NO.PZ201601200500001101
问题如下：
1. Economic income during year one is closest to:
选项：
A.23,186.
B.29,287.
C.46,101.
解释：
Economic income = Cash flow – Economic depreciation
Economic income (Year 1) = C F 1 −( V 0 − V 1 ) After-tax operating cash flow (CF) = (S – C – D)(1 – T) + D + After-tax salvage = EBIT(1 – T) + D + After-tax salvage
CF1 = 58,000
V0=58,000/1.12+64,000/1.12^2+70,000/1.12^3+76,000/1.12^4+76,000/1.12^5=244,054.55
V 1 = 64,000/1.12 + 70,000/1.12^2 + 76,000 /1.12^3 + 76,000/1.12^4 =215,341.10
Economic income (Year 1) = 58,000 – (244,054.55– 215,341.10)
Economic income (Year 1) = 58,000 – 28,713.45 = 29,286.55
老师好，
做这道题的时候，我对题干“Pure has a 19 percent cost of equity, 8 1/3 percent before-tax cost of debt, 12 percent weighted average cost of capital, and 40 percent tax rate, and it maintains a 50 percent debt/value ratio.”的理解有些模糊。
折现率我用了19%，最后算不出答案来。
请问：
1）“19 percent cost of equity”是re对吗？
2）“8 1/3 percent before-tax cost of debt”是rd对吗？“8 1/3”是8.3333吗？
3）为何这道题求解时用的是WACC呢？是因为题目里面给出的都是公司层面的信息吗？怎么看出来的呢> <
4）"50 percent debt/value ratio"指的是D/(D+E)为0.5是吗？
谢谢老师，觉得自己掌握的好像不太扎实，做题题感又不够，所以其中一个信息没把握对就做错了> <
