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Harris Enterprises, Inc. offers $90 par-value preferred stock that pays a 15% annual dividend. How much are you willing to pay for one share of this stock if you want to earn 15 percent on an equity investment of this level of risk?
You are going to pay $800 into an account at the beginning of each of 20 years. The account will then be left to compound for an additional 20 years. At the end of the 41st year you will begin receiving perpetuity from the account. If the account pay..
Gary's Boutique has 4,000 shares of stock outstanding at a price per share of $19. The firm has decided to repurchase 500 of those shares in the open market. What will the price per share be after the share repurchase is completed? Ignore taxes and m..
The Mexican peso/US$ spot exchange rates in December 1997 and December 1998 were 6.3 and 7.0, respectively. During 1998 inflation rates in Mexico and US were at 23% and 5%, respectively, and the one year interest rates in December 1998 in pesos and d..
A limited-pay whole life insurance policy with a short premium paying period (e.g., 10 years) runs the risk of becoming a “MEC” (Modified Endowment Contract) if:
Bennington Industrial Machines issued 153,000 zero coupon bonds six years ago. The bonds originally had 30 years to maturity with a yield to maturity of 7.3 percent. Interest rates have recently increased, and the bonds now have a yield to maturity o..
A bond with 3 years remaining to maturity has an annual coupon rate of 8.5%, and a face value of $1,000. If interest rates fall 0.15% from the given YTM, by what percent will the bond change in value? Show these 2 ways (using modified duration and th..
Stock Valuation at Ragan, Inc. Ragan, Inc., was founded nine years ago by brother and sister Carrington and Genevieve Ragan. The company manufactures and installs commercial heating, ventilation, and cooling (HVAC) units. Assuming the company continu..
The owner of a bicycle repair shop forecasts revenues of $240,000 a year. Variable costs will be $70,000, and rental costs for the shop are $50,000 a year. Depreciation on the repair tools will be $30,000. The tax rate is 30%. Calculate operating cas..
Juno Industrial Products is debating between a leveraged and an unleveraged capital structure. The all equity capital structure would consist of 20,000 shares of stock. The debt and equity option would consist of 14,000 shares of stock plus $170,000 ..
The 2015 income statement for Duffy’s Pest Control shows that depreciation expense was $201 million, EBIT was $512 million, and the tax rate was 30 percent. Calculate the end-of-year balance for net operating working capital.
Pets Store Inc. sells on terms of 2/15, net 70. What is the effective annual cost of trade credit under these terms? Use a 365-day year. A retailer with high inventory turnover is likely to have
Constant growth valuation Harrison Clothiers' stock currently sells for $31 a share. It just paid a dividend of $2.5 a share (that is, D0 = 2.5). The dividend is expected to grow at a constant rate of 5% a year. What stock price is expected 1 year fr..
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