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JBK, Inc., normally pays an annual dividend. The last such dividend paid was $3.10. all future dividends are expected to grow at 6 percent, and the firm faces a required rate of return on equity of 11 percent. If the firm just announced that the next dividend will be an extraordinary dividend of $17.60 per share that is not expected to affect any other future dividends, what should the stock price be?
A donor established a new scholarship that will pay $2,000 every 6 months to a student. The scholarship will be awarded for the first time in December of 2016 (9 months from today). The donor decides that the scholarship should be provided in perpetu..
Marks, Inc., expect a dividend of $5.20 per share in one year from now. The rate of return is 13% and the growth rate is 6.8%. How much would you be willing to pay for Marks’ stock today? Micas has a bond outstanding. The coupon rate is 5.4% and the ..
NoNuns Cos. has a 20 percent tax rate and has $301.60 million in assets, currently financed entirely with equity. Equity is worth $30 per share, and book value of equity is equal to market value of equity. Also, let’s assume that the firm’s expected ..
The yield on 1-year Treasury securities is 6%, 2-year securities yield 6.2%, and 3-year securities yield 6.3%, and 4-year securities yield 6.5%.There is no maturity risk premium. Using expectations theory, forecast the yields on the following securit..
Suppose that JB Cos. has a capital structure of 75 percent equity, 25 percent debt, and that its before-tax cost of debt is 14 percent while its cost of equity is 18 percent. Assume the appropriate weighted-average tax rate is 25 percent. What will b..
Suppose a stock pays dividends at the end of each period and a $2 dividend has just been paid. If the dividend growth rate is 3-percent per period and the discount rate is 10.8-percent per period, what is the dividend yield expected over the next per..
The expected return on the market portfolio equals 12%. The current risk-free rate is 6%. What is the expected return on a stock with a beta of 0.66?
Lance Whittingham IV specializes in buying deep discount bonds. These represent bonds that are trading at well below par value. He has his eye on a bond issued by the Leisure Time Corporation. What is the current price of the bonds? By what percent w..
Discuss the positive and negative implications of permitting choice in the preparation of accounting information
A bond’s credit rating provides a guide to its risk. Long-term bonds rated Aa currently offer yields to maturity of 5.1%. A-rated bonds sell at yields of 5.4%. Assume a 10-year bond with a coupon rate of 4.6% is downgraded by Moody’s from Aa to A rat..
For a standardized psychology examination intended for psychology majors, the historical data show that scores have a mean of 505 and a standard deviation of 175.
A producer of designer jeans sells you the company’s entire inventory of blue jeans introduced one year ago. The jeans are all of the same style and you plan to sell them on an Internet site. You have reason to assume the demand curve for the jeans i..
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