Evaluacion de proyectos
Páginas: 4 (784 palabras)
Publicado: 23 de enero de 2011
WACC
Problemas
16.1 Midwest Electric’s bonds will mature in 20 years. The coupon interest rate on the bonds is 7 percent, paid at the end of each year. The bonds have maturity values of $1,000each and are currently selling at a market price of $744.59. What is the yield of maturity? (Solve by finding the internal rate of return) If the company’s marginal tax rate is 35% what is the aftertax cost of existing debt?
YTM= [Annual interest Payment + (maturity value - market value)/n]/[(maturity value + market value)/2] |
YTM= [70 + (1000-744.59)/20]/[(1000+744.59)/2] |
YTM=82.7705/1372.295 |
YTM= .0603 = 6.03% |
kd = YTM (1-tax rate) |
kd = .0603 (1-.35) |
kd = .0391 = 3.91% |
16.2 Midewest Electric’s preferred stock has a par value of $100 a share and a marketprice of $80 a share. Dividends per year are $10. What is the cost of existing preferred stock?
kp = Dp/Pp |
kp = 10/80 |
kp = .125 = 12.5% |
16.3 In order to sell new $100 par-valuepreferred stock at a price of $100, Midwest Electric must pay a dividend that will provide a dividend yield equal to the cost of preferred stock determined in problem 2. Flotation costs would be $5 a share.What is the cost of new preferred stock?
knp = Dnp/Pnp |
knp = 12.5/95 |
knp = .1315 = 13.15% |
16.4 Midwest Electric is expected to pay a dividend of $5 per share over the next year, andthe stock is currently selling for $50 a share. If dividends are expected to grow at 5 percent a year, what is the cost of existing common stock?
ke = (Di/P)+g |
ke = (5/50)+.05 |
ke = .15 = 15%|
16.5 Flotation costs for a new issue of common stock in problem 4 would be $3 a share. What is the cost of new equity for Midwest Electric?
kne = ke/(1-f) |
kne = .15/(1-.06) |
kne =.1595 = 15.95% |
16.6 The 10 year bonds of Indiana International have a yield to maturity of 9.186 percent. The company can sell new 10 year bonds to provide this same interest rate, but flotation...
Problemas
16.1 Midwest Electric’s bonds will mature in 20 years. The coupon interest rate on the bonds is 7 percent, paid at the end of each year. The bonds have maturity values of $1,000each and are currently selling at a market price of $744.59. What is the yield of maturity? (Solve by finding the internal rate of return) If the company’s marginal tax rate is 35% what is the aftertax cost of existing debt?
YTM= [Annual interest Payment + (maturity value - market value)/n]/[(maturity value + market value)/2] |
YTM= [70 + (1000-744.59)/20]/[(1000+744.59)/2] |
YTM=82.7705/1372.295 |
YTM= .0603 = 6.03% |
kd = YTM (1-tax rate) |
kd = .0603 (1-.35) |
kd = .0391 = 3.91% |
16.2 Midewest Electric’s preferred stock has a par value of $100 a share and a marketprice of $80 a share. Dividends per year are $10. What is the cost of existing preferred stock?
kp = Dp/Pp |
kp = 10/80 |
kp = .125 = 12.5% |
16.3 In order to sell new $100 par-valuepreferred stock at a price of $100, Midwest Electric must pay a dividend that will provide a dividend yield equal to the cost of preferred stock determined in problem 2. Flotation costs would be $5 a share.What is the cost of new preferred stock?
knp = Dnp/Pnp |
knp = 12.5/95 |
knp = .1315 = 13.15% |
16.4 Midwest Electric is expected to pay a dividend of $5 per share over the next year, andthe stock is currently selling for $50 a share. If dividends are expected to grow at 5 percent a year, what is the cost of existing common stock?
ke = (Di/P)+g |
ke = (5/50)+.05 |
ke = .15 = 15%|
16.5 Flotation costs for a new issue of common stock in problem 4 would be $3 a share. What is the cost of new equity for Midwest Electric?
kne = ke/(1-f) |
kne = .15/(1-.06) |
kne =.1595 = 15.95% |
16.6 The 10 year bonds of Indiana International have a yield to maturity of 9.186 percent. The company can sell new 10 year bonds to provide this same interest rate, but flotation...
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