I'm having a hard time rationalizing how they came up with the answer, even after I look at the answer.
I got the problem right using a different method to back into the WACC. But how they get this operating lease debt figure of 57 million just doesn't make sense to me. It looks to me like they are using the 4 million tax differential, but I would think this is divided by 40% (ie. 4 million / 0.40) = 10 M in EBT differential. This would mean the operating lease differential is 10 million not 4 million. Anyone got a rational explanation? I would appreciate. thx.作者: cv4cfa 时间: 2011-7-13 14:00
