Question Details

Managerial Finance final Solutions A+

Question posted by NUMBER1TUTOR
  • Budget: $20 Normal
  • Subjects: Business | Ethnicity |
  • Due on 22 Jul, 2018 04:53:08
  • Asked on 22 Jul, 2018 04:53:08
  • Past Due (date has already expired)

Managerial Finance final Solutions A+

.A 6-month put option on Makler Corp.'s stock has a strike price of $47.50 and sells in the market for $8.90.  Makler's current stock price is $41.00.  What is the exercise value of the option?Answer   
   $6.10 
   $7.30 
   $6.50 
   $6.05 
   $6.45

Lissa Co.'s stock price is currently $26.75.  A 6-month call option on Lissa's stock has a strike price of $25 and has an expected volatility of 40% (i.e., expected standard deviation = 40%).  The risk-free rate is 6%.  According to the Black-Scholes option pricing model, what is the value of the option?Answer    
   $5.05 
   $4.45 
   $5.27 
   $4.28 
   $3.25

If one U.S. dollar buys 1.46 Canadian dollars, how many U.S. dollars can you purchase for one Canadian dollar?Answer    
   0.7123 
   0.5548 
   0.6849 
   0.5685 
   0.6781

Warren Corporation's stock sells for $42 per share. The company wants to sell some 20-year, annual interest, $1,000 par value bonds. Each bond would have 75 warrants attached to it, each exercisable into one share of stock at an exercise price of $47. The firm's straight bonds yield 10%. Each warrant is expected to have a market value of $4.00 given that the stock sells for $42. What coupon interest rate must the company set on the bonds in order to sell the bonds-with-warrants at par?Answer    
   5.89% 
   6.74% 
   6.48% 
   5.63% 
   8.03%

Operating leases often have terms that include:
    maintenance of the equipment by the lessor. 
   full amortization over the life of the lease. 
   very high penalties if the lease is cancelled. 
   restrictions on how much the leased property can be used. 
   much longer lease periods than for most financial leases.

Which of the following statements is most CORRECT?Answer                              A.Preferred stock generally has a higher component cost of capital to the firm than does common stock. 
B.   By law in most states, all preferred stock must be cumulative, meaning that the compounded total of all unpaid preferred dividends must be paid before any dividends can be paid on the firm's common stock. 
 C.  From the issuer's point of view, preferred stock is less risky than bonds. 
 D.  Whereas common stock has an indefinite life, preferred stocks always have a specific maturity date, generally 25 years or less. 
 E.  Unlike bonds, preferred stock cannot have a convertible feature. 

Which of the following statements concerning risk management is NOT CORRECT?Answer   
A. Risk management can reduce the volatility of cash flows, and this decreases the probability of bankruptcy. 
B.   Risk management makes sense for firms directly engaged in activities that involve commodities whose values can be hedged, and it doesn't make much sense for most other firms. 
C.   Companies with volatile earnings pay more taxes than more stable companies due to the treatment of tax credits and the rules governing corporate loss carry-forwards and carry-backs.  Therefore, our tax system encourages risk management to stabilize earnings. 
 D.  Risk management can reduce the likelihood of low cash flows, and therefore reduce the probability of financial distress. 
 E.  Risk management involves identifying events that could have adverse financial consequences and then taking actions to prevent and/or to minimize the damage caused by these events. 

The text gives a number of valid, acceptable reasons for companies to merge.  Which of the following is not acceptable?Answer    
A.Synergistic benefits arising from mergers. 
 B.  Reduction in competition resulting from mergers. 
 C.  Attempts to stabilize earnings by diversifying. 
  D. Attempts to minimize taxes by acquiring a firm with large accumulated losses that can be used immediately. 
  E. Using surplus cash to acquire another firm and prevent unfavorable tax consequences for shareholders. 

Which of the following statements is CORRECT?Answer   
A. An option's value is determined by its exercise value, which is the market price of the stock less its strike price.  Thus, an option can't sell for more than its exercise value. 
 B.  As stock price rises, the premium portion of an option on a stock increases because the difference between the price of the stock and the fixed strike price increases. 
 C.  If the company is consistently profitable, its call options will always be in the money. 
D.   The market value of an option depends in part on the option's time to maturity and on the variability of the underlying stock's price. 
  E. The potential loss on an option decreases as the option sells at higher and higher prices because the profit margin gets bigger. 


Thomson Engineering is issuing new 30-year bonds that have warrants attached.  If not for the attached warrants, the bonds would carry an 11% annual interest rate.  However, with the warrants attached the bonds will pay an 8% annual coupon.  There are 30 warrants attached to each bond, which have a par value of $1,000.  What is the value of the straight-debt portion of the bonds?Answer   
  A. $739.19 
  B. $790.93 
   C.$872.24 
   D.$835.28 
  E. $768.75


Suppose in the spot market 1 U.S. dollar equals 1.5 Canadian dollars.  6-month Canadian securities have an annualized return of 6% (and thus a 6-month periodic return of 3%).  6-month U.S. securities have an annualized return of 6.5% and a periodic return of 3.25%.  If interest rate parity holds, what is the U.S. dollar-Canadian dollar exchange rate in the 180-day forward market?  In other words, how many Canadian dollars are required to purchase one U.S. dollar in the 180-day forward market?Answer   
  A. 1.8705 
  B.1.6610 
  C. 1.5114 
  D. 1.4964 
  E. 1.4366

If one British pound can purchase $1.90 U.S. dollars, how many British pounds can one U.S. dollar buy?Answer   
  A. 0.4947 
  B.0.6105 
  C. 0.4053 
  D. 0.5263 
  E. 0.4579

A commercial bank recognizes that its net income suffers whenever interest rates increase.  Which of the following strategies would protect the bank against rising interest rates?
Answer 
 
    Buying inverse floaters.
 
    Entering into an interest rate swap where the bank receives a fixed payment stream, and in return agrees to make payments that float with market interest rates.
 
    Purchase principal only (PO) strips that decline in value whenever interest rates rise.
 
    Enter into a short hedge where the bank agrees to sell interest rate futures.
 
    Sell some of the bank's floating-rate loans and use the proceeds to make fixed-rate loans.
        


Suppose hockey skates sell in Canada for 165 Canadian dollars, and 1 Canadian dollar equals 0.71 U.S. dollars.  If purchasing power parity (PPP) holds, what is the price of hockey skates in the United States?
Answer 
 
    $94.89
 
    $99.58
 
    $113.64
 
    $131.21
 
    $117.15

Quaid Co.'s common stock sells for $34, pays a dividend of $2.10, and has an expected long-term growth rate of 6%.  The firm's straight-debt bonds pay 10.8%.  Quaid is planning a convertible bond issue.  The bonds will have a 20-year maturity, pay a 10% annual coupon, have a par value of $1,000, and a conversion ratio of 25 shares per bond.  The bonds will sell for $1,000 and will be callable after 10 years.  Assuming that the bonds will be converted at Year 10, when they become callable, what will be the expected return on the convertible when it is issued?
Answer 
 
    12.86%
 
    13.63%
 
    11.32%
 
    12.35%
 
    11.96%

Herbert Engineering is issuing new 15-year bonds that have warrants attached. If not for the attached warrants, the bonds would carry a 9% annual interest rate. However, with the warrants attached the bonds will pay a 6.1% annual coupon. There are 30 warrants attached to each bond, which has a par value of $1,000. What is the value of the straight-debt portion of the bonds?
Answer 
 
    $796.09
 
    $720.27
 
    $835.89
 
    $766.24
 
    $877.69


Suppose that currently, 1 British pound equals 1.98 U.S. dollars and 1 U.S. dollar equals 1.40 Swiss francs.  How many Swiss francs are needed to purchase 1 pound?
Answer 
 
    2.3008
 
    3.1046
 
    2.5225
 
    2.8274
 
    2.7720


In the lease versus buy decision, leasing is often preferable
Answer 
 
    because it has no effect on the firm's ability to borrow to make other investments.
 
    because, generally, no down payment is required, and there are no indirect interest costs.
 
    because lease obligations do not affect the firm's risk as seen by investors.
 
    because the lessee owns the property at the end of the lease term.
 
    because the lessee may have greater flexibility in abandoning the project in which the leased property is used than if the lessee bought and owned the asset.


Blenman Corporation, based in the United States, arranged a 2-year, $1,000,000 loan to fund a project in Mexico.  The loan is denominated in Mexican pesos, carries a 11.0% nominal rate, and requires equal semiannual payments.  The exchange rate at the time of the loan was 5.75 pesos per dollar, but it dropped to 5.10 pesos per dollar before the first payment came due.  The loan was not hedged in the foreign exchange market.  Thus, Blenman must convert U.S. funds to Mexican pesos to make its payments.  If the exchange rate remains at 5.10 pesos per dollar through the end of the loan period, what effective annual interest rate will Blenman end up paying on the loan?
Answer 
 
    23.91%
 
    22.76%
 
    20.46%
 
    21.84%
 
    22.99%


One year ago, a U.S. investor converted dollars to yen and purchased 100 shares of stock in a Japanese company at a price of 3,150 yen per share.  The stock's total purchase cost was 315,000 yen.  At the time of purchase, in the currency market 1 yen equaled $0.00952.  Today, the stock is selling at a price of 3,465 yen per share, and in the currency market $1 equals 95 yen.  The stock does not pay a dividend.  If the investor were to sell the stock today and convert the proceeds back to dollars, what would be his realized return on his initial dollar investment from holding the stock?
Answer 
 
    21.41%
 
    21.63%
 
    22.06%
 
    23.14%
 
    21.84%


Suppose the exchange rate between U.S. dollars and Swiss francs is SF 1.41 = $1.00, and the exchange rate between the U.S. dollar and the euro is $1.00 = 0.50 euros.  What is the cross rate of Swiss francs to euros?
Answer 
 
    2.9046
 
    3.0738
 
    2.8200
 
    2.3970
 
    3.1584


If one Swiss franc can purchase $0.85 U.S. dollars, how many Swiss francs can one U.S. dollar buy?
Answer 
 
    1.2588
 
    1.1765
 
    1.3647
 
    1.2471
 
    1.0824


Suppose DeGraw Corporation, a U.S. exporter, sold a solar heating station to a Japanese customer at a price of 139.0 million yen, when the exchange rate was 140 yen per dollar.  In order to close the sale, DeGraw agreed to make the bill payable in yen, thus agreeing to take some exchange rate risk for the transaction.  The terms were net 6 months.  If the yen fell against the dollar such that one dollar would buy 154.4 yen when the invoice was paid, what dollar amount would DeGraw actually receive after it exchanged yen for U.S. dollars?
Answer 
 
    $900,259.07
 
    $711,204.66
 
    $1,008,290.16
 
    $954,274.61
 
    $702,202.07


Suppose a U.S. firm buys $200,000 worth of television tubes from a Mexican manufacturer for delivery in 60 days with payment to be made in 90 days (30 days after the goods are received).  The rising U.S. deficit has caused the dollar to depreciate against the peso recently.  The current exchange rate is 5.975 pesos per U.S. dollar.  The 90-day forward rate is 5.45 pesos/dollar.  The firm goes into the forward market today and buys enough Mexican pesos at the 90-day forward rate to completely cover its trade obligation.  Assume the spot rate in 90 days is 5.30 Mexican pesos per U.S. dollar.  How much in U.S. dollars did the firm save by eliminating its foreign exchange currency risk with its forward market hedge?
Answer 
 
    $5,088.63
 
    $7,012.38
 
    $5,336.85
 
    $6,205.64
 
    $6,391.81


Which of the following actions does not help managers defend against a hostile takeover?
Answer 
 
    Establishing a poison pill provision.
 
    Granting lucrative golden parachutes to senior managers.
 
    Establishing a super-majority provision in the company's bylaws to raise the percentage of the board of directors that must approve an acquisition from 50% to 75%.
 
    Retiring long-term debt early to reduce total debt on the balance sheet which will increase the firm's financial position.
 
    Finding a "white squire" that will buy enough of the target firm's shares to block the hostile takeover.


The following data apply to Saunders Corporation's convertible bonds. 
Maturity  10   Stock price $30.00 
Par value  $1,000   Conversion price $50.00 
Annual coupon 7.00%   Straight-debt yield 8.00%

Based on your answers to the three preceding questions, what is the minimum price (or "floor" price) at which the Saunders' bonds should sell?
Answer 
 
    $754.29
 
    $900.00
 
    $951.43
 
    $932.90
 
    $882.86


Suppose the March CBT Treasury bond futures contract has a quoted price of 88-30.  If annual interest rates go down by 3.75 percentage point, what is the gain or loss on the futures contract?  (Assume a $1,000 par value, round the new interest rate to 4 decimal places when written as a decimal, and round the change in price up to the nearest whole dollar.)
Answer 
 
    $429.00
 
    $304.00
 
    $405.00
 
    $474.00
 
    $413.00


Suppose 144 yen could be purchased in the foreign exchange market for one U.S. dollar today.  If the yen depreciates by 23.0% tomorrow, how many yen could one U.S. dollar buy tomorrow?
Answer 
 
    136.3824
 
    177.1200
 
    132.8400
 
    145.2384
 
    157.6368


Which of the following statements concerning warrants is most CORRECT?
Answer 
 
    Bonds with warrants and convertible bonds both have option features that their holders can exercise if the underlying stock's price increases. However, if the option is exercised, the issuing company's debt declines if warrants are used but remains the same if convertibles are used.
 
    Warrants are long-term put options that have value because holders can sell the firm's common stock at the exercise price regardless of how low the market price drops.
 
    Warrants are long-term call options that have value because holders can buy the firm's common stock at the exercise price regardless of how high the stock's price has risen.
 
    A firm's investors would generally prefer to see it issue bonds with warrants than straight bonds because the warrants dilute the value of new shareholders, and that value is transferred to existing shareholders.
 
    A drawback to using warrants is that if the firm is very successful, investors will be less likely to exercise the warrants, and this will deprive the firm of receiving any new capital.


A 6-month call option on Romer Technologies' stock has a strike price of $45.00 and sells in the market for $8.25.  Romer's current stock price is $48.75.  What is the exercise value of the option?
Answer 
 
    $4.25
 
    $3.70
 
    $3.15
 
    $3.75
 
    $3.40


Which of the following statements is most CORRECT?
Answer 
 
    Warrants have an option feature but convertibles do not.
 
    One important difference between warrants and convertibles is that convertibles bring in additional funds when they are converted, but exercising warrants does not bring in any additional funds.
 
    The coupon rate on convertible debt is normally set below the coupon rate that would be set on otherwise similar straight debt even though investing in convertibles is more risky than investing in straight debt.
 
    The value of a warrant to buy a safe, stable stock should exceed the value of a warrant to buy a risky, volatile stock, other things held constant.
 
    Warrants can sometimes be detached and traded separately from the security with which they were issued, but this is unusual.


Stover Corporation, a U.S. based importer, makes a purchase of crystal glassware from a firm in Switzerland for 39,960 Swiss francs, or $24,000, at the spot rate of 1.665 francs per dollar.  The terms of the purchase are net 90 days, and the U.S. firm wants to cover this trade payable with a forward market hedge to eliminate its exchange rate risk.  Suppose the firm completes a forward hedge at the 90-day forward rate of 1.682 francs.  If the spot rate in 90 days is actually 1.665 francs, how much will the U.S. firm have saved or lost in U.S. dollars by hedging its exchange rate exposure?
Answer 
 
    $242.57
 
    $259.55
 
    $208.61
 
    $213.46
 
    $269.25


A swap is a method used to reduce financial risk.  Which of the following statements about swaps, if any, is NOT CORRECT?
Answer 
 
    A swap involves the exchange of cash payment obligations.
 
    The earliest swaps were currency swaps, in which companies traded debt denominated in different currencies, say dollars and pounds.
 
    Swaps are very often arranged by a financial intermediary, who may or may not take the position of one of the counterparties.
 
    A problem with swaps is that no standardized contracts exist, which has prevented the development of a secondary market.
 
    Swaps can involve side payments in order to get the counterparty to agree to the swap.


Chocolate Factory's convertible debentures were issued at their $1,000 par value in 2009. At any time prior to maturity on February 1, 2029, a debenture holder can exchange a bond for 50 shares of common stock. What is the conversion price, PC?
Answer 
 
    $20.80
 
    $23.40
 
    $20.00
 
    $15.40
 
    $22.60


Ballentine Inc. is considering a 6-year, $5,000,000 bank loan in order to buy a new piece of equipment. The loan will be amortized over 6 years with end-of-year payments and has an interest rate of 9%. Alternatively, Ballentine can also lease the equipment for an end-of-year payment of $1,225,000. By how much does the lease payment exceed the loan payment?
Answer 
 
    $93,841
 
    $110,401
 
    $128,065
 
    $129,169
 
    $123,649


A riskless hedge can best be defined as
Answer 
 
    A situation in which aggregate risk can be reduced by derivatives transactions between two parties.
 
    A hedge in which an investor buys a stock and simultaneously sells a call option on that stock and ends up with a riskless position.
 
    Standardized contracts that are traded on exchanges and are "marked to market" daily, but where physical delivery of the underlying asset is virtually never taken.
 
    Two parties agree to exchange obligations to make specified payment streams.
 
    Simultaneously buying and selling a call option with the same exercise price.


An option that gives the holder the right to buy a stock at a specified price at some time in the future is called a(n)
Answer 
 
    Call option.
 
    Put option.
 
    Out-of-the-money option.
 
    Naked option.
 
    Covered option.


Suppose 90-day investments in Britain have a 6% annualized return and a 1.5% quarterly (90-day) return.  In the U.S., 90-day investments of similar risk have a 4% annualized return and a 1% quarterly (90-day) return.  In the 90-day forward market, 1 British pound equals $1.50.  If interest rate parity holds, what is the spot exchange rate ($/£)?
Answer 
 
    $1.5074
 
    $1.4019
 
    $1.4924
 
    $1.5376
 
    $1.7185


Today in the spot market $1 = 1.82 Swiss francs and $1 = 130 Japanese yen.  In the 90-day forward market, $1 = 1.84 Swiss francs and $1 = 127 Japanese yen.  Assume that interest rate parity holds worldwide.  Which of the following statements is most CORRECT?
Answer 
 
    Interest rates on 90-day risk-free U.S. securities are higher than the interest rates on 90-day risk-free Swiss securities.
 
    Interest rates on 90-day risk-free U.S. securities are higher than the interest rates on 90-day risk-free Japanese securities.
 
    Interest rates on 90-day risk-free U.S. securities equal the interest rates on 90-day risk-free Japanese securities.
 
    Since interest rate parity holds interest rates should be the same in all three countries.
 
    Interest rates on 90-day risk-free U.S. securities equal the interest rates on 90-day risk-free Swiss securities.

2 points   

The following data apply to Saunders Corporation's convertible bonds. 
Maturity  10   Stock price $30.00 
Par value  $1,000   Conversion price $50.00 
Annual coupon 7.00%   Straight-debt yield 8.00%

What is  the bond's initial conversion value when issued?
Answer 
 
    $600.00
 
    $734.89
 
    $814.29
 
    $698.15
 
    $773.57


Bev's Beverages is negotiating a lease on a new piece of equipment that would cost $80,000 if purchased.  The equipment falls into the MACRS 3-year class, and it would be used for 3 years and then sold, because the firm plans to move to a new facility at that time.  The estimated value of the equipment after 3 years is $25,000.  A maintenance contract on the equipment would cost $2,500 per year, payable at the beginning of each year.  Alternatively, the firm could lease the equipment for 3 years for a lease payment of $23,600 per year, payable at the beginning of each year.  The lease would include maintenance.  The firm is in the 20% tax bracket, and it could obtain a 3-year simple interest loan, interest payable at the end of the year, to purchase the equipment at a before-tax cost of 8%.  If there is a positive Net Advantage to Leasing the firm will lease the equipment.  Otherwise, it will buy it.  What is the NAL?  (Note: MACRS rates for Years 1 to 4 are 0.33, 0.45, 0.15, and 0.07.)
Answer 
 
    $1,213
 
    $1,332
 
    $1,497
 
    $1,482
 
    $1,257


Which of the following is NOT an example of a derivative security?
Answer 
 
    Futures.
 
    Options.
 
    Swaps.
 
    Forward contracts.
 
    Preferred stock.


Carolina Trucking Company (CTC) is evaluating a potential lease for a truck with a 4-year life that costs $40,500 and falls into the MACRS 3-year class.  If the firm borrows and buys the truck, the loan rate would be 9%, and the loan would be amortized over the truck's 4-year life.  The loan payments would be made at the end of each year.  The truck will be used for 4 years, at the end of which time it will be sold at an estimated residual value of $12,000.  If CTC buys the truck, it would purchase a maintenance contract that costs $1,500 per year, payable at the end of each year.  The lease terms, which include maintenance, call for a $10,000 lease payment (4 payments total) at the beginning of each year.  CTC's tax rate is 35%.  What is the net advantage to leasing? (Note: MACRS rates for Years 1 to 4 are 0.33, 0.45, 0.15, and 0.07.)
Answer 
 
    $1,026
 
    $1,111
 
    $1,248
 
    $1,058
 
    $1,121


Firms use defensive tactics to fight off undesired mergers. These tactics do not include
Answer 
 
    raising antitrust issues.
 
    developing poison pills.
 
    getting white knights to bid for the firm.
 
    repurchasing their own stock.
 
    engaging in risk arbitrage.


If one U.S. dollar sells for 0.51 British pound, how many dollars should one British pound sell for?
Answer 
 
    1.9020
 
    2.2941
 
    1.5294
 
    2.0588
 
    1.9608


Anacott Steel is acquiring Terafly Incorporated.  Terafly is expected to provide Anacott with operating cash flows of $12, $21, $16, and $9 million over the next four years, respectively.  In addition, the terminal value of all remaining cash flows at the end of Year 4 is estimated at $18 million.  The merger will cost Anacott $40.0 million today.  If the value of the merger is estimated at $9.00 per share and Anacott has 1,000,000 shares outstanding, what equity discount rate must the firm be using to value this acquisition?
Answer 
 
    21.15%
 
    14.16%
 
    17.92%
 
    16.49%
 
    17.20%


Which of the following statements is NOT CORRECT?
Answer 
 
    Any bond sold outside the country of the borrower is called an international bond.
 
    Foreign bonds and Eurobonds are two important types of international bonds.
 
    Foreign bonds are bonds sold by a foreign borrower but denominated in the currency of the country in which the issue is sold.
 
    The term Eurobond applies only to foreign bonds denominated in U.S. currency.
 
    A Eurodollar is a U.S. dollar deposited in a bank outside the U.S.


An investor who sells an option to offset a stock position he/she holds is said to be selling a(n)
Answer 
 
    Call option.
 
    Put option.
 
    Out-of-the-money option.
 
    Naked option.
 
    Covered option.


Which of the following statements is CORRECT?
Answer 
 
    Put options give investors the right to buy a stock at a certain exercise price before a specified date.
 
    Call options give investors the right to sell a stock at a certain exercise price before a specified date.
 
    Options typically sell for less than their exercise value.
 
    LEAPS are very short-term options that have begun trading on the exchanges in recent years.
 
    Option holders are not entitled to receive dividends unless they choose to exercise their option.

2 points   

Orient Airlines' common stock currently sells for $25.00, and its 8% convertible debentures (issued at par, or $1,000) sell for $850. Each debenture can be converted into 25 shares of common stock at any time before 2020. What is the conversion value of the bond?
Answer 
 
    $705.00
 
    $540.00
 
    $625.00
 
    $595.00
 
    $470.00

Attachments
Available Solutions
Managerial Finance final Solutions 100% Satisfaction Guaranteed!A+

NUMBER1TUTOR
  • Purchased: 5 times.
  • Submitted: 22 Jul, 2018 04:53:08
.A 6-month put option on Makler Corp.'s stock has a strike price of $47.50 and sells in the market for $8.90. Makler's current stock price is $41.00. What is the exercise value of the option?Answer $6.10 $7.30 $6.50 $6.05 $6.45 Lissa Co.'s stock price is currently $26.75. A 6-month call option on Lissa's stock has a strike price of $25 and has an expected volatility of 40% (i.e., expected standard deviation = 40%). The risk-free rate is 6%. According to the Black-Scholes option pricing model, what is the value of the option?Answer $5.05 $4.45 $5.27 $4.28 $3.25 If one U.S. dollar buys 1.46 Canadian dollars, how many U.S. dollars can you purchase for one Canadian dollar?Answer 0.7123 0.5548 0.6849 0.5685 0.6781 Warren Corporation's stock sells for $42 per share. The company wants to sell some 20-year, annual interest, $1,000 par value bonds. Each bond would have 75 warrants attached to it, each exercisable into one share of stock at an exercise price of $47. The firm's straight bonds yield 10%. Each warrant is expected to have a market value of $4.00 given that the stock sells for $42. What coupon interest rate must the company set on the bonds in order to sell the bonds-wit...
Buy now to view full solution.

Ratings

There is no rating for this solution.
Facebook Comments