# 急~有關”財務管理”問題(題目英文)尋求解答

Consider a stock with current price \$50 and a European call of 3-month with exercise price \$60. Suppose that after three months, the stock price will either go up to \$75 or go down to \$30. The risk-free interest rate for three months is 5%,please calculate the price of the call.

ABC Electric's common stock has a beta of 1.3. The Treasury Bill rate is 6 percent and the market risk premium is estimated at 9 percent. Half of ABC’s total market value of \$10 million is comprised of equity, and the remaining half is comprised of debt paying 8 percent interest. ABC’s tax rate is 40 percent.

A.What is ABC’s cost of equity capital?

B.Its WACC?

C.Suppose ABC has an opportunity to undertake a new project that has the same risk as its existing business. Should ABC undertake the project if it has an internal rate of return of 15 percent?

Estimated cash nows for proJectsA and B are (where initial costs are in the brackets):

year___projectA___projectB

0_____(100)______(100)

1_____10________80

2_____50________40

3_____90________20

a.Assume the discount rate (the opportunity cost of capital) for projectsA and B is: r

=10%

Wbat are the NPVs for ProjectsA and B?

b.In the preceding example, which project shall be chosen if the discount rate r =1.0and both the projects are mutually exclusive? Can you explain why the result

is different from (a)?

### 1 個解答

• 書揚
Lv 5
1 0 年前
最佳解答

1.不懂！

2.A)Re＝6%＋1.39%＝17.7%

B)WACC＝0.58%(1－40%)＋0.517.7%＝11.25%

C)因為IRR(15%)＞WACC(11.25%)，所以此計畫可以被接受。

3.a) NPVA＝10/1.1＋50/1.1^2＋90/1.1^3－100＝18.03156

NPVB＝80/1.1＋40/1.1^2＋20/1.1^3－100＝20.81142

b)我不知道你的折現率是否為r＝1.0，還是打錯了？若真為

r＝1.0，則

NPVA＝10/2＋50/2^2＋90/2^3－100＝-71.25

NPVB＝80/2＋40/2^2＋20/2^3－100＝-47.5

因為AB兩計畫為互斥，則在a)小題中要選NPV較高的B計畫；

而在b)小題中，因兩計畫的NPV值皆為負值，所兩計畫都不

能被接受。

而a)與b)兩小題的結果之所以不同在於b)小題的折現率增加而

造成未來3年的現金流量現值下跌而導致NPV變為負值。

參考資料： 自己