Rd 是什么

问题如下：

Using Silverstein’s required return estimate based on the Pastor–Stambaugh model as the cost of equity, the weighted average cost of capital (WACC) for LED Light is closest to:

选项：

8.4%

10.3%

10.7%

解释：

B is correct. The after-tax WACC for LED Light is calculated as:

${l}WACC=\frac{MVD}{MVD+MVCE}r_d\left(1-t\right)+\frac{MVCE}{MVD+MVCE}r_e\\$

Given LED Light’s debt-to-equity ratio of 0.5, the weight of debt capital is 0.5/1.5, and the weight of equity common equity capital is 1.0/1.5.

${l}WACC=\frac{0.5}{0.5+1.0}0.04\left(1-0.3\right)+\frac{1.0}{0.5+1.0}0.14=0.009333+0.09333=0.102666\approx10.3\%\\$