(20 points) Following are financial statement numbers and select ratios for Target Corp. for the fiscal year 2016. Current Forecast Horizon Terminal Year ($ millions) 2016 2017 2018 2019 2020 Total revenues $69,495 $71,580 $73,727 $75,939 $78,217 $78,999 Net operating profit after tax (NOPAT) 3,302 3,436 3,539 3,645 3,754 3,792 Net operating assets (NOA) 21,128 21,757 22,409 23,082 23,774 24,012 Forecast assumptions and other financial information for Target are as follows: Revenue growth 3% Net operating profit margin (NOPM) 4.8% Net operating asset turnover (NOAT) 3.29 Terminal growth rate 1% Discount rate 7% Shares outstanding in millions 556.2 Stockholders' equity $10,953 Net nonoperating obligations (NNO) $10,175 Required: a. Use the discounted free cash flow (DCFF) model to estimate the value of Target’s equity, per share at fiscal year-end 2016. b. Target Corp. shares closed at $53.82 per share on March 8, 2017, the date the 10-K was filed with the SEC. How does your valuation compare with this closing price?

On january 1, 2017, fisher corporation purchased 40 percent (90,000 shares) of the common stock of bowden, inc. for $980,000 in cash and began to use the equity method for the investment. the price paid represented a $48,000 payment in excess of the book value of fisher's share of bowden's underlying net assets. fisher was willing to make this extra payment because of a recently developed patent held by bowden with a 15-year remaining life. all other assets were considered appropriately valued on bowden's books. bowden declares and pays a $90,000 cash dividend to its stockholders each year on september 15. bowden reported net income of $400,000 in 2017 and $348,000 in 2018. each income figure was earned evenly throughout its respective year. on july 1, 2018, fisher sold 10 percent (22,500 shares) of bowden's outstanding shares for $338,000 in cash. although it sold this interest, fisher maintained the ability to significantly influence bowden's decision-making process. prepare the journal entries for fisher for the years of 2017 and 2018. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field. do not round intermediate calculations. round your final answers to the nearest whole dollar.)

The returns on the common stock of maynard cosmetic specialties are quite cyclical. in a boom economy, the stock is expected to return 22 percent in comparison to 9 percent in a normal economy and a negative 14 percent in a recessionary period. the probability of a recession is 35 percent while the probability of a boom is 10 percent. what is the standard deviation of the returns on this stock?

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