NO.PZ2021091701000017
问题如下：
Happy Resorts Company currently has 1.2 million common shares of stock
outstanding, and the stock has a beta of 2.2. It also has $10 million face value of
bonds that have five years remaining to maturity and an 8% coupon with semiannual payments and are priced to yield 13.65%. If Happy issues up to $2.5 million of new bonds, the bonds will be priced at par and will have a yield of
13.65%; if it issues bonds beyond $2.5 million, the expected yield on the entire
issuance will be 16%. Happy has learned that it can issue new common stock at
$10 a share. The current risk-free rate of interest is 3%, and the expected market
return is 10%. Happy’s marginal tax rate is 30%. If Happy raises $7.5 million of
new capital while maintaining the same debt-to-equity ratio, its weighted average cost of capital will be closest to
选项：
A.14.5%
B.15.5%
C.16.5%
解释：
B is correct. The capital structure is as follows:
Market value of debt: FV = $10,000,000, PMT = $400,000, N = 10, and I/YR = 6.825%. Solving for PV gives $7,999,688.
Market value of equity: 1.2 million shares outstanding at $10 = $12,000,000
To raise $7.5 million of new capital while maintaining the same capital structure, the company would issue $7.5 million × 40% = $3.0 million in bonds, which results in a before-tax rate of 16%.
rd(1 – t) = 0.16(1 – 0.3) = 0.112, or 11.2%.
re = 0.03 + 2.2(0.10 − 0.03) = 0.184, or 18.4%.
WACC = 0.40(0.112) + 0.6(0.184) = 0.0448 + 0.1104 = 0.1552, or 15.52%
I/Y=6.825应该是13.65%÷2来的，但13.65%是价格收益，怎么会是年回报率呢？
