问题如下：
TAT Company has a target capital structure of 30% debt and 70% equity. And the company's marginal tax rate is 20%. The information about the bond and the equity is shown in the following tables.
Using the dividend discount model, what's the company's weighted average cost of capital?
选项：
A. 13.6%.
B. 15.13%.
C. 16.0%.
解释：
A is correct.
已知kd ＝10% t=20% Wd ＝30％ Wce ＝70%，需要求出kce
D1=D0(1+g)=3*(1.07)=3.21
kce=(D1/P0)+g=(3.21/36)+0.07=16%
WACC＝(Wd) * [kd(1-t)] + Wce*kce＝30％*［10%*(1-20%)］+70%*16%＝13.6％.
为什么不能用capm模型求股票成本呢？
