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Piano Tuners Unlimited is considering a promotional campaign at cost $6,000,000. The resultant after-tax cash flows would be $500,000 per year in the absence of debt, and the appropriate discount rate for an unlevered PTU would be 7.5%. However, PTU will issue $1,000,000 of perpetually outstanding risk-free debt paying the risk-free rate of 4.5%. There are also net agency benefits of debt with present value $80,000. PTU faces a corporate tax rate of 34%. What is the NPV of this campaign?
a. -144,667b. 1,086,667c. 1,441,429d. 1,492,898e. None of the above are within $1,000 of the correct NPV
American Steel and Rubber feels that a lockbox system can shorten its accounts receivable collection period through two days. Credit sales are $3,000,000 per year, billed on a continuous basis.
Suppose today is August 1, 2006. Charles is thirty years old and has a Bachelor of Science degree in computer science. He is currently employed as a Tier 1 field service representative for a telephone corporation and earns $38,000 a year that he anti..
Oakton River Bridge Case study. The Oakton River had long been plan an impediment to the development of a certain medium sized metropolitan area in the southeast.
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