buy custom Andover Fresh essay

buy custom Andover Fresh essay In the recent times the number of health problems has drastically surged. It is on this light that farmers in collaboration with other stakeholders, such as the local leaders, student bodies among others living in Andover, have established Andover Famers Markets. The mission of this market is to organize a weekly venue, where farmers of Massachusetts and artisans can gather and find healthy and fresh foods among other products, which support the spirit and economy of Andover (Bartz, 2011). If I was given one day and a budget of $1000 to significantly change our community, I would spend it in the Andover Farmers Market. Since its establishment in 2007, I have noted that most of the people living in Andover, have not clearly understood the role played by this market, not only n improving the economic welfare of the city but also in improving the nutrition levels of the locals. As a result of this, the one day would focus on improving the awareness of the locals on the significance of the Andover Framer Market, which mainly sells fresh products, such as organic products. To maximize on the productivity of this day, I would substantially involve the local leaders, farmers, student bodies, artisans and other key players in the Andover community (Andover Farmers' Market, 2011). The table below indicates how the $1000 would be spent during that one-day event. Function Amount in $ Advertisement 400 Transport 400 Miscellaneous 200 Total 1000 At the end of the day, the locals will be able to fully embrace this market, thus actively participate in the weekly event (Bartz, 2011). In conclusion, the participation of the locals in the Andover fresh markets will improve by at least 35% in the next three years, translating into 15% improvement in the general economy of Andover (Andover Farmers' Market, 2011). Buy custom Andover Fresh essay

Military Abbreviations Found on US Grave Markers

Military Abbreviations Found on US Grave Markers Many military graves are inscribed with abbreviations that denote the unit of service, ranks, medals, or other information on the military veteran. Others may also be marked with bronze or stone plaques provided by the U.S. Veterans Administration. This list includes some of the most common military abbreviations that may be seen on headstones and grave markers in American ​cemeteries, both in the United States and overseas. Military Rank BBG - Brevet Brigadier GeneralBGEN - Brigadier GeneralBMG - Brevet Major GeneralCOL - ColonelCPL - CorporalCPT - CaptainCSGT - Commissary SergeantGEN - GeneralLGEN - Lieutenant GeneralLT - Lieutenant1 LT - First Lieutenant (2 LT 2nd Lieutenant, and so on)LTC - Lieutenant ColonelMAJ - MajorMGEN - Major GeneralNCO - Noncommissioned OfficerOSGT - Ordinance SergeantPVT - PrivatePVT 1CL - Private First ClassQM - QuartermasterQMSGT - Quartermaster SergeantSGM - Sergeant MajorSGT - SergeantWO - Warrant Officer Military Unit Branch of Service ART - ArtilleryAC or USA - Army Corps; United States ArmyBRIG - BrigadeBTRY - BatteryCAV - CavalryCSA - Confederate States of AmericaCT - Colored Troops; may precede the branch such as CTART for Colored Troops ArtilleryCO or COM - CompanyENG or EM - Engineer; Engineers / MinersFA - Field ArtilleryHA or HART - Heavy ArtilleryINF - InfantryLA or LART - Light ArtilleryMC - Medical CorpsMAR or USMC - Marines; United States Marine CorpsMIL - MilitiaNAVY or USN - Navy; United States NavyREG - RegimentSS - Sharpshooters (or sometimes Silver Star, see below)SC- Signal CorpsTR - TroopUSAF - United States Air ForceVOL or USV - Volunteers; United States VolunteersVRC - Veteran Reserve Military Service Medals Awards AAM - Army Achievement MedalACM - Army Commendation MedalAFAM  - Air Force Achievement MedalAFC  - Air Force CrossAM  - Air MedalAMNM  - Airmans MedalARCOM - Army Commendation MedalBM - Brevet MedalBS or BSM - Bronze Star or Bronze Star MedalCGAM  - Coast Guard Achievement MedalCGCM - Coast Guard Commendation MedalCGM  - Coast Guard MedalCR  - Commendation RibbonCSC - Conspicuous Service Cross (New York)DDSM  - Defense Distinguished Service MedalDFC - Distinguished Flying CrossDMSM  - Defense Meritorious Service MedalDSC  - Distinguished Service CrossDSM  - Distinguished Service MedalDSSM  - Defense Superior Service MedalGS  - Gold Star  (generally appears in conjunction with another award)JSCM  - Joint Service Commendation MedalLM or  LOM - Legion of MeritMH or MOH - Medal of HonorMMDSM  - Merchant Marine Distinguished Service MedalMMMM  - Merchant Marine Mariners MedalMMMSM  - Merchant Marine Meritorious Service MedalMSM  - Meritorious Servic e MedalNMCM  - Navy Marine Corps MedalNAM  - Navy Achievement Medal NC  - Navy CrossNCM  - Navy Commendation MedalOLC - Oak Leaf Cluster (generally appears in conjunction with another award)PH - Purple HeartPOWM  - Prisoner of War MedalSM  - Soldiers MedalSS or SSM - Silver Star or Silver Star Medal These abbreviations generally follow another award to indicate superior achievement or multiple awards: A - AchievementV - ValorOLC - Oak Leaf Cluster (generally follows another award to indicate multiple awards) Military Groups Veterans Organizations DAR - Daughters of the American RevolutionGAR - Grand Army of the RepublicSAR - Sons of the American RevolutionSCV - Sons of Confederate VeteransSSAWV - Sons of Spanish American War VeteransUDC - United Daughters of the ConfederacyUSD 1812 - Daughters of the War of 1812USWV - United Spanish War VeteransVFW - Veterans of Foreign Wars

Biography of Copernicus Research Paper Example | Topics and Well Written Essays - 500 words

Biography of Copernicus - Research Paper Example After attaining the age of eighteen, Copernicus was sent for further studies in the University of Bologna (Weatherly 47). His uncle had excellent connections not only in Poland, but also in other foreign countries around Europe. This made it easier for him to secure Copernicus’s place at the prestigious University of Bologna. Astronomy was widely considered as one of the most important subjects of study among priests and clerics. Roman Catholics believed that astronomy would enhance the priests’ abilities to forecast the future. Additionally, it was considered as an essential area of knowledge for interpreting events. This ensured that Copernicus gad to study astronomy. While at the University of Bologna, Copernicus also studied mathematics and advanced sciences. It is during his time in Italy that he questioned some heliocentric principles that had been formulated by other scholars. This formed an excellent basis of his research. He learnt a lot from his professor at the university and also applied this knowledge in his research work after moving back to Poland. His findings and theoretical formulations on the heliocentric model were not published until a few days to his death in 1543 (Andronik 69). While his findings had some flaws, they were immensely crucial towards future studies in astronomy and earth sciences at large. The contributions of Copernicus to astronomy are evident in his heliocentric theory. Within the framework of this theory, Copernicus stipulated that the earth revolves around the sun. This is one of the most significant aspects of astronomy. During the 1400s and 1500s, people believed that the earth was the center of the universe. However, the extensive research work of Copernicus was instrumental towards addressing this misconception. At first, this stipulation was considered as highly controversial. However, additional research and studies by other scientists helped in validating

Introducing medical anthropology, 2ND Edition(Merrill Singer & Hans Essay

Introducing medical anthropology, 2ND Edition(Merrill Singer & Hans Baer) Chapters 3 Only - Essay Example The field has evolved from simple and cultural treatment practices to the development of modern clinics and hospital to the campaigns on disease prevention (Singer and Hans, 127). In our daily lives, people confuse the meaning of disease and illness. Indeed a lot of ink and papers have been used to jot down the meaning of the two with the aim of distinguishing the two. A disease can be defined as a natural entity that can be identified through various bodily signs such as high temperatures and emotional discomfort among others amongst others. An illness, on the other hand, constitutes a cultural construction that can be identified only through interpretive activities and narratives of the signs (Singer and Hans, 93). The distinction between a disease and an illness is through the identification of the signs and symptoms. Diseases and illnesses affect the health of a person or a society in case of an outbreak of a disease. A society can be called healthy or sick not only because of a disease, but also because of their social behaviors. Thus, health is the complete physical, mental and social wellbeing in absence of a disease or infirmity that promotes life in highest satisfaction Anthropologist studies medicine holistically in terms of modern and cultural medicine used in all social environments. They study the theories of illness and their typologies in order to offer typologies of healing systems (Singer and Hans, 186). The environment and cultural belief affect the treatment of certain diseases. It is important to encourage patients with unique illness to narrate their experience to healers and medical practitioners to offer understanding of the diseases. Anthropology also acknowledges the importance of cultural treatment because diseases existed before the invention of medicine. The study of chronic diseases which might cause disability to a person in society also helps to understand why people stigmatize others in society. Anthropology also encourages

Federalists and Anti-Federalists Essay Example for Free

Federalists and Anti-Federalists Essay Between the years of 1787 and 1788, a debate arose over the constitution in the state legislatures along with a debate raged in newspapers and pamphlets throughout America’s thirteen colonies following the Constitutional Convention. There were two sides of this debate that felt towards the constitution in a total opposite way as each other. These two sides were the Federalists and the Anti-Federalists. Federalists defended the constitution while Anti-Federalists opposed it. Most people that were a part of the Federalists were well educated and propertied class. Most of these people lived in settled areas along the seaboard. They believed that the Articles of Confederation were weak and ineffective and that national government needed to be strong in order to function. Foreign policy powers needed to be strengthened while excesses at home needed to be controlled. They believed that strong national government needed to control uncooperative states and that those men of experience and talent should govern that nation. The national government should have all control, along with protecting the rights of the people. They wanted the constitution of state governments to protect individual freedoms without bill of rights. Federalists were in favor of establishing the constitution with almost any means possible and they were more sympathetic to separation of church and state. Anti-Federalists were mostly states’ rights advocates, backcountry farmers, poor farmers, the ill-educated and illiterate, debtors, and paper money advocates. In general, the Anti-Federalists were the poorer classes of society. They believed that the Articles of Confederation were a good plan for the nation, and they opposed strong central government, believing that it threatened the rights of the common people. To Anti-Federalists, the constitution was created by aristocratic elements and they suspected it was a plot to suppress liberty of the masses. They also opposed a standing army and the constitution. They believed the constitution favored wealthy men and preserved their power, because the constitution opposed the drawing of annual elections for representatives. Without this method, only the rich picked the rich representatives, who, in turn, favored the rich people in their decisions. The constitution also lacked a bill of rights by being able to override the bills of rights created by state governments. They also argued against the 2/3 ratification plan, since the Articles of Confederation required unanimous consent. Anti-Federalists opposed omitting any reference to God and therefore, the law should go with the laws of God.

Suicide Among Youth Essay -- Suicide Teenagers Suicidal Essays

Suicide Among Youth A suicide attempt is a non-fatal act in which an individual deliberately causes self- injury and should be recognized as a method of communication from a youth who may be experiencing severe problems. Canadian statistics from the Suicide Information and Education Center in 1996 recorded 25 000 attempted suicides and 250 successful suicides. 1 in every 100 people who try to commit suicide will die. Based on the 1996 statistics one can assume that these numbers have increased. It has been suggested that suicide is the second leading cause of death amongst the youth and is more common amongst females than males. Although more females attempt to commit suicide males are more successful in doing so. More often than not we hear of younger people committing suicide rather than those of the elderly. From reading several studies it is hard to say whether it is the youth or the general population that are more likely to attempt suicide and be successful at it. One may often wonder why a person commits suicide and what lead them to the point where they felt there was â€Å"no way out†. It has been suggested youth who are suicidal feel alone, not understood by parents and or their peers, that they are unable to cope with failure, criticism and feel that things will never get better or that no one can do anything to help him or her, amongst other things. Based on these feelings experienced by youths they seek suicide as the â€Å"way out†. One reason suggested is that teens commit suicide as a punishment to themselves and to others around them. Suicide is also seen as a method of revenge. Some of the risk factors associated with suicide are abuse (physical, emotional, drug and sexual), as well as family history and change. Youth are affected deeply by change especially with issues involving family and friends. It has been suggested that the greater number of female attempts at suicide is based on relationship breakups. It is assumed that most often females experience a level of attachment that is much greater than that of males. A female may feel as if no one understands her and that the only important person in her life has now left. Along with the risk factors there are warning signs. I will list a few but the slightest comment could mean that the person feels suicidal. Some of the more common warning signs are loss of appetite, sleep distur... ...hday, I would never know what it feels like to get married or have children. Speaking from experience I think that the best way to help youth is to offer programs that can help them. The Support Network here in Edmonton offers confidential 24 hour service to help youth who are experiencing problems. I also think that suicide prevention and education should be taught in schools. I feel this way because this may affect a person’s life in some way or another whether they are the people who attempt or they are someone who has lost a loved one because of suicide. I personally believe that suicide awareness is much more important than learning how to solve for a polynomial or simplifying an equation. Suicide, whether an attempt or a completion is not something that should taken lightly. It is a life changing experience and never goes away. Suicide will affect all lives and needs to be dealt with. Suicide can be prevented, as long as everyone understands and helps those who appear to need it. Even for those who don’t appear to need it! Bibliography Suicide Information and Education Center (SIEC), 1996 Information on pamphlets and handouts from The Support N

History of Chocolate Essay

Chocolate comes from the cacao bean, which comes from a cocoa tree, which are found in Central America. Mayans The Mayans found the cocoa trees down in South America, and then migrated up to Central America, where their empire stretched from the Yucatan Peninsula to the Pacific Coast of Guatemala. The Mayans are known for being the first people to create plantations, where they had people working on a cacao bean plantation. They also referred to the cacao bean as the â€Å"food of the gods. † Aztecs The Aztecs then conquered the Mayans. The Aztecs would tax anyone who they conquered who grew the cacao beans to pay them as taxes. In fact, the Aztecs used cacao beans as currency, and it was always in demand. No one outside of the Americas would hear of this magnificent drink (as it was used for early on) until about the 15th century. European Influence Christopher Columbus was the first European in the Americas, who was also the first to find cacao beans. He brought these cacao beans back to the Spanish king, whose friars sent the word of it throughout Spain. When the Spanish conquered the Aztecs, cacao beans were imported and changed into a chocolate drink, and was widely popular along the people. They would remove the chili pepper and add milk, sugar, and vanilla to give chocolate a sweet taste. They used chocolate as a drink until the Industrial Revolution. Post-18th Century Chocolate The chocolate we know today is created by mills that could create cocoa butter. This cocoa butter made it to where chocolate could become hard. After the Industrial Revolution, people began to sell these mills and â€Å"cocoa butter† to other people. A man by the name of Daniel Peter bought one of these, and began work on a new type of chocolate, called â€Å"milk chocolate. † This milk chocolate was toyed with quite a bit until Rodolphe Lindt invented conching, and this allowed for Milton Hershey to make chocolate famous and mass produce a cheap candy bar. This leads us up to the chocolate we eat today!

Valuating & Financial Prediction of Fortescue Metals Group Ltd

| Valuating & Financial Prediction of Fortescue Metals Group Ltd| AFX9540 BUSINESS FINANCE| | | | Executive Summary This report is written to offer a business analysis of Fortescue Metals Group Ltd (FMG) where there will be a discussion on the background of the company, its return on the pre-post announcement of raising funds, the capital structure during the global financial crisis in comparison to its peers and the estimation on the share valuation in comparison to the actual share value. Fortescue Metals Group (ASX:  FMG) is an Australian iron ore mining company.The company has holdings of more than 87,000 km? in the Pilbara region of Western Australia making it the largest tenement holder in the state. It is listed as FMG on the Australian Securities Exchange (ASX). In 2008, the group loaded its first iron ore shipment bound for China. Fortescue have at least 10 Chinese steel mill contracts lasting for around 10 years. Baosteel was the first company to receive their iron ore. F or the share valuation, the report uses the CAPM model to determine the prevailing cost of capital and also uses the dividend discount multistage model to predict the share price for the company.The components of the CAPM model (i. e. risk free rate, company beta, Market return and growth rate) are calculated and predicted on historical data. The valuation data is then compared with the actual market price of the shares for the corresponding years and a brief analysis is then performed on the economic and internal reasoning behind any variance encountered. Table of Contents Executive Summary2 1. 0Brief overview of the company4 2. 0Capital Structure4 2. 1Funds raised by the company4 2. 2Usage of the fund5 2. 3Announcement date for the issue5 2. 4Share-return pre and post announcement5 2. Market return same period6 2. 6 Market Perception6 2. 7 Effect of recent financial crisis7 3. 0 Valuation of FXJ shares7 3. 1Risk free rate calculation8 3. 2Market rate calculation8 3. 3Beta calculat ion9 3. 4CAPM Calculation10 3. 5Growth rate calculation10 3. 6Share valuation11 3. 7Comparison of valuation vs. actual data12 3. 8 Evaluation of the variation13 4. 0 Conclusion13 Appendix 1: Cash rate target14 Appendix 2: Market data for beta calculation14 Reference & Bibliography†¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ 16 . 0General background of the Firm Fortescue Metals Group Ltd is the New Force in Iron Ore and has joined the world's leading producers of iron ore. Since the Company was formed in 2003, its extraordinary growth has been unparalleled. Listed in the S;P/ASX 50 share index, Fortescue has firmly established itself as one of the world's largest producers and sea-borne traders of iron ore. From Construction to Production Construction of Fort escue's port, rail and mine project commenced in February 2006 with the turning of the first sod at the Company's port site at Anderson Point in Port Hedland.Just two years later in 2008, the open-access rail infrastructure was complete and  operations were underway  at the Fortescue Herb Elliott Port and at the Company's first minesite, Cloudbreak. Shipping started on 15 May 2008 and Project Completion was achieved within months. On 18 July 2008, Fortescue's fifth anniversary, the Company successfully mined, railed and shipped at a rate of 24mtpa (Million ton per annum) for a one month period. In the first full year of operations, Fortescue mined, railed and shipped more than 27 million tonnes of iron ore to customers in China. FinanceFortescue's project was founded on the raising of A$3. 7 billion capital, including A$1 billion equity, during two finance road shows in August 2006 and July 2007. The August 2006 raising was the largest single high-yield Asia-Pacific transaction, the largest high-yield bond project financing ever, one of the largest corporate bonds out of Australia and one of the largest global bond issues in the sector. Since then Fortescue has grown to become an S;P/ASX 50 company. Over 55,000 Australians have become shareholders in the proudly Australian founded and managed company.A substantial increase in Fortescue's Resource Inventory to 10. 03 billion tonnes in March 2011, including 1. 6 billion  tonnes of Reserves,  positioned the company as one of the world's major resource houses. This massive Resource Inventory was achieved in record time and was delineated from approximately 10 per cent of  Fortescue's 88,000 square kilometres of Pilbara tenements. 2. 0Capital Structure of the Firm 2. 1Funds raised by the company 1,326,316 number of Ordinary Shares were issued to generate A$6. 3 million. 2. 2Purpose of Fund 1,326,316 number of Ordinary Shares were issued as payment for a distribution of A$6. million due under the A$140m, R edeemable Preference Share issued with maturity on or before February 2017. 2. 3Announcement date of the issue The initial announcement date for this issue of the Ordinary Share was 15th September 2010. 2. 4Share return from two days before the announcement date to two days after the announcement. Holding Period Return=Ending Price-Beginning PriceBeginning Price ? 100 Holding Period Return=p1-p0p0 ? 100; P1 = Ending Price, P0 = Beginning Price | Date| Open| High| ow| Close| Volume| Adj Close*| 17 Sep 2010| 4. 87| 4. 92| 4. 83| 4. 84| 25,307,700| 4. 82| 16 Sep 2010| 5. 2| 5. 02| 4. 85| 4. 86| 15,360,000| 4. 84| 15 Sep 2010| 5. 03| 5. 08| 4. 99| 5. 03| 11,614,800| 5. 01| 14 S p 2010| 4. 99| 5. 07| 4. 97| 5. 02| 10,319,500| 5. 00| 13 Sep 2010| 4. 91| 5. 01| 4. 90| 4. 97| 14,643,800| 4. 95| | Closing price adjusted for dividend and splits Before the Announcement Date: Holding Period Return=p1-p0p0 ? 100 So, HPR=5. 02-4. 914. 91 ? 100 = 2. 24% After the Announcement Date: Holding Period Return=p1-p0p0 ? 100 So, HPR=4. 84-5. 025. 02 ? 100 = -3. 59% 2. 5Market Return same period | Date| Open| High| Low| Close| Volume| Adj Close*| 17 Sep 2010| 4,657. 70| 4,692. 50| 4,657. 0| 4,685. 10| 1,523,846,600| 4,685. 10| 16 Sep 2010| 4,703. 00| 4,707. 70| 4,648. 90| 4,650. 00| 1,813,657,000| 4,650. 00| 15 Sep 2010| 4,670. 10| 4,710. 50| 4,669. 90| 4,702. 70| 1,644,565,600| 4,702. 70| 14 Sep 2010| 4,661. 40| 4,688. 90| 4,661. 10| 4,669. 10| 1,422,233,600| 4,669. 10| 13 Sep 2010| 4,613. 30| 4,660. 90| 4,612. 70| 4,654. 20| 1,433,713,600| 4,654. 20| Closing price adjusted for dividend and splits Holding Period Return=Ending Price-Beginning PriceBeginning Price ? 100 Holding Period Return=p1-p0p0 ? 100; P1 = Ending Price, P0 = Beginning Price Before the Announcement Date:Holding Period Return=p1-p0p0 ? 100 So, HPR=4669. 10-4613. 304613. 30 ? 100 = 1. 21% After the Announcement Date: Holding Period Return=p1-p0p0 ? 100 So, HPR=4685. 10-47034703 ? 100 = -0. 38% 2. 6Market Perception From the above analysis it can be seen that the share performance of the company and the market was stable during the pre and post two days of the announcement. Previously before the announcement the performance of both is going the similar path (upward movement). On the other hand post announcement illustrated negative result (-3. 59% against -0. 38%) for Fortescue Metals Group Ltd.There might be two causes behind this; one, the share price have been over estimated for which the price had to be adjusted. Secondly, the investors did not take the fund raising issue positively as they might think it would not generate much fund for the company’s growth and thus unable to generate enough wealth for them. 2. 7Effect of recent financial crisis | | BlueScope| Fortescue Metals| Mount Gibson| OneSteel| Net Gearing| 2007| 0%| 0%| 0%| 46. 65%| | 2008| 0%| 0%| 25. 42%| 56. 72%| | 2009| 0%| 9%| 6. 29%| 28. 22%| | 2010| 14. 82%| 169. 90%| 3. 97%| 21. 45%| | 2011| 24. 43%| 183. 43%| -| 38. 36%|Table 1: Gearing ratio-peer analysis of Fortescue Metals Group Ltd. We can conclude that the recent financial crisis did not affect the industry’s capital structure. As of now the mining industry is going boom. In the time of recession, most of the companies will not have enough profit to repay a debt so; investors are more interested in investing in mining industry rather than some other industry. By using the gearing ratio, it can be seen that Fortescue’s degree of leverage is higher, the more higher the  company is considered risky. However Fortescue Metals Ltd is very strong with their high growth rate compared to its competitors.For them paying off the debt would not be a big issue as they are enjoying three benefits which are; one, mining industry is going boom; two, Australian dollar (AUD) getting stronger; and three, Fortescue’s operations are well placed to maintain the 55mtpa rate across the 2012 financial year while development to 155mtpa conti nues in a mixture of brownfields and greenfields projects, scheduled to take place through to June 2013. 3. 0Valuation of shares The dividend discount multistage model is a procedure for valuing the price of a stock by using predicted dividends and discounting them back to present value.The idea is that if the value obtained from the dividend discount multistage model is higher than what the shares are currently trading at, then the stock is undervalued. Formula P0 = D11+R The required return can be calculated using the CAPM (capital asset pricing model) model, which becomes the cost capital of the project. Formula CAPM: E(r)= Rf+[? i (Rm-Rf)] 3. 1Risk free rate calculation The benchmark interest rate in Australia was last reported at 4. 75 percent. In Australia, interest rates decisions are taken by the Reserve Bank of Australia's Board.The interest rate needs to be adjusted yearly using the Effective Annual Rate. EAR = (1+in)n-1 EAR| 2011| 2010| 2009| Calculation| (1+. 0475/365)36 5-1| (1+. 0396/365)365-1| (1+. 0479/365)365-1| Rf| 4. 86%| 4. 03%| 4. 90%| Table 2: Risk Free rate 3. 2Market rate calculation The calculation of market return will include statistics from 5 years to counteract any data abnormality from recession or seasonal spikes. | 2005| 2006| 2007| 2008| 2009| 2010| 2011| Calculation| 4,229. 93,546. 1-1| 5,034. 04,225. 9-1| 6,310. 65035. 4-1| 3,947. 85,345. 8-1| 3,947. 85,345. 8-1| 4,324. 83,934. 4-1| 4,659. 84,309. -1| Return| 0. 1928| 0. 1912| 0. 2532| -0. 1549| -0. 2615| 0. 0992| 0. 0811| Average Market return based on five years performance is: Rm2011 = (0. 2532-0. 1549-0. 2615+0. 0992+0. 0811)5 = 0. 0034 = 0. 34% Rm2010 = (0. 1912+. 2532-0. 1549-0. 2615+0. 0992)5 = 0. 0254 = 2. 54% Rm2009 = (0. 1928+0. 1912+0. 2532-0. 1549-0. 2615)5 = 0. 04416 = 4. 42% 3. 3Beta calculation: The beta is taken from FinAnalysis. Beta (? ) is a number describing the relation of its returns with those of the financial market as a whole. The beta coefficient is a key parameter in the capital asset pricing model (CAPM).It measures the part of the asset's statistical variance that cannot be removed by the diversification provided by the portfolio of many risky assets, because of the correlation of its returns with the returns of the other assets that are in the portfolio. Formula for Beta is: i=1n[Ri-ER]2n-1 Data from 2009 to 2011 has been used and a data of 3 years is used to calculate the beta. | 2009| 2010| 2011| ?| 0. 91| 0. 80| 0. 88| A beta of greater than 1 indicates that the security's price will be more volatile than the market. Fortescue Metals Ltd has a beta of 0. 88; therefore it is less volatile than the market. 3. CAPM Calculation: Hence, using Capital Asset Pricing Model (CAPM) as Required Return E(r)= Rf+[? i (Rm-Rf)] | 2009| 2010| 2011| Calculation| 4. 90% + [0. 88(4. 42%-4. 90%)]| 4. 03% + [0. 88(2. 54%-4. 03%)]| 4. 86% + [0. 88(0. 34%-4. 86%)]| Return| 4. 48%| 2. 72%| 0. 88%| Table 4: Cost of Capital 3. 5Growth Rate Calcula tion Growth rate calculation represents the  compounded annualized rate of growth of a company's revenues, earnings, dividends, etc. The formula for growth rate = Return on equity X Plowback ratio = ROE ? (1-DividendEPS) This growth rate will be used for the calculation of share prices for the last three years.ROE, DIV and EPS from 2009 to 2011 are shown below: | 2009| 2010| 2011| ROE| 13. 62%| 51. 57%| 75. 36%| DIV ($)| -| -| 7. 0| EPS ($)| 21. 90| 22. 12| 31. 88| Table 5: Financial data g2011 = ROE(2011) (1- Div(2011)/EPS(2011)) = 75. 36%(1-7/31. 88)= 58. 81% g2010 = ROE(2010) (1- Div(2010)/EPS(2010)) = 51. 57%(1-0/22. 12)= 51. 57% g2009 = ROE(2009) (1- Div(2009)/EPS(2009)) = 13. 62%(1-0/21. 90)= 13. 62% Below is the summary of the data discussed: Components| 2009| 2010| 2011| Er| 4. 48%| 2. 72%| 0. 88%| Rf| 4. 86%| 4. 03%| 4. 90%| Rm| 4. 42%| 2. 54%| 0. 34%| ?i| 0. 91| 0. 80| 0. 88| | 13. 62%| 51. 57%| 58. 81%| Table 6: Summarisation of component 3. 6Share Valuation To calculat e the value of the shares, we need to determine the method of valuation so; mixed stage dividend model can be used to calculate the value of the share. Bearing in mind the business nature, we can see an average of 41. 33% growth which is abnormally high. For the purpose of calculation we will presume this high growth rate will continue for another 40-45 years at least. As it is a new mining company and as we know that the return comes late so, the growth rate is high even after a long term.From 2053 onwards we assume that the business will grow at 7% rate, which we believe is a conservative approach, as because by then there will be many mining companies opening both domestically and internationally. China is progressing very fast and by next 15-20 years they will level up, not just China; India, South Africa, South America etc are also catching-up fast, so due to the high competition the market would not remain the same and it will change consecutively as forecasted. The valuation calculation will take this assumption towards establishing the model. P2009=i=20092012D0 (1+g)i(1+Ke)i + Pi(1+Ke)iP2010=i=20102012D0 (1+g)i(1+Ke)i + Pi(1+Ke)i P2011=i=20112012D0 (1+g)i(1+Ke)i + Pi(1+Ke)i | Growth Rate| Net Cash Flow| Cost of Capital| | D2009| | -13,643| 4. 48%| | D2010| | 1,877,963| 2. 72%| | D2011| 41. 33%| 4,206,365| 0. 88%| | D2012| 50%| 4,906,922| 0. 92%| | D2013| 55%| 6,767,080. 65| 0. 99%| | D2014| 60%| 10,435,594. 64| 0. 99%| | D2015| 60%| 16,587,385. 22| 0. 96%| | D2016| 60%| 26,477,415. 36| 0. 98%| | D2017| 60%| 42,346,454. 77| 1%| | D2018| 60%| 67,743,188. 44| 0. 95%| | D2019| 60%| 108,379,297. 7| 0. 96%| | D2020| 60%| 173,398,415. 1| 0. 98%| | D2021| 60%| 277,429,356. 2| 1%| |D2022| 60%| 443,881,664. 5| 0. 98%| | -| -| -| -| | D2052| 8. 19%| 13,101,273,811| 0. 98%| | D2053| 7%| 22,933,861. 67| 0. 98%| | | P2009| 3. 89| | P2010| 3. 61| | P2011| 5. 46| Table 7: Summary calculation 3. 7Comparison of valuation vs. actual data From the valuation calculated thr ough the process, now we will compare that with the actual data from the market. Year| Valuation Data| Actual Data| Variance| Comment| 2009| 3. 89| 3. 64| -6. 40%| Undervalued| 2010| 3. 61| 3. 96| 9. 64%| Overvalued| 2011| 5. 46| 5. 98| 9. 43%| Overvalued| Table 8: comparison of actual and calculated data 3. Evaluation of the variation The valuation of the shares seems to be in the right track compared with the market trend. Nevertheless, post state gives a more variable scenario. Dividend was replaced by using the net operation Cash Flow per share. The operation cash flow only represents the cash flow in the company’s operation activities; whilst the company also have investing activities and financing activities. Thus, only use of the operation cash flow in the valuation has a high percentage of uncertainty. According to the table above, the actual price is undervalued.The valuation can be endorsed to the lower than expected risk premium in the market resulting from the con trolled risk free rate determined by the government. Another issue can be AUD getting stronger compared to USD, resulting additional dent on the nominal cost of capital for the company. In the later part of the table, the actual price is overvalued. In order to illustrate this phenomenon, one possible reason is inflation. Inflation is an overall general rise in prices. As we know, global financial crisis happened few years back, the effect of the financial crisis was significant on the whole market and caused inflation.Therefore, due to inflation, the market prices are higher than the actual prices. Another possible reason is some unpredicted economic/natural events happened during this period and lead to movements of the market price. On the other hand the factors can be attributed to the assumptions and predictions using the calculation components. CAPM formula and Beta calculation has its own risk and de-merits. The growth rate is strongly manipulated by the industry’s lan dscape, economic status and political issues.The information available could also affect the actual share prices in the market which will impact on decision making for share buyers/sellers. The share price valuation will be varied from one investor to another depends on their information. As there is an existence of asymmetric information in the market, one cannot estimate the share price exactly the same with the actual share price. Besides, the investors behaviour are different between one another, hence, the pattern of the actual share price is not only based on market returns in general, but also depends on whether the level of the risk that the investors are willing to bear. . 0Conclusion In conclusion, we need to consider about inflation and unpredicted events when we investigate the market price. In addition, we need to distinguish nominal interest rate and real interest rate when we calculate. Appendix 1: Cash rate target: Effective date| New cash rate| Adjusted cash rate| | | 2011| 4. 75| 5 May 2010| 4. 75| 2010| 3. 96| 7 Apr 2010| 4. 50| | | 3 Mar 2010| 4. 25| | | 2 Dec 2009| 4. 00| | | 4 Nov 2009| 3. 75| | | 7 Oct 2009| 3. 50| | | 8 Apr 2009| 3. 00| | | 4 Feb 2009| 3. 25| 2009| 4. 79| 3 Dec 2008| 4. 25| | | 5 Nov 2008| 5. 25| | | 8 Oct 2008| 6. 00| | | 3 Sep 2008| 7. 00| | |Appendix 2: Market Data for beta calculation: Date| Open| High| Low| Close| Volume| Adj Close| 3/10/2011| 0. 81| 0. 94| 0. 79| 0. 89| 18267300| 0. 89| 1/09/2011| 0. 85| 0. 9| 0. 74| 0. 82| 16091200| 0. 82| 1/08/2011| 0. 87| 0. 92| 0. 68| 0. 85| 15948300| 0. 85| 1/07/2011| 0. 98| 1. 01| 0. 86| 0. 88| 11603100| 0. 88| 1/06/2011| 1. 09| 1. 09| 0. 94| 0. 98| 17479100| 0. 98| 2/05/2011| 1. 32| 1. 33| 1. 03| 1. 08| 21843500| 1. 08| 1/04/2011| 1. 29| 1. 37| 1. 25| 1. 32| 17067200| 1. 32| 1/03/2011| 1. 29| 1. 3| 1. 17| 1. 29| 18402900| 1. 29| 1/02/2011| 1. 34| 1. 46| 1. 28| 1. 3| 14583200| 1. 3| 4/01/2011| 1. 4| 1. 42| 1. 33| 1. 35| 10259000| 1. 5| 1/12/2010| 1. 37| 1. 46| 1. 36| 1. 4| 1 8060000| 1. 4| 1/11/2010| 1. 44| 1. 49| 1. 32| 1. 37| 15254000| 1. 37| 1/10/2010| 1. 45| 1. 55| 1. 4| 1. 45| 12209300| 1. 45| 1/09/2010| 1. 47| 1. 57| 1. 44| 1. 47| 10714700| 1. 47| 2/08/2010| 1. 48| 1. 52| 1. 33| 1. 44| 12983000| 1. 43| 1/07/2010| 1. 3| 1. 51| 1. 29| 1. 48| 10254300| 1. 46| 1/06/2010| 1. 52| 1. 52| 1. 26| 1. 32| 17287600| 1. 3| 3/05/2010| 1. 72| 1. 76| 1. 4| 1. 51| 19697600| 1. 5| 1/04/2010| 1. 79| 1. 83| 1. 72| 1. 73| 12311100| 1. 71| 1/03/2010| 1. 62| 1. 86| 1. 62| 1. 8| 16808300| 1. 78| 1/02/2010| 1. 7| 1. 88| 1. 64| 1. 65| 17412500| 1. 63| 4/01/2010| 1. 74| 1. 88| 1. 7| 1. 73| 13261300| 1. 71| 1/12/2009| 1. 63| 1. 75| 1. 56| 1. 74| 8904800| 1. 72| 2/11/2009| 1. 55| 1. 77| 1. 52| 1. 63| 11449600| 1. 62| 1/10/2009| 1. 72| 1. 8| 1. 52| 1. 61| 14759100| 1. 59| 1/09/2009| 1. 46| 1. 75| 1. 42| 1. 72| 18761900| 1. 7| 3/08/2009| 1. 49| 1. 55| 1. 4| 1. 47| 18455600| 1. 46| 1/07/2009| 1. 19| 1. 48| 1. 07| 1. 48| 15136300| 1. 46| 1/06/2009| 1. 15| 1. 35| 1. 15| 1. 22| 156 24600| 1. 21| 1/05/2009| 1. 18| 1. 18| 0. 99| 1. 14| 15047200| 1. 13| 1/04/2009| 1. 01| 1. 19| 1. 01| 1. 18| 16260500| 1. 17| 2/03/2009| 0. 95| 1. 08| 0. 8| 1. 01| 18923300| 1. 01| 2/02/2009| 1. 35| 1. 39| 0. 92| 1. 08| 9490000| 1. 07| /01/2009| 1. 64| 1. 76| 1. 25| 1. 4| 5383300| 1. 39| 1/12/2008| 1. 4| 1. 67| 1. 33| 1. 63| 7776700| 1. 62| 3/11/2008| 1. 94| 2. 09| 1. 12| 1. 35| 8740000| 1. 34| 1/10/2008| 2. 75| 2. 76| 1. 85| 1. 92| 6877000| 1. 9| 1/09/2008| 2. 82| 3. 11| 2. 59| 2. 64| 7193700| 2. 62| 1/08/2008| 2. 65| 3. 05| 2. 58| 2. 82| 10400800| 2. 79| 1/07/2008| 2. 9| 3. 2| 2. 57| 2. 75| 8612800| 2. 72| References & Bibliography * http://www. asx. com. au/asx/research/companyInfo. do? by=asxCode&asxCode=FMG * http://www. investsmart. com. au/shares/asx/Fortescue-Metals-Group-FMG. asp * http://www. fxj. com. au/shareholders/Fairfax_AnnualReport_2011. df * http://www. fmgl. com. au/IRM/Company/ShowPage. aspx/PDFs/2147-13354473/Appendix3 bAllotmentofShares * http://au. finance. ya hoo. com/q/ao? s=FMG. AX * http://datanalysis. morningstar. com. au. ezproxy. lib. monash. edu. au/af/company/issuedcapital? ASXCode=FMG&page=1&resultsperpage=25&xsl_predicate=&xsl_start_year=1999&xsl_end_year=2011&active=ISU_Sec1&xsl_start_date=1999-01-01&xsl_end_date=2011-12-31&xtm-licensee=dat#Active_ISU_Sec2 * http://www. asx. com. au/asx/statistics/announcements. do? by=asxCode&asxCode=fmg&timeframe=Y&year=2010 * http://www. specthuntley. com. au. ezproxy. lib. monash. edu. au/af/company/mainview? ASXCode=FMG * http://au. finance. yahoo. com/q/hp? s=FMG. AX&a=06&b=1&c=2008&d=05&e=30&f=2011&g=m * http://www. asx. com. au/research/market-statistics. htm ——————————————– [ 1 ]. http://www. fmgl. com. au/IRM/Company/ShowPage. aspx/PDFs/2147-13354473/Appendix3bAllotmentofShares [ 2 ]. http://au. finance. yahoo. com/q/hp? s=FMG. AX&a=08&b=13&c=2010&d=08&e=17&f=2010&g=d [ 3 ]. http: //au. finance. yahoo. com/q/hp? s=%5EAORD&a=08&b=13&c=2010&d=08&e=17&f=2010&g=d [ 4 ]. ttp://www. bluescopesteel. com/investors/annual-reports [ 5 ]. http://www. igo. com. au/IRM/content/investor/annualreports. htm [ 6 ]. http://www. mtgibsoniron. com. au/pages2/InvestRelations. aspx? PageID=IR_AR [ 7 ]. http://www. aspecthuntley. com. au. ezproxy. lib. monash. edu. au/af/company/annualratios? ASXCode=OST&xtm-licensee=finanalysis [ 8 ]. http://www. investopedia. com/terms/d/ddm. asp#axzz1aBqlpkfj Table 3: Market return [ 9 ]. http://www. tradingeconomics. com/australia/interest-rate [ 10 ]. http://www. aspecthuntley. com. au. ezproxy. lib. monash. edu. au/af/company/annualps

Free Essays on Sputnik

Sputnik It was that blasted â€Å"beep, beep, beep† every 90 minutes reminding the United States, â€Å"Rah, we beat you!† History changed on October 4th 1957, when the Soviet Union successfully launched Sputnik. The Russian’s launched the first artificial satellite from the Baikonur cosmodrone in Kazakhstan which demonstrated the technological superiority of Communism, actually more of a propaganda pain for the United States. The Sputnik launch occurred back in the days when the Americans and the Russians regarded each other as enemies, also known as the â€Å"cold war.† They built massive armies, navies, and air forces and were prepared to engage in global war at a moments notice. American military manuals regarded the Russians as â€Å"The Threat,† and the Soviet Government went as far as training non-military to use small guns to prepare for an invasion from â€Å"The Imperialists.† Sputnik had an elliptical orbit, ranging in altitude from 140 to 590 miles. Sputnik broadcast a steady signal of beeps from two radios for 21 days. It burned up in the earth’s atmosphere upon reentry, 92 days later, on January 4, 1958. It was designed to determine the density of the upper atmosphere and return data about the earth’s ionosphere. Those who did track it gained valuable information about the density of the upper atmosphere. The sputnik launch changed everything. As a technical achievement, Sputnik caught the world’s attention and the American public off guard. The public feared that the Soviets’ ability to launch satellites also translated into the capability to launch ballistic missiles that could carry nuclear weapons from Europe to the U.S. The United States was shocked. Senator Lyndon Johnson said the Russians have was ahead of us in the conquest of space. A line from a movie that dramatized the emotional impact of the launch said, â€Å"Soon, they will be dropping bombs on us from space like kids dropping rocks o... Free Essays on Sputnik Free Essays on Sputnik Sputnik It was that blasted â€Å"beep, beep, beep† every 90 minutes reminding the United States, â€Å"Rah, we beat you!† History changed on October 4th 1957, when the Soviet Union successfully launched Sputnik. The Russian’s launched the first artificial satellite from the Baikonur cosmodrone in Kazakhstan which demonstrated the technological superiority of Communism, actually more of a propaganda pain for the United States. The Sputnik launch occurred back in the days when the Americans and the Russians regarded each other as enemies, also known as the â€Å"cold war.† They built massive armies, navies, and air forces and were prepared to engage in global war at a moments notice. American military manuals regarded the Russians as â€Å"The Threat,† and the Soviet Government went as far as training non-military to use small guns to prepare for an invasion from â€Å"The Imperialists.† Sputnik had an elliptical orbit, ranging in altitude from 140 to 590 miles. Sputnik broadcast a steady signal of beeps from two radios for 21 days. It burned up in the earth’s atmosphere upon reentry, 92 days later, on January 4, 1958. It was designed to determine the density of the upper atmosphere and return data about the earth’s ionosphere. Those who did track it gained valuable information about the density of the upper atmosphere. The sputnik launch changed everything. As a technical achievement, Sputnik caught the world’s attention and the American public off guard. The public feared that the Soviets’ ability to launch satellites also translated into the capability to launch ballistic missiles that could carry nuclear weapons from Europe to the U.S. The United States was shocked. Senator Lyndon Johnson said the Russians have was ahead of us in the conquest of space. A line from a movie that dramatized the emotional impact of the launch said, â€Å"Soon, they will be dropping bombs on us from space like kids dropping rocks o...

Your Home Base Online

Your Home Base Online Ah, got a little push back from last weeks post about how writers shouldnt post articles or try to sell books without an online presence. I love pushing those buttons. Some thought writing was about the creativity, not necessarily about the sales. They purported the webpage as almost selling out, and that the artist need not tie himself to an online page. Others just did not feel techie enough to have a site, but they felt okay enough to submit to others. Sorry, but you cant USE the Internet to support yourself then state you dont need it. These days, if you use it, you best have a link to where people can learn more. Otherwise, you wasted your effort. Not having a link means you write for you and nobody else. You want the satisfaction of seeing your work in print, but you dont want to connect with the reader. I wrote an eleven minute podcast on that topic this week, entitled Face-to-Face? Or Face-to-Screen? chopeclark.com/blog Whether you need a home base online is not up for discussion. But you have options if you are HTML/CSS phobic. Lets look at where you can find a home base online. Blogger.com A very simple blog platform that can be used as a simple website. Wordpress.com Same as Blogger with a tad more of a learning curve. Facebook Yes, a fan page can be your home page if you keep it professional. Tumblr If youre a picture fan and prefer brief comments, this is your ba LinkedIn For your resume and experience. Its becoming quite interactive. AboutMe A one-page info sheet about you with a cool way to insert pics. Weebly.com Simple website, but try to avoid making it look like a 1999 template. And heres one you probably never thought of: Pubslush.com. Its a crowdfunding program but also a homebase program if you choose to use that side of the house. Its where you can plant yourself as well as sell your books. I once landed a $750 opportunity because I had my resume online. Someone Googled me and found I was qualified for her magazines assignment. It happens. Not having an online address is like not having a mailing address. When people cannot find you in this technical time and age, they assume you dont need work, dont care to work, or dont have respect for your work. Show them otherwise, and plant yourself a flag on some page online, then tell everyone where you can be found.

Terrorism and the Mass Media Essay Example | Topics and Well Written Essays - 2750 words

Terrorism and the Mass Media - Essay Example This paper argues that the media unnecessarily and irresponsibly represents the threat of terrorism particularly since the 9/11 terror attacks on US soil. In other words, the media engages moral panic in reporting and informing the public of the threat of terrorism. This paper is therefore divided into two main parts. The first part of this paper sets out the theoretical underpinnings of moral panic. The second part of this paper identifies how the theoretical underpinnings of moral panic are manifested in the media’s coverage of terrorism since the 9/11 terror attacks on the US. Moral Panic This paper analyzes the degree of moral panic used in the mass media in its coverage of terrorism following the 9/11 terror attacks. In this regard, moral panic is used within the theoretical structure espoused by Stan Cohen in 1973. According to Cohen (1973, cited in Critcher, 2003) every now and again, societies are seized by moral panic. To this end, moral panic is characterized by six essential features. First there is a â€Å"condition, episode, person or group or persons† who are defined as a â€Å"threat to societal values and interests†. Secondly, the nature of the perceived threat and the individuals or groups involved are represented in â€Å"stylized and stereotypical fashion by the mass media†.... Finally, â€Å"the condition then disappears, submerges or deteriorates and becomes more visible.†9 According to Critcher (2003) Cohen was describing a chain reaction instigated by the media’s exaggerated coverage of deviance among a group of young people who had come together on England’s east coast in 1964. The youth were identified as Mods and Rockers. At the gathering, the youth became bored and a number of minor altercations took place and the police were involved. The headlines in the Newspapers bored catchphrases such as â€Å"wild one†, â€Å"97 arrests† and â€Å"terror†.10 One editorial demanded that government take action and another newspaper explained friction between the two groups.11 Another incident allegedly involving Mods and Rockers occurred shortly after the first incident in other coastal towns. The newspaper carried essentially the same types of exaggerated reports as before. The spillover effect was evidenced by the jud iciary’s treatment of those who had been arrested. Many were denied bail, others were subjected to excessive fines for minor offences such as obstruction and those facing more serious offences were incarcerated. Local business representatives, citizens and politicians called for harsher consequences. Thus, according to Critchen â€Å" a whole new social problem had been defined†.12 A series of legislative interventions were observed with the passage of the Drugs (Prevention of Misuse) Act and the Malicious Damage Act. Other interventions included the police actively turning young people away from resorts on the coast. Anyone failing to take the police advice would be arrested. By 1966, gatherings on the coast diminished and