eight percent on our deposits to accumulate ten thousand dollars by the end of five years! Next slideSlide 14PerpetuitiesA perpetuity is a bond that promises to pay interest forever.  Sometimes perpetuities are called consols.  To find the PV of a perpetuity we use the following formula: PV for a perpetuity equals PMT divided by I.  Assume a consol or perpetuity pays twenty-five dollars per year and the going interest rate is two point five percent.  In this case the original value or present value of the consol is given by twenty-five dollars divided by zero point zero two five which equals one thousand dollars.  What happens to the original value of the console if the interest rate increases to five point two percent?   Now the PV of the perpetuity equals twenty-five dollars divided by zero point zero five two which equals four hundred eighty dollars and seventy-seven cents.  If instead, the interest rate drops to two percent the present value of the consol is twenty-five dollars divided by zero point zero two which equals one thousand two hundred fifty dollars.  These examples illustrate a very important point about the relationship between bonds and interest rates.  Specifically there is an inverse relationship between the price of outstanding bonds and interest rates.  Hence if interest rates rise, the price of outstanding bonds decline and if interest rates decline the price of outstanding bonds increases.  This rule holds true for both consols and bonds with finite maturities. Next slideSlide 15Uneven, or Irregular, Cash FlowsRecall the definition of an annuity requires that the payments are identical over a given number periods.  Many times financial decisions involve uneven or irregular cash flows.  When we work with uneven or irregular cash flows we label them CF sub t where t denotes the period in which the cash flow occurs.  There are two types of uneven cash flows that are important in finance.  The first is one in which the cash flows stream is composed of a series of annuity payments plus a lump sum paid in year N.  A bond is an example of this type of uneven cash flow. The second is one in which all the cash flows are uneven.  Stocks and capital investments are examples of this type of uneven cash flow.   To solve problems in which we have an annuity payment plus a lump sum we use the following formula:  PV equals summation t equal one to T CF sub T divided by the quantity one plus I raised to the tth power. Solving problem like these is a two-step process. First we calculate the present value of the annuity. Then, we calculate the present value of the final payment. Last we add these numbers together to find a present value of the income stream.  To calculate these values we can use a financial calculator or the PV function in Excel. In cases where the cash flows are all uneven, we can use a step by step approach, a financial calculator, or the NPV function in Excel.  If we use a financial calculator we must remember that the cash flows must be entered into the cash flow register in order to solve the problem. Next slideSlide 16Future Value of an Uneven Cash Flow StreamNow let’s look at how to calculate the future value of stream of uneven cash flows. Sometimes this value is referred to as the terminal or horizon value.  We calculate it by compounding each payment to the end of the term and then adding them together.  The mathematical equation we use to calculate the future value has the form FV equals summation from t equals zero to N CF sub t times the quantity one plus I raised to the N minus t power.  Alternatively, we can use a financial calculator or Excel.   If we use Excel, calculating the FV is a two-step process.  First we use the NPV function to calculate NPV.  Second, we use the FV function to compound the NPV to obtain the future value. Next slideSlide 17Solving for I with Irregular Cash FlowsNow let’s look at how to determine I if we know the values of the other inputs.  If we have an annuity plus a lump sum it’s easy to determine I.  However it is considerably more difficult to determine I if we have irregular or uneven cash flows.  When all cash flows are irregular or uneven we use a financial calculator the internal rate of return, or IRR function in Excel to solve this problem.  Using a financial calculator requires that we enter the cash flows into the cash flow register and press the IRR key to obtain the value for I. This is also called the rate of return on the investment.  Additionally it is important to remember that the initial investment at t equals zero must be entered as a negative number since it is a cash outflow.Next slideSlide 18Semiannual and Other Compounding PeriodsUp to this point we assumed that interest has compounded annually.  This is referred to as annual compounding.  Assume we deposit one hundred thousand dollars into a bank account.   The interest paid on the deposit is six percent but it is paid every six months.  This is referred to as semiannual compounding.  If we leave the funds in the account how much will we have at the end of year one?   Since the bank pays six percent interest we receive sixty dollars at the end of one year.  We receive thirty dollars at the end of six months and another thirty dollars at the end of the year.  With semiannual compounding we earn interest on the first thirty dollars during the second six month period.  For this reason, the total amount of interest earned is more than sixty dollars.  Interest can also be paid quarterly, monthly, weekly or daily.  It is very important to understand nonannual compounding because many financial instruments pay or charge interest on a nonannual basis. If interest is not compounded on an annual basis we must deal with four types of interest rates, namely, nominal annual rates, I sub NOM, annual percentage rates, APR, periodic rates, I sub per, and effective annual rates, EAR or EFF percent.  The nominal or quoted rate, I sub NOM is the rate quoted by bankers, brokers, and other financial institutions.  Additionally, when the nominal rate is quoted it must include the number of confounding periods per year.  The nominal rate is never shown on a timeline, nor is it entered into a financial calculator unless compounding occurs only once per year. The periodic rate, I sub PER is the rate charged by a lender or paid by a borrower each period.  We calculate the periodic rate using the formula I sub PER equals I sub NOM divided by M where I sub NOM is the nominal annual rate and M is the number of compounding periods per year.  Hence, a six percent nominal rate with semiannual payments yields a periodic rate of I sub PER equals zero point zero six divided by two which equals zero point zero three. The periodic rate is the rate shown on timelines and used in calculations.   The effective annual rate EAR or EFF percent is the annual rate that yields the same result as compounding at the periodic rate for M times per year.  This rate is determined using the following equation: EAR equals EFF percent equals the quantity one plus I sub NOM divided by M raised to the M power minus one where I sub NOM divided by M is the periodic rate and M is the number of periods per year.  The EFF percent is used to compare the effect of costs on loans or rates of return on investments when the payment periods are different.  They’re rarely used in calculations. Next slideSlide 19Fractional Time PeriodsSo far we’ve assumed that payments occur either at the beginning or at the end of the time periods but not within the time periods.  Solving these types of problems is three-step process.   First, we calculate the periodic rate which yields the interest rate paid per day.  Second, we calculate the number of days the money will be invested.  Last, we calculate the final value.Next slideSlide 20Amortized LoansA very important application of compound interest is in the case of installment loans which are paid overtime.  These loans are repaid in equal amounts on a monthly quarterly or annual basis and are referred to as amortized loans.  Problems like these require that we determine PMT and we solve them by using either a financial calculator or the PMT function in Excel.  Each payment is broken into two parts, that part which is interest and the second part which is a repayment of principal.  This breakdown is typically shown in an amortization schedule. Next slideSlide 21Growing AnnuitiesA growing annuity is a series of payments that grows a constant rate.  One example of a growing annuity is a situation, in which an individual wants to determine the maximum constant real or inflation-adjusted withdrawals he or she can make over a given number of years.  There are two ways in which to solve this problem.  First we can set up a spreadsheet in Excel’s Goal Seek function which is found under the What If tab in the program.  Second, we can use a financial calculator.  If we use a financial calculator we must first calculate the expected real rate of interest. Using the real rate of interest we can solve an annuity due problem.  There’s a third method which we could use to solve this problem however it is very complicated and time consuming to use.  The preferred method is either Excel or a financial calculator. Suppose instead we want to accumulate a certain sum over given time period.  We plan to make a deposit at time zero and then made nine more payments at the beginning of each of the next nine years.  If we know the interest rate earned on the deposit and the expected inflation rate, we can calculate the real rate of interest and the amount of the initial deposit.  In this case it is easier to use a financial calculator to solve the problem.  The key is to remember that all variables must be expressed in real not nominal terms.   Next slideSlide 22Check Your Understanding  Slide 23SummaryWe have now reached the end of this lesson. Let’s review what we’ve covered. First, we identified that the time value of money is an extremely important concept in the field of financed. This principle was demonstrated in the concept of timelines. Next, we continued with time value of money through an discussion on future values. Because of inflation, a dollar today is worth more than a dollar in the future. This lead to presenting four methods we can use to solve time value of money problems.  Then, we defined present value as the opposite of future value. To demonstrate we determined the possible amount on a bon by calculating the present value and allowing for discounting the future sum. This followed with identifying the interest rate and number of years and how they affect the future value of money. Also, we defined an annuity as a series of equal payments made at fixed intervals. If the payments are made at the end of each period the annuity is called an ordinary annuity or deferred annuity. Next, we discussed the future value and present value of ordinary and an annuity due. As an example, the future value of an annuity due is larger than that of an ordinary annuity because in the case of an annuity due payments are made at the beginning of each time period and for this reason each payments occurs one period earlier and therefore the payment earns interest for one additional period. Then, we defined perpetuities as a bond that promises to pay interest forever. At times, perpetuities are called consols. We examined some examples that illustrate a very important point about the relationship between bonds and interest rates. Also, we covered uneven or irregular cash flows. Many times financial decisions involve uneven or irregular cash flows. Solving problems related to cash flows we utilize several possible formulas. This included calculations for future value and solving for I with irregular cash flows.  Next, we learned about semiannual and other compounding periods. This followed with solving problems in fractional time periods. Finally, we discussed amortized loans and growing annuities. Amortized loans are a very important application of compound interest is in the case of installment loans which are paid overtime. These loans are repaid in equal amounts on a monthly quarterly or annual basis. Growing annuities are a series of payments that grows a constant rate. Excel provides a Goal Seek function as way to work through problems related to growing annuities. This concludes this lesson.  FIN 534 Week 3 Part 2: Bonds, Bond Valuation, and Interest Rates Slide 1IntroductionWelcome to Financial Management. In this lesson we will discuss the bonds, bond valuation, and interest rates. Next slideSlide 2TopicsThe following topics will be covered in this lesson: Who issues bonds;Key characteristics of bonds;Bond valuation;Changes in bond values over time;Bonds with semiannual coupons;Bond yields;The pre-tax cost of debt: determinants of market interest rates;The real risk-free rate of interest;The inflation premium;The nominal, or quoted, risk-free rate of interest;The default risk premium;The liquidity premium;The maturity risk premium;The term structure of interest rates;Financing with junk bonds; andBankruptcy and reorganization Next slideSlide 3Who issues bondsBy definition a bond is a long-term contract in which a borrower makes payments of interest and principal on specific dates to bondholders.  In general, there are four types of bonds.  Treasury bonds or government bonds are issued by the U.S. government and they have almost no default risk.  Bonds are also issued by Federal agencies like Fannie Mae and Freddie Mac.  Federal agencies and government sponsored entities, or GSE, like the Tennessee Valley authority and the small business administration issue bonds and their debt is referred to as GSE debt. Federal agency debt and GSE debt are not backed by the full faith and credit of the U. S. government. Corporations issue corporate bonds which are unlike Treasury bonds because they are exposed to default risk which is sometimes refer to as credit risk.  If the issuing company were to have financial problems they may not be able to pay the interest and principal on the bonds.  Depending upon the issuing company’s characteristics and terms of the specific bond, different corporates bonds have different levels of default risk. Municipal bonds or munis are issued by state and local governments.  While munis are subject to default risk, they have an advantage over corporate bonds because the interest earned on municipal bonds is exempt from Federal taxation and from state taxes if the bondholder is a resident of the issuing state. Foreign bonds are issued by foreign governments and foreign corporations.  These types of bonds are subject to default risk if the bond is denominated in a currency other than that of the investor’s home currency. Next slideSlide 4Key characteristics of bondsAll bonds have several key characteristics.  A bond’s par value is the face value of the bond which is usually one thousand dollars.  Bonds issued by a company usually require the company to pay a fixed number of dollars of interest usually every six months.  This is called the coupon payment and when divided by the par value yields a coupon interest rate.  Sometimes a bond coupon rate varies over time.  When this happens the bonds are referred to as floating-rate bonds.  In the case of a floating rate bond the coupon rate is set for about a six month.  Subsequently, the coupon rate is adjusted every six months based upon some market rate which could be the U.S. Treasury bond rate, the London Interbank Offered Rate or another rate. Bonds that don’t pay a coupon are called zero coupon bonds.  They are issued at a substantial discount from par value and offer the investor capital appreciation.  Usually zero coupon bonds are issued in the form of Treasury bonds.  Any bond originally offered at a price substantially below its par value is referred to as an original issue discount or OID bond. Payment-in-kind bonds or PIK bonds don’t pay cash coupons.  Instead their coupons consist of additional bonds or a percentage of an additional bond.  Typically, PIK bonds are issued by companies with cash flow problems and for this reason PIK bonds are usually risky investments. If a bond includes a step-up provision it means that if a firm’s bond rating is downgraded, the firm must increase the bond’s coupon rate. From the company’s viewpoint this can be dangerous because the downgrade means that the firm is having difficulty servicing its debt. The maturity date of the bond is the specific date on which the par value must be paid.  Many times, especially in the case of corporate bonds, there is a call provision attached to the bond issue.  This gives the company the right to pay the bondholders an amount greater than the par value if the bonds are called.  The additional amount paid to the bondholders is called a call premium.  If the bonds are not callable for five to ten years this is referred to as a deferred call and the bonds are said to have call protection.  Sometimes companies issue bonds during periods of high interest rates.  When this happens there is usually a call provision attached to the bond issue.  Should interest rates drop, the firm can sell a new issue at a lower yield and use the proceeds to retire the high rate issue and therefore reduce its interest expense.  This is referred to as a refunding process.   Bonds are subject to event risk.  Event risk occurs when something happens to change the firm’s credit risk which lowers the firm’s bond rating and the value of its outstanding bonds.  Therefore, firms perceived by investors to be subject to event risk must pay very high interest rates to their bondholders.  To reduce the interest rate, the firm can include a covenant, called a super poison put, which allows bondholders to turn in their bonds to the company at par in the event of a takeover, merger or major recapitalization. Sometimes a bond issue will include a make-whole call provision.  This allows a company to call the bond issue but the company must pay a call price that equals the market value of a similar noncallable bond.  A make-whole call provision gives the company an easy method with which to repurchase bonds as part of a financial restructuring. When a bond is

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