组蛋白

Fubuki Co,an unlisted company based in Megaera,has been manufacturing electrical parts used in mobility vehicles for people with disabilities and the elderly,for many years.These parts are exported to various manufacturers worldwide but at present there are no local manufacturers of mobility vehicles in Megaera.Retailers in Megaera normally import mobility vehicles and sell them at an average price of $4,000 each.Fubuki Co wants to manufacture mobility vehicles locally and believes that it can sell vehicles of equivalent quality locally at a discount of 37.5% to the current average retail price.Although this is a completely new venture for Fubuki Co,it will be in addition to the company’s core business.Fubuki Co’s directors expect to develop the project for a period of four years and then sell it for $16 million to a private equity firm.Megaera’s government has been positive about the venture and has offered Fubuki Co a subsidised loan of up to 80% of the investment funds required,at a rate of 200 basis points below Fubuki Co’s borrowing rate.Currently Fubuki Co can borrow at 300 basis points above the five-year government debt yield rate.A feasibility study commissioned by the directors,at a cost of $250,000,has produced the following information.1.Initial cost of acquiring suitable premises will be $11 million,and plant and machinery used in the manufacture will cost $3 million.Acquiring the premises and installing the machinery is a quick process and manufacturing can commence almost immediately.2.It is expected that in the first year 1,300 units will be manufactured and sold.Unit sales will grow by 40% in each of the next two years before falling to an annual growth rate of 5% for the final year.After the first year the selling price per unit is expected to increase by 3% per year.3.In the first year,it is estimated that the total direct material,labour and variable overheads costs will be $1,200 per unit produced.After the first year,the direct costs are expected to increase by an annual inflation rate of 8%.4.Annual fixed overhead costs would be $2.5 million of which 60% are centrally allocated overheads.The fixed overhead costs will increase by 5% per year after the first year.5.Fubuki Co will need to make working capital available of 15% of the anticipated sales revenue for the year,at the beginning of each year.The working capital is expected to be released at the end of the fourth year when the project is sold.Fubuki Co’s tax rate is 25% per year on taxable profits.Tax is payable in the same year as when the profits are earned.Tax allowable depreciation is available on the plant and machinery on a straight-line basis.It is anticipated that the value attributable to the plant and machinery after four years is $400,000 of the price at which the project is sold.No tax allowable depreciation is available on the premises.Fubuki Co uses 8% as its discount rate for new projects but feels that this rate may not be appropriate for this new type of investment.It intends to raise the full amount of funds through debt finance and take advantage of the government’s offer of a subsidised loan.Issue costs are 4% of the gross finance required.It can be assumed that the debt capacity available to the company is equivalent to the actual amount of debt finance raised for the project.Although no other companies produce mobility vehicles in Megaera,Haizum Co,a listed company,produces electrical-powered vehicles using similar technology to that required for the mobility vehicles.Haizum Co’s cost of equity is estimated to be 14% and it pays tax at 28%.Haizum Co has 15 million shares in issue trading at $2.53 each and $40 million bonds trading at $94.88 per $100.The five-year government debt yield is currently estimated at 4.5% and the market risk premium at 4%.Required:

(b)Discuss the appropriateness of the evaluation method used and explain any assumptions made in part(a)above.(8 marks)

按岩石单轴抗压强度大小，可把岩石分为（）、（）和（）。

红丝带志愿者活动是亿万群众参加的众多志愿者服务活动中的一个缩影，人民群众在这一活动中创造了丰富多彩的形式。下列认识正确的是（）

①建设社会主义精神文明，必须立足于中国特色社会主义的实践

②全体公民都要参与志愿者服务活动

③为培育文明风尚作贡献，是当代青年成人、成才的选择

④精神文明创建活动，要开展丰富多彩的实践形式

A.①②③

B.①②④

C.①③④

D.①②③④

组织整体分析法是针对（）设置，确定符合组织的整体目标与战略要求的培训需求。

A、企业的目标

B、战略目标

C、组织的目标

D、个人目标

我国现代学制的建立是从清末开始的。经过一个世纪的发展，我国已建立了比较完整的学制：包括（）

A.学前教育

B.初等教育

C.中等教育

D.高等教育