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

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

... 15% 35% (0 .40 )(0 .50 ) = 0.22 15% -5% (0 .40 )(0 .50 ) = 0.23 10% 35% (0 .60 )(0 .50 ) = 0.34 10% -5% (0 .60 )(0 .50 ) = 0.3Probability b. E(RP) = (0 .20) [(0 .50 )(0 . 15) + (0 .50 )(0 . 35) ] + (0 .20) [(0 .50 )(0 . 15) ... (0 .40)2 (0 .10)2 + (0 .60)2 (0 .20)2 + (2 )(0 .40 )(0 .60 )(0 .10 )(0 .20 )(- 0 .5) = 0.0112 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) ... Covariance(R1, R2) = (0 .10 )(0 . 25 – 0.1 75 )(0 . 25 – 0.1 75) + (0 .40 )(0 .20 – 0.1 75 )(0 . 15 – 0.1 75) + + (0 .40 )(0 . 15 – 0.1 75 )(0 .20 – 0.1 75) + (0 .10 )(0 .10 – 0.1 75 )(0 .10 – 0.1 75) = 0.0006 25 The...

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

... Cov (RS, RM) = Σ [(RS - RS) × (RM - RM) × Prob] = (0 .03 – 0.137) (0 . 05 – 0.1 35) (0 .1) + (0 .08 – 0.137) (0 .1 – 0.1 35) (0 .3) + (0 .2 – 0.137) (0 . 15 – 0.1 35) (0 .4) + (0 . 15 – 0.137) (0 .2 ... 0. 75 × S [S / (S+B)] = [S / (S + 0. 75 × S)] = [S / (1 . 75 × S)] = 1 / 1. 75 = 0 .57 14 [B / (S+B] = [(0 . 75 × S) / (S + 0. 75 × S)] = [(0 . 75 × S) / (1 . 75 × S)] = 0. 75 / 1. 75 = 0.4286 ... 0.1 35) (0 .1) + (0 .08 – 0.092) (0 .1 – 0.1 35) (0 .3) + (0 .1 – 0.092) (0 . 15 – 0.1 35) (0 .4) + (0 .1 – 0.092) (0 .2 – 0.1 35) (0 .2) = 0.00038 Calculate the market variance. σ2M = Σ[(RM...

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

... PV(C0) = -$2,100,000 PV(C1) = $7 25, 000 / (1 .1 655 ) = $622, 051 PV(C2) = $7 25, 000 / (1 .1 655 )2 = $53 3,720 PV(C3) = $7 25, 000 / (1 .1 655 )3 = $ 457 ,932 PV(C4) = $1,062 ,50 0 / (1 .1 655 )4 ... - 50 0 50 0 50 0 50 0 5. Taxes at 35% - 1 75 1 75 1 75 1 75 6. Net income [4 -5] 0 3 25 3 25 3 25 3 25 7. Cash flow from operation [1-2 -5] 0 7 25 7 25 7 25 7 25 8. Initial Investment -2000 - - - 237 .5* ... Depreciation - 2 ,50 0 2 ,50 0 2 ,50 0 2 ,50 0 4. Income before tax [1 -(2 +3)] - 2 ,50 0 2 ,50 0 2 ,50 0 2 ,50 0 5. Taxes at 34% - 850 850 850 850 6. Net income [4 -5] 0 1, 650 1, 650 1, 650 1, 650 7. Cash flow...

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

... -0.182 450 0.033288 0.2287 0.139 250 0.019391 0.1018 0.012 350 0.000 153 -0.2 156 -0.3 050 50 0.093 056 0.4463 0. 356 850 0.127342 Total 0.273667 = 0.1 75 ± (2 × 0.0 85) = [0.0 05, 0.3 45] The ... the market is 10 .55 percent. E(RT) = RRecession × Prob(Recession)+ RNormal × Prob(Normal) + RBoom × Prob(Boom) = 0.0 35 × 0. 25 + 0.0 35 × 0 .50 + 0.0 35 × 0. 25 = 0.0 35 The expected ... -0.0 05) / (5 ) = 0. 154 2 The average return on small-company stocks is 15. 42 percent. RM = (R1 + R2 + R3 + R4 + R 5 ) / (5 ) = (0 .402 + 0.648 + -0 .58 + 0.328 + 0.004) / (5 ) ...

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

... cash flows. PV(Revenues) = C / (r – g) = ($ 3,000,000 × 1. 05) / (0 . 15 – 0. 05) = $31 ,50 0,000 PV (Costs) = C / (r – g) = ($ 1 ,50 0,000 × 1. 05) / (0 . 15 – 0. 05) = $ 15, 750 ,000 Copyright ... rights reserved. NPV = PV(Revenues) – PV(Costs) = C / (r – g) – C / (r – g) = ($ 3,000,000 × 1. 05) / (0 . 15 – 0. 05) – ($ 1 ,50 0,000 × 1. 05) / (0 . 15 – 0. 05) = $ 15, 750 ,000 Divide the NPV by ... 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...

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

... A) = - $5, 000 + $3 ,50 0 / (1 . 15) + $3 ,50 0 / (1 . 15) 2 = $689.98 The NPV of project A is $689.98. NPV(Project B) = -$100,000 + $ 65, 000 / (1 . 15) + $ 65, 000 / (1 . 15) 2 = $5, 671.08 The NPV ... at 15 percent. Choose the project with the highest NPV. Project A = -$7 ,50 0 + $4,000 / (1 . 15) + $3 ,50 0 / (1 . 15) 2 + $1 ,50 0 / (1 . 15) 3 = -$388.96 Project B = - $5, 000 + $2 ,50 0 / (1 . 15) ... -1,200 600 55 0 450 Saturday – Sunday -$900 $400 $ 350 $ 350 IRR = C0 + C1 / (1 +IRR) + C2 / (1 +IRR)2 + C3 / (1 +IRR)3 0 = -$900 + $400 / (1 +IRR) + $ 350 / (1 +IRR)2 + $ 350 / (1 +IRR)3IRR...

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

... PV(Older Child) = PV(Education) / (1 +r)14 = $59 , 954 .55 / (1 . 15) 14 = $8,473.30 PV(Younger Child) = $59 , 954 .55 / (1 . 15) 16 = $6,407.03 PV(Total Cost) = PV(Older Child )+ PV(Younger ... = $ 650 ,000 / [(1 .09) (1 .044)] = $57 1,197 .58 PV(C3) = $800,000 / [(1 .09)2 (1 .044)] = $644,9 65. 51 PV(C4) = $1,000,000 / [(1 .09)3 (1 .044)] = $739,639. 35 PV(C 5 ) = $1,000,000 / [(1 .09)4 ... $1,000 / (1 .1) 5 = $620.92 PV(C6) = $1,000 / (1 .1)6 = $56 4.47 PV(C7) = $1, 250 / (1 .1)7 = $641. 45 PV(C8) = $1,3 75 / (1 .1)8 = $641. 45 NPV = - $5, 000 + $636.36 + $743.80 + $ 751 .32...

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1,097
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Tài liệu Tài chính doanh nghiệp ( Bài tập)_ Chapter 5 pptx

... rate. P = C1 / (1 +r1) + (C2+F) / (1 +r2)2 = $50 / (1 .10) + ($ 50 + $1,000) / (1 .08)2 = $ 45. 45 + $900.21 = $9 45. 66 The price of the bond is $9 45. 66. 5A.3 Apply the forward ... second year, use the two-year spot rate. P = C1 / (1 +r1) + (C2+F) / (1 +r2)2 = $60 / (1 .1) + ($ 60 + $1,000) / (1 .11)2 = $54 .55 + $860.32 = $914.87 The price of the bond is $914.87. ... of the bond. P = C1 / (1 +y) + (C2+F) / (1 +y)2 $914.87 = $60 / (1 +y) + ($ 60 + $1,000) / (1 +y)2 y = .1097 = 10.97% The yield to maturity is 10.97%. 5A.2 The present value of any...

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

... $5, 800,000 )(0 .10) + ($ 5, 500,000 / $5, 800,000 )(0 . 152 7) = (3 /58 )(0 .10) + (5 5/ 58 )(0 . 152 7) = 0. 15 Therefore, Strom’s weighted average cost of capital after the buyout will be 15% regardless ... Sin e .5 * S): B/ (B+S = (2 .5 * S) / = (2 .5 / 3 .5) Since B .5 * William s eq valu atio = S / {(2 .5* = (1 / 3 .5) holding of stock now represents 0 .5% (= $20,000 ... will be 16. 25% [= ($ 15, 000 - $2,000) / $80,000]. ity capital (rS), set up the following equation: +S) }(1 – TC) rB + {S / (B+S)}rS0. 15 = (0 .7143 )(1 – 0. 35 )(0 .10) + (0 .2 857 )(rS) rS...

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

... is: Equity Value = (EBIT –{rB*B} )(1 – TBC) / rS = ($ 85 million – {0.1246 * $3 25 million} )(1 – 0. 35) / 0.081 = $ 357 .1 million The market value of equity is $ 357 .1 million. It ... VA = [(EBIT )(1 – TC)] / rS = [($ 1,000,000 )(1 – 0. 35) ] / 0.11 = $5, 909,091 The value of Firm A is $5. 91 million. 16.18 a. According to the Miller Model, in equilibrium: rB (1 – ... Corporate Taxes = TC * Earnings After Interest = TC * (EBIT –{rB* B}) B = 0. 35 * ($ 85 million – {0.1246 * $3 25 million}) = $ 15, 576, 750 Personal Taxes: There are no taxes on equity...

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