The Victorious Youth Essay Example for Free

The Victorious Youth Essay The Victorious Youth is a Grecian bronze sculpture dated to be between 300-100 B.C. whereas the Riace Warrior was older and was probably made between 460-450 B.C. The Greeks had their art of portraiture, in which a victorious youth would lend his features to images of the gods, while the portrait of the general, the philosopher, or the poet was fashioned like a statue of the divine, and was given superhuman touches.   The divine remained a generalization and intensification of the human. The Greeks did not endeavor to reproduce particular details, but to present a picture in which had been elaborated the idea they embodied.   Hence the victorious Youth has more god-like features whereas the Riace warrior has been given superhuman characteristics.   Also, the Victorious youth is wearing a wreath on his head which is a symbol of victory and kingship in Grecian art. In the case of the Riace warrior, its   attitude of defiance represents the moral force of the people it symbolizes. The Victorious Youth appears to be more relaxed and the olive wreath on his head identifies him as a victorious athlete. The muscles on the Riace Warrior are very naturalistically sculpted. Both the sculptures depict the concept of weight shift as they both rest on one leg each.   The Riace warrior, however, seems more tense and his muscles taut, as if waiting for something in anticipation. The hair and the beard seem more intrinsically sculpted compared to those of the Victorious Youth. Not only is that but the expression on the face of the Victorious Youth more dreamy and distant whereas that on the face of the Riace Warrior is more aggressive and focused as if concentrating on something. The facial expressions of both the sculptures identify and collate with the whole idea of the Victorious Youth being a successor and the Riace warrior having to do with war. Also contra- posto is in effect as both the figures experience a certain degree of gyration. It is essentially a new technique in art as rigid frontal sculptures gave way to more natural poses. However, in the Victorious Youth, the hands seem to be out of proportion compared to the rest of the body. It seems as if the sculptor meant to exaggerate the hands so that the action of the youth touching his wreath is more prominent hence the whole idea of him being the winning athlete. Riace warrior- http://www.mlahanas.de/Greeks/Arts/RiaceWarrior.htm Gardner’s Art through the Ages- A concise history.

The Necessity of ObamaCare in the United States Essay Example for Free

The Necessity of ObamaCare in the United States Essay The United States is heavily watched around the world in terms of politics or any other action as it is one of the leading countries of the world. Recently, the United States caught the eye of the world in its recent debate of the health care reform. Most commonly referred to as â€Å"ObamaCare† the official name is the Patient Protection and Affordable Care Act (PPACA) or for short, the Affordable Care Act (ACA). President Barack Obama on March 23, 2010 signed the Affordability Care Act into law to reform the health care industry and it was later upheld by the supreme court on June 28th, 2012. â€Å"The goal of ObamaCare is to give more Americans access to affordable, quality health insurance, and to reduce the growth in health care spending in the U. S. † (ObamaCare Facts n. d). The debate is centred around the Republican Partys actions of trying to stop the implementation of this law. However, I believe the Republican Party has no right to prevent the implementation of the health care reform in the United States as it undermines â€Å"the three elements of democracy – liberty, equality and solidarity† (Brodie,Rein;Smith p. 36). It does this as it is withholding affordable healthcare of the expansion of Medicaid and Medicare and offering cost assistance through healthcare insurance marketplaces to around 44 million Americans who are unable to get health insurance with the majority of uninsured being poor working families and those who simply cannot afford health insurance. Therefore, going against democracys free form of always including those not yet involved (Brodie,ReinSmith p. 38) which therefore directly mocks the idea of solidarity and its sense of belonging or acceptance. In order to fully grasp the concept of the argument a few key terms needs to be defined. â€Å"Democracy is any form of government in which the rules of society are decided by the people who will be bound by them† (Brodie,ReinSmith p. 32). Equality is a term conveying the idea that all citizens should have the same access to the political sphere, the rule of and social entitlements. Solidarity is a term that refers to a kind of membership in the political community, and feelings of belonging associated with the acceptance by that community. The healthcare reform gives us a chance to rethink equality via solidarity where it is an equality of opportunity instead of equality of chance where everyone is granted the opportunity and are able to have health insurance via the Affordable Care Act. The sense of solidarity is therefore highlighted in the benefits of ObamaCare. The benefits of ObamaCare definitely outweigh the cons without a doubt. Before the law you could be denied coverage or treatment because you had been sick in the past, be charged more because you were a woman, be dropped mid-treatment for making a simple mistake on your application, and had little or no way to fight insurance company appeals. Today all Americans have access to a large number of unprecedented new benefits, rights and protections. The major ones outlined by the healthcare reform are there are many of uninsured persons who will get access to affordable quality health insurance through the marketplace, thus 82% of uninsured adults will qualify for free or low cost insurance. Insurance companies are not allowed to dismiss you when you are sick or if you make a mistake on your application. Neither can you be denied coverage or charged more for pre-existing conditions such as being sick. Another benefit is that young adults are able to stay on their parents plan until the age of 26. Also there is better care and protections for seniors and â€Å"essential health benefits like emergency care, hospitalization,prescription drugs, and maternity and newborn care must be included on all non-grandfathered plans at no out-of-pocket limit† (ObamaCare Facts n. d). Additionally, you cannot be charged more based on health or gender. ObamaCare helps to curb the growth in healthcare spending with reforms to the health industry to cut wasteful spending. Seeing all of these benefits, it shows the irrationality of Republicans refusal of the healthcare reform as these provisions encompass solidarity in terms of those who were unable to have health insurance will be able to which brings out the equality of opportunity and linking to solidarity, are now able to have a sense of membership into the political and healthcare community as they are now able to enjoy the benefits of healthcare as the majority did before. After all, everyone deserves the right to healthcare. However, the Republicans knowing what the Affordability Act entailed did as much as they could to refute it and thus caused the United States to become the focus of the world because of the government shutdown due to their actions. One of the Republicans many attempts to refute ObamaCare ended up in a shutdown of the United States government beginning from October 1st, 2013 and it lasted up to 2 weeks. It was time for the spending bills to be passed and the Republicans insisted any new spending bill include provisions to hinder ObamaCare. They therefore, passed two spending bill amendments, one that would delay ObamaCare for a year and one that would repeal the ObamaCares medical device tax. However, the health care law isnt directly tied to funding the government, but its being used as a bargaining chip. The Senate rejected this proposal, which prompted the House to approve another spending plan that would remove the Obamacare individual mandate. The Senate rejected that as well thus resulting in the government shutdown. It should be noted that , â€Å"democracy privileges solidarity over ego† (Brodie,Rein;Smith p. 41) and the Republicans actions stemmed from their ego thus there is no justification for their actions. Furthermore, the article â€Å" Health Reform 2010: The Missing Philosophical Premises in the Long- Running Health Care Debate† by Theodore R. Marmor, puts forth a comparison of the healthcare systems of Germany, Canada, England, Japan, and France to the United States. â€Å"Each, as distinct from the United States, has created a universal health care program fundamentally based on the idea that medical care is a merit, not a market good. The equal access standard does not, of course, mean ideal practice, but care is more equally distributed as a result† (Marmor p. 569). This is now what ObamaCare seeks to do by imposing on the health care system that is seen to be run by private-profit companies, whose bottom line is money and not health. This idea of medical care being a â€Å"merit† and having more equally distributed care are two factors entailed in ObamaCare. This is where the elements of democracy freedom, equality and solidarity once again come into play. Healthcare becoming more equally distributed directly deals with equality which is directly linked to solidarity and the sense of belonging or acceptance as those previously without healthcare are now in the mix. Consequently, I have shown that the Republicans would like to see ObamaCare repealed. If it is repealed then millions of Americans will be without proper health coverage, and insurance companies will continue to be able to deny coverage for pre-existing conditions. Without healthcare reform America will continue to suffer the consequences of a health care system controlled by private for-profit companies, whose bottom line is money and not health. Debates in the US press detract from the fact that healthcare is about shared humanity and solidarity, not ideology. The Republicans actions are not justified as it is seen to be stemmed from ego while the Affordability Care Act with its many benefits encompass the idea of the elements of democracy – freedom, equality and solidarity.

Perceptive Fields and the Hermann Grid Illusion

Perceptive Fields and the Hermann Grid Illusion Measuring Perceptive fields using the Hermann Grid Illusion Lachlan Cox Abstract This study looks at how displacement of the fovea changes how the Hermann Grid illusion is shown at different bar widths. The first hypothesis was that the bar width at which the illusion was maximal would increase with increased eccentricity. The second hypothesis was the bar width at which the illusion would increase the higher eccentricity. The study was carried out on 228 participants and after the study was completed it was seen that the first hypothesis was confirmed, and while the means showed a positive correlation in the second hyposthesis, there was not a significant difference between two of the levels of the IV. Introduction There are a broad spectrum of topics that psychology delves into, from how the brain works to how people interact with the world and those around them. Many psychologist study how the brain perceives the world and how it can be fooled whilst been given the same raw data everyone else has. However, this study is going to be centralized around the eyes, and how they can be giving the brain false information before it even gets there. This experiment will focus on the measurement of perceptive fields at altered distances from the fovea. To test this, altered bar widths will be used within a Hermann Grid Illusion. A Hermann Grid Illusion is a black background that is covered by intersecting horizontal and vertical white line, giving the illusion of even black squares (Schiller and Carvey, 2005). This phenomenon was first attributed to simultaneous contrast, which was described by Hermann as being â€Å"The apparent brightness of each point on the grid depends on the amount of black which exists in a certain area around it (1870. As cited in Spillmann, 1994). From this, Hermann stipulates that when there are larger white bars, peripheral contrast is less as there is less black to contrast. This is explained as â€Å"Its brightness will thus be less enhanced by contrast and must therefore appear darker.† (1870. As cited in Spillmann, 1994) However, it wasn’t until many years later that there was a new explanation for the phenomenon. A theory within the human visual system called receptive-field organization. This theory was brought to light by Baumgartner. His theory was that the illusion was due to the fact that â€Å"brightness signalling on-center cells stimulated by the intersection receive about twice as much lateral inhibition as cells stimulated by the bars.† (Spillmann, 1994). Lateral inhibitions will then cause the intersections to appear darker. Lateral inhibition is when a neuron is overly excited, which reduces the activity of neighbouring cells. When applying Lateral inhibition to the Hermann Grid illusion, lateral inhibition occurs when the outer ganglion cells are over-stimulated, causing under stimulation of the center ganglion cells, making the intersection seem darker. Width is a very important consideration when discussing the Hermann Grid illusion as a whole. Braumgartner also discussed how the diameter of the receptive field could be measured by using the width of the bar. When the illusion was strongest correlated with the diameter of the receptive field center (1960. As cited in Spillmann, 1994) Spillmann then goes onto describe how to measure the size of a receptive field. â€Å"To determine the size of a perceptive-field center, the observation distance (and thus the visual angle of the inducing stimulus) is varied until the illusion is maximal. For a threshold measurement, it is assumed that the critical bar width at which the illusory spots are strongest corresponds to the size of the perceptive-field center.† (1994). This can also be adapted to measure the size of the periphery, rather than the center of the perceptive field. This can be done by displacing the fixation point (Spillmann, 1964. As cited in Spillmann 1994). Because of this, the Hermann grid illusion can be used to measure both the center and the surround of the perceptive field. There are going to be two hypothesis considered when undertaking this experiment. These will discuss how the bar width interacts with the size of the perceptive field centers as well as how the bar width interacts with the whole perceptive field. The first hypothesis being discussed in this experiment is that the bar-width at which the illusion is maximal should increase with increasing distance from the fovea, this being due to the size of the perceptive field centers. The second hypothesis being discussed is that the bar width where the illusion disappears should increase as the distance from the fovea increases, this time due to the size of the whole perceptive field, including center and surround. Method Participants The participants for this experiment were 228 QUT students enrolled into the unit PYB204 – Perception and Cognition. By being part of the unit, participants were deemed to be eligible and those who were present the day of the experiment had the chance to participate. No other selection or exclusion criteria was applied to those who could participate in the experiment. Of the 228 participants, 180 were female and 48 male, and ranged in age between 18 and 61 with a mean age of 23.82 Design In this experiment, the Independent variable (IV) was the displacement from the fovea. There are 3 degrees of displacement used in this experiment, which are; 0 °, 5 ° and 10 °. Participants were to complete all 3 levels of the IV, which were randomized as a control variable. The first DV is the bar width where the illusion is maximal using a method of adjustment, while the second DV is the bar width at which the illusion disappears. This uses a staircase method using a step size of 0.04 ° with 6 reversals. From this, it can be extrapolated that each participant looked at the Hermann grid illusion six times, three for the first DV and three times for the second DV. Other control measures used include having an equal amount of intersections in each grid as well as the fact that half of the participants viewed their displaced grid from the left and the other half on the right. Apparatus Stimuli was rendered on a 21.5† monitor, using 1400 x 900 screen resolution. No working distance correction was given and participants were instructed to wear whatever spectacles they used for computer work, if any. Participants viewed a 3 x 3 grid subtending 6.6 ° with the central point of the grid displaced at either 5 °, 10 ° or 15 ° from the center of fixation. Participants were provided a visual target (a plus â€Å"+† sign) to fixate upon, which was located in the center of the screen. Procedure Prior to the experiment, particpants were directed to a computer, with their head 30cm away from the monitor. During the test, six different test were conducted. The two hypothesis were conducted sequentially, the first three tests considering the first hypothesis and the last three tests considering the second hypothesis. The first three tests required participants to evaluate at what width the illusion was most apparent. The second three tests required the participants to locate when the illusion was minimal at each level of the IV. These tests were conducted in computer labs with roughly 10-30 people in each session and all sessions happening over the course of one week. Groups were conducted at different times of the day. Results The results from each of these experiments were collated and processed and descriptive data was collected to provide some understanding as to how each of the tests were affected by the bar width. A table of these statistics is provided below. Means and Standard Deviation of Maximal Illusion and Illusion Threshold As evidenced in Table 1, it shows that the mean increased for each level of the IV, it was reported that the lowest mean was when there was no displacement from the fovea (Mean = .54, SD = .37). The next highest being the average amount of displacement, 5 °. (Mean = .68, SD = .38) and the largest displacement (10 °) showed the highest mean of all the trials in the first set of trials. (Mean = .83, SD = .44). This shows that there is a positive correlation between the displacement of the fovea, and the bar width at which the illusion is maximal. This is also seen in the second set of trials. Where there was no displacement of the fovea, there was the lowest mean for bar width. (Mean = .91, SD = .47), the second test shows the second highest displacement and the average mean. (Mean = 1.16, SD = .47) and the largest Displacement from the fovea (10 °) shows the largest mean (Mean = 1.19, SD = .51) While means were used to show some correlation, t-tests were also completed to see whether or not the data would be statistically relevant. All but one of the t-tests completed showed that there were significant differences between the levels of the IV. When considering the differences between threshold 5 and threshold 10, it showed that there was not a significant difference between the two levels of the IV. (t(228) = -1.472 p> .05) Discussion When considering results from these experiments, the first hypothesis was confirmed. As the displacement from the fovea increased, so did the bar width that the illusion was maximal. 0 ° had the lowest mean with .54, 5 ° was second with a mean of .68 and 10 ° had the largest mean width with .83. These studies are in line with previous studies of the phenomenon and are indicative of previous results by Spillmann and Random-Hogg (1980). However, when considering the threshold DV, the hypothesis was not completely confirmed. When considering the mean widths, there was a positive correlation throughout, with the smallest mean being assigned to no displacement with a mean of .91, the second highest mean of 1.16 going to the 5 ° displacement of the fovea and finally the largest mean width being attributed to the largest displacement of the fovea, 10 ° with a mean of 1.19. However, when conducting t-tests to consider the significance of the results, it was found that there was not a significant difference between the results of the 5 ° of displacement and the 10 ° of displacement. While the means are in line with current research, more testing could show more statistically significant results. Some of the limitations of this study can be the eyesight of the participants. Participants in the past have reported not being able to see all levels of the IV, which could give skewed results as some participants could only take part in part of the experiment. One of the ways to combat this is to add selection criteria on to the experiment to make sure that all participants can see all parts of the IV. One of the ways that this future studies could improve upon this experiment is to complete the experiment with more advanced technology when it is available, so that researchers will be able to get a greater idea of how the eye and perceptive fields work within the eye. References Hermann L, 1870 Eine Erscheinung des simultanen Contrastes Pfliigers Archiv fiir die gesamte Physiologie 3 13- 15 Hermann L, 1870 Eine Erscheinung des simultanen Contrastes Pfliigers Archiv fiir die gesamte Physiologie 3 13- 15 Ransom-Hogg, A., Spillmannn, L. (1980). Perceptive field size in fovea and periphery of the light-and dark-adapted retina. Vision Research, 20(3), 221-228. Schiller, P. H., Carvey, C. E. (2005). The Hermann grid illusion revisited. Perception-London, 34(11), 1375-1398. Spillmann L, 1964 Zur Feldorganisation der visuellen Wahrnehmung beim Menschen. Vergleichende psychophysische Untersuchung der GrojJe rezeptiver Felder im zentralen und peripheren Gesichtsfeld mit Simultankontrast, Flimmerfusion, Scheinbewegung und Blickfolgebewegung PhD Dissertation, Munster, Westfalen Spillmannn, L. (1994). The Hermann grid illusion: a tool for studying human perceptive field organization. PERCEPTION-LONDON-, 23, 691-691.

The Assembly Line & Henry Ford :: essays research papers fc

Ford's Assembly Line Assembly Line The assembly line has changed the world as drastically as it has been changed by the world since it began. It brought people together to work as a group toward all achieving the same goal. Henry Ford was only aiming to bring cars into the homes of the average citizen when he made the most significant to the assembly line since its inventor, Eli Whitney. Henry Ford not only achieved this goal, but his legacy is still carried on today. Assembly lines of cars as well as many other househo appliances have helped shape the twenty-first century. The assembly line has brought together many workers together to work only on their specific part of a car, therefore building them much faster. This is done using many separate steps. First, the parts of the car are made, and the frame is placed on a conveyor belt. Workers are stationed along the belt to form an assembly line. As the conveyor belt moves the car, each worker performs a task that they are specialized in. Each worker must perform their task quickly and precisely, because f one worker stops, the entire line will have to either slow down or stop completely to wait. The modern assembly line as we know it would not exist without the contributions of Henry Ford. Ford was born in 1863. In 1903, at the age of forty, he founded Ford Motor Company. He Mooney 2 began the use of the car assembly line that is now commonplace by using it to build the famed model-T in 1908. When Ford began putting the mass-produced cars on the market, they could offer their cars for so much less than their competition that the co etition had to upgrade the features of their cars drastically just to compete. Eventually, other car companies also began to use assembly lines. Ford began to falter and was passed in sales by Oldsmobile in 1927. Ford had to come up with a new sales pitch in time to avert disaster. Later that same year, Ford began rolling the model-A off of their assembly lines. The automobile age had begun, and there was a car parked in front of almost every home in the post-depression United States. In conclusion, the automobile assembly line helped launch the US into the twentieth century. The assembly line has made a profound impact on not only the United States, but on the entire world. It has brought not only cars, but electric appliances and many other products into the homes of people who otherwise could never have afforded them. The operation of the assembly line has also been changed profoundly by

The Merging of Cultures During the New World Discovery Essays -- Ameri

The Merging of Cultures During the New World Discovery The voyages of the Iberians marked history. The discovery of the new world meant the unification of two old worlds. These old worlds had different beliefs, attitudes, language, and values. The culture of these two worlds would never be the same. The native peoples of America at the end of the fifteenth century ranged from the simplest hunting-fishing-gathering societies to highly developed civilizations with urban and peasant components. In spite of these notable differences, they were alike in that they had all developed from the level of pre-bow-arrow hunters without significant contact with other regions. There high civilizations were based on agricultural and trading economies, with craft specialization, large cities, monumental architecture, elaborate politico-religious organizations, and dense populations. Soft metal was worked, writing was being developed, and the idea of the wheel was present in toys. Until the end of the fifteenth century, the peoples of the Iberian Peninsula were grouped in several politically autonomous units, resulting in significant cultural and social differences. These people shared the same basic cultural history through several millennia, during which time they were exposed to the basic innovations of Western Eurasia and North Africa. Phoenicians and Greeks brought civilization from the Eastern Mediterranean, and Neolithic farmers from Africa had been followed by Hallstat ironworkers from Europe. Six centuries of Roman domination gave the peninsula a common language, unified political control, widespread urbanization, and other forms and values of Rome. Agriculture, medicine, mathematics, and other forms of science was ... ...plague, measles, and many more, even the common cold. Bibliography Basso, Ellen B. THE KALAPALO INDIANS OF CENTRAL BRAZIL. New York: Holt 1973 Cespedes, Guillermo. LATIN AMERICA, THE EARLY YEARS. New York: Alfred A. Knopf 1974 Diffie, Bailey W. LATIN AMERICAN CIVILIZATION. New york: Octagon 1967 Elliott, J.H. THE SPANISH WORLD. New York: Abrams 1991 Faron, Louis C. THE MAPUCHE INDIANS OF CHILE. Illinois: Waveland 1986 Foster, George M. CULTURE AND CONQUEST. Chicago: Quadrangle 1960 Morrison, Samuel Eliot. THE EUROPEAN DISCOVERY OF AMERICA. New York: Oxford University 1967 Parry, J.H. THE DISCOVERY OF SOUTH AMERICA. New York: Taplinger 1979 Reindrop, Reginald C. SPANISH AMERICAN CUSTOMS, CULTURE AND PERSONALITY. END OF A NEW WORLD. Films for the Humanities. A NEW WORLD IS BORN. Films for the Humanities.

Exploring The Four Ancient Civilizations- Mesopotamia, Egypt, Greece an

Before the beginning of history, people from across the land gradually developed numerous cultures, each unique in some ways while the same time having features in common. Mesopotamia, Egypt, Greece and Israel are all important to the history of the world because of religious, social, political and economic development. In the first civilization, both Mesopotamia and Egypt relied on a hunter-gatherer economic system, during that time, every country in the world strived on it. Mesopotamia had rich soil for agriculture, but experiences floods. For the Mesopotamians, these floods would destroy major cities, but for the Egyptians it would keep the soil rich all year long without the damage that the Mesopotamians had experienced. With the rich soil foods were plentiful around the farm lands, which gave both countries the chance to establish largely dense areas, like what we now know as a city-state. The Nile River also served as a defense for the Egyptians they enjoyed centuries of tranquility and peace in which they used to develop peaceful development of their civilization. For the Mesopotamians, this wasn’t the case. Mesopotamian society consisted of classes and social differences. The nobles, free clients of the nobility, commoners and slaves and Slave women all made up the different classes. The men dominated the women in Mesopotamia. The nobles consisted of the king, his family, the chief priests, and high palace officials. The king was a war leader elected by the citizens. He established an army and led it into battle. Kingship was hereditary. Commoners were free citizens. In ancient Egypt, both women and men could act on their own and were responsible for their own actions. In contrast, Mesopotami... ...males much higher. Also, the four ancient civilizations had to overcome the burden of uniting their people under one king. The need of kings to glorify themselves on statues is a testament of their ruling power, Egypt created many statues that displayed their gods, kings and queens. It was the Egyptians that influenced the Greek to create sculptures of their own ruling powers. Other then sculptures, the Egyptians influenced the Greeks to write on surfaces of buildings, it first started with Hieroglyphs then the ancient Greeks improved on writing, they wrote on large sheets of papyrus which lessened time and made recording events easier. With so much in common the real differences lie beneath the surfaces of religion, power, equal rights and education. All four of the ancient civilizations principles can still be found in many modern countries.

Taxation Fte

8/3/2011 The  Economics  of  Taxation Lecture  11:  Taxation  and  Business  Valuation:  FTE  approach International  Accounting International Accounting and Taxation Master  of Science  (MSc) University  of Liechtenstein,  Vaduz Dr. Tanja  Kirn D T j Ki Chair for Tax  Management  and the Laws  of International  and Liechtenstein  Taxation Institute  for Financial  Services University  of Liechtenstein,  Vaduz The  Economics  of  Taxation Taxation  and  Business  Valuation:  FTE  approach Exercise Suppose  Lucent  Technologies  has  an  equity  cost  of  capital  of  10%,  market   capitalization  of  $10.   billion,  and  an  enterprise  value  of  $14. 4  billion. Suppose   p $ , p $ pp Lucent’s  debt  cost  of  capital  is  6. 1%  and  its  marginal  tax  rate  is  35%. a. What  is  Lucent’s  WACC? b. If  Lucent  maintain s  a  constant  debt? equity  ratio,  what  is  the  value  of  a  project  with   average  risk  and  the  following  expected  free  cash  flows? c. If  Lucent  maintains  its  debt? equity  ratio,  what  is  the  debt  capacity  of  the  project  in   part  (b)? part (b)? d. What  is  the  free  cash  flow  to  equity  for  this  project? e. What  is  its  NPV  computed  using  the  FTE  method? How  does  it  compare  with  the   NPV  based  on  the  WACC  method?  ©Ã‚  2011  Dr. Tanja  Kirn  Ã¢â‚¬â€œ University  of  Liechtenstein  Ã¢â‚¬â€œ Vaduz 2 1 8/3/2011 The  Economics  of  Taxation Taxation  and  Business  Valuation:  FTE  approach Exercise In  year  1,  AMC  will  earn  $2000  before  interest  and  taxes. The  market  expects  these   earnings  to  grow  at  a  rate  of  3%  per  year. The  firm  will  make  no  net  investments  (i. e. ,   g g %p y ( , capital  expenditures  will  equal  depreciation)  or  changes  to  net  working  capital. Assume  that  the  corporate  tax  rate  equals  40%. Right  now,  the  firm  has  $5000  in  risk? free  debt. It  plans  to  keep  a  constant  ratio  of  debt  to  equity  every  year,  so  that  on   average  the  debt  will  also  grow  by  3%  per  year. Suppose  the  risk? free  rate  equals  5%,   and  the  expected  return  on  the  market  equals  11%. The  asset  beta  for  this  industry  is   1. 11.  ©Ã‚  2011  Dr. Tanja  Kirn  Ã¢â‚¬â€œ University  of  Liechtenstein  Ã¢â‚¬â€œ Vaduz 3 The  Economics  of  Taxation Taxation  and  Business  Valuation:  FTE  approach Questions a. If  AMC  were  an  all? equity  (unlevered)  firm,  what  would  its  market  value  be? b. Assuming  the  debt  is  fairly  priced,  what  is  the  amount  of  interest  AMC  will  pay  next  year? If  AMC’s   debt  is  expected  to  grow  by  3%  per  year,  at  what  rate  are  its  interest  payments  expected  to  grow? c. Even  though  AMC’s  debt  is  riskless  (the  firm  will  not  default),  the  future  growth  of  AMC’s  debt  is   uncertain,  so  the  exact  amount  of  the  future  interest  payments  is  risky. Assuming  the  future  interest