Which of the following would not be considered an R & D activity?
a. Adaptation of an existing capability to a particular requirement or customer's need.
b. Searching for applications of new research findings.
c. Laboratory research aimed at discovery of new knowledge.
d. Conceptual formulation and design of possible product or process alternatives.
Answer: a. Adaptation of an existing capability to a particular requirement or customer's need.
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Patrick Company expects to generate free-cash of $120,000 per year forever
If the firm's required return is 12 percent, the market value of debt is $300,000, the market value of preferred stock is $70,000, and the company has 100,000 shares of stock outstanding. What is the value of Patrick's stock? A) $6.30 B) $10.00 C) $7.00 D) $9.70