李老师讲课调整下吧：有的地方啰嗦不停，本来简单易懂反而复杂化，比如FF模型中3个beta什么绝对值；有的地方说讲义是废话，基础班都没有细讲，必须WACC，请问考到计算怎么办？？？

问题如下：

Taking an indirect, total frm value approach to valuing equity, suppose you have the inputs for estimating the cost of capital shown in Exhibit 10. Based only on the information given, estimate IBM’s WACC. 

选项：

A.

6.577%

B.

3.445%

C.

5.732%

解释：

Long-term debt as a percent of total capital stated at market value is the weight to be applied to IBM’s after-tax cost of debt in the WACC calculation. Therefore, IBM’s WACC is approximately 5.73 percent, calculated as follows:

WACC = 0.36(4.4%)(1 – 0.25) + 0.64(7.1%)= 1.188% + 4.544% = 5.732 percent