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The Elkmont Corporation needs to raise $52.4 million to finance its expansion into new markets. The company will sell new shares of equity via a general cash offering to raise the needed funds. The offer price is $40 per share and the company’s underwriters charge a spread of 8 percent. (Enter your answer as directed, but do not round intermediate calculations.)
Required:
How many shares need to be sold? (Enter the whole number for your answer, not millions (e.g., 1,234,567). Round your answer to the nearest whole number (e.g., 1,234,567).)
Number of shares offered ______________
Suppose you deposit $2,500 today in a savings account at 3.5% interest compounded annually. Assuming no withdrawal, how much would you have at the end of 10 years? About how many years will it take for $100,000 placed in a bank account at 7% interest..
Clint Wade owns 70 percent of the stock of Knock-Down Inc., a demolition and gravel supply company. The remaining 30 percent of the stock is owned in equal shares by three of the key managers of the business. The agreement gives all the shareholders ..
Tom Barnes contributed equipment, inventory, and $43,222 cash to the partnership. The equipment had a book value of $28,168 and market value of $34,262. The inventory has a book value of $41,721, but only had a market value of $13,719. due to obsoles..
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Truson Company paid 4% SUTA a tax on taxable wages of $108,500. The taxable wages under FUTA were $89,400. What was the net FUTA tax of Truson Company?
When Marilyn Monroe died, ex-husband Joe DiMaggio vowed to place fresh flowers on her grave every Sunday as long as he lived. The week after she died in 1962, a bunch of fresh flowers that the former baseball player thought appropriate for the star c..
You own a bond with the following features: 7 years to maturity, face value of $1000, coupon rate of 3% (annual coupons) and yield to maturity of 7.8%. If you expect the yield to maturity to remain at 7.8%, what do you expect the price of the bond to..
Calculate the firm's expected return on its assets if its expected return on debt is 10.50%, their expected return on equity is 22.50% and its WACC is 12%.
An investor purchases a stock for $65 and writes a call option on the same stock with an exercise price of $70 for a premium of $4 per share. The call option expires in one year. What is the maximum profit the investor can earn on the combined "cover..
The Tattle Teller has a printing press sitting idly in its back room. The press has no market value to another printer because the machine utilizes old technology. The firm could get $250 for the press as scrap metal. The president of the firm is con..
Kosovski Company is considering Projects S and L, whose cash flows are shown below. These projects are mutually exclusive, equally risky, and are not repeatable. If the decision is made by choosing the project with the higher IRR, how much value will..
Fei has 11,900 dollars in his retirement account. In addition, he plans to save 9,400 dollars per year in his account for 6 years. His first contribution to his account is expected immediately and his last contribution is expected in 5 years. Fei exp..
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