CGA FN1 期末考试题型大全.ppt

BetaandCAPM,Supposetherisk-freerateis4.8%andthemarketportfoliohasanexpectedreturnof11.4%.Themarketportfoliohasavarianceof.0429.PortfolioZhasacorrelationcoefficientwiththemarketof.39andavarianceof.1783.Accordingtothecapitalassetpricingmodel,whatistheexpectedreturnonportfolio?,WACCandNPV,Afirmisconsideringaprojectthatwillresultininitialaftertaxcashsavingsof$3.5millionattheendofthefirstyear,andthesesavingswillgrowatarateof5%peryearindefinitely.Thefirmhasatargetdebt-equityratioof.65,acostofequityof15%,andanaftertaxcostofdebtof5.5%.Thecost-savingproposalissomewhatriskierthantheusualprojectsthefirmundertakes;managementusesthesubjectiveapproachandappliesanadjustmentfactorof+2%tothecostofcapitalforsuchriskyprojects.Underwhatcircumstancesshouldthefirmtakeontheproject?,MMwithTaxes,Afirmhasadebt-to-equityratioof2.5.Thefirmsweightedaveragecostofcapitalis15%,anditspretaxcostofdebtis10%.Thefirmissubjecttoacorporatetaxrateof35%.Whatisthefirmscostofequitycapital?WhatisthefirmsunleveredcostofequitycapitalbasedonMMPropositionIIwithtaxes?Whatwouldthefirmsweightedaveragecostofcapitalbeifthefirmsdebt-to-equityratiowere.75?Whatifitwere1.5?,GrowingAnnuities,Apersonhasreceivedajob.Hisbasesalarywillbe$40,000.Hewillreceivehisfirstannualsalarypaymentoneyearfromthedayhebeginstowork.Hissalarywillgrowat2%pereachyear.Eachyearhewillreceiveabonusequalto10%ofsalary.Thepersonisexpectedtoworkfor30years.Whatisthepresentvalueoftheofferifthediscountrateis12%?,ValuingBonds,Acorporatehastwodifferentbonds.BondMhasafacevalueof$20,000andmaturitiesin20years.Thebondmakesnopaymentsforthefirst6years,thenpays$1,600everyyearoverthesubsequent8years,andfinallypays$2,000everyyearoverthelast6years.BondNhasafacevalueof$20,000andmaturitiesin20years.Itmakesnocouponpaymentsoverthelifeofthebond.Iftherequiredreturnonboththesebondsis8%,WhatisthecurrentpriceofBondMandN?,FindingtheDividend,Acorporationstockcurrentlysellsfor$52.5pershare.Themarketrequiresan11%returnonthestock.Ifthefirmmaintainsaconstant5%growthrateindividends,whatwasthemostrecentdividendpersharepaidonthestock?,EACandInflation,Anofficemustchoosebetweentwocopiers,theX40ortheX45.TheX40costs$1,500andwilllastfor3years.Itwillrequirearealaftertaxcostof$120peryear.TheX45costs$2,300andwilllastfor5years.Itwillrequirearealaftertaxcostof$150peryear.Theinflationrateisexpectedtobe5%peryear,andnominaldiscountrateis14.45%.Whichcopiershouldthecompanychoose?,NPVValuation,Acorporationwantstosetupabusiness.CFOofthefirmestimatesthebusinesswillprovideanetcashinflowof$115,000forthefirmduringthefirstyear,andthecashflowsareprojectedtogrowatarateof6%peryear.Thebusinessrequiresaninitialinvestmentof$1,400,000.Ifthefirmrequiresa13%returnonsuchbusiness,shouldthebusinessbestarted?Thefirmissomewhatu