武汉大学 金融系 公司金融题目培训资料.docVIP

武汉大学 金融系 公司金融题目 精品文档 精品文档 收集于网络，如有侵权请联系管理员删除 收集于网络，如有侵权请联系管理员删除 精品文档 收集于网络，如有侵权请联系管理员删除 1. Your job at the South Pole doesn’t work out, so now you have decided to buy a new sports car to replace your beloved beetle. The price is $37,450 and your banker will finance the entire cost with a 60-month loan with an APR of 16.5% (what do you expect with no down payment?). What will your monthly payments be? What is the EAR on this loan? 2. The only ore body being operated by the Tarnished Gold Mine is being depleted and the Directors have decided to slowly distribute the assets of the company in a series of dividend payments. The company just paid a $30 dividend and will reduce the dividend by 8% per year, indefinitely. If a 20% return were required, what would you pay for the stock today? 3. Firm UNLEV has an expected EBIT (in perpetuity) of $4,000. The unlevered cost of capital is 15%. The firm is considering restructuring by issuing new debt to add some financial leverage to the firm. The entire proceeds of the debt issue will be used to repurchase equity. The required rate of return on the debt is 10% and the debt will be sold at par. There are no flotation costs. i. Assume that there are no taxes. What is the value of UNLEV before the restructuring? ii. Continuing with the assumptions that the tax rate is 34% and the firm issues $8,800 indebt, what is the value of UNLEV’s equity after the restructuring? iii. Again, continuing with the assumptions that the tax rate is 34% and the firm issues $8,800 indebt, what is UNLEV’s cost of equity after the restructuring? 4. Suppose you have the following information concerning an acquiring Firm A and a target Firm B. Neither firm has any debt. The incremental value of the acquisition is estimated to be $250,000. Firm B is willing to be acquired for $30 per share in cash. Firm A Firm B Number of shares 50,000 18,000 Price