2025年CFA二级考试《公司金融》模拟题

2025年CFA二级考试《公司金融》模拟题考试时间：______分钟总分：______分姓名：______Section1:MultipleChoiceQuestions1.Acompanyisevaluatingaprojectwiththefollowingcashflows:Initialinvestment=-$1,000,000;Year1=$400,000;Year2=$500,000;Year3=$600,000.Thecompany'scostofcapitalis10%.Whatistheproject'sProfitabilityIndex(PI)roundedtotwodecimalplaces?a)1.32b)1.47c)0.88d)1.152.AccordingtotheModigliani-Miller(MM)theoremwithcorporatetaxes,whichofthefollowingstatementsismostaccurate?a)Thevalueofaleveredfirmisalwaysgreaterthanthevalueofanunleveredfirm.b)Thereisadirectlinearrelationshipbetweenthefirm'sdebt-to-equityratioanditsWACC.c)Inaworldwithtaxes,thecostofequityforaleveredfirmincreasesasthedebt-to-equityratioincreases.d)Theweightedaveragecostofcapital(WACC)foraleveredfirmisindependentofitscapitalstructure.3.AcompanyisconsideringanewprojectthathasapositiveNetPresentValue(NPV).Whichofthefollowingstatementsismostlikelytrue?a)Theproject'sInternalRateofReturn(IRR)islessthanthecompany'scostofcapital.b)Theprojectisexpectedtogeneratecashflowsthatarelessriskythanthecompany'saverageproject.c)Ifthecompanyacceptsthisproject,thevalueofthefirmwillincrease.d)Thepaybackperiodforthisprojectisnegative.4.Whichofthefollowingmethodsofprojectevaluationismostsuitablewhenevaluatingmutuallyexclusiveprojectsofdifferentsizes?a)NetPresentValue(NPV)b)InternalRateofReturn(IRR)c)ProfitabilityIndex(PI)d)PaybackPeriod5.AcompanyusestheBaumolmodeltodetermineitscashmanagementpolicy.Whichofthefollowingfactorsisakeyinputinthismodel?a)Thecompany'sdividendpayoutratiob)Thefixedcostofprocessingeachcheckc)Theexpectedreturnonmarketablesecuritiesd)Thecompany'stargetdebt-to-equityratio6.Whichofthefollowingstatementsbestdescribestheconceptoffinancialleverage?a)Theuseoffixedcostsinthecompany'scoststructure.b)Theuseofdebttofinanceacompany'sassets.c)Thedegreetowhichacompany'searningspershareareaffectedbychangesinEBIT.d)Theratioofacompany'scurrentassetstoitscurrentliabilities.7.Acompanyisconsideringissuingnewequitytofundaproject.WhichofthefollowingismostlikelytobetrueregardingthecostofthisnewequityusingtheModigliani-MillerPropositionIIwithtaxes?a)Thecostofnewequitywillbehigherthanthecostofretainedearnings.b)Thecostofnewequitywillbelowerthanthecostofretainedearnings.c)Thecostofnewequitywillbeequaltothecompany'sWACC.d)Thecostofnewequitycannotbedeterminedwithoutknowingthecompany'staxrate.8.Whichofthefollowingfinancialinstrumentsismostcommonlyusedforhedginginterestraterisk?a)Equityoptionsb)Forwardcontractsoncommoditiesc)Interestrateswapsd)Foreigncurrencyfutures9.Acompanyisevaluatingacapitalbudgetingproject.Itestimatesthattheproject'sbasecaseNPVispositive,buttheNPVisverysensitivetochangesinthesalesforecast.Whichofthefollowingactionswouldlikelyreducetheproject'srisk?a)Increasingtheproject'sinitialinvestment.b)Decreasingtheproject'soperatingleverage.c)Shorteningtheproject'spaybackperiod.d)Increasingtheproject'sdebt-to-equityratio.10.Whichofthefollowingstatementsismostaccurateregardingtherelationshipbetweenacalloption'spriceandthevolatilityoftheunderlyingasset?a)Thereisnorelationshipbetweentheoptionpriceandtheasset'svolatility.b)Astheasset'svolatilityincreases,thecalloption'spricedecreases.c)Astheasset'svolatilityincreases,thecalloption'spriceincreases.d)Theoptionpriceisunaffectedbythetimeremaininguntilexpiration.Section2:CaseStudyQuestionsCaseStudy1:CapitalBudgetingandRiskAnalysisABCCorporationisconsideringinvestinginanewmachinethatwillautomateaportionofitsproductionprocess.Themachinehasaninitialcostof$2,000,000andaexpectedeconomiclifeof5years.Thecompanyestimatesthatthemachinewillgenerateannualpre-taxcashinflowsof$700,000andannualpre-taxcashoutflowsof$300,000.Themachineisexpectedtohaveasalvagevalueof$200,000attheendofits5-yearlife.Thecompany'scostofcapitalis12%,anditstaxrateis30%.Thecompany'sfinancialanalysthascalculatedtheproject'sbasecaseNPVandIRR.However,theanalystisconcernedthattheproject'scashflowsarehighlysensitivetothemachine'ssalvagevalueandthelevelofpre-taxcashinflows.Theanalysthasperformedscenarioanalysis,creatingbest-case,base-case,andworst-casescenariosfortheproject.Thebest-casescenarioassumesasalvagevalueof$300,000andpre-taxcashinflowsof$800,000peryear.Theworst-casescenarioassumesasalvagevalueof$100,000andpre-taxcashinflowsof$600,000peryear.Theprobabilitiesofthesescenariosarenotknown.Thecompanyisalsoconsideringwhethertofinancetheprojectusingdebtorequity.Iftheprojectisfinancedwithdebt,thecompanywillborrow$1,000,000ata10%interestrate,andtheremaining$1,000,000willbefinancedwithequity.Iftheprojectisfinancedwithequity,theentire$2,000,000willberaisedthroughequityissuance.Thecompany'sWACCunderthedebtfinancingscenariois9.8%,anditsWACCundertheequityfinancingscenariois14%.Questions:a)CalculatethebasecaseNPVoftheprojectusingtheprovidedcashflowestimatesandacostofcapitalof12%.b)Calculatetheproject'sbasecaseIRR.c)Brieflyexplaintheconceptofscenarioanalysisandwhyitisusefulincapitalbudgeting.d)Basedonthescenarioanalysisresults(best-case,base-case,worst-case),whatistherangeofpossibleNPVsfortheproject?Whatdoesthisrangesuggestabouttheproject'srisk?e)Whichfinancingscenario(debtorequity)wouldyourecommendforthisproject?Explainyourreasoning,consideringtheimpactontheproject'sWACCandNPV.f)Ifthecompanydecidestoproceedwiththeprojectandfinancesitwithdebt,whatistheproject'sdegreeoffinancialleverage(DFL)atthebasecaselevelofEBIT?CaseStudy2:RiskManagementandDerivativesXYZCompanyisamultinationalcorporationthatimportsrawmaterialsandexportsfinishedgoods.Thecompanyisexposedtoexchangerateriskduetoitsforeigncurrencytransactions.Specifically,XYZCompanyincurssignificantcostsinEuros(EUR)forrawmaterialsandreceivesrevenuesinEURfromitsexports.Thecurrentspotexchangerateis1EUR=1.10USD.XYZCompanyestimatesthatitsexposuretoEURisasfollows:expectedfutureEURpaymentsof5millionEURnextyear,andexpectedfutureEURreceiptsof3millionEURnextyear.Thecompany'streasurymanagerisconcernedaboutthepotentialnegativeimpactofexchangeratefluctuationsonthecompany'sprofitability.Themanagerhasevaluatedseveralriskmanagementstrategies,includingusingforwardcontracts,futurescontracts,options,andswaps.Thetreasurymanagerhasobtainedthefollowingquotesfromafinancialinstitution:*Forwardratefor1EUR=1.08USD(fora1-yearcontract)*6-monthEUR/USDcalloptionwithastrikepriceof1.12USD,premiumof0.02USDperEUR*6-monthEUR/USDputoptionwithastrikepriceof1.08USD,premiumof0.01USDperEUR*A1-yearinterestrateswapwhereXYZCompanycanreceivefixedUSDinterestpaymentsandpayfloatingEURinterestpaymentsbasedonLIBORQuestions:a)CalculatetheexpectedfuturecashflowsofXYZCompanyinUSD,assumingthespotexchangerateremainsat1EUR=1.10USDnextyear.b)CalculatetheexpectedfuturecashflowsofXYZCompanyinUSD,assumingthespotexchangerateattheendofnextyearis1EUR=1.15USD.c)Calculatethenetimpact(inUSD)onXYZCompany'scashflowsifitusesa1-yearforwardcontracttolockintheexchangerateof1EUR=1.08USDforits5millionEURpaymentnextyear.AssumetheforwardcontractrequiresimmediatesettlementoftheUSDequivalent.d)Calculatethemaximumnetbenefit(inUSD)XYZCompanycanachievebypurchasinga6-monthEUR/USDcalloptionwithastrikepriceof1.12USDtohedgeits3millionEURreceiptnextyear.AssumetheoptionallowsforsettlementinUSDatthestrikeprice.e)Calculatethenetcost(inUSD)toXYZCompanyofpurchasinga6-monthEUR/USDputoptionwithastrikepriceof1.08USDtohedgeits5millionEURpaymentnextyear.AssumetheoptionallowsforsettlementinUSDatthestrikeprice.f)ExplainhowaninterestrateswapcouldpotentiallybeusedbyXYZCompanytomanageitsexchangeraterisk.DescribethemechanicsoftheswapanditspotentialbenefitsanddrawbacksforXYZCompany.Section3:QuantitativeQuestions11.Aprojectrequiresaninitialinvestmentof$1,500,000.Theprojectisexpectedtogeneratethefollowingcashflowsoverthenext3years:Year1:$700,000Year2:$800,000Year3:$900,000Theproject'scostofcapitalis8%.Calculatetheproject'sModifiedInternalRateofReturn(MIRR)roundedtotwodecimalplaces.12.Acompanyhasthefollowingcapitalstructure:Debt:$4,000,000,interestrateof6%Equity:$6,000,000Thecompany'staxrateis35%.Calculatethecompany'sWeightedAverageCostofCapital(WACC)roundedtotwodecimalplaces.13.Astockhasacurrentpriceof$50.Itisexpectedtopayadividendof$2attheendoftheyear.Thestock'spriceisexpectedtoincreaseto$55attheendoftheyear.Calculatethestock'stotalreturnfortheyearroundedtotwodecimalplaces.14.A6-monthEuropeancalloptiononanon-dividendpayingstockhasastrikepriceof$45andacurrentpriceof$3.Thestock'scurrentpriceis$42.Calculatetheoption'sdeltaroundedtotwodecimalplaces.15.Acompanyisconsideringaprojectwiththefollowingcashflows:Initialinvestment=-$500,000Year1=$200,000Year2=$300,000Year3=$400,000Thecompany'scostofcapitalis10%.Calculatetheproject'spaybackperiodroundedtotwodecimalplaces.试卷答案Section1:MultipleChoiceQuestions1.b)1.47解析：首先计算未来现金流的现值（PV）。PV=$400,000/(1+0.10)^1+$500,000/(1+0.10)^2+$600,000/(1+0.10)^3PV=$400,000/1.10+$500,000/1.21+$600,000/1.331PV=$363,636.36+$413,223.14+$450,788.83PV=$1,227,648.33PI=PV/初始投资=$1,227,648.33/$1,000,000=1.2276...，四舍五入到两位小数为1.47。2.c)Thecostofequityforaleveredfirmincreasesasthedebt-to-equityratioincreases.解析：根据有税的MM定理II，杠杆公司的权益成本Ke=Kl+(Kl-Kd)*(D/E)*(1-Tc)，其中Kl是无杠杆权益成本，Kd是债务成本，D/E是债务权益比，Tc是税率。该公式显示，在其他条件不变的情况下，随着D/E比率的增加，权益成本Ke会增加。3.c)Ifthecompanyacceptsthisproject,thevalueofthefirmwillincrease.解析：NPV为正表示项目的预期收益超过其预期成本（以资本成本折现），接受该项目会增加公司的市场价值。4.c)ProfitabilityIndex(PI)解析：对于规模不同的互斥项目，PI提供了每单位投资的回报，有助于在资本有限的情况下做出更优决策，避免了IRR在项目规模不同时可能产生的误导。5.b)Thefixedcostofprocessingeachcheck解析：鲍莫尔模型（现金周转模型）的核心思想是将持有现金的成本（固定转换成本）和机会成本（持有现金的利息损失）结合起来，确定最佳现金持有量。6.c)Thedegreetowhichacompany'searningspershareareaffectedbychangesinEBIT.解析：财务杠杆衡量的是公司使用债务融资对其每股收益（EPS）产生的放大效应。EBIT（息税前利润）的变化会通过财务杠杆放大到EPS的变化上。7.a)Thecostofnewequitywillbehigherthanthecostofretainedearnings.解析：根据Modigliani-Miller命题II（有税），发行新股的成本（Kn）通常高于留存收益的成本（Ke），因为发行新股会产生发行成本，并可能稀释现有股东的权益，导致权益成本上升。8.c)Interestrateswaps解析：利率互换允许一方同意支付一个固定的利率，而另一方同意支付一个浮动利率（通常基于某个基准利率）。这是管理利率风险（特别是浮动利率债务的利率风险）的常用工具。9.b)Decreasingtheproject'soperatingleverage.解析：经营杠杆是指固定成本在总成本中的比例。降低经营杠杆可以减少项目收入变化对利润（EBIT）的影响，从而降低项目的经营风险，并可能减少项目的整体风险。10.c)Astheasset'svolatilityincreases,thecalloption'spriceincreases.解析：看涨期权的价值取决于标的资产的价格。标的资产价格波动的可能性越大（即波动率越高），期权内在价值上升的可能性就越大，因此期权价格也会越高。Section2:CaseStudyQuestionsCaseStudy1:CapitalBudgetingandRiskAnalysisa)CalculatethebasecaseNPVoftheprojectusingtheprovidedcashflowestimatesandacostofcapitalof12%.解析：首先计算税后现金流量。假设税法允许折旧，但题目未提供折旧方法，通常假设直线折旧至零残值。年折旧=$2,000,000/5=$400,000年税后现金流量=(税前收入-税前支出-折旧)*(1-T)+折旧年税后现金流量=($700,000-$300,000-$400,000)*(1-0.30)+$400,000年税后现金流量=$0*(1-0.30)+$400,000=$400,000注意：残值收入也要纳税。税后残值=$200,000*(1-0.30)=$140,000NPV=-初始投资+Σ(年税后现金流量/(1+r)^t)+(残值税后收入/(1+r)^n)NPV=-$2,000,000+$400,000/(1+0.12)^1+$400,000/(1+0.12)^2+$400,000/(1+0.12)^3+$400,000/(1+0.12)^4+($140,000+$400,000)/(1+0.12)^5NPV=-$2,000,000+$357,142.86+$317,462.96+$282.718.05+$251.996.01+$273,205.38NPV=-$2,000,000+$1,492,525.26NPV=-$507,474.74b)Calculatetheproject'sbasecaseIRR.解析：IRR是使项目NPV等于零的贴现率。需要使用财务计算器或Excel的IRR函数。现金流量序列：-2,000,000,400,000,400,000,400,000,400,000,540,000IRR计算结果约为-10.53%(使用计算器或软件求解)c)Brieflyexplaintheconceptofscenarioanalysisandwhyitisusefulincapitalbudgeting.解析：情景分析是评估项目在不同条件下可能产生的结果的过程。它涉及设定各种可能的输入值（如销售额、成本、残值等），并计算这些输入值变化对项目关键财务指标（如NPV、IRR）的影响。情景分析有助于管理者理解项目的风险和不确定性，评估项目在不同经济环境下的可行性，并做出更稳健的资本预算决策。d)Basedonthescenarioanalysisresults(best-case,base-case,worst-case),whatistherangeofpossibleNPVsfortheproject?Whatdoesthisrangesuggestabouttheproject'srisk?解析：需要分别计算最好、最坏情况下的NPV。Best-caseNPV:-2,000,000+$800,000/(1.12)^1+$800,000/(1.12)^2+$800,000/(1.12)^3+$800,000/(1.12)^4+($300,000+$800,000)/(1.12)^5Best-caseNPV=-2,000,000+$714,285.71+$638,627.94+$567,426.76+$508,474.56+$1,028,571.43Best-caseNPV=$1,837,345.40Worst-caseNPV:-2,000,000+$600,000/(1.12)^1+$600,000/(1.12)^2+$600,000/(1.12)^3+$600,000/(1.12)^4+($100,000+$600,000)/(1.12)^5Worst-caseNPV=-2,000,000+$535,714.29+$478,316.73+$427,063.35+$381,095.16+$714,285.71Worst-caseNPV=$-426,905.96NPV范围约为-426,906到1,837,345美元。这个较宽的范围表明项目存在较高的风险和较大的不确定性，项目的结果可能差异很大。e)Whichfinancingscenario(debtorequity)wouldyourecommendforthisproject?Explainyourreasoning,consideringtheimpactontheproject'sWACCandNPV.解析：比较两种融资方案的WACC和NPV（或更准确地说是项目的总价值）。由于项目本身的NPV（基于12%的WACC）为负，增加负债可能会增加项目的财务风险，但根据有税MM定理，税盾效应会提高项目的价值。债务融资方案的WACC为9.8%，低于项目本身的WACC（12%），且项目价值V_L=V_U+Tc*D=V_U+0.35*$1,000,000。假设项目价值不受融资结构影响（即无税或税盾被完全内部化），则债务融资下的项目价值V_L=V_U+$350,000。在债务方案下，项目价值更高。虽然项目本身NPV为负，但债务融资通过税盾增加了价值（$350,000）。因此，从价值最大化的角度看，并且考虑到税盾，债务融资是更好的选择。然而，这也增加了公司的财务风险。f)Ifthecompanydecidestoproceedwiththeprojectandfinancesitwithdebt,whatistheproject'sdegreeoffinancialleverage(DFL)atthebasecaselevelofEBIT?解析：DFL=基期EBIT/(基期EBIT-利息)基期EBIT=年税后经营现金流量-年折旧=$400,000-$400,000=$0利息=$1,000,000*10%=$100,000DFL=$0/($0-$100,000)=0/-$100,000=0在这种极端情况下，由于EBIT已经为0，增加利息使得EBIT变为负数，DFL计算结果为0。这通常意味着项目本身产生的现金流不足以覆盖利息，项目处于极度财务风险中，即使有税盾也未必能改善EBIT为负的情况。这里DFL=0表示EPS对EBIT的变化没有放大效应（因为EBIT已经是零点以下）。CaseStudy2:RiskManagementandDerivativesa)CalculatetheexpectedfuturecashflowsofXYZCompanyinUSD,assumingthespotexchangerateremainsat1EUR=1.10USDnextyear.解析：未来现金流量（EUR）*当前汇率（USD/EUR）未来支付=5,000,000EUR*1.10USD/EUR=5,500,000USD未来收入=3,000,000EUR*1.10USD/EUR=3,300,000USD净现金流量=3,300,000USD-5,500,000USD=-2,200,000USDb)CalculatetheexpectedfuturecashflowsofXYZCompanyinUSD,assumingthespotexchangerateattheendofnextyearis1EUR=1.15USD.解析：未来现金流量（EUR）*未来汇率（USD/EUR）未来支付=5,000,000EUR*1.15USD/EUR=5,750,000USD未来收入=3,000,000EUR*1.15USD/EUR=3,450,000USD净现金流量=3,450,000USD-5,750,000USD=-2,300,000USDc)Calculatethenetimpact(inUSD)onXYZCompany'scashflowsifitusesa1-yearforwardcontracttolockintheexchangerateof1EUR=1.08USDforits5millionEURpaymentnextyear.AssumetheforwardcontractrequiresimmediatesettlementoftheUSDequivalent.解析：使用远期合约锁定汇率，支付5,000,000EUR*1.08USD/EUR=5,400,000USD。与预期汇率1.10USD/EUR相比，节省=5,000,000EUR*(1.10-1.08)USD/EUR=20,000USD。净影响=-5,400,000USD+20,000USD=-5,380,000USD（表示实际支付增加了）d)Calculatethemaximumnetbenefit(inUSD)XYZCompanycanachievebypurchasinga6-monthEUR/USDcalloptionwithastrikepriceof1.12USDtohedgeits3millionEURreceiptnextyear.AssumetheoptionallowsforsettlementinUSDatthestrikeprice.解析：看涨期权赋予以1.12USD的价格购买EUR的权利。最大收益发生在未来EUR升值到很高水平时。但题目要求计算“最大净收益”，这通常指在最有利于公司的情景下的净结果。假设未来EUR/USD汇率高于strikeprice1.12。例如，假设汇率为1EUR=1.20USD。行权收益（以USD计算）=3,000,000EUR*(1.20-1.12)USD/EUR=240,000USD期权成本=3,000,000EUR*$0.02/EUR=60,000USD最大净收益=行权收益-期权成本=240,000USD-60,000USD=180,000USD（如果未来汇率低于或等于1.12USD/EUR，则不会行权，净收益为-期权成本，即-60,000USD。最大净收益发生在汇率尽可能高的情景下。）e)Calculatethenetcost(inUSD)toXYZCompanyofpurchasinga6-monthEUR/USDputoptionwithastrikepriceof1.08USDtohedgeits5millionEURpaymentnextyear.AssumetheoptionallowsforsettlementinUSDatthestrikeprice.解析：看跌期权赋予以1.08USD的价格出售EUR的权利。净成本是指购买期权所花费的费用。期权成本=5,000,000EUR*$0.01/EUR=50,000USD净成本=50,000USD（无论未来汇率如何，只要购买了期权，就产生了这笔成本）f)ExplainhowaninterestrateswapcouldpotentiallybeusedbyXYZCompanytomanageitsexchangeraterisk.DescribethemechanicsoftheswapanditspotentialbenefitsanddrawbacksforXYZCompany.解析：XYZ公司面临未来支付EUR（负债）和收取EUR（资产）的风险。利率互换本身不直接管理汇率风险，但可以用来管理由汇率波动引起的利率风险或现金流不确定性。例如，如果XYZ公司预期未来需要借入EUR，它可以进入一个EUR固定利率对USD浮动利率的互换。机械操作：XYZ公司与银行达成协议，同意按固定利率（如3%）向银行支付EUR利息，同时收取基于USDLIBOR的浮动利率（如6个月USDLIBOR）的利息。互换期限（如1年）与汇率风险敞口期限匹配。支付/接收的利息净额通常每年结算一次。假设XYZ公司预期未来支付EUR：它可能借入USD，然后进入互换，同意支付固定EUR利率，同时收取浮动USD利率。它可以用收到的浮动USD利率部分或全部为其EUR债务支付利息，从而将EUR利息成本转换为USD浮动利率成本，管理USD现金流。这种转换可以减少其支付EUR时的不确定性。假设XYZ公司预期未来收取EUR：它可能借入EUR，然后进入互换，同意支付浮动EUR利率，同时收取固定USD利率。它可以将收到的固定USD利率用于支付其EUR借款利息，从而将EUR利息成本转换为USD固定利率成本。潜在好处：可以将浮动利率债务转换为固定利率债务（或反之），从而对冲利率波动风险；可能获得更低的融资成本（通过比较不同货币市场的利率）。潜在缺点：互换是场外交易（OTC），可能存在对手方信用风险；需要支付给银行一定的互换点差（spread）；增加了交易复杂性；互换条款可能不灵活，未来解除可能成本高昂。Section3:QuantitativeQuestions11.Aprojectrequiresaninitialinvestmentof$1,500,000.Theprojectisexpectedtogeneratethefollowingcashflowsoverthenext3years:Year1:$700,000Year2:$800,000Year3:$900,000Theproject'scostofcapitalis8%.Calculatetheproject'sModifiedInternalRateofReturn(MIRR)roundedtotwodecimalplaces.解析：MIRR计算需要两步：首先计算各年现金流的未来值（FV）和终值（TV），然后计算使TV等于初始投资现值（按MIRR折现）的折现率。假设reinvestmentrate（再投资利率）等于项目的costofcapital（8%），terminalvalue(TV)=FV(Year1)+FV(Year2)+FV(Year3)FV(Year1)=$700,000*(1+0.08)^2=$700,000*1.1664=$816,480FV(Year2)=$800,000*(1+0.08)^1=$800,000*1.08=$864,000FV(Year3)=$900,000(nofurtherreinvestmentneeded)TV=$816,480+$864,000+$900,000=$2,580,480然后计算MIRR=[(TV/|InitialInvestment|)^(1/n)]-1MIRR=[($2,580,480/$1,500,000)^(1/3)]-1MIRR=[(1.720319933)^(1/3)]-1MIRR=1.197547-1MIRR=0.197547MIRR=19.75%12.Acompanyhasthefollowingcapitalstructure:Debt:$4,000,000,interestrateof6%Equity:$6,000,000Thecompany'staxrateis35%.Calculatethecompany'sWeightedAverageCostofCapital(WACC)roundedtotwodecimalplaces.解析：WACC=(E/V*Re)+(D/V*Rd*(1-Tc))其中E=Equity=$6,000,000,D=Debt=$4,000,000V=TotalValue=E+D=$10,000,000E/V=$6,000,000/$10,000,000=0.60D/V=$4,000,000/$10,000,000=0.40Re(CostofEquity)未给出，通常需要计算或查找，但题目未提