问一道题：NO.PZ201601200500002104

问题如下：

4. Based on Exhibits 1 and 2, what debt-to-total capital ratio would minimize MBG’s weighted average cost of capital?

选项：

20%.

30%.

40%.

解释：

B is correct.

Let V = D + E:

$r_{wacc}={(\frac DV)}r_d(1-t)+(\frac EV)r_e$

At D/V = 20%, r_a= (0.2)(0.077)(1 -0.35) + (0.8)(0.125) = 0.1100

= 11.00%

At D/V = 30%, r_a = (0.3)(0.084)(1 -0.35) + (0.7)(0.130) = 0.1074

= 10.74%

At D/V = 40%, r_a= (0.4)(0.093)(1 -0.35) + (0.6)(0.140) = 0.1082

= 10.82%

At D/V = 50%, r_a= (0.5)(0.104)(1 -0.35) + (0.5)(0.160) = 0.1138

= 11.38%