答案和详解如下： Q1. A company has the following information: - A target capital structure of 40% debt and 60% equity.
- $1,000 par value bonds pay 10% coupon (semi-annual payments), mature in 20 years, and sell for $849.54.
- The company stock beta is 1.2.
- Risk-free rate is 10%, and market risk premium is 5%.
- The company's marginal tax rate is 40%.
The weighted average cost of capital (WACC) is closest to:
A) 13.0%. B) 13.5%. C) 12.5%. Correct answer is C) Ks = 0.10 + (0.05)(1.2) = 0.16 or 16% Kd = Solve for i: N = 40, PMT = 50, FV = 1,000, PV = -849.54, CPT I = 6 × 2 = 12% WACC = (0.4)(12)(1 - 0.4) + (0.6)(16)= 2.88 + 9.6 = 12.48 Q2. A company is planning a $50 million expansion. The expansion is to be financed by selling $20 million in new debt and $30 million in new common stock. The before-tax required return on debt is 9% and the required return for equity is 14%. If the company is in the 40% tax bracket, the marginal weighted average cost of capital is closest to:
A) 9.0%. B) 10.0% C) 10.6%. Correct answer is C) (0.4)(9%)(1 - 0.4) + (0.6)(14%) = 10.56% Q3. A firm is planning a $25 million expansion project. The project will be financed with $10 million in debt and $15 million in equity stock (equal to the company's current capital structure). The before-tax required return on debt is 10% and 15% for equity. If the company is in the 35% tax bracket, what cost of capital should the firm use to determine the project's net present value (NPV)? A) 12.5%. B) 9.6%. C) 11.6%. Correct answer is C) WACC = (E / V)(RE) + (D / V)(RD)(1 − TC) WACC = (15 / 25)(0.15) + (10 / 25)(0.10)(1 − 0.35) = 0.09 + 0.026 = 0.116 or 11.6% Q4. A firm has $100 in equity and $300 in debt. The firm recently issued bonds at the market required rate of 9%. The firm's beta is 1.125, the risk-free rate is 6%, and the expected return in the market is 14%. Assume the firm is at their optimal capital structure and the firm's tax rate is 40%. What is the firm's weighted average cost of capital (WACC)? A) 8.6%. B) 5.4%. C) 7.8%. Correct answer is C) CAPM = RE = RF + B(RM − RF) = 0.06 + (1.125)(0.14 − 0.06) = 0.15 WACC = (E ÷ V)(RE) + (D ÷ V)(RD)(1 − t) V = 100 + 300 = 400 WACC = (1 ÷ 4)(0.15) + (3 ÷ 4)(0.09)(1 − 0.4) = 0.078 Q5. Hatch Corporation's target capital structure is 40% debt, 50% common stock, and 10% preferred stock. Information regarding the company's cost of capital can be summarized as follows: - The company's bonds have a nominal yield to maturity of 7%.
- The company's preferred stock sells for $40 a share and pays an annual dividend of $4 a share.
- The company's common stock sells for $25 a share and is expected to pay a dividend of $2 a share at the end of the year (i.e., D1 = $2.00). The dividend is expected to grow at a constant rate of 7% a year.
- The company has no retained earnings.
- The company's tax rate is 40%.
What is the company's weighted average cost of capital (WACC)? A) 10.59%. B) 10.18%. C) 10.03%. Correct answer is B) WACC = (wd)(kd)(1 − t) + (wps)(kps) + (wce)(kce) where:
wd = 0.40
wce = 0.50
wps = 0.10
kd = 0.07 kps = Dps / P = 4.00 / 40.00 = 0.10 kce = D1 / P0 + g = 2.00 / 25.00 + 0.07 = 0.08 + 0.07 = 0.15 WACC = (0.4)(0.07)(1 − 0.4) + (0.1)(0.10) + (0.5)(0.15) = 0.0168 + 0.01 + 0.075 = 0.1018 or 10.18% | 
发表于 2009-1-22 09:33
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