[CFA Level 2] 二级 09年sample version3 第14题 答案是不是错了? market, initial, interest

hehanz

如题

答案貌似是把interest expense的基数当做initial outlay算的,实际上应该是market value吧?

我算出的答案等于8.706million

大家怎么想?

hehanz

If you take a look at p197 in note 2, you would find it says on the right top that interest expense is calculated by assuming that BW finances 50% of the project's market value with debt at a pre-tax cost of debt of 6%. And then it gives an example.

 

So with this question, I agree with the rest of the answer, except this part: interest expense = Debt * r_d = weight of debt financing initial outlay * initial outlay * r_d. I think it should be the market value of the project, instead of the initial outlay.

 

And the way to calculate the market value is

 

First you calculate the after-tax cash flow for each year: year1 20.7, year2 22.54, year3 24.5

 

Then discount: 20.7/1.15 + 22.54/1.15^2 + 24.5/1.15^3 = 51.15

hehanz

顶上来~~

hehanz

楼上,我同意你的观点.但答案和你的也是不一样的.答案的interest expense @1st yr = 0.4 * 38 * 12%,而你的是 0.4 *(38 + outlay) * 12%.问题的关键就在,答案用的是outlay,我觉得应该用market value which is not equal to outlay.

hehanz

嗯,我们俩的算法是一致的,你的更简单,不过答案差不多.但答案就很奇怪,只用了outlay.我觉得不是想的复杂的问题,是对和错的问题.你看看我之前的回复,notes上有一个地方明确说,应该用market value而不是outlay.

 

但我又觉得答案不可能会错,所以可能是其他什么地方我们理解错了?

hehanz

forwhat,请看三楼的回复.

hehanz

Forwhat, I think you are correct. This is actually the only way that makes sense. However, I don't know why sample would assume this way. The sample is supposed to have the same idea with CFA book. And I checked the book, and found it uses market value instead of outlay as well. So... I am confused.

 

But I guess this is good for now. No need to go further.

 

Thank you for both you guys.