備考CFA考試是需要考生掌握一定的知識(shí)的，考生備考CFA考試是不是在掌握了WACC這個(gè)知識(shí)呢？在考試中是有這樣的計(jì)算題的，考生是不是能做對(duì)呢？

A company has the following data associated with it:

A target capital structure of 10% preferred stock, 50% common equity and 40% debt.

Outstanding 20-year annual pay 6% coupon bonds selling for $894.

Common stock selling for $45 per share that is expected to grow at 8% and expected to pay a $2 dividend one year from?today.

Their 5%, $100 par preferred stock currently sells for $90.

The company's tax rate is 40%.

What is the weighted average cost of capital (WACC)

A）8.5%.

B）10.3%.

C）9.2%.


解析：

這次說的是?dividend is expected to pay?one year from?today.

After-tax cost of debt:

N = 20; FV = 1,000; PMT = 60; PV = -894; CPT I/Y = 7%k = (7%)(1 ? 0.4) = 4.2%

Cost of preferred stock:

k = D / P = 5 / 90 = 5.56%

Cost of common equity:

k = (D / P ) + g

k = 2 / 45 + 0.08 = 0.1244 = 12.44%

WACC = (0.4)(4.2) + (0.1)(5.6) + (0.5)(12.4) = 8.5%

【答案】選A

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