When giving a product presentation, eye contact may help to attract the audience’s attention.

A．They may be homesick and feel insecure.

B．They may try to attract other people's attention.

C．They are either cold or sick.

D．They want to protect themselves from physical injuries.

A．They may be homesick and feel insecure.

B．They may try to attract other people's attention.

C．They are either cold or sick.

D．They want to protect themselves from physical injuries.

Why did Cherry suggest you to give some basic information of the book you read?

A.to show off how great you are

B.to show how famous the book is

C.to attract the audience's attention

D.to help the audience presume what to hear

Investment in staff has been motivated（ ）

A．to attract the public's attention

B．to reduce staff turnover

C．to solve labor disputes

D．to show off financial resources

Tisa Co is considering an opportunity to produce an innovative component which, when fitted into motor vehicle engines, will enable them to utilise fuel more efficiently. The component can be manufactured using either process Omega or process Zeta. Although this is an entirely new line of business for Tisa Co, it is of the opinion that developing either process over a period of four years and then selling the productions rights at the end of four years to another company may prove lucrative.

The annual after-tax cash flows for each process are as follows:

Tisa Co has 10 million 50c shares trading at 180c each. Its loans have a current value of $3·6 million and an average after-tax cost of debt of 4·50%. Tisa Co’s capital structure is unlikely to change significantly following the investment in either process.

Elfu Co manufactures electronic parts for cars including the production of a component similar to the one being considered by Tisa Co. Elfu Co’s equity beta is 1·40, and it is estimated that the equivalent equity beta for its other activities, excluding the component production, is 1·25. Elfu Co has 400 million 25c shares in issue trading at 120c each. Its debt finance consists of variable rate loans redeemable in seven years. The loans paying interest at base rate plus 120 basis points have a current value of $96 million. It can be assumed that 80% of Elfu Co’s debt finance and 75% of Elfu Co’s equity finance can be attributed to other activities excluding the component production.

Both companies pay annual corporation tax at a rate of 25%. The current base rate is 3·5% and the market risk premium is estimated at 5·8%.

Required:

(a) Provide a reasoned estimate of the cost of capital that Tisa Co should use to calculate the net present value of the two processes. Include all relevant calculations. (8 marks)

(b) Calculate the internal rate of return (IRR) and the modified internal rate of return (MIRR) for Process Omega. Given that the IRR and MIRR of Process Zeta are 26·6% and 23·3% respectively, recommend which process, if any, Tisa Co should proceed with and explain your recommendation. (8 marks)

(c) Elfu Co has estimated an annual standard deviation of $800,000 on one of its other projects, based on a normal distribution of returns. The average annual return on this project is $2,200,000.

Required:

Estimate the project’s Value at Risk (VAR) at a 99% confidence level for one year and over the project’s life of five years. Explain what is meant by the answers obtained. (4 marks)

根据下面材料，回答题。

It is predicted that there will be 5 scientific breakthroughs in the 21st century. We"ll know where we came from. Why does the universe exist? To put it another way， why is there something instead of nothing? Since the 1920s， scientists have known the universe is expanding， which means it must have started at a definite time in the past. They even have developed theories that give a detailed picture of the evolution of the universe from the time it was a fraction of a second old to the present. Over the next couple of decades， these theories will be refined by data from extraordinary powerful new telescope. We will have a better understanding of how matter behaves at the unfathomably high temperatures and pressures of the early universe.

We"ll crack the genetic code and conquer cancer. In 19th century operas， when the heroine coughs in the first act， the audience knows she will die of tuberculosis in Act 3. But thanks to 20th century antibiotics， the once dreaded， once incurable disease now can mean nothing more serious than taking some pills. As scientists learn more about the genetic code and the way cells work at the molecular level， many serious diseases——cancer， for one- will become less threatening. Using manufactured "therapeutic" viruses， doctors will be able to replace cancer causing damaged DNA

with healthy genes， probably administered by a pill or injection.

We"ll live longer （120 years?） If the normal aging process is basically a furious， invisible contest in our cells- a contest between damage to our DNA and our cells ability to repair that damage- then 21st century strides in genetic medicine may let us control and even reverse the process. But before we push scientists to do more， consider: Do we really want to live in a world where no one grows old and few children are born because the planet can hold only so many people?

Where would new ideas come from? What would we do with all that extra time?

We"ll "manage" Earth. In the next millennium， well stop talking about the weather but will do something about it. Well gradually learn how to predict the effects of human activity on the Earth，its climate and its ecosystems. And with that knowledge will come an increasing willingness to use it to manage the workings of our planet.

We"ll have "a brain road map". This is the real "final frontier" of the 21st century: The brain is the most complex system we know. It contains about 100 billion neurons （roughly the number of stars in the Milky Way）， each connected to as many as 1，000 others. Early in the next century， we will use advanced forms of magnetic resonance imaging to produce detailed maps of the neurons in operation. We"ll be able to say with certainty which ones are working when you read a word， when you say a word， when you think about a word， and so on.

The sentence "In 19th century operas， when the heroine coughs in the first act， the audience knows she will die of tuberculosis in Act 3" means__________. 查看材料

A.there was not antibiotics at that time

B.tuberculosis was a terrible disease that couldn"t be cured during 19th century

C.the health of the heroine was very poor

D.this was a common situation in the 19th century operas

According to the passage, what is the aim of the Amarna Project?

A.To assist the public to obtain more detailed information about ancient Egyptians．

B.To attract peoples attention to the tombs of common people in ancient Egypt

C.To unveil the brilliant cultures of the ancient Egyptian city of Tell el-Amarna．

D.To help people understand a certain capital of ancient Egypt and its neighborhood better．

What is the author's attitude to the computer?

A．She dislikes it because TV is more attractive.

B．She dislikes it because it cuts off her relation with the outside world.

C．She has become bored with it.

D．She likes it because it is very convenient.

A．They may be homesick or feel insecure.

B．They are either cold or very sick.

C．They may try to attract other people's attention.

D．They want to protect themselves from physical injuries.