FIN504 ALL MODULE DISCUSSION , MODULE
3,4,5,6,7 HOMEWORK AND FINAL PAPER
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MODULE 1 DQ 1
Reconcile
high standards of ethical business practices with the concept of shareholder
wealth maximization and stakeholder theory. What responsibility do executives
have to their shareholders and their stakeholders?
MOD 1 DQ 2
What
role do financial institutions play in financial management? What role do
financial markets have in financial management? Please compare and contrast the
two.
WEEK 2 DQ 1
Identify
two publicly traded corporations in the same industry and compare and contrast
their current ratios, quick ratios, and debt to equity ratios. Explain what
these ratios mean and how they help the reader understand the differences
between the two companies.
MOD
2 DQ 2
What
are two key elements of the financial planning process? Why is cash planning as
vital as profit planning? Can you provide a contemporary example where cash
flow and profits did not go hand-in-hand?
MOD 3 DQ 1
How
does the concept of the time value of money affect decisions made across the
four executive roles of management – planning, organizing, leading, and
controlling? Why is this concept important for the contemporary executive to
understand?
MOD
3 DQ 2
Why
is the time value of money important for an individual to understand in regard
to their private life? What can an individual do with this information?
MOD
4 DQ 1
How
would you explain yield to maturity (YTM) to a friend with no background in
finance?
MOD
4 DQ 2
What
are interest rate fundamentals? Explain term structure and risk premiums. How
do these concepts come into play in the real world (mortgage rates, bond
prices, etc.)?
MOD 5 DQ 1
Explain
the meaning of risk, return, and risk preferences? Why is risk not the chance
of taking a loss?
Mod
5 dq 2
For
the average business leader who is not in a finance role, how do risk, return,
and the cost of capital impact him or her? How can you synthesize this into the
workplace?
mod
6 dq 1
Explain
how a net present value (NPV) profile is used to compare projects. How does
this compare to internal rate of return (IRR)? How does reinvestment affect NPV
and IRR?
mod
6 dq 2
Capital
budgeting can be affected by exchange rate risk, political risk, transfer
pricing, and strategic risk. Explain how these factors may and can impact
capital budgeting.
mod 7 dq 1
Explain
what capital structure is. Find two publicly traded companies and compare and
contrast their capital structures.
mod
7 dq 2
Explain
the cash conversion cycle (CCC) and net working capital. Why is this important
to the contemporary executive? How do executive decisions regarding CCC and net
working capital affect the company? Provide an example.
mod
8 dq 1
Introduce
the company that you have selected for the Case Study Analysis. Why did you
select this company? Explain the process you are using to assess your company's
future financial health.
mod
8 dq 2
Describe
your experience building the financial analysis. What has been the easiest, the
most difficult? What has surprised you? What have you learned?
MODULE 3
Details:
Details:
Using
Excel, and the Gitman chapter 5 Excel resource, if needed, complete the
following problems from chapter 5 in Principles of Managerial Finance:
- P5-2
- P5-3
- P5-13
- P5-20
- P5-30
- P5-36
- P5-43
Please
show all work for each problem.
Uma Corp.
Present
Value of Expected Future Savings
Period:
2013 through 2023
Discount
rate for years 2013 - 2018 0.07
Discount
rate for years 2019 - 2023 0.11
Annual
Present
Year
Period Savings PV Lump Sum PV Annuity PV Lump Sum Value
2013
1 110000 =C10/(1+$E$5)^B10 =D10
2014
2 120000 =C11/(1+$E$5)^B11 =D11
2015
3 130000 =C12/(1+$E$5)^B12 =D12
2016
4 150000 =C13/(1+$E$5)^B13 =D13
2017
5 160000 =C14/(1+$E$5)^B14 =D14
2018
6 150000 =C15/(1+$E$5)^B15 =D15
2019
7 90000 =C16*((1-(1/(1+$E$6)^B14))/$E$6) =E16/(1+$E$5)^B15 =F16
2020
8 90000
2021
9 90000
2022
10 90000
2023
11 90000
=SUM(C10:C20)
=SUM(G10:G20)
MODULE 4
Details:
Using
Excel, and the Gitman chapters 6 and 7 Excel resource, if needed, complete the
following problems from chapters 6 and 7 in Principles of Managerial
Finance:
- P6-1
- P6-10
- P6-13
- P6-20
- P7-1
- P7-6
- P7-14
Please
show all work for each problem.
Chapter 6 Interest Rates and Bond
Valuation
Given
Data:
CSM
Corporation
Coupon-interest
rate 0.06
Par
Value 1000
Maturity
15 years
Current
bond price 874.42
Assume
that interest on the CSM bond is paid semiannually.
Compound
period m 2
Modified
n = =B7*B11
Modified
payment = =(B5*B6)/B11
Annual
r 0.074
modified
r = =B14/B11
Trial
and Error method: Choose various required rates to determine the current bond
value.
Cell
B14 should be blank.
Cell
B15 should have the formula: B14/B11
The
spreadsheet will recalculate each time. Continue the process until the value of
the bond
equals
the current price of the bond (in this problem it is a premium of $874.42.
Remember
that for a bond to be priced at a premium, the coupon rate must be greater than
the YTM.
Remember
that for a bond to be priced at a discount, the coupon rate must be less than
the YTM.
Year
Periods Payment PV Payments
2011
0
1
=$B$13 =(C31/((1+$B$15)^B31)) =$B$13 PVA =G31*((1-(1/((1+$B$15)^B60)))/$B$15)
2012
2 =$B$13 =(C32/((1+$B$15)^B32))
3
=$B$13 =(C33/((1+$B$15)^B33))
2013
4 =$B$13 =(C34/((1+$B$15)^B34)) =B6 PV =(G34/((1+$B$15)^B61))
5
=$B$13 =(C35/((1+$B$15)^B35))
2014
6 =$B$13 =(C36/((1+$B$15)^B36)) Bond Value =SUM(I31:I35)
7
=$B$13 =(C37/((1+$B$15)^B37))
2015
8 =$B$13 =(C38/((1+$B$15)^B38)) Current Bond Value =B8
9
=$B$13 =(C39/((1+$B$15)^B39))
2016
10 =$B$13 =(C40/((1+$B$15)^B40))
11
=$B$13 =(C41/((1+$B$15)^B41))
2017
12 =$B$13 =(C42/((1+$B$15)^B42)) Prove the following:
13
=$B$13 =(C43/((1+$B$15)^B43)) When k = 0.08 value = 827.08
2018
14 =$B$13 =(C44/((1+$B$15)^B44)) ????? value = =B8
15
=$B$13 =(C45/((1+$B$15)^B45)) 0.06 value = 1000
2019
16 =$B$13 =(C46/((1+$B$15)^B46))
17
=$B$13 =(C47/((1+$B$15)^B47))
2020
18 =$B$13 =(C48/((1+$B$15)^B48))
19
=$B$13 =(C49/((1+$B$15)^B49))
2021
20 =$B$13 =(C50/((1+$B$15)^B50))
21
=$B$13 =(C51/((1+$B$15)^B51))
2022
22 =$B$13 =(C52/((1+$B$15)^B52))
23
=$B$13 =(C53/((1+$B$15)^B53))
2023
24 =$B$13 =(C54/((1+$B$15)^B54))
25
=$B$13 =(C55/((1+$B$15)^B55))
2024
26 =$B$13 =(C56/((1+$B$15)^B56))
27
=$B$13 =(C57/((1+$B$15)^B57))
2025
28 =$B$13 =(C58/((1+$B$15)^B58))
29
=$B$13 =(C59/((1+$B$15)^B59))
2026
30 =$B$13 =(C60/((1+$B$15)^B60))
2026
30 =B6 =(C61/((1+$B$15)^B61))
Bond
Value =SUM(D31:D61)
Current
Bond Price =B8
Chapter
7 Stock Valuation
Given
Data:
Most
Recently Paid Dividend $3.00 Do
Growth
Rate in Earnings 7% g
Required
rate of return 10% r
model:
Po = (Do (1 + g )) / (r - g)
Current
Price of stock Po = $107.00
One
year later:
Most
Recently Paid Dividend $3.21 Do
Growth
Rate in Earnings 7% g
Risk
Premium 6.74% RPa
t-bill
rate 5.25% Rf
New
required return 11.99% rnew
New
intrinsic value of stock $68.83 Po
MODULE
5
Details:
Using
Excel, and the Gitman chapters 8 and 9 Excel resource, if needed, complete the
following problems from chapters 8 and 9 in Principles of Managerial
Finance:
- P8-1
- P8-4
- P8-14
- P8-23
- P9-1
- P9-2
- P9-17
Please
show all work for each problem.
Forecasted
Returns, Expected Values, and Standard Deviations for
Assets
A, B, and C and Portfolios AB, AC, and BC
Assets
Portfolios
Year
A B C AB AC BC
2013
0.1 0.1 0.12 =SUMPRODUCT($C$24:$D$24,C7:D7) =($C$24*C7)+($E$24*E7)
=SUMPRODUCT($D$24:$E$24,D7:E7)
2014
0.13 0.11 0.14 =SUMPRODUCT($C$24:$D$24,C8:D8) =($C$24*C8)+($E$24*E8)
=SUMPRODUCT($D$24:$E$24,D8:E8)
2015
0.15 0.08 0.1 =SUMPRODUCT($C$24:$D$24,C9:D9) =($C$24*C9)+($E$24*E9) =SUMPRODUCT($D$24:$E$24,D9:E9)
2016
0.14 0.12 0.11 =SUMPRODUCT($C$24:$D$24,C10:D10) =($C$24*C10)+($E$24*E10)
=SUMPRODUCT($D$24:$E$24,D10:E10)
2017
0.16 0.1 0.09 =SUMPRODUCT($C$24:$D$24,C11:D11) =($C$24*C11)+($E$24*E11)
=SUMPRODUCT($D$24:$E$24,D11:E11)
2018
0.14 0.15 0.09 =SUMPRODUCT($C$24:$D$24,C12:D12) =($C$24*C12)+($E$24*E12)
=SUMPRODUCT($D$24:$E$24,D12:E12)
2019
0.12 0.15 0.1 =SUMPRODUCT($C$24:$D$24,C13:D13) =($C$24*C13)+($E$24*E13)
=SUMPRODUCT($D$24:$E$24,D13:E13)
Statistics:
Expected
value =AVERAGE(C7:C13) =AVERAGE(D7:D13) =AVERAGE(E7:E13) =AVERAGE(G7:G13)
=AVERAGE(H7:H13) =AVERAGE(I7:I13)
Standard
deviation =STDEV(C7:C13) =STDEV(D7:D13) =STDEV(E7:E13) =STDEV(G7:G13)
=STDEV(H7:H13) =STDEV(I7:I13)
Note:
In each two stock portfolio, the weights of each security is equal
0.5
0.5 0.5
Chapter
9 The Cost of Capital
Nova
Corporation
Debt
Net
Proceeds
maturity
10 Required bond price 980
coupon
rate 6.50% Flotation percent 2.00%
par
$1,000 Flotation cost $20
coupon
payment $65 Net Proceeds $960
Trial
and error YTM 7.0714%
End
of Year(s) Cash Flow PV
0
$960 $960.00
1
- 10 $(65) (455.03)
10
$(1,000) (504.97)
$0.00
(The YTM of 7.0714% equates the NPV to zero)
Before-tax
Cost of Debt 7.0714%
Tax
rate 40.00%
After-tax
Cost of Debt 4.24% (a)
Preferred
Stock
Par
value $100.00 Expected sale price $102.00
Annual
percentage rate 6% Flotation cost $4.00
Annual
dividend $6.00 Net Proceeds $98.00
Cost
of Preferred Stock 6.12% (b)
Common
Stock
Gordon
Model
Expected
dividend $3.25
Expected
growth rate 5%
Current
price $35.00
Flotation
cost $2.00
Adjusted
Price $33.00 Cost of Common Stock 14.85% (c)
Weighted
Average Cost of Capital
Weight
in debt 0.35
Weight
in preferred stock 0.12
Weight
in common stock 0.53
Sum
of weights 1.00 WACC 10.09% (d)
MODULE
6
Details:
Using
Excel, and the Gitman chapters 10, 11, and 12 Excel resource, if needed,
complete the following problems from chapters 10, 11, and 12 inPrinciples of
Managerial Finance:
- P10-1
- P10-5
- P10-21
- P11-3
- P11-12
- P12-2
- Integrative
Case 5: Lasting Impressions Company
Please
show all work for each problem.
The
Drillago Company
Calculation
of the NPV, IRR, and the Payback Period
Facts
of case:
maturity
(n) 10 years
cost-of-capital
(k) 0.13
Initial
outlay (pv) 15000000
Excel
function =IRR(B12:B22)
Estimated
Trial and error 0.147630974
Cash
NPV Technique IRR Technique
Year
Outflows/Inflows PV PV Payback Technique
0
=-B7 =B12/(1+$B$6)^A12 =B12/(1+$E$9)^A12
1
600000 =B13/(1+$B$6)^A13 =B13/(1+$E$9)^A13 =B12+B13
2
1000000 =B14/(1+$B$6)^A14 =B14/(1+$E$9)^A14 =G13+B14
3
1000000 =B15/(1+$B$6)^A15 =B15/(1+$E$9)^A15 =G14+B15
4
2000000 =B16/(1+$B$6)^A16 =B16/(1+$E$9)^A16 =G15+B16
5
3000000 =B17/(1+$B$6)^A17 =B17/(1+$E$9)^A17 =G16+B17
6
3500000 =B18/(1+$B$6)^A18 =B18/(1+$E$9)^A18 =G17+B18
7
4000000 =B19/(1+$B$6)^A19 =B19/(1+$E$9)^A19 =G18+B19 =G19/B19
8
6000000 =B20/(1+$B$6)^A20 =B20/(1+$E$9)^A20 =G19+B20
9
8000000 =B21/(1+$B$6)^A21 =B21/(1+$E$9)^A21 =G20+B21
10
12000000 =B22/(1+$B$6)^A22 =B22/(1+$E$9)^A22 =G21+B22
=SUM(C12:C22)
=SUM(E12:E22) =A18+H19 years
Recap:
NPV
=C23 Accept the project as the NPV > 0.
IRR
=E8 Approximately as it equates the NPV to Zero.
Accept
the project as the IRR (14.76%) > Cost of Capital (13%)
Payback
=H23 years approximately
The
Damon Corporation
Calculation
of the Initial Investment
Installed
cost of proposed machine
Cost
of proposed machine $145,000
plus:
Installation costs 15,000
Total
installed cost - proposed $160,000
(depreciable
value)
After-tax
proceeds from sale of present machine
Proceeds
from sale of present machine $70,000
less:
Tax on sale of present machine 14,080
Total
after-tax proceeds - present $55,920
Change
in net working Capital 18,000
Initial
investment $122,080
Tax
on sale of old machine Change in Working Capital
cost
of old machine $120,000 Increase in receivables $15,000
MACRS
increase in inventory 19,000
year
1 20% 24,000 increase in payables 16,000
year
2 32% 38,400 Net working capital $18,000
year
3 19% 22,800
Book
Value $34,800
Sale
price of old machine $70,000
Gain
on sale $35,200
Tax
rate 40%
Tax
Expense $14,080
Depreciation
Expense for Proposed and Present
Machines
for the Damon Corporation
Year
Cost Applicable MACRS depreciation Depreciation
With
proposed machine
1
$160,000 20% $32,000
2
160,000 32% 51,200
3
160,000 19% 30,400
4
160,000 12% 19,200
5
160,000 12% 19,200
6
160,000 5% 8,000
Total
100% $160,000
With
present machine
1
$120,000 12% $14,400
2
120,000 12% 14,400
3
120,000 5% 6,000
4
0
5
0
6
0
Total
$34,800
Calculation
of Operating Cash Inflows for Damon Corporation
Proposed
and Present Machines
Year
1 Year 2 Year 3 Year 4 Year 5 Year 6
With
proposed machine
Earnings
before depr. and int. and taxes $105,000 $110,000 $120,000 $120,000 $120,000 $-
Depreciation
#REF! #REF! #REF! #REF! #REF! #REF!
Earnings
before interest and taxes #REF! #REF! #REF! #REF! #REF! #REF!
Taxes
40% #REF! #REF! #REF! #REF! #REF! #REF!
Net
operating profit after taxes #REF! #REF! #REF! #REF! #REF! #REF!
Depreciation
#REF! #REF! #REF! #REF! #REF! #REF!
Operating
cash inflows #REF! #REF! #REF! #REF! #REF! #REF!
With
present machine
Earnings
before depr. and int. and taxes $95,000 $95,000 $95,000 $95,000 $95,000 $-
Depreciation
#REF! #REF! #REF! #REF! #REF! #REF!
Earnings
before interest and taxes #REF! #REF! #REF! #REF! #REF! #REF!
Taxes
40% #REF! #REF! #REF! #REF! #REF! #REF!
Net
operating profit after taxes #REF! #REF! #REF! #REF! #REF! #REF!
Depreciation
#REF! #REF! #REF! #REF! #REF! #REF!
Operating
cash inflows #REF! #REF! #REF! #REF! #REF! #REF!
The
Damon Corporation
Calculation
of the Terminal Cash Flow
After-tax
proceeds from sale of proposed machine
Proceeds
from sale of proposed machine $24,000
Book
value as of end of year 5 8,000
Net
gain $16,000
Tax
on gain 40% 6,400
Total
after-tax proceeds - proposed $9,600
After-tax
proceeds from sale of present machine
Proceeds
from sale of present machine $8,000
Book
value as of end of year 5 0
Net
gain $8,000
Tax
on gain 40% 3,200
Total
after-tax proceeds - present $4,800
Change
in net working capital #REF!
Terminal
Cash Flow #REF!
Mutually
Exclusive Projects
Project
Alpha Project Beta
Annual
Annual
Cash
10% Cash 10%
Year
Outflow/Inflow PVIF NPV PVIFA ANPV Year Outflow/Inflow PVIF NPV PVIFA ANPV
0
-5,500,000 1.0000 $(5,500,000) 0 -6,500,000 1.0000 $(6,500,000)
1
300,000 0.9091 272,727 1 400,000 0.9091 363,636
2
500,000 0.8264 413,223 2 600,000 0.8264 495,868
3
500,000 0.7513 375,657 3 800,000 0.7513 601,052
4
550,000 0.6830 375,657 4 1,100,000 0.6830 751,315
5
700,000 0.6209 434,645 5 1,400,000 0.6209 869,290
6
800,000 0.5645 451,579 6 2,000,000 0.5645 1,128,948
7
950,000 0.5132 487,500 7 2,500,000 0.5132 1,282,895
8
1,000,000 0.4665 466,507 8 2,000,000 0.4665 933,015
9
1,250,000 0.4241 530,122 9 1,000,000 0.4241 424,098 5.7590
10
1,500,000 0.3855 578,315 $350,116 $60,794
11
2,000,000 0.3505 700,988
12
2,500,000 0.3186 796,577 6.8137
$383,499
$56,284
Reviewing
the NPV's calculated for the two mutually exclusive projects, we see that
project Alpha would be preferred over project Beta
as
Alpha has a NPV of $383,499 relative to the NPV of Beta which is $350,116.
However,
when we compare these mutually exclusive projects on the basis of their
respective ANPVs, project Beta would be preferred over
project
Alpha because it provides the higher annualized net present value ($60,794
versus $56,284).
MODULE 7
Details:
Using
Excel, and the Gitman chapters 13, 14, 15, and 16 Excel resource, if needed,
complete the following problems from chapters 13, 14, 15, and 16 in Principles
of Managerial Finance:
- P13-5
- P13-22
- P14-3
- P14-15
- P15-4
- P15-5
- P15-10
- P16-18
- P16-20
Please
show all work for each problem.
Chapter 16 Current Liabilities
Management
Fixed
Rate Loan
Given
Data:
Days
365
Loan
$200,000.00
Prime
Rate 7.00%
Maturity
60 days
Prime
Excess 2.00%
a.
The total dollar interest cost on the First American Loan
Loan
Prime+ Maturity Total Dollar Interest
$200,000.00
9.00% 0.164383562 $2,958.90
b.
The 60-day rate on the loan
Total
Dollar Interest Loan 60-day Rate
$2,958.90
$200,000.00 1.4795%
c.
Effective annual rate of interest on fixed 60-day loan
60-day
Rate Periods in Year Effective Annual Rate
1.4795%
6.083333333 9.3453%
Floating
Rate Loan
Given
Data:
Days
365
Loan
$200,000.00
Prime
Rate 7.00% 7.50%$$
Maturity
60 30
Prime
Excess 1.50%
d.
The Initial Rate
Prime
Rate Prime Excess Initial Rate-1st 30 day rate
7.00%
1.50% 8.50%
e.
Interest Rate for first and last 30-day periods
Intial
Rate + Maturity First 30 Day Rate
8.50%
0.082191781 0.6986%
initial
rate + Maturity Last 30 day rate
9.00%
0.082191781 0.7397%
f.
Total Dollar Interest Cost
Loan
1st 30 Days Last 30-Days Total Interest Cost
$200,000.00
0.6986% 0.7397% $2,876.71
g.
60-Day rate of Interest
Total
Interest Cost Loan 60-Day Rate
$2,876.71
$200,000.00 1.4384%
h.
Effective Annual Interest Rate on 60-Day Loan
60-Day
Rate Periods in Year Effective Annual Rate
1.4384%
6.083333333 9.0762%
Chapter
13 Leverage and Capital Structure
Calculation
of Share Value
Estimates
Associated with
Alternative
capital Structures
Capital
Structure Expected Estimated Estimated
Debt
Ratio EPS Required Return Share Value
0
1.75 0.114 =B10/C10
10
1.9 0.118 =B11/C11
20
2.25 0.125 =B12/C12
30
2.55 0.1325 =B13/C13
40
3.18 0.18 =B14/C14
50
3.06 0.19 =B15/C15
60
3.1 0.25 =B16/C16
Rock-O
Corporation
Stockholders'
Equity Section
Before
the Reverse Stock Split
Common
stock 900,000 shares $1.00 par $900,000
Paid-in-Capital
7,000,000
Retained
Earnings 3,500,000
Total
Stockholders' Equity $11,400,000
Reverse
Stock Split
Stock
Split 2 3
Common
stock 600,000 shares $1.50 par $900,000
Paid-in-Capital
7,000,000
Retained
Earnings 3,500,000
Total
Stockholders' Equity $11,400,000
Analysis
of Initiating a Cash Discount
for
Eboy Corporation
Increase
in units due to discount 50
Selling
price @net 30 $4,200
Variable
Cost Per Unit $2,600
Additional
Profit Contribution from Sales: $80,000
Cost
of Marginal Investment in AccCounts Receivable
Variable
cost per unit $2,600
Raw
Material annual usage 1450
Accounts
Receivable $443,000
Sales
$3,544,000
Days
365
Collection
Period 45.625
AR
Turnover 8.0
Average
investment presently (w/o discounts) $471,250
Variable
cost per unit $2,600.00
Raw
Material annual usage 1500
Expected
AR Turnover due to discount 12.0
Average
investment presently (with cash discounts) $325,000
Reduction
in accounts receivable investment $146,250
Opportunity
cost of funds 12.5%
Cost
Savings from reduced investment in AR $18,281
Cash
Discount term 2.00%
Percentage
of customers to take discount 70%
Raw
Material annual usage (new) 1500
Selling
price per unit $4,200
Cost
of Cash Discount $88,200
Net
Profit from initiation of proposed cash discount $10,081
MODULE
8
Details:
Complete
your 2,500-word (excluding tables, figures, and addenda) financial analysis of
your chosen company selected in Module 2.
Following
the nine-step assessment process introduced below and detailed in Assessing
a Company’s Future Financial Health:
- Analysis
of fundamentals: goals, strategy, market, competitive technology, and
regulatory and operating characteristics.
- Analysis
of fundamentals: revenue outlook.
- Investments
to support the business unit(s) strategy(ies).
- Future
profitability and competitive performance.
- Future
external financing needs.
- Access
to target sources of external finance.
- Viability
of the 3-5-year plan.
- Stress
test under scenarios of adversity.
- Current
financing plan.
As
you conduct the analysis, you will compile research on your chosen company,
including analyst reports and market information. Disclose all assumptions made
in the case study (e.g., revenue growth projections, expense controls) and
provide supporting reasons and evidence behind those assumptions.
Finally,
in order to assess the long-term financial health of the chosen company,
synthesize the research data and outcomes of the nine-step assessment process.
Prepare
this assignment according to the APA guidelines found in the APA Style Guide,
located in the Student Success Center. An abstract is not required.
This
assignment uses a grading rubric. Instructors will be using the rubric to grade
the assignment; therefore, students should review the rubric prior to beginning
the assignment to become familiar with the assignment criteria and expectations
for successful completion of the assignment.
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