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Gale Corporation recently issued 270-day commercial paper with a face value of $100,000 and a simple interest rate of 11 percent per annum. Assuming there are 360 days in a year, what is the commercial paper's annual percentage rate (APR)? (Round your answer to two decimal places.) 12.25% 12.51% 11.72% 13.02% 11.99%
Aviva Technology’s operating cycle is 93 days. Its inventory was $121,240 at the end of last year, and the company had a $1.0 million cost of goods sold. How long does it take Aviva to collect its receivables on average? (Round intermediate calculati..
A firm uses only debt and common stock to finance their operations and maintains a debt-equity ratio of 0.8. Suppose the firm only issues one bond. The information is as follows: the face value of bond is 1,000. Coupon rate is 6%, paid semiannually. ..
Disney Corp has a 7 year, 6.95% coupon bond with par value of $1,000 that is currently selling for $978.65. Assume that coupon payments are semi-annual. What is the yield-to-maturity of this bond?
Which of the following is not an example of an anomaly to the efficient market hypothesis?
Assume that interest rate parity holds. In the spot market 1 Japanese yen = $0.012, while in the 180-day forward market 1 Japanese yen = $0.0126. 180-day risk-free securities yield 1.8% in Japan. What is the yield on 180-day risk-free securities in t..
You are trying your hand at investing in the stock market. Your first pick is a landscaping company listed on NASDAQ (their motto: "when you're too lazy to do it yourself - call us!"). You bought the stock one year ago for $12.00. Today you sold it f..
An unlevered firm with a market value of $1 million has $50,000 shares outstanding. The firm restructures itself by issuing 200 new bonds with an 8% coupon. Proceeds are used to repurchase outstanding stock. Ignoring taxes, what is the break even EBI..
Describe why a manager needs to understand the characteristics and importance of financial markets including risk and efficiency. Describe why cash flow is more important than sales in a business.
Explain the following concepts: statutory tax incidence, economic tax incidence, tax shifting, and tax wedge.
A retail property was purchased for $1,000,000. An appraiser valued the land portion at $100,000 and the building portion at $900,000. Assume straight-line depreciation over 39 years. The investor secured a $700,000 loan at 7% interest for ten years ..
Your firm is contemplating the purchase of a new $550,000 computer-based order entry system. The system will be depreciated straight-line to zero over its five-year life. It will be worth $54,000 at the end of that time. You will save $290,000 before..
The firm's weighted average cost of capital, denoted rwacc, is the cost of capital that reflects the risk of the overall business, which is the combined risk of the firm's equity and debt. When using the discounted free cash flow model we should use ..
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