1) a. What are the marginal costs for the boy to pick berries?
b. What are the marginal benefits for the boy to pick berries?
2) a. When should the boy stop picking berries in terms of marginal benefits and marginal costs?
b. What is the total number of berries that the boy picks?
BSc (Hons) Nursing / Registered Nurse
Leading and Managing in Professional Practice
Assessment Title: Essay
Assessment Details
You will submit a 3000-word essay in which you will:
1. Critically evaluate literature on the role of leadership and management in healthcare practice in one of the three identified areas.
2. Reflect on your formative group experiences and the implications for your future role as a registered practitioner.
Choose from one of the following three topics:
• Personal and professional development of self and others.
• Resource Management, compassionate care and ethical practice.
• Working in partnership with users, carers and families.
Marking Criteria;
Marking Criteria: in this piece of work you will be expected to: Proportion of marks
Identify, with rationale, the chosen topic and discuss its relevance to contemporary health care practice.
You will:
• Indicate which of the three topics is the focus of your work giving a rationale for your choice.
• Give an introduction to the topic and discuss its importance to current health care practice 15%
In relation to your chosen topic, critically evaluate the key issues in the literature with regard to leadership and management, using examples from practice to illustrate its application.
You will:
• Critically evaluate theoretical principles related to leadership and management using examples/ experiences from clinical practice to support your arguments.
• Support your work with relevant literature and peer reviewed sources 45%
Reflect on your learning with regards to the importance of team working and group processes, using examples from formative group work undertaken during the course of module delivery to illustrate these principles.
You will:
• Draw upon examples/ experiences from formative group activities to support your argument.
• Reflect on your learning in relation to key principles of team working and group processes.
• Consider why team working is important to health care.
• Support your work with relevant literature and peer reviewed sources 15%
Reflect on how your learning from this module will influence and inform your future practice as a registered practitioner.
You will;
• Reflect on how you can apply your learning to your future practice, including examples of inter-professional working 15%
Demonstrate logical and coherent development in your work. It must be clearly presented
You will:
• Structure your essay in a logical manner including an introduction and summary or conclusion.
• Demonstrate a coherent line of discussion 5%
Use an accurate and recognized referencing system.
You will:
• Use Harvard referencing.
• Include an accurate and complete reference list.
Assignment 3: Dismissal Meeting.
Imagine that you are an office manager and you have been tasked with the job of coordinating and heading the dismissal meeting for an employee layoff.
Write a six to eight (6-8) page paper in which you:
Propose three (3) ways that a manager can cope with any negative emotions that may accompany an employee layoff.
Describe a step-by-step process of conducting the dismissal meeting.
Determine the compensation that the fictitious company may provide to the separated employee.
Using Microsoft Word or an equivalent such as OpenOffice, create a chart that depicts the timeline of the disbursement of the compensation.
Predict three (3) ways that this layoff may affect the company.
Use at least three (3) quality academic resources in this assignment. Note: Wikipedia and other Websites do not qualify as academic resources.
Your assignment must follow these formatting requirements:
Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.
The specific course learning outcomes associated with this assignment are:
Formulate HRM strategies and policies to recruit, select, place, and retain the most efficient and effective workforce.
Develop effective talent management strategies to recruit and select employees.
Design processes to manage employee performance, retention, and separation.
Analyze laws governing employment and how organizations can ensure ethical practices.
Use technology and information resources to research issues in strategic human resource development.
Write clearly and concisely about strategic human resource development using proper writing mechanics.
Use Microsoft Word or an equivalent such as OpenOffice, create a chart that depicts the timeline of the disbursement of the compensation.
International Research Journal of Applied Finance ISSN 2229 – 6891 Vol. VI Issue – 8 August, 2015 Case Study Series
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A Stock Valuation Case: An Application of the “Method of Comparables” for Macy’s Shares
Halil D. Kaya* Julia S. Kwok
Abstract The primary focus of this case is the application of the “Method of Comparables” in the estimation of the value of a security. An investment decision will be made based on the comparison of the selling price and the estimated value. A security will be good for purchase if the estimated value is higher than the market price. This method utilizes basic financial ratios that are commonly provided by financial web sites. First, using Yahoo Finance website, the pricing, sales, book value of equity and shares outstanding data are collected for both the target firm and the competitor firms. Then, the pricing multiples (i.e. price earnings ratio, price to sales ratio and price to book ratio) of the competitors are calculated. After that, those multiples along with the target firm’s earnings, sales, book value and shares outstanding data are used to estimate target firm’s share value. The case also examines the impact of treating “negatives” in the data. Students will learn that replacing negative earnings with zeros tend to induce less bias in target firm’s value estimation than excluding the “negative” data altogether.
Keywords: financial statement analysis, valuation, comparables, stock investments JEL classifications: G11, G12, A22
Introduction March 14, 2015 was a sunny day. Mary took advantage of the nice weather to have lunch at the Mall. On her way back to work, she walked by Susan’s investment office. Susan was Mary’s college roommate. They both liked shopping together to find new fashionable clothes. Looking at her watch, Mary realized she had half an hour to spend. She thought she would drop by and say hello to Susan.
The Performance of Macy’s “Hi, Susan, how are you?” How is your business?” said Mary. Susan was a recent finance graduate. Susan replied, “I am doing fine. Thank you. After so many years, the market is still recovering from the mortgage crisis; many investors have been buying back stocks that they have sold during the crisis. What are you up to?” “I want to start my investment in securities, too. I have a couple thousand dollars, would Macy’s be a good stock to invest in now? That was our favorite store to shop among all of the department stores,” Mary exclaimed. She added, “Also, I read from Motley’s Fool’s article on Macy’s today about its earnings per share growth for the last 16 quarters” (Zahid Waheed, 2014).
In response to Mary’s questions, Susan checked the monthly adjusted returns of Macy’s in Yahoo Finance. She found that, since March 2010, Macy’s stock price had an average annual increase of 23.5% over the last 5 years. The stock rose from $19.98 to $57.38. Susan then told Mary that Macy’s was indeed a growing stock. She added that its success could be attributed to the omni-channel integration, e-commerce and magic selling strategies which allowed merging of sales channels, online shopping and better customer care. Since investment strategy 101 is to
International Research Journal of Applied Finance ISSN 2229 – 6891 Vol. VI Issue – 8 August, 2015 Case Study Series
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buy low, and sell high, given Macy’s stock price had been going up, Susan was not sure whether Macy’s was currently overvalued or undervalued by the market.
The Method of Comparables Susan remembered her class lecture on the two types of valuation of stocks, namely absolute and relative evaluation. The absolute evaluation focuses on finding the intrinsic value of the security based on fundamentals. That involves more complicated models of discounting cash flows from dividends, operations and residual income.
On the other hand, relative evaluation is quick and easy to use. It assumes two similar securities should sell for one price in an efficient market, i.e. “Law of One Price.” So an analyst can estimate its stock price by multiplying target company’s specific earnings, sales and equity value data by the earning, sales and equity “per share” financial multiples of its competitors.
Since Mary was not familiarized with financial models, Susan decided to use the easy-to perform-and-analyze “Comparables Method” to estimate the relative value of Macy’s stock.
The Financial Data Dillards, JC Penney and Nordstrom were selected as competitors of Macy’s as they were all in retail department store business. Susan would need some financial data regarding these companies. She went to SEC’s (i.e. Securities and Exchange Commission) website and downloaded these companies’ most recent balance sheet and income statement data. Out of those statements, she knew that she would need the EPS (i.e. earnings per share), the sales number, the number of outstanding shares, and the book value of equity. She also knew that she would need the current share price for each company. After some work, she had found all the necessary information to run the analysis. Below were the data that she had gathered:
All data are in US$ except for the number of outstanding shares. The share price as of March 15, 2014 is shown in the first column. The “Earnings per share” is shown in the second column. The third column reports the book value of equity. The last column shows the number of outstanding shares. Firm P ($) EPS ($) Sales ($) BV of equity ($) # of shares Macy’s 58.58 3.93 27,931 mil. 6,249 mil. 378.3 mil. Dillard’s 90.61 7.10 6,532 mil. 1,992 mil. 45.6 mil. JC Penney 8.71 -5.57 11,859 mil. 3,087 mil. 249.3 mil. Nordstrom 61.33 3.77 12,166 mil. 2,080 mil. 194.5 mil.
The Decision Susan thinks that the following steps would be necessary to perform the analysis: 1. Based on the data above, calculate Sales per share, BV of equity/share values of all firms. Note that EPS is directly given. 2. Calculate P/E, P/Sales, and P/B for all of Macy’s competitors based on the data obtained. 3. Find the average of the P/E, P/Sales, and P/B multiples for the three competitors.
International Research Journal of Applied Finance ISSN 2229 – 6891 Vol. VI Issue – 8 August, 2015 Case Study Series
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4. Multiply those averages calculated in step 3 with Macy’s EPS, Sales per share, and BV of equity/share values, respectively to get three value estimates for Macy’s shares. 5. The average of the three estimates would then be Susan’s best estimate of Macy’s value per share. The investment decision would be based on the comparison of the selling price and the estimated value. Macy’s would be a good buy if the estimated value was higher than the market price.
Questions to Students;
1. Use all of the above data to estimate the value of Macy’s shares. One problem above is the negative EPS (i.e. loss) by JC Penney. What should you do if you have negative earnings for a comparable firm? If you do not include JC Penney in the P/E calculations (but use it in the other multiples), using the “Method of Comparables”, what would you find as the value of Macy’s shares? Would you invest in Macy’s shares?
2. If instead of completely dropping JC Penney from the P/E calculations and just use “0” for JC Penney’s EPS, using the “Method of Comparables”, what would you find as the value of Macy’s shares? Would you invest in Macy’s shares?
3. How different are your results in questions (1) and (2)? Why do you think your estimates for Macy’s shares are so different in these two alternative actions? Which action would be wiser: Dropping JC Penney completely from the P/E calculations, or instead entering a value of “0” for its EPS number?
References Joseph Nguyen. How to Choose the Best Stock Valuation Method? (2010). Retrieved August 1, 2014 from http://www.investopedia.com/articles/fundamental-analysis/11/choosingvaluation-methods.asp Historical prices from March 2010-March 2014. Yahoo! Finance (2014). Retrieved August 1, 2014 from http://finance.yahoo.com/q/hp?s=M&a=02&b=14&c=2010&d=02&e=14&f=2014&g=m Old Headlines. Yahoo! Finance (2014). Retrieved August 1, 2014 from http://finance.yahoo.com/q/h?s=M&t=2014-03-16 Company Filing. Security Exchange Commission. (2014). Retrieved August 1, 2014 from http://www.sec.gov/edgar/searchedgar/companysearch.html Zahid Waheed. Will Macy’s Keep Up the Good Work? (2014). Retrieved August 1, 2014 from http://www.fool.com/investing/general/2014/03/14/is-macys-on-the-right-track.aspx Authors
Halil D. Kaya* Associate Professor of Finance, Department of Accounting and Finance, College of Business and Technology, Northeastern State University, Broken Arrow, OK 74014; Email: kaya@nsuok.edu
Julia S. Kwok Associate Professor of Finance, Department of Accounting and Finance, College of Business and Technology, Northeastern State University, Broken Arrow, OK 74014
| BMGT 110 – Project 2: Current Event Paper
Purpose The purpose of this project is for you to demonstrate an understanding of current events and their effect on management, management processes and operations. Outcome Met with This Project · Discuss the financial, economic, regulatory, sociopolitical, and technological factors as they relate to a dynamic business environment. How to Set Up the Paper Create a Word or Rich Text Format (RTF) document that is double-spaced using Times Roman New 12-point font. The final product will be 3 -4 pages in length excluding the title page and reference page. Write clearly and concisely. Create a Title page with a title for the paper, course number, your name and the instructor’s name. Course Materials and Research This project requires you to research. You will first research using the U.S. Census Bureau to extract information related to the U.S. trade position. You are expected to address the requirements in the template below, using course materials and research to support the reasoning. Note that using course materials and reference articles goes beyond defining terms but clearly and thoroughly explains the ‘why and how’ of a situation. Avoid merely making statements but close the loop of the discussion by explaining how something happens or why something happens, which focuses on importance and impact. In closing the loop, you will demonstrate the ability to think clearly and rationally showing an understanding of the logical connections between the course materials, your reference articles and the question(s) being asked. Use the following template using the headings to separate elements. Create a new paragraph for each bulleted item below. Do not use bullets in your paper as the required format is in narrative format with indented paragraph and no extra space between paragraphs. Introduction · Write an Introduction paragraph. The Introduction paragraph is the first paragraph of the paper and will be used to describe to the reader the intent of the paper explaining the main points covered in the paper. This intent should be understood prior to reading the remainder of the paper so the reader knows exactly what is being covered in the paper. · Consider writing the introduction last to ensure that the main points are covered. Foreign Trade · Using the U.S. Census Bureau, identify the export, import and total trade amounts for the United States for the last reported quarter/year end. · Calculate the balance of trade and discuss the results. · Explain how imports and exports affect the US economy. Trade with China Currently, China has tariffs in place on approximately $110 billion of U.S. products. The tariffs range from 5%-25% and are placed on products that include soybeans, beef, pork, seafood, vegetables, liquefied natural gas, whiskey and ethanol. On August 1, 2019, the Trump administration announced that it planned to levy tariffs of 10% on over $300 billion of Chinese imports. Answer the following requirements: · Using the U.S. Census Bureau, identify the U.S. export and import totals with China for the last reported quarter and explain what these amounts mean for the U.S. · Explain how has Trump’s trade protectionism impacted businesses in China? Make sure to include examples. · Explain how Trump’s trade protectionism has impacted other countries? Make sure to include examples. Conclusion · Create a concluding paragraph. The Conclusion summarizes the main topics discussed in the paper. References · The reference page is on a separate page from the report. The reference page is completed according to APA with each reference left-justified with hanging indentation for subsequent lines. References are completed in alphabetical order. Please see the module, Learn to Use APA to ensure references are in APA format. · A reference should appear under the reference section for each in-text citation in the paper. A reference may not exist without the associated in-text citation and vice versa. Review the Paper Read the paper to ensure all required elements are present. The following are specific requirements that you will follow. Use the checklist to mark off that you have followed each specific requirement.
Submit the paper in the Assignment Folder (The assignment submitted to the Assignment Folder will be considered the student’s final product and therefore ready for grading by the instructor. It is incumbent upon the student to verify the assignment is the correct submission. No exceptions will be considered by the instructor). Self-Plagiarism: Self-plagiarism is the act of reusing significant, identical or nearly identical portions of one’s own work. You cannot re-use any portion of a paper or other graded work that was submitted to another class even if you are retaking this course. You also will not reuse any portion of previously submitted work in this class. A zero will be assigned to the assignment if self-plagiarized. Faculty do not have the discretion to accept self-plagiarized work. NOTE: All submitted work is to be your original work. You may not use any work from another student, the Internet or an online clearinghouse. You are expected to understand the Academic Dishonesty and Plagiarism Policy and know that it is your responsibility to learn about instructor and general academic expectations with regard to proper citation of sources as specified in the APA Publication Manual, 6th Ed. (Students are held accountable for in-text citations and an associated reference list only).
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Need to go through all of learning material to do coursework, and look at previous coursework and it’s feedback.
Part 1: Language and literacy learning (around 1500 words)
Part 1 of the English Workbook is an assessed portfolio of evidence in which you demonstrate your learning and development, and the application of your subject knowledge in an educational context.
Complete Sections 1, 2 and 4 and selected elements of Section 3. Follow the instructions in the TMA 03 English Workbook to help you to decide the areas you will focus on.
The grading of Part 1 of your workbook will be a reflection of the research you carry out to improve and apply your English subject knowledge.
Part 1 of the English Workbook is worth 50% of your overall mark for TMA 03.
Part 2: A portrait of a child as a language user (1000 words)
Evaluate your focus child as a language user. Discuss how your subject knowledge enables you to understand and analyze how the child uses language in the situations observed.
This part of the assignment is based on your observations of a child as the child develops as a reader, writer, speaker and listener. Ideally you will be observing a child in an educational setting, but if this is not possible, use the Block 3 practice-setting audio/video materials. Drawing on the observations you made of your focus child and on your Block 3 learning, evaluate your focus child in ONE of the following areas:
the child’s oral language (speaking and listening)
the child as a reader
the child as a writer.
Although you are asked to focus on just one area of language use, you are free to comment on other areas (for example, if your focus is on writing you may wish to refer to a discussion the child has – with an adult or other child(ren) – which aids their planning or reflection). Further detailed guidance about writing Part 2 of TMA 03 is included in the English Workbook.
Part 2 is worth 50% of your overall mark for TMA 03.
Part 3: Academic language and learning checklist and Marking grid
Complete the Academic language and learning checklist in Part 3. Leave the unaltered Marking grid in your workbook. Your checklist and grid do not form part of the word count for TMA 03.
1. Provide a brief review of the state of tourism in Bhutan. How many tourists, long term growth pattern, main markets, main types of tourism. The reader needs to have a good feel for the nature of tourism there.
2. A (very) brief review of the problems facing tourism.
3. What is the principal challenge facing tourism? this is the key section. Provide evidence for this statement. You will need to find criteria with which to evaluate this and assess all the challenges using these criteria in order to identify what you consider to be the most important one.
4.How has the problem been addressed to date? if it such an important challenge it probably has been addressed so you need to assess what progress has been made towards overcoming it. What sort of policies were adopted? We must assume that the problem is ongoing and that these policies have failed.
5.Are policy makers affected by ideologies? Is the cause of the failure to solve the problem the result of the political ideology of the policy makers? What do they think caused the problem?
Suppose the problem is the absence of good infrastructure which is keeping tourists away. The government may believe that it is not their job to develop infrastructure but that the private sector should do so. Policy makers may therefore try to make the country attractive to business so that they will invest in infrastructure. This belief is a product of neo-liberal political ideology and that has informed the policy makers. Is this analysis right? If you think it is, then why has the problem remained?
Neo-liberalism and social democracy are the two key political ideologies. Is the
persistence of your problem the result of sticking to this approach? You need to show why you think that these politicizes belong to the ideological approach that you have selected. What has the government done to make investing more attractive and do you think this approach is correct? Has it solved the problem?
6. What about the other ideological approach? Do you think that it policy makers were to use that, they would be able to develop a more effective set of policies? In this section you need to think about these two ideologies. Which one do you think is more suitable for solving your country’s problem? You might agree with the government’s analysis but then you need to ask why has the policy not been successful since this is still a problem? Maybe you want to argue that the ideology is right but that the policies were not focussed enough. On the other hand you may disagree with this approach. You may think, for instance, that neo-liberal thinking was wrong and that the other one may be better.
Suppose you argue that the government should step in with the infrastructure investment giving your reasons. This would be a social democratic approach. Is it more suitable to your problem?
Could your country’s government develop a more suitable tourist infrastructure and then invite the private sector to get involved.
7. Recommendations. Decide which ideology you think is the most suitable for resolving your problem. Give some recommendations within the framework of one of the ideologies to suggest what should be done and why. With this example, was the government
right to try and make their country attractive to investors, or should they now try to find the ways of raising the money and developing the infrastructure themselves?
Thesis statement required:
scholarly books or journal articles (with link to access)
A couple possible sources included, however may use others.
Only suggestion: could use the Four Noble Truths as framework…
Also include:
How has Buddhism responded to the issue?
Has there been a varied response by different sectarian groups within that tradition? i.e. Tibetan/Vajrayana, Theravada, Mahayana, Zen, Chan….etc
How have religious officials/institutions justified their position using sacred texts or religious philosophies?
Did you find both conservative and liberal viewpoints on the chosen topic?
PLEASE FOLLOW THE STEPS ONE AFTER THE OTHER:
1.Baseline Data Collection: candidates collect baseline data for the social behavior indentified for a minimum of one week with a minimum of five data points.
1a. The data should clearly indicate that the behavior, if left without intervention, will continue.
1b. In addition to recording data candidates will also keep a reflective journal of their experiences daily for a minimum of 5 days.
1c. Explain what the student is doing, the intensity of the behavior, your thoughts on how the proposed intervention will change the behavior or whether the behavior intervention should be modified.
2. Provide a defensible stability statement. Write a statement of stability (state how baseline data was collected and if the behavior was consistent). This shows that the targeted behavior is continuous. Data collected should be 40 minutes a day, for five days and should consist of the percentage of completion for each assignment.
3. Intervention Implementation. You will collect Intervention Data for a minimum of five data points. Implement intervention (continuing to plot data daily, refer back to graphs on how to chart your data when beginning the data collection with intervention implemented). In addition to recording your data candidates will also keep a reflective journal of your experience daily for a minimum of 5 days. Explain how your student is doing, changes or adjustments you have had to make, etc. Your reflections should demonstrate your thoughtful analysis of what you are doing each day.
4. There should be a line graph demonstrating the data collected in both baseline and intervention for the five days each.
The aim of the assessment is to: Help you develop an understanding and a critical appreciation of capital markets theory and its impact on corporation, investors and all other stakeholders
The report will help you understand why market efficiency is important in order to provide market confidence.
Make reference to Market efficiency and the Efficient Markets Hypothesis reading chapter CH 2 p38-54 and many more sources .
Describe and explain the corporate finance environment encompassing: the financial markets (market efficiency)
Assignment Title: Market Efficiency CW2
Description of the assignment: You are required to write a report critically exploring the efficient market hypothesis.
The efficient market hypothesis is concerned with establishing the prices of capital market securities and states that the prices of securities fully and fairly reflect all relevant available information
(Fama 1970).
It has been widely argued that efficiency in the capital markets is important as it performs a significant role in providing confidence to investors that they are getting access to complete and accurate information and market prices displayed are true and fair (Malkiel (2003), Timmermann & Granger (2004), Watson & Head (2016).
You are required to write a report critically exploring the efficient market hypothesis. Your report should consider the different forms of market efficiency and use empirical evidence to provide a critique of the hypothesis.
Using 4 news briefings on any 2 listed companies of your choice (2 each), illustrate the efficiency or lack of efficiency in the capital markets. Using one of the companies you have identified above, prepare and present chart(s) of the total shareholder return (TSR) from the share price movement over the past five years. Calculate the average and standard deviation of monthly total shareholder return (TSR) over the five years. Stock market shareholder return graphs should be produced for comparison. Credit is given for correctly incorporating dividend payments into your company’s shareholder returns calculations. In the appendices include the actual tabulated data, correctly sourced and referenced and show your workings. Provide a brief commentary comparing the market returns to your chosen firm.
Report Guidance.
Your word-processed report should be no longer than 1,500 words (excluding references, appendices and tables) (+/-) 10 %.
All information must be appropriately sourced and referenced using the Harvard referencing system, both in‐text and in the references list. Inappropriate sources of information, such as Wikipedia, tutor2you, Investopedia, descriptive websites etc., will result in a loss of marks.
Recommended reading.
Malkiel, B,G.(2003). The Efficient Market Hypothesis and Its Critics .The Journal of Economic Perspectives, 03/2003, Volume 17, Issue 1.
Fama,E (1998) Market efficiency, long-term returns, and behavioural finance. Journal of Financial Economics 49 (1998) 283–306
Timmermann, A & Granger, C.(2004). Efficient market hypothesis and forecasting W.J International Journal of Forecasting, 2004, Volume 20, Issue 1.
Kauffman, Robert J; Spaulding, Trent J; Wood, Charles A.(2009) .Are online auction markets efficient? An empirical study of market liquidity and abnormal returns. Decision Support Systems, 2009, Volume 48, Issue 1.
Spyridon ,R (2016).Abnormal stock returns in Greece during the Cypriot banking crisis Journal of Money Laundering Control, 05/2016, Volume 19, Issue 2.
Frisch,T , Kolaric,S & Schiereck,D.(2014). Returns On Large Stock Price Declines And Increases In The South African Stock Market: A Note On Market.International Business & Economics Research Journal, 04/2014, Volume 13, Issue 3.
Watson,D & Head,A. (2016).Corporate Finance: Principles and Practice 7th Edition .Prentice Hall.
Introduction – 10 marks
Efficient Market Hypothesis explored – 20 marks
Testing efficient market efficiency (EMH) – 30 marks
Company shareholder returns – 20 marks
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