FIN 320 Final Project

FIN 320 Final Project

I will attach file with the project guideline and rubric

FIN 320 Final Project Guidelines and Rubric

Final Project Part I

Part I Overview

Business professionals typically need to demonstrate a core set of financial knowledge to earn the job and to succeed on a job. For this part of the assessment,

you will be given a scenario in which you are asked to illustrate your financial management knowledge.

This part of the final project addresses the following course outcomes:

 Analyze the roles and responsibilities of financial managers in confirming compliance with federal and shareholder requirements

 Differentiate between various financial markets and institutions by comparing and contrasting options when selecting appropriate private and corporate

investments

Part I Prompt

You have completed an internship in the finance division of a fast-growing information technology corporation. Your boss, the financial manager, is considering

hiring you for a full-time job. He first wants to evaluate your financial knowledge and has provided you with a short examination. When composing your answers

to this employment examination, ensure that they are cohesive and read like a short essay.

Your submission must address the following critical elements:

1. Analyze Roles and Responsibilities for Compliance
2. Examine the types of decisions financial managers make. How are these decisions related to the primary objective of financial managers?
3. Analyze the various ethical issues a financial manager could potentially face and how these could be handled.
4. Compare and contrast the different federal safeguards that are in place to reduce financial reporting abuse. Why are these considered

appropriate safeguards?

1. Investment Options
2. If a private company is “going public,” what does this mean, and how would the company do this? What are the advantages of doing this? Do

you see any disadvantages? If so, what are they?

1. How do the largest U.S. stock markets differ? Out of those choices, which would be the smartest private investment option, in your opinion?

Why?

1. Compare and contrast the various investment products that are available and the types of institutions that sell them.

Final Project Part I Rubric

Guidelines for Submission: Ensure that your employment examination is submitted as one comprehensive and cohesive short essay. It should use double

spacing, 12-point Times New Roman font, and one-inch margins. Citations should be formatted according to APA style.

Critical Elements Exemplary (100%) Proficient (85%) Needs Improvement (55%) Not Evident (0%) Value

Roles and

Responsibilities:

Examine

Meets “Proficient” criteria and

includes examples in analysis

Comprehensively examines the

types of decisions financial

managers make, including how

these decisions are related to

their primary objective

Examines the types of decisions

financial managers make,

including how these decisions are

related to their primary objective,

but examination is not

comprehensive

Does not examine the types of

decisions financial managers

make

15.83

Roles and

Responsibilities:

Analyze

Meets “Proficient” criteria, and

analysis indicates a clear

understanding of ethical

standards in finance

Comprehensively analyzes the

various ethical issues a financial

manager could potentially face

and how these issues could be

handled

Analyzes the various ethical issues

a financial manager could

potentially face and how these

issues could be handled, but

analysis is not comprehensive

Does not analyze the various

ethical issues a financial manager

could potentially face and how

these issues could be handled

15.83

Roles and

Responsibilities:

Compare and Contrast

Meets “Proficient” criteria, and

analysis indicates a clear

understanding of federal

safeguards in finance

Accurately analyzes different

federal safeguards that are in

place to reduce financial

reporting abuse, including why

these safeguards are appropriate

Analyzes different federal

safeguards that are in place to

reduce financial reporting abuse,

but analysis is inaccurate or

cursory, or analysis of why these

safeguards are appropriate is

inaccurate or cursory

Does not analyze different federal

safeguards

15.83

Investment: Private

Company

Meets “Proficient” criteria and

includes examples in analysis

Comprehensively compares and

contrasts the advantages and

disadvantages of a company

“going public” versus staying

private

Compares and contrasts the

advantages and disadvantages of

a company “going public” versus

staying private, but analysis is not

comprehensive

Does not compare and contrast

the advantages and

disadvantages of a company

“going public” versus staying

private

15.83

Investment: U.S. Stock

Markets

Meets “Proficient” criteria and

explains choice of smartest stock

market to invest private money

into

Comprehensively and accurately

differentiates between the largest

U.S. stock markets and indicates

choice of smartest stock market

to invest private money into

Differentiates between the

largest U.S. stock markets, but

analysis is inaccurate or cursory

or is missing choice of smartest

stock market to invest private

money into

Does not differentiate between

the largest U.S. stock markets

15.83

Investment: Compare

and Contrast

Meets “Proficient” criteria and

includes both foreign and

domestic institutions

Comprehensively compares and

contrasts the various investment

products available and the types

of institutions that sell them

Compares and contrasts the

various investment products and

the types of institutions that sell

them, but analysis is not

comprehensive

Does not compare and contrast

the various investment products

and the types of institutions that

sell them

15.83

Articulation of

Response

Submission is free of errors

related to citations, grammar,

spelling, syntax, and organization

and is presented in a professional

and easy to read format

Submission has no major errors

related to citations, grammar,

spelling, syntax, or organization

Submission has major errors

related to citations, grammar,

spelling, syntax, or organization

that negatively impact readability

and articulation of main ideas

Submission has critical errors

related to citations, grammar,

spelling, syntax, or organization

that prevent understanding of

ideas

5.02

Earned Total 100%

Final Project Part II

Part II Overview

For this part of the final project, you will be given a scenario in which you are asked to illustrate your financial computation and analysis skills.

This part of the assessment addresses the following course outcomes:

 Compute financial ratios, time value, variables, and returns using industry standard tools for optimizing financial success

 Analyze corporate financial data for multiple companies in evaluating past and future financial performances

Part II Prompt

For this section of your employment exam, you will select two companies. The first company needs to come from your TDAU thinkorswim portfolio. The second

needs to be a competitor of the first company from the same industry. You will be responsible for collecting, synthesizing, and making decisions regarding both

companies. After evaluating these companies’ financial data, you will then decide which company’s stock is the better investment.

This section of your employment examination must be submitted in two parts. Part A will contain the workbooks that house all of your quantitative data and

formulas, along with any of the information that is relevant for your chosen companies. Part B will contain your answers to the questions asked below,

composed in a cohesive manner. If you are referring to data that is found within the workbooks in Part A, be sure to include a citation—for example, “rate of

return is 3.570 USD (E64, WB2),” where E64 is the cell that the calculation took place in and WB2 is designating “workbook 2.” This ensures that your instructor

can quickly and accurately check data entry, formula use, and financial calculations.

Your submission must address the following critical elements:

1. Preparing the Workbooks
2. Download the annual income statements, balance sheets, and cash flow statements for the last three completed fiscal years for your chosen

companies. This information must be included in your final submission.

1. Prepare a worksheet for each of the companies to display their financial data for the last three fiscal years. Ensure your data is accurate and

organized. Include these worksheets as a workbook in your final submission.

1. Find historical stock prices for both companies and add this information to the respective spreadsheets. Consider the appropriate date range

you should use.

1. Three-Year Returns
2. What is the three-year return on the stock price of the first company (Company A)? How is the stock performing? Ensure that you use the

appropriate formula in your spreadsheets to calculate the three-year return on the given company’s stock price.

1. What is the three-year return on the stock price of the second company (Company B)? How is this stock performing? Ensure that you use the

appropriate formula in your spreadsheets to calculate the three-year return on your chosen company’s stock price.

1. How do these two stocks compare in terms of three-year returns? What does this indicate about these two companies?

III. Financial Calculations

1. Using the appropriate spreadsheets, which are to be included in the workbooks, calculate the price-to-earnings ratio for the last three fiscal

years of the given and your chosen companies. Be sure that you are entering and using the correct formula.

1. Using the appropriate spreadsheets, which are to be included in the workbooks, calculate the debt-to-equity ratios for the last three fiscal years

of the given and your chosen companies. Be sure that you are entering and using the correct formula.

1. Using the appropriate spreadsheets, which are to be included in the workbooks, calculate the return-on-equity ratios for the last three fiscal

years of the given and your chosen companies. Be sure that you are entering and using the correct formula.

1. Using the appropriate spreadsheets, which are to be included in the workbooks, calculate the earnings per share for the last three fiscal years of

the given and your chosen companies. Be sure that you are entering and using the correct formula.

1. Using the appropriate spreadsheets, which are to be included in the workbooks, calculate the profit margins for the last three fiscal years of the

given and your chosen companies. Be sure that you are entering and using the correct formula.

1. Using the appropriate spreadsheets, which are to be included in the workbooks, calculate the free cash flows for the last three fiscal years of the

given and your chosen companies. Be sure that you are entering and using the correct formula.

1. Industry Averages
2. Obtain current industry averages of three of the financial calculations above for both companies and add this information to your spreadsheet

for comparison. Ensure the accuracy and organization of your data.

1. In this context, how is each company’s financial health? How do these two companies compare to one another? Consider the appropriate date

range you should use.

1. Performance Over Time
2. Analyze the performance of the Company A over time. What financial strengths and weaknesses does this company have? Consider addressing

the free cash flows and ratios you calculated earlier.

1. Analyze the performance of your Company B over time. What financial strengths and weaknesses does this company have? Consider addressing

the free cash flows and ratios you calculated earlier.

1. Analyze how the data differ between these two companies. Why do you think this is? Consider addressing the free cash flows and ratios you

calculated earlier.

1. Investment
2. Are the companies considered growth or value companies? Why?
3. Which company’s stock is the better investment? Consider supporting your answer with data.

Final Project Part II Rubric

Guidelines for Submission: This part of the final project will be submitted in two parts. Part A will contain the workbooks that house all of your quantitative data and

formulas, along with any of the information that is relevant for your chosen company. Part B will contain your answers to the prompts, composed in a cohesive

manner. Part B should use double spacing, 12-point Times New Roman font, and one-inch margins. Citations should be formatted according to APA style.

Critical Elements Exemplary Proficient Needs Improvement Not Evident Value

Preparing: Download Downloads and includes annual

income statements, balance

sheets, and cash flow

statements for the last three

fiscal years for chosen

companies (100%)

Downloads and includes annual income

statements, balance sheets, and cash

flow statements for chosen companies

but is missing various components

(55%)

Does not download and include

annual income statements,

balance sheets, and cash flow

statements for the last three

fiscal years for chosen

companies (0%)

2

Preparing: Worksheet Prepares worksheet for chosen

and given companies,

displaying all financial data for

the last three fiscal years in an

accurate and organized manner

(100%)

Prepares worksheet for chosen and

given companies, displaying financial

data for the last three fiscal years, but

worksheets are unorganized, inaccurate,

or incomplete (55%)

Does not prepare worksheets

for both the chosen and given

companies (0%)

2

Preparing: Stock Prices Adds historical stock prices for

an appropriate date range for

the chosen and given

companies to their respective

worksheets (100%)

Adds historical stock prices for the

chosen and given companies, but data

has been inaccurately entered or is not

for an appropriate date range (55%)

Does not add historical stock

prices for the given and chosen

companies to their respective

worksheets (0%)

2

Returns: Company A Meets “Proficient” criteria and

logically explains reasoning

behind indication of stock

performance (100%)

Correctly calculates the threeyear

return on the stock price

of the given company and

accurately indicates how this

stock is performing (85%)

Calculates the three-year return on the

stock price of the given company, but

calculation is incorrect or indication of

how this stock is performing is

inaccurate or missing (55%)

Does not calculate the threeyear

return on the stock price of

the given company (0%)

5.63

Returns: Company B Meets “Proficient” criteria and

logically explains reasoning

behind indication of stock

performance (100%)

Correctly calculates the threeyear

return on the stock price

of the chosen company and

accurately indicates how this

stock is performing (85%)

Calculates the three-year return on the

stock price of the chosen company, but

calculation is incorrect or indication of

how this stock is performing is

inaccurate or missing (55%)

Does not calculate the threeyear

return on the stock price of

the chosen company (0%)

5.63

Returns: Compare Meets “Proficient” criteria, and

explanation demonstrates

nuanced understanding of

three-year returns and their

implications (100%)

Compares the three-year

returns of the given and chosen

companies, explaining what

this indicates about each

company (85%)

Compares the three-year returns of the

given and chosen companies, but

explanation of what this indicates about

each company is cursory or missing

(55%)

Does not compare the threeyear

returns of the given and

chosen companies (0%)

6.43

Calculations: Price-toEarnings

Ratios

Correctly calculates the priceto-earnings

ratios for the last

three fiscal years of the given

and chosen companies (100%)

Calculates the price-to-earnings ratios of

the given and chosen companies, but

calculations are incorrect or do not

consider the last three fiscal years (55%)

Does not calculate the price-toearnings

ratios of the given and

chosen companies (0%)

5.63

Calculations: Debt-toEquity

Ratios

Correctly calculates the debtto-equity

ratios for the last

three fiscal years of the given

and chosen companies (100%)

Calculates the debt-to-equity ratios of

the given and chosen companies, but

calculations are incorrect or do not

consider the last three fiscal years (55%)

Does not calculate the debt-toequity

ratios of the given and

chosen companies (0%)

5.63

Calculations: Returnon-Equity

Ratios

Correctly calculates the returnon-equity

ratios for the last

three fiscal years of the given

and chosen companies (100%)

Calculates the return-on-equity ratios of

the given and chosen companies, but

calculations are incorrect or do not

consider the last three fiscal years (55%)

Does not calculate the returnon-equity

ratios of the given and

chosen companies (0%)

5.63

Calculations: Earnings

Per Share

Correctly calculates the

earnings per share for the last

three fiscal years of the given

and chosen companies (100%)

Calculates the earnings per share of the

given and chosen companies, but

calculations are incorrect or do not

consider the last three fiscal years (55%)

Does not calculate the earnings

per share ratios of the given and

chosen companies (0%)

5.63

Calculations: Profit

Margins

Correctly calculates the profit

margins for the last three fiscal

years of the given and chosen

companies (100%)

Calculates the profit margins of the

given and chosen companies, but

calculations are incorrect or do not

consider the last three fiscal years (55%)

Does not calculate the profit

margins of the given and chosen

companies (0%)

5.63

Calculations: Free Cash

Flows

Correctly calculates the free

cash flows for the last three

fiscal years of the given and

chosen companies (100%)

Calculates the free cash flows of the

given and chosen companies, but

calculations are incorrect or do not

consider the last three fiscal years (55%)

Does not calculate the free cash

flows of the given and chosen

companies (0%)

5.63

Industry Averages:

Industry Averages

Adds current industry averages

for chosen and given

companies to worksheet in an

accurate and organized manner

(100%)

Adds current industry averages for

chosen and given companies to

worksheets, but some data is

inaccurate, unorganized, or missing

(55%)

Does not add current industry

averages for chosen and given

companies to worksheets (0%)

2

Industry Averages:

Financial Health

Meets “Proficient” criteria and

includes current industry

averages within an appropriate

date range (100%)

Analyzes the given and chosen

companies’ financial health by

comparing the two companies’

current industry averages

(85%)

Analyzes the given and chosen

companies’ financial health by

comparing the two companies’ industry

averages but does not consider the

current industry rates (55%)

Does not analyze the given and

chosen companies’ financial

health (0%)

6.43

Performance: Company

A

Meets “Proficient” criteria and

references free cash flow and

ratios calculated for the given

company in analysis (100%)

Comprehensively analyzes the

strengths and weaknesses of

the given company over time

(85%)

Analyzes the strengths and weaknesses

of the given company over time, but

analysis is not comprehensive (55%)

Does not analyze the strengths

and weaknesses of the given

company over time (0%)

6.43

Performance: Company

B

Meets “Proficient” criteria and

references free cash flow and

ratios calculated for the chosen

company in analysis (100%)

Comprehensively analyzes the

strengths and weaknesses of

the chosen company over time

(85%)

Analyzes the strengths and weaknesses

of the chosen company over time, but

analysis is not comprehensive (55%)

Does not analyze the strengths

and weaknesses of the chosen

company over time (0%)

6.43

Performance: Differ Meets “Proficient” criteria and

references the companies’ free

cash flows and ratios calculated

in analysis (100%)

Accurately contrasts the

performances of the given and

chosen companies over time,

including a logical, proposed

explanation of these

performances (85%)

Contrasts the performances of the given

and chosen companies over time, but

analysis is inaccurate or cursory, or the

included explanation of these

performances is illogical or cursory

(55%)

Does not contrast the

performances of the given and

chosen companies over time

(0%)

6.43

Investment: Growth or

Value

Meets “Proficient” criteria and

includes quantitative data to

support analysis (100%)

Comprehensively analyzes

whether the companies are

considered growth or value

companies, including a logical

explanation of why (85%)

Analyzes whether the companies are

considered growth or value companies,

but analysis is not comprehensive, or

the explanation included is illogical or

cursory (55%)

Does not analyze whether the

companies are considered

growth or value companies (0%)

6.43

Investment: Stock Meets “Proficient” criteria and

includes quantitative data to

support analysis (100%)

Analyzes each company’s stock,

including a logical explanation

of personal preference of

which stock to purchase (85%)

Analyzes each company’s stock,

including an explanation of personal

preference of stock options, but analysis

or explanation is illogical or cursory

(55%)

Does not analyze each

company’s stock (0%)

6.43

Articulation of

Response

Submission is free of errors

related to citations, grammar,

spelling, syntax, and

organization and is presented in

a professional and easy to read

format (100%)

Submission has no major errors

related to citations, grammar,

spelling, syntax, or organization

(85%)

Submission has major errors related to

citations, grammar, spelling, syntax, or

organization that negatively impact

readability and articulation of main

ideas (55%)

Submission has critical errors

related to citations, grammar,

spelling, syntax, or organization

that prevent understanding of

ideas (0%)

1.95

Earned Total 100%

Final Project Part III

Part III Overview

To make corporate finance decisions, take an advanced finance course, or pursue a career in finance, you will need to understand basic concepts. This includes

going beyond the number crunching and reading graphs in order to analyze various financial indicators. This analysis can lead to many important decisions in

your financial career. For this part of the final project, you will be given a scenario in which you are asked to illustrate your financial knowledge and analysis

skills.

This part of the assessment addresses the following course outcomes:

 Analyze the roles and responsibilities of financial managers in confirming compliance with federal and shareholder requirements

 Differentiate between various financial markets and institutions by comparing and contrasting options when selecting appropriate private and corporate

investments

 Compute financial ratios, time value, variables, and returns using industry standard tools for optimizing financial success

 Analyze corporate financial data for multiple companies in evaluating past and future financial performances

Part III Prompt

The results of both sections of your employment examination have finally been received, and you were offered the position. You have a few important decisions

to make before you can formally accept or decline the position. When composing your answers to these decisions, ensure that they are cohesive and read like a

short essay.

Your submission must address the following critical elements:

1. School Versus Work
2. The school you would like to attend costs $100,000. To help finance your education, you need to choose whether or not to sell any of your 500

shares of Apple stock you bought five years ago, 100 Apple bonds (3.25% coupon rate) that are five years from their 10-year maturity date, or a

combination of both. Provide the appropriate data and calculations that you would perform to make this decision..

1. What are the advantages and disadvantages of selling a combination of stocks and bonds? Be sure to support your answers.
2. Suppose that you choose to sell your stocks, bonds, or a combination of both. What is your choice, and what is your financial reasoning behind

this choice? Consider supporting your answer with quantitative data.

1. Suppose that you choose to accept the job. What is your financial reasoning behind this choice? Be sure to support your answer with

quantitative data.

1. Bonus Versus Stock
2. The company has offered you a $5,000 bonus, which you may receive today, or 100 shares of the company’s stock, which has a current stock

price of $50 per share. Mathematically, what is the best choice? Why?

1. What are the advantages and disadvantages of each option? Be sure to support your answers.
2. What would you ultimately choose to do? What is your financial reasoning behind this choice? Consider supporting your answer with

quantitative data.

III. Compliance

1. While investigating the shares offered to you by your potential boss, you discover that the company you are considering working for is not

registered as required under the Securities Act of 1933. How does this influence you as a potential employee and as a potential shareholder? Be

sure to reference any applicable statutes or laws.

1. You know that accepting this job may eventually lead to a promotion into the role of the financial manager. As the potential financial manager,

what federal and shareholder requirements would you need to be familiar with in order to ensure that you are being completely compliant?

Final Project Part III Rubric

Guidelines for Submission: Please ensure that your decision plan is submitted as one comprehensive and cohesive short essay. It should use double spacing, 12-

point Times New Roman font, and one-inch margins. Citations should be formatted according to APA style.

Critical Elements Exemplary Proficient Needs Improvement Not Evident Value

School Versus Work:

Finance Your Education

Accurately calculates the worth

of stocks, bonds, and

combinations of stocks and

bonds, including the appropriate

data and calculations with

submission (100%)

Calculates the worth of stocks,

bonds, and combinations of

stocks and bonds, but calculation

is inaccurate or appropriate data

and/or calculations are not

included in submission (55%)

Does not calculate the worth of

stocks, bonds, and combinations

of stocks and bonds (0%)

11.88

School Versus Work:

Advantages and

Disadvantages

Meets “Proficient” criteria and

provides historical data, as well

as quantitative data, to support

answer (100%)

Comprehensively differentiates

the advantages and

disadvantages of selling a

combination of stocks and bonds

and provides support for answer

(85%)

Differentiates the advantages and

disadvantages of selling a

combination of stocks and bonds,

but analysis is not comprehensive

or support is cursory or missing

(55%)

Does not differentiate the

advantages and disadvantages of

selling a combination of stocks

and bonds (0%)

11.88

School Versus Work:

Choose to Sell

Meets “Proficient” criteria and

supports examination with

quantitative data (100%)

Examines choice to sell stocks,

bonds, or combination of both,

explaining the financial

reasoning behind the choice

(85%)

Examines choice to sell stocks,

bonds, or combination of both,

but explanation of the financial

reasoning behind the choice is

cursory or missing (55%)

Does not examine choice to sell

stocks, bonds, or combination of

both (0%)

7.92

School Versus Work:

Accept the Job

Meets “Proficient” criteria and

supports examination with

quantitative data (100%)

Examines choice to accept the

job, explaining the financial

reasoning behind the choice

(85%)

Examines choice to accept the

job, but explanation of the

financial reasoning behind the

choice is cursory or missing (55%)

Does not examine choice to

accept the job (0%)

7.92

Bonus Versus Stock:

Offered

Meets “Proficient” criteria, and

explanation of the best choice

demonstrates nuanced

understanding of the time-value

of money (100%)

Accurately calculates the best

choice of receiving a cash bonus

versus receiving company stock,

including an explanation of the

best choice (85%)

Calculates the best choice of

receiving a cash bonus versus

receiving company stock, but

calculation is inaccurate or

explanation of best choice is

cursory or missing (55%)

Does not calculate the best choice

of receiving a cash bonus versus

receiving company stock (0%)

11.88

Bonus Versus Stock:

Advantages and

Disadvantages

Meets “Proficient” criteria, and

analysis includes quantitative

data (100%)

Comprehensively analyzes the

advantages and disadvantages of

the cash and stock options,

supporting each option (85%)

Analyzes the advantages and

disadvantages of the cash and

stock options, but analysis is not

comprehensive or support for

each option is cursory or missing

(55%)

Does not analyze the advantages

or disadvantages of the cash and

stock options (0%)

11.88

Bonus Versus Stock:

Choose

Meets “Proficient” criteria and

supports choice with

quantitative data (100%)

Chooses cash or stock option,

including logical financial

reasoning behind the choice

(85%)

Chooses cash or stock option,

including financial reasoning

behind the choice, but reasoning

is illogical or missing (55%)

Does not choose cash or stock

option (0%)

7.92

Compliance:

Investigating

Meets “Proficient” criteria and

references demonstrate

knowledge of current events in

finance (100%)

Comprehensively analyzes the

influence of noncompliance on

potential employees and

potential shareholders, including

references to statutes and laws

in analysis (85%)

Analyzes the influence of

noncompliance on potential

employees and potential

shareholders, but analysis is not

comprehensive or support does

not include references to statutes

or laws (55%)

Does not analyze the influence of

noncompliance on potential

employees or potential

shareholders (0%)

11.88

Compliance: Accepting Meets “Proficient” criteria, and

analysis demonstrates nuanced

understanding of requirements

for compliance with federal laws

(100%)

Comprehensively analyzes the

federal and shareholder

requirements necessary for a

financial manager to become

familiar with in order to ensure

compliance (85%)

Analyzes the federal and

shareholder requirements

necessary for a financial manager

to become familiar with in order

to ensure compliance, but

analysis is not comprehensive

(55%)

Does not analyze the federal and

shareholder requirements

necessary for a financial manager

to become familiar with in order

to ensure compliance (0%)

11.88

Articulation of

Response

Submission is free of errors

related to citations, grammar,

spelling, syntax, and

organization and is presented in

a professional and easy to read

format (100%)

Submission has no major errors

related to citations, grammar,

spelling, syntax, or organization

(85%)

Submission has major errors

related to citations, grammar,

spelling, syntax, or organization

that negatively impact readability

and articulation of main ideas

(55%)

Submission has critical errors

related to citations, grammar,

spelling, syntax, or organization

that prevent understanding of

ideas (0%)

4.96

Earned Total 100%