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Charleston Funds intends to use leverage to increase the returns on a convertible arbitrage strategy. The return on assets (ROA) of the strategy is 8%.

The fund has $1,000 invested in the strategy and will finance the investment with 75% borrowed funds. The cost of borrowing is 4%. The return on equity (ROE) is closest to:

A) 4%.

B) 32%.

C) 20%

D) 12%

答案：C

解析：debt=$1,000x0,75=$750

leverage ratio = total assets / equity

leverage ratio = $1,000 / $250 = 4

rE = LrA - (L - 1)rD

where:

rA = return on assets

rE = return on equity

rD = cost of debt

L = leverage ratio

return on equity = 4(8%) - [(4 - 1)(4%)] = 32% - 12% = 20%

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