问题如下图：
我的计算器设置了6位小数点，算出来的答案就跟这个差异好大，想问下考试的时候怎么办?
选项：
A. 
B. 
C. 
解释：
maggie_品职助教 · 2018年12月21日
别着急，你是在哪一步计算出现的误差？你可以把计算过程列出来我们帮你分析一下，看看是不是哪一步做错了或是计算器使用有什么问题。我们这边用计算器算完和答案是一致的，只有最后一位保留小数有点差别，不存在结果上的误差。我理解应该不是计算器保留位数的问题。
粉红豹 · 2019年04月05日
老师，是小数的问题，WACC=0.07075，这是精确的结果，然后代入，完全一模一样，结果是101204.8193
maggie_品职助教 · 2019年04月06日
是的，这是因为答案为了把计算列清楚，所以分两部进行计算，WACC四舍五入了。你们的计算结果是正确的，是这道题出的不太好。
NO.PZ2018103102000119 问题如下 Matt is preparing to calculate the intrinsic value of Company M’s equity using the FCFF mol with the constant growth rate of 5% infinitely. The most recent FCFF is $2,000 million anthe company is in the 30% tbracket. The relevant information is shown in the following table. Wh`s the value of Company M? A.$ 96,153.85million B.$ 107,836.20million C.$$101,204.82 million C is correct.考点Valuation Mols解析先计算WA= w× r× (1–T) + (wp × rp) + (we × re) = (15,000/40,000)(0.06)(1– 0.3) + (5,000/40,000)(0.04) + (20,000/40,000)(0.1)= 7.075%V=FCFF0×(1+g)WACC−g=2,000×1.057.075%−5%=$101,204.82millionV=\frac{FCFF_0\times\left(1+g\right)}{WACC-g}=\frac{2,000\times1.05}{7.075\%-5\%}=\$101,204.82million V=WACC−gFCFF0×(1+g)=7.075%−5%2,000×1.05=$101,204.82million 你好，计算求得V0(EV)=101,204.82后，为什么不是Value=EV-mkt value of bt=101,204.82-15,000
NO.PZ2018103102000119 问题如下 Matt is preparing to calculate the intrinsic value of Company M’s equity using the FCFF mol with the constant growth rate of 5% infinitely. The most recent FCFF is $2,000 million anthe company is in the 30% tbracket. The relevant information is shown in the following table. Wh`s the value of Company M? A.$ 96,153.85million B.$ 107,836.20million C.$$101,204.82 million C is correct.考点Valuation Mols解析先计算WA= w× r× (1–T) + (wp × rp) + (we × re) = (15,000/40,000)(0.06)(1– 0.3) + (5,000/40,000)(0.04) + (20,000/40,000)(0.1)= 7.075%V=FCFF0×(1+g)WACC−g=2,000×1.057.075%−5%=$101,204.82millionV=\frac{FCFF_0\times\left(1+g\right)}{WACC-g}=\frac{2,000\times1.05}{7.075\%-5\%}=\$101,204.82million V=WACC−gFCFF0×(1+g)=7.075%−5%2,000×1.05=$101,204.82million WA= w× r× (1–T) + (wp × rp) + (we × re)，这个公式没见过，不敢用。那是不是，equity value=firm value--优先股 value?
NO.PZ2018103102000119 如图
NO.PZ2018103102000119
NO.PZ2018103102000119 $ 100,836.20million $100,961.54 million C is correct. 考点Valuation Mols 解析先计算WA= w× r× (1–T) + (wp × rp) + (we × re) = (15,000/40,000)(0.06)(1– 0.3) + (5,000/40,000)(0.04) + (20,000/40,000)(0.1) = 7.08% V=FCFF0×(1+g)WACC−g=2,000×1.057.08%−5%=$100,961.54millionV=\frac{FCFF_0\times\left(1+g\right)}{WACC-g}=\frac{2,000\times1.05}{7.08\%-5\%}=\$100,961.54million V=WACC−gFCFF0×(1+g)=7.08%−5%2,000×1.05=$100,961.54million算WACC时,优先股不需要1—t吗