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WorksheetsMID TEST FINANCIAL MANAGEMENT
Total questions: 90
Worksheet time: 4hrs 0mins
A wealthy woman just died and left her pet cats the following estate: $50,000 per year for the next 15 years with the first cash flow today. At a discount rate of 3.2%, what is the feline estate worth in today's dollars?
A) $607,180.14
B) $601,180.14
C) $608,180.14
D) $774,000.00
Which of the following can lead to increased expected cash flow over time to the firm?
A) Open and collaborative relations with the community
B) Qualified and motivated employees
C) Greater customer satisfaction
D) All of the above
You place $500 into your checking account at First Bank and earn 1% APR on your deposit. Your professor borrows money at a rate of 8% from the same bank for a tuition loan for her son. Which of the following statements is true?
A) You benefit from earning interest on your deposit, safety for your funds, and having a recognizable means for paying for your financial obligations without having to hold cash.
B) You and your professor have an obvious conflict of interest because you have accounts at the same financial institution.
C) The bank is criminally liable to you for paying an interest rate lower than the expected rate of inflation.
D) Your professor is the only party to be made worse off by this example because she is the only party paying net interest.
Debts to be paid more than one year from now are claims against the firm's assets: in other words, they are long-term liabilities. These claims are from ________ who have provided capital to the firm but whose entire repayment is not due during the coming year or operating cycle.
A) banks and bondholders
B) banks and stockholders
C) stockholders and bondholders
D) all long-term lenders
Of the following, which is NOT one of the four main areas of finance?
A) International finance
B) Corporate finance
C) All are considered main areas of finance
D) . Investments
Which of the following identities is FALSE?
A) Change in Equity = Paid-in-Surplus - Net New Borrowing from Creditors
B) Net New Borrowing = Ending Long-term Liabilities - Beginning Long-Term Liabilities
C) Cash Flow to Owners = Dividends - Net New Borrowing from Owners
D) Net New Borrowing from Owners = Change in Equity
Four years ago, Robert's annual salary was $52,500. Today, he earns $73,800. What has been the average annual rate of growth of Robert's salary?
A) 8.89%
B) 10.38%
C) 41.52%
D) $5,325 per year
Average U.S. wages in 1990 were $28,960, far larger than the average wage in 1930 of $1,970. What was the average annual increase in wages over this 60-year period?
A) 4.58%
B) 2.45%
C) 24.50%
D) 3.31%
Stocks are bought and sold in ________ markets.
A) equity
B) debt
C) derivatives
D) foreign exchange
Cash flow from assets is derived from ________.
A) cash flow from creditors and cash flow from investing activities
B) cash flow from operating activities and cash flow from financing activities
C) cash flow from operating activities and cash flow from investing activities
D) cash flow from financing activities and cash flow from investing activities
Petrol cost $.10 per gallon in 1930. Over the next 60 years, the price rose at an average rate of 4.42% per year. Based on this information, what was the average price of a gallon of petrol in 1990?
A) $2.75 per gallon
B) $1.53 per gallon
C) $2.65 per gallon
D) $1.34 per gallon
The process of planning, evaluating, selecting, and managing the financing of long-term operating projects of the company is termed ________.
A) working capital management
B) capital structure
C) accounts receivable management
D) capital budgeting
Which of the following statements is FALSE?
A) The income statement is put together at a specific point in time (end of a business quarter, or business year) and so the sale could be in one period and the cash received in another period.
B) The income statement contains the set of expenses associated with the products or services sold during the current operating period, with those expenses not associated with current cash flow labeled as non-cash expense items.
C) Companies depreciate fixed assets (such as office furniture, equipment, machinery, and buildings) over an assigned time period, but the initial cash outlay for the fixed asset typically occurs at the time the asset is acquired by the firm.
D) In almost all circumstances depreciation is a current expense of a cash outflow in the current period.
Your university is running a special offer on tuition. This year's tuition cost is $18,000. Next year's tuition cost is scheduled to be $19,080. The university offers to discount next year's tuition at a rate of 6% if you agree to pay both years' tuition in full today. How much is the total tuition bill today if you take the offer?
A) $36,000
B) $36,981
C) $36,080
D) $28,000
The sale of "new" securities, where the financial asset is being traded for the very first time, is said to take place in the ________ market.
A) primary
B) money
C) secondary
D) capital
Which of the following statements is true?
A) The finance manager uses the framework of the income statement to find the operating income of the company (an accounting measure), which is also the true cash flow from operations.
B) In accrual-based accounting, revenue is recorded at the time of sale if the revenue has been received in cash.
C) Three fundamental issues separate net income and cash flow: accrual-based accounting, noncash expense items, and interest expense.
D) Generally accepted accounting principles (GAAP) in the United States do not allow the use of accrual-based accounting to record revenue.
You have purchased a Treasury bond that will pay $10,000 to your newborn child in 15 years. If this bond is discounted at a rate of 3.875% per year, what is today's price (present value) for this bond?
A) $5,654
B) $5,500
C) $5,644
D) $10,000
Which of the following actions will DECREASE the present value of an investment?
A) Decrease the interest rate.
B) Decrease the future value.
C) Decrease the amount of time.
D) All of the above will decrease the present value.
Cash flow is ________.
A) the increase or decrease in cash for the period
B) the decrease but not increase in cash for the period
C) the increase but not decrease in cash for the period
D) the net income for the period
The income statement begins with revenue and subtracts various operating expenses until arriving at Earnings Before Interest and Taxes. Next, interest expense is subtracted to find the taxable income for the period. Then the appropriate taxes are calculated and subtracted. We finally arrive at the ________, the so-called bottom line of the income statement.
A) after-tax income
B) before-tax income
C) net income
D) EBIT
Which of the following is NOT an example of an equity market transaction?
A) Mary sells her shares of Apple stock.
B) Mark contacts his broker and requests a purchase of IBM bonds.
C) Sahid buys shares of a small company stock traded on the NASDAQ.
D) All of the above are equity market transactions.
Of the following, which is NOT an activity engaged in by a financial intermediary?
A) Matching borrowers and lenders
B) Bearing risk
C) Managing retirement portfolios for large classes of employees
D) All of the above are activities of financial intermediaries.
Financial institutions and markets
A) are the organized financial intermediaries and the forums that promote the cycle of money.
B) compose the set of financial activities that support the operations of a business.
C) are the activities centered on the purchase and sale of financial assets.
D) are concerned only with the addition of a multinational element to all finance activities.
________ is the area of finance concerned with activities such as borrowing funds to finance projects such as plant expansions or new product launches.
A) Working capital management
B) International finance
C) Investments
D) Corporate finance
Which of the following best identifies the four main areas of finance?
A) Corporate finance, investments, financial institutions and markets, international finance
B) Corporate finance, investments, capital structure, international finance
C) Exchange rate management, investments, financial institutions and markets, international finance
D) Corporate finance, capital budgeting, financial institutions and markets, regulation
The movement of money from lender to borrower and back again is known as ________.
A) the circle of life
B) corporate finance
C) the cycle of money
D) money laundering
Which of the following investments has a larger future value: Investment A, a $1,000 investment earning 5% per year for 6 years, or Investment B, a $500 investment earning 10% per year for 6 years, with a bonus of an extra $500 added at the end of the sixth year?
A) Investment B, with a future value of $1,886.
B) Investment A, with a future value of $1,386.
C) Investment A, with a future value of $1,340.
D) Investment B, with a future value of $1,386.
A two-year investment of $200 is made today at an annual interest rate of 6%. Which of the following statements is true?
A) The interest earned in year two is $12.00 and year one is $12.72.
B) The interest earned in year one is $12.00 and year two half is $12.72.
C) The interest earned in year one is $12.00 and year two is $12.72.
D) The future value would be greater if the interest rate were lower.
________ is simply the interest earned in subsequent periods on the interest earned in prior periods.
A) Quoted interest
B) Anticipated interest
C) Simple interest
D) Compound interest
A $100 deposit today that earns an annual interest rate of 10% is worth how much at the end of two years? Assume all interest received at the end of the first year is reinvested the second year.
A) $121
B) $120
C) $141
D) $122
Your grandmother places $13,000 into an account earning an interest rate of 7% per year. After 5 years the account will be valued at $18,233.17. Which of the following statements is correct?
A) The principal is $13,000, the time period is 5 years, the future value is $18,233.17, and the interest rate is 7%.
B) The future value is $13,000, the time period is 5 years, the principal is $18,233.17, and the interest rate is 7%.
C) The principal is $13,000, the time period is 5 years, the future value is $18,333.17, and the interest rate is 7%.
D) The principal is $13,000, the time period is 7 years, the future value is $18,233.17, and the interest rate is 5%.
You can invest your money at a rate of 7% per year. At this rate it will take you just over ________ years to double your money. Use the Rule of 72 to determine your answer.
A) 4
B) 10
C) 5.5
D) There is not enough information to answer this question.
Free cash flow is the ________.
A) cash flow from assets
B) remaining cash free to distribute to creditors and owners of the firm
C) cash that a company generates to operate the company
D) All of the above
The means by which a company is financed refers to the firm's ________.
A) capital budgeting
B) capital structure
C) accounts receivable management
D) working capital management
Your firm intends to finance the purchase of a new construction crane. The cost is $1,500,000. What is the size of the first payment if the crane is financed with an interest-only loan at an annual rate of 8.50%?
A) $228,611.56
B) $127,550.00
C) $3,391,475.16
D) $127,500.00
Edward wishes to save enough money to purchase a retirement lake cabin. He is willing to spend $500,000 for the cabin and he can save $25,000 per year and invest the money into an account earning 8.00% per year. If Edward's investments come in the form of equal annual end-of-the-year cash flows and the first cash flow is in exactly one year, how long will it take him to save enough money to buy the lake cabin?
A) Between 8 and 9 years
B) Between 10 and 11 years
C) Between 12 and 13 years
D) Exactly 20 years
The main variables of the TVM equation are
A) present value, future value, time, interest rate, and payment.
B) present value, future value, perpetuity, interest rate, and payment.
C) present value, future value, time, annuity, and interest rate.
D) present value, future value, perpetuity, interest rate, and principal.
Which of the following is NOT true with regard to an amortization table?
A) The interest payment for a period is equal to the periodic interest rate multiplied by the beginning-of-the-period principal balance.
B) The remaining principal balance at the end of a payment period is equal to the beginning-of-the-period principal less the total payment.
C) The total payment is calculated by using the present value of an annuity formula.
D) All of the above are true.
If you borrow $100,000 at an annual rate of 8.00% for a 10-year period and repay the total amount of principal and interest due of $215,892.50 at the end of 10 years, what type of loan did you have?
A) Discount loan
B) Interest-only loan
C) Discount Decline loan
D) Discount and Compound loan
What type of loan requires both principal and interest payments as you go by making equal payments each period?
A) Amortized loan
B) Interest-only loan
C) Discount loan
D) Compound loan
When you pay off the principal and all of the interest at one time at the maturity date of the loan, we call this type of loan a/an ________.
A) amortized loan
B) interest-only loan
C) discount loan
D) compound loan
A wealthy woman just died and left her pet cats the following estate: $50,000 per year for the next 15 years with the first cash flow today. At a discount rate of 3.2%, what is the feline estate worth in today's dollars?
A) $588,352.84
B) $607,180.14
C) $750,000.00
D) $774,000.00
You dream of endowing a chair in finance at the local university that will provide a salary of $150,000 per year forever, with the first cash flow to be one year from today. If the university promises to invest the money at a rate of 5% per year, how much money must you give the university today to make your dream a reality?
A) $3,000,000
B) $15,000,000
C) $2,857,143
D) This question cannot be answered.
A manufacturer of LCD televisions has seen sales increase from 125,000 units per year to 500,000 units per year in 8 years. What has been the firm's average annual rate of increase in the number of television sets sold? Use the Rule of 72 to determine your answer.
A) The average annual rate of change has been between 10% and 11%.
B) The average annual rate of change has been between 18% and 19%.
C) The average annual rate of change has been between 15% and 16%.
D) There is not enough information to answer this question.
What annual rate of return must you earn to double your money in about 9 years? Use the Rule of 72 to determine your answer.
A) You would need to earn an annual rate of return of about 12%.
B) You would need to earn an annual rate of return of about 10%.
C) You would need to earn an annual rate of return of about 8%.
D) There is not enough information to answer this question.
Which of the statements below is FALSE?
A) The cash that the firm generates from its operating decisions (use of its assets) is used to either pay creditors or the owners of the company.
B) Cash flow from assets shows the success or failure of the operating decisions.
C) Cash flow to owners shows cash paid to owners plus any new borrowing from owners
D) Cash flow to creditors shows a portion of how the firm is financing the operations
At its most basic level, the function of financial intermediaries is to ________.
A) track and report interest rates
B) move money from lenders to borrowers and back again
C) report all financial transactions to the federal government
D) effect a transfer of wealth in society
Your employer has agreed to place year-end deposits of $1,000, $2,000 and $3,000 into your retirement account. The $1,000 deposit will be one year from today, the $2,000 deposit two years from today, and the $3,000 deposit three years from today. If your account earns 5% per year, how much money will you have in the account at the end of year three when the last deposit is made?
A) $6,202.50
B) $6,000
C) $6,212.50
D) $6,727.88
If you take out a loan from a bank, you will be charged ________.
A) for principal but not interest
B) for interest but not principal
C) for both principal and interest
D) for interest only
A company selling a bond is ________ money.
A) borrowing
B) lending
C) taking
D) reinvesting
Suppose you invest $1,000 today, compounded quarterly, with the annual interest rate of 5.00%. What is your investment worth in one year?
A) $1,025.00
B) $1,050.95
C) $$1,051.95
D) $1,150.95
What is the EAR if the APR is 10.52% and compounding is daily?
A) Slightly above 10.09%
B) Slightly below 11.09%
C) Slightly above 11.09%
D) Over 11.25%
What is the EAR if the APR is 5% and compounding is quarterly?
A) Slightly above 5.09%
B) Slightly below 5.09%
C) Under 5.00%
D) Over 5.25%
Your company just sold a product with the following payment plan: $50,000 today, $25,000 next year, and $10,000 the following year. If your firm places the payments into an account earning 10% per year, how much money will be in the account after collecting the last payment?
A) $99,000
B) $98,500
C) $98,000
D) $85,000
Given the following cash flows, what is the future value at year ten when compounded at an interest rate of 12.0%?
A) $10,000.00
B) $25,287.31
C) $25,277.31
D) $25,267.31
Your department at work places $10,000 every year-end into an account earning 5%. The money is used when the corporate office fails to fully finance your profitable projects. The money has not been touched since the first deposit was made exactly five years ago. If the most recent deposit was made today, how much money is currently in the account?
A) $68,019.13
B) $60,000.00
C) $68,119.13
D) $68,219.13
When interest rates are stated or given for loan repayments, it is assumed that they are ________ unless specifically stated otherwise.
A) annual percentage rates
B) compound percentage rates
C) effective annual rates
D) APYs
Which of the following statements is TRUE?
A) By DECREASING the number of payments per year, you REDUCE your total cash outflow but INCREASE your effective borrowing rate.
B) By INCREASING the number of payments per year, you REDUCE your total cash outflow but INCREASE your effective borrowing rate.
C) By INCREASING the number of payments per year, you BOOST your total cash outflow but INCREASE your effective borrowing rate.
D) By INCREASING the number of payments per year, you REDUCE your total cash outflow but DECREASE your effective borrowing rate.
Which of the statements below is FALSE?
A) Reducing principal at a faster pace increases the overall interest paid on a loan.
B) The more frequent the payment, the lower the total interest expense over the life of the loan, even though the effective rate of the loan is higher.
C) Reducing principal at a faster pace reduces the overall interest paid on a loan.
D) Monthly interest on a loan is equal to the beginning balance times the periodic interest rate.
Which of the following statements is TRUE if you increase your monthly payment above the required loan payment?
A) The extra portion of the payment does not go to the principal.
B) You can significantly increase the number of payments needed to pay off the loan.
C) The extra portion of the payment increases the principal.
D) You can significantly reduce the number of payments needed to pay off the loan.
Suppose that over the life of the loan, the total interest expense for a monthly loan is $7,000, while the total interest payment for an annual loan is $8,000. Which of the below statements is FALSE?
A) The difference reflects the reduction of the principal each month versus the annual reduction of the principal.
B) The more frequent the payment, the lower the total interest expense over the life of the loan, even though the effective rate of the loan is lower.
C) Reducing principal at a faster pace reduces the overall interest paid on a loan.
D) The more frequent the payment, the lower the total interest expense over the life of the loan, even though the effective rate of the loan is higher.
Nominal interest rates are the sum of two major components. These components are ________.
A) the real interest rate and expected inflation
B) the risk-free rate and expected inflation
C) the real interest rate and default premium
D) the real interest rate and the T-bill rate
Assume that you are willing to postpone consumption today and buy a certificate of deposit (CD) at your local bank. Your reward for postponing consumption implies that at the end of the year ________.
A) you will be able to consume fewer goods
B) you will be able to buy the same amount of goods or services
C) you will be able to buy more goods or services
D) you will be able to buy fewer goods or services
The ________ model answers one basic question: How soon will I recover my initial investment?
A) initial payback period
B) IRR
C) payback period
D) profitability index
The ________ model is usually considered the best of the capital budgeting decision-making models.
A) internal rate of return (IRR)
B) net past value (NPV)
C) profitability index (PI)
D) net present value (NPV)
________ is at the heart of corporate finance, because it is concerned with making the best choices about project selection.
A) Capital structure budgeting
B) Capital structure
C) Capital budgeting
D) Short-term budgeting
Which of the statements below is FALSE?
A) In order to account for the time value of money with the Payback Period Model, the future cash flow needs to be restated in current dollars.
B) The Payback Period method (with no discounting) is the dollar amount that it takes to recover the initial investment in current dollars.
C) When we discount a future cash flow with our standard time-value-of-money concepts, we inherently assume that the entire cash flow was received at the end of the year.
D) The Discounted Payback Period method is the time it takes to recover the initial investment in current dollars.
The capital budgeting decision model that utilizes all the discounted cash flow of a project is the ________ model, which is one of the single most important models in finance.
A) net present value (NPV)
B) internal rate of return (IRR)
C) profitability index (PI)
D) discounted payback period
In the NPV model, all cash flows are stated ________.
A) in future value dollars, and the total inflow is "netted" against the outflow to see if the net amount is positive or negative
B) in present value or current dollars, and the total inflow is "netted" against the initial outflow to see if the net amount is positive or negative
C) in present value or current dollars, and the outflow is "netted" against the total inflow to see if the gross amount is positive or negative
D) in future dollars, and the initial outflow is "netted" against the total inflow to see if the net amount is positive
Projects are mutually exclusive if picking one project eliminates the ability to pick the other project. This mutually exclusive situation can arise for different reasons. Which of the statements below is NOT one of these reasons?
A) One project will always have a negative NPV.
B) There is a scarce resource that both projects would need.
C) There is need for only one project, and both projects can fulfill that current need.
D) By using funds for one project, there are not enough funds available for the other project.
Suppose you postpone consumption and invest at 9% when inflation is 3%. What is the approximate real rate of your reward for saving?
A) 3%
B) 5%
C) 6%
D) 7%
The real rate is 2.50% and inflation is 3.25%. What is the approximate nominal rate?
A) 5.65%
B) 5.25%
C) 3.25%
D) 5.75%
The Fisher Effect tells us that the true nominal rate is actually made up of three components. These three components are ________.
A) the nominal rate, the real rate, and the inflation rate
B) the real rate, the inflation rate, and the product of the real rate and the nominal rate
C) the real rate, the inflation rate, and the product of the real rate and inflation
D) the real rate and the product of the real rate and inflation
The ________ compensates the investor for the additional risk that the loan will not be repaid in full.
A) default premium
B) inflation premium
C) real rate
D) interest rate
There are two ways to correct for projects with unequal lives when using the NPV approach. Which of the answers below is one of these ways?
A) One way is to find a common life, without the need to extend the projects to the least common multiple of their lives.
B) One way is to find the present value factors and then compare them.
C) One way is to compare the lengths of the projects and take the project with the shortest life.
D) One way is to find a common life by extending the projects to the least common multiple of their lives.
PT Asia Inc is considering a project that has an initial after-tax outlay or after-tax cost of $350,000. The respective future cash inflows from its five-year project for years 1 through 5 are $75,000 each year. PT Asia Inc expects an additional cash flow of $50,000 in the fifth year. The firm uses the net present value method and has a discount rate of 10%. Will PT Asia Inc accept the project?
A) PT Asia Inc accepts the project because it has an NPV greater than $5,000.
B) PT Asia Inc rejects the project because it has an NPV less than $10.
C) PT Asia Inc accepts the project because it has an NPV greater than $18,000.
D) PT Asia Inc rejects the project because it has an NPV less than $0.
The most popular alternative to NPV for capital budgeting decisions is the ________ method.
A) internal rate of return (IRR)
B) payback period
C) discounted payback period
D) profitability index
The IRR is the discount rate that produces a zero NPV or the specific discount rate at which the present value of the cost equals ________.
A) the future value of the present cash outflows
B) the present value of the future benefits or cash inflows
C) the present value of the cash outflow
D) the investment
If for the next 40 years you place $3,000 in equal year-end-deposits into an account earning 8% per year, how much money will be in the account at the end of that time period?
A) $777,189.56
B) $777,159.56
C)$777,179.56
D) $777,169.56
Which of the below is NOT a major component of interest rates?
A) Real rate
B) Inflation premium
C) Historical interest rates
D) Default premium
Two projects intersect, in terms of NPV, at a discount rate labeled the ________.
A) crossover rate
B) internal rate of return
C) discount rate
D) yield to maturity
Which of the statements below is FALSE?
A) Project A has a higher y-axis intercept for its NPV profile than mutually exclusive Project B. As long as the profile of Project A is above the profile of Project B, Project A will have a higher NPV value for that particular discount rate.
B) Project A has a higher y-axis intercept for its NPV profile than mutually exclusive Project B. This means that Project A has a lower NPV than Project B when the discount rate is zero.
C) Project A has a higher y-axis intercept for its NPV profile than mutually exclusive Project B. As we proceed past the crossover rate to the right on the x-axis, Project B's profile will be above Project A's profile.
D) Project A and Project B are mutually exclusive. The two projects intersect in terms of NPV at a discount rate labeled the crossover rate.
James is a rational investor wishing to maximize his return over a 20-year period. The current yield curve is inverted with one-year rates at 5.00% and 20-year rates at 3.50%. James will invest in the lower-rate 20-year bonds if:
A) he thinks rates will fall in the future and locking in long-term rates today may provide the highest long-run average return.
B) he thinks rates will rise in the future and locking in long-term rates today may provide the lowest long-run average return.
C) he thinks rates will remain flat at 5% in the future and locking in long-term rates today will prevent him from appearing greedy to those without this investment opportunity.
D) he thinks rates will rise in the future and locking in long-term rates today may provide the highest long-run average return.
Which of the following is NOT an example of annuity cash flows?
A) Regular equal monthly rent payments
B) Equal annual deposits into a retirement account
C) The $50 of gasoline you put into your car every two weeks on pay day
D) All of the examples above are annuity cash flows.
The furniture store offers you no-money-down on a new set of living room furniture. Further, you may pay for the furniture in three equal annual end-of-the-year payments of $1,000 each with the first payment to be made one year from today. If the discount rate is 6%, what is the present value of the furniture payments?
A) $3,183.60
B) $2,673.01
C) $2,833.39
D) $2,678.01
What is the present value of a stream of annual end-of-the-year annuity cash flows if the discount rate is 0%, and the cash flows of $50 last for 20 years?
A) Less than $1,000
B) Exactly $1,000
C) More than $1,000
D) This question cannot be answered because we have an interest rate of 0.0%.
Which is greater, the present value of a $1,000 five-year ordinary annuity discounted at 10%, or the present value of a $1,000 five-year annuity due discounted at 10%?
A) The ordinary annuity is worth more with a present value of $3,790.79.
B) The annuity due is worth more with a past value of $4,169.87.
C) The ordinary annuity is worth more with a present value of $4,169.87.
D) The annuity due is worth more with a present value of $4,169.87.
Edward wishes to save enough money to purchase a retirement lake cabin. He is willing to spend $500,000 for the cabin and he can save $25,000 per year and invest the money into an account earning 8.00% per year. If Edward's investments come in the form of equal annual end-of-the-year cash flows and the first cash flow is in exactly one year, how long will it take him to save enough money to buy the lake cabin?
A) Between 8 and 9 years
B) Between 10 and 11 years
C) Between 12 and 13 years
D) Exactly 20 years
The real rate is 2.50% and inflation is 3.25%. What is the approximate nominal rate?
A) 5.15%
B) 5.25%
C) 3.25%
D) 5.75%
It is important to remember that the fundamental identity of accounting is the debit and credit recording activity where debits ________ equal credits.
A. Always
B. Rarely
C Never
D. Sometimes
