Engels The following information is provided for New Vegas Inc. at the end of year 2018: 2018 Cash and cash equivalents €14 767 Contributed capital €63 889 Accounts Payable €38 986 Salary Payable €18 362 Long term liabilities €96 559 Retained earnings ? Other equity €23 421 Inventory €46 005 Accounts receivable €21 872 PPE €243 994 Prepaid expenses €11 642 Requirement What should New Vegas Inc. report for retained earnings at the end of year 2018? €97 063 €203 564 €19 191 €184 373

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Market Efficiency

Market efficiency refers to the market's ability to provide investors with all available information about investment options for buying and selling securities. Market efficiency reflects the true value of securities without undervaluing or overvaluing them. When the quality and quantity of information increase, the market becomes more efficient, allowing it to reduce arbitrage and obtain higher market returns from investment. In a well-functioning market, everyone receives all information completely and immediately at no cost. It opens up a plethora of opportunities for investors to access various investment options.