Popular questions
  1. finance

    Suppose we hold a forward contract on a stock with expiration 66 months from now. We entered into this contract 66 months ago so that when we entered into the contract, the expiration was T = 1T=1 year. The stock price$ 66 months ago was S_0 = 100S 0 ​

    asked by aaa-17 on May 17, 2020
  2. Finance

    First Simple Bank pays 6 percent simple interest on its investment accounts. First Complex Bank pays interest on its accounts compounded annually. Required: What rate should the bank set if it wants to match First Simple Bank over an investment horizon of

    asked by Alec on February 19, 2014
  3. Finance

    Danny Joe borrows $10,500 from the bank at 11 percent annually compounded interest to be repaid in six equal annual installments. The interest paid in the first year is: $_________. (Please calculate the arithmetic solution and show your work)

    asked by Vaness on December 30, 2011
  4. Finance

    Antiques ‘R’ Us is a mature manufacturing firm. The company just paid a dividend of $11.45, but management expects to reduce the payout by 4.5 percent per year, indefinitely. Required: If you require a return of 11 percent return on this stock, what

    asked by John on March 11, 2015
  5. Finance

    Assuming that the returns from holding small-company stocks are normally distributed, what is the approximate probability that your money will double in value in a single year? What about triple in value. Many of my classmates have an expected return of

    asked by Anonymous on July 15, 2012
  6. finance

    Suppose an investment offers to triple your money in 36 months (don’t believe it). What rate of return per quarter are you being offered

    asked by Helen on October 17, 2014
  7. Finance

    The Isberg Company just paid a dividend of $0.75 per share, and that dividend is expected to grow at a constant rate of 5.50% per year in the future. The company's beta is 1.25, the market risk premium is 5.00%, and the risk-free rate is 4.00%. What is the

    asked by Caitlin on April 2, 2012
  8. finance

    Assume that the export price of a Nissan XTerra from Osaka, Japan is ¥3,750,000. The exchange rate is ¥121.84/$. The forecast rate of inflation in the United States is 2.8% per year and is 0.6% in Japan. a. What is the export price of the XTerra at the

    asked by Sara on May 5, 2011
  9. finance

    A firm has beginning inventory of 300 units at a cost of $11 each. Production during the period was 650 units at $12 each. If sales were 700 units, what is the value of the ending inventory using LIFO? Note: LIFO, last-in, first-out represents that the

    asked by james on February 8, 2011
  10. Finance

    An insurance company is offering a new policy to its customers. Typically, the policy is bought by a parent or grandparent for a child at the child's birth. The details of the policy are as follows: The purchaser (say, the parent) makes the following six

    asked by Anonymous on February 28, 2016
  11. finance

    You have credit card debt of $25,000 that has an APR (monthly compounding) of 15%. Each month you pay minimum monthly payment only. You are required to pay only the outstanding interest. You have received an offer in the mail for an otherwise identical

    asked by Tara on July 12, 2010
  12. Finance

    shley is planning to attend college when she graduates from high school 7 years from now. She anticipates that she will need $10,000 at the beginning of each college year to pay for tuition and fees, and have some spending money. Ashley has made an

    asked by John on October 30, 2010
  13. Finance

    Determine the annual net cost of this checking account? Annual interest of 2.5% paid if balance exceeds $750, $8 monthly fee if account falls below minimum balance, average balance $815, account falls below $750 during 4 months. Is my answer correct? 815 *

    asked by Erica on August 8, 2013
  14. Finance

    You can deposit 10,000 into an account paying 9% annual interest either today or exactly 10 years from today. How much better off will you be at the end of 40 years if you decide to make the initial deposit today rather than 1o years from today?

    asked by Sky on September 16, 2011
  15. Finance

    Suppose you have $2,000 and plan to purchase a 10-year certificate of deposit (CD) that pays 6.5% interest, compounded annually. How much will you have when the CD matures?

    asked by Niaz on June 9, 2020
  16. finance

    Suppose the borrowing rate r_B = 10\%r B ​ =10% compounded annually. However, the lending rate (or equivalently, the interest rate on deposits) is only 8\%8% compounded annually. Compute the difference between the upper and lower bounds on the price of

    asked by aaa-17 on May 17, 2020
  17. Finance

    1. What is an entrepreneur? (1 point) a sole proprietorship a corporation one who opens a new business a bank that loans money 2. Which of the following is the best definition of probable operating costs? (1 point) Amount of money required to start a

    asked by D on April 15, 2018
  18. finance

    Assume a $1,000 face value bond has a coupon rate of 8.5 percent, pays interest semi-annually, and has an eight-year life. If investors are willing to accept a 10.25 percent rate of return on bonds of similar quality, what is the present value or worth of

    asked by susan on February 14, 2013
  19. Finance

    Nico Trading corporation is considering issuing long-term debt. The debt would have a 30 year maturity an a 10 percent coupon rate. In order to sell the issue, the bonds must be underpriced at a discount of 5 percent of face value. In addition, the firm

    asked by matt on October 19, 2011
  20. Finance

    Thomson Media is considering some new equipment whose data are shown below. The equipment has a 3 year tax life and would be fully depreciated by the straight line method over 3 years but it would have a positve pre-tax salvage value at the end of year 3,

    asked by Nick on April 12, 2011
  21. finance

    A major lottery advertises that it pays the winner $10 million. However this prize money is paid at the rate of $500,000 each year (with the first payment being immediate) for a total of 20 payments. What is the present value of this prize at 10% interest

    asked by aaa-17 on May 17, 2020
  22. Finance

    The stock price of Webber Co. is $68. Investors require an 11 percent rate of return on similar stocks. Required: If the company plans to pay a dividend of $3.85 next year, what growth rate is expected for the company’s stock price?

    asked by Paul on March 10, 2014
  23. Finance

    A job pays a salary of 35,000 the first year. During the next 10 years, the salary increases by 4% each year. What is the salary for the 11th year? What is the total salary over the 11 year period? (Round to the nearest cent.)

    asked by Canary on August 9, 2013
  24. Finance

    Nine rights are necessary to purchase one share of Fogel stock at $50. A right sells for a $4. The ex-rights value of Fogel stock is

    asked by Anonymous on February 24, 2011
  25. finance

    Terry makes $2400 per month in gross income. His net earnings are 80% of his gross. His utility bills total $150. What percentage of Terry's net earnings is he spending on utilities? Enter your answer as a percentage, such as: 1.5%.

    asked by Ariana on June 2, 2020
  26. finance

    computing checking account balance. based on the following information,determine the true balance in your checking account. balance in your checkbook-$356 balance on bank statement,$472 service charge and other fees, $15 interest earned on account $4 total

    asked by sharon on February 11, 2012
  27. Finance

    Fletcher Company's current stock price is $36.000, its last dividend was $2.40, and its required rate of return is 12%. If divends are expected to grow at a constant rate, g, in the future and if Rs is expected to remain at 12%, what is Fletcher's expected

    asked by Jessy on December 1, 2010
  28. Finance

    22.A lottery winner was given a perpetual payment of $11, 444. She could invest the cash flows at 7 percent. What is the present value of this perpetuity?

    asked by G on July 16, 2010
  29. Finance

    Thirsty Cactus Corp. just paid a dividend of $1.25 per share. The dividends are expected to grow at 28 percent for the next eight years and then level off to a 6 percent growth rate indefinitely. If the required return is 13 percent, what is the price of

    asked by Samy on July 30, 2010
  30. finance

    Suppose you obtain a $3,000 T-note with a 3% annual rate, paid quarterly, with maturity in 5 years. How much interest will you earn?

    asked by Anonymous on December 9, 2017
  31. Finance

    Sully Corp. currently has an EPS of $2.35, and the benchmark PE ratio for the company is 21. Earnings are expected to grow at 7 percent per year. Requirement 1: What is your estimate of the current stock price? (Do not round intermediate calculations.

    asked by Paul on March 10, 2014
  32. Finance

    7. Describe at least two factors of an investment that you would want to consider before putting money into that specific investment. (2-4 sentences. 2.0 points)

    asked by Anonymous on March 7, 2012
  33. finance

    Residual dividend model Buena Terra Corporation is reviewing its capital budget for the upcoming year. It has paid a $3.00 dividend per share (DPS) for the past several years, and its shareholders expect the dividend to remain constant for the next several

    asked by Linda on September 4, 2007
  34. Finance

    Calculating Interest Rate. Find the interest rate implied by the following combinations of present and future values. PresentValue Years Future Value $400 11 $684 $183 4 $249 $300 7 $300 Since you do not state otherwise, I am assuming that your interest

    asked by Antoinette on March 18, 2007
  35. Finance

    You have just started your first job and you want to have the basic appliances (fridge, washer, dryer, etc.) in your apartment. You face the following choices: (i) Purchase all appliances at the store using a bank loan. There is no down payment as the bank

    asked by Trish on October 5, 2017
  36. Finance

    You are interested in a new Ford Taurus. After visiting your Ford dealer, doing your research on the best leases available, you have three options. (i) Purchase the car for cash and receive a $1,900 cash rebate from Dealer A. The price of the car is

    asked by Anonymous on February 19, 2015
  37. Finance

    Which of the following statements about the relationship between yield to maturity and bond prices is FALSE? A. When the yield to maturity and coupon rate are the same, the bond is called a par value bond. B. A bond selling at a premium means that the

    asked by Anthony on January 25, 2014
  38. finance

    the bubba corp. had net income before taxes of $200.000 and sales of $200.000. if it is in the 50% tax bracket ifs after tax profit margin is?

    asked by mike on May 13, 2012
  39. finance

    The Blinkelman Corporation has just announced that it plans to introduce a new solar panel that will greatly reduce the cost of solar energy. As a result, analys now expect the company’s earnings, currently (year 0) $1 per share to grow by 50 percent per

    asked by Dora on September 10, 2011
  40. Finance

    Suppose two athletes sign 10-year contracts for €80 million. In one case, we are told that the €80 million will be paid in 10 equal installments. In the other case, we are told that the Euros €80 million will be paid in 10 installments, but the

    asked by Yesica on June 24, 2010
  41. finance

    A firm has beginning inventory of 300 units at a cost of $11 each. Production during the period was 650 units at $12 each. If sales were 700 units, what is the cost of goods sold (assume FIFO)?

    asked by sarah on February 7, 2010
  42. finance

    the cost of common stock is usually greater than the simple dividend yield because?

    asked by molly on December 12, 2008
  43. Finance

    You have been reading about Maddy Computer Company (MCC), which currently retains 90 percent of its earning ($5 a share this year). It earns an ROE of almost 30 percent. Assuming a required rate of return of 14 percent, how much would you pay for MCC on

    asked by dominicano174 on November 20, 2008
  44. Finance

    A grocery store manager must decide whether to buy four rug cleaners to rent to customers. The manager estimates that the first would yield $200 a year, the second $150, the third $75, and the fourth $20. If the interest rate is 12 percent and each rug

    asked by James on April 12, 2012
  45. Finance

    You are considering two lottery payment options: Option A pays $10,000 today and Option B pays $20,000 at the end of ten years. Assume youc an earn 6 percent on your savings. Which option will you choose if you base your decision on present values? Which

    asked by Julia Coon on April 24, 2013
  46. Finance

    Calculating Cost of Equity. The Lo Tech Co. just issued a divident of $2.20 per share on its common stock. The company is expected to maintain a constant 6 percent growth rate in its dividends indefinitely. If the stock sells for $43 a share, what is the

    asked by Jina on December 1, 2012
  47. finance

    Adams Enterprises’ noncallable bonds currently sell for $1,120. They have a 15- year maturity, an annual coupon of $85, and a par value of $1,000. What is their yield to maturity?

    asked by david on February 27, 2011
  48. finance

    Under normal conditions (70% probability), Financing Plan A will produce $24,000 higher return than Plan B. Under tight money conditions (30% probability), Plan A will produce $40,000 less than Plan B. What is the expected value of return for Plan A over

    asked by lashay- 3 quesions help me on July 24, 2008
  49. Finance

    You have arranged for a loan on your new car that will require the first payment today. The loan is for $32,000, and the monthly payments are $620. Required: If the loan will be paid off over the next 60 months, what is the APR of the loan?

    asked by Alec on February 19, 2014
  50. Finance

    You are considering opening a new plant. The plant will cost $100 million upfront. After that, it is expected to produce profits of $30 million at the end of every year. The cash flows are expected to last forever. Calculate the NPV of this investment

    asked by Anonymous on July 20, 2010
  51. finance

    Julie's X-Ray Company paid $2.00 per share in common stock dividends last year. The company's policy is to allow its dividend to grow at 5 percent for 4 year and then the rate of growth changes to 3 percent per year from year 5 and on. What is the value of

    asked by lynne on July 10, 2010

    Yield to call Six years ago, the Singleton Company issued 20-year bonds with a 14 percent annual coupon rate at their $1,000 par value. The bonds had a 9 percent call premium, with 5 years of call protection. Today, Singleton called the bonds. Compute the

    asked by Mel on September 18, 2007
  53. Finance

    When purchasing the rights to a royalty, depending on the seller’s desired cash flows, Royalty Pharma can provide different types of payment schedules, such as an accelerated royalty or a synthetic royalty. In an accelerated royalty investment, Royalty

    asked by Nate on March 6, 2020
  54. Finance

    Victor would like to buy his first car and the one he has his eye on is $25,000 plus an extra 13% HST for a total price of $28,250. The dealership has a deal for 0% down payment and charges 2.89% interest on the loan. Victor plans to make car loan payments

    asked by JJ on January 27, 2020
  55. Finance

    You purchase a piece of property for $30,000 nine years ago and sold it today for $83,190. What was your annual rate of return on your investment?

    asked by Nkafu on January 6, 2017
  56. Finance

    Sutton Corporation, which has a zero tax rate due to tax loss carry-forwards, is considering a 5 year, $6,000,000 bank loan to finance service equipment. The loan has an interest rate of 10% and would be amortized over 5 years, with 5 end-of-year payments.

    asked by Nick on April 12, 2011
  57. finance

    A firm's long term assets = $75,000, total assets = $200,000, inventory = $25,000 and current liabilities = $50,000.

    asked by carrie on July 13, 2008
  58. Finance

    The ________ model is usually considered the best of the capital budgeting decision-making models. A) Internal Rate of Return (IRR) B) Discounted Payback Period C) Profitability Index (PI) D) Net Present Value (NPV) Is the correct answer D. (NPV)

    asked by Nicole on January 23, 2014
  59. finance

    You have just purchased a new warehouse. To finance the purchase, you’ve arranged for a 25-year mortgage for 75 percent of the $3,600,000 purchase price. The monthly payment on this loan will be $17,700. What is the APR on this loan?

    asked by Anonymous on January 19, 2014
  60. Finance

    kollo enterprise has beta 0.82 real risk freerate 2.00% investors expected 3.00% future inflation rate, market risk premium is 4.70% what kollo's required rate of return?

    asked by lora on December 9, 2012
  61. Finance

    Aset P has a beta of 0.9. The risk-free rate of return is 8%, while the return on the S&P 500 is 14%. Asset P's required rate of return is:

    asked by Melissa on June 17, 2012
  62. Finance

    Pretty Lady Cosmetic Products has an average production process time of 40 days. Finished foods are kept on hand for an average of 15 days before they are sold. Accounts receivable are outstanding an average of 35 days, and the firm receives 40 days of

    asked by James on June 7, 2014
  63. Finance

    Spam Corp. is financed entirely by common stock and has a beta of 1.0. The firm is expected to generate a level, perpetual stream of earnings and dividends. The stock has a price-earnings ratio of 8 and a cost of equity of 12.5%. The company's stock is

    asked by Samantha on March 17, 2012
  64. finance

    14. Assume Julian has a choice between two deposit accounts. Account A has an annual percentage rate of 7.55 percent but with interest compounded monthly. Account B has an annual percentage rate of 7.45 percent with interest compounded continuously. Which

    asked by Vaness on December 30, 2011
  65. Finance

    A firm has forecasted sales of $3,000 in April, $4,500 in May and $6,500 in June. All sales are on credit. 30% is collected the month of sale and the remainder the following month. What will be the balance in accounts receivable at the beginning of July

    asked by Adam on March 21, 2011
  66. Finance

    Find the EAR in each of the following cases. Stated Rate (APR) Number of Times 8 % Quarterly % 16 % Monthly % 12 % Daily % 15 % Infinite %

    asked by Carla on July 10, 2010

    Cash conversion cycle American Products is concerned about managing cash efficiently. On the average, inventories have an age of 90 days, and accounts receivable are collected in 60 days. Accounts payable are paid approximately 30 days after they arise.

    asked by RAVEN on October 19, 2009
  68. finance

    Suppose the spot rates for 1 and 2 years are s_1 = 6.3\%s 1 ​ =6.3% and s_2 = 6.9\%s 2 ​ =6.9% with annual compounding. Recall that in this course interest rates are always quoted on an annual basis unless otherwise specified. What is the forward rate,

    asked by aaa-17 on May 17, 2020
  69. finance

    Find the final amount in the following retirement account, in which the rate of return on the account and the regular contribution change over time. $470 per month invested at 5%, compounded monthly, for 7 years; then $709 per month invested at 7%,

    asked by un on May 7, 2017

    You have just purchased a new warehouse. To finance the purchase, you’ve arranged for a 35-year mortgage loan for 75 percent of the $3,250,000 purchase price. The monthly payment on this loan will be $15,800. Requirement 1: What is the APR on this loan?

    asked by KATE on February 28, 2016
  71. finance

    Mr. Two can afford car payments of $235 a month for 48 months. The bank will lend him money to buy a car at 7.75 per cent interest. How much money can he afford to borrow?

    asked by solooloo on August 28, 2014
  72. Finance

    31. Suppose the market portfolio is equally likely to increase by 30% or decrease by 10%. a. Calculate the beta of a firm that goes up on average by 43% when the market goes up and goes down by 17% when the market goes down. b. Calculate the beta of a firm

    asked by Anonymous on August 2, 2010
  73. Finance

    Newdex has net income of $2,500,000 and 1,000,000 shares outstanding. It needs to raise $3,610,000 in funds for a new asset. Its investment banker plans to sell an issue of common stock to the public for $40 per share, less a spread of 5%. How much must

    asked by Samantha on May 14, 2010
  74. Finance

    Zeta Corporation has issued a $1,000 face value zero-coupon bond. Which of the following values is closest to the correct price for the bond if the appropriate discount rate is 8% and the bond matures in 8 years?

    asked by Dantavis on April 14, 2010
  75. Finance

    Caradoc Machine Shop is considering a four-year project to improve its production efficiency. Buying a new machine press for $410,000 is estimated to result in $150,000 in annual pre-tax cost savings. The press falls into Class 8 for CCA purposes (CCA rate

    asked by Kathy on November 28, 2017
  76. Finance

    The Arizona Bay Corporation sells on credit terms of net 30. Its accounts are, on average, four days past due. If annual credit sales are $9.75 million, what is the company’s balance sheet amount in accounts receivable?

    asked by JPB on February 18, 2017
  77. Finance

    Solution needed . You need to have $50000 at the end of 10 years .To accumulate this sum, you have decided to save a certain amount at the end of each of the next 10 years and deposits it in the bank. the bank pays 8 percent interest compounded annually

    asked by Tamanna on August 19, 2016
  78. Finance

    Carter's preferred stock pays a dividend of $1.00 per quarter. If the price of the stock is $45.00, what is its nominal (not effective) annual rate of return?

    asked by YASSAH on May 27, 2014
  79. finance

    Orbital Communications has operating plants in over 100 countries. It also keeps funds for transaction purposes in many foreigh countries. Assume tha tin 2010 it held 100,000 kronas in Norway worth $35,000. The funds drew 12 percent interest, and the krona

    asked by Mary on May 26, 2011
  80. Finance

    Would you be willing to pay $500 today in exchange for $10,000 in 30 years?

    asked by Angela on November 12, 2010
  81. Finance

    The Carter Company's bond mature in 10 years have a par value of 1,000 and an annual coupon payment of $80. The market interest rate for the bond is 9%. What is the price of these bonds The coupon rate on the bond, (interest/principal at maturity) = 8%

    asked by Dee on February 14, 2007
  82. finance

    Jose invests $4000 in an investment account paying 8% annually for 12 years. Suppose the interest was compounded quarterly instead of annually. How much would the future value of the investment increase? Enter your answer as a dollar amount, such as:

    asked by Emily on May 28, 2020
  83. Finance

    Assume that your friend Mary is 30 years old and wishes to provide for her retirement. Suppose that she invests Ksh. 50,000 per year at an interest rate of 9% per annum for the next 30 years with the 1st deposit accruing one year from now. At the age of 60

    asked by Patience on May 23, 2019
  84. finance

    Program A has a profit of $5,000 and an investment of $100,000, while program B has a profit of $10,000 and an investment of $220,000. Which program has the better ROI?

    asked by anonymous on July 27, 2014
  85. Finance

    5. John and Daphne are saving for their daughter Ellen's college education. Ellen just turned 10 (t=0), and she will be entering college 8 years from now (at t=8). College tution and expenses at State U. are currently $14,500 a year, but they are expected

    asked by Alice on October 20, 2011
  86. Finance

    Steve and Ed are cousins who were both born on the same day, and both both turned 25 today. Their grandfather began putting $2,500 per year into a trust fund for Steve on his 20th birthday, and he just made a 6th payment into the fund. The grandfather (or

    asked by Alice on October 20, 2011
  87. Finance

    Bond Pricing: A 6-year Circular File bond pays interest of $80 annually and sells for $950. What is its coupon rate, current yield, and yield to maturity? Bond Pricing : If the Circular File wants to issue a new 6-yar bond at face value, what coupon rate

    asked by Xavier on March 19, 2007
  88. Finance

    You have decided to take a vacation to New Zealand in 8 years. You estimate the trip will cost $12,500. You currently have $1,800 in an account yielding 0.2% month. How much will you have to save each month to reach your goal? I got $147.65 a month. Is

    asked by claimill on February 12, 2016
  89. finance

    You borrow $149,000 to buy a house. The mortgage rate is 7.5 percent and the loan period is 30 years. Payments are made monthly. If you pay for the house according to the loan agreement, how much total interest will you pay?

    asked by solooloo on August 28, 2014
  90. finance

    Tangshan Mining is considering issuing long-term debt. The debt would have a 30 year maturity and a 12 percent coupon rate and make semiannual coupon payments. In order to sell the issue, the bonds must be underpriced at a discount of 2.5 percent of face

    asked by Michelle on July 15, 2013
  91. Finance

    You are planning to save for retirement over the next 35 years. To do this, you will invest $770 a month in a stock account and $370 a month in a bond account. The return of the stock account is expected to be 9.7 percent, and the bond account will pay 5.7

    asked by Jackie Yale on September 19, 2012
  92. finance

    Kohers Inc is considering a leasing arrangement to finance some manufacturing tools that it needs for the next 3 years. The tools will be obsolete and worthless after 3 years. The firm will depreciate the cost of the tools on a straight-line basis over

    asked by Nick on April 13, 2011
  93. finance

    Anne is planning to attend college when she graduates from high school in 7 years from now. She anticipates that she will need $10,000 at the beginning of each college year to pay for tuition and fees, and have some spending money. Anne has made an

    asked by sue on March 1, 2011
  94. finance

    it cost a contactor $13750 to manufacture their first unit. The company expects to experience a 93% unit learning curve. Estimate the cost of the 14th unit. (Round intermediate calculation to 4 decimal places)?

    asked by Lisa on November 30, 2018
  95. Finance

    You are serving on a jury. A plaintiff is suing the city for injuries sustained after a freak street sweeper accident. In the trial, doctors testified that it will be five years before the plaintiff is able to return to work. The jury has already decided

    asked by Anonymous on February 28, 2016
  96. Finance

    You are considering borrowing $150,000 to purchase a new home. a. Calculate the monthly payment needed to amortize an 8 percent fixed-rate 30-year mortgage loan. b. Calculate the monthly amortization payment if the loan in (a) was for 15 years.

    asked by YaYa on September 2, 2014
  97. finance

    If you inherited $ 45,000 today and invested all of it in a security that paid a 7 percent rate of return, how much would you have in 25 years?

    asked by sharee on April 24, 2014
  98. finance

    Four years ago, Robert's annual salary was $52,500. Today, he earns $73,800. What has been the average annual rate of growth of Robert's salary?

    asked by gillianp on April 11, 2014
  99. Finance

    Anderson International Limited is evaluating a project in Erewhon. The project will create the following cash flows: Year Cash Flow 0 –$690,000 1 243,000 2 175,000 3 256,000 4 231,000 All cash flows will occur in Erewhon and are expressed in dollars. In

    asked by Paul on March 19, 2014
  100. Finance

    What advantages does a roth IRA have over the traditional IRA? A. With a roth you take care of taxes ahead of time and end up with more money to spend at retirement. B Unlike the traditional IRA, with a roth you don't pay taxes while your money is in the

    asked by Anthony on November 11, 2013


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