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Refer to the Apple financial statements in the appendix

1a. What is the applicable marginal tax rate? (b) What is the change in net working capital between 2013 and 2014? (c) Estimate the long-term solvency measures of the company

2a. Using the Dupont Identity, estimate whether or not the company has a potential for sustainable external growth. (b) Carefully explain whether sales, assets, or equities are the major contributors to net income. (c) Examine the relationship between the net income to sales ratio and research and development.
Section 2: The time value of Money

You may use a financial calculator, financial table, or Excel to solve the following problems

3. Suppose your firm deposits $10,000 in a bank today with the expectation that the deposit will earn 5 percent interest rate (or rate of return) for 10 years, what is the expected value of your deposit at the end of 10 years (assuming that interest is compounded annually)?

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4. Suppose you have been assigned to manage $20,000 worth of investors’ money and you want to generate income from that amount of money over a period of 7 years. Imagine that you have the option of investing in a project with an expected cash flow: $7,000; $5,500; $2,500; 2,500; 2,500; 2,000; and $1,500 at a 6 percent required rate of return, why will you commit or refuse to commit the money of your investors to the project?

BONUS Question

What is the internal rate of return?


(In millions, except number of shares which are reflected in thousands and per share amounts)

Years ended
September 27,
2014 September 28,
2013 September 29,
Net sales $ 182,795 $ 170,910 $ 156,508
Cost of sales 112,258 106,606 87,846

Gross margin 70,537 64,304 68,662

Operating expenses:
Research and development 6,041 4,475 3,381
Selling, general and administrative 11,993 10,830 10,040

Total operating expenses 18,034 15,305 13,421

Operating income 52,503 48,999 55,241
Other income/(expense), net 980 1,156 522

Income before provision for income taxes 53,483 50,155 55,763
Provision for income taxes 13,973 13,118 14,030

Net income $ 39,510 $ 37,037 $ 41,733

Earnings per share:
Basic $ 6.49 $ 5.72 $ 6.38
Diluted $ 6.45 $ 5.68 $ 6.31

Shares used in computing earnings per share:
Basic 6,085,572 6,477,320 6,543,726
Diluted 6,122,663 6,521,634 6,617,483

Cash dividends declared per common share $ 1.82 $ 1.64 $ 0.38
Operating Expenses
Operating expenses for 2014, 2013 and 2012 are as follows (dollars in millions)

2014 Change 2013 Change 2012
Research and development $ 6,041 35% $ 4,475 32% $ 3,381
Percentage of total net sales 3% 3% 2%
Selling, general and administrative $ 11,993 11% $ 10,830 8% $ 10,040
Percentage of total net sales 7% 6% 6%
Total operating expenses $ 18,034 18% $ 15,305 14% $ 13,421
Percentage of total net sales 10% 9% 9%


The following table presents the Company’s dividends, dividend equivalents, share repurchases and net share settlement activity from the start of the capital return program in August 2012 through September 2014 (in millions):

Dividends and
Equivalents Paid Accelerated Share
Repurchases Open Market
Repurchases Taxes Related
to Settlement of
Equity Awards Total
2014 $ 11,126 $ 21,000 $ 24,000 $ 1,158 $ 57,284
2013 10,564 13,950 9,000 1,082 34,596
2012 2,488 0 0 56 2,544

Total $ 24,178 $ 34,950 $ 33,000 $ 2,296 $ 94,424


(In millions, except number of shares which are reflected in thousands and par value)

September 27,
2014 September 28,

Current assets:
Cash and cash equivalents $ 13,844 $ 14,259
Short-term marketable securities 11,233 26,287
Accounts receivable, less allowances of $86 and $99, respectively 17,460 13,102
Inventories 2,111 1,764
Deferred tax assets 4,318 3,453
Vendor non-trade receivables 9,759 7,539
Other current assets 9,806 6,882

Total current assets 68,531 73,286
Long-term marketable securities 130,162 106,215
Property, plant and equipment, net 20,624 16,597
Goodwill 4,616 1,577
Acquired intangible assets, net 4,142 4,179
Other assets 3,764 5,146

Total assets $ 231,839 $ 207,000

Current liabilities:
Accounts payable $ 30,196 $ 22,367
Accrued expenses 18,453 13,856
Deferred revenue 8,491 7,435
Commercial paper 6,308 0

Total current liabilities 63,448 43,658
Deferred revenue – non-current 3,031 2,625
Long-term debt 28,987 16,960
Other non-current liabilities 24,826 20,208

Total liabilities 120,292 83,451

Commitments and contingencies
Shareholders’ equity:
Common stock and additional paid-in capital, $0.00001 par value; 12,600,000 shares authorized; 5,866,161 and 6,294,494 shares issued and outstanding, respectively 23,313 19,764
Retained earnings 87,152 104,256
Accumulated other comprehensive income/(loss) 1,082 (471 )

Total shareholders’ equity 111,547 123,549

Total liabilities and shareholders’ equity $ 231,839 $ 207,000

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