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The average tax rate is the total taxes paid divided by net income, so: ... (1 + Sustainable growth rate)(Fixed assets) New total assets = (1 + .1620)($49,000 + 33,000) ... 12. One measure of liquidity is the bid-ask spread. Liquid instruments have relatively small spreads. Looking at Figure 6.4, the bellwether bond has a spread of one tick; it ... ................
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