Tài liệu Tài chính doanh nghiệp ( Bài tập) Chapter 6 pptx

... = (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 = (5 /12) 2 (0 .0588) 2 + (7 /12) 2 (0 ) 2 + (2 )(5 /12 )(7 /12 )(0 .0588 )(0 )(0 ) = 0.00 060 0 ... 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 = (1...

Ngày tải lên: 17/12/2013, 09:15

... [(R L - R L ) (R J - R J )]. Cov (R L , R J ) = Σ [(R L - R L ) × (R J - R J ) × Prob (R L , R J )] = (0 . 16 – 0.18) (0 . 16 – 0.20) (0 .10) + (0 . 16 – 0.18) (0 .18 – 0.20) (0 . 06) + (0 . 16 ... (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 .1...

Ngày tải lên: 17/12/2013, 09:15

... PV(C 0 ) = -$2,100,000 PV(C 1 ) = $725,000 / (1 . 165 5) = $62 2,051 PV(C 2 ) = $725,000 / (1 . 165 5) 2 = $533,720 PV(C 3 ) = $725,000 / (1 . 165 5) 3 = $457,932 PV(C 4 ) = $1, 062 ,500 / (1 . 165 5) 4 ... PV(C 4 ) = $27,859 / (1 .197) 4 = $13,570 PV(C 5 ) = $28 ,63 8 / (1 .197) 5 = $11 ,65 4 PV(C 6 ) = $29,432 / (1 .197) 6 = $10,0 06 PV(C 7 ) = $30,24...

Ngày tải lên: 17/12/2013, 09:15

... R T = (R 1 + R 2 + R 3 + R 4 + R 5 + R 6 + R 7 ) / (6 ) = (0 . 061 6 + 0.0547 + 0. 063 5 + 0.0837 + 0.0781 + 0.0 56) / (6 ) = 0. 066 3 The average return on U.S. Treasury bills is 6. 63 percent. ... R S (R S - R S ) 2 0.402 0.24 16 0.058370 56 0 .64 8 0.48 76 0.237753 76 -0.58 -0.7404 0.548192 16 0.328 0. 167 6 0.028089 76 0.004 -0.1 564 0.024 460 96...

Ngày tải lên: 17/12/2013, 09:15

... / 0.15 = $6, 666 ,66 6 .67 To calculate the price to earnings ratio, divide the total price of the firm ($ 6, 666 ,66 6 .67 ) by its current earnings ($ 800,000). P/E = $6, 666 ,66 6 .67 / $800,000 ... number of shares outstanding. PV = C 1 / r = $100,000,000 / 0.15 = $66 6 ,66 6 ,66 6 .67 Share Price = $66 6 ,66 6 ,66 6 .67 / 20,000,000 = $33.33 The share pric...

Ngày tải lên: 17/12/2013, 09:15

... d. NPV(Deepwater Fishing) = - $60 0,000 + $270,000 / (1 .15) + $350,000 / (1 .15) 2 + $300,000 / (1 .15) 3 = $ 96, 687. 76 The NPV of the deepwater fishing project is $ 96, 687. 76. NPV(Submarine ... / (1 .15) + $3,500 / (1 .15) 2 = $68 9.98 The NPV of project A is $68 9.98. NPV(Project B) = -$100,000 + $65 ,000 / (1 .15) + $65 ,000 / (1 .15) 2 = $5 ,6...

Ngày tải lên: 17/12/2013, 09:15

... / (1 .1) 5 = $62 0.92 PV(C 6 ) = $1,000 / (1 .1) 6 = $ 564 .47 PV(C 7 ) = $1,250 / (1 .1) 7 = $64 1.45 PV(C 8 ) = $1,375 / (1 .1) 8 = $64 1.45 NPV = -$5,000 + $63 6. 36 + $743.80 + $751.32 + $68 3.01 ... NPV(Engineer) = PV(Undergraduate) + PV(Experience) + PV(Master) +PV(Earnings) = -$12,000 A 4 0. 06 + $20,000 / (1 . 06) 5 + $25,000 / (1 . 06) 6 –...

Ngày tải lên: 17/12/2013, 09:15

... 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 + $900.21 = $945 .66 The price of the bond is $945 .66 . 5A.3 Apply the forward ... year, use the two-year spot rate. P = C 1 / (1 +r 1 ) + (C 2 +F) / (1 +r 2 ) 2 = $60 / (1 .1) + ($ 60 + $1,000) / (1 .11) 2 = $54.55 + $ 860 .3...

Ngày tải lên: 17/12/2013, 09:15

... the firm now has 263 ,63 6. 363 6 (= 250,000 + 13 ,63 6. 363 6) shares outstanding, where each is worth $22, the market value of the firm’s equity increases to $5,800,000 (= 263 ,63 6. 363 6 shares * $22 per ... Therefore, Strom will need to issue 13 ,63 6. 363 6 shares (= $300,000 / $22 per share) in order to fund the buyout. iv. Strom will receive $300,000 (= 13 ,63 6. 36...

Ngày tải lên: 25/12/2013, 21:16

... rate for investors in Group N is 6. 86% {= 0.0857 * (1 - 0.20)}. Since the after-personal tax interest rate (6 . 86% ) is greater than the required return on equity (6 %), Group N will buy debt. Group ... interest rate for investors in Group M is 6% {= 0.10 * (1 - 0.40)}. Since the after-personal tax interest rate (6 %) equals the required return on equity (6 %), Group...

Ngày tải lên: 25/12/2013, 21:16