Which of the following tables would show the smallest value for an interest rate of 5% for six periods?
a. Future value of 1
b. Present value of 1
c. Future value of an ordinary annuity of 1
d. Present value of an ordinary annuity of 1
Answer: b. Present value of 1
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Which of the following relationships is characterized by much trust and commitment leading to a true partnership?
A) mutually adaptive B) collaborative C) basic buying and selling D) customer supply E) cooperative systems
Barry and Larry are neighbours who often borrow tools and equipment from each other. On one occasion Barry borrowed Larry's lawnmower and forgot to return it. Two months later, Barry died and his wife Sylvia became the executor of his estate
Six months after Barry's death, Larry told Sylvia that he wanted back his lawnmower but Sylvia who refused to give it to him as she mistakenly believed that it had belonged to her husband. Which of the following statements best describes the legal position? A) Sylvia has committed the tort of conversion. B) Sylvia has committed the tort of trespass. C) Larry cannot recover the lawnmower as Barry has died and the law requires that he should have recovered it from the person to whom it was loaned. D) Sylvia has not committed any torts as she did not intend to act dishonestly. E) Sylvia has no obligations to return the lawnmower to Larry as she was not the one who had borrowed it.