3. for employment with the firestorm smokejumpers—a crew of elite paratroopers who parachute into dangerous situations to fight fires—applicants must complete a series of tests. the crew chief sends the most qualified applicants a letter stating that they will be admitted to firestorm’s training sessions if they pass a medical exam. jake kurzyniec receives the letter and passes the exam, but a new crew chief changes the selection process and rejects him. is there a contract between kurzyniec and firestorm? if there is a contract, what type of contract is it?

Sam robinson borrowed $21,000 from a friend and promised to pay the loan in 10 equal annual installments beginning one year from the date of the loan. sam’s friend would like to be reimbursed for the time value of money at a 9% annual rate. what is the annual payment sam must make to pay back his friend?

Max fischer is a beekeeper. his annual group insurance costs 11,700. his employer pays 60% of the cost. how much does max pay semimonthly for it?

Match the given situations to the type of risks that a business may face while taking credit. 1. beta ltd. had taken a loan from a bank for a period of 15 years, but its sales are gradually showing a decline. 2. alpha ltd. has taken a loan for increasing its production and sales, but it has not conducted any research before making this decision. 3. delphi ltd. has an overseas client. the economy of the client’s country is going through severe recession. 4. delphi ltd. has taken a short-term loan from the bank, but its supply chain logistics are not in place. a. foreign exchange risk b. operational risk c. term of loan risk d. revenue projections risk