问一道题：NO.PZ2016021706000026

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：

13.6%.

15.13%.

16.0%.

解释：

A is correct.

已知k_d ＝10% t=20% W_d ＝30％ W_ce ＝70%，需要求出k_ce

D₁=D₀(1+g)=3*(1.07)=3.21

k_ce=(D₁/P₀)+g=(3.21/36)+0.07=16%

WACC＝(W_d) * [k_d(1-t)] + W_ce*k_ce＝30％*［10%*(1-20%)］+70%*16%＝13.6％.