You are an investor trying to value a gold mining company’s lease on a gold mine that is currently not operating. it would cost $1,000,000 for the company to reopen the mine, and it is expected to produce 100,000 ounces of gold at the end of next year. theforward contract price on a one-year gold forward contract is $268.40/ounce, and the current one-year risk-free rate is 5 percent. extraction costs are estimated to be $260/ounce.
a. assuming the per-ounce gold price in the spot market one year from now isforecasted to be either $300 or $230, calculate (1) the composition of a portfolio of t-bills and gold forward contracts that would replicate the cash flows from the mine, and (2) the "real options" value of the mine lease.
b. assuming the per-ounce gold price in the spot market one year from now is forecasted to be either $280 or $250, calculate (1) the composition of a portfolio of t-bills and gold forward contracts that would replicate the cash flows from the mine, and (2) the real options value of the mine lease.
c. what do your answers in parts a and b tell you about the effect that the volatility of future gold prices has on the current value of the mine lease?

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Data pertaining to the current position of forte company are as follows: cash $437,500 marketable securities 170,000 accounts and notes receivable (net) 320,000 inventories 700,000 prepaid expenses 42,000 accounts payable 240,000 notes payable (short-term) 250,000 accrued expenses 310,000 required: 1. compute (a) the working capital, (b) the current ratio, and (c) the quick ratio. round ratios to one decimal place. 2. compute the working capital, the current ratio, and the quick ratio after each of the following transactions, and record the results in the appropriate columns of the table provided. consider each transaction separately and assume that only that transaction affects the data given. round to one decimal place. a. sold marketable securities at no gain or loss, 75,000. b. paid accounts payable, 135,000. c. purchased goods on account, 100,000. d. paid notes payable, 105,000. e. declared a cash dividend, 125,000. f. declared a common stock dividend on common stock, 45,000. g. borrowed cash from bank on a long-term note, 205,000. h. received cash on account, 130,000. i. issued additional shares of stock for cash, 635,000. j. paid cash for prepaid expenses, 15,000.

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