问题如下:
Taking an indirect, total frm value approach to valuing equity, suppose you have the inputs for estimating the cost of capital shown in Exhibit 10. Based only on the information given, estimate IBM’s WACC.
选项:
A.6.577%
B.3.445%
C.5.732%
解释:
Long-term debt as a percent of total capital stated at market value is the weight to be applied to IBM’s after-tax cost of debt in the WACC calculation. Therefore, IBM’s WACC is approximately 5.73 percent, calculated as follows:
WACC = 0.36(4.4%)(1 – 0.25) + 0.64(7.1%)= 1.188% + 4.544% = 5.732 percent
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