NO.PZ2023031001000070
问题如下:
A company is planning a new issue of $100 par preferred stock with a 12% dividend. The preferred stock can be sold for $95 per share and the company must pay flotation costs of 5% of the market price. Assuming a marginal tax rate of 40%, the after-tax cost of the preferred stock is closest to:
选项:
A.8.0% B.12.6%
13.3%
解释:
The component cost of preferred stock is calculated as: (100 × 0.12) / (95 × 0.95)= 0.133 or 13.3%. Note that preferred stock is not tax advantaged.
CFA一级
The preferred stock can be sold for $95 per share
P0是发行价吧,为什么这里的95是P0呢