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What conditions contribute to germination? Describe what

BSCS Biology: A Molecular Approach | 9th Edition | ISBN: 9780078664274 | Authors: McGraw-hill education ISBN: 9780078664274 182

Solution for problem 11.1.6 Chapter 11.3

BSCS Biology: A Molecular Approach | 9th Edition

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BSCS Biology: A Molecular Approach | 9th Edition | ISBN: 9780078664274 | Authors: McGraw-hill education

BSCS Biology: A Molecular Approach | 9th Edition

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Problem 11.1.6

What conditions contribute to germination? Describe what happens when a seed germinates.

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Exam2StudyGuide Chapter9- CostofCapital=minimumacceptablereturnonanewproject,youhaveto‘hurdle’your initialinvestmentandearnATLEASTthecosttoinvestintheproject.(Alsoknownasthe hurdlerate) -Itsanopportunitycostininvestorseyes-thinkabouttherateofreturnsthat canbeearnedelsewhereinthemarketatthesamelevelofrisk,possibleopportunities thatwouldbelostiftheprojectweretobetakenon. Componentsareequity,debtandpreferredstock.Turnedintoaweightedaveragerate ofreturnthatisrequiredbyshareholdersanddebtholders. WACC-riskadjustedweightedaveragecostofcapital.Ifproject’sriskissimilarto companiesoverallrisktheWACCcanbeusedasadiscountrate. After-taxCostofDebt-Interestondebtisdeductibleandreducestaxableprofit. TofindtheAfterTaxCostofDebt…(r =costoddebt,T =corporatetcrate) R d(1-T )c *8percentcouponbondwithYTMof15%;companywantstoissuenewbondswith similarYTMandatpar.Taxrateismarginaland40percent.After-taxcostofdebt R =15%=YTM 15*(1-.40)=9% d T c40 CostofPref.Stock- R psostofPS D=dividend P 0priceofstockattime0(makesureadjustedforflotationcostsifgiven) *Toadjustforflotationcoststakewhateverpercentgiven,ex.7%,awayfromthe marketprice,ex.$40.(40*93%=$37.2wouldbetheadjustedprice) Equation=R =DpsP 0 CostofEquity 1) CostofRetainedEarnings-opportunitycostinvolvedwithreinvestingearnings insteadofgivingthemout,stockholdersthemselvescouldinvestthemand createvalueforthemselves;bynotdistributingtheearningsthisopportunityis takenaway.Thecompanyshouldatleastproducethereturnthestockholders couldmakeforittobeworthittokeepthefundsinsidethecompany. Toestimate: Rs=R rfB(r mr )rf=beta,Rrf=riskfreerate,Rm=marketrate Or…R =s /P 1+g0àD1=dividendattime1,P0=priceattime0,g=growthrt Note:Therearesubjectivewaystovaluecostofretainedearnings.Sometimesthey takethelong-termbondyieldandadd2-5%bufferorriskpremium.Theydothis becauseriskyfirmswithlowratingsondebtareprobablygoingtoalsohavehigh- riskequitythatisusuallymoreexpensivethanlong-termdebt. 2) CostofNewCommonStock R nsD /(1 (1-0))+gàF-flotationcosts P0(1-F)=Theadjustedstockprice *Flotationcostsmakeretainedearningsacheapersourceoffinancingthannew stockissuances. WACC- WACC=(r *(SsD+S+PS))+(r (1-T )*d(D+ScPS))+(r (PS/(D+S+PS))ps WACC=(r *w +(r *w )+(r *w ) s s) d d ps ps R scostfoequity(REornewstock) R psostPref.Stock R (1-T)=After-taxCostofDebt d D;S;PS=marketvaluesofeach Andthefractioninfirstequationisusedfortheweights,simplifiedinsecondeq. ValueofOperationstogetIntrinsicStockPrice Theprimarysourceofvalueisthevalueofoperations. V opFCF (10g))/(WACC-g) Asecondarysourcecomesfromnon-operatingassets,likeshort-terminvestments. AddValueofOpsandShortTerminvestmentstogetTotalValue. SubtractDebtandPreferredStocktogettheValueofEquity. DivideBysharesoutstandingandgettheestimatedintrinsicvalueofthestock. **CanalsovaluestockpricethroughPriceMultiples. 1) PEratio(pricetoearnings)-sharepricerelativetoearningspershare -P/E*ExpectedEarnings=Price -UsedoftenwithIPOs -Cancompareearningswithindustryearnings -UnderwriteswillpriceIPObasedonearningsfrompeerfirms *However,they’reschemersbecausetheyonlylookatpeerswithhigher PEratios!Leadstoovervaluationwhichisbadforthecompanybutgoodfortheir ownwallets! 2)PEGratio(P/E)/g;includesgrowth -Problemwithit:theunitsdonotmakesense -Ratiobelow1mayindicateagoodbuyforinvestors -gishardtoestimatesothrowsofworthoftheratio Note:Whenastockisovervaluedacompanywillissuemoretogetmoneyat overvaluedpriceanditwilldrivedowntotrueamount,Whenastockisundervaluedthe companywillbuyitbackbecausetheyknowit’sagooddealandthatthepriceislikely togoup. Chapter10- CapitalBudgeting–Allaboutwhetherornottoinvestinaproject,whichprojectto choose. ThemostusedmethodpresentlytotestaprojectsworthisNetPresentValue. NPVàPresentvalueofInflows-PresentValueofOutflows Thedifferencebetweenmarketvalueofaprojectanditscost. n =-InitialOutlay+CF/(1+r)+….CF /(1+r)n StepstoFind: 1) Estimatefuturecashflows 2) Estimaterequiredreturn 3) FindPVofthecashflowsandsubtracttheinitialoutlay. • Ifpositive,theprojectismakingmoney.(Thereturn>costofcapital) • If0,thereturnisstillequaltothecostofcapital,soitstillmeetstheminimum acceptablereturnthecompanyrequires.SoitisokayandcommonforNPVsto equal0. • Ifnegative,theprojectdoesnotmeetthecompanystandardsandshouldbe rejected. **Problem:Doesnottakeintoaccountsizeoftheproject. **StockatefficientmarketNPV=0becausereturnexpected=requiredreturn. Note:WhencomparingprojectsthathavesimilarNPVS,lookatMarginforError. Ex:Howmuchcantheprojectscashflowscanbereducedandstillproduceapositive NPV.Thisconsidersandcomparesriskinessoftheprojects. IRRàTheratewhenNPVequals0. • ThisistoshowthereturnthatisneededfortheprojectthatmakesthePVof inflowsandPVofoutflowscanceleachotheroutto0. Acceptifgreaterthanrequiredreturn. -ManagersliketocompareratessotheysometimesfavorIRR,alsoitissimpleto communicate -NormallyNPVandIRRproducethesamedecision,butsometimesthisdoesnothappen andIRRisUNRELIABLE.Likewhenthereare… • Non-conventionalcashflows(morecashflowsthanjusttheIOarenegative, usuallyeverythingaftertheIOispositive,signchanges[-++-+]wouldbenon- conventional) • MutuallyExclusiveProjects-(Youcanuseoneortheotherproject,notboth.) *Whentherearenon-conventionalcashflows,thereismorethan1IRR.Inthiscasethe IRRisconsidereduseless!Andnotevenworthcalculating! *Withmutuallyexclusiveprojects,sometimestheInitialOutlaysareverydifferent.One projectmaygetahugereturn/IRRbutitonlygeneratesalittlewealthforthecompany whencomparedtotheotherchoice. Ex.ProjectA-IO=100,IRR=60%NPV=500 ProjectB-IO=1000,IRR=40%,NPV=1500 *IfdecidingonIRR,onewouldpickA,butonNPVonewouldpickB.Whatreallyisthe decidingfactorishowmuchwealthisbeingproduced.EventhoughAhasagreatreturn, BisstillproducingWAYmorewealthandismorebeneficialtothecompanyand shareholders.GoalofFinancialManagement:maximizeshareholderwealth!When decidingbetweenmutuallyexclusiveprojectsgowithNPVdecisionmaking!!! Note:ThiswillalsohappenbetweenIRRandNPViflargercashflowsoccurearlierin theprojectslife.IFtheyoccurearliertheIRRwillbehigherthanaprojectthathasthe largercashflowslateron. NPVProfile -ShowsaprojectsNPVagainstdifferentcostsofcapital. -CrossoverRateisfoundbytakingthedifferencesoftheprojectscashflows,and solvingforIRR. -WhenlineAisaboveLineB,ithasagreaterNPV.But,afterthecrossoverpointlineB hasagreaterNPV. -Thedifferencesbetweentheprojectscanresultfromtimingofcashflows,orsize differences. ProfitabilityIndex-lessfrequentlyused =(PV(FCF))/CF 0 *Onlywithtraditionalprojectswithinitialoutlay *Aplusisthatisgivesadegreeofrisk:howmuchtheprofitwillcovertheinitialoutlay. *Reallydoesn’tgiveanymoreinfothanNPVandIRR. PaybackPeriod- =NumberofYearsPriortoFullRecover+(UnrecoveredCostatStartofYear/CashFlow duringFullRecoveryYear) -Numberofyearstorecoverfunds,Acceptifmeetscompaniesarbitrarycutoffdate -IgnoresTimeValueofMoneycompletely -Cashflowsbeyondpaybackperiodareignoredwhenmakingdecision,whatisitmakes Millionsandisnotconsideredbecausedoesnotmeetthepaybackperiodrequirement! -Doesnottellushowmuchwealththeprojectgenerates DiscountedPaybackPeriod- First,DiscountalloftheCashFlowstomakeupfortheTimeValueofMoneyProblem. Then,dothesameequation. **Thepaybackmethodsdoprovideinformationonliquidityandrisk.(Shorter=More liquid) MIRR-IRRmakesthemistakeofassumingthecashflowsarereinvestedatIRRandnot thecostofcapital.MIRRassumescashflowsarereinvestedatWACC,costofcapital. PVofCosts=TV/(1+MIRR) n 1) Takethepresentvalueofcashoutflows(negative).IfthisisjusttheIOthenjust usethat.(ItisalreadyinPresentValuebecauseattime0). 2) Then,takethefuturevalueofallinflowsandsum.(CompoundtotheTERMINAL YEAR(TV)) 3) TheMIRRwillbethediscountratethatcausesthePVoftheterminalvalueto equalthecost.PlugeverythingintotheequationandsolveforMIRR. *ThisissuperiortoIRRinthatitshowsmoreofaTRUErateofreturnontheproject. Conclusion:AlwaysgowiththegreatestNPV,becausethatdemonstrateswhich projectwillbethemostwealthproducing. Chapter11- CashFlowEstimation -Whendoingcapitalbudgeting,IncrementalCashFlowsandOperatingCashFlowsare important.*DoNottakeSunkcostsintoconsideration. IncrementalCashFlows=Anycashflowsthecompanywillhavetakingontheproject minuscashflowsifthefirmdoesNOTtakeontheproject.(Opportunitycosts, externalities(lostsalesfromotherprojects)) SunkCost=alreadyincurredcostthatcannotberecovered,ex:50,000spenttorusty pipes2yearsago DepreciableBasis=Cost+Shipping+Installation OperatingCashFlows Sales -Costs -Depreciation =EBIT -Taxes(%ofEBIT) +Depreciation =NetOP.CashFlow Ifthereisasalvagevaluethecashflowis… SalvageValue-BookValue=GainorLoss Applytaxtothegainorlossandsubtractfromsalevalue.GettheterminalCashFlow. *Saleatalossprovidesataxcredit!(subtractinganegative,soreallyaddingit) Onceallthecashflowsaresettled,youcanuseNPV,MIRR,payback,etc… Ex.Acompanyhasaskedtoevaluateanacquisitionofanewequipment.Thebasicprice is$70,000,anditwouldcostanother$15,000tomodifyitforspecialusebyyourfirm. Usestraightlinedepreciationfor3yearsandthereisasalvagevalueof$20,000.Useof theequipmentrequiresNetworkingcapitalof$4,000.Willsavethecompany$25,000a yearinbeforetaxoperatingcosts.Taxrate=40%.Costofcap.=10% A) Whatistheyear0netcashflow • Price-modification-NWC • -70,000-15,000-4,000=-89,000 B) Whatarethenetoperatingcashflowsinyear1,2and3 • TogetDepreciationTaxShield:DepreciableBasis*1/3 • 70,000+15,000=85,000*1/3=28333.33=Dep.Expense/Year • Depr.Expense*TaxRate=Shield • 28333.33*.4=113,33.33 • Year1:Aftertaxsavings-DepreciationTaxShield=NetCashFlow • =25,000(1-.4)-11,333.33=3666.67 • SinceDepreciationTaxshieldandAnnualsavingsarethesame,thecash flowforyear2and3arethesame. C) Whatistheadditionalend-ofprojectcashflow SalvageValue=$20,000 Tax=20,000(.4)=-8,000 • 20,000-BVremaininginyear4 • 85,000(0)=BV=0,becausefullydepreciated • Ifnotfullydepreciated,thenwouldhavetosubtractremainingbook valuefromsaleofsalvage. ReturnonNetworkingCapital=4,000 =16,000 D) WhatistheNPVandshoulditbeaccepted • PVinflows–InitialOutlay • -89,000+3333.3+3030.3+14,776.6=-67859.8 • So,theProjectshouldberejectedbecausenegativeNPV. RiskinCapitalBudgeting -Measuredbystandarddeviation 1)Stand-Alone:riskcreatedbyaspecificproject,measuredbyvariabilityofthesingle project,howriskyistheprojectitself 2)CorporateRisk:hardertocalculatethanstand-alone,assessedwithintuitionandthe potentialimpactofaprojectonearnings.Measuredbyproject’scorporatebeta(howit alignswithcompaniesotherprojects)Howriskyistheprojectwhencombinedwiththe companiesotherendeavors(assets,projects)Diversificationwithinthefirm. 3)MarketRisk-systemicrisk,beta,howwilltheprojectimpactinvestorsWillit maximizeshareholderwealthWhateffectwilltheprojecthaveonthecompany’s beta SensitivityAnalysis-HowNPVorIRRareaffectedbychangesininputs -Allvariablesarefixedexcepttheoneyouaretesting -Usetoanswer,“Whatif…ex.Costsare$10,000more” 1)Findthe‘basecase’output(NPVorIRR)atthe‘basecase’inputvalue(whatweare measuringthesensitivityof) 2)FindvalueofNPVorIRRatanewinputlevel. 3)Find%changeinoutputand%changeininput. 4)Dividechangeinoutput%bythechangeininput%andgetthesensitivity. Graph(example) -Steeper=Riskier,whichmeansmoresensitivetosmallchanges -Negative:doesnotreflectdiversification,thevariablechangingisnotnecessarilylikely (likesalesmayhaveasteepline,butinrealitythesalesfigureisunlikelytochangeatall soitdoesn’tmatter),ignoresrelationshipsbetweenvariables(bchavetokeepallothers constant) -Positive:Showssomestand-alonerisk,Identifiesthreateningvariablesthatneedtobe watchedoutfor,givesbreakeveninfo ScenarioAnalysis -examinesdifferentpossiblesituations -Bestcase,Mostlikelycase,worstcase -PairProbabilityofscenariowithitsoutcomeandtakeaweightedlikeaverage. Ex. -Negatives:onlyconsidersafewoutcomes,therearedefinitelymorecasethanbest, worstandmostlikely…,Assumesinputsareallclumpedtogether(doesnotaccountfor somebadhappeningwithsomebestcasesimultaneously),focusesmainlyonstand- alonerisk SimulationAnalysis-computerizedcontinuousprobabilitydistributionofNPVorIRR basedonsimulatedvaluesthatrepeatstheprocess1,000timesormore. -“Garbagein,garbageout” *Alloftheanalysesdonotprovidedecisionrulesandignorediversification.Focuson standalonerisk. *CriticalValue(CV)measuresaprojectsstand-alonerisk RealOptions-respondingtomarketchangesthroughactions -alertmanagerslookforrealoptions,whilesmarteronescreatethem 1)InvestmentTimingOptions-procrastinatingonstartingaprojectisbad,butwaiting canactuallypayoffsometimes.Forexample,onriskyprojectsitisbettertoseehow somethingsplayoutbeforestartingaproject,moreknowledge=lessrisk OtherRealOptionsare2)GrowthOptionsandchoosingto3)abandontheproject. Ex.DecisionTreew/RealOption Decision Probability CashFlow r=14%IO=-50Millionn=3years High .25 33Mil Market .5 25mil Low .25 5Mil *Thereisarealoptionpresent:waitayearbecausesomuchvariation/risk.Seehow marketgoes;knowledge=lessriskindecisionmaking. UseStandardDeviationtoshowriskintheproject,showsvariationbetweenoutcomes. TheStandardDeviationcomesoutto be$24.02Million,whichshowsthereis abigchanceoflosingalot! Sotoweightheoptionofwaitinga year,startInitialinvestmentattime1, andpusheverythingbackoneyear whendiscounting. Whendoingthisthestandarddeviation becomes8.57,whichisalotlessrisky. Note:1standarddeviationawayfrom themeanineitherdirectioncovers68%oftheoutcomes,2standarddeviationscovers 95%and3covers99%.(ifnormallydistributed) Also,Itisnotalwaysthebesttowait.IfthereislittleriskofnegativeNPVitisprobably bettertogoaheadwiththeproject.Magnitudeofnumbersmatter! Ch.15-CapitalStructureDecisions HowtomixDebtandEquity… Leverage=(DEBT)/(DEBT+EQUITY) *similarleverageswithinindustries *Themoreassetsacompanyhasthemoredebttheycantakeon. -ThisiswhyhightechcompaniesandpharmaceuticalcompaniestakeonLESSdebt, theydonothaveasmanyassetsascollateral. *Leveragemagnifiesriskandreturn ManyTheoriesonwhatratioisthebest. 1) TaxTrade-offTheory:balancethecostsofdebttothetaxbenefits,interesttax shield 2) DynamicTradeoffTheory:Noexactoptimal#,equatesforcostsofreadjustment, realizestheoptimalnumberisnotstaticandwhentheratiomovesawayfrom theoptimalamountthecompanyneedstoreadjust. 3) PeckingOrder-Forfinancing,useretainedearningsfirst,thendebt,andthen equityasalastresort.Itisabadsignaltoinvestorstoissueequity,stockprice fallsaftertheydo. 4) DynamicPeckingOrderTheory:announceearningsandTHENissuethestock, showstransparencytoinvestorsandgetsridoftheinformationproblemPecking ordertheoryhas 5) MarketTimingTheory-issuebondswheninterestislow,stockofferingwhen stockpriceishigh.Mostintuitivebecausegetsthemostvalue 6) AgencyTheory:Setthedebtamountsothatmanagerbehave,butnottotoo muchthattheywouldpassupapositiveNPVindecisionmaking.Moredebt meansthereislesschanceformanagerstomisuse,buttoomuchdebtcancause anunderinvestment. FinancialFlexibility=Shownbyacompaniesuseofleverageandcashholdings. Affectsdecisionstoissuedebtthemost. ModiglianiandMiller *Debtcancovertaxesbuttoomuchincreasesbankruptcycosts. *Thereisanoptimalratio. -comparesvalueandcostofcapitaltoLeverage. Whenthereareno taxesorbankruptcy costs,thecapital structureisirrelevant becausetakingthedebt onwillnotcoverany taxexpensesandyou cantakeasmuchdebt onwithoutworrying aboutbankruptcycosts. Thecostofcapitalstays thesamebecauseno bankruptcycosts. Inaworldwithtaxes andnobankruptcy,a firm’svalueincreases withthemoredebtit takeson! Also,costofcapital goesdownwiththe moredebtbecauseof thetaxshield. Intherealworld,thefirm’svalueincreases withdebttoanoptimalpointandthenstarts tofall.Thisisbecausethebankruptcycosts starttooutweightthetaxbenefits. Thecostofcapitalshouldbeminimizedandit isattherightamountofdebt. Hamada’sEquation-usedtodetermineeffectsoffinancialleveragehasonafirm,shows businessrisk.Usedtofindtheoptimalstructure. The(D/E)istheweightofthe debttotheweightofthe stock(equity). Whenweightofdebtgoesup, betarises. Betarepresentsthebusinessrisk andleveragingaffect. TheB 1intheequation,alsoB ,iu Betawith0debt. -UsetheCAPMtofindcostofequityfromthefoundBeta!Rs=rm+B (RPM) Lev *Ifmarkettobookratioishighthestockmaybeovervaluedandthecompanyshould issuestock. *Goalshouldbetominimizecostofcapital. *Thetheoriesdonotaccountforwhy0leveragedfirmssometimesdoreallywell.Hasto dowithexecutivesincharge.Moreconservativepersonalitieswilltakeonlessdebt. IPOProcess 1) Filea100pagedocumenttotheSECcalledanS-1 2) Itgetsapprovedbepreliminaryprospectus 3) FilingPriceRangeissetandsolicitfeedbackabouthowmuchitisworththrough roadshows,bookbuildingandmarketing. -Ifgoodfeedback,choosetosetIPOpricehigher. 4)FinalProspectusismade,theofferpriceisfinalized. IftheIPOisunderpriced,afterthefirstdaythepricewillpop. TocalculateIPOunderpricingormoneyleftonthetable:(Priceatendof1 Dayon st market-Offer)*numberofshares *Sometimesforfreemarketing,theyintentionallysetthepricelowtogetaPOPin price,whichcreatesbuzz. -IPOsgenerallyunderperformfortheinitialyearswhencomparedtotheaveragefirm. Underwriters-investmentbankersthatraisecapitalforthecompanyfrominvestors Syndicate-groupofinvestmentbankthatworkontheIPO -Sometimesunderwritersareschemersandhandpickcertainpeerfirmstobasethe stockpriceon,theypicka“peachyofferprice”thatisbasedonthehighestvaluedpeer firms.Thisisunethicalandhasbeenuncoveredthroughresearch,theIPOcomesout overvalued.Thestockwillgenerallydowellinthefirst6months,andunderwriterswill buysharestouptheprice. Also,ifyouasaregularinvestorcangetallocationandcanbuyIPOsharesthatmeans thebiginvestorsprobablydonotwantit. Proceeds-UnderwritingFee(typically7%)=NetProceeds GrossSpread=underwritersfees ShelfRegistration:Getsecuritiesapprovedaheadoftimetoshortentheprocessofthe IPOandacceleratetheoffer.Thishelpsifthecompanyneedsimmediatecash. -usedtobeallowedonlyforlargecompaniesbutnowmorecandothis,andsmaller companiesshouldnotnecessarilydothis,mustbeinvestmentgradetodothis -manyproblemswithunderwritersnotdoingduediligencewiththeaccelerated offers SEO:seasonedequityoffering,follow-onofferings,lacktheannouncementeffect,they faceunderpricing,butthegrossspreadismorenegotiable. Dilutioniswhenthecompanyofferscompletelynewshares. -Whenshortsellingishighforacompany,theyarelikelytoissuebecauseitshowsthat thestockpriceisexpectedtodrop. -Shortsellingsignalsovervaluedstock -Issuingwillcausethestockpricetodrop Repurchase:Ifacompanythinksitsstockisundervalueditwillrepurchasethesharesat alowpriceandthroughsupplyanddemandthestockpricewillgoup. PrivatePlacementOffers-tosmallgroupofinvestors,notpublic,Lacksannouncement affects,w/oSECreview;costeffectivewayforsmallbusinessestoraisecapital. FlotationCosts:lossofcapitalfrominformationproblemsbetweenfirmsandinvestors

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Chapter 11.3, Problem 11.1.6 is Solved
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Textbook: BSCS Biology: A Molecular Approach
Edition: 9
Author: McGraw-hill education
ISBN: 9780078664274

BSCS Biology: A Molecular Approach was written by and is associated to the ISBN: 9780078664274. The full step-by-step solution to problem: 11.1.6 from chapter: 11.3 was answered by , our top Science solution expert on 12/23/17, 05:03PM. The answer to “What conditions contribute to germination? Describe what happens when a seed germinates.” is broken down into a number of easy to follow steps, and 12 words. This full solution covers the following key subjects: . This expansive textbook survival guide covers 97 chapters, and 939 solutions. This textbook survival guide was created for the textbook: BSCS Biology: A Molecular Approach, edition: 9. Since the solution to 11.1.6 from 11.3 chapter was answered, more than 257 students have viewed the full step-by-step answer.

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What conditions contribute to germination? Describe what