Pacific Explorers :: essays research papers fc

Andrew Sharp claims in his Ancient Voyagers in the Pacific published in 1956 that the Pacific Islanders did not possess the necessary navigational and sailing technology to deliberately navigate the distances between islands of the Pacific when colonizing these islands. He claims colonization was random and accidental. However, more recent studies from 1972 on of Pacific navigation suggest deliberate navigation and colonization was possible and did take place. These studies have been supported by reenactments of voyages, computer simulations, and newly acquired information regarding preparation for distant voyages. Andrew Sharp supports his claim of accidental colonization by citing numerous examples of lost voyagers landing on populated islands, their testimony or second hand information recorded by Captain Cook. Sharp claims the only distant voyages were confined to "Western Polynesia-Fiji and the Tahiti-Tuamotu archipelago" (Sharp 1956:2). He states that the longest offshore voyages made without landing on intermediate islands included distances of up to three hundred miles, separating Tonga, Fiji, Samoa, Rotuma and the Ellice Islands, and distances up to two-hundred and thirty miles, separating Tahiti from the Tuamotu islands. Sharp refers to an account by Captain Cook's interpreter, Omai, who discovered three of his own countrymen from Tahiti, who landed on Atiu, six hundred miles away. They were the sole survivors of twenty people, blown off course in a sudden gale while attempting to voyage from Tahiti to Raiatea, one hundred miles away. Sharp relies on generalizations given in Cook's logs referring to colonization of the remote islands of Polynesia. Cook refers to the accidental voyage to Atiu stating "this will serve to explain, better than a thousand conjectures of speculative reason, how the detached parts of the earth, and in particular, how the South Seas, may have been peopled; especially those that lie remote from any inhabited continent, or from each other." (Sharp 1956:4) Sharp uses examples procured from Cook's log book, citing observations of Anderson, ship surgeon in charge of natural history observations. "The knowledge they have of other islands is no doubt, traditional; and has been communicated to them by the natives of those islands, driven accidentally upon their coasts, who besides giving them the names, could easily inform them of the direction in which the places lie from whence they came, and of the number of days they had upon the sea." (Sharp 1956:7) Sharp discusses the navigational technology of the Tongans, with most of his knowledge based on Cook's observations. "The sun is their guide by day and the stars at night. When these are obscured, they have recourse to the points from which the winds and waves come upon the vessel. If during the obstruction the winds and waves should shift. . Pacific Explorers :: essays research papers fc Andrew Sharp claims in his Ancient Voyagers in the Pacific published in 1956 that the Pacific Islanders did not possess the necessary navigational and sailing technology to deliberately navigate the distances between islands of the Pacific when colonizing these islands. He claims colonization was random and accidental. However, more recent studies from 1972 on of Pacific navigation suggest deliberate navigation and colonization was possible and did take place. These studies have been supported by reenactments of voyages, computer simulations, and newly acquired information regarding preparation for distant voyages. Andrew Sharp supports his claim of accidental colonization by citing numerous examples of lost voyagers landing on populated islands, their testimony or second hand information recorded by Captain Cook. Sharp claims the only distant voyages were confined to "Western Polynesia-Fiji and the Tahiti-Tuamotu archipelago" (Sharp 1956:2). He states that the longest offshore voyages made without landing on intermediate islands included distances of up to three hundred miles, separating Tonga, Fiji, Samoa, Rotuma and the Ellice Islands, and distances up to two-hundred and thirty miles, separating Tahiti from the Tuamotu islands. Sharp refers to an account by Captain Cook's interpreter, Omai, who discovered three of his own countrymen from Tahiti, who landed on Atiu, six hundred miles away. They were the sole survivors of twenty people, blown off course in a sudden gale while attempting to voyage from Tahiti to Raiatea, one hundred miles away. Sharp relies on generalizations given in Cook's logs referring to colonization of the remote islands of Polynesia. Cook refers to the accidental voyage to Atiu stating "this will serve to explain, better than a thousand conjectures of speculative reason, how the detached parts of the earth, and in particular, how the South Seas, may have been peopled; especially those that lie remote from any inhabited continent, or from each other." (Sharp 1956:4) Sharp uses examples procured from Cook's log book, citing observations of Anderson, ship surgeon in charge of natural history observations. "The knowledge they have of other islands is no doubt, traditional; and has been communicated to them by the natives of those islands, driven accidentally upon their coasts, who besides giving them the names, could easily inform them of the direction in which the places lie from whence they came, and of the number of days they had upon the sea." (Sharp 1956:7) Sharp discusses the navigational technology of the Tongans, with most of his knowledge based on Cook's observations. "The sun is their guide by day and the stars at night. When these are obscured, they have recourse to the points from which the winds and waves come upon the vessel. If during the obstruction the winds and waves should shift. .

Dickens Social Commentary in Great Expectations Essay -- GCSE English

Dickens' Social Commentary in Great Expectations  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚        Ã‚   Charles Dickens' Great Expectations stands as one of the most highly revered works in all of English literature. The novel's perennial appeal lies in its penetrating depictions of character, rich panoramas of social milieu, and implicit crusades against social evils.1 Dickens used the growth of his characters in Great Expectations, particularly Pip, in relation to others to write about social reform, and most effectively illustrated this by using the first-person narrative style. In Great Expectations, Charles Dickens has written a social commentary using the development of his characters to illustrate his message. In my paper, I will concentrate on three of the main characters, Magwitch, Miss Havisham, Estella, and Joe Gargery. During the time when he lived, Dickens recognized many evils in society. In Great Expectations he focused on the problem of the whole idea of a class in society. It was a social commentary on society. His way to illustrate the solution to the problem of class in society was "to create characters who can get beyond the limitations and divisions of class identifications and see themselves as responsible humans."2 The people who read Dickens' works were often the kinds of people he was attacking. Dickens lived during the Victorian age which was known as the age of social criticism. Great Expectations was Dickens first attack on class in society.3 Dickens did not come right out and preach about social reform in his novels. He uses his rich characters to illustrate the values and morals he is trying to get across. Great Expectations is a novel of social criticism. In Dickens' opinion the two main social evils were selfishness an... ...ornback, 22. 3. Hornback, 4-5. 4. Hornback, 27-28. 5. Charles Dickens, Great Expectations (New York: Dodd, Mead and Company, 1942), 3. 6. Dickens, 395. 7. Dickens, 68. 8. Dickens, 71 . 9. Dickens, 72. 10. Dickens, 72. 11. Dickens, 598. 12. Dickens, 57. 13. Hornback, 25-26. 14. Hornback, 60.          Works Cited Chesterton, G.K. Charles Dickens: A Critical Study. New York: Dodd, Mead and Company, 1906. Dickens, Charles. Great Expectations. New York: Dodd, Mead and Company, 1942. Hornback, Bert G. Great Expectations: A Novel of Friendship. Boston: Twayne Publishers, 1987. Pearson, Hesketh. Dickens, His Character, Comedy, and Career. New York: Harper and Brothers Publishers, 1949. Priestley, J.B. Charles Dickens and His World. New York: Charles Scribner's Sons, 1961.   

African American President Essay

Between the two articles; â€Å"Hell Yeah, There’s Still Slam-Banging Black Music† by Greg Tate and â€Å"Starting Now, There Is No Such Thing as Black Music† by Cord Jefferson, they are basically discussing the beginning times of when Black Music came about and how it became labeled Black Music. Also how there should be no such thing as Black Music due to certain circumstance. Going back to when Black Music first became labeled Black Music and thinking about all the important Black leader who stood up for their rights and some who accomplished successful things that were once thought could only be accomplished by the Whites, I believe Black Music being labeled Black Music should stay the same. I also think whether to be considered Black Music or not, it will always be up to ones decision on what they consider the type of music they listen to no matter what anyone else says. What is labeled Black Music today I think has very significant and important meaning to the African American culture because just like the article â€Å"Hell Yeah, There’s Still Slam-banging Black Music,† African Americans don’t even have a country to call their own. I think having something simply as a type of music the Black’s created to call their own I don’t think should be a big deal at all and should not be changed. The article also mentioned that everything Black’s did back then became a beauty, especially their music which I think would be easy for anyone to see just knowing the history of African Americans and what they had to do just to be where they are today, slave and discrimination free. There is also plenty of successful African Americans we know about living today and from back then that went through a lot just have some recognition for the African American culture. Some of these successful African Americans not only include Musicians, but also actress and or performers, novel writers, business owners, and today a African American President. I do believe there is a such thing as Black Music simply because the music portrayed as Black Music is still continued today as well as when it first started. In the article by Cord Jefferson, he’s trying to compare basketball to the matter calling it a White’s sport because it first being played by White males, but it wouldn’t make sense being called a White’s sports today when today it’s played by many different races other than White males. Not saying that there aren’t non-Black people recording what we as Americans consider Black Music, but the larger majority of artist recording what’s labeled as Black Music today are African Americans. That’s basically how it’s been since the beginning start of Black Music and that’s how I believe it will stay.

Justin Timberlake

Since Justine Randall Timberline he has been called a natural entertainer, but the beginning of his legacy started off on born January 31, 1981, born to Randall Timberline and Lynn Harmless, in Memphis, Tennessee. His grandfather being a Baptist minister, Timberline automatically grew up in the church where he started singing for the Lord. Also, Timberland's mother was the manager of the all-girl group Nonsense, where he also received some of his musical background.Justine parents divorced when he was 5 years old, and both got remarried years later, which caused IM to have two half-brothers from his father's second marriage. Since then Justine has always remained close with his mother, and she now owns an entertainment company called Justine Entertainment. Everyone that surrounded Timberline admired him when he sang from an early age. They called him a â€Å"natural born† entertainer. When Timberline turned 10 years old, he was already singing at the Grand Ole Pry In Nashville , Tennessee.In 1993, he gained a huge opportunity to start performing on the Mackey Mouse club when he was only 12 years old with other moon known people such as Bribery Spears, Christina Agiler, and J Chases. After the show came to an end in 1995, he started an all-male singing group NCSC, (that Justine mother came up with) along with Lance Bass, J Chases, Joey Fatten, and Chris Kirkpatrick. They released their first single in 1996 and after their first song, it seemed like the group was unstoppable. In 2000, they released the most-selling album called â€Å"No Strings Attached†, and created an amazing name for themselves.In 2002, after NYSE completed their tours for their new album, they wanted to take a reek Timberline wanted to create a bigger reputation for himself, so after a few months of decision making he made the tough choice to pursue a solo career. After Timberline went solo, he attempted to drop the boy band look, and managed a more mature look. He expressed this in the way he dressed, and the lyrics of his songs. After 5 months, Timberline finally released his first album, and a couple of months later he performed solo for the first time at the 2002 MET Awards. With every outbreak, every superstar has an incident, famous and infamous.At the end of Justine Timberland's and Janet Jackson's amazing Superpowers performance, Timberline unintentionally pulled off Jackson's black leather outfit, and her breast was exposed. In order to attend the Grammy's, Timberline and Jackson had to make a public apology, Jackson refused to, but Timberline made an apology and won 2 Grammas that night. After that speechless incident, Timberline decided to put the music career on hold, and go into acting. He started that profession off by being the first celebrity on Gaston Sketcher's show Punk's, and doing a few skits on Saturday Night Live.After a ewe years of acting, Timberline got back In contact with his passion for singing. In 2006, he released a new album Futures/Loveliness, which made Its way up #1 on the Billboards charts within a few days. Timberland's profession has remained very vibrant. In the last 5 years, he has been In a varies of films, such as The Open Road, The Social Network, and Friends With Benefits. In the last year he has released an album titled 20/20 The Experience, and has also on tour promoting his album. He also got married to actress Jessica Bible. In 2013, Timberline shocked America when doe Music Awards.

Teaching Assistant Level 3, Assignment 1

Question 3: Make a list of the things expected from you as part of your role in supporting an individual or group of pupils. ensure resources are available in order to support the targeted children carry out speaking and listening observations of the whole class or targeted children check and record the work completed by the children ncourage children to correct their own mistakes and provide encouragement once done assist children to catch up on any missed work support children to aid their understanding and answering questions guide and support children through reading and by explaining texts and worksheets set out and put away equipment Question 4: Think about your role and responsibilities as a teaching assistant. List examples of your own general and specific tasks. ake a pro-active role and use own initiative in the classroom encourage and support children in making decisions about their own learning by providing appropriate levels of assistance for individual children provide challenges to support independent learning by encouraging children to review their own learning abilities and support areas of possible development lead specific activities set out by the teacher for children with special needs observe children and make necessary changes to tasks and activities specifically for Special Education Needs children in order for them to successfully achieve and meet needs support children with behavioural difficulties to remain on track and also children with low levels of concentration by re-explaining tasks or worksheets assist children with organisational problems to become more structured to help them begin their work quickly and understand the value of basic logic help with reading, spelling, phonic and memory tests record children’s achievements and be prepared to feedback to parents as and hen required report back to the teacher as required to maintain best possible performance Question 5: Briefly describe the role of the teaching assistant in relation to the teacher. The Teaching Assistant role is to assist the teacher by supporting children during the teaching of the curriculum. Teaching Assistants work with the teacher to support children learning within the whole class or they work on their own to support the learning of individuals or small groups of children. Utmost is to ensure the Teacher can work fluently and efficiently because the teaching assistant has all tactical and practical elements of class exercises well managed and under control.

A Thousand Splendid Suns Reivew Essay

Macbeth is a Shakespearean Tragedy Macbeth is considered to be one of the greatest Shakespearean tragedies written by William Shakespeare. According to A.C. Bradley, it is the â€Å"most vehement, the most concentrated, perhaps we may say the most tremendous, of the tragedies† (Bradley 333). Macbeth, written by Shakespeare is a Shakespearean tragedy because it has a tragic hero, mathemata, and a hamartia. These three characteristics are crucial to have in a Shakespearean tragedy and prove that Macbeth is indeed one. More specifically, the tragic hero is one of the most important of the three because without the hero, sympathy cannot be evoked. Macbeth is a tragedy because it contains a tragic hero. In a Shakespearean tragedy, it is imperative that the tragic hero is of high estate, affects the whole nation and evokes pity and fear from the audience. The tragic hero in Macbeth is Macbeth himself. At the beginning of the play, Macbeth is introduced as the Thane of Glamis and â€Å"a general of extraordinary prowess† (Bradley 44) in Duncan’s army. When a battle takes place, Macbeth bravely defends Scotland in the battle and is victorious. When he returns home, King Duncan praises him: O worthiest cousin! †¦.Thou art so far before†¦. Only I have left to say, More is thy due than more than all can pay. (Shakespeare 1.4.17-24) Duncan states that Macbeth is his worthiest kinsmen and has done so much for him that he owes Macbeth more than he can ever repay. The audience can identify that Macbeth is a significant character of high estate because he is already Thane of Glamis, and is well respected by the king of Scotland. Macbeth’s high social standing evokes pity and fear from the audience because his sins and downfall are emphasized. The audience suspects him to be virtuous, therefore arousing fear when he commits sins. Also, he has a lot more to lose than a regular citizen; Macbeth eventually loses his mind, wife, house, reputation, and kingship. Since Macbeth is a character of high estate and evokes pity and fear for the audience, he is the tragic hero in Macbeth. Macbeth is also a tragic hero because he is a character of high estate in two additional ways. After the victorious battle, Macbeth is greeted by two noblemen of Scotland sent by the king: â€Å"He bade me, from him, call thee Thane of Cawdor. /In which addition, hail, most worthy Thane, /for it is thine† (Shakespeare 1.3.111-113).When the Macdonwald, the Thane of Cawdor, commits treason, he is executed and a new Thane is chosen. After hearing about Macbeth’s success in the battle, King Duncan appoints Macbeth as the new Thane of Cawdor. As a result of Macbeth’s nobility, loyalty and bravery, he earns his title as Thane of Cawdor thus proving he is of high estate. When King Duncan dies, Macbeth is chosen to be King of Scotland. Usually, when a king dies, their heir becomes king. However, since both of Duncan’s sons fled the country for their own safety, Macbeth is chosen to be King. This shows the audience that Macbeth is well respected by the citizens of Scotland because he appears to be the best king, second to Duncan’s sons. As the new King of Scotland, Macbeth’s fate evidently has an affect on the welfare of the whole nation. In conclusion, Macbeth is a tragic hero because he is of high estate in several ways, evokes pity and fear from the audience and affects the welfare of the whole nation. When the nation is negatively affected, order must be restored. This is done through the resolution of the plot, also known as mathemata. Mathemata is an extremely important characteristic of a Shakespearean tragedy because it re-establishes the moral order of the world in the play. In Shakespeare’s play, order is restored when Macbeth is killed: â€Å"Behold where stands/The usurper’s [Macbeth’s] cursed head. The time is free† (Shakespeare 5.8.55-56).Macbeth is considered as the evil defilement and ‘sickness’ of Scotland because he perpetrates a series of murders, and more significantly violates the natural order of the universe at the highest level by killing Duncan. Since Macbeth causes the entire situation â€Å"he must end in destruction and despair† (Ribner 57). At the end of the play when Macbeth ends in ‘destruction and despair’, Scotland is finally â€Å"cured† and order is restored. The natural order of the universe is also re-established because Malcolm replaces Macbeth’s position as King. Scotland is no longer ruled by  Macbeth’s tyranny; instead it is ruled by Malcolm, an extremely honourable man: Nay, had I power, I should Pour the sweet milk of concord into hell, Uproar the universal peace, confound All unity on earth. (Shakespeare 4.3.109-112) Although Malcolm may not appear to be virtuous in this scene, he is very much so. At the beginning of the play, Duncan does not test the loyalty of Macdonwald and Macbeth. As a result, Duncan is betrayed by these two men who appeared to be honourable. Malcolm learns from his father’s mistakes and tests MacDuff’s patriotism. Malcolm states he does not contain any qualities of a virtuous king and that he would destroy all peace on earth. When MacDuff has a passionate outburst, Malcolm reveals the truth that he is in fact an honourable man because he is able to identify that MacDuff is a â€Å"child of integrity† (Shakespeare 4.3.129). This proves that Malcolm is in fact a virtuous king because he is not easily fooled like Duncan. Instead, Malcolm is a cautious and knowledgeable man who is likely to be a successful king. With a new honourable and sincerely virtuous king, and the death of Macbeth, the order of the universe is finally restored and the play is resolved. Not only is the death of Macbeth recognized as the resolution of the plot, however, it is also recognized as his tragic end which is caused by a hamartia. For a play to be a Shakespearean tragedy, it must have a hamartia. A hamartia, also known as a tragic flaw, is a good quality in the protagonist which eventually goes somewhat awry and causes their disastrous demise. Macbeth’s tragic flaw is his ambition. Macbeth’s ambition can be recognized as a desirable quality because it causes him to be a great warrior. However, when Macbeth is told by the witches that he will become future king, he has thoughts of killing Duncan. Already, Macbeth’s ambition goes somewhat awry. At first, Macbeth states that he does not want to kill Duncan because â€Å"this Duncan/Hath borne his faculties so meek, hath been/So clear in his great office, that his virtues/Will plead like angels†¦.† (Shakespeare 1.7.16-18) and admits that I [Macbeth] have no spur To prick the sides of my intent, but only Vaulting ambition, which overleaps itself And falls on the other. (Shakespeare 1.7.25-28) Macbeth realizes the only reason he has for murdering Duncan is his ‘vaulting ambition’ which does not rationalize the act of killing a virtuous king. Although Macbeth is aware that his vaulting ambition will only lead him to disaster, he still commits the crime. At this point, the audience is fully aware that Macbeth’s ambition is no longer a desirable trait because his ambition, â€Å"which is also his greatness, is fatal to him† (Bradley 9). His ambition allows him to â€Å"hide what the false heart doth know† (Shakespeare 1.7.92) and overcome the thought of killing a virtuous king. Although some scholars may say the witches and Lady Macbeth cause Macbeth’s downfall, he commits and instigates all of the murders himself; it is his own actions that lead him to his tragic end. If Macbeth was not so ambitious for status and did not allow his flawed trait to overpower his morality, he would realize it is irrational to kill the king. Without doubt Macbeth’s ambition acquires him kingship, however, it leads him to death of several innocent people and is the major cause of his downfall. Macbeth’s hamartia is also evident later on the play when he kills Banquo and attempts to kill Banquo’s son. After the witches predict that Banquo’s sons will become kings, Macbeth feels threatened as the new king of Scotland: â€Å"To be thus is nothing, but to be safely thus† (Shakespeare 3.1.54). Macbeth determines that the only way to be ‘safely thus’ is to kill Banquo and his son Fleance. Macbeth’s great ambition for power causes him to have a greed for power and stop at nothing to secure his position as king; even if it means he must kill his best friend and challenge fate: â€Å"Rather than so, come, Fate, into the list,/And champion me to the utterance!† (Shakespeare 3.1.77-78). Macbeth’s ambition causes him to believe he can defeat the prophecy of the witches. Macbeth believes that if he kills Banquo and Banquo’s sons, his position as king will be protected. However, by murdering more people, Macbeth’s life, conscience, and kingship is jeopardized instead. Eventually, Macbeth faces the consequences of his own  actions as a result of his ‘great’ ambition and is killed. If Macbeth was not so ambitious, he would realize it is impossible to defeat fate, ultimately preventing his tragic end. Although Macbeth’s ambition begins as a virtue, it goes wrong and eventually leads to his tragic end. All of Macbeth’s actions have led himself to his death and aroused several emotions within the audience; thus proving Macbeth has a hamartia and ultimately is a Shakespearean tragedy. Macbeth is said to be one of the last tragedies Shakespeare ever wrote. None the less, it â€Å"has increasingly impressed twentieth century critics† (Hawkes 50). Macbeth has a tragic hero of high estate and a hamartia that leads to the hero’s tragic end. Last but not least, when order is restored, there is mathemata. With the three most imperative characteristics of a tragedy, Macbeth fulfills the title as the â€Å"most vehement, the most concentrated, perhaps we may say the most tremendous, of the tragedies† (Bradley 333) and proves it is indeed a true Shakespearean tragedy. Works Cited Arif, G. M. Javed. â€Å"Macbeth’s Identity Crisis: Shakespeare as the Saviour.† Academia.edu. N.p., Dec. 2000. Web. 15 Dec. 2011. Bloom, Harold, ed. Major Literary Characters: Macbeth. New York: Chelsea House, 1991. Print. Bradley, A. C. Shakespearean Tragedy: Lectures on Hamlet, Othello, King Lear, Macbeth. 2nd ed. London: Macmillan, 1905. Johnson, Vernon E., ed. Power in William Shakespeare’s Macbeth. Detroit: Greenhaven Press, 2009. Print. Shakespeare, William. The Global Shakespeare Series: The Tragedy of Macbeth with Related Readings. Eds. Dom Saliani, Chris Ferguson, and Dr. Tim Scott. Albany, N.Y.: International Thomson Pub Nelson Canada, 1997. Print.

Chapter 9

Chapter 9 closing case Ashford University BUS 650 Managerial Finance When should Bunyan Lumber, harvest the forest? The cash flow will grow at the inflation rate of 3. 7%. Utilizing the real cash flow formula (1+R) =v (1+R)(1+H) 1. 10 = (1+R)(1. 037) R= 6. 08% The conservation funds are anticipated to grow slower than the inflation rate. The return for the conservation fund will be, (1+R) = (1+R) (1+H) 1. 10 = (1+R) (1. 032) R= 6. 5% The cash flow from the thinning process is as follow, Cash flow from thinning = Acres thinned x cash flow per acre Cash flow from thinning = 7,500 ($1,200) Cash flow from thinning = $9,000,000 Thinning beyond the initial thinning is conducted on a schedule and can be included. After tax cost of the conservation fund will be, After tax conservation fund cost = (1†C. 35) ($250,000) After tax conservation fund cost = $162,500 For each analysis the cost and revenue are; Revenue [ E (% of grade )(harvest per acre)(value of board game)](acres harvested) (1†C defect rate) Tractor cost = (Cost MBF)(MBF per acre)(acres) Road cost = (Cost MBF)(MBF per acre)(acres) Sale preparation and administration = (Cost MBF) (MBF acre) (acres) It is assumed that there is no depreciation as a result of the harvest. This is an indicator that operating cash flow is equal to net income. The NPV of the thinning, the NPV of all future harvests, minus the present value of  the conservation fund costs. Revenue $39,800,250 Tractor cost 7,200,000 Road 2,700,000 Sale preparation & admin 945,000 Excavator piling 1,200,000 Broadcast burning 2,287,500 Site preparation 1162,500 Planting costs 1,800,000 EBIT $22,505,250 Taxes 7,876,838 Net income (OCF) $ 4,628,413 First harvest after 20 years PV First = $14,628,413/ (1+ . 0608)20 PV First = $4,496,956 Projection of thinning after 40 years 40-year project interest rate = [(1+ . 0608)40] ? C1 0-year project interest rate = 958. 17% 40-year conservation interest rate = [(1+ . 0659)40] ? C1 40-year conservation interest rate =1,183. 87% Present value of future thinning on this schedule, which will be; PV Harvest = [($ 14,628,413/9. 5817)] / (1+ . 0608)20 PV Harvest = $469,325. 52 Present value of conservation funds deposit PV Conservation = ? C$162,500 ? C$162, 500/11. 8387 PV Conservation = ? C$176. 226. 22 Current value of conservation PV Conservation = ? C$176,226. 22/ (1+ . 0659)20 PV Conservation = ? C$49,182. 52 NPV of a 40-year harvest schedule is: NPV = $4,496,956 + 939,286. 45 + 469,325. 52 ? C9,182. 52 NPV = $5,856,385. 9 45-year harvest schedule: Revenue $55,462,853 Tractor cost $9,840,000 Road $3,690,000 Sale preparation & admin $1,291,500 Excavator piling $1,200,000 Broadcast burning $2,287,500 Site preparation $1,162,500 Planting costs $1,800,000 EBIT $34,191,353 Taxes $11,966,973 Net income (OCF) $22,224,379 The PV of the first harvest in 25 years is: PV first = $22,224,379/ (1+ . 0608) 25PVFirst = $5, 087, 23 45 year interest rate 45-year project interest rate = [(1+ . 0608)45] ? C1 45-year project interest rate =1,321. 11% 45 year interest rate for the conservation fund 45-year conservation interest rate = [(1+ . 0659)45] ? C1 5-year conservation interest rate = 1,666. 38% PV of future thinning PV Thinning = $9,000,000/13. 111 PV Thinning = $681,246. 84 Utilizing the OCF of $22,024,504, the PV are as follow, PV Harvest = [($22,224,379/13. 21111)] / (1+ . 0608)25 PV Harvest = $385,073. 30 The present value of these deposits is: PV Conservation = ? C$162,500 ? C $162,500/16. 6638 PV Conservation = ? C$174,800. 29 NPV of a 45-year harvest schedule is: NPV = $5,087,231+ 681. 246. 84 + 385,073. 30 ? C 35, 458, 26 NPV = $6, 1118,092. 40 50-year harvest schedule: Revenue $64,610,783 Tractor cost $11,280,000 Road $4,230,000 Sale preparation & admin $1,480,500 Excavator piling $1,200,000 Broadcast burning $2,287,500 Site preparation $1,162,500 Planting costs $1,800,000 EBIT $41,170,283 Taxes $14,409,599 Net income (OCF) $26,760,684 The PV of the first harvest in 30 years is: PV First = $26,760,684/ (1+ . 0608)30 First = $4,561,202 The effective 50-year interest rate for the project is: 50-year project interest rate = [(1+ . 0608)50] ? C1 50 year project interest rate=1,808. 52% 50 year interest rate for the conservation funds 50-year conservation interest rate = [(1+ . 0659)50] ? C1 50-year conservation interest rate = 2,330. 24% Present value of future thinning on this schedule, which will be PV Thinning = $9,000,000/18. 0852 PV Thinning = $497,644. 82 The operating cash flow from each harvest on the 50-year schedule is $26,531,559, so the present value of the cash flows from the harvest are: PV Harvest = [($26,760,684/18. 0852] / (1+ . 0608)30 PV Harvest = $497,644. 82 Present value of the conservation fund deposits PV Conservation = ? C$162,500 ? C $162,500/23. 3024 PVConservation? C$171,485. 25 Today’s conservation value PV Conservation = ? C$171,485. 25/ (1+ . 0659)30 PV Conservation = ? C$25,283. 50 NPV of a 50-year harvest schedule is: NPV = $4,561,202 + 497,644. 82 + 252,206. 52 ? C 25,283. 0 NPV = $5,285,770. 21 55-year harvest schedule: Revenue $72,972,113 Tractor cost $12,600,000 Road $4,725,000 Sale preparation & admin $1,653,750 Excavator piling $1,200,000 Broadcast burning $2,287,500 Site preparation $1,162,500 Planting costs$1,800,000 EBIT $47,543,363 Taxes $16,640,177 Net income (OCF) $30,903,186 First harvest in 35 years PV First =$30,903,186/ (1+ . 0608)35 PV First = $3,922,074 Thinning 55 years from today: 55-year project interest rate = [(1+ . 0608)55] ? C1 55-year project interest rate = 2,463. 10 55 year conservation fund 55-year conservation interest rate = [(1+ . 0659)55] ? C1 5-year conservation interest rate = 3,243. 60% Present value of future thinning: PV Thinning = $9,000,000/24. 6310 PV Thinning = $365,392. 74 Present values of the cash flows from the harvest are: PV Harvest = [($30,903,186/24. 6310] / (1+ . 0608)35 PV Harvest = $159,233. 03 Present value of the conservation fund deposits: PV Conservation = ? C$162,500 ? C $162,500/32. 4360 PV Conservation = ? C$169,097. 37 Today’s value of the conservation fund PV Conservation = ? C$169,097. 37/(1+ . 0659)35 PV Conservation = ? C$18,121. 00 NPV of a 55-year harvest schedule NPV = $3,922,074 + 365,392. 74 +159,233. 03 ? C18, 121. 00 NPV = $4,428,578. 40