Tài liệu Tài chính doanh nghiệp ( Bài tập) Chapter 10 doc

Tài liệu Tài chính doanh nghiệp ( Bài tập)_ Chapter 10 doc

... E(rA) = (0 .10 )(4 0/50 -1) + (. 80 )(5 5/50 -1) + (0 .10 )(6 0/50 – 1) = (0 .10 )(- 0.20) + (0 .80 )(0 .10) + (0 .10 )(0 .20) = 0.08 σA2 = (0 .10 )(- 0.20 – 0.08)2 + (0 .80 )(0 .10 – 0.08)2 + (0 .10 )(0 .20 ... σ2P = (WA)2 ( A)2 + (WB) ( B2BB)2 + (2 )(WA)(WB )( BA )( BB)[Correlation(RA, RB)] B = (0 .40)2 (0 .10) 2 + (0 .60)2 (0 .20)2 + (2 )(0 .40 )(0 .60 )(0 .10 )(0 .20 )(- 0.5) ... σ2P = (WA)2 ( A)2 + (WB) ( B2BB)2 + (2 )(WA)(WB )( BA )( BB)[Correlation(RA, RB)] B = (0 .40)2 (0 .10) 2 + (0 .60)2 (0 .20)2 + (2 )(0 .40 )(0 .60 )(0 .10 )(0 .20 )(0 .5) ...

Tài liệu Tài chính doanh nghiệp ( Bài tập)_ Chapter 12 ppt

... 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 ... [(RL - RL) (RJ - RJ)]. Cov (RL, RJ) = Σ [(RL - RL) × (RJ - RJ) × Prob (RL, RJ)] = (0 .16 – 0.18) (0 .16 – 0.20) (0 .10) + (0 .16 – 0.18) (0 .18 – 0.20) (0 .06) + (0 .16 ... probability of each return found in part (c). RJ = Σ[RJ × Prob(RJ)] = (0 .16 )(0 .10) + (0 .18 )(0 .20) + (0 .20 )(0 .40) + (0 .22 )(0 .20) + (0 .24 )(0 .10) = 0.20 The expected return on asset...

Tài liệu Tài chính doanh nghiệp ( Bài tập)_ Chapter 7 doc

... - $10, 200 PV(C1) = $4 ,100 / (1 .12) = $3,661 PV(C2) = $4 ,100 / (1 .12)2 = $3,268 PV(C3) = $4,250 / (1 .12)3 = $3,025 PV(C4) = $4,350 / (1 .12)4 = $2,765 NPV = PV(C0) + PV(C1) ... perpetuity. PV (Revenue) = ($ 141,509.43) / (0 .10 - 0.05) = $2,830,189 PV (Labor Costs) = ($ 75,471.70) / (0 .10 - 0.03) = $1,078,167 PV (Other Costs) = ($ 37,735.85) / [0 .10 - (- 0.01)] = $343,053 ... $13,570 PV(C5) = $28,638 / (1 .197)5 = $11,654 PV(C6) = $29,432 / (1 .197)6 = $10, 006 PV(C7) = $30,242 / (1 .197)7 = $8,589 NPV = PV(C0) + PV(C1) + PV(C2) + PV(C3) + PV(C4)...

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

... Five-year holding-period return = (1 +R1) × (1 +R2) × (1 +R3) × (1 +R4) × (1 +R5) – 1 = (1 + -0.0491) × (1 + 0.2141) × (1 + 0.2251) × (1 + 0.0627) × (1 + 0.3216) – 1 ... divided by the initial investment of $10, 400. Rt+1 = [Divt+1 + (Pt+1 – Pt)] / Pt = [$600 + $450] / $10, 400 = 0 .101 0 The percentage return is 10. 10%. e. The dividend yield is ... 10 percent, or (1 .1) × P0. Standard Fixtures’ stock price declined by 10 percent, or (0 .9) × P0. Over the second year, General Materials’ stock price decreased by 10 percent, or (0 .9) (1 .1)...

Tài liệu Tài chính doanh nghiệp ( Bài tập)_ Chapter 5 (V1) pptx

... over 10 years, $3.26 Copyright 2003, McGraw-Hill. All rights reserved. = ($ 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 ... P = Div1 / (1 +r) + Div2 / (1 +r)2 + Div3 / (1 +r)3 + [Div4 / (r – g)] / (1 +r)3= $2.16 / (1 .12) + $2.33 / (1 .12)2 + $2.52 / (1 .12)3 + [$2.62 / (0 .12 – 0.04)] / (1 .12)3 = $28.89 ... PV(Dividends) = (1 – T) Div1 / (1 +r) + (1 – T) Div2 / (1 +r)2 = (0 .72) $2 / (1 .15) + (0 .72) $4 / (1 .15)2 = $3.43 At the end of year 3, you will sell the stock at $50. PV(Cap....

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

... the initial investment. PI(A) = [C1 / (1 +r) + C2 / (1 +r)2 + C3 / (1 +r)3] / (Initial Investment) = [$300 / (1 .1) + $700 / (1 .1)2 + $600 / (1 .1)3] / ($ 500) = 2.6 The profitability ... for project A is 2.6. PI(B) = [C1 / (1 +r) + C2 / (1 +r)2 + C3 / (1 +r)3] / (Initial Investment) = [$300 / (1 .1) + $1,800 / (1 .1)2 + $1,700 / (1 .1)3] / ($ 2,000) = 1.5 The ... of return (IRR), equal to zero. Solve for the IRR. IRR = C0 + C1 / (1 +IRR) + C2 / (1 +IRR)2 + C3 / (1 +IRR)30 = -$2 ,100 + $1,000 / (1 +IRR) + $900 / (1 +IRR)2 + $800 / (1 +IRR)3IRR...

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

... PV(Maintenance) = - $10, 000 - $10, 000 / (1 .10) - $10, 000 / (1 .10) 2 - $10, 000 / (1 .10) 3 – $10, 000 / (1 .10) 4 = -$41,698.65 NPV = PV(Investment) + PV(Cash Flows) + PV(Maintenance) = -$340,000 + ... percent. PV(Maintenance) = - $10, 000 - $10, 000 / (1 .09) - $10, 000 / (1 .09)2 - $10, 000 / (1 .09)3 – $10, 000 / (1 .09)4 = -$42,397.20 NPV = PV(Investment) + PV(Cash Flows) + PV(Maintenance) ... reserved. PV(Deferred Payments 2) = $125,000 A 10 0.09 / [(1 .044) (1 .09)22] = $115,399.28 NPV(Contract) = PV(C1) + PV(C2) + PV(C3) + PV(C4) + PV(C5) + PV(C6) + PV(Deferred...

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Tài liệu Tài chính doanh nghiệp ( Bài tập)_ Chapter 5 pptx

... price of the bond. P = C1 / (1 +y) + (C2+F) / (1 +y)2 $914.87 = $60 / (1 +y) + ($ 60 + $1,000) / (1 +y)2 y = .109 7 = 10. 97% The yield to maturity is 10. 97%. 5A.2 The present value ... formula to calculate the one-year rate over the second year. (1 +r1) × (1 +f2) = (1 +r2)2 (1 .09) × (1 +f2) = (1 .10) 2 f2 = . 1101 The one-year forward rate over the second year is 11.01%. ... each cash flow with the appropriate spot rate. P = C1 / (1 +r1) + (C2+F) / (1 +r2)2 = $50 / (1 .10) + ($ 50 + $1,000) / (1 .08)2 = $45.45 + $900.21 = $945.66 The price of the...

Tài liệu Tài chính doanh nghiệp ( Bài tập)_ Chapter 15 pdf

... debt and $10, 833,833 (= $20,833,833 - $1 Thus: B = $10, 000 S = $10, 83 r = 0 .10 T = 0.35 ol nS) }(1 – TC) rB + {S / (B+S)}rS = ($ 10, 000,000 / $20,833,833 )(1 – 0.35 )(0 .10) + ($ 10, 833,833 ... 10. 14% Gulf’s weighted average cost of capital af wacc = ( $20 m= {B / (B+S)} rBBillion / $300 million )(0 .08) + ($ 280 million / $300 million )(0 .101 4) = (1 /15 )(0 .08) + (1 4/15 )(0 .101 4) ... this problem: r0 = 0.15 rB = 0 .10 B TC = 0.35 S = $10, 833,833 he /S)(r0 – rB )(1 – TC) + ($ 10, 000,000 / $10, 833,833 )(0 .15 – 0 .10 )(1 – 0.35) = 0.18 Therefore, the cost...

Tài liệu Tài chính doanh nghiệp ( Bài tập)_ Chapter 16 ppt

... * (B * rBBB) = 0 .10 * ($ 105 million * 0.1246) = $1,308,300 Group O pays no tax on interest income. The after-personal tax rate interest rate for investors in Group O is 10% {= 0 .10 ... face a 40% tax on interest income is 10. 15% {= 0.1692 * (1 - 0.40)}. Since the after-tax interest rate (1 0.15%) is less than the required return on equity (1 1%), this group is also better off ... VA = [(EBIT )(1 – TC)] / rS = [($ 1,000,000 )(1 – 0.35)] / 0.11 = $5,909,091 The value of Firm A is $5.91 million. 16.18 a. According to the Miller Model, in equilibrium: rB (1 –...

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