FIN 350 Midterm Harford FALL 2022

pdf

School

University of Washington *

*We aren’t endorsed by this school

Course

350

Subject

Finance

Date

Apr 3, 2024

Type

pdf

Pages

Uploaded by DoctorMoonDonkey41

Assume inflation of 4.2% APR, with monthly compounding Rates and cash flows are nominal unless stated otherwise. 8:30am Section Answer Key Page 1 of 5 1. You expect a nominal cash flow of $10,000 in 3 years. Your real discount rate is 6% APR, compounded monthly. What is the present value of the nominal cash flow? [5] You have real rate, but you need a nominal rate, so you need to use the inflation rate to get it. You can do this entirely in months with 36 months, or convert everything to EARs and do it in years. For the EAR approach: Real EAR ൌ ቀ 1 ൅ .06 12 ቁ ଵଶ െ 1 ൌ .06168, Inflation EAR ൌ ቀ 1 ൅ .042 12 ቁ ଵଶ െ 1 ൌ .04282 so nominal EAR ൌ ሺ 1.06168 ሻሺ 1.04282 ሻ െ 1 ൌ 0.10714 𝑃𝑉 ൌ 10000 ሺ 1.10714 ሻ ଷ ൌ 7,368.75 2. You earn a nominal return of 12% APR, compounded monthly. If you invest $1000 today, how long will it take to grow to the point where it has a real value of $3000? [4] Here you have a nominal return and you need a real one. Again, you can do this in years or months. We’ll do it in months. The monthly inflation rate is 0.042/12 = 0.0035 and the monthly nominal return is 0.12/12 = 0.01, so the monthly real return is 1.01/1.0035 – 1 = 0.006477. Since any value today is both nominal and real, the $100 you invest today is already a real cash flow. So, you’re all set because you have a real PV, a real FV and a real rate to solve for n. 𝑛 ൌ ቎ 𝑙𝑛 ቀ 𝐹𝑉 𝑃𝑉 ቁ ln ሺ 1 ൅ 𝑟ሻ ቏ ൌ ቎ 𝑙𝑛 ቀ 3000 1000 ቁ ln ሺ 1 ൅ .006477 ሻ ቏ ൌ 170.17 𝑚𝑜𝑛𝑡ℎ𝑠 3. You just purchased a $1000 par, 4% coupon bond (semi ‐ annual coupons) with exactly 3 years to maturity. You paid a price that implied a YTM of 5%. If you sell it for $980 immediately after collecting the next coupon, what total return did you earn? [4] If it’s priced at a YTM of 5%, that means its cash flows can all be discounted at that YTM and prodce its correct price. The cash flows for this bond are $20 every 6 months and $1000 at maturity. Since everything in the bond world is in 6 ‐ month periods, we have a YTM of 2.5% per six months, and six 6 ‐ month periods to maturity: 𝑃𝑉 ൌ 20 . 025 ൤ 1 െ 1 ሺ 1.025 ሻ ଺ ൨ ൅ 1000 ሺ 1.025 ሻ ଺ ൌ $972.46 If you sell it for $980 after collecting the next $20 coupon, then you bought the bond for $972.46, collected one $20 semi ‐ annual coupon and sold it for $980. Your total return is (($20+$980) ‐ $972.46)/$972.46 = 2.832% (over a 6 ‐ month period). Did you earn the 5% YTM? Why or why not? [3] No, you did not earn the YTM—your annualized return is actually 5.664%. You are only guaranteed to earn the YTM if you hold the bond to maturity and receive all the cash flows as promised. Since you sold the bond before maturity, your return was determined by how the bond’s price moved in between, and in this case it increased, so you had a higher return.

Assume inflation of 4.2% APR, with monthly compounding Rates and cash flows are nominal unless stated otherwise. 8:30am Section Answer Key Page 2 of 5 4. Why do credit spreads increase during recessions and economic crises? [5] Credit spreads reflect the risk of default of a bond. In crises and recessions, investors become less tolerant of default risk at the same time as the risk of a near ‐ term default increases, so they pay less for bonds with a significant risk of default. The lower prices for such bonds necessarily implies a higher yield ‐ to ‐ maturity based on those lower prices, and so the credit spread widens. 5. Assume that, starting in one year, you are able to invest $2,000 per year for 20 years and then increase it to $4,000 per year for 20 additional years. So, your year 1 through 20 investment will be $2,000 per year and starting in year 21, you will invest $4,000 per year. Your expected return on your investments is 8% per year. When you make the last investment 40 years from today, how much can you expect to have in your investment account? [10] You need to compute the FV of two separate 20 ‐ year annuities. For each, compute the PV and then move that PV to its FV using the appropriate number of years. Note that for the 1 st annuity, you will be going from year 1 to 40, so 40 years for the FV part, and for the second, you will be going from year 21 to 40, so 20 years for the FV part. 𝑃𝑉 ൌ 2000 . 08 ൤ 1 െ 1 ሺ 1.08 ሻ ଶ଴ ൨ ൌ 19,636.29 െ െ൐ 𝐹𝑉 ସ଴ ൌ 19,636.29 ሺ 1.08 ሻ ସ଴ ൌ 426,589.11 𝑃𝑉 ൌ 4000 . 08 ൤ 1 െ 1 ሺ 1.08 ሻ ଶ଴ ൨ ൌ 39,272.59 െ െ൐ 𝐹𝑉 ସ଴ ൌ 39,272.59 ሺ 1.08 ሻ ଶ଴ ൌ 183,047.86 The total will be 426,589.11 + 183,047.86 = 609,636.97 What will be the real value of your investment account 40 years from today? [4] Deflate it by 40 years x 12 = 480 months’ worth of inflation at 0.042/12 = 0.0035 per month : 𝟔𝟎𝟗 , 𝟔𝟑𝟔 . 𝟗𝟕 ሺ𝟏 . 𝟎𝟎𝟑𝟓ሻ 𝟒𝟖𝟎 ൌ 𝟏𝟏𝟑 , 𝟗 54.22

Assume inflation of 4.2% APR, with monthly compounding Rates and cash flows are nominal unless stated otherwise. 8:30am Section Answer Key Page 3 of 5 Year: 0 1 2 3 IRR Project C ‐ 12 6 6 6 23% 6. You are evaluating the following projects (in $ millions): Year: 0 1 2 3 IRR Project A ‐ 30 15 15 15 23% Project B ‐ 18 18 ‐ 4 14 29% a. If your opportunity cost of capital is 10%, what is the NPV of each project? [6] 𝑵𝑷𝑽 𝑨 ൌ െ𝟑𝟎 ൅ 𝟏𝟓 𝟎 . 𝟏 ∗ ቈ𝟏 െ ൬ 𝟏 𝟏 . 𝟏 ൰ 𝟑 ቉ ൌ $ 𝟕 . 𝟑𝟎𝑴 𝑵𝑷𝑽 𝑩 ൌ െ𝟏𝟖 ൅ 𝟏𝟖 𝟏 . 𝟏 𝟏 ൅ െ𝟒 𝟏 . 𝟏 𝟐 ൅ 𝟏𝟒 𝟏 . 𝟏 𝟑 ൌ $ 𝟓 . 𝟓𝟖𝑴 b. Given all the information, if you could only do one project, explain how would you rank the two projects? [6] Project A is the better project if I can do only one because it generates the most value. Project B has a higher IRR, but that doesn’t translate into more value because it is a smaller scale project. c. Right before you commit, you are presented with Project C. If your only constraint is a total budget of $30 million, what would you do and why? [4] 𝑵𝑷𝑽 𝑪 ൌ െ𝟏𝟐 ൅ 𝟔 𝟎 . 𝟏 ∗ ൤𝟏 െ ቀ 𝟏 𝟏 . 𝟏 ቁ 𝟑 ൨ ൌ $ 𝟐 . 𝟗𝟐𝑴 . As the question states, my only constraint is a total budget of $30 million, so since it has a positive NPV, I would consider whether to take it in combination with B. If I use my total budget of $30 million to take both B and C, I would create total value of $5.58 + $2.92 = $8.50 million, which is more than I would create using the $30 million to fund project A ($7.30 million), so I would take B and C instead of A. Note this answer is still correct if you still thought A & B are mutually exclusive because you are not trying to take both A & B. 7. You can buy a machine for $50,000 due immediately and then two payments of $20,000 (due one year and two years from now). If your discount rate is 5%, what is the equivalent annual cost of this machine over its two ‐ year life? [8] To compute the EAC, first calculate the PV of the actual payments and then calculate the annual payment with the same PV: 𝑃𝑉 ൌ 50000 ൅ 20000 1.05 ൅ 20000 ሺ 1.05 ሻ ଶ ൌ 87,188.21 EAC ൌ 87,188.21 ൤ 1 .05 െ 1 . 05 ሺ 1.05 ሻ ଶ ൨ ൌ 46,890.24

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

Assume inflation of 4.2% APR, with monthly compounding Rates and cash flows are nominal unless stated otherwise. 8:30am Section Answer Key Page 4 of 5 8. The following yields are on the yield curve: Maturity 6 months 1 year 1.5 years 2 years Yield 3% 4% 4.5% 5% All of the yields are quoted as APRs with semi ‐ annual compounding. a. Consider a 1 ‐ year zero ‐ coupon $1000 par corporate bond with a credit spread of 150 basis points. What is its price? [5] 150 basis point credit spread added on to the 4% 1 ‐ year rate is 5.5% (APR, semi ‐ annual compounding). The corresponding 6 ‐ month rate is .055/2 = .0275, and there are two 6 ‐ month periods in two years. 𝑃𝑉 ൌ 1000 ሺ 1.0275 ሻ ଶ ൌ 947.19 b. Would the YTM of a 1.5 ‐ year 5% coupon bond be more than, less than or equal to 4.5%? Why? [5] It would be less. The YTM will be a weighted average of the relevant spot rates where the weights are approximately proportional to the size of the cash flows. The cash flows for a 1.5 ‐ year 5% coupon bond will be 6 months 1 year 1.5 year 25 25 1025 So the relevant spot rates are 3%, 4% and 4.5%. The greatest weight will go to 4.5%, so the YTM should be close to, but less than 4.5% because of the 3 and 4% rates. c. Would the YTM of a 1.5 ‐ year 4% coupon bond be more than, less than, or equal to the YTM of a 1.5 ‐ year 8% coupon bond? Explain. [4] More than—because the 4% coupon bond’s coupon cash flows are smaller, the YTM calculation will put less weight on the lower rates, putting proportionately more weight on the par repayment (think of it like 20 vs. 1000 and 40 vs. 1000). Thus, while both YTMs will be close to and a bit less than 4.5%, the 4% coupon bond’s YTM will be a little closer to 4.5% and thus more. d. What is the current yield of a one ‐ year, 3% coupon bond with a price of $990? EXPLAIN whether the current yield is more than, less than, or equal to its YTM. [4] Current yield is just the total annual coupon payments divided by the price. So, a 3% coupon bond will pay a total of $30 over a year. Its current yield is 30/990 = 3.03%, but that will be less than its YTM, because its YTM will include what happens at maturity (not just the coupons). At maturity, the bond that you paid $990 for will repay $1000 in par, so you have locked in a small capital gain that is offset by low income in the meantime. Your YTM will incorporate both and will be more than the return based solely on the income.

Assume inflation of 4.2% APR, with monthly compounding Rates and cash flows are nominal unless stated otherwise. 8:30am Section Answer Key Page 5 of 5 9. You are considering introducing an upgraded product that has projected revenue of $10 million per year and expenses of $6 million per year for 3 years, after which you will shut down production. You will be able to use some of your existing equipment, but will need to purchase additional equipment as well. The existing equipment is fully depreciated, but its market value is $500,000. The new equipment will cost $2 million, and will be straight ‐ line depreciated over a 5 ‐ year life to zero. You plan to sell it for its book value at the end of the 3 rd year when you cease production. Inventory will increase immediately to $1.5 million from its current level of $1 million. It will further increase to $1.7 million in year 1 and will hold at that level in year 2. It will return to $1 million in year 3. Your discount rate for this project is 15% and your tax rate is 20%. Forecast the incremental free cash flows and calculate the NPV of the project. [20] w/out project 0 1 2 3 WC Level 1 1.5 1.7 1.7 1 WC Change 0.5 0.2 0 ‐ 0.7 CF from Chg in WC ‐ 0.5 ‐ 0.2 0 0.7 New Equipment: 0 1 2 3 Depr ‐ 0.4 ‐ 0.4 ‐ 0.4 BV 2 1.6 1.2 0.8 0 1 2 3 Rev 10 10 10 Exp ‐ 6 ‐ 6 ‐ 6 Depr ‐ 0.4 ‐ 0.4 ‐ 0.4 Taxable Inc 3.6 3.6 3.6 Tax ‐ 0.72 ‐ 0.72 ‐ 0.72 Net Income 2.88 2.88 2.88 Add back Depr 0.4 0.4 0.4 CF fr Chg in WC ‐ 0.5 ‐ 0.2 0 0.7 CapEx ‐ 2 0.8 Opp Cost ‐ 0.4 FCF ‐ 2.9 3.08 3.28 4.78 𝑵𝑷𝑽 ൌ െ𝟐 . 𝟗 ൅ 𝟑 . 𝟎𝟖 𝟏 . 𝟏𝟓 𝟏 ൅ 𝟑 . 𝟐𝟖 𝟏 . 𝟏𝟓 𝟐 ൅ 𝟒 . 𝟕𝟖 𝟏 . 𝟏𝟓 𝟑 ൌ $ 𝟓 . 𝟒𝟎𝑴 BRIEFLY: Are there any missing considerations you would want to cover before finalizing your analysis? [3] Since this is a product upgrade, the main question would be one of cannibalization of the sales of the current model of the product.

Related Documents

AnswerSheet_Quiz 7_ Capital Structure and Dividend Policy_ BUSI 370 922 2023S1 Business Finance.pdf

Case 20.docx

Case 20 Answer Key-3 (3).docx

Class 11 - Apple 7-9.docx

Fundementals Of Cost Accounting Seventh Edition-McGraw Hill- ACCT521 CH Appendix QUESTIONS Week 8.do

FIN 350 Midterm Harford WINTER 2019.pdf

FIN 350 Final Harford FALL 2022.pdf

Module 6 Journal.docx

Related Questions

6. The Fisher effect and the cost of unexpected inflation Suppose the nominal interest rate on savings accounts is 11% per year, and both actual and expected inflation are equal to 6%. Complete the first row of the table by filling in the expected real interest rate and the actual real interest rate before any change in the money supply. Time Period Nominal Interest Rate Expected Inflation Actual Inflation Expected Real Interest Rate Actual Real Interest Rate (Percent) (Percent) (Percent) (Percent) (Percent) Before increase in MS 11 6 6 Immediately after increase in MS 11 6 10 Now suppose the Fed unexpectedly increases the growth rate of the money supply, causing the inflation rate to rise unexpectedly from 6% to 10% per year. Complete the second row of the table by filling in the expected and actual real interest rates on savings accounts immediately after the increase in the money supply (MS). The unanticipated change in…

6. The Fisher effect and the cost of unexpected inflation Suppose the nominal interest rate on car loans is 11% per year, and both actual and expected inflation are equal to 4%. Complete the first row of the table by filling in the expected real interest rate and the actual real interest rate before any change in the money supply. Time Period Nominal Interest Rate Expected Inflation Actual Inflation Expected Real Interest Rate Actual Real Interest Rate (Percent) (Percent) (Percent) (Percent) (Percent) Before increase in MS 11 4 4 Immediately after increase in MS 11 4 6 Now suppose the Fed unexpectedly increases the growth rate of the money supply, causing the inflation rate to rise unexpectedly from 4% to 6% per year. Complete the second row of the table by filling in the expected and actual real interest rates on car loans immediately after the increase in the money supply (MS). The unanticipated change in inflation…

Assume the nominal interest rate is 12 percent and the expected rate of inflation is 8 percent. Calculate real rate of interest. Now assume instead that the nominal interest rate is 4 percent and the expected rate of inflation is minus 2 percent. Calculate the real rate of interest. Assume the expected rate of inflation is 6 percent per year. What nominal interest rate should you charge to receive a real interest rate of 2 percent per year?

Consider the following cash flows: Year Cash Flow 2 $ 22,900 3 40,900 5 58,900 Assume an interest rate of 9.7 percent per year. a. If today is Year 0, what is the future value of the cash flows five years from now? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) b. If today is Year 0, what is the future value of the cash flows ten years from now? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

You purchase a certificate of deposit and expect an inflation rate of 1.25% over the next year. Your nominal rate of interest is 2.1%. What is your expected real rate of return? O 0.85%O 1.25% -2.1% O -0.85%

Suppose the actual inflation rate is 2% over the next year. Once the loan has been repaid, what is the nominal rate of interest and real rate of interest?

Finance Only last question

The two-year interest rate is 10.8% and the expected annual inflation rate is 5.4%. a.What is the expected real interest rate? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.) b-1. If the expected rate of inflation suddenly rises to 7.4%, what does Fisher’s theory say about how the real interest rate will change? multiple choice Real rate does not change Real rate increases Real rate decreases b-2. If the expected rate of inflation suddenly rises to 7.4%, what will be the new nominal rate? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)

Assume inflation is 2.60% and the nominal (annual) interest rate is 6.35%. If the interest rate is held constant, but inflation rises to 5.25%, does it cost more or less in real terms to borrow money than when the inflation rate was 2.60%? Explain your answer and make sure to include your real interest rates in both situations to earn full credit.

Unsure how to calculate

Find the present worth sum of money that would be equivalent to the future amounts of $5000 in year 6 and $7000 in year 8 if the real interest rate is 10% per year and the inflation rate is 5% per year. Solve using the factors and their equations with (a) an inflation-adjusted rate, and (b) the real interest rate. Solve manually please

Suppose that for the coming year, the inflation is forecast at an effective annual rate of 1.27%. If a bank offers a high interest rate saving account at an effective annual rate i=1.83%, what is the corresponding real, or inflation adjusted rate of interest for the coming year? 0.4409% 0.553% 0.56% 0.55% 0.69%

Suppose that the interest rate is 5%. ކ އތރ What is the value of the discount factor, v? U=数字 Enter a value correct to 6 decimal places What is the rate of discount, d? d = 7 Enter a percentage correct to 2 decimal places A payment of £410 will be made in 8 years. What is the present value of this payment? £ 数字 Enter a value correct to 2 decimal places

If you borrow $100 at 5% interest rate (nominal) and inflation rate is 3%, what is the most accurate real interest rate?

Suppose that the interest rate is 1%. What is the value of the discount factor, v? V= 数字 Enter a value correct to 6 decimal places What is the rate of discount, d? d 数字 Enter a percentage correct to 2 decimal places A payment of £800 will be made in 3 years. What is the present value of this payment? £ 数字 Enter a value correct to 2 decimal places

3. Suppose you are considering a PLAM with the following characteristics: Mortgage Amount = $175,000 30-Year Term Monthly Payments Current Real Rate = 5.50 percent Expected Inflation Rates: EOY1 = 3%, EOY2 = -2%, EOY3 thru EOY30 = 0% Annual Payment Adjustments A. What is the APR of this loan? Answer: B. What is the effective cost if the loan is repaid at the end of year 2? Answer: C. Suppose that, instead of repaying the loan, you continue to make the payments and your monthly payment in year 4 is 1,043.09. What was the inflation rate for year 3? Answer:

Optimizing economic agents use the real interest rate when thinking about the economic costs and returns of a loan. Suppose the average rate paid by banks on savings accounts is 0.65% at a time when inflation is around 1.45%. For the average saver, the real rate of interest on his or her savings is %. (Round your response to two decimal places and use a minus sign if necessary.) If banks expect that the rate of inflation in the coming year will be 4.45% and they want a real return of 5.5% on a certain category of loans, then the nominal rate they should charge borrowers on those loans is %. (Round your response to two decimal places. If the economy experiences an unexpectedly high rate of inflation, the group that would tend to benefit is O A. debtors (people or businesses who owe money) O B. creditors (people or institutions that are owed money) O C. both would benefit equally. O D. neither benefits.

18. Irrespective of other variables a higher interest rate on a savings account will always result in a higher Future Value? a) True b) False 19. What is the Present Value of a stream of quarterly cash flows of $55m lasting for ten years? The payments are made in each successive quarter. Assume a nominal annual discount rate of 7.25% a) $1,214.68m b) $1,555.24m c) $1,782.73m d) $963.44m 20. A deposit placed in a savings account earning 8% a year will double in value in years? a) 5 years b) 6 years c) 17 years d) 9 years

Suppose you are offered $7,100 today but must make the following payments: 1 2 Cash Flows ($) O $7,100 1-3,800 2-2,500 3 -1,600 4 -1,400 Year 4 6. 7 9. 10 11 What is the IRR of this offer? (Do not round intermediate calculations. Enter your ans 12 a. 13 14 15 16 17 b. If the appropriate discount rate is 10 percent, should you accept this offer? 18 19 multiple choice 1 20 21 Reject Ассept 22 23 24 25 C. If the appropriate discount rate is 19 percent, should you accept this offer? 26 27 multiple choice 2 28 29 Аcсept Reject 30 31 32 33 What is the NPV of the offer if the appropriate discount rate is 10 percent? (A negative ar What is the NPV of the offer if the appropriate discount rate is 19 percent? (A negative ar 34 d-1. 35 d-2. 36

Present value

You put up $50 at the beginning of the year for an investment. The value of the investment grows 6% and you earn a dividend of $2.50. Your HPR is a. 8% b. 6% c. 9% d. 11% Which of the following statement about inflation is incorrect a. A positive inflation rate reduces purchase power of dollars b. Excess money supply increases inflation c. A positive inflation rate increases the real interest rate d. A positive inflation rate lows the real interest rate

Optimizing economic agents use the real interest rate when thinking about the economic costs and returns of a loan. Suppose the average rate paid by banks on savings accounts is 0.45% at a time when infialion is around 0 9% For the average saver, the real rate of interest on his or her savings is % (Round your response to two decimal places and use a minus sign if necessay.) Il banks expect that the rate of inflation in the coming year will be 3.9% and they want a real return of 8% on a certain category of loans, then the nominal rate they should charge borrowers on those loans is %. (Round your response to two decimal places) 11 the economy experiences an unexpectedly high rate of inflation, the group that would tend to benefit is O A. creditors (people or institutions that are owed money). O B. deblors (pcople or businesses who owe moncy). OC. both would benefit cgqually O D. neilher bencfits.

Suppose that the interest rate is 8%. What is the value of the discount factor, v? V = Enter a value correct to 6 decimal places What is the rate of discount, d? d = Enter a percentage correct to 2 decimal places A payment of £450 will be made in 9 years. What is the present value of this payment? £ Enter a value correct to 2 decimal places

You will receive $100 from a savings bond in 2 years. The nominal interest rate is 8.40%. a. If the inflation rate over the next few years is expected to be 3.40%, what will the real value of the $100 payoff be in terms of today’s dollars? (Do not round intermediate calculations. Round your answer to 2 decimal places.) b. What is the real interest rate? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.) c. Calculate the real payoff from the bond [from part (a)] discounted at the real interest rate [from part (b)]. (Do not round intermediate calculations. Round your answer to 2 decimal places.)

SEE MORE QUESTIONS

Recommended textbooks for you

Essentials Of Investments

Finance

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Mcgraw-hill Education,

FUNDAMENTALS OF CORPORATE FINANCE

Finance

ISBN:9781260013962

Author:BREALEY

Publisher:RENT MCG

Financial Management: Theory & Practice

Finance

ISBN:9781337909730

Author:Brigham

Publisher:Cengage

Foundations Of Finance

Finance

ISBN:9780134897264

Author:KEOWN, Arthur J., Martin, John D., PETTY, J. William

Publisher:Pearson,

Fundamentals of Financial Management (MindTap Cou...

Finance

ISBN:9781337395250

Author:Eugene F. Brigham, Joel F. Houston

Publisher:Cengage Learning

Corporate Finance (The Mcgraw-hill/Irwin Series i...

Finance

ISBN:9780077861759

Author:Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor

Publisher:McGraw-Hill Education

SEE MORE TEXTBOOKS