What is the maximum amount that Socrates would be willing to pay in order to be fully insured against the risk of losing his ship? a. $4 million

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A: Opportunity cost is the cost of next best alternative sacrificed for obtaining current alternative.

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Q: Gary wants to save $555,000 in 5 years, he currently has $225,000 in an investment. Due to financial…

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Q: (Related to Checkpoint 5.5) (Solving for n) Jack asked Jill to marry him, and she has accepted under…

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Risk Management Techniques

Risk management is the procedure of recognizing, analyzing, monitoring, and preventing the risks and threatening factors of investments and business. Risks can arise from various factors including internal controls, market changes, natural disasters, and failure in productions. Risk management techniques enable entities to control and minimize the risks as well as the threatening factors of the business and it also helps to improve the business.