Fundamentals of Corporate Finance Phần 2 ppsx

... $190, 728 × 1.05 = $20 0 ,26 4 in the second year, $190, 728 × 1.05 2 = $21 0 ,27 8 in the third year, and so on. 17 The quarterly rate is 8/4 = 2 percent. The effective annual rate is (1. 02) 4 – 1 = .0 824 , ... value of $500,000: TABLE 1.9 Future value of a $1 annuity Interest Rate per Year Number of Years 5% 6% 7% 8% 9% 10% 1 1.000 1.000 1.000 1.000 1.000 1.000 2 2.050 2....

Ngày tải lên: 05/08/2014, 13:20

... 422 Company versus Project Risk 422 Determinants of Project Risk 423 Don’t Add Fudge Factors to Discount Rates 424 Summary 425 Related Web Links 426 Key Terms 426 Quiz 426 Practice Problems 427 Challenge ... Offering 520 Arranging a Public Issue 521 The Underwriters 526 Who Are the Underwriters? 526 General Cash Offers by Public Companies 528 General Cash Offers and Shelf Regi...

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... March 31 20 00 1999 1998 1997 1996 1995 Net sales 3,351 3,314 2, 845 2, 796 2, 493 2, 160 EBIT –9 3 12 256 24 3 21 2 156 Interest 37 63 65 58 48 46 Taxes 3 60 46 43 39 34 Net profit –49 189 145 1 42 125 76 Earnings ... (billions of dollars) Assets, % (billions of dollars) 1. General Electric 4.3 196 17.3 1.9 2. Coca-Cola 15.4 158 36.3 2. 6 3. Microsoft 17.6 144 52. 9 2. 8 4. M...

Ngày tải lên: 05/08/2014, 13:20

... 3,000 50,000 20 25 ,000 1,800 1 ,25 0 3,050 20 ,000 50 10,000 4,500 500 5,000 10,000 100 5,000 9,000 25 0 9 ,25 0 22 2 SECTION TWO b. Suppose that the bank offers to run the lock box for a fee of $.10 per ... Carrying Costs Bricks per Order 2 1,000,000 1 500,000 $ 90 $ 25 ,000 $ 25 ,090 500,000 2 250,000 180 12, 500 12, 680 20 0,000 5 100,000 450 5,000 5,450 100,000 10 50,000 90...

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... 45 20 98 3 52 681 5488 11097 394 29 7 35998 4568 76 3050 1637 58 146 425 0 21 9 99 928 66 320 325 66 4968 129 12 1 /2 36 9 /16 26 15 /16 29 1 /4 5 15 /16 18 7 /16 5 1 /16 3 9 /16 34 3 /8 69 7 /8 4 13 /16 27 7 1 /8 14 1 /16 32 1 /16 16 3 /4 11 /16 47 1 /8 33 5 /16 4 5 /16 48 7 /8 51 9 /16 20 3 /16 12 7 /16 34 1 /16 26 1 /2 28 1 /8 5 1 /2 17 4 3 /4 3 5 /16 33 3...

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... percent 25 Ϫ30 1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 55 58 20 Ϫ15 Ϫ10 Ϫ5 0 5 10 15 20 25 30 25 Ϫ30 1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 55 58 20 Ϫ15 Ϫ10 Ϫ5 0 5 10 15 20 25 30 25 Ϫ30 1 ... thousands of dollars Discount rate, percent 20 0 Ϫ150 Ϫ100 Ϫ50 0 50 100 150 120 48 20 16 24 32 36 40 4 428 48 IRR ϭ 12. 96% NPV profile Introduction...

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... of goods sold 2, 100.00 2, 184.00 2, 271.36 2, 3 62. 21 2, 456.70 5. Operating cash flow (3 – 4) 900.00 816.00 728 .64 637.79 543.30 6. Depreciation 25 0.00 25 0.00 25 0.00 25 0.00 25 0.00 7. Income (5 – 6) ... 387.79 29 3.30 8. Tax at 35% 22 7.50 198.10 167. 52 135. 72 1 02. 65 9. Net income (7 – 8) $ 422 .50 $367.90 $311. 12 $25 2.06 $190.64 Notes: 1. Yards sold and price p...

Ngày tải lên: 05/08/2014, 13:20

... 11,1 52, 000 3. Fixed costs 2, 000,000 2, 000,000 4. Depreciation 450,000 450,000 5. Pretax profit (1 – 2 – 3 – 4) 550,000 2, 000 6. Taxes (40%) 22 0,000 –800 7. Profit after tax 330,000 –1 ,20 0 8. ... depre- ciation will be 2. 00 + .45 = $2. 45 million. Since the store produces profits of $.55 mil- lion at a normal level of sales, DOL should be DOL = 1 + fixed costs = 1 + 2. 00 +...

Ngày tải lên: 05/08/2014, 13:20

... Ϫ$0,680 depreciation tax shield Cost of ϩ$10,000 machine Total cash ϩ$10,000 Ϫ $2, 330 Ϫ $2, 330 Ϫ $2, 330 Ϫ $2, 330 Ϫ $2, 330 flow TABLE B .2 Incremental cash flows for Tasha Corp. from leasing instead of buying Leasing ... years of trading have been less than a con- trol sample of matching firms. See J. R. Ritter, “The Long-Run Performance of Initial Public Offerings,” Journal o...

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... 1.000 1.000 1.000 1.000 1.000 1.000 1.000 2 2.160 2. 170 2. 180 2. 190 2. 200 2. 210 2. 220 2. 230 2. 240 2. 250 2. 260 2. 270 2. 280 2. 290 2. 300 3 3.506 3.539 3.5 72 3.606 3.640 3.674 3.708 3.743 3.778 3.813 ... 15.9 02 16.499 17.119 17.7 62 18.430 19. 123 19.8 42 20.588 21 .361 22 .163 22 .995 23 .858 9 17.519 18 .28 5 19.086 19. 923 20 .799 21 .714 22 .670 23...

Ngày tải lên: 05/08/2014, 13:20