Wacc for Fiat Group free essay sample

The WACC is the weighted average cost of capital. It is a calculation of the firms cost of capital taking into account the relevant weight of equity and debt as a proportion of the total. The cost of equity or KE calculated using a risk free rate example German 5yr government bond, the firm’s beta and the return on the market. The firm’s beta is a calculation of the firms exposure to the market, a beta of less than 1 indicates that the firm is not as influenced by external factors as the average firm in that market. A beta greater than 1 indicates that the firm is more heavily exposed to market factors than the average firm in that market. The formula I will be using to calculate the cost of equity is the CAP-M formula and is as follows; KE = RF + B (RM – RF) RF = Risk free rate, B = Firm’s Beta, RM = Return on the market The cost of debt or KD is calculated by finding the internal rate of return for all the firms bonds. We will write a custom essay sample on Wacc for Fiat Group or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page First the coupon on the bond is found for each of the remaining years until maturity, then we deduct tax, finally we choose test two discount factors and put our findings into the following formula; IRR = DCF1 + (DCF2 – DCF1) * NPV1 – 0 / NPV1 NPV2 Once we have found our KE and KD we must find the weights of both the equity and debt capital. Finally all of this information is entered into our WACC formula which is as follows where MV is is the market value of the company; WACC = (KE * MV of equity / MV of company) + (KD * MV of debt / MV of company) Cost of Debt I also enjoyed, whilst I found quiet difficult, the level of personal opinion that goes into a report like this. I was very interested in the different figures I found for Fiats beta, I chose a high beta of 1. 62 due to the fact that the motor industry is so volatile as seen by the effect of the recent economic crash on car sales. Also the sharp turn that the price oil can make has a large impact on the motor industry, much more so than the effect on other manufacturing industries as not only does Fiat use oil in the production of its products but its products also require it to function. I ran into a few difficulties at the start mainly when it came to the choosing of a company to research. At first I choose Ryanair but as Ryanair do not have any issued bonds I decided to look into another company at least for my first attempt of a report of this nature. The main thing I gained from doing this report was the ability to research a company, at first I found it very difficult and time consuming just trying to retrieve figures that I thought were right.

Most Important Quotes From The Crucible, Analyzed

Most Important Quotes From The Crucible, Analyzed SAT / ACT Prep Online Guides and Tips The Crucible is four acts and 134 pages of tight dialogue and economical action. It can be hard to pick out particular moments or quotes as being key since everything moves along so quickly. Never fear! I haveyour back with this complete guide toThe Crucible quotes. I’ll go over the most important quotes from The Crucible, explainingboth their literal meaning and why they’re important. For clarity, the quotes are grouped into four themes: irony, fear and hysteria, pride and reputation, and power and authority. Each section also includes additional quotes that fall under the same general theme for you to practiceanalyzing on your own. Irony Quotes Many of the Crucible quotes fall into the category of â€Å"dramatic irony†, which is the irony that’s created when there’s a mismatch between what a character thinks or says and what the audience knows to be true. It’s hardly surprising there is so much irony in The Crucible – after all, one of the central causes of conflict in the play is hypocrisy. With that in mind, here are some key quotes from The Crucible that demonstrate irony of some kind. â€Å"We cannot look to superstition in this. The Devil is precise; the marks of his presence are definite as stone, and I must tell you all that I shall not proceed unless you are prepared to believe me if I should find no bruise of Hell upon her.† (Hale, Act 1, p. 35) The irony, of course, is that the â€Å"marks† of the Devil are nowhere near â€Å"definite as stone† – the only evidence to support accusations of witchcraft are the subjective experiences of the "afflicted." Even in cases when the girls display symptoms (going cold and clammy or having needles stuck in them), there’s never any physical evidence directly linking the accused witches to their supposed crimes. â€Å"ABIGAIL: Don’t lie! To Hale: She comes to me while I sleep; she’s always making me dream corruptions!† (Act 1, p. 41) Abigail yelling â€Å"don’t lie† at another person is highly ironic, not only because Miller introduced her as a liar (she has â€Å"an endless capacity for dissembling†), but because Abigail had just told Proctor Betty’s illness was nothing to do with witchcraft not 20 page previously. "I cannot speak but I am doubted, every moment judged for lies, as though I come into a court when I come into this house!" (Proctor, Act 2 p. 52) "PROCTOR: Because it speaks deceit, and I am honest! But I’ll plead no more! I see now your spirit twists around the single error of my life, and I will never tear it free!" (Act 2, p. 59) This pair of quotes both demonstrate the ironic concept: as far as the audience understands it, the only person who seems to be judging Proctor is not Elizabeth, but Proctor himself. There's also a bit of foreshadowing with â€Å"as though I come into a court†, since in Act 3 Proctor will do that very thing. "No man may longer doubt the powers of the dark are gathered in monstrous attack up on this village. There is too much evidence now to deny it† (Hale, Act 2, p. 61). The village is certainly under attack, but not necessarily in the way Hale thinks it is. The real â€Å"powers of dark† affecting Salem are suspicion and fear, not anything demonic. â€Å"I am a minister of the Lord, and I dare not take a life without there be a proof so immaculate no slightest qualm of conscience may doubt it† (Hale, Act 3, p. 92). Again, the â€Å"proof so immaculate† that Hale speaks of is the word of one person against the word of another. As we’ll see in a quote by Danforth later on in this article, the proof only remains beyond reproach if you believe in witchcraft more than you believe that people are fallible. There's also foreshadowing in this quote because by the end of this act, Hale is full of qualms, and by the end of the play, Hale feels he has â€Å"blood on [his] head† (p. 121). â€Å"But God made my face; you cannot want to tear my face. Envy is a deadly sin, Mary† (Abigail, Act 3, p. 106) Abigail's words here are ironic because in The Crucible, it is Abigail who is envious of the position Elizabeth Proctor has as John Proctor’s wife. â€Å"DANFORTH, conciliatory: You misunderstand, sir; I cannot pardon these when twelve are already hanged for the same crime. It is not just.† (Act 4, p. 119). The irony in Danforth's statement is that it wasn’t "just" to hang any of the accused witches in the first place, and so continuing to hang people just because it's already been done before is a terrible idea. Salem Massachusetts - Burying Point Cemetery/Used under CC BY 2.0/Resized from original. Now that you’ve seen a few ironic quotes analyzed and explained, it’s your turn! Below you'll find several quotes that demonstrate irony (dramatic or otherwise). Try your hand at explaining why each one is ironic and analyzing the difference between what the character mean when she said the quote and the hidden meaning. "ABIGAIL: I never sold myself! I’m a good girl! I’m a proper girl!" (Act 1, p. 40) "MARY WARREN, with greater impatience with him: I told you the proof. It’s hard proof, hard as rock, the judges said." (Act 2, p. 54) â€Å"Proctor, I cannot think God be provoked so grandly by such a petty cause†¦think on your village and what may have drawn from heaven such thundering wrath upon you all † (Hale, Act 2, p. 75) "PROCTOR: 'Do that which is good, and no harm shall come to you.'" (Act 3, p. 88) â€Å"Oh, Mary, this is a black art to change your shape. No, I cannot, I cannot stop my mouth; it’s God’s work I do.† (Abigail, Act 3, p.107) Want to get better grades and test scores? We can help. PrepScholar Tutors is the world's best tutoring service. We combine world-class expert tutors with our proprietary teaching techniques. Our students have gotten A's on thousands of classes, perfect 5's on AP tests, and ludicrously high SAT Subject Test scores. Whether you need help with science, math, English, social science, or more, we've got you covered. Get better grades today with PrepScholar Tutors. Fear and Hysteria Quotes The second major theme in The Crucible (and one that teachers often ask about) is fear and hysteria. The fear caused by the thought of supernatural evil in Salem causes the characters in the play to turn a blind eye to logic and instead believe in claims not backed by actual â€Å"hard as rock† proof. Below are some of theCruciblequotes that relate to this theme. â€Å"There is a misty plot afoot so subtle we should be criminal to cling to old respects and ancient friendships. I have seen too many frightful proofs in court - the Devil is alive in Salem, and we dare not quail to follow wherever the accusing finger points!† (Hale, Act 2, p. 68) Hale demonstrates perfectly the mindset of the characters affected by the hysteria and fear. In his case, it’s more hysteria than fear – he doesn’t particularly fear that he may be accused as a witch, but he has been persuaded by the â€Å"frightful proofs† he’s seen and this has blinded him to any other possible reasons that the witchcraft accusations might be being made. â€Å"Why do you never wonder if Parris be innocent, or Abigail? Is the accuser always holy now? Were they born this morning as clean as God’s fingers? I’ll tell you what’s walking Salem - vengeance is walking Salem. We are what we always were in Salem, but now the little crazy children are jangling the keys of the kingdom, and common vengeance writes the law!† (Proctor, Act 2, p. 73) Proctor is the voice of common sense here, as a counterpoint to Hale’s â€Å"don’t question the process† stance. Unlike Hale, Proctor realizes that you can only trust in accusations as much as you can trust the accuser, and Proctor has cause to suspect that at least one of the accusations is being driven by a thirst for vengeance. This quote also fits a little bit under the â€Å"Power/Authority† theme – the witchcraft trials have turned the world upside down, so that those who used to be powerless (â€Å"the little crazy children†) are the ones in power (â€Å"are jangling the keys of the kingdom†). "I never had no wife that be so taken with books, and I thought to find the cause of it, d’y’see, but it were no witch I blamed her for. He is openly weeping. I have broke charity with the woman, I have broke charity with her. He covers his face, ashamed. (Giles, Act 3, p. 79) This quote shows how even Giles Corey, one of the more level-headed characters in The Crucible, got caught up in the hysteria of the witch trials and got his wife accused of being a witch. One could make the argument that Giles didn’t intentionally accuse his wife of witchcraft and that he just wanted to ask the witchcraft expert about his wife’s strange behavior, that’s all. If that was the case, though, this quote shows how even those not taken in by the hysterical claims or fear can still be affected by it. "In an ordinary crime, how does one defend the accused? One calls up witnesses to prove his innocence. But witchcraft is ipso facto, on its face and by its nature, an invisible crime, is it not? Therefore, who may possibly be witness to it? The witch and the victim. None other. Now we cannot hope the witch will accuse herself; granted? Therefore, we must rely upon her victims- and they do testify, the children certainly do testify. As for the witches, none will deny that we are most eager for all their confessions. Therefore, what is left for a lawyer to bring out? I think I have made my point. Have I not?" (Danforth, Act 3, p. 93) In this quote, Danforth shows the terrible effect of the logical extension of belief in witchcraft. Of course, the part he leaves out in his discussion is whether or not the victims are trustworthy – just because â€Å"they do testify† doesn’t mean that they’re testifying truthfully – but this is a blind spot for Danforth. It's possible that Danforth cannot fathom that women or children would lie to him (a judge!) because of societal preconceptions; but his stance is also influenced, at least to some extent, by the fear of witchcraft that pervades Puritan society. 217013/Used under CC BY 2.0/Cropped from original I think I have made my point. Have I not? Here are a couple of other quotes that demonstrate fear/hysteria. Try your hand at explaining how each of them does so. "PROCTOR: I falter nothing, but I may wonder if my story will be credited in such a court. I do wonder on it, when such a steady-minded minister as you will suspicion such a woman that never lied, and cannot, and the world knows she cannot! I may falter somewhat, Mister; I am no fool." (Act 2, p. 65) â€Å"It were only sport in the beginning, sir, but then the whole world cried spirits, spirits† (Mary Warren, Act 3, p. 100) Reputation and Pride Quotes Concern for reputation and pride is a thread that is woven throughout The Crucible, driving the action and motivations of various characters as well as the central conflict surrounding John Proctor (will he confess to adultery to save his wife? Will he confess to witchcraft to save his life?). â€Å"ABIGAIL, in a temper: My name is good in the village! I will not have it said my name is soiled! Goody Proctor is a gossiping liar!† (Act 1, p. 12) Abigail is concerned about her reputation and her â€Å"name;† this is no doubt what motivates her, at least initially, to put the blame for the dancing in the woods on Tituba. If her name is â€Å"soiled,† Abigail could face harsh consequences in the Salem theocracy where women are already low on the totem pole – if it’s discovered that she, an unmarried orphan woman, slept with a married man, she would face huge consequences (although what these consequences would be aren’t specified in the play). "Now Hell and Heaven grapple on our backs, and all our old pretense is ripped away- make your peace!†¦Peace. It is a providence, and no great change; we are only what we always were, but naked now. He walks as though toward a great horror, facing the open sky. Aye, naked! And the wind, God’s icy wind, will blow!" (Proctor, Act 2, p. 76). Here, Proctor is anticipating the loss of his reputation once it comes to light that he has had an affair with Abigail. It’ll mean the loss of his good name, but on the other hand, it’ll be a way for him to atone for his sins – maybe he’ll at last feel â€Å"God’s icy wind† and be able to put this behind him. "I came into this village like a bridegroom to his beloved, bearing gifts of high religion; the very crowns of holy law I brought, and what I touched with my bright confidence, it died; and where I turned the eye of my great faith, blood flowed up. Beware, Goody Proctor- cleave to no faith when faith brings blood. It is mistaken law that leads you to sacrifice. Life, woman, life is God’s most precious gift; no principle, however glorious, may justify the taking of it. I beg you, woman, prevail upon your husband to confess. Let him give his lie. Quail not before God’s judgment in this, for it may well be God damns a liar less than he that throws his life away for pride." (Hale, Act 4, p. 122) Hale is describing how he came in full of pride in himself and abilities, only to have that pride result in the deaths of others. He warns Elizabeth that nothing, not even one’s pride or reputation, is worth throwing one’s life away on. "PROCTOR, with a cry of his whole soul: Because it is my name! Because I cannot have another in my life! Because I lie and sign myself to lies! Because I am not worth the dust on the feet of them that hang! How may I live without my name? I have given you my soul; leave me my name!" (Proctor, Act 4, p. 133). Proctor’s self-worth is entirely tied up in â€Å"his name† and how others perceive him. He manages to make himself confess and signs the confession, but when the court officials try to take the confession away to show to the whole town, that is the sticking point. Proctor cannot bear to have his reputation be smeared with this confession of witchcraft, because if his reputation is damaged then he no longer can think well of himself. On Balance/Used under CC BY 2.0/Cropped from original. Here are few more quotes that show the concern of Salem residents with reputation and the pride they have in their names. As an exercise to deepen your understanding of the book, try to explain how each one demonstrates concern about name, reputation, or pride. â€Å"There be no blush about my name.† (Abigail, Act 1 p. 11) â€Å"A man will not cast away his good name. You surely know that† (Proctor, Act 3, p. 102) "Postponement now speaks a floundering on my part; reprieve or pardon must cast doubt upon the guilt of them that died till now. While I speak God’s law, I will not crack its voice with whimpering. If retaliation is your fear, know this- I should hang ten thousand that dared to rise against the law, and an ocean of salt tears could not melt the resolution of the statute." (Danforth, Act 4, p. 119-120) "He have his goodness now. God forbid I take it from him! (Elizabeth, Act 4, p. 134) Power and Authority Quotes The final major theme is that of the power of society and authority in Puritan Salem. Some of the most importantCrucible quotes relate to these ideas. â€Å"And mark this. Let either of you breathe a word, or the edge of a word, about the other things, and I will come to you in the black of some terrible night and I will bring a pointy reckoning that will shudder you. And you know I can do it; I saw Indians smash my dear parents’ heads on the pillow next to mine, and I have seen some reddish work done at night, and I can make you wish you had never seen the sun go down!† (Abigail Williams, Act 1, p. 19) At the beginning of the play, the power that Abigail holds is relatively minimal. She is able to use threats of physical violence to cow other girls into doing her bidding, but that’s about as far as her influence extends. She would never be able to say what she says in this quote to, for instance, her uncle Parris, and get away with it. â€Å"You are God’s instrument put in our hands to discover the Devil’s agents among us. You are selected, Tituba, you are chosen to help us cleanse our village.† (Hale, Act 1, p. 44) Tituba, the lowest of the low (slave and a woman) has her status temporarily elevated because of the witch trials. Normally, she is the one told what to do and told to obey; now, however, she has the power of life and death over others. "I only hope you’ll not be so sarcastical no more. Four judges and the King’s deputy sat to dinner with us but an hour ago. I - I would have you speak civilly to me, from this out." (Mary Warren, Act 2, p. 57) By the second act, the repercussions of the trials are starting to reverberate out of the courtroom. Mary Warren feels entitled to, asks for, and (to some extent) receives respect because she is now in a greater position of power. And Mary is not the only one to benefit from the added respect accorded to the afflicted girls, as the next quote demonstrates. â€Å"ABIGAIL, in an open threat: Let you beware, Mr. Danforth. Think you to be so mighty that the power of Hell may not turn your wits? Beware of it!† (Act 3, p. 100) By this point in the play, Abigail has gotten powerful enough that she can threaten the Deputy Governor of the entire province without negative consequences. Here’s another quote that shows the flip-flop of power and authority that happens during the witch trials: â€Å"ABIGAIL, stepping up to Danforth: What look do you give me? Danforth cannot speak. I’ll not have such looks! She turns and starts for the door.† (Act 3, p. 103) See if you can answer these questions for yourself about this quote: What are the implications of this quote? How has the power dynamic in the town shifted from the beginning of the play to this point? Want to get better grades and test scores? We can help. PrepScholar Tutors is the world's best tutoring service. We combine world-class expert tutors with our proprietary teaching techniques. Our students have gotten A's on thousands of classes, perfect 5's on AP tests, and ludicrously high SAT Subject Test scores. Whether you need help with science, math, English, social science, or more, we've got you covered. Get better grades today with PrepScholar Tutors. Non-Thematic Quotes This final section is devoted to TheCrucible quotes that don't relate to one of the themes listed above, but still mark an important moment in the play. â€Å"There are wheels within wheels in the village, and fires within fires!† (Mrs. Putnam, Act 1, p. 26) Mrs. Putnam intends her exclamation to refer to the fact that there are witchy plots afoot, but it holds true even outside of that context – things are not what they seem in Salem, and there are complex cause-and-effect chains. A good example of just how multi-layered events inThe Crucible are can be found by breaking down why John Proctor is hanged for witchcraft. Proctor slept with Abigail, which led to her being fired by his wife, which led to her accusing his wife of witchcraft, which led to Proctor being accused of witchcraft and ultimately hanged for it. â€Å"We burn a hot fire here; it melts down all concealment.† (Danforth, Act 3, p. 83) This line is a reference to the name of the play, The Crucible. A crucible is used to melt down metals and separate out the base metals - or in the case of those questioned about witchcraft, it separates out lies and hypocrisy. There's more true to this statement than Danforth knows, however; not only do the trials melt down the fronts people have put up, but they also expose people's core selves. One example of this is when Mary Warren accuses John Proctor of being the Devil's man: when push comes to shove, she is not strong enough to tell the truth (Act 3, p. 110). With John Proctor, on the other hand, we find that his true inner self is strong enough stand up for truth. First, his upstanding reputation is melted away (when he confesses to adultery) and Procto is revealed as a hypocrite; at the end ofThe Crucible, though, a second, stronger core is exposed when Proctor chooses to be hanged as a witch rather than falsely (and publicly) confess to witchcraft. "No, old man, you have not hurt these people if they are of good conscience. But you must understand, sir, that a person is either with this court or he must be counted against it, there be no road between. This is a sharp time, now, a precise time- we live no longer in the dusky afternoon when evil mixed itself with good and befuddled the world. Now, by God’s grace, the shining sun is up, and them that fear not light will surely praise it. I hope you will be one of those." (Danforth, Act 3, p. 87) Danforth’s belief in black-and-white morality exacerbates the situation in Salem. After all, if you can’t be proven to NOT be a witch, then the only other option is that you must be one PROCTOR, laughs insanely, then: A fire, a fire is burning! I hear the boot of Lucifer, I see his filthy face! And it is my face, and yours, Danforth! For them that quail to bring men out of ignorance, as I have quailed, and as you quail now when you know in all your black hearts that this be fraud- God damns our kind especially, and we will burn, we will burn together! (Proctor, Act 3, p. 111) Proctor explicitly states the subtext of the play – the real devil ofThe Crucible is not Satan, but instead is people who don’t step up to tell the truth (like Proctor) or who refuse to see the truth (like Danforth). Lie/Used under CC BY 2.0/Cropped from original. What’s Next? Interested in getting even deeper into the themes of The Crucible? Our blog has complete analyses and discussion of all The Crucible themes as well as of McCarthyism in The Crucible . Need some context to make these quotations make sense? Try our summaries of all four acts of The Crucible, as well as our comprehensive plot summary. Want to find out more about the characters who say these things? Read our overview of the characters in The Crucible here. Curious about more recent (20th-century) occult activity in the U.S.? We profile Aleister Crowley and analyze some of his key quotes in this article. Want to improve your SAT score by 160 points or your ACT score by 4 points?We've written a guide for each test about the top 5 strategies you must be using to have a shot at improving your score. Download it for free now:

Sick Around America directed by Jon Palfreman Essay

Sick Around America directed by Jon Palfreman - Essay Example Under the federal COBRA law, employees under comprehensive group coverage can only continue with the coverage provided they pay the premiums in full which is rather expensive leading to many employees not taking the option. Therefore, this leads to ‘job lock’. According to Buchmueller and Valletta (1996), this term defines reduced worker mobility that arises from the perceived risk of losing health coverage. This compromises especially individuals who have a medical condition, who, if they change jobs, may be denied coverage either for the existing condition or altogether under their new employers through application of the ‘preexisting condition’ clause. Another challenge that is evident is that employees are forced into jobs contrary to their career choices, just to secure health coverage. To the employers, small businesses feel the heat of these plans. The documentary Sick Around America highlights the plights of a small business hit by a million dollar cost for the delivery of a premature baby by the employees that resulted in their insurers increasing the premiums by over 78%. Consumer Directed Health Plan (CDHP) is operated by insurance companies who are not obliged to cover anyone. Indeed, they take steps to avoid those who are already sick through a practice called medical underwriting. This practice enables the private insurers to avoid the sick and select the healthy. This is done through rigorous forms that require a person to fill all his health history. This is compounded by the fact that the insurers have access to all the medical records ever developed about any person. As a result, any person with a history of serious conditions, such as diabetes and heart problems gets rejected. This was also applied to people with even common ailments. Failure to disclose anything material is regarded as fraud and the insurers employ this opportunity to recede retrospectively coverage of persons after they have become sick. Insurers take the opportunity of this window to frame questions that are ambiguous and that will, in some way, lead the unsuspicious appli cant forgetful of some minor past details to give incorrect information, which would, in turn, allow the insurer to recede the contract. This practice was being abused. Indeed, the documentary points to the fact that some insurers actually paid bonuses to their employees who were in charge of rescission based on how many rescissions the carried out in a given year. Medical underwriting has been countered in some states through the guaranteed issues. In such states, the law requires everyone who seeks insurance to be insured. However, such guaranteed issues predisposed the subscribers to extremely high premiums given that it allowed them a leeway to subscribe after they got sick. In states such as Massachusetts that had the guarantee issues, everybody was mandated to buy a policy or else be fined. This was hard to implement given that due to the soaring cost of the premiums, many residents could not afford it, and it was, therefore, impossible to enforce it. The health care reform ha s introduced some far reaching provisions with regard to the above problems. For instance, to cure the problem that arises from medical underwriting, there are introduced programs that care for those who have been rejected due to health conditions or disability. Such programs include the Pre-existing Condition Insurance Plan (PCIP), while young adults below 26 years qualify for coverage under their parent’