NO.PZ201602170500003204
问题如下：
4. The marginal cost of capital for TagOn, based on an average asset beta of 2.27 for the industry and assuming that new stock can be issued at $8 per share, is closest to:
选项：
A.20.5 percent.
B.21.0 percent.
C.21.5 percent.
解释：
C is correct.
For debt: FV = 2,400,000; PV = 2,156,000; n = 10; PMT = 150,000
Solve for i. i = 0.07748. YTM = 15.5%
Before-tax cost of debt = 15.5%
Market value of equity = 1 million shares outstanding + 1 million newly issued shares= 2 million shares at $8 = $16 million
Total market capitalization = $2.156 million + $16 million = $18.156 million
Levered beta = 2.27 {1 + [(1 − 0.23)(2.156/16)]} = 2.27 (1.1038) = 2.5055
Cost of equity = 0.0525 + 2.5055 (0.07) = 0.2279 or 22.79%
Debt weight = $2.156/$18.156 = 0.1187
Equity weight = $16/$18.156 = 0.8813
TagOn’s MCC = [(0.1187)(0.155)(1 − 0.23)] + [(0.8813)(0.2279)]
= 0.01417 + 0.20083
= 0.2150 or 21.50%
我的步骤都是对的 但是发现计算器按出来结果错了 导致后面的结果错了 主要是关于百分号的地方
在计算Re的时候，应该是5.25%+βe*7% βe=2.5056
我是这么按的： 2.5056--> x --> 7 -->% --> + --> 5.25 --> % --> = 最后结果是0.1846 我发现主要问题出在算加法这部分 2.5056*7%这里都是正确的，算出来时0.1754 但是如果我直接用0.1754+5.25然后再按%，最后结果就不对了，就算我加上括号0.1754 --> + --> ( --> 5.25 --> % -->) 这样算下来还是0.1846 我应该怎么按才对呢？
