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Central Food Brokers is considering issuing a 20-year convertible bond that will be priced at its par value of $1,000 per bond. The bonds have a 12 percent annual coupon interest rate, and each bond could be converted into 30 shares of common stock. The stock currently sells at $20 per share, has an expected annual dividend of $3.00, and is growing at a constant 5 percent per year. The bonds are callable after 10 years at a price of $1,050, with the price declining by $5 per year thereafter. If, after 10 years, the conversion value exceeds the call price by at least 20 percent, management will call the bonds. What is the conversion price?
Fooling Company has a 10.8 percent callable bond outstanding on the market with 25 years to maturity, call protection for the next 10 years, and a call premium of $100. What is the yield to call (YTC) for this bond if the current price is 105 percent..
A stock has just paid a dividend and has declared an annual dividend of $2.00 to be paid one year from today. The dividend is expected to grow at a 5% annual rate. The return on equity for similar stocks is 12%. What is P0?
Your bank's estimated liquidity gap over the next 90 days equals $ 180 million. You estimate that projected funding sources over the same 90 days will equal only $ 150 million. What planning and policy requirements does this impose on your $ 3 billio..
Ace Hardware paid an annual dividend of $1.25 per share last month. Today, the company announced that future dividends will be increasing by 2.5% annually. If you require a 11% annual rate of return, how much are you willing to pay to purchase one sh..
Julia Price Wants to Drive a BMW It has been almost 15 years since Julia graduated with a major in aeronautical engineering, and now she makes “buckets of money” working as a project manager for a large defence contracting company. While she is not v..
To calculate the number of years until maturity, assume that it is currently January 15, 2013. Company (Ticker) Coupon Maturity Last Price Last Yield EST $ Vol (000’s) Xenon, Inc. (XIC) 5.500 Jan 15, 2021 94.193 ? 57,363 Kenny Corp. (KCC) 7.130 Jan 1..
XYZ stock price and dividend history are as follows: Year Beginning-of-Year Price Dividend Paid at Year-End 2010 $ 125 $ 2 2011 $ 141 $ 2 2012 $ 120 $ 2 2013 $ 125 $ 2. Prepare a chart of cash flows for the four dates corresponding to the turns of th..
You hate paying interest, but someday you want to buy a home. Easy - pay cash! After debating how much you should pay for this house, you decide a quarter of a million dollars has a nice ring to it. Assuming your fund will pay 8% and you have 12 year..
Assume that a share of stock will pay dividends of $2 in one year, $3 in two years, and $3.50 in three years. For all years after year 3, dividends will grow at a rate of 5%. If shareholders’ required rate of return is 15%, what will be the suggested..
In well-organized and thorough responses, summarize the major economic and property rights issues associated with the following topics: The case of Kelo vs. New London, Connecticut. Riparian Rights in comparison to Prior Appropriation
Your retirement account pays 8% interest compounded monthly. You plan on having $1 million in the bank on the day you retire. You playing to work for 40 years and then retire. How much were you had to take out of your pay check at the beginning of ea..
The spot rate for the Argentine peso is $0.3600 per peso. Over the year, inflation in Argentina is 10 percent and U.S. inflation is 4 percent. If purchasing power parity holds, at year-end the exchange rate should be approximately ______________ doll..
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