问题
单项选择题
The company has a target capital structure of 40 percent debt and 60 percent equity. $1000 par value bonds pay 10 percent coupon (semi-annual payments) , mature in 20 years, and sell for $ 849.54. The company stock beta is 1.2. Risk-free rate is 10 percent, and market risk premium is 5 percent. The company’s marginal tax rate is 40 percent. The weighted average cost of capital (WACC) is closest to:（）
A. 12.5%.
B. 13.0%.
C. 13.5%.
答案
参考答案：A
解析：
Ks=0.10+0.05×1.2=0.16 or 16%
Kd=Solve for I: N=40, PMT=50, FV=1000, PV=-849.54, CPT I=12%
WACC=0.4×12×(1-0.4)+0.6×16=2.88+9.6=12.48