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荣 · 2020年05月12日

问一道题：NO.PZ2016021706000031

  1. CFA I
  2. Corporate Issuers

问题如下：

Adam Company is planning to invest in a project with a $100,000 initial cash outlay. This new project is expected to generate cash flows of $30,000 every year in the next ten years. The flowing is the information of Adam company：

Adam Company will finance the project with a debt-to-equity ratio of 1.5. The dollar amount of flotation cost is $3000 for the equity of this project. What's the NPV for the project?

选项：

A.

$90,039.

B.

$91,236.

C.

$100,030.

解释：

B is correct.

Re = 2.5/50+ 0.05= 10%

D/E=1.5, Wd=60%, We=40%

WACC = 0.60*0.08 + 0.40*0.1 = 8.8%

N=10, I/Y=8.8, PMT=30000, FV=0, CPT PV=194236.275

NPV = -$103000+$194236.275 = $91236.275.

请问答案中WACC = 0.60*0.08 + 0.40*0.1 = 8.8%，0.1怎么来的？

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1 个答案

Olive_品职助教 · 2020年05月13日

嗨，从没放弃的小努力你好：


就是re，re=10%，所以带入10%就等于0.1


-------------------------------
虽然现在很辛苦，但努力过的感觉真的很好，加油！


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