六单元财务管理基础 沈洪涛版本_语文版六年级第五单元

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6-18 a.ks =

0.09 = D1 + g P0$3.60 + g $60.00

0.09 = 0.06 + g

g = 3%.b.Current EPS$5.400

Le:Dividends per share3.600

Retained earnings per share$1.800

Rate of return 0.090

Increase in EPS$0.162

Plus:Current EPS5.400

Next year’s EPS

Alternatively, EPS1 = EPS0(1 + g)= $5.40(1.03)= $5.562.6-19 a.After-tax cost of new debt:kd(10.4)= 5.4%.Cost of common equity:

Calculate g as follows:

With a financial calculator, input N = 9, PV =-3.90, PMT = 0, FV = 7.80, and then solve for I = 8.01%  8%.ks =

14.6%.b.WACC calculation:

After-taxWeighted ComponentWeightCost=Cost

Debt[0.09(1-T)]0.405.4%2.16%

Common equity(RE)0.6014.6%8.76%

(0.55)($7.80)D1$4.29 + g =+ 0.08 =+ 0.08 = 0.146 = P0$65.00$65.00