# Finanzas

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• Publicado : 21 de febrero de 2011

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7-2 D1 = \$1.50; g = 7%; rs = 15%; = ?

= = = \$18.75

7-4 Dps = \$5.00; Vps = \$50; rps = ?

rps = = = 10%

7-5 01 2 3
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D0 = 2.00 D1 D2 D3Step 1: Calculate the required rate of return on the stock:

rs = rRF + (rM - rRF)b = 7.5% + (4%)1.2 = 12.3%.

Step 2: Calculate theexpected dividends:

D0 = \$2.00
D1 = \$2.00(1.20) = \$2.40
D2 = \$2.00(1.20)2 = \$2.88
D3 = \$2.88(1.07) = \$3.08

Step 3: Calculate the PV ofthe expected dividends:

PVDiv = \$2.40/(1.123) + \$2.88/(1.123)2 = \$2.14 + \$2.28 = \$4.42.

Step 4: Calculate :

= D3/(rs – g) = \$3.08/(0.123 –0.07) = \$58.11.

Step 5: Calculate the PV of :

PV = \$58.11/(1.123)2 = \$46.08.

Step 6: Sum the PVs to obtain the stock’s price:

= \$4.42+ \$46.08 = \$50.50.

Alternatively, using a financial calculator, input the following:

CF0 = 0, CF1 = 2.40, and CF2 = 60.99 (2.88 + 58.11) and thenenter I/YR = 12.3 to solve for NPV = \$50.50.

9-2 rd(1 - T) = 0.08(0.65) = 5.2%.

9-4 rps = = = 5.41%.

9-5 P0 = \$36; D1 = \$3.00; g = 5%; rs = ?rs = + g = (\$3.00/\$36.00) + 0.05 = 13.33%.

9-6 rs = rRF + bi(RPM) = 0.06 + 0.8(0.055) = 10.4%.

9-7 30% Debt; 5% Preferred Stock; 65% Equity; rd =6%; T = 40%; rps = 5.8%; rs = 12%.

WACC = (wd)(rd)(1 - T) + (wps)(rps) + (ws)(rs)
WACC = 0.30(0.06)(1-0.40) + 0.05(0.058) + 0.65(0.12) = 9.17%.