罗斯《公司理财文习题答案DOCchap012.docVIP

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2016-10-13 发布于贵州
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罗斯《公司理财文习题答案DOCchap012.doc

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罗斯《公司理财文习题答案DOCchap012

Chapter 12: Risk, Return, and Capital Budgeting 12.1 Cost of equity RS = 5 + 0.95 (9) = 13.55% NPV of the project = -$1.2 million + = -$20,016.52 Do not undertake the project. 12.2 a. = (-0.05 + 0.05 + 0.08 + 0.15 + 0.10) / 5 = 0.066 = (-0.12 + 0.01 + 0.06 + 0.10 + 0.05) / 5 = 0.02 b. - - ( -)2 ( -)( -) -0.116 -0.14 0.0196 0.01624 -0.016 -0.01 0.0001 0.00016 0.014 0.04 0.0016 0.00056 0.084 0.08 0.0064 0.00672 0.034 0.03 0.0009 0.00102 0.0286 0.02470 Beta of Douglas = 0.02470 / 0.0286 = 0.864 12.3 RS = 6% + 1.15 ( 10% = 17.5% RB = 6% + 0.3 ( 10% = 9% a. Cost of equity = RS = 17.5% b. B / S = 0.25 B / (B + S) = 0.2 S / (B + S) = 0.8 WACC = 0.8 ( 17.5% + 0.2 ( 9% (1 - 0.35) = 15.17% 12.4 = = 0.065 = = 0.0383 Beta of ceramics craftsman = / 2 = / = (0.675) (0.065) / 0.0383 = 1.146 12.5 a. To compute the beta of Mercantile Manufacturing’s stock, you need the product of the deviations of Mercantile’s returns from their mean and the deviations of the market’s returns from their mean. You also need the squares of the deviations of the market’s returns from their mean. The mechanics of computing the means and the deviations were presented in an earlier chapter. = 0.196 / 12 = 0.016333 = 0.236 / 12 = 0.019667 E( -) ( -) = 0.038711 E( -)2 = 0.038588 ( = 0.038711 / 0.038588 = 1.0032 b. The beta of the average stock is 1. Mercantile’s beta is close to 1, indicating that its stock has average risk. 12.6 a. RM can have three values, 0.16, 0.18 or 0.20. The probability that takes one of these values is the sum of the joint probabilities of the return pair that include the particular value of . For example, if is 0.16, RJ will be 0.16, 0.18 or 0.22. The probability that is 0.16 and RJ is 0.16 is 0.10. The probability that RM is 0.16 and RJ is 0.18 is 0.06. The probability that is 0.16 and RJ is 0.22 is 0.04. The probability that is 0.16 is, therefore,