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Financial Forecasting Study Problems 14-4 (page 453) and…

Financial Forecasting Study Problems 14-4...
Financial Forecasting
Study Problems 14-4 (page 453) and 15-8 (page 482): remember to complete all parts of the problems and report the results of your analysis. Do not forget to show the necessary steps and explain how your attained that outcome using EXCEL.
Problem: 14-4 Financial Forecasting-percent of Sales.
Tulley Appliances Inc. projects next year’s sales to be $20 million. Current sales are $15 million, based on current assets of $5 million and fixed assets of $5 million. Firms net profit margin is 5 percent after taxes. Tulley forecasts that its current assets will rise in direct proportion to the increase in sales, but that its fiexed assets will increase by only $100,000. Currently, Tulley has $1.5 million in accounts payable (which vary directly with sales), $2 million in long-term debt (due in 10 years), and common equity (including $4 million in retained earnings) totaling $6.4 million. Tulley plans to pay $500,000 in common stock dividends next year.
a. What are Tulley’s total financing needs. Ie. , total assets for the coming year?
b. Given the firm’s projections and dividend payment plans, what are its discretionary financing needs?
c. Based on your projections, and assuming that the $100,000 expansion in fixed assets will occur, what is the largest increase in sales the firm can support without having to resort to the use of discretionary sources of financing?


Problem 15-8; Cost of Accounts Receivable.
Johnson Enterprises Inc. is involved in the manufacture of and sale of electronic components used in small AM/FM radios. The firm needs $300,000 to finance an anticipated expansion in receivables due to increased sales. Johnson’s credit terms are net 60 and its average monthly credit sales are $200,000. IN general, the firms customer pay within the credit period: Thus, the firm’s average accounts receivable balance is $400,000. Chuck Idol, Johnson’s comptroller, approached the firm’s bank with a request for a loan for the $300,000 using the firm’s accounts receivable as collateral. The bank offered to make a loan at a rate of 2 percent over prime plus a 1 percent processing charge on all receivables pledged ($200,000 per month). Furthermore, the bank agreed to lend up to 75 percent of the face value of the receivables pledged.
a. Estimate the cost of the receivables loan to Johnson when the firm borrows the $300,000. The prime rate is currently 11 percent.
b. Idol also requested a line of credit for $300,000 from the bank. The bank agreed to grant the necessary line of credit at a rate of 3 percent over prime and required a 15 percent compensating balance. Johnson currently maintains an average demand deposit of $80,000. Estimate the cost of the line of credit to Johnson.
c. Which source of credit should Johnson select? Why?








1. Interest Rate Risk and Ratio Analysis
Complete 16-12 (page 513) and 16-16 (page 514) Remember to complete all parts of the problems and report the results of your analysis. Do not forget to show the necessary steps and explain how your attained that outcome in EXCEL format.
________________________________________
Problem 16-12: Interest rate risk;
Two years ago your corporate treasurer purchased for the firm a 20 year bond at its par value of $1,000. The coupon rate on this security is 8 percent. Interest payments are made to bondholders once a year. Currently, bonds of this particular risk class are yielding investors 9 percent. A cash shortage has forced you to instruct your treasurer ot liquidate the bond.
a. At what price will your bond be sold? Assume annual compounding.
b. What will be the amount of your gain or loss over the original purchase price?
c. What would be the amount of your gain or loss had the treasurer originally purchased a bond with a 4-year rather than a 20 –year maturity? (Assume all characteristics of the bonds are identical except their maturity periods.)
d. What do we call this type of risk assumed by your corporate treasurer?



Problem 16-16: Ratio Analysis
Assuming a 360-day year, calculate what the average investment in inventory would be for a firm, given the following information in each case.
a. The firm has sales of $600,000, a gross profit margin of 10 percent, and an inventory turnover ratio of 6.
b. The firm has a cost-of-goods sold figure of $480,000 and an average age of inventory of 40 days.
c. The firm has a cost-of-goods-sold figure of $1.15 million and an inventory turnover rate of 5.
d. The firm has a sales figure of $25 million, a gross profit margin of 14 percent, and an average age of inventory of 45 days.
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6/27/2010
Manal Elkhoshkhany
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Please note that you forgot to type "For BusinessTutor" at the beginning of the post. This will cause the same problem as last time. If you want to leave it open to all experts and not address it to me, I would understand, but if you want to address it to me, please confirm that the question is addressed to BusinessTutor

 

All the best

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Customer reply replied 8 years ago
This is for Business Tutor only. I thought this was your site.

Oh..LOL. I wish :)) No this is not mine, I am just a poor expert here :)) Thanks a million Cool

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Hello again

 

Just making sure I have not missed anything, there are 4 problems here, right?

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Thanks a million for your kind feedback. I am working on this assignment now, is all clear as to the assignment you have just accepted? For this one here, there are 4 questions, right?
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Customer reply replied 8 years ago

Sorry for the slow response. Returned home from my second job at 2:00 am and needed to get a few hours of sleep before my day job.

 

Yes, there are 4 problems. Two in each set assignment, which should be on the same Excel spreadsheet. No word spreadsheet is needed or wanted by the instructor. He is an ex U.S. Marine Sargent and calculas major, so he is very particular.

 

Problems 14-4 and 15-8 on one spreadsheet; 16-12 and 16-16 on the other. Label each occording to their problem.

 

Thanks a million, and I apologize for interferring with your vacation.

First off, you are not interfering with my vacation at all, it is actually a pleasure to work with you

 

As for this assignment, I will do as instructed :) Do not worry about the late response, I am here almost 24/7 as you must have noticed :)

 

Is all clear with the last assignment you have requested?

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Customer reply replied 8 years ago

Slightly confused here. The last assignment I accepted is great (posted last night by you) and I re-posted just now.

 

The other assignment - the one with 4 problems is a full go, and all clear.

 

The other assignment I requested for 25% of my grade is a review of my completed paper to ensure it is accurate and makes sense. I need to officially post it and include all of the instructions so you understand what I was supposed to do. Just name your price on this one. I will write that up as soon as you let me know how much for the review. Then if you make changes I can bonus you whatever amount your require.

 

Are you good with that plan? Just tell me what to do, and I will do it.

The last assignment is the one I was checking on, the one where you said you had a failing grade on (that you have just accepted)

 

The one here with 4 problems, I am working on it now :)

 

The final review, you have suggested $500 last night, but I think it is better to post it and make an offer of $100, and I will respond to you post by telling you whether to go with your initial offer or to offer less depending on the difficulty and complexity of the assignment, is that fair?

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Customer reply replied 8 years ago

More than fair. I will submit tonight with all the particulars. Question. Can I upload a word document or Fax to allow for a better presenation of the material? It would be so much better for you if I could.

 

I appreciate you very much.

 

If I pass this class with a B or better, then I will be moving on to a Master's program in Public Health. Hopefully, I will still have you as my tutor to review my assignments, and offer suggestions for improvement. This current class is the exception, and is blowing my mind.

 

Regards,

Hopefully I will be able to help :) As for the document, yes, you can attach a file by following the instructions on the following link: Please click here

 

Alternatively, you can upload the file to www.mediafire.com then copy and paste the share link here

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Customer reply replied 8 years ago

Thanks :)

 

I will finish the pending assignment then check this out.

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Customer reply replied 8 years ago

Did you get all the info I sent to you on the final paper? Please reply and let me know. There was a substainal amount of information and I sent it by uploading the documents.

 

Thanks!!

Greg

I did, I could not open the documents at all (please read my message above)

 

Hello

 

The documents about the finally did not correctly post. I think that uploading them to http://www.mediafire.com/ would be better. It is also better to post those on a separate post

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Customer reply replied 8 years ago

http://www.mediafire.com/?xhbnnnouozz

 

http://www.mediafire.com/file/xhbnnnouozz/C:\Users\Owner\Documents\401 Research Paper Instructions and quideance..doc

 

You should have 4 files. Just in case you didn't get them all, I pasted them below.

 

 

Mini Case Study: BUS401 Principles of Finance

The text information is all that you need to reference. I lose points if we reference Wikipedia, stay away from it as a source. Pay particular attention to Table 10-5 and figure 10-2, you need to duplicate both of them for the paper (do not worry about going overboard on the graphics for figure 10-2). I am sending this in another attachment. This project is entirely in a WORD format, with backup in an Excel document for partial credit if the figures are incorrect, but the instructor can see how we arrived at the info.

I guess the question is does my paper address all of the requirements accurately in parts "A through N" and does it have an acceptable summary conclussion? Does it make sense or is it just a lot of non-sense? I think it kind of is just that.

. For parts "e" to "k," use formulas to calculate the ratios and format the cells to insert a comma if there is more than three numbers. Round to the nearest whole number. Clearly label your analysis and your conclusions in not more than 500 words.

It's been 2 months since you took a position as an assistant financial analyst at Caledonia Products. Although your boss has been pleased with your work, he is still a bit hesitant about unleashing you without supervision. Your next assignment involves both the calculation of the cash flows associated with a new investment under consideration and the evaluation of several mutually exclusive projects. Given your lack of tenure at Caledonia, you have been asked not only to provide a recommendation but also to respond to a number of questions aimed at judging your understanding of the capital - budgeting process. The memorandum you received outlining your assignment follows:

To: XXXXX XXXXX Financial Analyst

From: Mr. V. Morrison, CEO Caledonia Products

Re: Cash Flow Analysis and Capital Rationing

We are considering the introduction of a new product. Currently we are in the 34 percent marginal tax bracket with a 15 percent required rate of return or cost of capital. This project is expected to last 5 years and then, because this is somewhat of a fad product, be terminated. The following information describes the new project:

Cost of new plant and equipment $7,900,000

Shipping and installation Costs $ 100,000

Unit Sales

Year Units Sold

  • 1 70,000
  • 2 120,000
  • 3 140,000
  • 4 80,000
  • 5 60,000

Sales price per unit $300/unit in years 1 through 4, $260/unit in yr 5

Variable cost per unit $180/unit

Annual Fixed Costs $200,000

Working -Capital Requirements There will be an initial working capital requirement

Of $100,000 just to get production started. For each

Year, the total investment in net working capital will be equal to 10 percent of the dollar value of sales for that year. Thus, the investment in working capital will increase during years 1 through 3, then decrease in year 4. Finally, all working capital is liquidated at the termination of the project at the end of year 5.

The depreciation Method: Use the simplified straight line method over 5 years.

Assume that the plant and equipment will have no salvage value after 5 years.

 

  • a. Should Caledonia focus on cash flows or accounting profits in making its capital budgeting decisions? Should the company be interested in incremental cash flows, incremental profits, total free cash flows, or total profits?
  • b. How does depreciation affect free cash flows?
  • c. How do sunk costs affect the determination of cash flows?
  • d. What is the projects initial outlay?
  • e. What are the differential cash flows over the project's life?
  • f. What is the terminal cash flow?
  • g. Draw a cash flow diagram for this project
  • h. What is its net present value?
  • i. What is its internal rate of return?
  • j. Should the project be accepted? Why or why not?
  • k. In capital budgeting, risk can be measured from three perspectives. What are those three measures of a project's risk?
  • l. According to the CAPM, which measurement of a projects risk is relevant? What complications does reality introduce into the CAPM view of risk, and what does that mean for our view of the relevant measure of a project's risk?
  • m. Explain how simulation works. What is the value in suing a simulation approach?
  • n. What is sensitivity analysis and what is its purpose?

 

Mini Case Study

The financial decision to take on a project is vital to the survival of a company. The function of a financial analyst is to make educated decisions regarding the financial viability of a project. In this mini-case study we are analyzing the viability of a project that Caledonia is considering making an important investment decision that requires detailed examination. This analysis examined a number of important aspects of the project from a budgeting decision perspective. When this analysis is concluded it should be possible to either accept or reject this project.

There is some debate regarding which financial criteria should be used in making budgeting decisions. The two most common suggestions are cash flows and accounting profits. Most experts believe that the best option is to use the cash flows. The reason for this is that cash flows are concerned with when the company is able to receive cash or invest money. Accounting principles on the other hand is concerned with when the money is earned and not with how much is actually on hand according to Keown, Martin, Petty, & Scott, Jr. (2008).

The decision to use cash flows as the rationale for budgeting decisions leads to a whole new set of decisions. For example, should the company be interested in incremental cash flows? Incremental profits? Total free cash flows? Or total profits? The general wisdom among experts is that it is better to study cash flows. When we examine the cash flows we should be looking at incremental profits. For example, Keown et.al (2008) states, "In measuring cash flows, however, the trick is to think incrementally. In doing so we will see that only incremental after-tax cash flows matter."(pg 280).

What these arguments suggest is that the best way of making budgeting decisions is to base them on an incremental analysis. In this way we can see how a range of factors affect a project over a period of time by having a range of data to analyze. If we were only examining the final outcomes we would have no idea of the way the various factors actually influence the project. Therefore, it makes a lot of sense to use an incremental analysis of the projects performance instead of an overall evaluation of the outcome of the project.

One factor that effect's every type of business or project is depreciation. The depreciation is defined as, "the means by which an asset's value is expensed over its

useful life for federal tax purposes" (Keown et.al. 2008) Depreciation is important in financial capital calculations for two reasons. First of all, it is a major expense that decreases overall profits (p.13).

The second reason is because depreciation is part of a number financial calculation. For example, depreciation is part of EBIT and EBITDA calculations. In EBIT calculations, depreciation is removed from the final value. For EBITDA calculations depreciation is added back into the calculation, therefore we can see that both of these are important in calculating free cash flows (Keown, et.al, p.310).

Sunk costs are another factor that needs to be considered. Sunk costs are costs that can't be undone. They have already been put into the project and have no effect on cash flow or accept / reject decisions (Keown, et.al. 2008) another factor that needs to be considered is the initial outlay. Initial outlay is simply defined as the inputs required to begin the project. It usually includes all the costs associated with installing the asset. In the mini case study which we are reviewing, there is an initial start up cost of

$7,900,000 for the factory. There are also shipping and installing costs of $100,000. This results in an initial overlay of $8,000,000.

One of the first calculations that should be undertaken is the calculation of capital costs. To do this we must first calculate differential cash flows. Cash flow=Operating Cash Flow-change in net working capital + change in capital spending.

(Keown, et.al, 2008). The calculations needed for this formula are located in Appendix 1. Free Cash flows for the five years are $162,000,000 in the first year.

$7, 000,000, $8,200,000 and $4,600,000 for years 2 to 4. In year 5 the cash flows have

dropped to $2,920,000 (Appendix 1).

Another factor we need to consider is terminal cash flows. To determine terminal case flows we use the formula: Terminal cash flows=salvage value-gains (Keown, et.al, 2008). We know that the salvage cost was $100 000. We also know that the tax rate is 34 percent. Terminal cash flows=100 000-34 000. Therefore the terminal cash-flow will be $66,000.

To see how the company did overall it can be helpful to create a cash flow diagram. These diagrams have an arrow traveling horizontal across the zero point indicating the direction of travel. Revenues are drawn upward from the zero line. Negative values are drawn down ward from the middle line. By subtracting the negative values from the positive values you should get an idea of the overall health of the company. Negative values would suggest that the company has more money going out then coming in. In this case we have created the following cash diagram:

 

Another way that the overall financial viability of the company can be established is to determine Net Present Value (NPV). NPV is determined using the formula:

(Investopedia, 2010).

The values are put into Excel. The final value obtained by this process is $51,304,518.97 for the NPV (Appendix 5). Since this is a positive value, we can see that the company is doing fairly well. Another calculation that can be used to determine the health of a company is Internal Rate of Return (IRR). IRR is determined using the formula: N

NPV(C, t, d) = Sum C/(1+d)^t

i=0 With this equation we entered the data into an excel spread sheet. The end result is an IRR of 112.32 percent (Appendix 6). This IRR is very high so the company would appear to be in good shape (Besley & Brigham, 2008, p.362).
     The question at this point is whether the project should be rejected or not? The general rule of thumb is that the higher the IRR the better. As long as the IRR is a positive value the project should be accepted. From our calculations we have an IRR of 112.32 percent over the life of the project. This means for an initial investment of $7,900,000 you get 112.32 percent of your investment back. Considering that that the investors only required a 15 percent return on their investment this project would certainly meet their needs. All indications are that this project should be accepted.
Projects need to consider risk. There are three types of risk. The first is project stand alone risk. This is the risk ignoring the fact that most of the projects risk will be diversified away within the larger company. The second is the contribution to firm risk. This is the risk that a project brings to the company as a whole. Like stand alone risk some of this risk will be mitigated by diversification within the larger company. Finally, there is systemic risk based on the perspective of a well-diversified shareholder. This risk takes into account the fact that some of the risk will be diversified away within the company. Additionally some of the risk will be diversified away by combining the projects risk with the stakeholders other investments in their investment portfolio (Keown et.al. 2008, pg 294-295). Risk is dealt with by a range of different formulas and models. One of these models is the Capital Asset Pricing Model (CAPM). The CAPM is based on the formula: Ra = rf+Ba (rm-rf). In this formula rf is the risk free rate, Ba is the beta and rm is the expected market return. The question that needs to be asked is which of these factors is actually relevant to risk according to the CAPM? According to most experts Beta is the most important of these factors. For example, Ravi Jagannathan and Iwan Meier in "Do we Need CAPM for Capital Budgeting" argue, "The CAPM asserts that the only relevant risk measure for a project is its beta" (Jagnnathan and Meier, 2002).
     The question that this raises is what is Beta?  And what kind of risk is it associated with?  Beta in the CAPM is also referred to as the specific systemic risk (CAPM, 2010). With this in mind Beta is associated with systemic risk. In the most general terms Beta is used to create a return/risk ratio.
With these arguments in mind the only risk perspective that is relevant is the systemic risk. This makes sense considering that the risk exists outside of the company. It is impossible to completely eliminate the risks to a company or project in the outside world. The company or project may exist in the market but, it does not control it. The result is that the project or company is at the mercy of the market to a certain degree. The company can't totally eliminate this risk through diversification. The risk that can't be eliminated through other processes becomes the beta. This is why systemic risk is the only risk relevant in the CAPM model. Another method used to determine the financial viability of a company or project is the use of computer simulations. The simulation is interesting because it gives a probability distribution for an investment's IRR and NPV. This is different from the other methods that can be used because the other methods only produce single values (Keown et.al. 2008, pg300). For the potential investor, this is advantageous because it allows them to see multiple possible incomes instead of a single possible value. In this way investors can measure the potential risks associated with a potential investment. In this way they can see a range of possible outcomes. They can then look at the possible outcomes and determine if the risks are too high. One final method that can be used to measure the viability of a project is sensitivity analysis. Sensitivity analysis involves, determining how the distribution of possible
Net Present Values or internal rates of return for a particular project is effected by a
change in one particular input variable. Basically sensitivity analysis involves determining how a change input variable changes the overall performance of performance measurements. In other words sensitivity analysis is concerned with the magnitude of change cause by a change in a single variable. Sensitivity analysis is ultimately used in conjunction with a simulation. Basically with a simulation you can manipulate various variables. To conduct a sensitivity analysis a simulation is created to create a base line probability distribution. Then a single variable is changed and the simulation is re-run. This process is done numerous times in order to determine the effect of the variable at different levels (Keown, et.al. 2008 pg.302). These simulations, which can be used as a comparison to see how really sensitive the project or investment actually is, can be a very effective tool. If the project is overly sensitive then there will be significant differences between the various simulations. The process can be done for numerous variables so that the investor can see if how sensitive the project is to a various set of circumstances.

In conclusion, by analyzing this project we are looking at a number of factors that would cause us to either accept or reject this project. From the analysis we found that the IRR was quite large at 112 per cent. Since the return the investors expect is only 15 per cent we should certainly accept the project. After all it more then meets the criteria for accepting this type of project on budgeting criteria.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Appendix 1

Question E

 

 

 

 

 

 

Change in Sales Revenue

Variable Costs

Change in Sales Revenue-variable costs

Fixed Costs

Change in Sales revenue-variable costs -Fixed Costs

EBIT aver

21000000

180

20999820

200000

20799820

27519820

 

36000000

180

35999820

200000

35799820

 

 

42000000

180

41999820

200000

41799820

 

 

24000000

180

23999820

200000

23799820

 

 

15600000

180

15599820

200000

15399820

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Appendix 2

EBIT

Taxes

EBIT-Taxes

Depredation

Operating Cash flow

20799820

7071938.8

13727881.2

65272118.8

79000000

35799820

12171938.8

23627881.2

55372118.8

79000000

41799820

14211938.8

27587881.2

51412118.8

79000000

23799820

8091938.8

15707881.2

63292118.8

79000000

15399820

5235938.8

10163881.2

68836118.8

79000000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Appendix 3

Working Capital

Sales Revenues

Short term liabilities

Net Working Capital

100000

21000000

2100000

-2000000

100000

36000000

3600000

-3500000

100000

42000000

4200000

-4100000

100000

24000000

2400000

-2300000

100000

15600000

1560000

-1460000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Appendix 4

Operating Cash Flow

Net Working Capital

Change in Capital spending

Operating cash flow-Net working capital+Change in Capital Spending

 

8000000

-2000000

10000000

20000000

 

 

 

 

 

-3500000

3500000

7000000

 

 

 

 

 

-4100000

4100000

8200000

 

 

 

 

 

-2300000

2300000

4600000

 

 

 

 

 

-1460000

1460000

2920000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Appendix 5

PV

 

NPV

Rt/(1+i)t

 

51304518.97

-6869565.217

 

 

31217391.3

35900000

 

31622.64151

41900000

 

15723684.21

23900000

 

8862206.975

15500000

 

48965339.91

 

 

 

 

 

 

Appendix 6

Equation Component

Meaning

Value

Formula

Result

 

 

 

n

 

Ci

Initial Cash Flow

8,000,000

NPV(C, t, d) = Sum C/(1+d)^t

112.32

Cn

last cash flow

2920000

i=0

 

D

discount rate

0.34

 

 

Ti

time

5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer reply replied 8 years ago

Does this help? Could you open the 4 documents?

 

The last portion of what I cut and pasted is my written project. I have to post by Monday night, but was hoping to post by Saturday.

 

I will wait for you. This is 25% of my total grade, and I am worried.

Hi

 

I got 1 document only, and then the above data. I will read today and advise you if anything needs to be changed by tomorrow (Saturday) noon

 

Do not be worried (How can you be worried when I am here anyway?? :))

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Hello (I don't know your name by the way :)

 

I read through, but I feel you are off point; I do not know how to put that into words Embarassed, but I feel you threw in everything you learned in the class (which is not what is required here), I will do a re-write in which I will use some of what you wrote, but the paper I am going to post would be entirely original so that you do not need to re-write at all. This will take me some time though yet I will submit it by later tonight max and then you would have a chance to review it all day tomorrow and Monday. As for the offer, I am not sure how you want to do it, but I think it would be better if you make a new post (Don't forget to type "For BusinessTutor" at the beginning of the post and make your offer, then once I post the answers, you can the difference as a bonus.

 

I will go now for a couple of hours then come back to see if you have responded

 

All the best

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Customer reply replied 8 years ago

I was afraid I was off base. I really appreciate your input and have great respect and trust with your work. So, whatever you say, we will do. My main question is, do you have enough information? I will post for the work as you recommended.

 

Name is XXXXX XXXXX the way.

 

Thanks again!

 

 

Customer reply replied 8 years ago

http://www.mediafire.com/?mi0ztlhmymz

 

Hopefully, you can get this attachment. it is the 10.5 and 10.2 models.

 

I can do APA. No worries about that.

 

Also, what bonus amount do you now think is fair if you can still work on this for me.

 

Greg

I will finish it as I was almost done anyway :) As for the bonus, that is entirely up to you, it is very hard to tell you how much to pay, but I know you are fair so I am not worried
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Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

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