Tài liệu Tài chính doanh nghiệp ( Bài tập) Chapter 4 pdf

... σ 2 P = (W 1 ) 2 ( 1 ) 2 + (W 2 ) 2 ( 2 ) 2 + (2 )(W 1 )(W 2 )( 1 )( 2 ) [Correlation(R 1 , R 2 )] = (1 /2) 2 (0 . 040 3) 2 + (1 /2) 2 (0 . 040 3) 2 + (2 )(1 /2 )(1 /2 )(0 . 040 3 )(0 . 040 3 )(0 .3 848 ) = ... + (2 )(W 2 )(W 3 )( 2 )( 3 ) [Correlation(R 2 , R 3 )] = (1 /2) 2 (0 . 040 3) 2 + (1 /2) 2 (0 . 040 3) 2...

Ngày tải lên: 17/12/2013, 09:15

... 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) + (0 .20 – 0.18) (0 .18 – 0.20) (0 .02) + (0 .20 – 0.18) (0 .20 ... Prob(R B )] = (0 .08) (0 .1) + (0 .08) (0 .3) + (0 .1) (0 .4) + (0 .1) (0 .2) = 0.092 Calculate...

Ngày tải lên: 17/12/2013, 09:15

... = (1 -0 .40 )($ 17,500,000) = $10,500,000 Year 2 = (1 -0 .40 )($ 17,500,000 )(1 .12) = $11,760,000 Year 3 = (1 -0 .40 )($ 17,500,000 )(1 .12) 2 = $13,171,200 Year 4 = (1 -0 .40 )($ 17,500,000 )(1 .12) 3 = $ 14, 751, 744 ... PV(C 1 ) = $4, 100 / (1 .12) = $3,661 PV(C 2 ) = $4, 100 / (1 .12) 2 = $3,268 PV(C 3 ) = $4, 250 / (1 .12) 3 = $3,025 PV(C...

Ngày tải lên: 17/12/2013, 09:15

... holding-period return = (1 +R 1 ) × (1 +R 2 ) × (1 +R 3 ) × (1 +R 4 ) × (1 +R 5 ) – 1 = (1 + -0. 049 1) × (1 + 0.2 141 ) × (1 + 0.2251) × (1 + 0.0627) × (1 + 0.3216) – 1 = 0.98 64 The five-year ... R S ) 2 0 .47 7 0.3228 0.1 041 99 84 0.339 0.1 848 0.0 341 51 04 -0.35 -0.5 042 0.2 542 17 64 0.31 0.1558 0.0 242 73 64 -0.005 -0.1592 0.025 344 64...

Ngày tải lên: 17/12/2013, 09:15

... 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 stock is $71.70. 5. 24 Express ... for Div. P = Div / (1 +r) + Div / (1 +r) 2 + [(1 +g) Div / (r – g)] / (1 +r) 2 $30 = Div / (1 .12) + Div /...

Ngày tải lên: 17/12/2013, 09:15

... PV(B) = [C 2 / (r)] / (1 +r) = [-$6,000 / (0 .12)] / (1 .12) = - $44 , 642 .86 The PV of stream B is - $44 , 642 .86. b. Streams A and B are combined to form project C. Project A = [C 3 / (r ... $100,000 × (1 .07) 2 = $1 14, 490 Net Income Year 4 = $100,000 × (1 .07) 3 = $122,5 04 Net Income Year 5 = $100,000 × (1 .07) 4 = $131,080 Average Ne...

Ngày tải lên: 17/12/2013, 09:15

... [(1 .09) (1 . 044 )] = $571,197.58 PV(C 3 ) = $800,000 / [(1 .09) 2 (1 . 044 )] = $ 644 ,965.51 PV(C 4 ) = $1,000,000 / [(1 .09) 3 (1 . 044 )] = $739,639.35 PV(C 5 ) = $1,000,000 / [(1 .09) 4 (1 . 044 )] ... $900 / (1 .1) 2 = $ 743 .80 PV(C 3 ) = $1,000 / (1 .1) 3 = $751.32 PV(C 4 ) = $1,000 / (1 .1) 4 = $683.01 PV(C 5 ) = $1,000 / (1 .1) 5 =...

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 ... 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 + $860.32 = $9 14. 87 The price o...

Ngày tải lên: 17/12/2013, 09:15

... 10. 14% Gulf’s weighted average cost of capital af wacc = ( $20 m = {B / (B+S)} r B B illion / $300 million )(0 .08) + ($ 280 million / $300 million )(0 .10 14) = (1 /15 )(0 .08) + (1 4/ 15 )(0 .10 14) ... 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)...

Ngày tải lên: 25/12/2013, 21:16

... for investors in Group B is 8 .41 % {= 0.1 246 * (1 - 0.325)}. Since the after-personal tax interest rate (8 .41 %) is greater than the required return on equity (8 .1%), Group B will buy debt. ... M faces a 40 % tax on interest income. The after-personal tax interest rate for investors in Group M is 5. 14% {= 0.0857 * (1 - 0 .40 )}. Since the after-personal tax interest rat...

Ngày tải lên: 25/12/2013, 21:16