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QUESTION
Assume that it is now January 1, 2017. Wayne-Martin Electric Inc. (WME) has developed a solar panel capable of generating 200% more electricity than any other solar panel currently on the market. As a result, WME is expected to experience a 15% annual growth rate for the next 5 years. Other firms will have developed comparable technology by the end of 5 years, and WME’s growth rate will slow to 5% per year indefinitely. Stockholders require a return of 12% on WME’s stock. The most recent annual dividend $\left(\mathrm{D}_{0}\right)$, which was paid yesterday, was $1.75 per share. a. Calculate WME’s expected dividends for 2017, 2018, 2019, 2020, and 2021. b. Calculate the value of the stock today,$$\hat{\mathrm{P}}$_{0}$. Proceed by finding the present value of the dividends expected at the end of 2017, 2018, 2019, 2020, and 2021 plus the present value of the stock price that should exist at the end of 2021. The year end 2021 stock price can be found by using the constant growth equation. Notice that to find the December 31, 2021, price, you must use the dividend expected in 2022, which is 5% greater than the 2021 dividend. c. Calculate the expected dividend yield$\left($\mathrm{D}$_{1} / $\mathrm{P}$_{0}\right)$, capital gains yield, and total return (dividend yield plus capital gains yield) expected for 2017. (Assume that$$\hat{\mathrm{P}}$_{0}=$\mathrm{P}$_{0}$ and recognize that the capital gains yield is equal to the total return minus the dividend yield.) Then calculate these same three yields for 2022. d. How might an investor’s tax situation affect his or her decision to purchase stocks of companies in the early stages of their lives, when they are growing rapidly, versus stocks of older, more mature firms? When does WME’s stock become “mature” for purposes of this question? e. Suppose your boss tells you she believes that WME’s annual growth rate will be only 12% during the next 5 years and that the firm’s long-run growth rate will be only 4%. Without doing any calculations, what general effect would these growth rate changes have on the price of WME’s stock? f. Suppose your boss also tells you that she regardsWME as being quite risky and that she believes the required rate of return should be 14%, not 12%. Without doing any calculations, determine how the higher required rate of return would affect the price of the stock, the capital gains yield, and the dividend yield. Again, assume that the long-run growth rate is 4%.
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Terms in this set (7)
True or false? If a patient requests an appointment during a time that the provider is already booked, it is
permissible to overbook the provider because the patient's needs always come first.
False - Every attempt should be made to accommodate the patient. However, this may not always
be
possible.
What should the chief complaint be for Ms. Richardson's visit?
A. postpartum visit, vaginal delivery with postpartum
hemorrhage complications
B. New patient sports physical
C. New patient lab results
D. New patient PE
A. postpartum
visit, vaginal delivery with postpartum
hemorrhage complications
True or false? It is necessary to verify patient demographics during each patient visit.
True - Verifying patient demographics is important in ensuring that the medical office can contact the
patient if the need arises.
True or false? The physician's habits and preferences should be taken into account when determining how many
patients should be scheduled in a day.
True - Some physicians like to always
see the waiting room full and some will worry about patient's
waiting too long. Some physicians like to take longer with their patients even if it means seeing
fewer patients in a day. The medical assistant should work with the physician to determine how
many patients should be seen in a day.
True or false? Computers are essential to the operations of a medical office.
True - The patient record is the
hub of all medical information for the patient and the electronic health
record contains electronic data of one provider group.
All of the following are common duties of the medical assistant except:
A. regularly checking office equipment to be sure it is working correctly
B. determining the diagnosis for patients who call the medical office.
C. communicating daily with patients via phone, email and mail
D. conducting regular
inventory equipment
B. determining the diagnosis for patients who call the medical office
This device plugs into the computer and is so small that a user can attach it to a key chain.
A. Flash drive
B. Digital video discs
C. Zip drives
D. External hard drive
A. Flash drive
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