NO.PZ2020042003000114
问题如下：
The total interest costs of a bank are 65
million, the total funds raised is 1000 million, of which 750 million is
earning assets. The other operating costs is 10 million. The tax rate is 35%.
Stockholders’ investment of the bank is 100 million. Assume the required rate
of return of the stockholders’ investment is 12%.
According to the information above and use
the historical average cost approach, what is the weighted average overall cost
of capital?
选项：
A. 10%
12.5%
13.5%
7.5%
解释：
考点：对Managing Non-deposit Liabilities的理解
答案：B
解析：
Breakeven cost rate on borrowed funds
invested in earning assets = (Interest + other operating costs) / All earning
assets = (65+10)/750 = 10%
Weighted average overall cost of capital =
breakeven cost on borrowed funds + before-tax cost of the stockholders’
investment
= breakeven cost + after-tax cost of
stockholders’ investment/(1-tax rate) × Stockholders’
invest/ Earning assets
=10% + 12%/(1-0.35)×100/750 = 12.5%
就是WACC=wd*rd*(1-tax rate)+we*re
