1. (Bonds) Answer the two questions (A and B) below. A. (6 points) Lloyd Industries raised $28 million in order to upgrade its roller kiln furnace for the production of ceramic tile. The company funded this by issuing 15-year bonds with a face value of $1000 and a coupon rate of 6.2%, paid annually. The below table shows the yield to maturity for similar 15-year corporate bonds of different ratings issued at the same time. When Lloyd Industries issued their bonds, they received a price of $962.63. What is most likely to be the rating these bonds received?  Security AAA Corporate AA Corporate A Corporate BBB Corporate BB Corporate Yield (%) 5.70% 5.80 6.00% 6.60% 6.90% B. (4 points) The yield to maturity of a $1000 bond with a 7% coupon rate, semiannual coupons, and two years to maturity is 7.6%. What must its price be?   2. (Stocks) Answer the two questions (A and B) below. (7 points) Simpkins Corporation is expanding rapidly, and it currently needs to retain all of its earnings; hence it does not pay any dividends. However, investors expect Simpkins to begin paying dividends, with the first dividend of $1.00 coming 3 years from today. The dividend should grow rapidly – at a rate of 50% per year – during Years 4 and 5. After Year 5, the earnings and dividends are expected to grow at a constant rate of 8% per year. The company’s stock has a beta equal to 0.9, the risk-free rate is 5.6%, and the market risk premium is 6%. What is your estimate of the stock’s price today?  (3 points) The Sisyphean Company’s stock is currently trading for $25.00 per share. The stock is expected to pay a $2.50 dividend at the end of the year and the required rate of return for Sisyphean Company’s stock is 14%. If the dividends are expected to grow at a constant rate, then what is the expected growth rate in the Sisyphean Company’s dividends?   3. (Projects) You are considering the following two projects, but can only take one. Your discount rate is 11%. The cash flows for the projects are given in the following table:  Project 0 1 2 3 4 A -$100 25 30 40 50 B -$100 50 40 30 20 (3 points) What are the IRRs of the two projects? (3 points) If your discount rate is 7%, what are the NPVs of the two projects? (3 points) What is the payback period of the two projects? (1 point) What should you do? Make sure you have read the instructions above the question before you begin writing your answers.

Name and briefly explain all five philosophies of punishment — the core idea behind each one. What does each one say punishment is for?

Probation differs from parole primarily in that probation:

AB 109 (2011) shifted responsibility for certain lower-level offenders from state prison to county jail, significantly reducing California’s prison population.

After realignment, California county jails began housing inmates serving sentences of multiple years, despite being designed for short-term detention.

The Security Housing Unit (SHU) in California prisons is primarily used for:

During the reaction, the concentration of Cl₂ increases from 0.20 M to 0.80 M. How does this change affect the rate of the reaction? H₂(g) + Cl₂(g) → 2HCl(g) The rate law is: rate = k[H₂][Cl₂]²

W – Webcam window open Open webcam window from Honorlock Toolbar and check that your face and desk are clearly visible, with good lighting.

S – Sideview & Set-up Select your sideview webcam, sit at a desk with approved materials visible, remove all other items from your desk, and cover extra monitors with a towel. 

On your test booklet/sheet of paper, copy the following statement and sign your name below it: I understand that this quiz will be marked “NOT Present” if the C3-SWEEPS procedure has not been followed. C3 – 3 tabs open in ChromeS – Sideview Webcam & Set-upW – Webcam window openE – Extend armsE – Extend body forwardP – Paper and PhoneS – Show and Submit If I have not followed all procedures in C3-SWEEPS, I will be marked “Not Present” for the check. This could result in being dropped from the course.  X___________________________(signature)