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Using the Apollo Group Inc. (see the provided annual report) answer the following questions:
1. What are the company`s long-term financing policies?
2. What are the firm`s most recent long-term financing decision (e.g., debt, IPO, seasoned equity offering, secondary offering)?
3. Analyze the economic, business, and competitive background in which the financing occurred, and identify cost and risk trade-offs.
4. What was the motivation for using this financing and was it the correct path for the company?
You can usually find this information in the footnotes in the annual report (see attached PDF).