罗斯《公司理财》英文习题答案chap023.docVIP

Chapter 23: Options and Corporate Finance: Extensions and Applications d1 = [(r + ? (2) t]/ = [(0.06 + ? (0.25)2 ) 4]/ = 0.73 N(d1) = 0.7673 d2 = d1 – = 0.73 – = 0.23 N(0.23) = 0.5910 C = 50(0.7673) – 50e-0.06(4 (0.5910) = $38.365 – $23.245 = $15.12 Total Value: $15.12 ( = $302,400 Option A: use discount rate of 6% Total pay value = $1mil + 1.2096 million Option B: Total pay value = $1.25 mil The question is whether the incremental $1.25 mil straight pay value is greater or lower than the options value of $1.2096 mil. If we use the riskless rate of 6%, the cost of additional $0.25 mil is $0.8663 mil (As opposed to $1.2096 mil). Holding everything else constant, Mr. Hurt is right and the Board is wrong. It’s cheaper for the firm to pay Mr. Hurt a $1.25 mil straight pay without opitons. However, diversification may make the $1.25 mil straignt pay better off for Mr. Hurt. From the bounding effect, the firm will be better off to offer Mr. Hurt the options. Fixed plant: r = 12% NPV = -1million + + = -1million + $2,678,571.43 + $10,704,073.24 = $12,382,644.67 Flexible plant: NPV = -1.5million + + = -1.5million + $1,339,285.71 + $8,920,061.03 = $8,759,346.74 TGC should choose the fixed plant since it has a larger NPV. If rate = 11%; NPV = = -$0.4505 million 0 If rate = 9%; NPV = = $0.4588 million NPV = 0.5 (0) + 0.5 (0.4588 million) = $229,400 $500 He should not take the offer to sell his option. 23.5 a. NPV = -7 million + (10,000 ( $200) = -$295,689.80 b. $100,000 = C = $35,026.54 ( level of sales) ( ($200) = $35,026.54 =175.13 units ( 176 units 23.6 NPV = -7 mil +(10,000( $200 /1.15) +[(0.5(15,000( $200 () +(0.5 (100,000)]/1.15 = -7 mil + $1,739,130.43 + $6,267,283.37 = $1,006,413.80 公司理财习题答案 第二十三章 B-204 Answers to End-of-Chapter Problems B-203 Answers to End-of-Chapter Problems