Financial theory and corporate policy 4th ed

Financial Management Theory And Practice, Brigham-11th Ed - Chapter 1 potx

Financial Management Theory And Practice, Brigham-11th Ed - Chapter 1 potx
... therefore, rC -1 0 = 8% = 6% + 0.5% + DRP 1. 5% = DRP 1- 3 r* = 3%; IP = 3%; rT-2 = 6.2%; MRP2 = ? rT-2 = k* + IP + MRP = 6.2% rT-2 = 3% + 3% + MRP = 6.2% MRP = 0.2% Answers and Solutions: 1- 1- 4 r = r* ... 10 % r5 = 3% + 5% + MRP5 = 10 % Now we can solve for the MRPs, and find the difference: MRP5 = 10 % - 8% = 2% MRP2 = 10 % - 9.5% = 0.5% Difference = (2% - 0.5%) = 1. 5% Answers and Solutions: 1- 1- 6 ... yield curve would be as follows: Answers and Solutions: 1- Interest Rate (%) 11 .0 10 .5 10 .0 9.5 9.0 8.5 LILCO 8.0 7.5 Exxon 7.0 6.5 T-bonds 10 12 14 16 18 20 Years to Maturity b The interest rate...
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Financial Management Theory And Practice, Brigham-11th Ed - Chapter 2 doc

Financial Management Theory And Practice, Brigham-11th Ed - Chapter 2 doc
... i=? -7 00 c | percent | +749 10 i=? | +85,000 -2 01 ,22 9 $20 1 ,22 9/$85,000 = 2. 3674 = FVIFi,10; i = 9% i=? | d | | | | | +9,000 -2 ,684.80 -2 ,684.80 -2 ,684.80 -2 ,684.80 $9,000/ $2, 684.80 = 3.3 522 = ... = -4 , PMT = 0, FV = 8, and then solve for I = 7.18% 2- 1 5 i = ? | | | | -8 ,27 3.59 -8 ,27 3.59 -8 ,27 3.59 -8 ,27 3.59 | 85,000 30 • • • | -8 ,27 3.59 $85,000/$8 ,27 3.59 = 10 .27 37 = PVIFAi,n for a 30-year ... = PVIFAi,5; i = 15% Answers and Solutions: - -2 , 684.80 2- 8 a 12% | | | | | | -5 00 FV = ? With a financial calculator, enter N = 5, I = 12, PV = -5 00, and PMT = 0, and then press FV to obtain...
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Financial Management Theory And Practice, Brigham-11th Ed - Chapter 3 ppsx

Financial Management Theory And Practice, Brigham-11th Ed - Chapter 3 ppsx
... = 33 .76% Answers and Solutions: - 3- 4 a Tax = $3, 400,000 + ($10,500,000 - $10,000,000)(0 .35 ) = $3, 575,000 b Tax = $1,000,000(0 .35 ) = $35 0,000 c Tax = ($1,000,000)0 .30 (0 .35 ) = $105,000 3- 5 A-T ... requirements are met Answers and Solutions: 3- SOLUTIONS TO END-OF -CHAPTER PROBLEMS 3- 1 Corporate yield = 9%; T = 35 .5% AT yield = 9%(1 - T) = 9%(0.645) = 5.76% 3- 2 Corporate bond yields 8% Municipal ... Answers and Solutions: - 3- 2 The four financial statements contained in most annual reports are the balance sheet, income statement, statement of retained earnings, and statement of cash flows 3- 3 ...
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Financial Management Theory And Practice, Brigham-11th Ed - Chapter 4 potx

Financial Management Theory And Practice, Brigham-11th Ed - Chapter 4 potx
... (0.2) (-5 %) + (0 .4) (16%) + (0.2)(25%) + (0.1)(60%) = 11 .40 % σ2 = (-5 0% - 11 .40 %)2(0.1) + (-5 % - 11 .40 %)2(0.2) + (16% - 11 .40 %)2(0 .4) + (25% - 11 .40 %)2(0.2) + (60% - 11 .40 %)2(0.1) σ = 712 .44 ; σ= ... σ= ∑ (r - r ) i i =1 ∧ i Pi σAlta = [ (-2 2.0 - 17 .4) 2(0.1) + (-2 .0 - 17 .4) 2(0.2) + (20.0 - 17 .4) 2(0 .4) + (35.0 - 17 .4) 2(0.2) + (50.0 - 17 .4) 2(0.1)]0.5 = 40 1 .4 = 20.0% Here are the standard deviations ... = 5% + 6%(1.2) = 12.2% 4- 4 rRF = 6%; rM = 13%; b = 0.7; rs = ? rs = rRF + (rM - rRF)b = 6% + (13% - 6%)0.7 = 10.9% Answers and Solutions: - 4- 5 a r m= (0.3)(15%) + (0 .4) (9%) + (0.3)(18%) = 13.5%...
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Financial Management Theory And Practice, Brigham-11th Ed - Chapter 5 pptx

Financial Management Theory And Practice, Brigham-11th Ed - Chapter 5 pptx
... Solutions: - SOLUTIONS TO END-OF -CHAPTER PROBLEMS 5- 1 a A plot of the approximate regression line is shown in the following figure: rX (%) 30 25 20 15 10 rY -3 0 -2 0 -1 0 10 20 30 40 50 -5 -1 0 -1 5 -2 0 ... (rHML)di = 7% + (1.1)(6 .5% ) + (5% )(0.7) + (4%) (-0 .3) = 16. 45% Answers and Solutions: - MINI CASE To begin, briefly review the Chapter Mini Case Then, extend your knowledge of risk and return by answering ... with Risk-Free Asset Expected return 15% 10% 5% 0% 0% 5% 10% Risk, σp Mini Case: - 10 15% 20% d Construct a reasonable, but hypothetical, graph which shows risk, as measured by portfolio standard...
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Financial Management Theory And Practice, Brigham-11th Ed - Chapter 6 docx

Financial Management Theory And Practice, Brigham-11th Ed - Chapter 6 docx
... date years ( 16 six-month periods) hence 6- 1 4 10-year, 10% annual coupon 10-year zero 5-year zero 30-year zero $100 perpetuity Answers and Solutions: - 10 Price at 8% $1,134.20 463 .19 68 0.58 99.38 ... $1,000(0.3 768 9) = $62 3.11 + $3 76. 89 = $1,000.00 Mini Case: - 24 At a 13 percent required return: V10-YEAR = $50(PVIFA6.5%,20) + $1,000(PVIF6.5%,20) = $50 (( 1- 1/(1+0. 065 )20)/0. 065 ) + $1,000 (1/(1+0. 065 )20) ... Answers and Solutions: - 6- 1 3 a The bonds now have an 8-year, or a 1 6- semiannual period, maturity, and their value is calculated as follows: VB = 16 $50 ∑ (1.03 ) t =1 t + $1,000 (1.03 ) 16 = $50(12. 561 1)...
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Financial Management Theory And Practice, Brigham-11th Ed - Chapter 7 ppsx

Financial Management Theory And Practice, Brigham-11th Ed - Chapter 7 ppsx
... $30.00 7- 1 5 a g = $1.1449/$1. 07 - 1.0 = 7% Calculator solution: I = ? I = 7. 00% Input N = 1, PV = -1 . 07, PMT = 0, FV = 1.1449, b $1. 07/ $21.40 = 5% c ∧ r s= D1/P0 + g = $1. 07/ $21.40 + 7% = 5% + 7% ... 0.03) = $ 27. 3188 ≈ $ 27. 32 Answers and Solutions: - 7- 8 Vps = Dps/rps; therefore, rps = Dps/Vps a rps = $8/$60 = 13.3% b rps = $8/$80 = 10% c rps = $8/$100 = 8% d rps = $8/$140 = 5 .7% 7- 9 7- 1 0 D (1 ... | | | | 1.50 g2 = 25% g1 = 6% 1. 875 1.9 875 + 28.393 = 1.9 875 /(0.13 - 0.06) = 30.268 23 .70 4 $25.03 Answers and Solutions: - 7- 1 2 Calculate the dividend stream and place them on a time line Also,...
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Financial Management Theory And Practice, Brigham-11th Ed - Chapter 7 potx

Financial Management Theory And Practice, Brigham-11th Ed - Chapter 7 potx
... (0.33 17) (0 .70 71) 0. 077 0 + 0.0 575 = = 0. 573 6 0.2345 d1 = d2 = d1 - (0.33 17) (0 .70 71) = d1 - 0.2345 = 0. 573 6 - 0.2345 = 0.3391 N(d1) = N(0. 573 6) = 0.5000 + 0.2168 = 0 .71 68 N(d2) = N(0.3391) = 0.5000 + 0.13 27 ... - $10.093 = $1.9 07 ≈.$1.91 8-6 Put = V – P + X exp(-rRF t) = $6.56 - $33 + $32 e-0.06(1) = $6.56 - $33 + $30.136 = $3.696 ≈ $3 .70 Answers and Solutions: - SOLUTION TO SPREADSHEET PROBLEMS 8 -7 ... expiration date; (7) exercise value; (8) covered option; (9) naked option; (10) in-the-money call; (11) out-of-the-money call; and (12) LEAPS Answer: A call option is an option to buy a specified number...
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Financial Management Theory And Practice, Brigham-11th Ed - Chapter 8 doc

Financial Management Theory And Practice, Brigham-11th Ed - Chapter 8 doc
... thus: Short-term debt Long-term debt Common equity $10,000,000 11.14% 19, 783 ,80 0 22.03 60,000,000 66 .83 $89 , 783 ,80 0 100.00% Answers and Solutions: 9- 9-1 3 Several steps are involved in the solution ... 5%; rs = ? rs = 9-4 D1 + g = + 0.05 = 15% P0 a rd(1 - T) = 13%(1 - 0) = 13.00% b rd(1 - T) = 13%(0 .80 ) = 10.40% c rd(1 - T) = 13%(0.65) = 8. 45% 9-5 rd(1 - T) = 0.12(0.65) = 7 .80 % 9-6 rps = $100(0.11) ... = [D1/(1-F) P0] + g = [3/( 1-0 .10)(30)] + 0.05 = 16.1% 9-1 5 Enter these values: N = 20, PV =1000( 1-0 .02)= 980 , PMT = -9 0( 1-. 4) =-5 4, and FV = -1 000, to get I = 5.57%, which is the after-tax component...
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Financial Management Theory And Practice, Brigham-11th Ed - Chapter 10 ppt

Financial Management Theory And Practice, Brigham-11th Ed - Chapter 10 ppt
... %) 10 -1 20 80.5 I RR = % I RR2 = 20% -2 -3 -4 NPV appr oac hes - $4 as t he cost of capi t al appr oaches ∞ -4 Discount Rate 0% 10 50 100 200 300 400 410 420 430 Answers and Solutions: 10 - ... enter 100 STO IRR/YR to obtain IRR = 456.22% Similarly, Excel or Lotus 1-2 -3 can also be used Answers and Solutions: 10 - 13 1 0-9 a Year 2-2 0 Plan B ( $10, 000,000) 1,750,000 1,750,000 Plan A ( $10, 000,000) ... | | 30 30 30 30 30 30 30 30 30 -1 00 30 -1 00 -7 0 Enter these values into the cash flow register: CF0 = -1 00; CF 1-4 = 30; CF5 = -7 0; CF 6-1 0 = 30 Then enter I = 12, and press the NPV key to get NPVA...
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Financial Management Theory And Practice, Brigham-11th Ed - Chapter 11 ppt

Financial Management Theory And Practice, Brigham-11th Ed - Chapter 11 ppt
... because the expected NPV of the total project is positive b σ2NPV = 0.24($881,718 - $117 ,779)2 + 0.24 (-$ 185,952 - $117 ,779)2 + 0.12 (-$ 376,709 - $117 ,779)2 + 0.4 (-$ 10,000 - $117 ,779)2 = 198,078,470,853 ... 0.20 (-$ 25) + 0.50($12) + 0.20($20) + 0.05($30) = -$ 3.5 + -$ 5.0 + $6.0 + $4.0 + $1.5 = $3.0 million σNPV= [0.05 (-$ 70 - $3)2 + 0.20 (-$ 25 - $3)2 + 0.50($12 - $3)2 + 0.20($20 - $3)2 + 0.05($30 - $3)2]0.5 ... 4,000,000 1 1-3 Gain on sale = $5,000,000 - $4,000,000 = $1,000,000 Tax on gain = $1,000,000(0.4) = $400,000 AT net salvage value = $5,000,000 - $400,000 = $4,600,000 Answers and Solutions: 11 - 1 1-4 ...
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Financial Management Theory And Practice, Brigham-11th Ed - Chapter 12 pdf

Financial Management Theory And Practice, Brigham-11th Ed - Chapter 12 pdf
... Answers and Solutions: 12 - 1 2-4 a 12% | -6 ,200,000 14 • • • | 600,000 15 | | 600,000 600,000 Using a financial calculator, input the following data: CF0 = -6 ,200,000; CF 1-1 5 = 600,000; I = 12; and ... SOLUTIONS TO END-OF -CHAPTER PROBLEMS 1 2-1 a 20 ├─────┼─────┼────── • • • ────┤ -2 0 3 NPV = $1.074 million b Wait year: Tax imposed 50% Prob Tax not imposed 50% Prob -2 0 |r= 13% | | | -2 0 | 2.2 | ... option Answers and Solutions: 12 - 1 2-5 P = PV of all expected future cash flows if project is delayed From Problem 1 5-3 we know that PV @ Year of Tax Imposed scenario is $15.45 and PV @ Year...
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Financial Management Theory And Practice, Brigham-11th Ed - Chapter 13 pps

Financial Management Theory And Practice, Brigham-11th Ed - Chapter 13 pps
... owns other businesses such as Frito-Lay, Pizza Hut, Taco Bell, and KFC Answers and Solutions: 13 - SOLUTIONS TO END-OF -CHAPTER PROBLEMS 1 3-1 CA = $3,000,000; CA CA - I = 1.5; = 1.0; CL CL CL = ?; ... increased its current assets Since the company’s current ratio increased, and yet, its quick ratio is unchanged means that the company has increased its inventories Answers and Solutions: 13 - 1 3-4 ... reported to have deliberately used end-of-year or beginning-of-year equity to make returns on equity appear excessive or inadequate Similar problems can arise when a firm is being evaluated 1 3-6 ...
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Financial Management Theory And Practice, Brigham-11th Ed - Chapter 14 pot

Financial Management Theory And Practice, Brigham-11th Ed - Chapter 14 pot
... retained earnings c + d + Answers and Solutions: 14 - SOLUTIONS TO END-OF -CHAPTER PROBLEMS 1 4-1 1 4-2 AFN = (A*/S0)∆S - (L*/S0)∆S - MS1(1 - d) ⎛ $3,000,000 ⎞ ⎛ $500,000 ⎞ =⎜ ⎟ $1,000,000 - ⎜ ⎟ ... (A*/S0)∆S - (L*/S0)∆S - MS1(1 - d) ⎛ $300,000 ⎞ = (0.75)∆S - ⎜ ⎟ ∆S -( 0.05)(S1)(1 - 0.6) ⎝ $2,000,000 ⎠ = (0.75)∆S - (0.15)∆S - (0.02)S1 = (0.6)∆S - (0.02)S1 = 0.6(S1 - S0) - (0.02)S1 = 0.6(S1 - $2,000,000) ... economically 1 4-2 Accounts payable, accrued wages, and accrued taxes increase spontaneously and proportionately with sales Retained earnings increase, but not proportionately 1 4-3 The equation...
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