The present value of a $25,000 perpetuity at a 14 percent discount rate is ________

A clause in a second deed of trust that permits the first deed of trust to be refinanced without sacrificing its lien position is a/an:

A. acceleration clause B. lien waiver C. subordination clause D. alienation clause

Which of the following statements does not accurately capture the contingency theory of high-technology marketing?

a. Because customers can clearly articulate their ideas and needs, standard marketing research tools are effectively used for more incremental innovations. b. Because technological prowess is key in supply-driven markets, R&D tends to take a leadership role for more radical innovations. c. Because customers have a clearer understanding of the various products in the market, advertising to build selective demand is appropriate for more incremental innovations. d. When a breakthrough innovation revolutionizes the way customers do things, it is critical to stimulate primary demand for the new product class. e. Due to the prevalence of unit-one costs in high-tech markets, low pricing is appropriate for most radical innovations.