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A local bank is running the following advertisement in the newspaper. “For just $3,000 we will pay you $270 forever!” The fine print in the ad says that or a $3,000 deposit, the bank will pay $270 every year in perpetuity, starting one year after the deposit is made. What interest rate is the bank advertising (what is the rate of return of this investment)? Round to the nearest integer.
Assume today is December 31, 2013. Barrington Industries expects that its 2014 after-tax operating income [EBIT(1 – T)] will be $400 million and its 2014 depreciation expense will be $70 million. Using the corporate valuation model, what should be th..
Common shares: 100,000 shares currently outstanding with a market price of $32.50 per share. A dividend of $2.00 per share was paid last year, and dividends are expected to grow at a rate of 4% for the foreseeable future. Preferred shares: Ajax has $..
Corporate bonds issued by Johnson Corporation currently yield 8%. Municipal bonds of equal risk currently yield 6%. At what tax rate would an investor be indifferent between these two bonds?
What is the value of a 10 percent annual coupon, $1,000 par value bond with 20 years to maturity if the required rate of return on the bond is 12 percent?
Zero-coupon bond with a par value of $1000, maturity of 5 years is traded for $630,12. Is it reasonable to invest in this bond, if investor considers the alternative investment with 12% annual return?
Define the three conditions that make up a perfect market, and then compare and contrast the effects of perfect markets and imperfect markets on value. Can they create or destroy value? Explain.
Some recent financial statements for Smolira Golf Corp. follow. SMOLIRA GOLF CORP. 2014 and 2015 Balance Sheets Assets Liabilities and Owners’ Equity 2014 2015 2014 2015 Current assets Current liabilities Cash $ 24,066 $ 24,300. Price-earnings ratio ..
A Treasury STRIPS matures in 9 years and has a yield to maturity of 4.9 percent. Assume the par value is $100,000. a. What is the price of the STRIPS? (Do not round intermediate calculations. Round your answer to 2 decimal places. Omit the "$" sign i..
The tax basis of property acquired in a like-kind exchange must be allocated between land and improvements: a. in the same ratio as used by the previous owner. b. in a ratio that reflects relative market values of land and improvements at the time of..
Supposed that you represent the shareholder board of Apple Inc. and decide to elicit high CEO effort to help the company: What will be your incentive contract plan (e.g. bonus, stock option…etc.)?
Warmack Machine Shop is considering a four-year project to improve its production efficiency. Buying a new machine press for $390,000 is estimated to result in $150,000 in annual pretax cost savings.
You have a line of credit arrangement which allows you to borrow up to $80 million at any time. The interest rate is 0.63% per month. The arrangement also requires a compensating balance equal to 6% of the amount borrowed which must be placed in a no..
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