NO.PZ2016021705000030
问题如下：
Happy Resorts Company currently has 1.2 million common shares of stock outstanding and the stock has a beta of 2.2. It also has $10 million face value of bonds that have five years remaining to maturity and 8 percent coupon with semi-annual payments, and are priced to yield 13.65 percent. If Trumpit issues up to $2.5 million of new bonds, the bonds will be priced at par and have a yield of 13.65 percent; if it issues bonds beyond $2.5 million, the expected yield on the entire issuance will be 16 percent. Trumpit has learned that it can issue new common stock at $10 a share. The current risk-free rate of interest is 3 percent and the expected market return is 10 percent. Trumpit’s marginal tax rate is 30 percent. If Trumpit raises $7.5 million of new capital while maintaining the same debt-to-equity ratio, its weighted average cost of capital is closest to:
选项：
A. 14.5 percent.
B. 15.5 percent.
C. 16.5 percent.
解释：
B is correct.
Capital structure:Market value of debt: FV = $10,000,000, PMT = $400,000, N = 10,I/YR = 13.65%/2. Solving for PV gives the answer $7,999,688.Market value of equity: 1.2 million shares outstanding at $10 = $12,000,000
To raise $7.5 million of new capital while maintaining the same capital structure, the company would issue $7.5 million × 40% = $3.0 million in bonds, which results in a before-tax rate of 16 percent.
rd(1 − t) = 0.16(1 − 0.3) = 0.112 or 11.2%
re = 0.03 + 2.2 (0.10 − 0.03) = 0.184 or 18.4%
WACC = [0.40(0.112)] + [0.6(0.184)] = 0.0448 + 0.1104 = 0.1552 or 15.52%
如题目，债券融资总共占比40%，即3百万，小于2.5百万，成本是13.65%，剩余0.5百万才使用16%的成本。这样总体成本比直接使用16%应该更低一些。这样算下来的WACC应该为，(2.5/7.5*13.65%+0.5/7.5*16%)*(1-30%)+0.6*18.4%=4.19%+11.04%=15.23%