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1、Youngsten Electric is contemplating new projects for the next year that will require $30,000,000 of new financing. In keeping with its capital structure, Youngsten plans to use debt & equity financing as follows: • Issue $10,000,000 of 20-year bonds at a price of 101.5, with a coupon of 10%, and flotation costs of 2.5% of par value. • Use internal funds generated from earnings of $20,000,000. The equity market is expected to earn 15%. U.S. treasury bonds currently are yielding 9%. The beta coefficient for Youngsten's common stock is estimated to be .8. Youngsten is subject to a 40% corporate income tax rate. Youngsten has a price/eamings ratio of 10, a constant dividend payout ratio of 40%, and an expected growth rate of 12%. Assume Youngsten has an after-tax cost of debt of 9% and an after-tax cost of equity of 15%. Youngsten's weighted average cost of capital is:
a. 11.0%
b. 13.0%
c. 12.0%
d. 11.8%
本题答案:ABCD
提交
Answer: b
Choice "b"is correct. The WACC is computed by multiplying the required returns on equity and debt by the percentage of equity and debt used to finance that particular project. Youngsten will use 33% debt ($10 million of $30 million total project cost) and 67% equity ($20 million of $30 million total project cost). Therefore: WACC = 9% (33%) + 15% (67%) =2.97% + 10.05% =13.02% or 13.0% (rounded) Choices "a", "c"and "c" are incorrect, per the above calculation.
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