新用戶掃碼下載
掃碼下載APP
及時接收最新考試資訊及
備考信息
"Corporate Finance":Concepts and Basic Tools
學習是一個不斷積累的過程，每天學習一點，每天進步一點！為了幫助大家更高效地備考2021年CFA考試，正保會計網校每日為大家上新CFA習題供大家練習。讓網校與您一起高效備考2021年CFA考試，夢想成真！
Questions 1:
When computing the weighted average cost of capital (WACC) and assuming a fixed-rate non-callable bond is currently selling above par value, the before-tax cost of debt is closest to the:
A、 coupon rate.
B、 yield to maturity.
C、 current yield.
Questions 2:
A company’s $100 par value preferred stock with a dividend rate of 9.5% per year is currently priced at $103.26 per share. The company’s earnings are expected to grow at an annual rate of 5% for the foreseeable future. The cost of the company’s preferred stock is closest to:
A 、9.5%.
B、 9.2%.
C、 9.7%.
View answer resolution
【Answer to question 1】B
【analysis】
B is correct. With a fixed-rate non-callable bond, the before-tax cost of debt is the bond’s yield to maturity.
A is incorrect because the coupon rate is higher than the yield-to-maturity based on the bond selling above par value.
C is incorrect because the current yield is the coupon divided by the bond price which does not equal the yield-to-maturity.
【Answer to question 2】B
【analysis】
B is correct. rp = Dp/Pp (or Dividend/Price) = ($100 × 0.095)/$103.26 = 9.2%.
A is incorrect because it uses $100 as the denominator, i.e., ($100 × 0.095)/$100 = 9.5%.
C is incorrect because it assumes 5% growth in the dividend, i.e., 9.5 × (1.05)/103.26 = 9.7%
成功=時間+方法，自制力是這個等式的保障。世上無天才，高手都是來自刻苦的練習。而人們經常只看到“牛人”閃耀的成績，其成績背后無比寂寞的勤奮。小編相信，每天都在勤奮練習，即使是一點點的進步，大家一定可以成為人人稱贊的“牛人”。更多CFA考試資訊，點擊了解>
學員討論（0）
推薦閱讀
新用戶掃碼下載
京公網安備 11010802044457號
