The expected pretax return on three stocks is divided between dividends and capital gains in the following way: stock expected dividend expected capital gain a $0 $10 b 5 5 c 10 0 required: a. if each stock is priced at "$185", what are the expected net percentage returns on each stock to (i) a pension fund that does not pay taxes, (ii) a corporation paying tax at 21% (the effective tax rate on dividends received by corporations is 6.3%), and (iii) an individual with an effective tax rate of 10% on dividends and 5% on capital gains? b. suppose that investors pay 40% tax on dividends and 10% tax on capital gains. if stocks are priced to yield an after-tax return of 10%, what would a, b, and c each sell for? assume the expected dividend is a level perpetuity.

The business cycle is the periodic but irregular up-and-down movement in economic activity, measured by fluctuations in real gross domestic product (gdp) and other macroeconomic variables. a business cycle is typically characterized by four phases—recession, recovery, growth, and decline—that repeat themselves over time. economists note, however, that complete business cycles vary in length. the duration of business cycles can be anywhere from about two to twelve years, with most cycles averaging six years in length. some business analysts use the business cycle model and terminology to study and explain fluctuations in business inventory and other individual elements of corporate operations. but the term "business cycle" is still primarily associated with larger (industry-wide, regional, national, or even international) business trends.

In line with other previous and contemporaneous proposals, in 1912 the meteorologist  alfred wegener  amply described what he called continental drift, expanded in his 1915 book the origin of continents and oceans and the scientific debate started that would end up fifty years later in the theory of plate tectonics.