Charismatic leadership style of mahatma gandhi

Mahatma Gandhi was one of the most notable individual and alluring pioneer throughout the entire existence of India as he was he one in particular who is considered as the author of our country. He was the independent chief, he was not having any profession in his life, no popularity was picked up by him, he was additionally not all that rich a normal looking man yet at the same time he was the dad of the nation. Mahatma Gandhi gave right ways and constructive considerations to numerous individuals in the country, he make them instruct what he really practice in his reality, he was called as the extraordinary image of truth by people in general of our country. It was because of rule of British in India which made him to battle against them and for this he expected to manage the Indian residents to battle against them this made him to turn into the total chief and to utilize abhorrent practices against the British. It was the period during which he was in South Africa chipping away at some legitimate work their which he was exposed to mishandle , yet then he understands how the Indians in their country were severely rewarded and beaten by the British which was exposed to coldblooded misuse. To battle against the British individuals Gandhi took numerous ways which he called as practices in all over India which were peacefulness, truth and courage. This entire practices were named by Indians as Satyagraha and which was having a major importance among the Indians. The act of Satyagraha was done all over Indian was utilized against defilement, peacefulness, common safeguard. Mahatma Gandhi felt that doing such practices will just assistance them to have appropriate command over social and political decisions. It was a result of his appeal that he numerous Indian were given towards Mahatma Gandhi and because of which they were following act of Satyagraha with no dread. Through the act of Satyagraha Gandhi Ji followed the battle for freedom from British which was considered as a major battle in entire world during that timeframe. During his battle for autonomy Gandhi Ji guidance his Indian to utilize the peacefulness battle against the British which by and large comprises boycotting the acts of British and not tolerating the utilization of British items in India. It was his knowledge, administration characteristics and appeal nature which helped numerous Indians to battle against the British by the utilization peacefulness practice. Since Mahatma Gandhi was given towards his country and towards its nation individuals that he was prepared to pass on for them whenever that is the reason he was the central matter of fascination among the hearts of Indian individuals and that’s why individuals of India were additionally prepared to kick the bucket for Gandhi Ji whenever anyplace. HELPERT†S DIMENSIONS OF CHARISMA Transformational authority Leader of South Africa expressed session Gandhi Ji â€Å"You produce a Lawyer and we produce a Leader out of you†. This first apparent that makes him incredible pioneer was in South Africa when was tossed out of top notch compartment on the premise that he was an Indian and Indians were treated as lower class individuals in South Africa and this is a direct result of shade of Indian individuals. This narrow minded conduct towards Indians opened his eyes and indicated how his nation individuals are dealt with. This reasoning proposed him to battle against bigotry for equivalent privileges of Indian individuals. This further driven him to an extraordinary contender in India and he was additionally an incredible innovator in the hearts of Indian individuals. As per Bass (1985) transformational pioneers commonly comprises of unmistakable appealing conduct that incorporates giving up close to home increases for the upside of the gathering setting basic model for supporters and exhibiting high model gauges. Initiative style of Gandhi Ji obviously shows the nearness of transformational administration. For instance his devotees were expected by him, have trust in him, love him, were faithful to him and return him. Transformational pioneers additionally appeal to higher qualities like correspondence, opportunity, right choice and harmony. Gandhi Ji was for the most part known for these administration styles and battled for as long as he can remember following these qualities and taken represent these qualities. Gandhi ji authority styles for an incredible duration urged his adherents to follow this act of peacefulness battle and furthermore to battle in solidarity. During their battle for opportunity a huge number of his adherents were sent to prison and were likewise beaten gravely and rewarded severely. Model: Many of his supporters were accumulated for the Salt March which was trailed by a peacefulness practice however then likewise British officials beat them gravely with sticks. At that point additionally they didn't follow the way of viciousness since they had an incredible regard of Gandhi Ji and his acts of peacefulness, equity and solidarity. 1. As per Ferrin and Dirks transformational initiative is firmly connected with trust in the pioneer. As indicated by Bass, transformational pioneers comprises the accompanying practices: Idealized impact This nature stirs dynamic and ground-breaking supporter feelings and recognizable proof with the pioneer. Gandhi was effective in rousing and impacting heaps of individuals thus he was the individual of his words, and persistently tries to do he said others should do. He was an assignment model for loads of average citizens and won their regard and trust through his training. He communicated hg model behaviors, peacefulness, participation (deliberate imporvinshment), responsibility and continuance in order to accomplish India’s freedom. Scholarly Stimulation This conduct will expand adherent attention to issues and powers devotees to take a gander at issues from another view point. Gandhi Ji was never-endingly steady of his devotees and propelled them to think comprehensively just as to be perfectly honest, raise inquiries and tackle issues. He was eager to just acknowledge wrong doing and botches and wasn’t embarrassed to dispose of a strategy that didn’t filled in as plan. For instance: Gandhi Ji requested the shut off his peacefulness battle since aggregate of his subordinates were utilizing brutality techniques to battle against British all things considered as opposed to conflicting with them he requested the conclusion of the crusade. Individualized Consideration This incorporates giving help, preparing and motivation to supporters. Gandhi Ji was exceptionally strong to his devotees for instance he with persistence tune in to the issues and contemplations of the poor concerning their capacity to keep our help due to British strategies. Gandhi Ji was additionally extremely strong of various pioneers like national pioneer and Vallabhbhai Patel. He supports them enlivened them to share ideas and even approved them to make decisions, never making them feel dependent on him. Helpful Motivation This sort of administration incorporates human activity and engaging vision and utilizing images to center subordinates exertion. Gandhi Ji remained by his own qualities and deliberately conveyed his vision of autonomy by transparently trading his vision and utilizing images like the Salt Satyagraha Movement, he guided his adherents with the manner in which right implying that effectively intrigued them to remain optimistic and increment their exertion. Gandhi’s Power and Influence Tactics 1. Referent Power Referent force is additionally called as: Charismatic force Personal Power Intensity of character When a pioneer is regard, appreciated and compellingly followed by others. As we have just examined in transformational initiative Gandhi Ji was regarded by his devotees and having a two path connection among him and his supporters. A significant pioneer is given regard just when two way correspondences is followed and Gandhi Ji had faith along these lines of correspondence that’s why he was an extraordinary pioneer. Gandhi ji continually end up being a good example and is conduct steady with the ethical standards he predicate. Characteristics of Mahatma Gandhi as a Referent Leader Honest and thoughtful to others Unselfish goals Role model Used the procedure of disguise to impact his adherents Many of the supporters of Gandhi Ji were affected by invigorating their estimations of confidence, equity and opportunity to battle against British. At specific focuses individual distinguishing proof was additionally thought of. For instance Jawaharlal Nehru was at first impacted by Gandhi Ji as he used to western wear garments and taking a gander at the style and dressing feeling of Gandhi Ji he likewise began wearing Khadi garments. Additionally numerous devotees of Gandhi ji boycotted the western style wearing and decided on khadi dressing like Gandhi Ji. As indicated by (2010) power is the ability to draw in the nature and disposition of individuals toward the path wanted. With a select enchanting and appealing practices followed by Gandhi Ji engaged him with high referent force. He had the option to keep up his capacity by communicating care towards the requirements of the general population by indicating trust and rewarding individuals similarly. Because of his elevated level of individual genuineness and persevering qualities permitted him to keep up his referent force. Since Gandhi Ji was a decent legal counselors as he has finished hello there law from South Africa and knew about all the principles and guidelines of the legislature. Because of his master information likewise the individual from Indian national congress and later join the British Indian people group in the Transvaal where he battled against limitation on Indian exchange he generally adheres to the principles and guidelines right way and his whole practices were lawful there were no unlawful practices followed by him. Because of his peacefulness and master power his devotees were additionally impacted by his practices and used to follow his way. 3. Occupation Involvement Gandhi Ji consistently supported for moral works on during his lifetime which are: Truth and love Self Discipline Abolition of distance Dependency(Weaving his own garments) Gandhi Ji consistently affected individuals due to the previously mentioned attributes of his initiative. Gandhi Ji for the most part shows enthusiasm for others as opposed to concentrating on personal responsibility likewise called philanthropic conduct. So as to impact his devotees toward peacefulness

The Kabsa Dish Essay Example | Topics and Well Written Essays - 750 words

The Kabsa Dish - Essay Example This exploration will start with the explanation that kabsa has a place with a group of blended rice food that is for the most part expended in Jordan and Saudi Arabia however accepted to be indigenous to Yemen. In Saudi Arabia, this food is viewed as a national dish. Kabsa is alluded to as marchbus in the Gulf nations, however the readiness is equivalent to in Saudi Arabia. This dish is set up by blending various flavors, rice, meat, and vegetables. Flavors usually utilized in kabsa planning are; dark pepper, clove, cardamom, saffron, cinnamon, dark lime, straight leaves and nutmeg. The prime taste of this food to a great extent relies upon the flavors utilized in its arrangement. Sheep, chicken, goat, camel meat or now and again hamburger, fish, and shrimp is the principle fixing that is blended in with the flavors. Almonds, pine nuts, onions, and sultanas might be added to the blend of flavors, rice, and meat as flavor supplements. The analyst tells that in Australia he despite ev erything eats the dish once in a while however not as incessant as in Saudi Arabia. At whatever point he sees it in a plate, it helps him to remember the brilliant minutes they have when eating the kabsa in Saudi Arabia. Now and then it makes dreams in his brain. The creator gets the pictures of how individuals snicker while eating the dish in Saudi Arabian lodgings. Its fragrance helps him to remember his neighbors back in Saudi Arabia and the excellent minutes he went through with companions and family members there. The hallucinations at different occasions include pictures of the structures in Saudi Arabia. The kabsa really causes the creator to feel particularly associated with Saudi Arabia.

How Long Should You Expect Withdrawal Symptoms to Last

How Long Should You Expect Withdrawal Symptoms to Last Addiction Drug Use Print Understanding Drug Withdrawal Symptoms By Buddy T facebook twitter Buddy T is an anonymous writer and founding member of the Online Al-Anon Outreach Committee with decades of experience writing about alcoholism. Learn about our editorial policy Buddy T Medically reviewed by Medically reviewed by Steven Gans, MD on January 10, 2020 Steven Gans, MD is board-certified in psychiatry and is an active supervisor, teacher, and mentor at Massachusetts General Hospital. Learn about our Medical Review Board Steven Gans, MD on January 10, 2020 © Getty Images More in Addiction Drug Use Cocaine Heroin Marijuana Meth Ecstasy/MDMA Hallucinogens Opioids Prescription Medications Alcohol Use Addictive Behaviors Nicotine Use Coping and Recovery If you have been using certain addictive drugs and you stop suddenly or abruptly or you cut down your use drastically, you can experience a variety of symptoms known as withdrawal. The intensity and length of these withdrawal symptoms can vary widely, depending on the type of drug and your biological make-up. While the physical symptoms of withdrawal might last only a few days or a week, the psychological withdrawal, such as depression or dysphoria, can last much longer.?? Symptoms for Specific Drugs For detailed information about withdrawal symptoms associated with specific drugs, please see: Alcohol Withdrawal Symptoms: Not everyone who stops drinking alcohol has withdrawal symptoms, but most people who quit suddenly after drinking enough alcohol for any length of time can experience a wide range of symptoms. Many times those symptoms will trigger a relapse.??Heroin Withdrawal Symptoms: Those who have become addicted to heroin experience probably the most intense withdrawal symptoms, but even the worst of those symptoms will subside in five to seven days. However, for some post-acute withdrawal syndrome can last for weeks or even months.??Marijuana Withdrawal Symptoms: Compared to alcohol and other drugs, the withdrawal symptoms some marijuana users experience when they try to quit are on the mild side. But, some of those symptoms are unpleasant enough for some that they decide to go back to smoking.Nicotine Withdrawal Symptoms: Not everyone experiences all of the symptoms of nicotine withdrawal, but the ones that they do face are usually short-lived. There are steps you can take to reduce those symptoms, too.??OxyContin Withdrawal Symptoms: The severity of OxyContin withdrawal symptoms is usually related to how long you have taken the medication and how much you took. If you took the painkiller only as directed, you may not experience any withdrawal symptoms at all, or very mild ones.??Vicodin Withdrawal Symptoms: The symptoms of Vicodin withdrawal can vary from individual to individual, but some people will experience discomfort when they quit taking the medication. Even when taken only as prescribed, Vicodin can cause some withdrawal symptoms for some patients. Some describe the symptoms as like having the flu. Treatment According to the National Institute on Drug Abuse, in most cases, the symptoms associated with drug withdrawal are easily treated with medications that reduce or eliminate the discomfort.?? But, treating withdrawal is not the same as treating the addiction itself.

One Morning By Eamon Grennan - 1158 Words

A typical novel contains many pages of rich content that can only last a reader a few days for it to be read entirely. A flower can only grow so high until its delicate petals fall off as it wilts. A dream or nightmare can only last until the person wakes up. All of these palpable and intangible objects have something in common: impermanence. They aren’t everlasting and tend to face death or some form of an ending. In Eamon Grennan’s poem â€Å"One Morning†, the speaker describes several observations of the surroundings in nature, noting the various aspects pertaining to life and death. Through a carefully constructed poetic structure with subtle remarks on the existence of a limited life, Grennan highlights the notion that no matter how much one tries to preserve something, everything – objects and life – will ultimately reach an end. Grennan makes it clear that everything, from physical objects to mental thoughts, will eventually cease to exist. T he physical objects described in the poem exhibit ephemeral states of existence. The narrator recognizes that the decaying otter flesh â€Å"carried all day the scent of this savage valediction†. The word â€Å"savage†, meaning wild or ferocious, results in a paradox with â€Å"valediction† in its connotation because valediction is almost a bittersweet type of farewell. This slight contrast in words makes it seem as though the otter’s death is prominent, stressing its distinct but tragic ending. The scent only lasted a day, which reminds the speaker

Essay about The Power of Leadership in 12 Angry Men

Once planted in the minds of individuals, ideas have a remarkable ability to grow with the strength and speed of the most powerful pathogens – possessing equal communicability as they spread to proximal centers of consciousness. How can this characteristic of ideas be utilized to benefit society? In the film Twelve Angry Men, we see a situation where Juror Eight – equipped with all the autonomy and wisdom of an ideal leader – appeals to logos in an attempt to promote the consideration of an idea, which he has planted in the minds of an otherwise unanimous jury; this idea being the mere possibility of innocence in the conviction of a boy charged with patricide. Ideally, leaders will possess an ability to transcend the†¦show more content†¦After the twelve jurors had taken their initial vote, Juror Eight found himself to be a pariah among his associates, for simply possessing an opinion contradictory to the other 11 men in the room; breaking the pattern of unanimous voting, and declaring that he felt the accused might not be guilty. After the other jurors took turns verbally expressing their dissatisfaction with his audacious contradiction to the majority opinion, Juror Eight calmly responded: â€Å"It’s not so easy for me to raise my hand and send a boy off to die without talking about it first† (Fonda). Here lies the fundamental characteristic that renders Juror Eight a leader among his peers: his desire to consider the situation at hand to a deeper extent than what the other jurors felt was necessary. This inherent drive to face the true perplexity of the situation and submerge his consciousness under the pressure that upheld a human life ultimately led Juror Eight to shed light upon the holes in the evidence, and find an opinion worthy of acting upon. By deeply evaluating the witness’s’ testimonies, and considering the consequences of his decision, Juror Eight considered the situation before him deep within the dimensions of empathy and skepticism. The minds that can embark on such voyages through labyrinthine speculationShow MoreRelatedGroup Decision-Making, Leadership, Influence and Power: Illustrations from the Film â€Å"12 Angry Men†1703 Words   |  7 PagesThe film â€Å"12 Angry Men (1957)† present a diverse group of twelve American jurors brought together to decide the guilt or innocence of a teenaged defendant in a seemingly open-and-shut murder trial case. The film illustrates the advantages and disadvantages of group decision-making, group developmental stages, leadership personality and models, social influence tactics and outcomes, and the bases of social power. The following advantages of group decision-making were demonstrated in this approximatelyRead More12 Angry Men Leadership Essay1711 Words   |  7 Pages12 Angry Men is a film originally produced in 1957 by Henry Fonda and Reginald Rose. It is about the journey 12 jurors go on to determine if a defendant is innocent or guilty. 12 Angry Men is a classic movie that is great for people learning different leadership styles, verbal and nonverbal cues, constructive/destructive conflict, and how ‘sidebar’ conversations impact a group’s ability to achieve their goal. 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These twelve men were brought together by a random selection process to make a unanimous decision. In the beginning, all jurors believed the boy to be guilty withoutRead MoreWhale Rider Analysis1114 Words   |  5 Pages The story of Whale Rider takes place in a Maori village in New Zealand. The main character is a 12 year old girl name Paikea â€Å"Pai† Apirana and her ambition to become the next Chief of her village. Along with following on Pai’s story, the movie showed a great number of local Maori religion and culture. Some of the things I will explore is the Maori religion, gender roles, and a personal reflection on what was learned through the movie. Maori Religion focuses on animism. Three aspects of this religionRead More12 Angry Men: an Illustration of Concepts of Organisational Behaviour2175 Words   |  9 Pages12 Angry Men: An Illustration of Concepts of Organisational Behaviour Introduction In 1957 Sidney Lumet’s 12 Angry Men was published (Lumet, 1957). Now, 55 years later, the movie’s teachings still hold most of their truths. The events shown in the movie can be scientifically explained using concepts of organisational behaviour. Although some of these concepts did not even exist by the time the movie was made, the movie still is an excellent case to study and illustrate them. The reason for thisRead MoreMovie Analysis : 12 Angry Men1404 Words   |  6 PagesThe group type presented in the film 12 Angry men appears to be a task group. Task groups typically come together to accomplish a specific charge. In this case, their task was to decide a verdict of guilty or not guilty for the boy on trial. According to our text, some feature of this task group would include those listed under the â€Å"teams† category such as appointed leadership and focus on a specific task or charge. The members’ bond is simply there interest in the task, as they have no previous

A Game of Thrones Chapter Fifty-nine Free Essays

Catelyn As the host trooped down the causeway through the black bogs of the Neck and spilled out into the riverlands beyond, Catelyn’s apprehensions grew. She masked her fears behind a face kept still and stern, yet they were there all the same, growing with every league they crossed. Her days were anxious, her nights restless, and every raven that flew overhead made her clench her teeth. We will write a custom essay sample on A Game of Thrones Chapter Fifty-nine or any similar topic only for you Order Now She feared for her lord father, and wondered at his ominous silence. She feared for her brother Edmure, and prayed that the gods would watch over him if he must face the Kingslayer in battle. She feared for Ned and her girls, and for the sweet sons she had left behind at Winterfell. And yet there was nothing she could do for any of them, and so she made herself put all thought of them aside. You must save your strength for Robb, she told herself. He is the only one you can help. You must be as fierce and hard as the north, Catelyn Tully. You must be a Stark for true now, like your son. Robb rode at the front of the column, beneath the flapping white banner of Winterfell. Each day he would ask one of his lords to join him, so they might confer as they marched; he honored every man in turn, showing no favorites, listening as his lord father had listened, weighing the words of one against the other. He has learned so much from Ned, she thought as she watched him, but has he learned enough? The Blackfish had taken a hundred picked men and a hundred swift horses and raced ahead to screen their movements and scout the way. The reports Ser Brynden’s riders brought back did little to reassure her. Lord Tywin’s host was still many days to the south . . . but Walder Frey, Lord of the Crossing, had assembled a force of near four thousand men at his castles on the Green Fork. â€Å"Late again,† Catelyn murmured when she heard. It was the Trident all over, damn the man. Her brother Edmure had called the banners; by rights, Lord Frey should have gone to join the Tully host at Riverrun, yet here he sat. â€Å"Four thousand men,† Robb repeated, more perplexed than angry. â€Å"Lord Frey cannot hope to fight the Lannisters by himself. Surely he means to join his power to ours.† â€Å"Does he?† Catelyn asked. She had ridden forward to join Robb and Robett Glover, his companion of the day. The vanguard spread out behind them, a slow-moving forest of lances and banners and spears. â€Å"I wonder. Expect nothing of Walder Frey, and you will never be surprised.† â€Å"He’s your father’s bannerman.† â€Å"Some men take their oaths more seriously than others, Robb. And Lord Walder was always friendlier with Casterly Rock than my father would have liked. One of his sons is wed to Tywin Lannister’s sister. That means little of itself, to be sure. Lord Walder has sired a great many children over the years, and they must needs marry someone. Still . . . â€Å" â€Å"Do you think he means to betray us to the Lannisters, my lady?† Robett Glover asked gravely. Catelyn sighed. â€Å"If truth be told, I doubt even Lord Frey knows what Lord Frey intends to do. He has an old man’s caution and a young man’s ambition, and has never lacked for cunning.† â€Å"We must have the Twins, Mother,† Robb said heatedly. â€Å"There is no other way across the river. You know that.† â€Å"Yes. And so does Walder Frey, you can be sure of that.† That night they made camp on the southern edge of the bogs, halfway between the kingsroad and the river. It was there Theon Greyjoy brought them further word from her uncle. â€Å"Ser Brynden says to tell you he’s crossed swords with the Lannisters. There are a dozen scouts who won’t be reporting back to Lord Tywin anytime soon. Or ever.† He grinned. â€Å"Ser Addam Marbrand commands their outriders, and he’s pulling back south, burning as he goes. He knows where we are, more or less, but the Blackfish vows he will not know when we split.† â€Å"Unless Lord Frey tells him,† Catelyn said sharply. â€Å"Theon, when you return to my uncle, tell him he is to place his best bowmen around the Twins, day and night, with orders to bring down any raven they see leaving the battlements. I want no birds bringing word of my son’s movements to Lord Tywin.† â€Å"Ser Brynden has seen to it already, my lady,† Theon replied with a cocky smile. â€Å"A few more blackbirds, and we should have enough to bake a pie. I’ll save you their feathers for a hat.† She ought to have known that Brynden Blackfish would be well ahead of her. â€Å"What have the Freys been doing while the Lannisters burn their fields and plunder their holdfasts?† â€Å"There’s been some fighting between Ser Addam’s men and Lord Walder’s,† Theon answered. â€Å"Not a day’s ride from here, we found two Lannister scouts feeding the crows where the Freys had strung them up. Most of Lord Walder’s strength remains massed at the Twins, though.† That bore Walder Frey’s seal beyond a doubt, Catelyn thought bitterly; hold back, wait, watch, take no risk unless forced to it. â€Å"If he’s been fighting the Lannisters, perhaps he does mean to hold to his vows,† Robb said. Catelyn was less encouraged. â€Å"Defending his own lands is one thing, open battle against Lord Tywin quite another.† Robb turned back to Theon Greyjoy. â€Å"Has the Blackfish found any other way across the Green Fork?† Theon shook his head. â€Å"The river’s running high and fast. Ser Brynden says it can’t be forded, not this far north.† â€Å"I must have that crossing!† Robb declared, fuming. â€Å"Oh, our horses might be able to swim the river, I suppose, but not with armored men on their backs. We’d need to build rafts to pole our steel across, helms and mail and lances, and we don’t have the trees for that. Or the time. Lord Tywin is marching north . . . † He balled his hand into a fist. â€Å"Lord Frey would be a fool to try and bar our way,† Theon Greyjoy said with his customary easy confidence. â€Å"We have five times his numbers. You can take the Twins if you need to, Robb.† â€Å"Not easily,† Catelyn warned them, â€Å"and not in time. While you were mounting your siege, Tywin Lannister would bring up his host and assault you from the rear.† Robb glanced from her to Greyjoy, searching for an answer and finding none. For a moment he looked even younger than his fifteen years, despite his mail and sword and the stubble on his cheeks. â€Å"What would my lord father do?† he asked her. â€Å"Find a way across,† she told him. â€Å"Whatever it took.† The next morning it was Ser Brynden Tully himself who rode back to them. He had put aside the heavy plate and helm he’d worn as the Knight of the Gate for the lighter leather-and-mail of an outrider, but his obsidian fish still fastened his cloak. Her uncle’s face was grave as he swung down off his horse. â€Å"There has been a battle under the walls of Riverrun,† he said, his mouth grim. â€Å"We had it from a Lannister outrider we took captive. The Kingslayer has destroyed Edmure’s host and sent the lords of the Trident reeling in flight.† A cold hand clutched at Catelyn’s heart. â€Å"And my brother?† â€Å"Wounded and taken prisoner,† Ser Brynden said. â€Å"Lord Blackwood and the other survivors are under siege inside Riverrun, surrounded by Jaime’s host.† Robb looked fretful. â€Å"We must get across this accursed river if we’re to have any hope of relieving them in time.† â€Å"That will not be easily done,† her uncle cautioned. â€Å"Lord Frey has pulled his whole strength back inside his castles, and his gates are closed and barred.† â€Å"Damn the man,† Robb swore. â€Å"If the old fool does not relent and let me cross, he’ll leave me no choice but to storm his walls. I’ll pull the Twins down around his ears if I have to, we’ll see how well he likes that!† â€Å"You sound like a sulky boy, Robb,† Catelyn said sharply. â€Å"A child sees an obstacle, and his first thought is to run around it or knock it down. A lord must learn that sometimes words can accomplish what swords cannot.† Robb’s neck reddened at the rebuke. â€Å"Tell me what you mean, Mother,† he said meekly. â€Å"The Freys have held the crossing for six hundred years, and for six hundred years they have never failed to exact their toll.† â€Å"What toll? What does he want?† She smiled. â€Å"That is what we must discover.† â€Å"And what if I do not choose to pay this toll?† â€Å"Then you had best retreat back to Moat Cailin, deploy to meet Lord Tywin in battle . . . or grow wings. I see no other choices.† Catelyn put her heels to her horse and rode off, leaving her son to ponder her words. It would not do to make him feel as if his mother were usurping his place. Did you teach him wisdom as well as valor, Ned? she wondered. Did you teach him how to kneel? The graveyards of the Seven Kingdoms were full of brave men who had never learned that lesson. It was near midday when their vanguard came in sight of the Twins, where the Lords of the Crossing had their seat. The Green Fork ran swift and deep here, but the Freys had spanned it many centuries past and grown rich off the coin men paid them to cross. Their bridge was a massive arch of smooth grey rock, wide enough for two wagons to pass abreast; the Water Tower rose from the center of the span, commanding both road and river with its arrow slits, murder holes, and portcullises. It had taken the Freys three generations to complete their bridge; when they were done they’d thrown up stout timber keeps on either bank, so no one might cross without their leave. The timber had long since given way to stone. The Twins—two squat, ugly, formidable castles, identical in every respect, with the bridge arching between—had guarded the crossing for centuries. High curtain walls, deep moats, and heavy oak-and-iron gates protected the approaches, the bridge footings rose from within stout inner keeps, there was a barbican and portcullis on either bank, and the Water Tower defended the span itself. One glance was sufficient to tell Catelyn that the castle would not be taken by storm. The battlements bristled with spears and swords and scorpions, there was an archer at every crenel and arrow slit, the drawbridge was up, the portcullis down, the gates closed and barred. The Greatjon began to curse and swear as soon as he saw what awaited them. Lord Rickard Karstark glowered in silence. â€Å"That cannot be assaulted, my lords,† Roose Bolton announced. â€Å"Nor can we take it by siege, without an army on the far bank to invest the other castle,† Helman Tallhart said gloomily. Across the deep-running green waters, the western twin stood like a reflection of its eastern brother. â€Å"Even if we had the time. Which, to be sure, we do not.† As the northern lords studied the castle, a sally port opened, a plank bridge slid across the moat, and a dozen knights rode forth to confront them, led by four of Lord Walder’s many sons. Their banner bore twin towers, dark blue on a field of pale silver-grey. Ser Stevron Frey, Lord Walder’s heir, spoke for them. The Freys all looked like weasels; Ser Stevron, past sixty with grandchildren of his own, looked like an especially old and tired weasel, yet he was polite enough. â€Å"My lord father has sent me to greet you, and inquire as to who leads this mighty host.† â€Å"I do.† Robb spurred his horse forward. He was in his armor, with the direwolf shield of Winterfell strapped to his saddle and Grey Wind padding by his side. The old knight looked at her son with a faint flicker of amusement in his watery grey eyes, though his gelding whickered uneasily and sidled away from the direwolf. â€Å"My lord father would be most honored if you would share meat and mead with him in the castle and explain your purpose here.† His words crashed among the lords bannermen like a great stone from a catapult. Not one of them approved. They cursed, argued, shouted down each other. â€Å"You must not do this, my lord,† Galbart Glover pleaded with Robb. â€Å"Lord Walder is not to be trusted.† Roose Bolton nodded. â€Å"Go in there alone and you’re his. He can sell you to the Lannisters, throw you in a dungeon, or slit your throat, as he likes.† â€Å"If he wants to talk to us, let him open his gates, and we will all share his meat and mead,† declared Ser Wendel Manderly. â€Å"Or let him come out and treat with Robb here, in plain sight of his men and ours,† suggested his brother, Ser Wylis. Catelyn Stark shared all their doubts, but she had only to glance at Ser Stevron to see that he was not pleased by what he was hearing. A few more words and the chance would be lost. She had to act, and quickly. â€Å"I will go,† she said loudly. â€Å"You, my lady?† The Greatjon furrowed his brow. â€Å"Mother, are you certain?† Clearly, Robb was not. â€Å"Never more,† Catelyn lied glibly. â€Å"Lord Walder is my father’s bannerman. I have known him since I was a girl. He would never offer me any harm.† Unless he saw some profit in it, she added silently, but some truths did not bear saying, and some lies were necessary. â€Å"I am certain my lord father would be pleased to speak to the Lady Catelyn,† Ser Stevron said. â€Å"To vouchsafe for our good intentions, my brother Ser Perwyn will remain here until she is safely returned to you.† â€Å"He shall be our honored guest,† said Robb. Ser Perwyn, the youngest of the four Freys in the party, dismounted and handed the reins of his horse to a brother. â€Å"I require my lady mother’s return by evenfall, Ser Stevron,† Robb went on. â€Å"It is not my intent to linger here long.† Ser Stevron Frey gave a polite nod. â€Å"As you say, my lord.† Catelyn spurred her horse forward and did not look back. Lord Walder’s sons and envoys fell in around her. Her father had once said of Walder Frey that he was the only lord in the Seven Kingdoms who could field an army out of his breeches. When the Lord of the Crossing welcomed Catelyn in the great hall of the east castle, surrounded by twenty living sons (minus Ser Perwyn, who would have made twenty-one), thirty-six grandsons, nineteen great-grandsons, and numerous daughters, granddaughters, bastards, and grandbastards, she understood just what he had meant. Lord Walder was ninety, a wizened pink weasel with a bald spotted head, too gouty to stand unassisted. His newest wife, a pale frail girl of sixteen years, walked beside his litter when they carried him in. She was the eighth Lady Frey. â€Å"It is a great pleasure to see you again after so many years, my lord,† Catelyn said. The old man squinted at her suspiciously. â€Å"Is it? I doubt that. Spare me your sweet words, Lady Catelyn, I am too old. Why are you here? Is your boy too proud to come before me himself? What am I to do with you?† Catelyn had been a girl the last time she had visited the Twins, but even then Lord Walder had been irascible, sharp of tongue, and blunt of manner. Age had made him worse than ever, it would seem. She would need to choose her words with care, and do her best to take no offense from his. â€Å"Father,† Ser Stevron said reproachfully, â€Å"you forget yourself. Lady Stark is here at your invitation.† â€Å"Did I ask you? You are not Lord Frey yet, not until I die. Do I look dead? I’ll hear no instructions from you.† â€Å"This is no way to speak in front of our noble guest, Father,† one of his younger sons said. â€Å"Now my bastards presume to teach me courtesy,† Lord Walder complained. â€Å"I’ll speak any way I like, damn you. I’ve had three kings to guest in my life, and queens as well, do you think I require lessons from the likes of you, Ryger? Your mother was milking goats the first time I gave her my seed.† He dismissed the red-faced youth with a flick of his fingers and gestured to two of his other sons. â€Å"Danwell, Whalen, help me to my chair.† They shifted Lord Walder from his litter and carried him to the high seat of the Freys, a tall chair of black oak whose back was carved in the shape of two towers linked by a bridge. His young wife crept up timidly and covered his legs with a blanket. When he was settled, the old man beckoned Catelyn forward and planted a papery dry kiss on her hand. â€Å"There,† he announced. â€Å"Now that I have observed the courtesies, my lady, perhaps my sons will do me the honor of shutting their mouths. Why are you here?† â€Å"To ask you to open your gates, my lord,† Catelyn replied politely. â€Å"My son and his lords bannermen are most anxious to cross the river and be on their way.† â€Å"To Riverrun?† He sniggered. â€Å"Oh, no need to tell me, no need. I’m not blind yet. The old man can still read a map.† â€Å"To Riverrun,† Catelyn confirmed. She saw no reason to deny it. â€Å"Where I might have expected to find you, my lord. You are still my father’s bannerman, are you not?† â€Å"Heh,† said Lord Walder, a noise halfway between a laugh and a grunt. â€Å"I called my swords, yes I did, here they are, you saw them on the walls. It was my intent to march as soon as all my strength was assembled. Well, to send my sons. I am well past marching myself, Lady Catelyn.† He looked around for likely confirmation and pointed to a tall, stooped man of fifty years. â€Å"Tell her, Jared. Tell her that was my intent.† â€Å"It was, my lady,† said Ser Jared Frey, one of his sons by his second wife. â€Å"On my honor.† â€Å"Is it my fault that your fool brother lost his battle before we could march?† He leaned back against his cushions and scowled at her, as if challenging her to dispute his version of events. â€Å"I am told the Kingslayer went through him like an axe through ripe cheese. Why should my boys hurry south to die? All those who did go south are running north again.† Catelyn would gladly have spitted the querulous old man and roasted him over a fire, but she had only till evenfall to open the bridge. Calmly, she said, â€Å"All the more reason that we must reach Riverrun, and soon. Where can we go to talk, my lord?† â€Å"We’re talking now,† Lord Frey complained. The spotted pink head snapped around. â€Å"What are you all looking at?† he shouted at his kin. â€Å"Get out of here. Lady Stark wants to speak to me in private. Might be she has designs on my fidelity, heh. Go, all of you, find something useful to do. Yes, you too, woman. Out, out, out.† As his sons and grandsons and daughters and bastards and nieces and nephews streamed from the hall, he leaned close to Catelyn and confessed, â€Å"They’re all waiting for me to die. Stevron’s been waiting for forty years, but I keep disappointing him. Heh. Why should I die just so he can be a lord? I ask you. I won’t do it.† â€Å"I have every hope that you will live to be a hundred.† â€Å"That would boil them, to be sure. Oh, to be sure. Now, what do you want to say?† â€Å"We want to cross,† Catelyn told him. â€Å"Oh, do you? That’s blunt. Why should I let you?† For a moment her anger flared. â€Å"If you were strong enough to climb your own battlements, Lord Frey, you would see that my son has twenty thousand men outside your walls.† â€Å"They’ll be twenty thousand fresh corpses when Lord Tywin gets here,† the old man shot back. â€Å"Don’t you try and frighten me, my lady. Your husband’s in some traitor’s cell under the Red Keep, your father’s sick, might be dying, and Jaime Lannister’s got your brother in chains. What do you have that I should fear? That son of yours? I’ll match you son for son, and I’ll still have eighteen when yours are all dead.† â€Å"You swore an oath to my father,† Catelyn reminded him. He bobbed his head side to side, smiling. â€Å"Oh, yes, I said some words, but I swore oaths to the crown too, it seems to me. Joffrey’s the king now, and that makes you and your boy and all those fools out there no better than rebels. If I had the sense the gods gave a fish, I’d help the Lannisters boil you all.† â€Å"Why don’t you?† she challenged him. Lord Walder snorted with disdain. â€Å"Lord Tywin the proud and splendid, Warden of the West, Hand of the King, oh, what a great man that one is, him and his gold this and gold that and lions here and lions there. I’ll wager you, he eats too many beans, he breaks wind just like me, but you’ll never hear him admit it, oh, no. What’s he got to be so puffed up about anyway? Only two sons, and one of them’s a twisted little monster. I’ll match him son for son, and I’ll still have nineteen and a half left when all of his are dead!† He cackled. â€Å"If Lord Tywin wants my help, he can bloody well ask for it.† That was all Catelyn needed to hear. â€Å"I am asking for your help, my lord,† she said humbly. â€Å"And my father and my brother and my lord husband and my sons are asking with my voice.† Lord Walder jabbed a bony finger at her face. â€Å"Save your sweet words, my lady. Sweet words I get from my wife. Did you see her? Sixteen she is, a little flower, and her honey’s only for me. I wager she gives me a son by this time next year. Perhaps I’ll make him heir, wouldn’t that boil the rest of them?† â€Å"I’m certain she will give you many sons.† His head bobbed up and down. â€Å"Your lord father did not come to the wedding. An insult, as I see it. Even if he is dying. He never came to my last wedding either. He calls me the Late Lord Frey, you know. Does he think I’m dead? I’m not dead, and I promise you, I’ll outlive him as I outlived his father. Your family has always pissed on me, don’t deny it, don’t lie, you know it’s true. Years ago, I went to your father and suggested a match between his son and my daughter. Why not? I had a daughter in mind, sweet girl, only a few years older than Edmure, but if your brother didn’t warm to her, I had others he might have had, young ones, old ones, virgins, widows, whatever he wanted. No, Lord Hoster would not hear of it. Sweet words he gave me, excuses, but what I wanted was to get rid of a daughter. â€Å"And your sister, that one, she’s full as bad. It was, oh, a year ago, no more, Jon Arryn was still the King’s Hand, and I went to the city to see my sons ride in the tourney. Stevron and Jared are too old for the lists now, but Danwell and Hosteen rode, Perwyn as well, and a couple of my bastards tried the melee. If I’d known how they’d shame me, I would never have troubled myself to make the journey. Why did I need to ride all that way to see Hosteen knocked off his horse by that Tyrell whelp? I ask you. The boy’s half his age, Ser Daisy they call him, something like that. And Danwell was unhorsed by a hedge knight! Some days I wonder if those two are truly mine. My third wife was a Crakehall, all of the Crakehall women are sluts. Well, never mind about that, she died before you were born, what do you care? â€Å"I was speaking of your sister. I proposed that Lord and Lady Arryn foster two of my grandsons at court, and offered to take their own son to ward here at the Twins. Are my grandsons unworthy to be seen at the king’s court? They are sweet boys, quiet and mannerly. Walder is Merrett’s son, named after me, and the other one . . . heh, I don’t recall . . . he might have been another Walder, they’re always naming them Walder so I’ll favor them, but his father . . . which one was his father now?† His face wrinkled up. â€Å"Well, whoever he was, Lord Arryn wouldn’t have him, or the other one, and I blame your lady sister for that. She frosted up as if I’d suggested selling her boy to a mummer’s show or making a eunuch out of him, and when Lord Arryn said the child was going to Dragonstone to foster with Stannis Baratheon, she stormed off without a word of regrets and all the Hand could give me was apologies. What good ar e apologies? I ask you.† Catelyn frowned, disquieted. â€Å"I had understood that Lysa’s boy was to be fostered with Lord Tywin at Casterly Rock.† â€Å"No, it was Lord Stannis,† Walder Frey said irritably. â€Å"Do you think I can’t tell Lord Stannis from Lord Tywin? They’re both bungholes who think they’re too noble to shit, but never mind about that, I know the difference. Or do you think I’m so old I can’t remember? I’m ninety and I remember very well. I remember what to do with a woman too. That wife of mine will give me a son before this time next year, I’ll wager. Or a daughter, that can’t be helped. Boy or girl, it will be red, wrinkled, and squalling, and like as not she’ll want to name it Walder or Walda.† Catelyn was not concerned with what Lady Frey might choose to name her child. â€Å"Jon Arryn was going to foster his son with Lord Stannis, you are quite certain of that?† â€Å"Yes, yes, yes,† the old man said. â€Å"Only he died, so what does it matter? You say you want to cross the river?† â€Å"We do.† â€Å"Well, you can’t!† Lord Walder announced crisply. â€Å"Not unless I allow it, and why should I? The Tullys and the Starks have never been friends of mine.† He pushed himself back in his chair and crossed his arms, smirking, waiting for her answer. The rest was only haggling. A swollen red sun hung low against the western hills when the gates of the castle opened. The drawbridge creaked down, the portcullis winched up, and Lady Catelyn Stark rode forth to rejoin her son and his lords bannermen. Behind her came Ser Jared Frey, Ser Hosteen Frey, Ser Danwell Frey, and Lord Walder’s bastard son Ronel Rivers, leading a long column of pikemen, rank on rank of shuffling men in blue steel ringmail and silvery grey cloaks. Robb galloped out to meet her, with Grey Wind racing beside his stallion. â€Å"It’s done,† she told him. â€Å"Lord Walder will grant you your crossing. His swords are yours as well, less four hundred he means to keep back to hold the Twins. I suggest that you leave four hundred of your own, a mixed force of archers and swordsmen. He can scarcely object to an offer to augment his garrison . . . but make certain you give the command to a man you can trust. Lord Walder may need help keeping faith.† â€Å"As you say, Mother,† Robb answered, gazing at the ranks of pikemen. â€Å"Perhaps . . . Ser Helman Tallhart, do you think?† â€Å"A fine choice.† â€Å"What . . . what did he want of us?† â€Å"If you can spare a few of your swords, I need some men to escort two of Lord Frey’s grandsons north to Winterfell,† she told him. â€Å"I have agreed to take them as wards. They are young boys, aged eight years and seven. It would seem they are both named Walder. Your brother Bran will welcome the companionship of lads near his own age, I should think.† â€Å"Is that all? Two fosterlings? That’s a small enough price to—† â€Å"Lord Frey’s son Olyvar will be coming with us,† she went on. â€Å"He is to serve as your personal squire. His father would like to see him knighted, in good time.† â€Å"A squire.† He shrugged. â€Å"Fine, that’s fine, if he’s—† â€Å"Also, if your sister Arya is returned to us safely, it is agreed that she will marry Lord Walder’s youngest son, Elmar, when the two of them come of age.† Robb looked nonplussed. â€Å"Arya won’t like that one bit.† â€Å"And you are to wed one of his daughters, once the fighting is done,† she finished. â€Å"His lordship has graciously consented to allow you to choose whichever girl you prefer. He has a number he thinks might be suitable.† To his credit, Robb did not flinch. â€Å"I see.† â€Å"Do you consent?† â€Å"Can I refuse?† â€Å"Not if you wish to cross.† â€Å"I consent,† Robb said solemnly. He had never seemed more manly to her than he did in that moment. Boys might play with swords, but it took a lord to make a marriage pact, knowing what it meant. They crossed at evenfall as a horned moon floated upon the river. The double column wound its way through the gate of the eastern twin like a great steel snake, slithering across the courtyard, into the keep and over the bridge, to issue forth once more from the second castle on the west bank. Catelyn rode at the head of the serpent, with her son and her uncle Ser Brynden and Ser Stevron Frey. Behind followed nine tenths of their horse; knights, lancers, freeriders, and mounted bowmen. It took hours for them all to cross. Afterward, Catelyn would remember the clatter of countless hooves on the drawbridge, the sight of Lord Walder Frey in his litter watching them pass, the glitter of eyes peering down through the slats of the murder holes in the ceiling as they rode through the Water Tower. The larger part of the northern host, pikes and archers and great masses of men-at-arms on foot, remained upon the east bank under the command of Roose Bolton. Robb had commanded him to continue the march south, to confront the huge Lannister army coming north under Lord Tywin. For good or ill, her son had thrown the dice. How to cite A Game of Thrones Chapter Fifty-nine, Essay examples

Financial Management Principals and Applications

Question: Describe about the Financial Management for Principals and Applications. Answer: 1. The NPV of the given projects based on the cash flow expected over the project life is computed below using 10% as the discount rate (Damodaran, 2008). Discounted cash flows ($) Year A B C D E F 0 -100000.00 -150000.00 -60000.00 -100000.00 -50000.00 -100000.00 1 18181.82 -45454.55 18181.82 54545.45 18181.82 27272.73 2 33057.85 82644.63 33057.85 49586.78 33057.85 24793.39 3 45078.89 75131.48 30052.59 75131.48 45078.89 22539.44 4 54641.08 95621.88 0.00 0.00 27320.54 20490.40 NPV ($) 50959.63 57943.45 21292.26 79263.71 73639.10 -4904.04 Cumulative NPV 50959.63 108903.08 130195.34 209459.05 283098.15 278194.11 It is apparent from the above table, that cumulative NPV is increasing with every project except project F. Thus, project F is not acceptable as it leads to reduction of the total NPV arising from the investment. However, it is known that the company has a capital of only $ 300,000 to invest. The projects are divisible and hence allocation must be done in accordance with the highest NPV generated per dollar invested (Shim and Siegel, 2008). NPV generated per dollar invested Amount ($) A 0.51 B 0.39 C 0.35 D 0.79 E 1.47 Hence, firstly allocated would be made to project E ($50,000), D ($100,000), A ($100,000) and remaining $ 50,000 would be invested in project B since part investment in the project is also feasible. NPV generated from E =$ 10 NPV generated from D = $ 79263.71 NPV generated from A = $ 50,959.63 NPV generated from B = (50000/150000)* 57943.45 = $ 19,314.48 Total NPV generated from allocated projects = $ 223,176.92 Now, investment cannot be divided and hence the capital allocation would be made on the basis of highest NPV that is derived from the project keeping in mind that all the capital is used and no capital stays idle. Hence, the chosen projects should be B, D and E since these generate the highest amount of NPV and are also able to completely utilise the initial capital of $ 300,000 (Petty et. al., 2015). The total NPV of the acquired projects = $ 57943.45 + $ 71 + $ 73639.10 = $ 210, 846.3 It is known that projects A and E are exclusive. Since projects are divisible, hence selection would again be done on NPV generated per dollar of investment. NPV generated per dollar invested Amount ($) A 0.51 B 0.39 C 0.35 D 0.79 E 1.47 Between A and E, it is apparent that E is preferable since it offers higher returns per unit investment and also in absolute terms (Parrino and Kidwell, 2011). Hence, investment in project E = $ 50,000 Then, investment of $ 100,000 would be made in project D due to second highest value of NPV generation. Since, A cannot be chosen, hence investment of $ 150,000 would be made in project B which would exhaust the available capital completely (Brealey, Myers and Allen, 2008). Total NPV of the projects acquired = $ 57943.45 + $ 71 + $ 73639.10 = $ 210, 846.3 2. The NPV of the given projects is estimated assuming the discount rate to be 10%. Present value Year Cash flow A ($) Cash flow B ($) PV Factor Project A Project B 0 -100000 -140000 1.00 -100000 -140000 1 30000 53000 0.91 27272.73 48181.82 2 35000 53000 0.83 28925.62 43801.65 3 40000 53000 0.75 30052.59 39819.68 4 45000 53000 0.68 30735.61 36199.71 5 55000 53000 0.62 34150.67 32908.83 NPV 51,137.22 60,911.7 The IRR may be defined as that rate at which the NPV of the project becomes zero (Damodaran, 2008). Project A The IRR comes out to be 26.46% as shown below. Year Cash flow A ($) PV Factor Project A 0 -100000 1.00 -100000 1 30000 0.79 23723.86 2 35000 0.63 21887.51 3 40000 0.49 19781.2 4 45000 0.39 17598.24 5 55000 0.31 17009.19 NPV 0 Project B The IRR comes out to be 25.88% as shown below. Year Cash flow B ($) PV Factor Project B 0 -140000 1.00 -140000 1 53000 0.79 42103.78 2 53000 0.63 33447.71 3 53000 0.50 26571.23 4 53000 0.40 21108.48 5 53000 0.32 16768.81 NPV 0 The relation between discount rate and NPV for the two projects is summarised in the table below. Discount Rate (%) NPV (Project A) NPV (Project B) 0 105,000.00 125,000.00 10 51,137.22 60,911.70 20 16,259.36 18,502.44 25.88 1,296.80 0.00 26.46 0.00 -1,630.20 The requisite diagram is shown below. It is apparent that both the projects are feasible and commercially viable. However, the exact acceptability would depend upon the cost of capital. Assuming the cost of capital of 10% per annum, project B would be more preferable as compared to A since it delivers a higher NPV although the investment is also higher in this case. However, with regards to IRR as the decision making tool, preference would be given to project A as it has a higher value of IRR. Clearly, there is a conflict between the two metrics and in such situations preference is given to NPV instead of IRR (Brealey, Myers and Allen, 2008). 3. In the given case, the range of financing for the various sources and also their corresponding cost after tax has been provided. Also, it is known that the target capital structure for the firm is the one it currently has. Contribution of long term debt through debentures = $ 1,500,000*(245.33/200) = $ 1,839,975 Contribution of share equity = $ 1,500,000 * (23/15) = $ 2,300,000 Contribution of preference shares = $ 400,000 *(5.75/5) = $ 460,000 Total capital = $ 4,599,975 Weight of long term debt = (1839975/4599975)*100 = 40% Weight of share capital = (2300000/4599975)*100 = 50% Weight of preference shares = (460000/4599975)*100 = 10% Using the above information, the breaking points may be determined as shown below (Shim and Siegel, 2008). Breaking point (Long term Debt) = 300000/0.4 = $ 750,000 Breaking point (Preference Shares) = 100000/0.1 = $ 1,000,000 Breaking point (Equity shares) = 500000/0.5 = $ 1,000,000 There are the following ranges of financing that are viable based on the calculation above. Case 1: 0 to $ 750,000 Source of Finance Optimum Weight Amount Long term debt 40% 300,000 Equity 50% 375,000 Preference Share 10% 75,000 Case 2: 750,000 -$ 1,000,000 Source of Finance Optimum Weight Amount Long term debt 40% 400,000 Equity 50% 500,000 Preference Share 10% 100,000 Case 3: $1,000,000- $2,00,000 In this case, the contribution of equity would exceed more than $ 500,000 and hence the cost of capital would change. Case 4: $2,000,000- $ 2,400,000 In this case, the contribution of equity would exceed more than $ 1,000,000 and hence the cost of capital would change. Case 5: More than $ 2,400,000 In this case, the contribution of debt would be more than $ 600,000 and hence the cost of capital would change The corresponding WACC for the various cases presented above are as follows (Petty et. al., 2015). Case 1: 0 to $ 750,000- WACC calculation is shown below. Source of Finance Optimum Weight Post tax cost Effective cost Long term debt 40% 6.5 2.6 Equity 50% 11 5.5 Preference Share 10% 9.5 0.95 Total 9.05 Case 2: 750,000 -$ 1,000,000 WACC calculation is shown below. Source of Finance Optimum Weight Post tax cost Effective cost Long term debt 40% 7.5 3 Equity 50% 11 5.5 Preference Share 10% 9.5 0.95 Total 9.45 Case 3: $ 1,000,000 - $ 2,000,000 - WACC calculation is shown below. Source of Finance Optimum Weight Post tax cost Effective cost Long term debt 40% 7.5 3 Equity 50% 12.5 6.25 Preference Share 10% 10 1 Total 10.25 Case 4: $ 2,000,000 - $ 2,400,000 - WACC calculation is shown below. Source of Finance Optimum Weight Post tax cost Effective cost Long term debt 40% 7.5 3 Equity 50% 14 7 Preference Share 10% 10 1 Total 11 Case 5: More than $ 2,400,000 - WACC calculation is shown below. Source of Finance Optimum Weight Post tax cost Effective cost Long term debt 40% 9 3.6 Equity 50% 14 7 Preference Share 10% 10 1 Total 11.6 The IRR associated with the various investment opportunities is given below, Investment Opportunity IRR A 14% B 12% C 11% D 10% E 9% F 8% The requisite plot is shown below (Parrino and Kidwell, 2011). From the above, it is apparent that the projects that would be funded are A,B and C. This is because the total amount of funding required for these in $ 1,000,000. For D, the marginal cost of capital would be higher than the IRR delivered, hence it would not be chosen. Project E and F are not feasible due to lower IRR (Damodaran, 2008). If project C is not available, then investment opportunity D can be pursued instead of it as the IRR of this would be greater than the marginal cost of capital (Shim and Siegel, 2008). 4. The various risks that tend to impact the shareholders and/or financial managers are highlighted below (Petty et. al., 2015). Business Risk Every business has an underlying risk which would be driven by the nature of business model. This business risk may be compounded due to adverse economic conditions and other factors which may undermine the stability of the business. Financial Risk Typically, all business have obtained some level of credit and it is imperative that the money should be returned in a timely fashion along with the requisite interest payments. Delays in this regards or inability to meet the payments may lead to insolvency. Liquidity Risk This risk is primarily faced by the shareholders of the company when there is not enough liquidity for the securities of the company and hence there is a high liquidity premium which may be charged. Market Risk The value of the share of the company is driven by a plethora of factors and is exposed to systematic risk or market risk which the shareholders have exposure to due to underlying fluctuations in the stock price. Tax and Exchange rate Risk Any unfavourable alterations in the tax regime or exchange rate could have impact on the earnings of the firm and impact its growth and market value. Hence, this is a risk factor for both managers and shareholders. References Brealey, R., Myers, S. and Allen, F. (2008), Principles of Corporate Finance (Global edition), New York: McGraw Hill Publications Damodaran, A. (2008), Corporate Finance, London: Wiley Publications Parrino, R. and Kidwell, D. (2011), Fundamentals of Corporate Finance, London: Wiley Publications Petty, J.W., Titman, S., Keown, A.J., Martin, P., Martin J.D. Burrow, M. (2015), Financial Management: Principles and Applications, Sydney: Pearson Australia, Shim, J.K. and Siegel, J.G. (2008), Financial Management, New York: Barrons