Characteristics of typical bonds include all of the following expect the dividend rate .
What is an appropriate dividend rate?
Your current income demands can be satisfied by a dividend yield that is good. but low enough to imply that a company's payout is not under jeopardy.
Dividend yields that satisfy these criteria will normally range between 2% and 5%. Given that a stock with a yield of under 2% might not give the owner enough current income.
Is a larger dividend yield preferable?
A lower yield might make a stock appear less competitive in relation to its industry, while a greater yield indicates how much income has been earned in relation to the share price. The dividend yield represents how much money has been received.
Learn more about dividend rate
brainly.com/question/26009940
#SPJ4
a method used for determining the sequence of task activities that directly affect the completion of a project is called:
Finding the most crucial activities in the project timetable, determining task dependencies, and computing task durations are the core tenets of CPM (Critical Path Method).
The critical path method (CPM) is a method for determining schedule flexibility and identifying tasks required for project completion. The longest series of tasks that must be completed on schedule for the project to be concluded is known as a critical path in project management. The rest of the project will be delayed if important activities are delayed.
Enhances future planning by comparing expectations with actual progress using CPM. Future project ideas can be influenced by the data gathered from ongoing projects.lets project managers prioritize tasks, providing them a better understanding of how and where to deploy resources, facilitating more efficient resource management.helps prevent bottlenecks: Project bottlenecks can cost precious time. You may better determine which tasks can and cannot be completed in parallel by mapping out project dependencies using a network diagram. Then, you can plan your timetable accordingly.To know more about Critical Path Method
https://brainly.com/question/24227953
#SPJ4
which of the following are benefits associated with offshore outsourcing? multiple select question. companies pay all of their taxes abroad. a decrease in the quality of products. companies can create efficiencies. companies can focus on business areas where they can expand and grow.
C: "Companies can create efficiencies" and D: "companies can focus on business areas where they can expand and grow" are benefits associated with offshore outsourcing.
Offshore outsourcing can provide companies with several benefits such as increased efficiency and the ability to focus on business areas where they can expand and grow. By outsourcing certain operations to another country, companies can take advantage of lower labor costs, access to a larger pool of talent, and potentially reduced regulations. This allows companies to redirect resources towards core business functions and invest in growth opportunities.
You can learn more about offshore outsourcing at
https://brainly.com/question/6851085
#SPJ4
hubspot - -when auditing your social media content, what questions should you be looking to answer? choose all that apply
An overview of the traffic to and conversion rates from your website is a basic marketing auditing.
The objective is to identify the marketing gaps, or the areas of your marketing that could be improved to produce more leads. Running a simple auditing might help you find strategy holes and determine whether a recent campaign was successful. Gathering your data comes first. Fortunately for you, your HubSpot portal contains all the information you'll need to conduct this audit. The specific tools you'll be using are listed below:
You may get a high-level summary of the state of your marketing through the dashboard, the sources Here is a detailed overview of where your online traffic comes from.
Learn more about marketing here:
https://brainly.com/question/6988222
#SPJ4
true or false: bribery is a business practice unanimously held as an ethical violation across the globe.
Answer:True
Explanation:
Bribery is a corporate technique that is universally condemned as unethical across the board True.
Which of the following would be a moral transgression?Other types of ethics infractions include revealing confidential information, releasing proprietary information, and engaging in discrimination. While undoubtedly unethical, actions like bribery, forgery, and theft fall under the category of criminal behavior and are frequently handled outside of the organization.
Which two assertions regarding bribes are true?Bribes are a type of corruption that gives a power figure something for themselves. It occurs more frequently in nations with less developed economies.
What assertion about business ethics is accurate?All commercial practices that society deems unethical must be illegal. Personal and professional ethics are interchangeable. The stakeholders in a company as well as the organization itself define what conduct is appropriate in business.
To Know more about corporate technique
https://brainly.com/question/17191752
#SPJ4
what will happen to the equilibrium price and quantity of beef if the price of bbq sauce decreases? (assume bbq sauce is a complement to beef.)
If the price of BBQ sauce decreases, this will likely lead to an increase in demand for beef as a complement.
When the price of a complement decreases, it makes the consumption of the complementary good more attractive, so consumers are likely to purchase more of it. As a result, the demand for beef will increase, leading to an increase in its equilibrium price and quantity. The increase in demand will cause the market price of beef to rise, and producers will respond by increasing their supply to meet the higher demand. The intersection of the new supply and demand curves will determine the new equilibrium price and quantity of beef. In summary, if the price of BBQ sauce decreases, it will increase the demand for beef, causing the equilibrium price and quantity of beef to increase. This shift in demand and supply will lead to a new market equilibrium.
learn more about market equilibrium here
https://brainly.com/question/25300841
#SPJ4
the major liability of the federal reserve is: multiple choice u.s. treasury securities. depository institution reserves. currency outside banks. vault cash of commercial banks. gold and foreign exchange.
Option 1st an 2nd are correct. The major items on the liability side of the Federal Reserve's balance sheet are Federal Reserve bonds, deposits held by depository institutions, and the U.S. Treasury's general account.
The Federal Reserve's debt was the largest debt on the Federal Reserve's balance sheet. U.S. custodians ask the Reserve Bank to send additional Federal Reserve notes when additional currencies are needed to meet customer needs. The Reserve Bank ships the currency to the financial institution and deducts the remittance amount from the Federal Reserve Bank account of the financial institution.
An increase in non-reserve banknotes is therefore accompanied by a decrease in the amount of deposits held in Federal Reserve accounts by banks and other deposit-taking institutions. Similarly, if custodians find that they have more Federal Reserve notes available than they need to meet customer demand, they typically return additional currency to the Reserve Bank.
Because the Reserve Bank mandates crediting of the institution's accounts, the liability side of the Federal Reserve's balance sheet shows a corresponding reduction in outstanding Federal Reserve notes and deposits held by depository institutions.
Know more about Federal Reserve here:
https://brainly.com/question/23247429
#SPJ4
salespeople play an important role in market research and in providing feedback to their firms because:
The salespeople play important role in market research and in providing feedback to their firms because they spend lot of time in the direct contact with their customers.
What is market research?Market research is the process of gathering and analyzing information about a specific market or target audience. This information can include customer preferences, buying habits, and market trends. The purpose of market research is to understand the target market, identify opportunities for growth and improvement, and develop strategies that will lead to a successful outcome. Market research can be conducted through various methods such as surveys, focus groups, online research, and data analysis. Market research is a critical component of successful marketing and business strategies, as it helps companies to make informed decisions and stay ahead of their competition. Market research can also be used to identify potential challenges and problems that may arise and to develop solutions that will mitigate these issues. Ultimately, market research is an essential tool for companies seeking to achieve success in the market and achieve their desired results.
To learn more about market research, visit:
https://brainly.com/question/28590582
#SPJ4
Complete Question:
The salespeople play an important role in market research and in providing feedback to their firms because?
a(n) is a characteristic or feature that must be included in an information system to satisfy business needs and be acceptable to users. group of answer choices
A system requirement is a characteristic or feature that must be included in an information system to satisfy business needs and be acceptable to users.
option d is correct .
The purpose of post-validation is to demonstrate that the requirements define the system that the customer actually wants. Claim error costs are high, so validation is very important. System requirements is a term that identifies the functionality that a system needs to meet customer requirements. System requirements is a broad as well as narrow topic that can be applied to many areas.
The data collected by the system must be error-free. Completeness, Software should be designed to collect as much information as necessary. Importance: The data collected must meet a specific need. Ease of use: Software should allow the right user to retrieve information when needed.
To know more about business needs visit :
https://brainly.com/question/29673557
#SPJ4
The correct question is :
A(n) _____ is a characteristic or feature that must be included in an information system to satisfy business needs and be acceptable to users.
a. property
b. questionnaire
c. object
d. system requirement
if peanuts serve as a medium of exchange, a unit of account, and a store of value, then peanuts are money. bank deposits. loanable funds. reserves.
If peanuts serve as a medium of exchange, a unit of account, and a store of value, then peanuts are money. The correct option is A.
The money is the medium of exchange, we can buy or sell by taking or giving money. It is accepted by the general consent that it is the exchange or economic exchange of medium.
The medium of exchange is currency, paper money, unit of account, representative money, silver coin, commodity money, commerce, coin, demand deposit and cryptocurrency. Then, the per peanut act like the one coin as the money.
To know more about money here,
https://brainly.com/question/14253896
#SPJ4
westco company issued 14-year bonds one year ago at a coupon rate of 7.9 percent. the bonds make semiannual payments and have a par value of $1,000. if the ytm on these bonds is 5.6 percent, what is the current price of the bond in dollars?
The current price of the bond is $975.76.
The Current Price of the Bond in Dollars can be Calculated using the Formula:Price = (Coupon Payment / YTM / 2) * (1 - (1 + YTM / 2)^-Number of Payments) + (Par Value / (1 + YTM / 2)^Number of Payments)
Where:
Coupon Payment = Coupon Rate * Par Value / 2
Number of Payments = Number of Years * 2
For this bond:
Coupon Payment = 7.9% * $1,000 / 2 = $39.50
Number of Payments = 14 * 2 = 28
YTM = 5.6%
So, the price of the bond is:
Price = ($39.50 / (0.056 / 2)) * (1 - (1 + 0.056 / 2)^-28) + ($1,000 / (1 + 0.056 / 2)^28) = $975.76
Therefore, the current price of the bond is $975.76.
You can learn more about price of the bond in dollars at
https://brainly.com/question/26382622
#SPJ4
what are reasons why a well-managed company sometimes attempts to reduce its current ratio? (choose every correct answer.)
current ratio = current assets / current liabilities
Analysts analyse a company's current assets to its current liabilities to determine the ratio.
Cash, accounts receivable, inventory, and other current assets (OCA) that are anticipated to be liquidated or converted into cash in less than a year are all examples of current assets that are included on a company's balance sheet.
Accounts payable, wages, taxes due, short-term loans, and the current portion of long-term debt are all examples of current liabilities.
A liquidity ratio called the current ratio assesses a company's capacity to settle short-term debts or those that are due within a year. It explains to investors and analysts how a business can use its present assets to the fullest extent possible to pay down its current liabilities and other payables.
In general, an appropriate current ratio is one that is comparable to the industry norm or just a little bit higher. The likelihood of distress or default may be increased by a current ratio that is lower than the industry average. In a similar vein, if a company's current ratio is significantly higher than that of its peer group, it suggests that management might not be making the most use of its resources.
Learn More About Current Ratio
https://brainly.com/question/30401599
#SPJ4
aidan deposited $8,500 in an account today. if the account earns 8.5 percent per year, compounded annually, how many years will it take for the account to reach a balance of $138,720?
It will take approximately 16.5 years for the account to reach a balance of $138,720.
A bond with a 25-year maturity paid 4.75% yielded $2,375 in interest. However, interest amounts to 6.17% yearly compounded after compounding on a monthly basis. The conversion between daily, biweekly, semimonthly, monthly, quarterly, semiannual, annual, and continuous (meaning an unlimited number of periods) compounding frequencies is supported by the compound interest calculator above. $16,400 was put by Carleen into a bank account with a 3.9% interest rate. You can use this compound interest calculator to predict how much you will make on your deposit. You need to be able to predict the outcome in order to make wise financial decisions. Knowing how to compute compound interest is useful for this reason. The compound interest formula is most frequently used in everyday life to calculate savings amounts.
To know more about interest refer :
brainly.com/question/28479401
#SPJ4
of the 26,000 students who graduated with an m.d. or doctor of osteopathic medicine degree from u.s. medical schools in 2018, the average debt per student approximated $100,000. true
It is true that the average student debt in 2018 was almost $100,000 among the 26,000 students who received an M.D. or doctor of osteopathic medicine degree from a U.S. medical school.
If premedical undergraduate debt and other student loans are not included, the average debt for medical school is $202,450. The average graduate of a medical school owes a total of $250,990 in student loans.
Approximately 43 million borrowers are currently responsible for the $1.6 trillion-plus federal student loan portfolio. Here is a breakdown of that debt by loan type.
According to the office of Federal Student Aid, $1.62 trillion, or 93% of all student loan debt, is federal student loans. The remaining $131 billion (7%) is owed to private lenders, according to this Q3 2021 report from MeasureOne.
To know more about Student loan
https://brainly.com/question/24501576
#SPJ4
a company orders $100,000 of software on may 3. the software was delivered on july 3 and paid for on july 31. what is recorded on may 3?
When a company orders $100,000 worth of software on May 3, it is recorded as a liability in the company's accounts.
This is because the company has an obligation to pay for the software, but has not yet paid for it or received the product. The payment and receipt of the software would be recorded in the company's accounts in July, when it is delivered and paid for. However, on May 3, the company would record the $100,000 as a liability on its balance sheet, indicating that it owes the vendor for the software.
You can learn more about liability at
https://brainly.com/question/14921529
#SPJ4
which theory of leadership explains how leaders can become more effective once they have carefully analyzed themselves, their group, and the circumstances in which they must lead?
Option c is Correct. The situational theory of leadership outlines how leaders can improve their performance after carefully examining their own characteristics, those of their team, the environment in which they must lead.
The situational theory of leadership states that, depending on the scenario and the level of team member growth, leaders should employ a number of leadership philosophies. It is an effective leadership approach because it adapts to the needs of the team and produces a win-win scenario for the whole company.
Based on the context and the level of team member growth, managers who employ situational leadership theory employ a variety of leadership philosophies. It is an effective leadership approach because it adapts to the needs of the team and produces a win-win scenario for the whole company.
Learn more situational theory about Visit: brainly.com/question/3910007
#SPJ4
Correct Question:
Which theory of leadership explains how leaders can become more effective once they have carefully analyzed themselves, their group, and the circumstances in which they must lead? question 14 options:
a. trait theory
b. style theory
c. situational theory
d. functional theory
e. emergence theory?
what is the goal of strategic planning? select one: a. consumer and company relationships b. environmental-friendly community work c. long-run profitability and growth d. financial success
The thing of strategic planning is long- run profitability and growth. therefore, strategic opinions bear long- term commitments of coffers. Strategic planning provides a long- term vision and therefore attendants long- term commitment of coffers.
Long- term profitability focuses lower on asset deals and further on business planning. Since long- term profitability can affect a company's growth, the fiscal pretensions of the company are generally a factor when determining long- term profitability.
What's the difference between growth and profitability?
Profitability and growth go hand- in- hand when it comes to success in business. Profit is crucial to introductory fiscal survival as a commercial reality, while growth is crucial to profit and long- term success. Investors should weigh each factor as it relates to a particular company.
To know more about Strategic Planning, visit: brainly.com/question/28332092
#SPJ4
bill bowman works in the labor relations department. one of his primary functions is to reach agreement with the labor union regarding the new labor contract. mintzberg would put this activity in which role category? group of answer choices interpersonal operations informational decisional
Based on Mintzberg's managerial roles would be included in decisional managerial roles. So the correct answer to the question above is "decisional".
Henry Minzbreg categories managerial roles into three sections:Interpersonal: interpersonal role stand for figurehead, leader, and liaison. Informational: a manager should monitor, disseminate, and be a spokesperson. Decisional: for decisional roles, a manager should have entrepreneurship, disturbance handler skills, resource allocator, and be a negotiatorLearn more abour managerial roles at: https://brainly.com/question/5097961
#SPJ4
brazil used tariffs to protect its auto industry in the 1950s. tariffs is _____
Brazil used tariffs to protect its auto industry in the 1950s. tariffs are taxes levied on imports or exports.
Tax law or revenue regulation is an area of legal observation wherein public or sanctioned governments, including federal, national, al and municipal governments (as within the case of the united states) use a body of policies and approaches (laws) to assess and accumulate taxes in a felony context. The charges and merits of the numerous taxes, imposed with the aid of the authorities, are attained through the political method inherent in those bodies of power, and not at once resulting from the real area of tax regulation itself.
Tax law is a part of public regulation. It covers the application of present tax laws on people, entities, and groups, in areas wherein tax sales are derived or levied, e.g. income tax, estate tax, commercial enterprise tax, employment/payroll tax, assets tax, present tax, and exports/imports tax. There have been a few arguments that purchaser regulation is a higher way to engage in huge-scale redistribution than tax regulation as it does now not necessitate legislation and may be extra efficient, given the complexities of tax regulation.
To learn more about Tax law visit here:
brainly.com/question/29664519
#SPJ4
german firms import machinery from the uk. what will happen to the supply of german goods manufactured using machinery from the uk, if the value of the euro falls against the british pound?
If the euro falls in value versus the British pound, German enterprises will face higher import costs from the UK. This would raise the cost of machinery used in German production.
reducing the supply of German goods. As the price of machinery rises, German enterprises may seek other suppliers or be obliged to cut the number of commodities produced, resulting in a reduction in the supply of German goods. Alternatively, if German enterprises are unable to locate other suppliers or lower the cost of their machinery imports, they may pass on the additional cost to customers in the form of higher prices, reducing the amount of German products requested and, therefore, decreasing demand for German goods..
learn more about cost here:
https://brainly.com/question/30045916
#SPJ4
when financial statements contain a departure from gaap because, due to unusual circumstances, the statements would otherwise be misleading, the auditor should explain the unusual circumstances in a separate paragraph and express an opinion that is
The auditor needs to elaborate on the peculiar circumstances In a separate paragraph, give an unqualified view.
An auditor is someone trained to look over financial records, validate their accuracy, and ensure that companies are adhering to tax laws. They protect businesses from fraud, draw attention to irregularities in accounting practises, and on occasion, they act as consultants, helping businesses find ways to increase operational effectiveness. Auditors perform a variety of functions across a range of businesses. An audit is performed by an auditor, who can be an individual or a business. To work as an auditor, a person must be qualified by the body that regulates accounting and auditing and satisfy other requirements. Typically, in order to work as the company's external auditor, a person needs a certificate of practise from the regulatory agency.
To learn more about auditor refer here:
https://brainly.com/question/28457117
#SPJ4
question 4 which major social media platform has the same unified profile for individuals and brands alike?
A social networking site is a website that connects you with others that share your interests and upbringing.
What is media?The term media, which is the word form of medium, refers to the human activity channels through which we disseminate news, music, movies, education, promotional messages, and other data.
As, It can be used by companies and organizations to coordinate efforts, manage projects, and communicate in real time. the same unified profile for individuals and brands alike.
Therefore, As a result, social networking plays an important role in it the social media platform
Learn more about media here:
https://brainly.com/question/14047162
#SPJ1
f the price of pepsi goes down and coke does not change its price, what will happen to the demand for coke? it will increaseit will decreaseit will stay the same
It will go up. According to the rule of demand, if price decreases, quantity required increases.
Therefore, the demand of Coke grows when Pepsi prices rise, and the desire reduces when Pepsi prices fall. Customers will therefore switch from Pepsi to Coca-Cola whenever the price of Coke rises, increasing the demand for Coca-Cola. There will be more desire for the original item if the cost of a substitute offering rises. If Pepsi Cola's price rises, less people would buy it, while more people will choose Coca-Cola. Pepsi's supply curve remains unchanged. The Pepsi market's equilibrium price and supply both rise.
Learn more about demand
https://brainly.com/question/29761926
#SPJ4
How long does it take to get your refund back after it's been accepted?
Most problems are resolved in fewer than 21 calendar days. The processing of your return might take four weeks or longer if you filed on paper and are anticipating a refund.
The last piece of paperwork needed to compute an entity's or person's profits made and the amount of taxes owed to the government, government-owned corporations, or, most often, the taxpayer once again, is a tax return.
One of the main ways the government makes money is through taxes. Direct and oblique taxes are two different types of levies that both contribute to tax income. Tax sales are the revenue the government receives through taxes imposed on incomes, profits, products and services, land sales, ownership, the transfer of assets, and other taxes. The amount of the United States of America's production that has been gathered with the help of taxes, as computed as a percentage of GDP, is represented by total tax sales.
For such more question on refund:
brainly.com/question/30485573
#SPJ4
Why should businesses be socially responsible? Give any two reasons.
Answer:
Embracing CSR increases customer retention and loyalty, increases employee engagement, improves brand imaging, attracts investment opportunities and top talent, and makes a difference for bottom-line financials.
Explanation:
Yeah.
how many payment transactions does a consumer make in a typical month
The number of payment transactions that a customer makes in a typical month is 68 payments.
How many transactions are made in a month by consumers ?The number of payment transactions a consumer makes in a typical month varies greatly and is dependent on several factors such as income, lifestyle, and personal spending habits. On average, a consumer may make anywhere from a few transactions to several dozen transactions in a month.
Some common payment transactions include buying groceries, paying bills, making online purchases, withdrawing cash from ATMs, and so on. However, on average, it is shown that a typical customer makes 68 payments a month.
Find out more on payment transactions at https://brainly.com/question/28066936
#SPJ1
which of the following attributes is most typical of a service? group of answer choices tangible mass production easy to automate production and consumption occur simultaneously consistency
The most typical scenario for a service is simultaneous production and consumption.
A business notion, such as Store, Employee, Geographical Region, or Year, is an attribute.
These ideas aid in your comprehension of the commercial data (often numerical) kept in your data source.
Knowing your company's total revenue is helpful, but the kind of analytical detail you need on a regular basis comes from knowing where and when the sales occurred. The "where" and "when" inquiries are answered by attributes.
To let you know what the data in that row or column is for, attributes display on reports as row heads or column headings.
A lookup table within your data source contains one or more columns that are related with the characteristics, which are actually MicroStrategy objects.
To know more about the Business Attributes visit:
https://brainly.com/question/13793201
#SPJ4
which of the following is not a component of six sigma yellow belt training? a. advanced project and team management skills b. data collection c. basic quality tools d. six sigma roles
Advanced project and team management skills are not a component of six sigma yellow belt training. The correct option is A.
What are the roles of the Six Sigma Yellow Belt?These are the project-specific, full- or part-time resources who provide process and cross-functional knowledge while also assisting in the maintenance of gains. They share project ownership with the Six Sigma Experts and are accountable for the work and results' quality.
Yellow Belts are in charge of working on projects that test solutions used to eliminate defects from processes. When their tests are successful, the project is frequently passed on to a higher certification, where it is escalated, verified, and confirmed.
Thus, the ideal selection is option A.
Learn more about the Six Sigma Yellow Belt here:
https://brainly.com/question/29413792
#SPJ1
six sigma teams use the method when improving a product or process that already exists, and the method when developing a new product or process. a. dmaac, dmaav b. dmaav, dmaac c. dmaic, dmadv d. dmadv, dmaic
The answer is option c. dmaic, dmadv, six sigma teams use the method when improving a product or process that already exists, and the method when developing a new product or process are dmaic, dmadv.
What is a product, exactly?Anything you offer to fulfill a customer's need or desire is a product. They could be real or imaginary. A physical product can be either durable (such as vehicles, furniture, or computers) or nondurable (like food and beverages).
In marketing, what are products?A product is anything that can be supplied to a market to satiate the need or want of a client. In marketing, a product is an object, system, or service made accessible for consumer usage as of consumer demand.
To know more about Product visit:
https://brainly.com/question/22852400
#SPJ4
1-a. how much will net operating income increase (decrease) per month if the monthly advertising budget increases by $9,300 and the monthly sales volume increases by 100 units? 1-b. should the advertising budget be increased?
NOI is the sum of all property revenues less all running costs that are deemed to be reasonably reasonable. On a property's income and cash flow statement, NOI is a before-tax statistic that does not include loan principal and interest payments, capital expenses, depreciation, or amortisation.
The selling price per unit is $40, whereas the variable expenditure is $12. The contribution margin ratio then becomes 70%. The break-even threshold will rise if the cost of each unit rises by $20 and the fixed costs by $10,000. Total fixed costs may be calculated by dividing them by the contribution margin ratio to get the break-even point in units. At the time of break-even, sales minus variable costs equal fixed costs. The amount of sales required to break even will likewise grow by $10,000 if fixed costs rise by $10,000 annually.
To learn more about capital expenses click the link below:
brainly.com/question/14099654
#SPJ4
of the many critical success factors for product innovation discussed in winning, the number one critical success factor is
The one critical factor for product innovation in winning is a differentiated product that delivers unique and superior value to the customer
The process of developing a new product—or refining an existing one—to creatively satisfy customers' wants is known as product innovation. Three main categories of innovation exist:
Sustaining innovation, which involves a company constantly giving its top clients the highest-quality items
Low-end disruption occurs when a new business enters the market at the bottom and offers a "good enough" product with a low-profit business strategy.
When a new firm enters an existing market and rises upscale, it disrupts it by creating a new sector, gradually making the old items obsolete. This method is called New market disruption.
To know more about product innovation here
https://brainly.com/question/28918020
#SPJ4
Note: Complete question is given below
Of the many critical success factors for product innovation discussed in Winning, the number one critical success factor is:
a) Competitive cost structure
b) Superior engineering talent
c) Differentiated product that delivers unique and superior value to the customer
d) Outspending the competition on a launch campaign
e) Total R&D spending