13. Operating leverage can be defined as

Group of answer choices

the leverage that shareholders have over bondholders

the use of retained earnings to finance projects

the use of debt to finance projects

the use of preferred stock to finance projects

the use of fixed operating costs rather than variable operating costs

15. Consider the following returns and states of the economy for Neptune Corporation

Economy	Probability	Return
Weak	20%	-3%
Normal	20%	6%
Strong	60%	16%

What is the standard deviation of the firm's returns? SET YOUR CALCULATOR TO FOUR DECIMAL PLACES AND ROUND TO 2 DECIMAL PLACES AT THE END. DO NOT ENTER THE %. FOR EXAMPLE, IF YOUR ANSWER IS 7.7012% ENTER IT AS 7.70.