Suppose a 65-year-old person wants to purchase an annuity from an insurance company that would pay $20,900 per year until the end of that person’s life. the insurance company expects this person to live for 15 more years and would be willing to pay 5 percent on the annuity. how much should the insurance company ask this person to pay for the annuity?

You work as the sales manager for a company that sells office supplies to businesses of all sizes. because the profit margins are razor-thin, you need to ensure that you are getting the very best prices on paper, pencils, pens, post-it notes, and other office supplies from the manufacturers. when reviewing the quarterly profit statement, you realize that your costs are higher than they should be, and you trace the higher costs back to an employee who has been lax about getting competitive bids to ensure the lowest prices. when you conduct your research to determine the reason for the higher costs, and take action to bring those costs back down, in which of the key management processes are you taking part?