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

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

... σ2P = (W1)2 ( 1)2 + (W2)2 ( 2)2 + (2 )(W1)(W2 )( 1 )( 2) [Correlation(R1, R2)] = (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 )(W2)(W3 )( 2 )( 3) [Correlation(R2, R3)] = (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 ) = 0.000500 σP = (0 .000500)1/2 = 0.02 24 ... σ2P = (WF)2 ( F)2 + (WG)2 ( G)2 + (2 )(WF)(WG )( F )( G)[Correlation(RF, RG)] = (0 .30)2 (0 .09)2 + (0 .70)2 (0 .25)2 + (2 )(0 .30 )(0 .70 )(0 .09 )(0 .25 )(0 .2) = 0.033 244 ...

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 ... Prob(RB)] = (0 .08) (0 .1) + (0 .08) (0 .3) + (0 .1) (0 .4) + (0 .1) (0 .2) = 0.092 Calculate the expected return on the market. RM = Σ[RM × Prob(RM)] = (0 .05) (0 .1) + (0 .1) (0 .3) ... Cov (RB, RM) = Σ [(RB - RB) × (RM - RM) × Prob] = (0 .08 – 0.092) (0 .05 – 0.135) (0 .1) + (0 .08 – 0.092) (0 .1 – 0.135) (0 .3) + (0 .1 – 0.092) (0 .15 – 0.135) (0 .4) + (0 .1 – 0.092) (0 .2...

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

... = (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(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(C 4 ) = $4, 350 / (1 .12) 4 = $2,765 NPV = PV(C0) + PV(C1) + PV(C2) ... (1 .08) + $31 ,49 9,886 / (1 .08)2 + $31,066,882 / (1 .08)3 + $17 ,42 5,007 / (1 .08) 4 + (0 . 34) ($ 8,000,000) A 4 0.1 34 = $45 ,6 14, 647 The NPV of the project is $45 ,6 14, 647 . 7.19 In order...

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

... holding-period return = (1 +R1) × (1 +R2) × (1 +R3) × (1 +R 4 ) × (1 +R5) – 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 ... RS)20 .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 Total 0 .44 218680 Because the data are historical, the ... return [Prob(R) × (R - R)2]. Use the mean return calculated in part (a). R R - R (R - R)2Prob(R) × (R - R)20.05 -0.038 0.00 144 4 0.0002888 0.08 -0.008 0.0000 64 0.00003 84 0.15...

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

... 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 / (1 .12)2 + [(1 . 04) Div / (0 .12 – 0. 04) ] / (1 .12)2Div = $2 .49 The expected dividend ... P = Div1 / (1 +r) + Div2 / (1 +r)2 + Div3 / (1 +r)3 + [Div 4 / (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...

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

... PV(B) = [C2 / (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 = [C3 / (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 = $131,080 Average Net Income = ($ 100,000+$107,000+$1 14, 490+$122,5 04+ $131,080) ... find the PV as of today, year 0. PV(A) = [C3 / (r – g)] / (1 +r)2 = [$5,000 / (0 .12 - 0. 04) ] / (1 .12)2 = $49 ,8 24. 62 The PV of stream A is $49 ,8 24. 62. Apply the perpetuity formula...

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

... [(1 .09) (1 . 044 )] = $571,197.58 PV(C3) = $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(C5) = $1,000,000 / [(1 .09) 4 (1 . 044 )] ... $900 / (1 .1)2 = $ 743 .80 PV(C3) = $1,000 / (1 .1)3 = $751.32 PV(C 4 ) = $1,000 / (1 .1) 4 = $683.01 PV(C5) = $1,000 / (1 .1)5 = $620.92 PV(C6) = $1,000 / (1 .1)6 = $5 64. 47 PV(C7) ... PV(Older Child) = PV(Education) / (1 +r) 14 = $59,9 54. 55 / (1 .15) 14 = $8 ,47 3.30 PV(Younger Child) = $59,9 54. 55 / (1 .15)16 = $6 ,40 7.03 PV(Total Cost) = PV(Older Child )+ PV(Younger...

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

... 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 bond is $ 945 .66. 5A.3 Apply the ... spot rate. P = C1 / (1 +r1) + (C2+F) / (1 +r2)2 = $60 / (1 .1) + ($ 60 + $1,000) / (1 .11)2 = $ 54. 55 + $860.32 = $9 14. 87 The price of the bond is $9 14. 87. b. The yield to ... over the second year. (1 +r1) × (1 +f2) = (1 +r2)2 (1 .05) × (1 +f2) = (1 .07)2 f2 = .09 04 = 9. 04% The one-year forward rate over the second year is 9. 04% . b. Apply the forward...

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

... 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 .10 14) = (1 /15 )(0 .08) + (1 4/ 15 )(0 .10 14) ... buyout will be: rwacc = {B / (B+S)} rB + {S / (B+S)}rBS = ( $300,000 / $5,800,000 )(0 .10) + ($ 5,500,000 / $5,800,000 )(0 .1527) = (3 /58 )(0 .10) + (5 5/58 )(0 .1527) = 0.15 Therefore, ... weighted average cost of capital (rwacc) i wacc C B S = (0 .42 86 )(1 – 0.35 )(0 .10) + (0 .57 14 )(0 . 248 8) = 0.17 Therefore, Williamson’s weighted average cost of capital (rwacc) is 17% if the firm’s...

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

... 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 rate (5 . 14% ) is less ... 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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