财务管理双语课后练习答案.docxVIP

财务管理双语局部课后练习答案2-7 a. Calculation of gross income: 2000Salary$60,000 Dividend Income10,000Interest Income (IBM bondsonly)5,000 ST capital gains1,000 = $22,000 - $21,000Gross Income (excluding LTcapital gains)$76.000 LT capital gains = $22,000 - $9,000 =13,000**LT Capital gains tax rate =20%. Not taxed: $10,000 interest on Florida municipal bondsCalculation of taxable income: $76,000(2,750)(5,000) $76,000(2,750)(5,000) $68,250 Exemption DeductionsTaxable Income (excluding LT capital gains) Personal tax = Tax on taxable income (excluding LT capital gains) + LT capital gains tax =[$14,138.5 + ($68,250 - $62,450)(0.31) + $13,000(0.2) 二[$14,138.5+ $1,798] + $2,600 = $18,536.50Marginal tax rate = 31%. Average tax rate = $18,536.50/($ 68,250+$ 13,000)= 22.8%. After-tax returns: IBM = (0.11)-(0.31)(0.11) =7.59%FLA = (0.09) - 0= 9.00% The Florida bonds provide a higher aftcr-tax return. 9%= 11%(1 - T). Now solve for T: 9%=11%- 11%T11%T =2 = 2/11 = 18.18%. 5-5 a. kY = 0.1 (-35%) + 0.2(0%) + 0.4(20%) + 0.2(25%) + 0.1(45%)= 14%kx = 12% b. H = (-10% - 12%)2(0.1) + (2% - 12%)2(0.2) + (12% - 12%)2(0.4)+ (20% - 12%)2(0.2) + (38% - 12%)2(0.1) = 148.8 Ox =7148.8=12.20%Oy = 20.35% CVX = 12.20%/12% = 1.02CVy = 20.35%/14%= 1.45. 5-81. Old portfolio beta = 1.12 = (0.05)B)+ (0.05)62 +...+ (0.05)0201.12 = (LBj)(0.05) ZBj = 1.12/0.05 = 22,4 = 20(1.12)New portfolio beta = (22.4 - 1.0+ 1.75)/20 = 1.1575 = 1.16 2. EBj excluding the stock with the beta equal to 1.0 is 22.4 - 1.0 = 21.4, so the beta of the portfolio excluding this stock is B = 21.4/19 = 1.1263. The beta of the new portfolio is: 1.1263(0.95) + 1.75(0.05) = 1.1575 = 1.164 3 2 o a. 4 3 2 o a. 6 - 6 4 3 2 o a.6-6 4 3 2 o a. 6 - 6 161718 1920 Periods Dealers special financing packager = 4%/4 = 1%, t = 5 x 4 = 20, PVA=600X(P/A,l%,20)=600X18.0456=10827.36 So Sarah must use $2,172.64 = $13,000 - $10,827.36 of the $3,000 in her checking account if the dealers financing is used. Bank loanr = 12%/4 = 3%, t = 5 x 4 = 20, PVA=600 X (P/