New equipment costs $700,000 and is expected to last for four years with no salvage value. During this time the company will use a 30% CCA rate. The new equipment will save $550,000 annually before taxes. If the company's required rate of return is 15%, determine the NPV of the purchase. Assume a tax rate of 35%.

A) $450,005
B) $461,112
C) $473,336
D) $485,550
E) $497,668

If Grant promises to sell his regular season football tickets to Carson on condition that Indiana University wins the Rose Bowl,Indiana's winning the Rose Bowl is an express condition of Grant's duty to sell the tickets.

Which of the following equations is the balance sheet equation?

A) Assets + Liabilities = Stockholders' Equity.
B) Assets + Stockholder's Equity = Liabilities.
C) Assets = Liabilities + Stockholders' Equity.
D) Assets = Liabilities + Common Stock.