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32. x=70 degrees. y=20 degrees
34. x=105 degrees. y=85 degrees
36. x=4. y=5.5
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FIN405 Strayer University Week 5 Expected Return of Equity Answers
Chapter 10
1.
This year, FCF, Inc., has earnings before interest and taxes of $10 million, depreciation expenses of $1 mi ...
FIN405 Strayer University Week 5 Expected Return of Equity Answers
Chapter 10
1.
This year, FCF, Inc., has earnings before interest and taxes of $10 million, depreciation expenses of $1 million, capital expenditures of $1.5 million, and has increased its net working capital by $500,000. If its tax rate is 35%, what is its free cash flow?
2.chas $500 million in debt and 20 million shares of equity outstanding. Its excess cash reserves are $15 million. They are expected to generate $200 million in free cash flows next year with a growth rate of 2% per year in perpetuity. River Enterprises’ cost of equity capital is 12%. After analyzing the company, you believe that the growth rate should be 3% instead of 2%. How much higher (in dollars) would the price per share of stock be if you are right?
Chapter 15
1.You are finalizing a bank loan for $200,000 for your small business and the closing fees payable to the bank are 2% of the loan. After paying the fees, what will be the net amount of funds from the loan available to your business?
9.Your firm successfully issued new debt last year, but the debt carries covenants. Specifically, you can only pay dividends out of earnings made after the debt issue and you must maintain a minimum quick (acid-test) ratio
((current assets?inventory)/current liabilities)
of 1:1. Your net income this year was $70 million. Your cash is $10 million, your receivables are $8 million, and your inventory is $5 million. You have current liabilities of $19 million. What is the maximum dividend you could pay this year and still comply with your covenants?
13. You own a bond with a face value of $10,000 and a conversion ratio of 450. What is the conversion price?
Chapter 16
5.
Hardmon Enterprises is currently an all-equity firm with an expected return of 12%. It is considering borrowing money to buy back some of its existing shares, thus increasing its leverage.
a. Suppose Hardmon borrows to the point that its debt-equity ratio is 0.50. With this amount of debt, the debt cost of capital is 6%. What will be the expected return of equity after this transaction?
b. Suppose instead Hardmon borrows to the point that its debt-equity ratio is 1.50. With this amount of debt, Hardmon’s debt will be much riskier. As a result, the debt cost of capital will be 8%. What will be the expected return of equity in this case?
c. A senior manager argues that it is in the best interest of the shareholders to choose the capital structure that leads to the highest expected return for the stock. How would you respond to this argument?
6 Suppose Microsoft has no debt and a WACC of 9.2%. The average debt-to-value ratio for the software industry is 5%. What would be its cost of equity if it took on the average amount of debt for its industry at a cost of debt of 6%?
7 Your firm is financed 100% with equity and has a cost of equity capital of 12%. You are considering your first debt issue, which would change your capital structure to 30% debt and 70% equity. If your cost of debt is 7%, what will be your new cost of equity?
10 pages
Mastery Exercise 3
A GMAC MBA new-matriculants survey provided the following data for 2018 students. Given that a person applied to more than ...
Mastery Exercise 3
A GMAC MBA new-matriculants survey provided the following data for 2018 students. Given that a person applied to more than one school, what is the ...
STA 3215 Rasmussen College Normal Distribution Questions
CompetencyDemonstrate the use of the normal distribution, the standard normal distribution, and the central limit theorem ...
STA 3215 Rasmussen College Normal Distribution Questions
CompetencyDemonstrate the use of the normal distribution, the standard normal distribution, and the central limit theorem for calculating areas under the normal curve and exploring these concepts in real life applications.ScenarioFrank has only had a brief introduction to statistics when he was in high school 12 years ago, and that did not cover inferential statistics. He is not confident in his ability to answer some of the problems posed in the course.As Frank's tutor, you need to provide Frank with guidance and instruction on a worksheet he has partially filled out. Your job is to help him understand and comprehend the material. You should not simply be providing him with an answer as this will not help when it comes time to take the test. Instead, you will be providing a step-by-step breakdown of the problems including an explanation on why you did each step and using proper terminology.What to SubmitTo complete this assignment, you must first complete the attached word document, and then complete it by including the following items on the worksheet:Incorrect AnswersCorrect any wrong answers. You must also explain the error performed in the problem in your own words.Partially Finished WorkComplete any partially completed work. Make sure to provide step-by-step instructions including explanations.Blank QuestionsShow how to complete any blank questions by providing step-by-step instructions including explanations.Your step-by-step breakdown of the problems, including explanations, should be present within the word document provided. You must also include an Excel workbook which shows all your calculations performed.
Week 4 Discussion: Logistic Regression Values
This week’s readings discuss conditional probabilities, conditional odds, logits, odds ratios, relative risk, and slopes ...
Week 4 Discussion: Logistic Regression Values
This week’s readings discuss conditional probabilities, conditional odds, logits, odds ratios, relative risk, and slopes. These can all be confusing terms but the good news is that all these values have some relationship to each other. Researchers have their own opinions on which values makes the most sense to report.By Day 3In a 2- to 3-paragraph post, construct a persuasive argument for the value (conditional probability, odds, odds ratio, etc.) that, intuitively, makes the most sense for you to report as a result to your audience. Be sure to provide a specific rationale for your choice.
SMU Linear Block Cipher with Block Length N and Alphabet Cryptography Questions
Question 1: Consider the linear block cipher with block length n and alphabet
{0, 1}. On the key space of matrices A ∈ ...
SMU Linear Block Cipher with Block Length N and Alphabet Cryptography Questions
Question 1: Consider the linear block cipher with block length n and alphabet
{0, 1}. On the key space of matrices A ∈ {0, 1}
(n,n)
with det(A) ≡ 1
(mod 2), choose the uniform distribution. Show that this cryptosystem
does not have perfect secrecy.
(Use the definition of perfect secrecy, and find a counterexample with n = 2, for instance.) 2: Let n be a positive integer. A Latin square of order n is an n × n
array L of the integers 1, 2, . . . , n such that every one of the n integers
occurs exactly once in each row and each column of L. An example of a
Latin square of order 3 is as follows:
1 2 3
3 1 2
2 3 1
.
Given any Latin square L of order n, we can define the following
cryptosystem: Take P = C = K = {1, 2, . . . , n}. For 1 ≤ i ≤ n, the
encryption function Ei
is defined to be Ei
(j) = L(i, j). (Hence each row
of L gives rise to one encryption function.)
Give a complete proof that this Latin square cryptosystem achieves
perfect secrecy. (Use Shannon’s theorem).If the question descriptions not clear enough, please check the picture file I posted.
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Most Popular Content
FIN405 Strayer University Week 5 Expected Return of Equity Answers
Chapter 10
1.
This year, FCF, Inc., has earnings before interest and taxes of $10 million, depreciation expenses of $1 mi ...
FIN405 Strayer University Week 5 Expected Return of Equity Answers
Chapter 10
1.
This year, FCF, Inc., has earnings before interest and taxes of $10 million, depreciation expenses of $1 million, capital expenditures of $1.5 million, and has increased its net working capital by $500,000. If its tax rate is 35%, what is its free cash flow?
2.chas $500 million in debt and 20 million shares of equity outstanding. Its excess cash reserves are $15 million. They are expected to generate $200 million in free cash flows next year with a growth rate of 2% per year in perpetuity. River Enterprises’ cost of equity capital is 12%. After analyzing the company, you believe that the growth rate should be 3% instead of 2%. How much higher (in dollars) would the price per share of stock be if you are right?
Chapter 15
1.You are finalizing a bank loan for $200,000 for your small business and the closing fees payable to the bank are 2% of the loan. After paying the fees, what will be the net amount of funds from the loan available to your business?
9.Your firm successfully issued new debt last year, but the debt carries covenants. Specifically, you can only pay dividends out of earnings made after the debt issue and you must maintain a minimum quick (acid-test) ratio
((current assets?inventory)/current liabilities)
of 1:1. Your net income this year was $70 million. Your cash is $10 million, your receivables are $8 million, and your inventory is $5 million. You have current liabilities of $19 million. What is the maximum dividend you could pay this year and still comply with your covenants?
13. You own a bond with a face value of $10,000 and a conversion ratio of 450. What is the conversion price?
Chapter 16
5.
Hardmon Enterprises is currently an all-equity firm with an expected return of 12%. It is considering borrowing money to buy back some of its existing shares, thus increasing its leverage.
a. Suppose Hardmon borrows to the point that its debt-equity ratio is 0.50. With this amount of debt, the debt cost of capital is 6%. What will be the expected return of equity after this transaction?
b. Suppose instead Hardmon borrows to the point that its debt-equity ratio is 1.50. With this amount of debt, Hardmon’s debt will be much riskier. As a result, the debt cost of capital will be 8%. What will be the expected return of equity in this case?
c. A senior manager argues that it is in the best interest of the shareholders to choose the capital structure that leads to the highest expected return for the stock. How would you respond to this argument?
6 Suppose Microsoft has no debt and a WACC of 9.2%. The average debt-to-value ratio for the software industry is 5%. What would be its cost of equity if it took on the average amount of debt for its industry at a cost of debt of 6%?
7 Your firm is financed 100% with equity and has a cost of equity capital of 12%. You are considering your first debt issue, which would change your capital structure to 30% debt and 70% equity. If your cost of debt is 7%, what will be your new cost of equity?
10 pages
Mastery Exercise 3
A GMAC MBA new-matriculants survey provided the following data for 2018 students. Given that a person applied to more than ...
Mastery Exercise 3
A GMAC MBA new-matriculants survey provided the following data for 2018 students. Given that a person applied to more than one school, what is the ...
STA 3215 Rasmussen College Normal Distribution Questions
CompetencyDemonstrate the use of the normal distribution, the standard normal distribution, and the central limit theorem ...
STA 3215 Rasmussen College Normal Distribution Questions
CompetencyDemonstrate the use of the normal distribution, the standard normal distribution, and the central limit theorem for calculating areas under the normal curve and exploring these concepts in real life applications.ScenarioFrank has only had a brief introduction to statistics when he was in high school 12 years ago, and that did not cover inferential statistics. He is not confident in his ability to answer some of the problems posed in the course.As Frank's tutor, you need to provide Frank with guidance and instruction on a worksheet he has partially filled out. Your job is to help him understand and comprehend the material. You should not simply be providing him with an answer as this will not help when it comes time to take the test. Instead, you will be providing a step-by-step breakdown of the problems including an explanation on why you did each step and using proper terminology.What to SubmitTo complete this assignment, you must first complete the attached word document, and then complete it by including the following items on the worksheet:Incorrect AnswersCorrect any wrong answers. You must also explain the error performed in the problem in your own words.Partially Finished WorkComplete any partially completed work. Make sure to provide step-by-step instructions including explanations.Blank QuestionsShow how to complete any blank questions by providing step-by-step instructions including explanations.Your step-by-step breakdown of the problems, including explanations, should be present within the word document provided. You must also include an Excel workbook which shows all your calculations performed.
Week 4 Discussion: Logistic Regression Values
This week’s readings discuss conditional probabilities, conditional odds, logits, odds ratios, relative risk, and slopes ...
Week 4 Discussion: Logistic Regression Values
This week’s readings discuss conditional probabilities, conditional odds, logits, odds ratios, relative risk, and slopes. These can all be confusing terms but the good news is that all these values have some relationship to each other. Researchers have their own opinions on which values makes the most sense to report.By Day 3In a 2- to 3-paragraph post, construct a persuasive argument for the value (conditional probability, odds, odds ratio, etc.) that, intuitively, makes the most sense for you to report as a result to your audience. Be sure to provide a specific rationale for your choice.
SMU Linear Block Cipher with Block Length N and Alphabet Cryptography Questions
Question 1: Consider the linear block cipher with block length n and alphabet
{0, 1}. On the key space of matrices A ∈ ...
SMU Linear Block Cipher with Block Length N and Alphabet Cryptography Questions
Question 1: Consider the linear block cipher with block length n and alphabet
{0, 1}. On the key space of matrices A ∈ {0, 1}
(n,n)
with det(A) ≡ 1
(mod 2), choose the uniform distribution. Show that this cryptosystem
does not have perfect secrecy.
(Use the definition of perfect secrecy, and find a counterexample with n = 2, for instance.) 2: Let n be a positive integer. A Latin square of order n is an n × n
array L of the integers 1, 2, . . . , n such that every one of the n integers
occurs exactly once in each row and each column of L. An example of a
Latin square of order 3 is as follows:
1 2 3
3 1 2
2 3 1
.
Given any Latin square L of order n, we can define the following
cryptosystem: Take P = C = K = {1, 2, . . . , n}. For 1 ≤ i ≤ n, the
encryption function Ei
is defined to be Ei
(j) = L(i, j). (Hence each row
of L gives rise to one encryption function.)
Give a complete proof that this Latin square cryptosystem achieves
perfect secrecy. (Use Shannon’s theorem).If the question descriptions not clear enough, please check the picture file I posted.
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