All of the following are false EXCEPT
A) the transit float is caused by the time lapse from the moment a customer mails a check until
the firm begins to process it.
B) the processing float is caused by the time necessary for a bank to process the check.
C) the mail float is caused by the time lapse from the moment a firm receives the check and
begins to process it.
D) the disbursing float derives from the fact that funds remain in a firm's bank account until its
payment check is cleared through the banking system.
Question 2
Bubble.com Inc currently pays no dividends. You overhear the CFO tell the CEO that the plan is to begin paying annual dividends in 5 years. The first dividend will be 2 and dividends are expected to grow at 5 in perpetuity thereafter.
Given a required return of 11, what should the price of the stock be today?
A) 19.78
B) 20.77
C) 21.96
D) 24.24
E) 24.37
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