Tài liệu Tài chính doanh nghiệp ( Bài tập) Chapter 9 pdf

... σ 2 P = (W F ) 2 ( F ) 2 + (W G ) 2 ( G ) 2 + (2 )(W F )(W G )( F )( G )[Correlation(R F , R G )] = (0 .30) 2 (0 . 09) 2 + (0 .70) 2 (0 .25) 2 + (2 )(0 .30 )(0 .70 )(0 . 09 )(0 .25 )(0 .2) = 0.033244 ... σ 2 P = (W A ) 2 ( A ) 2 + (W B ) ( B 2 B B ) 2 + (2 )(W A )(W B )( B A )( B B )[Correlation(R A , R B )] B =...

Ngày tải lên: 17/12/2013, 09:15

... 0.20) (0 .10) + (0 .16 – 0.18) (0 .18 – 0.20) (0 .06) + (0 .16 – 0.18) (0 .22 – 0.20) (0 .04) + (0 .18 – 0.18) (0 .18 – 0.20) (0 .12) + (0 .18 – 0.18) (0 .20 – 0.20) (0 .36) + (0 .18 – 0.18) (0 .22 – 0.20) (0 .12) ... Cov (R S , R M ) = Σ [(R S - R S ) × (R M - R M ) × Prob] = (0 .03 – 0.137) (0 .05 – 0.135) (0 .1) + (0 .08 –...

Ngày tải lên: 17/12/2013, 09:15

... PV(C 0 ) = -$120,000 PV(C 1 ) = $25,6 29 / (1 . 197 ) = $21,411 PV(C 2 ) = $26,355 / (1 . 197 ) 2 = $18, 394 PV(C 3 ) = $27, 098 / (1 . 197 ) 3 = $15,800 PV(C 4 ) = $27,8 59 / (1 . 197 ) 4 = $13,570 ... $13,570 PV(C 5 ) = $28,638 / (1 . 197 ) 5 = $11,654 PV(C 6 ) = $ 29, 432 / (1 . 197 ) 6 = $10,006 PV(C 7 ) = $30,242 / (1 . 197 ) 7 = $8,5 89 NPV = PV(C...

Ngày tải lên: 17/12/2013, 09:15

... percent, or (1 .1) (0 .9) × P 0 . Today, each of the stocks is worth 99 % of its original value. 2 years ago 1 year ago Today General Materials P 0 (1 .1) P 0 (1 .1) (0 .9) P 0 = (0 .99 ) P 0 Standard ... Five-year holding-period return = (1 +R 1 ) × (1 +R 2 ) × (1 +R 3 ) × (1 +R 4 ) × (1 +R 5 ) – 1 = (1 + -0.0 491 ) × (1 + 0.2141) × (1 +...

Ngày tải lên: 17/12/2013, 09:15

... McGraw-Hill. All rights reserved. = ($ 5 .99 ) / (1 .14) + ($ 6.64) / (1 .14) 2 + ($ 7.17) / (1 .14) 3 + ($ 7.53) / (1 .14) 4 + [($ 7 .91 ) / (0 .14 – 0.05)] / (1 .14) 4 = $71.70 A share of Webster ... Div 1 / (1 +r) + Div 2 / (1 +r) 2 + Div 3 / (1 +r) 3 + [Div 4 / (r – g)] / (1 +r) 3 = $1.36 / (1 .12) + $1.60 / (1 .12) 2...

Ngày tải lên: 17/12/2013, 09:15

... / (1 .12) + $130,000 / (1 .12) 2 ] / ($ 200,000) = 1. 099 The profitability index for project B is 1. 099 . PI(C) = [C 1 / (1 +r) + C 2 / (1 +r) 2 ] / (Initial Investment) = [$75,000 / (1 .12) ... project. NPV(Project A) = -$5,000 + $3,500 / (1 .15) + $3,500 / (1 .15) 2 = $6 89. 98 The NPV of project A is $6 89. 98. NPV(Project B) = -$100,000 + $6...

Ngày tải lên: 17/12/2013, 09:15

... $650,000 / [(1 . 09) (1 .044)] = $571, 197 .58 PV(C 3 ) = $800,000 / [(1 . 09) 2 (1 .044)] = $644 ,96 5.51 PV(C 4 ) = $1,000,000 / [(1 . 09) 3 (1 .044)] = $7 39, 6 39. 35 PV(C 5 ) = $1,000,000 / [(1 . 09) 4 (1 .044)] ... reserved. PV(Deferred Payments 2) = $125,000 A 10 0. 09 / [(1 .044) (1 . 09) 22 ] = $115, 399 .28 NPV(Contract) = PV(C 1 ) + PV(C...

Ngày tải lên: 17/12/2013, 09:15

... price of the bond. P = C 1 / (1 +y) + (C 2 +F) / (1 +y) 2 $91 4.87 = $60 / (1 +y) + ($ 60 + $1,000) / (1 +y) 2 y = .1 097 = 10 .97 % The yield to maturity is 10 .97 %. 5A.2 The present value ... spot rate. P = C 1 / (1 +r 1 ) + (C 2 +F) / (1 +r 2 ) 2 = $50 / (1 .10) + ($ 50 + $1,000) / (1 .08) 2 = $45.45 + $90 0.21 = $94 5.66 The pri...

Ngày tải lên: 17/12/2013, 09:15

... buyout will be: r wacc = {B / (B+S)} r B + {S / (B+S)}r B S = ( $300,000 / $5,800,000 )(0 .10) + ($ 5,500,000 / $5,800,000 )(0 .1527) = (3 /58 )(0 .10) + (5 5/58 )(0 .1527) = 0.15 Therefore, ... restructuring will be: r wacc = {B / (B+S)} r B + {S / (B+S)}r B S = ( $400,000 / $2,000,000 )(0 .10) + ($ 1,600,000 / $2,000,000 )(0 .20) =...

Ngày tải lên: 25/12/2013, 21:16

... V A = [(EBIT )(1 – T C )] / r S = [($ 1,000,000 )(1 – 0.35)] / 0.11 = $5 ,90 9, 091 The value of Firm A is $5 .91 million. 16.18 a. According to the Miller Model, in equilibrium: r B (1 – ... there to be equilibrium: r B (1 – T B C ) = r S r B (1 – 0.35) = 0.11 B r B = 0.11 / (1 – 0.35) B = 0.1 692 The equilibrium interest rate is 16 .92 %....

Ngày tải lên: 25/12/2013, 21:16