Van Horn FM Insteractors Manual

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4b8fb2cef1ab4d6df688c08e7f2242d179d18092eddea02b015628a2800a28a2800a28a2800a28a2
803fffd9}}}}}\pard\sb0\sl-240{\bkmkstart Pg3}{\bkmkend Pg3}\par\pard\ql \li7847\
sb0\sl-207\slmult0 \par\pard\ql\li7847\sb0\sl-207\slmult0 \par\pard\ql\li7847\sb
75\sl-207\slmult0 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Pe
arson Education Limited 2005 \par\pard\ql \li4794\sb0\sl-598\slmult0 \par\pard\q
\sb308\sl-598\slmult0 \up0 \expndtw0\charscalex97 \ul0\nosupersub\cf19\f20\fs52
Introduction \par\pard\qj \li1989\sb0\sl-500\slmult0 \par\pard\qj\li1989\sb0\sl500\slmult0 \par\pard\qj\li1989\sb0\sl-500\slmult0 \par\pard\qj\li1989\ri1088\sb
123\sl-500\slmult0\fi720 \up0 \expndtw0\charscalex103 \ul0\nosupersub\cf2\f3\fs2
0 Many approaches might be used in teaching the basic financial management cours
e. \line \up0 \expndtw0\charscalex102 Fundamentals of Financial Management seque
nces things in order to cover certain foundation \line \up0 \expndtw-1\charscale
x100 material first, including: the role of financial management; the business,
tax, and financial setting; \line \up0 \expndtw0\charscalex103 the mathematics o
f finance; basic valuation concepts; the idea of a trade off between risk and \l
ine \up0 \expndtw0\charscalex100 return; and financial analysis, planning, and c
ontrol. Given a coverage of these topics, we then \line \up0 \expndtw-2\charscal
ex100 have found it easier to build upon this base in the subsequent teaching of
financial management. \par\pard\qj \li1989\ri1102\sb260\sl-500\slmult0\fi720 \u
p0 \expndtw-1\charscalex100 More specifically, the book goes on to investigate c
urrent asset and liability decisions and \up0 \expndtw0\charscalex100 then moves
on to consider longer-term assets and financing. A good deal of emphasis is pla
ced \up0 \expndtw-1\charscalex100 on working-capital management. This is be
cause we have found that people tend to face \up0 \expndtw0\charscalex10
0 problems here when going into entry-level business positions to a greater exte
nt than they do to \up0 \expndtw-3\charscalex100 other asset and financing area
problems. \par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmult0
\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmult0\par\pard\
li1989\sb0\sl-207\slmult0\par\pard\li1989\sb14\sl-207\slmult0\fi0\tx10529 \up0 \
expndtw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Van Horne and Wachowicz: \
ul0\nosupersub\cf14\f15\fs18 Fundamentals of Financial Management,\ul0\nosupersu
b\cf13\f14\fs18 12e\tab \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf15\f16\
fs18 1\par\pard\sect\sectd\fs24\paperw11900\paperh16840\pard\sb0\sl-240{\bkmksta
rt Pg4}{\bkmkend Pg4}\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl207\slmult0\par\pard\li1989\sb81\sl-207\slmult0\fi0\tx7845 \up0 \expndtw-2\chars
calex100 \ul0\nosupersub\cf13\f14\fs18 Introduction\tab \up0 \expndtw-2\charscal
ex100 Pearson Education Limited 2005\par\pard\qj \li1989\sb0\sl-500\slmult0 \par

\pard\qj\li1989\sb0\sl-500\slmult0 \par\pard\qj\li1989\sb0\sl-500\slmult0 \par\p
ard\qj\li1989\sb0\sl-500\slmult0 \par\pard\qj\li1989\sb0\sl-500\slmult0 \par\par
d\qj\li1989\ri1099\sb245\sl-500\slmult0\fi720 \up0 \expndtw0\charscalex100 \ul0\
nosupersub\cf2\f3\fs20 Nonetheless, capital budgeting, capital structure decisio
ns, and long-term financing are \up0 \expndtw-1\charscalex100 very important, pa
rticularly considering the theoretical advances in finance in recent years. Thes
e \up0 \expndtw0\charscalex100 areas have not been slighted. Many of the newer f
rontiers of finance are explored in the book. In \up0 \expndtw0\charscalex100 fa
ct, one of the book's distinguishing features is its ability to expose the stude
nt reader to many \up0 \expndtw0\charscalex100 new concepts in modern finance. B
y design, this exposure is mainly verbal with only limited use \up0 \expndtw0\ch
arscalex100 of mathematics. The last section of the book deals with th
e more specialized topics of: \up0 \expndtw0\charscalex100 convertibles, exc
hangeables, and warrants; mergers and other forms of corporate restructuring; \u
p0 \expndtw-3\charscalex100 and international financial management. \par\pard\qj
\li1989\ri1103\sb260\sl-500\slmult0\fi720 \up0 \expndtw-1\charscalex100 While t
he book may be used without any formal prerequisites, often the student will hav
e \up0 \expndtw0\charscalex103 had an introductory course in accounting and econ
omics (and perhaps a course in statistics). \up0 \expndtw-1\charscalex100 Comple
tion of these courses allows the instructor to proceed more rapidly over financi
al analysis, \up0 \expndtw-1\charscalex100 capital budgeting, and certain other
topics. The book has a total of twelve appendices, which deal \up0 \expndtw0\cha
rscalex100 with more advanced issues and/or topics of special interest.
The book's continuity is not \up0 \expndtw0\charscalex100 adversely affecte
d if these appendices are omitted. While we feel that all of the appendices are
\up0 \expndtw0\charscalex100 relevant for a thorough understanding of financial
management, the instructor can choose those \up0 \expndtw-3\charscalex100 most a
ppropriate to his or her course. \par\pard\qj \li1989\ri1104\sb260\sl-500\slmult
0\fi720 \up0 \expndtw0\charscalex102 If the book is used in its entirety, the ap
propriate time frame is a semester or, perhaps, \up0 \expndtw0\charscalex106 two
quarters. For the one-quarter basic finance course, we have found it necessary
to omit \up0 \expndtw-1\charscalex100 coverage of certain chapters. However, it
is still possible to maintain the book's thrust of providing \up0 \expndtw-1\cha
rscalex100 a fundamental understanding of financial management. For the one-quar
ter course, the following \up0 \expndtw-3\charscalex100 sequencing has proven ma
nageable: \par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmult0
li1989\sb121\sl-207\slmult0\fi0\tx10529 \up0 \expndtw-2\charscalex100 \ul0\nosup
ersub\cf13\f14\fs18 Van Horne and Wachowicz: \ul0\nosupersub\cf14\f15\fs18 Funda
mentals of Financial Management,\ul0\nosupersub\cf13\f14\fs18 12e\tab \up0 \exp
ndtw-2\charscalex100 \ul0\nosupersub\cf15\f16\fs18 2\par\pard\sect\sectd\fs24\pa
perw11900\paperh16840\pard\sb0\sl-240{\bkmkstart Pg5}{\bkmkend Pg5}\par\pard\li1
989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb81\s
l-207\slmult0\fi0\tx7845 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf13\f14\
fs18 Introduction\tab \up0 \expndtw-2\charscalex100 Pearson Education Limited 20
05\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb0\sl-230\slmult0\par\par
r\pard\li1989\sb186\sl-230\slmult0\fi0\tx3428 \up0 \expndtw-2\charscalex100 \ul0
\nosupersub\cf2\f3\fs20 Chapter 1\tab \up0 \expndtw-2\charscalex100 THE ROLE OF
FINANCIAL MANAGEMENT\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb29\sl230\slmult0\fi0\tx3428 \up0 \expndtw-2\charscalex100 Chapter 3\tab \up0 \expndtw
-2\charscalex100 THE TIME VALUE OF MONEY*\par\pard\li1989\sb0\sl-230\slmult0\par
\pard\li1989\sb29\sl-230\slmult0\fi0\tx3428 \up0 \expndtw-2\charscalex100 Chapte
r 4\tab \up0 \expndtw-2\charscalex100 THE VALUATION OF LONG-TERM SECURITIES*\par
\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb29\sl-230\slmult0\fi0\tx3429 \
up0 \expndtw-2\charscalex100 Chapter 5\tab \up0 \expndtw-2\charscalex100 RISK AN
D RETURN*\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb29\sl-230\slmult0
\fi0\tx3428 \up0 \expndtw-2\charscalex100 Chapter 6\tab \up0 \expndtw-2\charscal

ex100 FINANCIAL STATEMENT ANALYSIS*\par\pard\li1989\sb0\sl-230\slmult0\par\pard\
li1989\sb29\sl-230\slmult0\fi0\tx3428 \up0 \expndtw-2\charscalex100 Chapter 7\ta
b \up0 \expndtw-2\charscalex100 FUNDS ANALYSIS, CASH-FLOW ANALYSIS, AND FINANCIA
L PLANNING*\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb29\sl-230\slmul
t0\fi0\tx3428 \up0 \expndtw-2\charscalex100 Chapter 8\tab \up0 \expndtw-2\charsc
alex100 OVERVIEW OF WORKING CAPITAL MANAGEMENT\par\pard\li1989\sb0\sl-230\slmult
0\par\pard\li1989\sb29\sl-230\slmult0\fi0\tx3428 \up0 \expndtw-2\charscalex100 C
hapter 9\tab \up0 \expndtw-2\charscalex100 CASH AND MARKETABLE SECURITIES MANAGE
MENT\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb29\sl-230\slmult0\fi0\
tx3428 \up0 \expndtw-2\charscalex100 Chapter 10\tab \up0 \expndtw-2\charscalex10
0 ACCOUNTS RECEIVABLE AND INVENTORY MANAGEMENT\par\pard\li1989\sb0\sl-230\slmult
0\par\pard\li1989\sb29\sl-230\slmult0\fi0\tx3428 \up0 \expndtw-2\charscalex100 C
hapter 11\tab \up0 \expndtw-2\charscalex100 SHORT-TERM FINANCING\par\pard\li1989
\sb0\sl-230\slmult0\par\pard\li1989\sb29\sl-230\slmult0\fi0\tx3428 \up0 \expndtw
-2\charscalex100 Chapter 12\tab \up0 \expndtw-2\charscalex100 CAPITAL BUDGETING
AND ESTIMATING CASH FLOWS\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb2
9\sl-230\slmult0\fi0\tx3428 \up0 \expndtw-2\charscalex100 Chapter 13\tab \up0 \e
xpndtw-2\charscalex100 CAPITAL BUDGETING TECHNIQUES\par\pard\li1989\sb0\sl-230\s
lmult0\par\pard\li1989\sb29\sl-230\slmult0\fi0\tx3428 \up0 \expndtw-2\charscalex
100 Chapter 14\tab \up0 \expndtw-2\charscalex100 RISK AND MANAGERIAL (REAL) OPTI
ONS IN CAPITAL BUDGETING (some\par\pard\li1989\sb0\sl-230\slmult0\fi1439 \up0 \e
xpndtw-3\charscalex100 sections may be omitted in an abbreviated course)\par\par
d\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb29\sl-230\slmult0\fi0\tx3428 \up0
\expndtw-3\charscalex100 Chapter 15\tab \up0 \expndtw-3\charscalex100 REQUIRED R
ETURNS AND THE COST OF CAPITAL\par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\
ql\li1989\sb25\sl-230\slmult0\tx3428 \up0 \expndtw-3\charscalex100 Chapter 16 \t
ab \up0 \expndtw0\charscalex100 OPERATING AND FINANCIAL LEVERAGE (may be omitted
in an abbreviated \par\pard\li1989\sb3\sl-230\slmult0\fi1439 \up0 \expndtw-3\ch
arscalex100 course)\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb30\sl-2
30\slmult0\fi0\tx3429 \up0 \expndtw-3\charscalex100 Chapter 17\tab \up0 \expndtw
-3\charscalex100 CAPITAL STRUCTURE DETERMINATION\par\pard\li1989\sb0\sl-230\slmu
lt0\par\pard\li1989\sb30\sl-230\slmult0\fi0\tx3428 \up0 \expndtw-3\charscalex100
Chapter 18\tab \up0 \expndtw-3\charscalex100 DIVIDEND POLICY\par\pard\li1989\sb
0\sl-230\slmult0\par\pard\li1989\sb28\sl-230\slmult0\fi0\tx3428 \up0 \expndtw-3\
charscalex100 Chapter 19\tab \up0 \expndtw-3\charscalex100 THE CAPITAL MARKET\pa
r\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb28\sl-230\slmult0\fi0\tx3428
\up0 \expndtw-3\charscalex100 Chapter 20\tab \up0 \expndtw-3\charscalex100 LONGTERM DEBT, PREFERRED STOCK, AND COMMON STOCK\par\pard\li1989\sb0\sl-230\slmult0\
par\pard\li1989\sb30\sl-230\slmult0\fi0\tx3428 \up0 \expndtw-3\charscalex100 Cha
pter 21\tab \up0 \expndtw-3\charscalex100 TERM LOANS AND LEASES (may be omitted
in an abbreviated course)\par\pard\ql \li2073\sb0\sl-230\slmult0 \par\pard\ql\li
73\sb161\sl-230\slmult0 \up0 \expndtw-2\charscalex100 *Note: Some instructors pr
efer to cover Chapters 6 and 7 before going into Chapters 3-5. These \par\pard\l
i1989\sb11\sl-230\slmult0\fi1530 \up0 \expndtw-2\charscalex100 chapters have bee
n written so that this can be done without any problem.\par\pard\li1989\sb0\sl-2
07\slmult0\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmult0
ndtw-2\charscalex100 \ul0\nosupersub\cf15\f16\fs18 3
{\shp {\*\shpinst\shpleft2011\shptop2743\shpright10651\shpbottom2743\shpfhdr0\sh
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}}\par\pard\sect\sectd\fs24\paperw11900\paperh16840\pard\sb0\sl-240{\bkmkstart P
g6}{\bkmkend Pg6}\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\
slmult0\par\pard\li1989\sb81\sl-207\slmult0\fi0\tx7845 \up0 \expndtw-2\charscale
x100 \ul0\nosupersub\cf13\f14\fs18 Introduction\tab \up0 \expndtw-2\charscalex10
0 Pearson Education Limited 2005\par\pard\qj \li1989\sb0\sl-460\slmult0 \par\par
d\qj\li1989\sb0\sl-460\slmult0 \par\pard\qj\li1989\sb0\sl-460\slmult0 \par\pard\
qj\li1989\sb0\sl-460\slmult0 \par\pard\qj\li1989\ri1089\sb398\sl-460\slmult0\fi7
20 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf2\f3\fs20 In a one-quarter
course, few if any of the appendices are assigned. While chapter \up0
\expndtw0\charscalex103 substitutions can be made, we think that 19 or 20 chapt
ers are about all that one should try to \up0 \expndtw0\charscalex104 cover in a
quarter. This works out to an average of two chapters a week. For working-capit
al \up0 \expndtw0\charscalex100 management and longer term financing, it is poss
ible to cover more than two chapters a week. \up0 \expndtw0\charscalex102 For th
e time value of money and capital budgeting, the going is typically slower. Depe
nding on \up0 \expndtw-2\charscalex100 the situation, the pace can be slowed or
quickened to suit the circumstances. \par\pard\qj \li1989\ri1106\sb260\sl-460\sl
mult0\fi720 \up0 \expndtw-1\charscalex100 The semester course allows one to spen
d more time on the material. In addition, one can \up0 \expndtw0\charscalex102 t
ake up most of the chapters omitted in a one-quarter course. Two quarters devote
d to finance \up0 \expndtw0\charscalex103 obviously permits an even fuller and m
ore penetrating exploration of the topics covered in the \up0 \expndtw0\charscal
ex100 book. Here the entire book, including many of the appendices, can be assig
ned together with a \up0 \expndtw-3\charscalex100 special project or two. \par\p
ard\qj \li1989\ri1092\sb260\sl-460\slmult0\fi720 \up0 \expndtw0\charscalex100 Th
e coverage suggested above is designed to give students a broad perspective of t
he \line \up0 \expndtw0\charscalex105 role of financial management. This perspec
tive embraces not only the important managerial \line \up0 \expndtw0\charscalex1
03 considerations but certain valuation and conceptual considerations as well. I
t gives a suitably \line \up0 \expndtw0\charscalex100 wide understanding of fina
nce for the non-major while simultaneously laying the groundwork for \line \up0
\expndtw-2\charscalex100 more advanced courses in finance for the student who wa
nts to take additional finance courses. \par\pard\qj \li1989\ri1104\sb260\sl-460
\slmult0\fi720 \up0 \expndtw0\charscalex100 For the one-quarter required course,
the usual pedagogy is the lecture coupled perhaps \up0 \expndtw-1\charscalex100
with discussion sections. In the latter it is possible to cover cases and some
computer exercises. \up0 \expndtw0\charscalex105 The semester course or the twoquarter sequence permits the use of more cases and other \up0 \expndtw-1\charsca
lex100 assignments. Students (and instructors) are invited to visit the text's w
ebsite, \ul0\nosupersub\cf12\f13\fs20 Wachowicz's Web \up0 \expndtw-3\charscalex
100 World\ul0\nosupersub\cf2\f3\fs20 , currently residing at: \par\pard\ql \li41
72\sb0\sl-240\slmult0 \par\pard\ql\li4172\sb202\sl-240\slmult0 \up0 \expndtw-3\c
harscalex100 {\field{\*\fldinst {HYPERLINK http://web.utk.edu/~jwachowi/wacho_wo
rld.html }}{\fldrslt {\ul0\nosupersub\cf16\f17\fs20 http: //web.utk.edu/~jwachow
i/wacho_world.html}}} \par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl
d\li1989\sb112\sl-207\slmult0\fi0\tx10529 \up0 \expndtw-2\charscalex100 \ul0\nos
upersub\cf13\f14\fs18 Van Horne and Wachowicz: \ul0\nosupersub\cf14\f15\fs18 Fun
damentals of Financial Management,\ul0\nosupersub\cf13\f14\fs18 12e\tab \up0 \e
xpndtw-2\charscalex100 \ul0\nosupersub\cf15\f16\fs18 4
{\shp {\*\shpinst\shpleft4172\shptop14266\shpright8446\shpbottom14286\shpfhdr0\s
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g7}{\bkmkend Pg7}\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\
x100 \ul0\nosupersub\cf13\f14\fs18 Introduction\tab \up0 \expndtw-2\charscalex10
0 Pearson Education Limited 2005\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1
d\li1989\sb88\sl-230\slmult0\fi0 \up0 \expndtw0\charscalex100 \ul0\nosupersub\cf
2\f3\fs20 Our site provides links to hundreds of financial management Websites g
rouped to correspond\par\pard\li1989\sb230\sl-230\slmult0\fi0\tx6047 \up0 \expnd
tw-2\charscalex100 with the major topic headings in the text\tab \up0 \ex
pndtw0\charscalex100 (e.g., Valuation, Tools of Financial Analysis and\par
\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb1\sl-230\slmult0\fi0\tx8733 \u
p0 \expndtw0\charscalex100 Planning, etc.), interactive quizzes, Web-based
exercises, and more.\tab \up0 \expndtw0\charscalex100 (\ul0\nosupersub\cf4\f5\
fs20 Note\ul0\nosupersub\cf2\f3\fs20 : The Pearson\par\pard\li1989\sb229\sl-23
0\slmult0\fi0\tx3901\tx7454 \up0 \expndtw0\charscalex100 Education Website\tab
\up0 \expndtw-2\charscalex100 - \ul0\nosupersub\cf16\f17\fs20 {\field{\*\fldins
t {HYPERLINK http://www.booksites.net/wachowicz }}{\fldrslt {\ul0\nosupersub\cf1
6\f17\fs20 http://www.booksites.net/wachowicz}}}\tab \up0 \expndtw0\charscalex10
0 \ul0\nosupersub\cf2\f3\fs20 - will also allow you access to\par\pard\li1
989\sb230\sl-230\slmult0\fi0 \up0 \expndtw0\charscalex100 \ul0\nosupersub\cf12\f
13\fs20 Wachowicz's Web World.\ul0\nosupersub\cf2\f3\fs20 )\par\pard\qj \li1989\
ri1110\sb280\sl-460\slmult0\fi720 \up0 \expndtw-1\charscalex100 Another aid is
a Test-Item File of extensive questions and problems, prepared by \li
ne \up0 \expndtw0\charscalex103 Professor Gregory A. Kuhlemeyer, Carroll College
. This supplement is available as a custom \line \up0 \expndtw-1\charscalex100 c
omputerized test bank \up0 \expndtw0\charscalex100 (for Windows) through yo
ur Prentice Hall sales representative. In \par\pard\qj \li1989\ri1107\sb0\s
l-460\slmult0 \up0 \expndtw0\charscalex100 addition, Professor Kuhlemeyer has do
ne a wonderful job in preparing an extensive collection of \line \up0 \expndtw-2
\charscalex100 Microsoft PowerPoint slides as outlines (with examples) to go alo
ng with the text. The PowerPoint \line \up0 \expndtw0\charscalex103 presentation
graphics are available for downloading through the following Pearson Education
\line \up0 \expndtw-3\charscalex100 Website: \par\pard\ql \li4714\sb0\sl-230\slm
ult0 \par\pard\ql\li4714\sb220\sl-230\slmult0 \up0 \expndtw-3\charscalex100 {\fi
eld{\*\fldinst {HYPERLINK http://www.booksites.net/wachowicz }}{\fldrslt {\ul0\n
osupersub\cf16\f17\fs20 http://www.booksites.net/wachowicz}}} \par\pard\qj \li19
89\ri1108\sb300\sl-460\slmult0\fi720 \up0 \expndtw0\charscalex100 \ul0\nosupersu
b\cf2\f3\fs20 All text figures and tables are available as transparency masters
through the same web \line \up0 \expndtw0\charscalex104 site listed above. Final
ly, computer application software that can be used in conjunction with \line \up
0 \expndtw0\charscalex102 specially identified end-of-chapter problems is availa
ble in Microsoft Excel format on the same \line \up0 \expndtw-3\charscalex100 we
b site. \par\pard\qj \li1989\ri1095\sb260\sl-460\slmult0\fi720 \up0 \expndtw-2\c
harscalex100 We hope that Fundamentals of Financial Management contribute
s to your students' \line \up0 \expndtw0\charscalex103 understanding of finan
ce and imparts a sense of excitement in the process. We thank you for \line \up0
\expndtw0\charscalex103 choosing our textbook and welcome your comments
and suggestions \up0 \expndtw0\charscalex103 (please E-mail: \par\pard\ql \li1
989\sb190\sl-230\slmult0 \up0 \expndtw-3\charscalex100 {\field{\*\fldinst {HYPER
LINK mailto:jwachowi@utk.edu }}{\fldrslt {\ul0\nosupersub\cf16\f17\fs20 jwachowi
@utk.edu\ul0\nosupersub\cf2\f3\fs20 )}}}\ul0\nosupersub\cf2\f3\fs20 . \par\pard\
ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb0\sl-230\slmult0 \par\pard\q
l\li1989\sb30\sl-230\slmult0 \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf12\
f13\fs20 JAMES C. VAN HORNE \ul0\nosupersub\cf20\f21\fs20 Palo Alto, California

\par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb0\sl-230\slmult0 \
par\pard\ql\li1989\sb30\sl-230\slmult0 \up0 \expndtw-3\charscalex100 \ul0\nosupe
rsub\cf12\f13\fs20 JOHN M. WACHOWICZ, JR. \ul0\nosupersub\cf20\f21\fs20 Knoxvill
e, Tennessee \par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmu
lt0\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmult0\par\pa
rd\li1989\sb67\sl-207\slmult0\fi0\tx10529 \up0 \expndtw-2\charscalex100 \ul0\nos
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07edf928e229e19529fb7a1530f2e674e9c66ad1a92946cf74af757b9451457f141fb00514514005
14514005145140051451401fca7ffc1cf1e28f0d7837fe1de7e21f17f88b42f0a6816df13ff680b5
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91e7985fed8cc338963b31cc31f87c43ad98470d09d154b0d0f66a9d38e161cadb949ca526ddad15
f93719f84d97f19e73fdb38acdf1982a9f54a1845470f4285487250751a939547cce5275257d1249
2496edff009707fc347fecf1ff0045e7e0c7fe1d1f03ff00f2f28ff868ff00d9e3fe8bcfc18ffc3a
3e07ff00e5e57fa8fd15fb17fc54a38e3fe8da70a7fe1db37ffe47d7fa5afc9ffc4bd64dff00450e
67ff0084b85ff33fcb83fe1a3ff678ff00a2f3f063ff000e8f81ff00f97947fc347fecf1ff0045e7
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9f831ff8747c0fff00cbcaff0051fa28ff008a9471c7fd1b4e14ff00c3b66fff00c8faff004b53fe
25eb26ff00a28733ff00c25c2ff99fe5c1ff000d1ffb3c7fd179f831ff008747c0ff00fcbca3fe1a
3ff678ff00a2f3f063ff000e8f81ff00f9795fea3f451ff1528e38ff00a369c29ff876cdff00f91f
5fe96a7fc4bd64dff450e67ff84b85ff0033fcb83fe1a3ff00678ffa2f3f063ff0e8f81fff009794
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ebfd2d4ff897ac9bfe8a1ccfff000970bfe67f9707fc347fecf1ff0045e7e0c7fe1d1f03ff00f2f2
8ff868ff00d9e3fe8bcfc18ffc3a3e07ff00e5e57fa8fd147fc54a38e3fe8da70a7fe1db37ff00e4
7d7fa5a9ff0012f5937fd14399ff00e12e17fccff2e0ff00868ffd9e3fe8bcfc18ff00c3a3e07ffe
5e51ff000d1ffb3c7fd179f831ff008747c0ff00fcbcaff51fa28ff8a9471c7fd1b4e14ffc3b66ff
00fc8faff4b53fe25eb26ffa28733ffc25c2ff0099fe5c1ff0d1ff00b3c7fd179f831ff8747c0fff
00cbca3fe1a3ff00678ffa2f3f063ff0e8f81fff009795fea3f451ff001528e38ffa369c29ff0087
6cdfff0091f5fe96a7fc4bd64dff00450e67ff0084b85ff33fcb83fe1a3ff678ff00a2f3f063ff00
0e8f81ff00f97947fc347fecf1ff0045e7e0c7fe1d1f03ff00f2f2bfd47e8a3fe2a51c71ff0046d3
853ff0ed9bff00f23ebfd2d4ff00897ac9bfe8a1ccff00f0970bfe67f9707fc347fecf1ff45e7e0c
7fe1d1f03fff002f28ff00868ffd9e3fe8bcfc18ff00c3a3e07ffe5e57fa8fd147fc54a38e3fe8da
70a7fe1db37ffe47d7fa5a9ff12f5937fd14399ffe12e17fccff002e0ff868ff00d9e3fe8bcfc18f
fc3a3e07ff00e5e51ff0d1ff00b3c7fd179f831ff8747c0fff00cbcaff0051fa28ff008a9471c7fd
1b4e14ff00c3b66fff00c8faff004b53fe25eb26ff00a28733ff00c25c2ff99fe5c1ff000d1ffb3c
7fd179f831ff008747c0ff00fcbcafe9f7fe0d8df147867c67a77edffe21f07f88b42f15e8171f16
7e075adbeb9e1ad5f4fd77479eeacfe134e9796d0ea7a5dc5d594b7168d246b730a4ed240ce82554
2ca0ff00545457e37e39fd317893c73e088f0466dc1b91e45858e7380ce963b2ec7e3f1188f6d80a
58ba50a2e9e263ecdd3a91c5cdc9a6a49c61676ba7f5bc17e13e5fc179c3ce30b9b6331b51e0ebe0
dd1c450a14e1c95e74a6e6a54df37345d2492d9a6efd028a28afe393f580a28a2800a28a2800a28a
2800a28a2800a28a2800a28a2800a28a2800a28a2800a28a2803ffd9}}}}}\pard\sb0\sl-240{\b
kmkstart Pg8}{\bkmkend Pg8}\par\pard\ql \li7847\sb0\sl-207\slmult0 \par\pard\ql\
li7847\sb0\sl-207\slmult0 \par\pard\ql\li7847\sb75\sl-207\slmult0 \up0 \expndtw2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Pearson Education Limited 2005 \pa
r\pard\ql \li2275\sb0\sl-414\slmult0 \par\pard\ql\li2275\sb328\sl-414\slmult0 \u

p0 \expndtw0\charscalex97 \ul0\nosupersub\cf26\f27\fs36 Part 1 \par\pard\ql \li2
275\ri3671\sb402\sl-420\slmult0 \up0 \expndtw0\charscalex97 Introduction to \lin
e \up0 \expndtw0\charscalex98 Financial \par\pard\ql \li2275\sb5\sl-414\slmult0
\up0 \expndtw0\charscalex97 Management \par\pard\ql \li4149\sb0\sl-690\slmult0 \
par\pard\ql\li4149\sb408\sl-690\slmult0 \up0 \expndtw0\charscalex97 \ul0\nosuper
sub\cf22\f23\fs60 1 \par\pard\ql \li4149\ri2623\sb18\sl-560\slmult0 \up0 \expndt
w0\charscalex97 \ul0\nosupersub\cf23\f24\fs50 The Role of Financial \line \up0 \
expndtw0\charscalex98 Management \par\pard\qj \li3459\sb0\sl-400\slmult0 \par\pa
rd\qj\li3459\sb0\sl-400\slmult0 \par\pard\qj\li3459\sb0\sl-400\slmult0 \par\pard
\qj\li3459\sb0\sl-400\slmult0 \par\pard\qj\li3459\sb0\sl-400\slmult0 \par\pard\q
j\li3459\sb0\sl-400\slmult0 \par\pard\qj\li3459\sb0\sl-400\slmult0 \par\pard\qj\
li3459\sb0\sl-400\slmult0 \par\pard\qj\li3459\sb0\sl-400\slmult0 \par\pard\qj\li
3459\sb0\sl-400\slmult0 \par\pard\qj\li3459\sb0\sl-400\slmult0 \par\pard\qj\li34
\sb0\sl-400\slmult0 \par\pard\qj\li3459\ri1016\sb113\sl-400\slmult0\fi19 \up0 \e
xpndtw0\charscalex101 \ul0\nosupersub\cf25\f26\fs32 Increasing shareholder value
over time is the bottom \up0 \expndtw0\charscalex98 line of every move we make.
\par\pard\ql \li7766\sb227\sl-368\slmult0 \up0 \expndtw0\charscalex94 ROBERT GO
IZUETA \par\pard\ql \li5233\sb12\sl-368\slmult0 \up0 \expndtw0\charscalex101 For
mer CEO, The Coca-Cola Company \par\pard\li1989\sb0\sl-207\slmult0\par\pard\li19
89\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl207\slmult0\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmult
0\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb42\sl-207\slmult0\fi0\tx1
0529 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Van Horne and W
achowicz: \ul0\nosupersub\cf14\f15\fs18 Fundamentals of Financial Management,\ul
0\nosupersub\cf13\f14\fs18 12e\tab \up0 \expndtw-2\charscalex100 \ul0\nosupersu
b\cf15\f16\fs18 6\par\pard\sect\sectd\fs24\paperw11900\paperh16840\pard\sb0\sl-2
40{\bkmkstart Pg9}{\bkmkend Pg9}\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1
989\sb0\sl-207\slmult0\par\pard\li1989\sb115\sl-207\slmult0\fi0\tx7846 \up0 \exp
ndtw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 1: The Role of Financ
ial Management\tab \up0 \expndtw-2\charscalex100 Pearson Education Limited 2005\
par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb0\sl-230\slmult0 \p
\pard\ql\li1989\sb34\sl-230\slmult0 \up0 \expndtw-3\charscalex100 \ul0\nosupersu
b\cf27\f28\fs20 ANSWERS TO QUESTIONS \par\pard\ql \li1989\sb0\sl-230\slmult0 \pa
r\pard\ql\li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb0\sl-230\slmult0 \par\
pard\ql\li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb0\sl-230\slmult0 \par\pa
rd\ql\li1989\sb120\sl-230\slmult0\tx2589 \up0 \expndtw-3\charscalex100 \ul0\nosu
persub\cf28\f29\fs20 1. \tab \up0 \expndtw-8\charscalex100 With an objective
of maximizing shareholder wealth, capital will \par\pard\qj \li2589\ri1050\
sb47\sl-500\slmult0 \up0 \expndtw-6\charscalex100 tend to be allocated t
o the most productive investment \line \up0 \expndtw-8\charscalex100 opp
ortunities on a risk-adjusted return basis.
Other decisions \line \up0
\expndtw-8\charscalex93 will also be made to maximize efficiency.
If
all firms do this, \line \up0 \expndtw-3\charscalex100 productivity will be h
eightened and the economy will realize higher \line \up0 \expndtw-8\charscalex96
real growth.
There will be a greater level of overall economic \lin
e \up0 \expndtw-8\charscalex100 want satisfaction.
Presumably people over
all will benefit, but \line \up0 \expndtw-3\charscalex100 this depends in par
t on the redistribution of income and wealth via \line \up0 \expndtw-8\charscale
x96 taxation and social programs.
In other words, the economic pie \
line \up0 \expndtw-8\charscalex91 will grow larger and everybody should be
better off if there is no \line \up0 \expndtw-8\charscalex97 reslicing.
With reslicing, it is possible some people will be \line \up0 \expndt
w-8\charscalex100 worse off, but that is the result of a governmental
change in \line \up0 \expndtw-8\charscalex100 redistribution. \up0 \expndtw-8\c
harscalex100 It is not due to the objective function of \par\pard\ql \li
2589\sb224\sl-230\slmult0 \up0 \expndtw-3\charscalex100 corporations. \par\pard\
li1989\sb0\sl-230\slmult0\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb0
\sl-230\slmult0\par\pard\li1989\sb95\sl-230\slmult0\fi0\tx2589 \up0 \expndtw-9\c

harscalex96 2.\tab \up0 \expndtw-8\charscalex97 Maximizing earnings is a non
functional objective for the following\par\pard\li1989\sb0\sl-230\slmult0\pa
r\pard\li1989\sb40\sl-230\slmult0\fi599 \up0 \expndtw-9\charscalex96 reasons:\pa
r\pard\ql \li2589\ri1051\sb32\sl-500\slmult0\tx3189\tx3189 \up0 \expndtw-6\chars
calex100 a.
Earnings is a time vector.
Unless one time vector of earnings
\line\tab \up0 \expndtw-9\charscalex93 clearly dominates all other time vec
tors, it is impossible to \line \tab \up0 \expndtw-9\charscalex94 select the
vector that will maximize earnings. \par\pard\ql \li2589\ri1051\sb0\sl-500\slmu
lt0\tx3189 \up0 \expndtw-8\charscalex96 b.
Each time vector of earning p
ossesses a risk characteristic. \line\tab \up0 \expndtw-9\charscalex96 Maximi
zing expected earnings ignores the risk parameter. \par\pard\li1989\sb0\sl-207\s
lmult0\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmult0\par
\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li19
ndtw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Van Horne and Wachowicz: \ul0
\nosupersub\cf14\f15\fs18 Fundamentals of Financial Management,\ul0\nosupersub\c
f13\f14\fs18 12e\tab \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf15\f16\fs1
8 7\par\pard\sect\sectd\fs24\paperw11900\paperh16840\pard\sb0\sl-240{\bkmkstart
Pg10}{\bkmkend Pg10}\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-2
07\slmult0\par\pard\li1989\sb81\sl-207\slmult0\fi0\tx7847 \up0 \expndtw-2\charsc
alex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 1: The Role of Financial Managemen
t\tab \up0 \expndtw-2\charscalex100 Pearson Education Limited 2005\par\pard\ql \
li2589\ri1051\sb465\sl-500\slmult0\tx3189\tx3189 \up0 \expndtw-4\charscalex100 \
ul0\nosupersub\cf28\f29\fs20 c.
Earnings can be increased by selling stock an
d buying treasury \line\tab \up0 \expndtw-9\charscalex95 bills.
Earnings wil
l continue to increase since stock does \line \tab \up0 \expndtw-9\charsca
lex96 not require out-of-pocket costs. \par\pard\ql \li2589\ri1051\sb0\sl-500\sl
mult0\tx3189\tx3189\tx3189 \up0 \expndtw-8\charscalex93 d.
The impact of d
ividend policies is ignored.
If all earnings \line\tab \up0 \expndtw-9\c
harscalex95 are retained, future earnings are increased.
However, stock
\line \tab \up0 \expndtw-9\charscalex95 prices may decrease as a result o
f adverse reaction to the \line \tab \up0 \expndtw-9\charscalex96 absence of
dividends. \par\pard\qj \li2589\ri1051\sb0\sl-500\slmult0 \up0 \expndtw-8\chars
calex94 Maximizing wealth takes into account earnings, the timing and r
isk \up0 \expndtw-9\charscalex94 of these earnings, and the dividend policy of t
he firm. \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb0\sl-230\
slmult0 \par\pard\ql\li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb34\sl-230\s
lmult0\tx2589 \up0 \expndtw-3\charscalex100 3. \tab \up0 \expndtw-8\charscalex97
Financial management is concerned with the acquisition, financing, \par\
pard\qj \li2589\ri1050\sb47\sl-500\slmult0 \up0 \expndtw-5\charscalex100 and man
agement of assets with some overall goal in mind.
Thus, the \line \up0 \expnd
tw-6\charscalex100 function of financial management can be broken down i
nto three \line \up0 \expndtw-9\charscalex96 major decision areas: \up0 \ex
pndtw-9\charscalex95 the investment, financing, and asset \par\pard\ql \
li2589\sb224\sl-230\slmult0 \up0 \expndtw-3\charscalex100 management decisions.
par\pard\ql\li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb80\sl-230\slmult0\tx
2589 \up0 \expndtw-3\charscalex100 4. \tab \up0 \expndtw-5\charscalex100 Yes, z
ero accounting profit while the firm establishes market \par\pard\qj \li2
589\ri1050\sb47\sl-500\slmult0 \up0 \expndtw-8\charscalex97 position is consis
tent with the maximization of wealth objective. \up0 \expndtw-8\charscalex
100 Other investments where short-run profits are sacrificed for the \up
0 \expndtw-8\charscalex100 long run also are possible. \par\pard\ql \li1989\sb0\
sl-230\slmult0 \par\pard\ql\li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb0\sl
-230\slmult0 \par\pard\ql\li1989\sb34\sl-230\slmult0\tx2589 \up0 \expndtw-3\char
scalex100 5. \tab \up0 \expndtw-6\charscalex100 The goal of the firm gives
the financial manager an objective \par\pard\qj \li2589\ri1051\sb47\sl-500\
slmult0 \up0 \expndtw-8\charscalex94 function to maximize.
He/she can jud
ge the value (efficiency) of \up0 \expndtw-8\charscalex91 any financial de
cision by its impact on that goal.

Without such a \up0 \expndtw-8\cha
rscalex93 goal, the manager would be "at sea" in that he/she would ha
ve no \up0 \expndtw-9\charscalex93 objective criterion to guide his/her actions
. \par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmult0\par\par
slmult0\fi0\tx10529 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs18
Van Horne and Wachowicz: \ul0\nosupersub\cf14\f15\fs18 Fundamentals of Financial
Management,\ul0\nosupersub\cf13\f14\fs18 12e\tab \up0 \expndtw-2\charscalex100
\ul0\nosupersub\cf15\f16\fs18 8\par\pard\sect\sectd\fs24\paperw11900\paperh1684
0\pard\sb0\sl-240{\bkmkstart Pg11}{\bkmkend Pg11}\par\pard\li1989\sb0\sl-207\slm
ult0\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb81\sl-207\slmult0\fi0\
tx7853 \up0 \expndtw-5\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Chapter1: The
Role of Financial Management\tab \up0 \expndtw-5\charscalex100 Pearson Educatio
n Limited 2005\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb0\sl-230\slm
tx2589 \up0 \expndtw-6\charscalex100 \ul0\nosupersub\cf28\f29\fs20 6.\tab \up0 \
expndtw-5\charscalex100 The financial manager is involved in the acquisit
ion, financing,\par\pard\qj \li2589\ri1051\sb30\sl-500\slmult0 \up0 \expndtw-8\
charscalex96 and management of assets.
These three functional areas a
re all \up0 \expndtw-4\charscalex100 interrelated (e.g., a decision to acquire
an asset necessitates the \up0 \expndtw-5\charscalex100 financing and managem
ent of that asset, whereas financing and \up0 \expndtw-5\charscalex100 man
agement costs affect the decision to invest). \par\pard\ql \li1989\sb0\sl-230\sl
mult0 \par\pard\ql\li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb0\sl-230\slmu
lt0 \par\pard\ql\li1989\sb34\sl-230\slmult0\tx2589 \up0 \expndtw-3\charscalex100
7. \tab \up0 \expndtw-8\charscalex93 If managers have sizable stock positi
ons in the company, they will \par\pard\qj \li2589\ri1050\sb47\sl-500\slmul
t0 \up0 \expndtw-6\charscalex100 have a greater understanding for the valu
ation of the company. \line \up0 \expndtw-3\charscalex100 Moreover, they may
have a greater incentive to maximize shareholder \line \up0 \expndtw-8\charscale
x92 wealth than they would in the absence of stock holdings.
However
, \line \up0 \expndtw-8\charscalex91 to the extent persons have not only
human capital but also most of \line \up0 \expndtw-8\charscalex94 their fi
nancial capital tied up in the company, they may be more \line \up0 \e
xpndtw-5\charscalex100 risk averse than is desirable.
If the company deterior
ates because \line \up0 \expndtw-3\charscalex100 a risky decision proves bad, th
ey stand to lose not only their jobs \line \up0 \expndtw-8\charscalex96 but hav
e a drop in the value of their assets.
Excessive risk \line \up0 \e
xpndtw-3\charscalex100 aversion can work to the detriment of maximizing sharehol
der wealth \line \up0 \expndtw-8\charscalex94 as can excessive risk seeking
if the manager is particularly risk \line \up0 \expndtw-9\charscalex94 pro
ne. \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb0\sl-230\slmul
t0 \par\pard\ql\li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb34\sl-230\slmult
0\tx2589 \up0 \expndtw-3\charscalex100 8. \tab \up0 \expndtw-8\charscalex100 Reg
ulations imposed by the government constitute constraints \par\pard\
qj \li2589\ri1051\sb47\sl-500\slmult0 \up0 \expndtw-8\charscalex96 against whic
h shareholder wealth can still be maximized.
It is \line \up0 \expndt
w-6\charscalex100 important that wealth maximization remain the principal
goal of \line \up0 \expndtw-6\charscalex100 firms if economic efficiency i
s to be achieved in society and \line \up0 \expndtw-6\charscalex100 people
are to have increasing real standards of living.
The \line \up0 \ex
pndtw-8\charscalex97 benefits of regulations to society must be evaluated
relative to \line \up0 \expndtw-9\charscalex97 the costs imposed on economic
efficiency.
Where benefits are small \par\pard\li1989\sb0\sl-207\slmult0\par\
pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li198
9\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-2
alex100 \ul0\nosupersub\cf13\f14\fs18 Van Horne and Wachowicz: \ul0\nosupersub\c
f14\f15\fs18 Fundamentals of Financial Management,\ul0\nosupersub\cf13\f14\fs18
12e\tab \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf15\f16\fs18 9\par\pard\

sect\sectd\fs24\paperw11900\paperh16840\pard\sb0\sl-240{\bkmkstart Pg12}{\bkmken
d Pg12}\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmult0\pa
r\pard\li1989\sb81\sl-207\slmult0\fi0\tx7853 \up0 \expndtw-2\charscalex100 \ul0\
nosupersub\cf13\f14\fs18 Chapter1: The Role of Financial Management\tab \up0 \ex
pndtw-2\charscalex100 Pearson Education Limited 2005\par\pard\qj \li2589\ri1050\
sb465\sl-500\slmult0 \up0 \expndtw-8\charscalex94 \ul0\nosupersub\cf28\f29\fs20
relative to the costs, businesses need to make this known through \up0
\expndtw-6\charscalex100 the political process so that the regulations c
an be modified. \up0 \expndtw-3\charscalex100 Presently there is considerable
attention being given in Washington \up0 \expndtw-8\charscalex96 to deregulatio
n.
Some things have been done to make regulations \up0 \expndtw-9\char
scalex96 less onerous and to allow competitive markets to work. \par\pard\ql \li
89\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb34\sl-230\slmult0\tx2589 \up0 \expnd
tw-3\charscalex100 9. \tab \up0 \expndtw-4\charscalex100 As in other things,
there is a competitive market for good \par\pard\qj \li2589\ri1050\sb47\s
l-500\slmult0 \up0 \expndtw-8\charscalex97 managers.
A company must pay
them their opportunity cost, and \line \up0 \expndtw-8\charscalex96 indeed
this is in the interest of stockholders.
To the extent \line \up0 \e
xpndtw-8\charscalex100 managers are paid in excess of their economic con
tribution, the \line \up0 \expndtw-5\charscalex100 returns available to investo
rs will be less.
However, stockholders \line \up0 \expndtw-8\charscalex93 can
sell their stock and invest elsewhere.
Therefore, there is a \line
\up0 \expndtw-5\charscalex100 balancing factor that works in the direction
of equilibrating \line \up0 \expndtw-8\charscalex94 managers' pay across b
usiness firms for a given level of economic \line \up0 \expndtw-9\charsca
lex94 contribution. \par\pard\qj \li1989\ri1050\sb500\sl-500\slmult0\tx2589 \up0
\expndtw-4\charscalex100 10. In competitive and efficient markets, great
er rewards can be \line\tab \up0 \expndtw-9\charscalex94 obtained only wi
th greater risk. \up0 \expndtw-9\charscalex94 The financial manager is
\par\pard\qj \li2589\ri1050\sb0\sl-500\slmult0 \up0 \expndtw-8\charscalex96 con
stantly involved in decisions involving a trade-off between the \line \u
p0 \expndtw-8\charscalex93 two.
For the company, it is important that
it do well what it \line \up0 \expndtw-5\charscalex100 knows best.
There
is little reason to believe that if it gets into \line \up0 \expndtw-8\charscal
ex92 a new area in which it has no expertise that the rewards will
be \par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb11\sl-230\slmult0\fi0\t
x8769 \up0 \expndtw-9\charscalex97 commensurate with the risk that is invo
lved.\tab \up0 \expndtw-9\charscalex97 The risk-reward\par\pard\li2589\sb0\sl-2
30\slmult0\par\pard\li2589\sb40\sl-230\slmult0\fi0 \up0 \expndtw-8\charscalex98
trade-off will become increasingly apparent to the student as this\par\
pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb40\sl-230\slmult0\fi0 \up0 \exp
ndtw-9\charscalex97 book unfolds.\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li
l-207\slmult0\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmu
rd\li1989\sb122\sl-207\slmult0\fi0\tx10430 \up0 \expndtw-2\charscalex100 \ul0\no
supersub\cf13\f14\fs18 Van Horne and Wachowicz: \ul0\nosupersub\cf14\f15\fs18 Fu
ndamentals of Financial Management,\ul0\nosupersub\cf13\f14\fs18 12e\tab \up0 \
expndtw-2\charscalex100 \ul0\nosupersub\cf15\f16\fs18 10\par\pard\sect\sectd\fs2
4\paperw11900\paperh16840\pard\sb0\sl-240{\bkmkstart Pg13}{\bkmkend Pg13}\par\pa
rd\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\
sb81\sl-207\slmult0\fi0\tx7853 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf1
3\f14\fs18 Chapter 1: The Role of Financial Management\tab \up0 \expndtw-2\chars
calex100 Pearson Education Limited 2005\par\pard\ql \li1989\ri1050\sb465\sl-500\
slmult0\tx2589\tx2589\tx2589\tx2589 \up0 \expndtw-4\charscalex100 \ul0\nosupersu
b\cf28\f29\fs20 11.
Corporate governance refers to the system by which corpor
ations are \line\tab \up0 \expndtw-8\charscalex100 managed and controlled. It
encompasses the relationships among a \line \tab \up0 \expndtw-8\charscale
x97 company\u8217?s shareholders, board of directors, and senior manageme

nt. \line \tab \up0 \expndtw-6\charscalex100 These relationships provide the
framework within which corporate \line \tab \up0 \expndtw-7\charscalex100 ob
jectives are set and performance is monitored. \par\pard\qj \li2589\ri1050\sb500
\sl-500\slmult0 \up0 \expndtw-3\charscalex100 The board of directors sets compan
y-wide policy and advises the CEO \up0 \expndtw-8\charscalex100 and other seni
or executives, who manage the company\u8217?s day-to-day \up0 \expndtw-6\c
harscalex100 activities. Boards review and approve strategy, signifi
cant \up0 \expndtw-6\charscalex100 investments, and acquisitions. The board
also oversees operating \up0 \expndtw-6\charscalex100 plans, capital budget
s, and the company\u8217?s financial reports to \up0 \expndtw-6\charscalex
100 common shareholders. \par\pard\ql \li1989\ri1051\sb500\sl-500\slmult0\tx2589
\tx2589\tx2589 \up0 \expndtw-8\charscalex96 12. The controller's responsib
ilities are primarily accounting in \line\tab \up0 \expndtw-8\charscalex
94 nature.
Cost accounting, as well as budgets and forecasts, would \
line \tab \up0 \expndtw-5\charscalex100 be for internal consumption.
External
financial reporting would be \line \tab \up0 \expndtw-5\charscalex100 provided
to the IRS, the SEC, and the stockholders. \par\pard\qj \li2589\ri1050\sb500\sl500\slmult0 \up0 \expndtw-8\charscalex96 The treasurer's responsibilities fal
l into the decision areas most \line \up0 \expndtw-8\charscalex100 commonly
associated with financial management: investment (capital \line \up0 \exp
ndtw-8\charscalex100 budgeting, pension management), financing \up0 \expndtw8\charscalex100 (commercial banking and \par\pard\ql \li2589\sb224\sl-230\slmu
lt0 \up0 \expndtw-8\charscalex100 investment banking relationships, invest
or relations, dividend \par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\s
b57\sl-230\slmult0\fi0\tx7471 \up0 \expndtw-7\charscalex100 disbursement), and
asset management\tab \up0 \expndtw-7\charscalex100 (cash management, cr
edit\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb40\sl-230\slmult0\fi0
\up0 \expndtw-7\charscalex100 management).\par\pard\li1989\sb0\sl-207\slmult0\pa
\expndtw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Van Horne and Wachowicz:
\ul0\nosupersub\cf14\f15\fs18 Fundamentals of Financial Management,\ul0\nosupers
ub\cf13\f14\fs18 12e\tab \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf15\f16
\fs18 11\par\pard\sect\sectd\fs24\paperw11900\paperh16840{\shp
z-10000\shplid13
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1a16b36771f66d474dd6bc2fe23d2353b5b88be531dd052032915c3ffc3337edb3ff004607fb6c7f
e183f10fff001faff462a2bfb63863e9dfe2ff0009f0df0f70b65996f08cb2de1ac8f29e1fcbe589
cb71757132c0e4d80c365d849622ac71d4e352bcb0f8683ab38d3846751ca4a11568afc7b31f0538
5733cc31d99623139aac46618cc563abaa788a51a6ab62ebcf1155422e8c9c61cf525cb1726d45da
eed73fce77fe199bf6d9ff00a303fdb63ff0c1f887ff008fd1ff000ccdfb6cff00d181fedb1ff860
fc43ff00c7ebfd18a8af73fe2a1fe36ffd0af82bff000d58cf2ffa98f93fbfc8e2ff00880dc1ff00
f4139c7fe14d1ffe51fd5df95bfce77fe199bf6d9ffa303fdb63ff000c1f887ff8fd1ff0ccdfb6cf
fd181fedb1ff00860fc43ffc7ebfd18a8a3fe2a1fe36ff00d0af82bff0d58cf2ff00a98f93fbfc83
fe203707ff00d04e71ff0085347ff947f577e56ff39dff008666fdb67fe8c0ff006d8ffc307e21ff
00e3f47fc3337edb3ff4607fb6c7fe183f10ff00f1faff00462a28ff008a87f8dbff0042be0aff00
c35633cbfea63e4feff20ff880dc1fff004139c7fe14d1ff00e51fd5df95bfce77fe199bf6d9ff00
a303fdb63ff0c1f887ff008fd1ff000ccdfb6cff00d181fedb1ff860fc43ff00c7ebfd18a8a3fe2a
1fe36ffd0af82bff000d58cf2ffa98f93fbfc83fe203707ffd04e71ff85347ff00947f577e56ff00
39dff8666fdb67fe8c0ff6d8ff00c307e21ffe3f47fc3337edb3ff004607fb6c7fe183f10fff001f
aff462a28ff8a87f8dbff42be0affc35633cbfea63e4feff0020ff00880dc1ff00f4139c7fe14d1f
fe51fd5df95bfce77fe199bf6d9ffa303fdb63ff000c1f887ff8fd1ff0ccdfb6cffd181fedb1ff00
860fc43ffc7ebfd18a8a3fe2a1fe36ff00d0af82bff0d58cf2ff00a98f93fbfc83fe203707ff00d0
4e71ff0085347ff947f577e56ff39dff008666fdb67fe8c0ff006d8ffc307e21ff00e3f47fc3337e
db3ff4607fb6c7fe183f10ff00f1faff00462a28ff008a87f8dbff0042be0aff00c35633cbfea63e
4feff20ff880dc1fff004139c7fe14d1ff00e51fd5df95bfce77fe199bf6d9ff00a303fdb63ff0c1
f887ff008fd1ff000ccdfb6cff00d181fedb1ff860fc43ff00c7ebfd18a8a3fe2a1fe36ffd0af82b
ff000d58cf2ffa98f93fbfc83fe203707ffd04e71ff85347ff00947f577e56ff0039dff8666fdb67
fe8c0ff6d8ff00c307e21ffe3f47fc3337edb3ff004607fb6c7fe183f10fff001faff462a28ff8a8
7f8dbff42be0affc35633cbfea63e4feff0020ff00880dc1ff00f4139c7fe14d1ffe51fd5df95bfc
e77fe199bf6d9ffa303fdb63ff000c1f887ff8fd1ff0ccdfb6cffd181fedb1ff00860fc43ffc7ebf
d18a8a3fe2a1fe36ff00d0af82bff0d58cf2ff00a98f93fbfc83fe203707ff00d04e71ff0085347f
f947f577e56ff39dff008666fdb67fe8c0ff006d8ffc307e21ff00e3f47fc3337edb3ff4607fb6c7
fe183f10ff00f1faff00462a28ff008a87f8dbff0042be0aff00c35633cbfea63e4feff20ff880dc
1fff004139c7fe14d1ff00e51fd5df95bfce77fe199bf6d9ff00a303fdb63ff0c1f887ff008fd1ff
000ccdfb6cff00d181fedb1ff860fc43ff00c7ebfd18a8a3fe2a1fe36ffd0af82bff000d58cf2ffa
98f93fbfc83fe203707ffd04e71ff85347ff00947f577e56ff00363f899fb1cfeddfe3cf0178abc1
9a17ec0bfb6526b1e27d266d174d7d53e08eb5a669b1dddf32410bdfea3757296d63688cc1ae2eee
1d20b78834b2b2a2b30ff49ca28afe76f1abc76e2ff1db33c9336e2fc365186c5e4380c465d84594
61aae1a94f0f89c44713375a156bd772a8aaa95a4a4972cb97974bbfbee0fe0acab82b0d8cc2e555
315529636bd3c45578aa91a925529d3f66b95c6104a2e3ab4d3d7adb44514515f8a1f60145145001
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4514500145145001451450014514500145145001451450014514500145145007ffd9}}}}}\pard\s
b0\sl-240{\bkmkstart Pg14}{\bkmkend Pg14}\par\pard\ql \li7846\sb0\sl-207\slmult0
\par\pard\ql\li7846\sb0\sl-207\slmult0 \par\pard\ql\li7846\sb75\sl-207\slmult0
\up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Pearson Education Li
mited 2005 \par\pard\ql \li4149\sb0\sl-690\slmult0 \par\pard\ql\li4149\sb0\sl-69
0\slmult0 \par\pard\ql\li4149\sb0\sl-690\slmult0 \par\pard\ql\li4149\sb0\sl-690\
slmult0 \par\pard\ql\li4149\sb0\sl-690\slmult0 \par\pard\ql\li4149\sb444\sl-690\
slmult0 \up0 \expndtw0\charscalex97 \ul0\nosupersub\cf22\f23\fs60 2 \par\pard\ql
\li4149\sb1\sl-556\slmult0 \up0 \expndtw0\charscalex97 \ul0\nosupersub\cf23\f24
\fs50 The Business, Tax, \par\pard\ql \li4149\sb9\sl-575\slmult0 \up0 \expndtw0\
charscalex97 and Financial Environments \par\pard\qj \li3914\sb0\sl-380\slmult0
\par\pard\qj\li3914\sb0\sl-380\slmult0 \par\pard\qj\li3914\sb0\sl-380\slmult0 \p
ar\pard\qj\li3914\sb0\sl-380\slmult0 \par\pard\qj\li3914\sb0\sl-380\slmult0 \par
qj\li3914\sb0\sl-380\slmult0 \par\pard\qj\li3914\sb0\sl-380\slmult0 \par\pard\qj
\li3914\sb0\sl-380\slmult0 \par\pard\qj\li3914\ri1014\sb47\sl-380\slmult0 \up0 \
expndtw0\charscalex102 \ul0\nosupersub\cf25\f26\fs32 Corporation, n. An ingeniou
s device for obtaining \line \up0 \expndtw0\charscalex98 individual profit witho
ut individual responsibility. \par\pard\qj \li7660\ri958\sb204\sl-400\slmult0\fi

305 \up0 \expndtw0\charscalex93 AMBROSE BIERCE \line \up0 \expndtw0\charscalex94
The Devil\u8217?s Dictionary \par\pard\li1989\sb0\sl-207\slmult0\par\pard\li198
li1989\sb0\sl-207\slmult0\par\pard\li1989\sb3\sl-207\slmult0\fi0\tx10430 \up0 \e
xpndtw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Van Horne and Wachowicz: \u
l0\nosupersub\cf14\f15\fs18 Fundamentals of Financial Management,\ul0\nosupersub
\cf13\f14\fs18 12e\tab \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf15\f16\f
s18 12\par\pard\sect\sectd\fs24\paperw11900\paperh16840\pard\sb0\sl-240{\bkmksta
rt Pg15}{\bkmkend Pg15}\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\s
l-207\slmult0\par\pard\li1989\sb81\sl-207\slmult0\fi0\tx7853 \up0 \expndtw-2\cha
rscalex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 2: The Business, Tax, and Finan
cial Environments\tab \up0 \expndtw-2\charscalex100 Pearson Education Limited 20
05\par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb0\sl-230\slmult0
rsub\cf27\f28\fs20 ANSWERS TO QUESTIONS \par\pard\ql \li1989\sb0\sl-230\slmult0
\par\pard\ql\li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb210\sl-230\slmult0\
tx2589 \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf28\f29\fs20 1. \tab \up0
\expndtw-8\charscalex97 The principal advantage of the corporate for
m of business \par\pard\qj \li2589\ri1051\sb47\sl-500\slmult0 \up0 \expndtw8\charscalex97 organization is that the corporation has limited liability
.
The \up0 \expndtw-8\charscalex93 owner of a small family restaurant m
ight be required to personally \up0 \expndtw-3\charscalex100 guarantee corpo
rate borrowings or purchases anyway, so much of this \up0 \expndtw-8\charscalex9
3 advantage might be eliminated.
The wealthy individual has more at \
up0 \expndtw-8\charscalex96 stake and unlimited liability might cause one
failing business to \up0 \expndtw-9\charscalex96 bring down the other, health
y businesses. \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb0\sl
-230\slmult0 \par\pard\ql\li1989\sb144\sl-230\slmult0\tx2589 \up0 \expndtw-3\cha
rscalex100 2. \tab \up0 \expndtw-8\charscalex94 The liability is limited to
the amount of the investment in both \par\pard\qj \li2589\ri1050\sb47\sl500\slmult0 \up0 \expndtw-6\charscalex100 the limited partnership and in th
e corporation.
However, the \up0 \expndtw-8\charscalex97 limited partner
generally does not have a role in selecting the \up0 \expndtw-5\charsca
lex100 management or in influencing the direction of the enterprise.
On a \up
0 \expndtw-6\charscalex100 pro rata basis, stockholders are able to selec
t management and \up0 \expndtw-8\charscalex96 affect the direction of the
enterprise.
Also, partnership income \up0 \expndtw-6\charscalex100 is tax
able to the limited partners as personal income whereas \up0 \expndtw-6\
charscalex100 corporate income is not taxed unless distributed to
the \up0 \expndtw-7\charscalex100 stockholders as dividends. \par\pard\ql \li1
9\sb144\sl-230\slmult0\tx2589 \up0 \expndtw-3\charscalex100 3. \tab \up0 \expndt
w-8\charscalex96 With both a sole proprietorship and partnership, a majo
r drawback \par\pard\qj \li2589\ri1051\sb47\sl-500\slmult0 \up0 \expndtw-8\char
scalex100 is the legal liability of the owners.
It extends beyond t
he \line \up0 \expndtw-5\charscalex100 financial resources of the business
to the owners personally. \line \up0 \expndtw-5\charscalex100 Fringe benefits
are not deductible as an expense.
Also, both forms \line \up0 \expndtw-6\cha
rscalex100 of organization lack the corporate feature of "unlimited life
." \line \up0 \expndtw-8\charscalex94 With the partnership there are proble
ms of control and management. \line \up0 \expndtw-8\charscalex92 The owner
ship is not liquid when it comes to planning for \par\pard\li1
-207\slmult0\par\pard\li1989\sb168\sl-207\slmult0\fi0\tx10430 \up0 \expndtw-2\ch
arscalex100 \ul0\nosupersub\cf13\f14\fs18 Van Horne and Wachowicz: \ul0\nosupers
ub\cf14\f15\fs18 Fundamentals of Financial Management,\ul0\nosupersub\cf13\f14\f
s18 12e\tab \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf15\f16\fs18 13\par\

pard\sect\sectd\fs24\paperw11900\paperh16840\pard\sb0\sl-240{\bkmkstart Pg16}{\b
kmkend Pg16}\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmul
t0\par\pard\li1989\sb81\sl-207\slmult0\fi0\tx7853 \up0 \expndtw-2\charscalex100
\ul0\nosupersub\cf13\f14\fs18 Chapter 2: The Business, Tax, and Financial Enviro
nments\tab \up0 \expndtw-2\charscalex100 Pearson Education Limited 2005\par\pard
\qj \li2589\ri1050\sb465\sl-500\slmult0 \up0 \expndtw-8\charscalex94 \ul0\nosupe
rsub\cf28\f29\fs20 individual estates.
Decision making can be cumbersom
e.
An LLC \up0 \expndtw-5\charscalex100 generally lacks the feature of
"unlimited life," and complete \up0 \expndtw-4\charscalex100 transfer of a
n ownership interest is usually subject to the \up0 \expndtw-4\charscalex
100 approval of at least a majority of the other LLC members. \par\pard\li1989\s
b0\sl-230\slmult0\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb161\sl-23
0\slmult0\fi0\tx2589 \up0 \expndtw-8\charscalex100 4.\tab \up0 \expndtw-8\charsc
alex100 The chief beneficiaries are smaller companies where the first\pa
r\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl-230\slmult0\fi599 \up0
\expndtw-7\charscalex100 $75,000 in taxable income is a large portion, i
f not all, of their\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\
sl-230\slmult0\fi599 \up0 \expndtw-8\charscalex100 total taxable income.\par\par
b190\sl-230\slmult0\fi0\tx2589 \up0 \expndtw-8\charscalex100 5.\tab \up0 \expndt
w-8\charscalex100 Accelerated depreciation is used up to the point it is advanta
geous\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl-230\slmult0\fi5
99\tx8562 \up0 \expndtw-8\charscalex100 to switch to straight line dep
reciation.\tab \up0 \expndtw-8\charscalex100 A one-half year\par\pard\qj \li
2589\ri1050\sb30\sl-500\slmult0 \up0 \expndtw-8\charscalex96 convention is fol
lowed in the first year, which reduces the cost \line \up0 \expndtw-6\ch
arscalex100 recovery in that year from what would otherwise be the cas
e. \line \up0 \expndtw-8\charscalex97 Additionally, a one-half year conventi
on is followed in the year \line \up0 \expndtw-9\charscalex97 following th
e asset class. \up0 \expndtw-9\charscalex97 This pushes out the depreciati
on \par\pard\qj \li2589\ri1051\sb0\sl-500\slmult0 \up0 \expndtw-3\charscalex100
schedule, which is disadvantageous from a present value standpoint. \up0 \expndt
w-8\charscalex100 The double declining balance method is used for the f
irst four \up0 \expndtw-8\charscalex97 asset classes, 3, 5, 7 and 10 years.
The asset category determines \up0 \expndtw-9\charscalex97 the project's dep
reciable life. \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb0\s
l-230\slmult0 \par\pard\ql\li1989\sb144\sl-230\slmult0\tx2589 \up0 \expndtw-3\ch
arscalex100 6. \tab \up0 \expndtw-3\charscalex100 The immunity from each other's
taxing power dates back to the early \par\pard\ql \li2589\sb0\sl-230\slmult0 \p
ar\pard\ql\li2589\sb40\sl-230\slmult0\tx4299 \up0 \expndtw-6\charscalex100 part
of the \tab \up0 \expndtw-7\charscalex100 19th century.
It used to app
ly to salaries of \par\pard\qj \li2589\ri1051\sb47\sl-500\slmult0 \up0 \expnd
tw-8\charscalex93 government employees as well.
The exemption is histor
ical, and it \up0 \expndtw-5\charscalex100 is hard to rationalize from th
e standpoint of economic/taxing \up0 \expndtw-5\charscalex100 efficiency. \pa
989\sb31\sl-230\slmult0\fi0\tx2589 \up0 \expndtw-5\charscalex100 7.\tab \up0 \ex
pndtw-4\charscalex100 Personal tax rates are progressive up to a point,
then become\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl-230\slm
ult0\fi599 \up0 \expndtw-5\charscalex100 regressive.\par\pard\li1989\sb0\sl-207\
\up0 \expndtw-4\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Van Horne and Wacho
wicz: \ul0\nosupersub\cf14\f15\fs18 Fundamentals of Financial Management,\ul0\no
supersub\cf13\f14\fs18 12e\tab \up0 \expndtw-4\charscalex100 \ul0\nosupersub\cf
15\f16\fs18 14\par\pard\sect\sectd\fs24\paperw11900\paperh16840\pard\sb0\sl-240{
\bkmkstart Pg17}{\bkmkend Pg17}\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li19
89\sb0\sl-207\slmult0\par\pard\li1989\sb81\sl-207\slmult0\fi0\tx7853 \up0 \expnd
tw-6\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 2: The Business, Tax, a
nd Financial Environments\tab \up0 \expndtw-6\charscalex100 Pearson Education Li

mited 2005\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb0\sl-230\slmult0
\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb15\sl-230\slmult0\fi599\tx
3429 \up0 \expndtw-7\charscalex100 \ul0\nosupersub\cf28\f29\fs20 8.\tab \up0 \ex
pndtw-7\charscalex100 With the differential taxation of ordinary inc
ome and\par\pard\qj \li2589\ri1050\sb30\sl-500\slmult0 \up0 \expndtw-3\charsca
lex100 capital gains, securities with a higher likelihood of capital gains \up0
\expndtw-8\charscalex100 are tax advantaged.
These include low dividend
common stocks, \up0 \expndtw-8\charscalex97 common stocks in general, dis
count bonds, real estate, and other \up0 \expndtw-9\charscalex97 investment
s of this sort. \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb0\
sl-230\slmult0 \par\pard\ql\li1989\sb84\sl-230\slmult0\tx2589 \up0 \expndtw-3\ch
arscalex100 9. \tab \up0 \expndtw-8\charscalex93 Depreciation changes the tim
ing of tax payments.
The longer these \par\pard\ql \li2589\sb0\sl-230\sl
mult0 \par\pard\ql\li2589\sb40\sl-230\slmult0 \up0 \expndtw-3\charscalex100 paym
ents can be delayed, the better off the business is. \par\pard\ql \li1989\ri1050
\sb367\sl-500\slmult0\tx2589\tx2589\tx2589 \up0 \expndtw-8\charscalex96 10. On
e advantage to Subchapter S occurs when investors have outside \line\ta
b \up0 \expndtw-8\charscalex93 income against which to use losses by the
company.
Even with no \line \tab \up0 \expndtw-6\charscalex100 outside in
come, stockholders still may find Subchapter S to be \line \tab \up0 \ex
pndtw-7\charscalex100 advantageous. \up0 \expndtw-9\charscalex93 If dividends
are paid, the stockholder under \par\pard\qj \li2589\ri1050\sb0\sl-500
\slmult0 \up0 \expndtw-8\charscalex93 Subchapter S is subject only to taxa
tion on the profits earned by \up0 \expndtw-5\charscalex100 the company.
Under the corporate method, the company pays taxes on \up0 \expndtw-8\charscale
x94 its profits and then the owners pay personal income taxes on the
\up0 \expndtw-9\charscalex94 dividends paid to them. \par\pard\ql \li1989\ri1050
\sb320\sl-500\slmult0\tx2589\tx2589\tx2589\tx2589\tx2589\tx2589\tx2589\tx2589\tx
2589 \up0 \expndtw-8\charscalex98 11. Tax incentives are the result
of special interest groups \line\tab \up0 \expndtw-6\charscalex100 influen
cing legislators.
For example, exporters influenced the \line \tab \up0
\expndtw-8\charscalex93 passage of DISCs.
Doctors and attorneys influen
ced the passage of \line \tab \up0 \expndtw-8\charscalex93 the Keogh pensio
n plans.
Some of these incentives benefit society \line \tab \up0 \expn
dtw-3\charscalex100 as a whole; others benefit only a few at the expense of the
rest of \line \tab \up0 \expndtw-3\charscalex100 society. \up0 \expndtw-5\charsc
alex100 It is hard to imagine all individuals placing the \line \tab \up
0 \expndtw-8\charscalex92 interest of the whole above their own interests
.
Therefore, it is \line \tab \up0 \expndtw-6\charscalex100 difficult to
perceive that tax incentives will be discontinued. \line \tab \up0 \expndt
w-8\charscalex97 Further, some incentives can be used to benefit large
groups of \line \tab \up0 \expndtw-9\charscalex97 people. \par\pard\li1989\sb0\
sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slm
ult0\par\pard\li1989\sb168\sl-207\slmult0\fi0\tx10430 \up0 \expndtw-2\charscalex
100 \ul0\nosupersub\cf13\f14\fs18 Van Horne and Wachowicz: \ul0\nosupersub\cf14\
f15\fs18 Fundamentals of Financial Management,\ul0\nosupersub\cf13\f14\fs18 12e
\tab \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf15\f16\fs18 15\par\pard\sec
t\sectd\fs24\paperw11900\paperh16840\pard\sb0\sl-240{\bkmkstart Pg18}{\bkmkend P
g18}\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmult0\par\p
ard\li1989\sb81\sl-207\slmult0\fi0\tx7853 \up0 \expndtw-2\charscalex100 \ul0\nos
upersub\cf13\f14\fs18 Chapter 2: The Business, Tax, and Financial Environments\t
ab \up0 \expndtw-2\charscalex100 Pearson Education Limited 2005\par\pard\ql \li1
989\ri1050\sb465\sl-500\slmult0\tx2589\tx2589\tx2589\tx2589\tx2589\tx2589 \up0 \
expndtw-7\charscalex100 \ul0\nosupersub\cf28\f29\fs20 12. The purpose of th
e carryback and carryforward provisions is to \line\tab \up0 \expndtw-8\ch
arscalex93 allow the cyclical company with large profit swings to obtai
n most \line \tab \up0 \expndtw-5\charscalex100 of the tax benefits availab
le to a company with more steady \line \tab \up0 \expndtw-8\charscalex96 p
rofits.
Also, the provision protects the company with a large \line
\tab \up0 \expndtw-5\charscalex100 loss in a given year.

While if a company h
as steady losses it does \line \tab \up0 \expndtw-8\charscalex96 not benefit f
rom this provision, the marginal company with profit \line \tab \up0 \exp
ndtw-9\charscalex96 swings does. \par\pard\ql \li1989\ri1050\sb380\sl-500\slmult
0\tx2589\tx2589\tx2589\tx2589\tx2589\tx2589\tx2589\tx2589\tx2589\tx2589\tx2589 \
up0 \expndtw-8\charscalex98 13. Financial markets allow for efficient all
ocation in the flow of \line\tab \up0 \expndtw-5\charscalex100 savings in an
economy to ultimate users.
In a macro sense, savings \line \tab \up0 \expndt
w-8\charscalex97 originate from savings-surplus economic units whose savin
gs exceed \line \tab \up0 \expndtw-8\charscalex100 their investment in real
assets.
The ultimate users of these \line \tab \up0 \expndtw-6\charscal
ex100 savings are savings-deficit economic units whose investments in \li
ne \tab \up0 \expndtw-8\charscalex97 real assets exceed their savings.
Ef
ficiency is introduced into \line \tab \up0 \expndtw-6\charscalex100 the pro
cess through the use of financial markets.
Since the \line \tab \up0
\expndtw-5\charscalex100 savings-surplus and savings-deficit units are usua
lly different \line \tab \up0 \expndtw-8\charscalex96 entities, markets serve
to channel these funds at the least cost \line \tab \up0 \expndtw-8\cha
rscalex96 and inconvenience to both.
As specialization develops, effici
ency \line \tab \up0 \expndtw-5\charscalex100 increases.
Loan brokers, second
ary markets, and investment bankers \line \tab \up0 \expndtw-5\charscalex100 all
serve to expedite this flow from savers to users. \par\pard\ql \li1989\ri1050\s
b380\sl-500\slmult0\tx2589\tx2589\tx2589\tx2589\tx2589 \up0 \expndtw-8\charscale
x96 14. Financial intermediaries provide an indirect channel for the f
low \line\tab \up0 \expndtw-5\charscalex100 of funds from savers to ultimate use
rs.
These institutions include \line \tab \up0 \expndtw-6\charscalex100 comme
rcial banks, savings and loan associations, life insurance \line \tab \up
0 \expndtw-5\charscalex100 companies, pension and profit-sharing funds and
savings banks. \line \tab \up0 \expndtw-8\charscalex100 Their primary functi
on is the transformation of funds into more \line \tab \up0 \expndtw-8\ch
arscalex97 attractive packages for savers.
Services and economies of s
cale \par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmult0\par\
9\sb161\sl-207\slmult0\fi0\tx10430 \up0 \expndtw-2\charscalex100 \ul0\nosupersub
\cf13\f14\fs18 Van Horne and Wachowicz: \ul0\nosupersub\cf14\f15\fs18 Fundamenta
ls of Financial Management,\ul0\nosupersub\cf13\f14\fs18 12e\tab \up0 \expndtw2\charscalex100 \ul0\nosupersub\cf15\f16\fs18 16
}
}}
}
g19}{\bkmkend Pg19}\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-20
7\slmult0\par\pard\li1989\sb81\sl-207\slmult0\fi0\tx7853 \up0 \expndtw-2\charsca
lex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 2: The Business, Tax, and Financial
Environments\tab \up0 \expndtw-2\charscalex100 Pearson Education Limited 2005\p
ar\pard\qj \li2589\ri1051\sb465\sl-500\slmult0 \up0 \expndtw-8\charscalex93 \ul0
\nosupersub\cf28\f29\fs20 are side benefits of this process.
Pooling of
funds, diversifica-\line \up0 \expndtw-3\charscalex100 tion of risk, transfor
mation of maturities and investment expertise \line \up0 \expndtw-3\charscalex10
0 are desirable functions that financial intermediaries perform. \par\pard\ql \l
i1989\ri1050\sb380\sl-500\slmult0\tx2589\tx2589\tx2589\tx2589\tx2589\tx2589 \up0
\expndtw-7\charscalex100 15. Differences in maturity, default risk, mark
etability, taxability, \line\tab \up0 \expndtw-8\charscalex97 and option feat
ures affect yields on financial instruments.
In \line \tab \up0 \expndt
w-3\charscalex100 general, the longer the maturity, the greater the default risk
, the \line \tab \up0 \expndtw-6\charscalex100 lower the marketability and t
he more the return is subject to \line \tab \up0 \expndtw-3\charscalex100
ordinary income taxation as opposed to capital gains taxation or no \line \tab \
up0 \expndtw-8\charscalex92 taxation, the higher the yield on the instrum
ent.
If the investor \line \tab \up0 \expndtw-9\charscalex92 receives an
option \up0 \expndtw-9\charscalex92 (e.g., a conversion feature or warrant)
, the \par\pard\qj \li2589\ri1050\sb0\sl-500\slmult0 \up0 \expndtw-8\charscalex
97 yield should be lower than otherwise.
Conversely, if the firm \li
ne \up0 \expndtw-8\charscalex96 issuing the security receives an option, s
uch as a call feature, \line \up0 \expndtw-8\charscalex97 the investor mus
t be compensated with a higher yield.
Another \line \up0 \expndtw-8\ch
arscalex91 factor -- one not taken up in this chapter -- is the coup
on rate. \line \up0 \expndtw-8\charscalex94 The lower the coupon rate, the
greater the price volatility of a \line \up0 \expndtw-6\charscalex100 bon
d, all other things the same, and generally the higher the \line \up0
\expndtw-7\charscalex100 yield. \par\pard\qj \li1989\ri1050\sb380\sl-500\slmult0
\tx2589 \up0 \expndtw-5\charscalex100 16. The market becomes more efficien
t when the cost of financial \line\tab \up0 \expndtw-6\charscalex100 interm
ediation is reduced. \up0 \expndtw-6\charscalex100 This cost is represented
by the \par\pard\qj \li2589\ri1051\sb0\sl-500\slmult0 \up0 \expndtw-8\charsca
lex94 difference in interest rate between what the ultimate save
r \up0 \expndtw-9\charscalex94 receives and what the ultimate borrower
pays. \up0 \expndtw-9\charscalex94 Also, the \par\pard\qj \li2589\ri1050\sb
0\sl-500\slmult0 \up0 \expndtw-8\charscalex96 inconvenience to one or both
parties is an indirect cost.
When \line \up0 \expndtw-6\charscalex100 fin
ancial intermediation reduces these costs, the market becomes \line \up0
\expndtw-8\charscalex100 more efficient.
The market becomes more comple
te when special \line \up0 \expndtw-8\charscalex96 types of financial instr
uments and financial processes are offered \par\pard\li1989\sb0\sl-207\slmu
rd\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb161\sl-207\slmult0\fi0\tx10430 \u
p0 \expndtw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Van Horne and Wachowic
z: \ul0\nosupersub\cf14\f15\fs18 Fundamentals of Financial Management,\ul0\nosup
ersub\cf13\f14\fs18 12e\tab \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf15\
f16\fs18 17\par\pard\sect\sectd\fs24\paperw11900\paperh16840\pard\sb0\sl-240{\bk
mkstart Pg20}{\bkmkend Pg20}\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\
sb0\sl-207\slmult0\par\pard\li1989\sb81\sl-207\slmult0\fi0\tx7853 \up0 \expndtw2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 2: The Business, Tax, and
Financial Environments\tab \up0 \expndtw-2\charscalex100 Pearson Education Limit
ed 2005\par\pard\qj \li2589\ri1050\sb465\sl-500\slmult0 \up0 \expndtw-8\charscal
ex96 \ul0\nosupersub\cf28\f29\fs20 in response to an unsatisfied demand by
investors.
For example, \up0 \expndtw-8\charscalex94 the new product mi
ght be a zero-coupon bond and the new process, \up0 \expndtw-9\charscale
x94 automatic teller machines. \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard
\ql\li1989\sb214\sl-230\slmult0\tx2589 \up0 \expndtw-3\charscalex100 17. \tab \u
p0 \expndtw-8\charscalex97 These exchanges serve as secondary markets wher

ein the buyer and \par\pard\qj \li2589\ri1051\sb47\sl-500\slmult0 \up0 \expnd
tw-8\charscalex92 seller meet to exchange shares of companies that are
listed on the \line \up0 \expndtw-8\charscalex93 exchange.
These markets
have provided economies of time and scale \line \up0 \expndtw-9\charscalex
93 in the past and have facilitated exchange among interested parties. \par\pard
\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb214\sl-230\slmult0\tx2589\t
x3189 \up0 \expndtw-3\charscalex100 18. \tab \up0 \expndtw-3\charscalex100 a) \t
ab \up0 \expndtw-4\charscalex100 All other things the same, the cost of funds (
interest rates) \par\pard\qj \li3189\ri1051\sb47\sl-500\slmult0 \up0 \expndtw-9\
charscalex93 would rise.
If there are no disparities in savings patte
rn, \up0 \expndtw-9\charscalex94 the effect would fall on all financial markets.
\par\pard\ql \li2589\sb224\sl-230\slmult0\tx3189 \up0 \expndtw-3\charscalex100
b) \tab \up0 \expndtw-6\charscalex100 Given a somewhat segmented market for
mortgages, it would \par\pard\qj \li3189\ri1051\sb47\sl-500\slmult0 \up0 \ex
pndtw-9\charscalex93 result in mortgage rates falling and rates on other
financial \up0 \expndtw-9\charscalex94 instruments rising somewhat. \par\pard\
ql \li2589\sb224\sl-230\slmult0\tx3189 \up0 \expndtw-3\charscalex100 c) \tab \up
0 \expndtw-3\charscalex100 It would lower the demand for common stock, bonds sel
ling at a \par\pard\qj \li3189\ri1050\sb47\sl-500\slmult0 \up0 \expndtw-6\charsc
alex100 discount, real estate, and other investments where capital \up0 \
expndtw-5\charscalex100 gains are an attraction for investment.
Prices would
fall for \up0 \expndtw-9\charscalex95 these assets relative to fixed i
ncome securities until \up0 \expndtw-9\charscalex94 eventually the expecte
d returns after taxes for all financial \up0 \expndtw-9\charscalex95 instr
uments were in equilibrium. \par\pard\ql \li2589\sb224\sl-230\slmult0\tx3189 \up
0 \expndtw-3\charscalex100 d) \tab \up0 \expndtw-5\charscalex100 Great uncertai
nty would develop in the money and capital \par\pard\qj \li3189\ri1050\sb
47\sl-500\slmult0 \up0 \expndtw-5\charscalex100 markets and the effect would
likely be quite disruptive. \line \up0 \expndtw-9\charscalex93 Interest r
ates would rise dramatically and it would be \line \up0 \expndtw-9
\charscalex93 difficult for borrowers to find lenders willing to lend a
t a \line \up0 \expndtw-9\charscalex94 fixed interest rate.
Disequilibrium
would likely continue to \line \up0 \expndtw-8\charscalex100 occur until
the rate of inflation reduced to a reasonable \line \up0 \expndtw-8\chars
calex100 level. \par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\s
lmult0\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb188\sl-207\slmult0\f
i0\tx10430 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Van Horne
and Wachowicz: \ul0\nosupersub\cf14\f15\fs18 Fundamentals of Financial Manageme
nt,\ul0\nosupersub\cf13\f14\fs18 12e\tab \up0 \expndtw-2\charscalex100 \ul0\nos
upersub\cf15\f16\fs18 18\par\pard\sect\sectd\fs24\paperw11900\paperh16840\pard\s
b0\sl-240{\bkmkstart Pg21}{\bkmkend Pg21}\par\pard\li1989\sb0\sl-207\slmult0\par
up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 2: The Busine
ss, Tax, and Financial Environments\tab \up0 \expndtw-2\charscalex100 Pearson Ed
ucation Limited 2005\par\pard\ql \li2589\ri1050\sb465\sl-500\slmult0\tx3189 \up0
\expndtw-8\charscalex94 \ul0\nosupersub\cf28\f29\fs20 e)
Financial markets
would be less efficient in channeling funds \line\tab \up0 \expndtw-9\cha
rscalex94 from savers to investors in real estate. \par\pard\ql \li1989\ri1050\s
b380\sl-500\slmult0\tx2589\tx2589\tx2589\tx2589\tx2589\tx2589 \up0 \expndtw-8\ch
arscalex98 19. Answers to this question will differ depending on the
financial \line\tab \up0 \expndtw-8\charscalex100 intermediary that is chosen
.
The economic role of all is to \line \tab \up0 \expndtw-8\charscalex
97 channel savings to investments at a lower cost and/or with less \li
ne \tab \up0 \expndtw-8\charscalex97 inconvenience to the ultimate borrower
and to the ultimate saver \line \tab \up0 \expndtw-8\charscalex93 than wou
ld be the case in their absence.
Their presence improves \line \tab \
up0 \expndtw-8\charscalex97 the efficiency of financial markets in allocat
ing savings to the \line \tab \up0 \expndtw-9\charscalex97 most productive in
vestment opportunities. \par\pard\ql \li1989\ri1050\sb380\sl-500\slmult0\tx2589\
tx2589\tx2589\tx2589\tx2589\tx2589\tx2589\tx2589 \up0 \expndtw-8\charscalex98 20

. Money markets serve the short-term liquidity needs of investors. \li
ne\tab \up0 \expndtw-8\charscalex96 The usual line of demarkation is one
year; money markets include \line \tab \up0 \expndtw-6\charscalex100 instrume
nts with maturities of less than a year while capital \line \tab \up0 \
expndtw-8\charscalex96 markets involve securities with maturities of more
than one year. \line \tab \up0 \expndtw-8\charscalex94 However, both market
s are financial markets with the same economic \line \tab \up0 \expndtw-5
\charscalex100 purpose so the distinction of maturity is somewhat arbitr
ary. \line \tab \up0 \expndtw-8\charscalex97 Money markets involve instrument
s that are impersonal; funds flow \line \tab \up0 \expndtw-8\charscalex88 o
n the basis of risk and return.
A bank loan, for example, is not
\line \tab \up0 \expndtw-9\charscalex88 a money-market instrument even though it
might be short term. \par\pard\ql \li1989\ri1050\sb380\sl-500\slmult0\tx2589\tx
2589\tx2589\tx2589\tx2589 \up0 \expndtw-8\charscalex94 21. Transaction costs
impede the efficiency of financial markets.
The \line\tab \up0 \expndtw
-8\charscalex96 larger they are, the less efficient are financial
markets. \line \tab \up0 \expndtw-8\charscalex96 Financial institutions and
brokers perform an economic service for \line \tab \up0 \expndtw-8\charsca
lex100 which they must be compensated.
The means of compensation is
\line \tab \up0 \expndtw-5\charscalex100 transaction costs.
If there is compe
tition among them, transaction \line \tab \up0 \expndtw-5\charscalex100 costs wi
ll be reduced to justifiable levels. \par\pard\li1989\sb0\sl-207\slmult0\par\par
\slmult0\fi0\tx10430 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs18
Van Horne and Wachowicz: \ul0\nosupersub\cf14\f15\fs18 Fundamentals of Financia
l Management,\ul0\nosupersub\cf13\f14\fs18 12e\tab \up0 \expndtw-2\charscalex10
0 \ul0\nosupersub\cf15\f16\fs18 19\par\pard\sect\sectd\fs24\paperw11900\paperh16
840\pard\sb0\sl-240{\bkmkstart Pg22}{\bkmkend Pg22}\par\pard\li1989\sb0\sl-207\s
lmult0\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb81\sl-207\slmult0\fi
0\tx7853 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 2:
The Business, Tax, and Financial Environments\tab \up0 \expndtw-2\charscalex100
Pearson Education Limited 2005\par\pard\qj \li1989\ri1051\sb465\sl-500\slmult0\t
x2589 \up0 \expndtw-8\charscalex94 \ul0\nosupersub\cf28\f29\fs20 22. The majo
r sources are bank loans, bond issues, mortgage debt, and \line\tab \up
0 \expndtw-9\charscalex94 stock issues. \par\pard\ql \li1989\ri1051\sb380\sl-500
\slmult0\tx2589\tx2589\tx2589\tx2589\tx2589\tx2589 \up0 \expndtw-3\charscalex100
23. Financial brokers, such as investment bankers in particular as well \line
\tab \up0 \expndtw-8\charscalex96 as mortgage bankers, facilitate the match
ing of borrowers in need \line \tab \up0 \expndtw-8\charscalex92 of funds
with savers having funds to lend.
For this matching and \line \tab \u
p0 \expndtw-3\charscalex100 servicing, the broker earns a fee that is determined
by competitive \line \tab \up0 \expndtw-8\charscalex97 forces.
In addition,
security exchanges and the over-the-counter \line \tab \up0 \expndtw-3\cha
rscalex100 market improve the secondary market and hence the efficiency of the \
line \tab \up0 \expndtw-3\charscalex100 primary market where securities are sold
originally. \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb0\sl230\slmult0 \par\pard\ql\li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb14\sl-2
30\slmult0 \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf27\f28\fs20 SOLUTIONS
TO PROBLEMS \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb0\sl230\slmult0 \par\pard\ql\li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb0\sl-23
0\slmult0 \par\pard\ql\li1989\sb50\sl-230\slmult0\tx2589\tx6129 \up0 \expndtw-3\
charscalex100 \ul0\nosupersub\cf28\f29\fs20 1. \tab \up0 \expndtw-8\charscalex10
0 a)
Under the partnership, \tab \up0 \expndtw-9\charscalex96 $418,000 in
actual liabilities.
If \par\pard\qj \li3189\ri1051\sb47\sl-500\slmult0 \up
0 \expndtw-9\charscalex94 sued, they could lose up to their full combine
d net worths. \up0 \expndtw-4\charscalex100 As a corporation, their exposure i
s limited to the $280,000 in \up0 \expndtw-4\charscalex100 equity that they hav
e in the business. \par\pard\ql \li2589\ri1051\sb0\sl-500\slmult0\tx3189 \up0 \e
xpndtw-4\charscalex100 b)
Creditors should be less willing to extend credit,
because the \line\tab \up0 \expndtw-4\charscalex100 personal net worths of the o
wners no longer back the claims. \par\pard\li1989\sb0\sl-230\slmult0\par\pard\li
1989\sb0\sl-230\slmult0\par\pard\li1989\sb35\sl-230\slmult0\fi0\tx6309\tx8589 \u
p0 \expndtw-3\charscalex100 2.\tab \up0 \expndtw-3\charscalex100 Equipment\tab \
up0 \expndtw-3\charscalex100 Machine\par\pard\li1989\sb0\sl-230\slmult0\par\pard
\li1989\sb16\sl-230\slmult0\fi839\tx6309\tx8469 \up0 \expndtw-3\charscalex100 Co
st\tab \up0 \expndtw-3\charscalex100 $28,000.00\tab \up0 \expndtw-3\charscalex10
0 $53,000.00\par\pard\li1989\sb20\sl-230\slmult0\fi839 \up0 \expndtw-3\charscale
x100 Depreciation in year:\par\pard\li5709\sb21\sl-230\slmult0\fi0\tx6549\tx8589
\up0 \expndtw-3\charscalex100 1\tab \up0 \expndtw-3\charscalex100 9,332.40\tab
\up0 \expndtw-3\charscalex100 10,600.00\par\pard\li5709\sb19\sl-230\slmult0\fi0\
tx6429\tx8589 \up0 \expndtw-3\charscalex100 2\tab \up0 \expndtw-3\charscalex100
12,446.00\tab \up0 \expndtw-3\charscalex100 16,960.00\par\pard\li5709\sb20\sl-23
0\slmult0\fi0\tx6549\tx8589 \up0 \expndtw-3\charscalex100 3\tab \up0 \expndtw-3\
charscalex100 4,146.80\tab \up0 \expndtw-3\charscalex100 10,176.00\par\pard\li57
09\sb21\sl-230\slmult0\fi0\tx6549\tx8709 \up0 \expndtw-3\charscalex100 4\tab \up
0 \expndtw-3\charscalex100 2,074.80\tab \up0 \expndtw-3\charscalex100 6,105.60\p
ar\pard\li5709\sb19\sl-230\slmult0\fi0\tx8709 \up0 \expndtw-3\charscalex100 5\ta
b \up0 \expndtw-3\charscalex100 6,105.60\par\pard\li5709\sb20\sl-230\slmult0\fi0
\tx8709 \up0 \expndtw-3\charscalex100 6\tab \up0 \expndtw-3\charscalex100 3,052.
80\par\pard\li5709\sb0\sl-230\slmult0\par\pard\li5709\sb18\sl-230\slmult0\fi599\
tx8469 \up0 \expndtw-3\charscalex100 $28,000.00\tab \up0 \expndtw-3\charscalex10
0 $53,000.00\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmul
b18\sl-207\slmult0\fi0\tx10430 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf1
3\f14\fs18 Van Horne and Wachowicz: \ul0\nosupersub\cf14\f15\fs18 Fundamentals o
f Financial Management,\ul0\nosupersub\cf13\f14\fs18 12e\tab \up0 \expndtw-2\ch
arscalex100 \ul0\nosupersub\cf15\f16\fs18 20\par\pard\sect\sectd\fs24\paperw1190
0\paperh16840\pard\sb0\sl-240{\bkmkstart Pg23}{\bkmkend Pg23}\par\pard\li1989\sb
0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb81\sl-207\
slmult0\fi0\tx7853 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 C
hapter 2: The Business, Tax, and Financial Environments\tab \up0 \expndtw-2\char
scalex100 Pearson Education Limited 2005\par\pard\li1989\sb0\sl-230\slmult0\par\
pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb46\sl-230\slmult0\fi0\tx7989 \u
p0 \expndtw-3\charscalex100 \ul0\nosupersub\cf28\f29\fs20 3.\tab \up0 \expndtw-3
\charscalex100 Amount\par\pard\li1989\sb20\sl-230\slmult0\fi3480\tx7869 \up0 \ex
pndtw-3\charscalex100 Percent Subject\tab \up0 \expndtw-3\charscalex100 Subject\
par\pard\li1989\sb19\sl-230\slmult0\fi1800\tx5829\tx7869\tx9669 \up0 \expndtw-3\
charscalex100 Payment\tab \up0 \expndtw-3\charscalex100 to Taxes\tab \up0 \expnd
tw-3\charscalex100 to Taxes\tab \up0 \expndtw-3\charscalex100 Taxes\par\pard\li1
989\sb0\sl-230\slmult0\par\pard\li1989\sb17\sl-230\slmult0\fi0\tx3789\tx5949\tx7
869\tx9549 \up0 \expndtw-3\charscalex100 Interest\tab \up0 \expndtw-3\charscalex
100 $180,000\tab \up0 \expndtw-3\charscalex100 100%\tab \up0 \expndtw-3\charscal
ex100 $180,000\tab \up0 \expndtw-3\charscalex100 $61,200\par\pard\li1989\sb21\sl
-230\slmult0\fi0\tx3909\tx6069\tx8109\tx9669 \up0 \expndtw-3\charscalex100 Pfd.
Div.\tab \up0 \expndtw-3\charscalex100 300,000\tab \up0 \expndtw-3\charscalex100
30%\tab \up0 \expndtw-3\charscalex100 90,000\tab \up0 \expndtw-3\charscalex100
30,600\par\pard\ql \li9549\sb0\sl-230\slmult0 \par\pard\ql\li9549\sb215\sl-230\s
lmult0 \up0 \expndtw-3\charscalex100 $91,800 \par\pard\li1989\sb0\sl-230\slmult0
\par\pard\li1989\sb174\sl-230\slmult0\fi0\tx3789\tx5949 \up0 \expndtw-4\charscal
ex100 4.
Year\tab \up0 \expndtw-4\charscalex100 Profit\tab \up0 \expndtw-4\ch
arscalex100 Taxes\par\pard\li1989\sb1\sl-219\slmult0\fi479 \up0 \expndtw-4\chars
calex100 \u9472?\u9472?\u9472?\u9472?\par\pard\li1989\sb27\sl-230\slmult0\fi479\
tx3669\tx4509\tx5709\tx6429 \up0 \expndtw-4\charscalex100 20X1\tab \up0 \expndtw
-4\charscalex100 $\tab \up0 \expndtw-4\charscalex100 0\tab \up0 \expndtw-4\chars
calex100 $\tab \up0 \expndtw-4\charscalex100 0\par\pard\li1989\sb21\sl-230\slmul
t0\fi479\tx3909\tx5949 \up0 \expndtw-4\charscalex100 20X2\tab \up0 \expndtw-4\ch
arscalex100 35,000\tab \up0 \expndtw-4\charscalex100 5,250\par\pard\li1989\sb20\
sl-230\slmult0\fi479\tx3909\tx5829 \up0 \expndtw-4\charscalex100 20X3\tab \up0 \

expndtw-4\charscalex100 68,000\tab \up0 \expndtw-4\charscalex100 12,000\par\pard
\li1989\sb19\sl-230\slmult0\fi479\tx3669\tx5709 \up0 \expndtw-4\charscalex100 20
X4\tab \up0 \expndtw-4\charscalex100 -120,000\tab \up0 \expndtw-4\charscalex100
(17,250) tax refund of all prior\par\pard\ql \li7149\sb10\sl-230\slmult0 \up0 \e
xpndtw-3\charscalex100 taxes paid \par\pard\li2469\sb31\sl-230\slmult0\fi0\tx390
9\tx5949 \up0 \expndtw-3\charscalex100 20X5\tab \up0 \expndtw-3\charscalex100 52
,000\tab \up0 \expndtw-3\charscalex100 5,250*\par\pard\ql \li2589\sb0\sl-230\slm
ult0 \par\pard\ql\li2589\sb219\sl-230\slmult0 \up0 \expndtw-7\charscalex100 *Los
s carryforward through 20X4 = \par\pard\ql \li3189\sb150\sl-230\slmult0 \up0 \
expndtw-9\charscalex91 -$120,000 + $35,000 + $68,000 = -$17,000 \par\pard\
ql \li2709\sb0\sl-230\slmult0 \par\pard\ql\li2709\sb180\sl-230\slmult0 \up0 \exp
ndtw-9\charscalex92 Taxable income in 20X5 = $52,000 - $17,000 = $35,000
2589\tx8181 \up0 \expndtw-3\charscalex100 5. \tab \up0 \expndtw-6\charscalex100
a)
The expected real rate of return is \tab \up0 \expndtw-5\charscalex1
00 5 percent, and the \par\pard\ql \li3189\sb0\sl-230\slmult0 \par\pard\ql\li
3189\sb40\sl-230\slmult0 \up0 \expndtw-5\charscalex100 inflation premium is 4 p
ercent. \par\pard\ql \li2589\ri1051\sb47\sl-500\slmult0\tx3189\tx3189\tx3189\tx3
189 \up0 \expndtw-8\charscalex91 b)
The lender gains in that his real
return is 7 percent instead \line\tab \up0 \expndtw-6\charscalex100 of the
5 percent that was expected.
In contrast, the borrower \line \tab \up0 \expnd
tw-9\charscalex93 suffers in having to pay a higher real return than e
xpected. \line \tab \up0 \expndtw-3\charscalex100 In other words, the loan is re
paid with more expensive dollars \line \tab \up0 \expndtw-3\charscalex100 than a
nticipated. \par\pard\ql \li2589\sb224\sl-230\slmult0\tx3837 \up0 \expndtw-9\cha
rscalex94 c)
With \tab \up0 \expndtw-9\charscalex95 6 percent inflation, t
he real return of the lender is \par\pard\ql \li3189\sb0\sl-230\slmult0 \p
ar\pard\ql\li3189\sb40\sl-230\slmult0 \up0 \expndtw-4\charscalex100 only 3 perc
ent, so he suffers whereas the borrower gains. \par\pard\li1989\sb0\sl-230\slmul
t0\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb207\sl-230\slmult0\fi0\t
x2589\tx7389 \up0 \expndtw-3\charscalex100 6.\tab \up0 \expndtw-3\charscalex100
No specific solution is recommended.\tab \up0 \expndtw-3\charscalex100 The stude
nt should consider\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb39\sl-23
0\slmult0\fi599 \up0 \expndtw-3\charscalex100 default risk, maturity, marketabil
ity, and any tax effects.\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0
\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\sl
mult0\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmult0\par\
9\sb23\sl-207\slmult0\fi0\tx10430 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\
cf13\f14\fs18 Van Horne and Wachowicz: \ul0\nosupersub\cf14\f15\fs18 Fundamental
s of Financial Management,\ul0\nosupersub\cf13\f14\fs18 12e\tab \up0 \expndtw-2
\charscalex100 \ul0\nosupersub\cf15\f16\fs18 21\par\pard\sect\sectd\fs24\paperw1
1900\paperh16840\pard\sb0\sl-240{\bkmkstart Pg24}{\bkmkend Pg24}\par\pard\li1989
\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb81\sl-2
07\slmult0\fi0\tx7853 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs1
8 Chapter 2: The Business, Tax, and Financial Environments\tab \up0 \expndtw-2\c
harscalex100 Pearson Education Limited 2005\par\pard\ql \li1989\sb0\sl-230\slmul
t0 \par\pard\ql\li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb0\sl-230\slmult0
\up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf27\f28\fs20 SOLUTIONS TO SELF-CO
RRECTION PROBLEMS \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb
0\sl-230\slmult0 \par\pard\ql\li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb0\
sl-230\slmult0 \par\pard\ql\li1989\sb230\sl-230\slmult0\tx2589\tx3189 \up0 \expn
dtw-3\charscalex100 \ul0\nosupersub\cf28\f29\fs20 1. \tab \up0 \expndtw-3\charsc
alex100 a. \tab \up0 \expndtw-8\charscalex100 Henry is responsible for all
liabilities, book as well as \par\pard\qj \li3189\ri1050\sb47\sl-500\slmult0
\up0 \expndtw-8\charscalex92 contingent.
If the lawsuit were lost, he
would lose all his \line \up0 \expndtw-9\charscalex92 net assets, as repre
sented by a net worth of \up0 \expndtw-9\charscalex92 $467,000. \par\pard\q

l \li3189\sb224\sl-230\slmult0\tx9388 \up0 \expndtw-9\charscalex96 Without the
lawsuit, he still is responsible for \tab \up0 \expndtw-8\charscalex100 $9
0,000 in \par\pard\qj \li3189\ri1051\sb47\sl-500\slmult0 \up0 \expndtw-9\charsc
alex93 liabilities if for some reason the business is unable to pay \u
p0 \expndtw-9\charscalex94 them. \par\pard\ql \li2589\sb224\sl-230\slmult0\tx318
9 \up0 \expndtw-3\charscalex100 b. \tab \up0 \expndtw-3\charscalex100 He still c
ould lose all his net assets because Kobayashi's net \par\pard\ql \li3189\sb0\sl
-230\slmult0 \par\pard\ql\li3189\sb40\sl-230\slmult0 \up0 \expndtw-9\charscalex9
5 worth is insufficient to make a major dent in the lawsuit: \par\pard
\li3189\sb0\sl-230\slmult0\par\pard\li3189\sb49\sl-230\slmult0\fi0\tx4341\tx4653
\tx5685\tx5997\tx7461 \up0 \expndtw-5\charscalex100 $600,000\tab \up0 \expndtw-5
\charscalex100 -\tab \up0 \expndtw-5\charscalex100 $36,000\tab \up0 \expndtw-5\c
harscalex100 =\tab \up0 \expndtw-5\charscalex100 $564,000.\tab \up0 \expndtw-5\c
harscalex100 As the two partners have\par\pard\qj \li3189\ri1050\sb38\sl-500
\slmult0 \up0 \expndtw-9\charscalex94 substantially different net worths, th
ey do not share equally \up0 \expndtw-9\charscalex95 in the risk.
Henry h
as much more to lose. \par\pard\ql \li2589\sb224\sl-230\slmult0\tx3189 \up0 \exp
ndtw-3\charscalex100 c. \tab \up0 \expndtw-3\charscalex100 Under the corporate f
orm, he could lose the business, but that \par\pard\qj \li3189\ri1051\sb47\sl-50
0\slmult0 \up0 \expndtw-9\charscalex95 is all.
The net worth of the business
is $263,000 - $90,000 = \line \up0 \expndtw-3\charscalex100 $173,000, and th
is represents Henry's personal financial stake \line \up0 \expndtw-8\charscalex9
2 in the business.
The remainder of his net worth, $467,000 -\par\pa
rd\li3189\sb0\sl-230\slmult0\par\pard\li3189\sb4\sl-230\slmult0\fi0\tx4315\tx460
0 \up0 \expndtw-7\charscalex100 $173,000\tab \up0 \expndtw-7\charscalex100 =\tab
\up0 \expndtw-7\charscalex100 $294,000, would be protected under the corp
orate\par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\sb40\sl-230\slmult0\fi0
\up0 \expndtw-7\charscalex100 form.\par\pard\li1989\sb0\sl-207\slmult0\par\pard
\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb
0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\s
0\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmult0\par\pard
192\sl-207\slmult0\fi0\tx10430 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf1
hapter 2: The Business, Tax, and Financial Environments\tab \up0 \expndtw-4\char
ndtw-4\charscalex100 \ul0\nosupersub\cf28\f29\fs20 2.
Depreciation charges fo
r the equipment:\par\pard\li4629\sb0\sl-230\slmult0\par\pard\li4629\sb0\sl-230\s
lmult0\par\pard\li4629\sb0\sl-230\slmult0\par\pard\li4629\sb9\sl-230\slmult0\fi0
\tx5709\tx7149 \up0 \expndtw-3\charscalex100 Year\tab \up0 \expndtw-3\charscalex
100 Percent\tab \up0 \expndtw-3\charscalex100 Amount\par\pard\li4629\sb0\sl-230\
slmult0\par\pard\li4629\sb0\sl-230\slmult0\par\pard\li4629\sb13\sl-230\slmult0\f
i119\tx5709\tx6789 \up0 \expndtw-3\charscalex100 1\tab \up0 \expndtw-3\charscale
x100 20.00%\tab \up0 \expndtw-3\charscalex100 $ 3,200.00\par\pard\li4629\sb124\
sl-230\slmult0\fi119\tx5709\tx7029 \up0 \expndtw-3\charscalex100 2\tab \up0 \exp
ndtw-3\charscalex100 32.00\tab \up0 \expndtw-3\charscalex100 5,120.00\par\pard\l
i4629\sb150\sl-230\slmult0\fi119\tx5709\tx7029 \up0 \expndtw-3\charscalex100 3\t
ab \up0 \expndtw-3\charscalex100 19.20\tab \up0 \expndtw-3\charscalex100 3,072.0
0\par\pard\li4629\sb150\sl-230\slmult0\fi119\tx5709\tx7029 \up0 \expndtw-3\chars
calex100 4\tab \up0 \expndtw-3\charscalex100 11.52\tab \up0 \expndtw-3\charscale

x100 1,843.20\par\pard\li4629\sb150\sl-230\slmult0\fi119\tx5709\tx7029 \up0 \exp
ndtw-3\charscalex100 5\tab \up0 \expndtw-3\charscalex100 11.52\tab \up0 \expndtw
-3\charscalex100 1,843.20\par\pard\li4629\sb150\sl-230\slmult0\fi119\tx5829\tx72
69 \up0 \expndtw-3\charscalex100 6\tab \up0 \expndtw-3\charscalex100 5.76\tab \u
p0 \expndtw-3\charscalex100 921.60\par\pard\li4629\sb0\sl-230\slmult0\par\pard\l
i4629\sb43\sl-230\slmult0\fi240\tx6789 \up0 \expndtw-3\charscalex100 \ul0\nosupe
rsub\cf27\f28\fs20 Total\tab \up0 \expndtw-3\charscalex100 $16,000.00\par\pard\l
i1989\sb0\sl-230\slmult0\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb0\
ult0\par\pard\li1989\sb176\sl-230\slmult0\fi0\tx2589\tx3682\tx7588 \up0 \expndtw
-9\charscalex94 \ul0\nosupersub\cf28\f29\fs20 3.\tab \up0 \expndtw-9\charscalex9
4 a.
At\tab \up0 \expndtw-9\charscalex94 $2 million in expenses per\t
ab \up0 \expndtw-9\charscalex94 $100 million in loans,\par\pard\ql \li3189
\sb0\sl-230\slmult0 \par\pard\ql\li3189\sb37\sl-230\slmult0\tx6829 \up0 \expndtw
-8\charscalex100 administrative costs come to \tab \up0 \expndtw-9\charscalex
95 2 percent.
Therefore, to just \par\pard\ql \li3189\sb0\sl-230\slmult0 \
par\pard\ql\li3189\sb40\sl-230\slmult0\tx8829\tx10509 \up0 \expndtw-9\charscalex
94 break even, the firm must set rates so that \tab \up0 \expndtw-9\char
scalex95 (at least) a \tab \up0 \expndtw-2\charscalex100 2 \par\pard\qj \li318
9\ri1050\sb47\sl-500\slmult0 \up0 \expndtw-8\charscalex100 percent difference
exists between the deposit interest rate \line \up0 \expndtw-5\charscalex10
0 and the mortgage rate.
In addition, market conditions dictate \line \up0 \e
xpndtw-5\charscalex100 that \up0 \expndtw-9\charscalex96 3 percent is the fl
oor for the deposit rate, while \up0 \expndtw-5\charscalex100 7 \par\pard\q
j \li3189\ri1050\sb0\sl-500\slmult0 \up0 \expndtw-9\charscalex94 percent is th
e ceiling for the mortgage rate.
Suppose that \line \up0 \expndtw-9\cha
rscalex95 Wallopalooza wished to increase the current deposit rate and \
line \up0 \expndtw-3\charscalex100 lower the current mortgage rate by equal amou
nts while earning \line \up0 \expndtw-8\charscalex91 a before-tax return spre
ad of 1 percent.
It would then offer \line \up0 \expndtw-9\charscalex91
a deposit rate of \up0 \expndtw-9\charscalex91 3.5 percent and a mortgag
e rate of \up0 \expndtw-9\charscalex91 6.5 \par\pard\qj \li3189\ri1051\sb0\sl500\slmult0 \up0 \expndtw-9\charscalex93 percent.
Of course, other answers
are possible, depending on \up0 \expndtw-9\charscalex94 your profit assumpt
ions. \par\pard\ql \li2589\ri1051\sb0\sl-500\slmult0\tx3189 \up0 \expndtw-6\char
scalex100 b.
Before-tax profit of 1 percent on $100 million in loans equals
\line\tab \up0 \expndtw-6\charscalex100 \ul0\nosupersub\cf27\f28\fs20 $1 millio
n\ul0\nosupersub\cf28\f29\fs20 . \par\pard\li1989\sb0\sl-207\slmult0\par\pard\li
00 \ul0\nosupersub\cf13\f14\fs18 Van Horne and Wachowicz: \ul0\nosupersub\cf14\f
15\fs18 Fundamentals of Financial Management,\ul0\nosupersub\cf13\f14\fs18 12e\
tab \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf15\f16\fs18 23\par\pard\sect
\sectd\fs24\paperw11900\paperh16840\pard\sb0\sl-240{\bkmkstart Pg26}{\bkmkend Pg
26}\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmult0\par\pa
rd\li1989\sb81\sl-207\slmult0\fi0\tx7853 \up0 \expndtw-2\charscalex100 \ul0\nosu
persub\cf13\f14\fs18 Chapter 2: The Business, Tax, and Financial Environments\ta
b \up0 \expndtw-2\charscalex100 Pearson Education Limited 2005\par\pard\ql \li19
\sb148\sl-230\slmult0\tx2589 \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf28\
f29\fs20 4. \tab \up0 \expndtw-6\charscalex100 a.
The premium attributabl
e to default risk and lower \par\pard\li2589\sb151\sl-230\slmult0\fi59
9 \up0 \expndtw-6\charscalex100 marketability is 9% - 7.25% = \ul0\nosupersu
b\cf27\f28\fs20 1.75%\ul0\nosupersub\cf28\f29\fs20 .\par\pard\li2589\sb0\sl-230
\slmult0\par\pard\li2589\sb16\sl-230\slmult0\fi0\tx8205\tx8961\tx9237\tx9633\tx9
909 \up0 \expndtw-9\charscalex95 b.
The premium attributable to maturity
is\tab \up0 \expndtw-6\charscalex100 7.25%\tab \up0 \expndtw-6\charscalex100 -\
tab \up0 \expndtw-6\charscalex100 6%\tab \up0 \expndtw-6\charscalex100 =\tab \up
0 \expndtw-6\charscalex100 \ul0\nosupersub\cf27\f28\fs20 1.25%\ul0\nosupersub\cf

28\f29\fs20 .\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb40\sl-230\slm
ult0\fi599 \up0 \expndtw-6\charscalex100 In this case, default risk is held cons
tant and marketability,\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb40\
sl-230\slmult0\fi599 \up0 \expndtw-6\charscalex100 for the most part, is also he
ld constant.\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmul
upersub\cf15\f16\fs18 24\par\pard\sect\sectd\fs24\paperw11900\paperh16840{\shp
z-10000\shplid26
ffd8ffe000104a46494600010101006000600000ffdb004300010101010101010101010101010101
01010101010101010101010101010101010101010101010101010101010101010101010101010101
010101010101010101ffdb0043010101010101010101010101010101010101010101010101010101
0101010101010101010101010101010101010101010101010101010101010101010101010101ffc0
00110803e702c203012200021101031101ffc4001f00000105010101010101000000000000000001
02030405060708090a0bffc400b5100002010303020403050504040000017d010203000411051221
31410613516107227114328191a1082342b1c11552d1f02433627282090a161718191a2526272829
2a3435363738393a434445464748494a535455565758595a636465666768696a737475767778797a
0101010101010101010000000000000102030405060708090a0bffc400b511000201020404030407
05040400010277000102031104052131061241510761711322328108144291a1b1c109233352f015
6272d10a162434e125f11718191a262728292a35363738393a434445464748494a53545556575859
5a636465666768696a737475767778797a82838485868788898a92939495969798999aa2a3a4a5a6
0028a28a0028a28a0028a28a0028a28a0028a28a002bf357fe0acffb5c7c50fd88bf631f16fc7ef8
3d67e10bef1ce8be36f86de1cb183c73a65f6ade1d365e2ef1769fa16a6f7567a76b1a15c99a3b2b
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Pearson Education Limited 2005 \par\pard\ql \li2474\sb0\sl-414\slmult0 \par\pard

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ndtw0\charscalex97 \ul0\nosupersub\cf26\f27\fs36 Part 2 \par\pard\ql \li2474\sb4
06\sl-414\slmult0 \up0 \expndtw0\charscalex97 Valuation \par\pard\ql \li4149\sb0
\sl-690\slmult0 \par\pard\ql\li4149\sb0\sl-690\slmult0 \par\pard\ql\li4149\sb138
\sl-690\slmult0 \up0 \expndtw0\charscalex97 \ul0\nosupersub\cf22\f23\fs60 3 \par
\pard\ql \li4149\sb5\sl-575\slmult0 \up0 \expndtw0\charscalex97 \ul0\nosupersub\
cf23\f24\fs50 The Time Value of Money \par\pard\qj \li3346\sb0\sl-380\slmult0 \p
\li3346\sb0\sl-380\slmult0 \par\pard\qj\li3346\sb0\sl-380\slmult0 \par\pard\qj\l
i3346\sb0\sl-380\slmult0 \par\pard\qj\li3346\ri1016\sb247\sl-380\slmult0 \up0 \e
xpndtw0\charscalex102 \ul0\nosupersub\cf25\f26\fs32 The chief value of money lie
s in the fact that one lives \up0 \expndtw0\charscalex103 in a world in which it
is overestimated. \par\pard\ql \li8630\sb0\sl-368\slmult0 \par\pard\ql\li8630\s
b22\sl-368\slmult0 \up0 \expndtw0\charscalex94 H.L. MENCKEN \par\pard\ql \li6448
\sb32\sl-368\slmult0 \up0 \expndtw0\charscalex100 From A Mencken Chrestomathy \p
ar\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li
rd\li1989\sb188\sl-207\slmult0\fi0\tx10430 \up0 \expndtw-2\charscalex100 \ul0\no
expndtw-2\charscalex100 \ul0\nosupersub\cf15\f16\fs18 25\par\pard\sect\sectd\fs2
4\paperw11900\paperh16840\pard\sb0\sl-240{\bkmkstart Pg28}{\bkmkend Pg28}\par\pa
sb115\sl-207\slmult0\fi0\tx7853 \up0 \expndtw-4\charscalex100 \ul0\nosupersub\cf
13\f14\fs18 Chapter 3: The Time Value of Money\tab \up0 \expndtw-4\charscalex100
Pearson Education Limited 2005\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li19
89\sb0\sl-230\slmult0\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb0\sl230\slmult0\par\pard\li1989\sb25\sl-230\slmult0\fi0 \up0 \expndtw-5\charscalex10
0 \ul0\nosupersub\cf27\f28\fs20 ANSWERS TO QUESTIONS\par\pard\li1989\sb0\sl-230\
r\pard\li1989\sb72\sl-230\slmult0\fi0\tx2589\tx8013 \up0 \expndtw-5\charscalex10
0 \ul0\nosupersub\cf28\f29\fs20 1.\tab \up0 \expndtw-7\charscalex100 Simple int
erest is interest that is paid\tab \up0 \expndtw-5\charscalex100 (earned)
on only the\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb41\sl-230\slm
ult0\fi599 \up0 \expndtw-5\charscalex100 original amount, or principal, borrowed
(lent).\par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb0\sl-230\
slmult0 \par\pard\ql\li1989\sb186\sl-230\slmult0\tx2589 \up0 \expndtw-3\charscal
ex100 2. \tab \up0 \expndtw-8\charscalex96 With compound interest, interes
t payments are added to the \par\pard\qj \li2589\ri1050\sb47\sl-500\sl
mult0 \up0 \expndtw-5\charscalex100 principal and both then earn interest
for subsequent periods. \up0 \expndtw-8\charscalex96 Hence interest is comp
ounded.
The greater the number of periods \up0 \expndtw-8\charscalex100
and the more times a period interest is paid, the greater the \up0 \e
xpndtw-8\charscalex100 compounding and future value. \par\pard\ql \li1989\sb0\sl
-230\slmult0 \par\pard\ql\li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb144\sl
-230\slmult0\tx2589 \up0 \expndtw-3\charscalex100 3. \tab \up0 \expndtw-8\charsc
alex97 The answer here will vary according to the individual.
Common
\par\pard\ql \li2589\sb0\sl-230\slmult0 \par\pard\ql\li2589\sb40\sl-230\slmult0
\up0 \expndtw-3\charscalex100 answers include a savings account and a mortgage
loan. \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb0\sl-230\slm
ult0 \par\pard\ql\li1989\sb190\sl-230\slmult0\tx2589 \up0 \expndtw-3\charscalex1
00 4. \tab \up0 \expndtw-8\charscalex91 An annuity is a series of cash re
ceipts of the same amount over a \par\pard\qj \li2589\ri1051\sb47\sl-500\s
lmult0 \up0 \expndtw-8\charscalex92 period of time.

It is worth less than
a lump sum equal to the sum \line \up0 \expndtw-9\charscalex92 of the annu
ities to be received because of the time value of money. \par\pard\ql \li1989\sb
0\sl-230\slmult0 \par\pard\ql\li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb14
4\sl-230\slmult0\tx2589 \up0 \expndtw-3\charscalex100 5. \tab \up0 \expndtw-8\ch
arscalex97 Interest compounded continuously.
It will result in the hig
hest \par\pard\ql \li2589\sb0\sl-230\slmult0 \par\pard\ql\li2589\sb40\sl-230\slm
ult0 \up0 \expndtw-3\charscalex100 terminal value possible for a given nominal r
ate of interest. \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb0
\sl-230\slmult0 \par\pard\ql\li1989\sb190\sl-230\slmult0\tx2589\tx5901 \up0 \exp
ndtw-3\charscalex100 6. \tab \up0 \expndtw-8\charscalex100 In calculating the
future \tab \up0 \expndtw-9\charscalex96 (terminal) value, we need to know
the \par\pard\qj \li2589\ri1051\sb47\sl-500\slmult0 \up0 \expndtw-5\charscalex
100 beginning amount, the interest rate, and the number of periods.
In \line
\up0 \expndtw-8\charscalex92 calculating the present value, we need to kn
ow the future value or \line \up0 \expndtw-8\charscalex93 cash flow, the
interest or discount rate, and the number of peri-\line \up0 \expndtw-9\
charscalex93 ods.
Thus, there is only a switch of two of the four variables.
mult0\par\pard\li1989\sb120\sl-207\slmult0\fi0\tx10430 \up0 \expndtw-2\charscale
x100 \ul0\nosupersub\cf13\f14\fs18 Van Horne and Wachowicz: \ul0\nosupersub\cf14
\f15\fs18 Fundamentals of Financial Management,\ul0\nosupersub\cf13\f14\fs18 12
e\tab \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf15\f16\fs18 26\par\pard\se
ct\sectd\fs24\paperw11900\paperh16840\pard\sb0\sl-240{\bkmkstart Pg29}{\bkmkend
Pg29}\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmult0\par\
pard\li1989\sb115\sl-207\slmult0\fi0\tx7853 \up0 \expndtw-7\charscalex100 \ul0\n
osupersub\cf13\f14\fs18 Chapter 3: The Time Value of Money\tab \up0 \expndtw-7\c
harscalex100 Pearson Education Limited 2005\par\pard\li1989\sb0\sl-230\slmult0\p
ar\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb211\sl-230\slmult0\fi0\tx258
9 \up0 \expndtw-8\charscalex100 \ul0\nosupersub\cf28\f29\fs20 7.\tab \up0 \expnd
tw-7\charscalex100 They facilitate calculations by being able to multiply
the cash\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl-230\slmul
t0\fi599\tx8469 \up0 \expndtw-8\charscalex100 flow by the appropriate di
scount factor.\tab \up0 \expndtw-8\charscalex100 Otherwise, it is\par\pard
\qj \li2589\ri1050\sb30\sl-500\slmult0 \up0 \expndtw-8\charscalex93 necessary t
o raise 1 plus the discount rate to the nth power and \up0 \expndtw-8
\charscalex100 divide.
Prior to electronic calculators, the latter was
quite \up0 \expndtw-8\charscalex93 laborious.
With the advent of calcul
ators, it is much easier and \up0 \expndtw-9\charscalex93 the advantage of
present-value tables is lessened. \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\p
ard\ql\li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb144\sl-230\slmult0\tx2589
\up0 \expndtw-3\charscalex100 8. \tab \up0 \expndtw-3\charscalex100 Interest co
mpounded as few times as possible during the five years. \par\pard\qj \li2589\ri
1051\sb47\sl-500\slmult0 \up0 \expndtw-8\charscalex94 Realistically, it is li
kely to be at least annually.
Compounding \up0 \expndtw-9\charscalex94 m
ore times will result in a lower present value. \par\pard\ql \li1989\sb0\sl-230\
slmult0\tx2589 \up0 \expndtw-3\charscalex100 9. \tab \up0 \expndtw-6\charscalex1
00 For interest rates likely to be encountered in normal business \par\
pard\ql \li2589\sb0\sl-230\slmult0 \par\pard\ql\li2589\sb40\sl-230\slmult0\tx566
1 \up0 \expndtw-8\charscalex100 situations the "Rule of \tab \up0 \expndtw-9\
charscalex96 72" is a pretty accurate money doubling \par\pard\qj \li2589\
ri1051\sb47\sl-500\slmult0 \up0 \expndtw-5\charscalex100 rule.
Since it is ea
sy to remember and involves a calculation that \up0 \expndtw-5\charscalex100 can
be done in your head, it has proven useful. \par\pard\li1989\sb0\sl-230\slmult0
\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb161\sl-230\slmult0\fi0 \up
0 \expndtw-8\charscalex98 10. Decreases at a
decreasing
rate.
The
present value equation,\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\s
b40\sl-230\slmult0\fi599\tx3222\tx7411\tx9429 \up0 \expndtw-9\charscalex97 1/(1\

tab \up0 \expndtw-9\charscalex92 +i)n, is such that as you divide\tab \up0
\expndtw-9\charscalex97 1 by increasing\tab \up0 \expndtw-9\charscalex97 (lin
early)\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb41\sl-230\slmult0\fi
599 \up0 \expndtw-9\charscalex97 amounts of i, present value decreases tow
ard zero, but at a\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb39\s
l-230\slmult0\fi599 \up0 \expndtw-9\charscalex97 decreasing rate.\par\pard\li198
-230\slmult0\fi0 \up0 \expndtw-8\charscalex98 11. Decreases at a decreasing
rate.
The denominator of the present\par\pard\li1989\sb0\sl-230\slmult
0\par\pard\li1989\sb40\sl-230\slmult0\fi599 \up0 \expndtw-8\charscalex98 value
equation increases at an increasing rate with n.
Therefore,\par\pard\l
i1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl-230\slmult0\fi599 \up0 \expndtw
-9\charscalex97 present value decreases at a decreasing rate.\par\pard\li1989\sb
b\cf15\f16\fs18 27
pbxpage\shpbypage\shpwr3\shpwrk0\shpfblwtxt1\shpz84\shplid0
}
alex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 3: The Time Value of Money\tab \up
0 \expndtw-2\charscalex100 Pearson Education Limited 2005\par\pard\ql \li1989\ri
1051\sb431\sl-500\slmult0\tx2589\tx2589\tx2589 \up0 \expndtw-8\charscalex90 \ul0
\nosupersub\cf28\f29\fs20 12. A lot.
Turning to FVIF Table 3-3 in th
e chapter and tracing down \line\tab \up0 \expndtw-8\charscalex89 the 3 pe
rcent column to 25 years, we see that he will increase his \line \tab
\up0 \expndtw-8\charscalex93 weight by a factor of 2.09 on a compound
basis.
This translates \line \tab \up0 \expndtw-9\charscalex93 into a weight
of about 418 pounds at age 60. \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\p
\f28\fs20 SOLUTIONS TO PROBLEMS \par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1
-230\slmult0\fi0\tx2589 \up0 \expndtw-9\charscalex92 \ul0\nosupersub\cf28\f29\fs
20 1.\tab \dn2 \expndtw-9\charscalex92 a)
FVn = P0(1 + i)n\par\pard\li3189\
sb163\sl-230\slmult0\fi0\tx6069\tx6549\tx7749 \dn4 \expndtw-9\charscalex89 (i)
FV3 = $100(2.0)3\tab \up0 \expndtw-9\charscalex89 =\tab \up0 \expndtw-9\ch
arscalex89 $100(8)\tab \up0 \expndtw-9\charscalex89 = $800\par\pard\ql \li3189\
sb149\sl-230\slmult0 \up0 \expndtw-9\charscalex89 (ii)
FV3 = $100(1.10)3 =
$100(1.331) = $133.10 \par\pard\li3189\sb150\sl-230\slmult0\fi0\tx6069\tx654
9\tx7749 \dn4 \expndtw-9\charscalex97 (iii) FV3 = $100(1.0)3\tab \up0 \expndtw
-9\charscalex97 =\tab \up0 \expndtw-9\charscalex97 $100(1)\tab \up0 \expndtw-9\c

harscalex97 = $100\par\pard\ql \li2589\sb0\sl-230\slmult0 \par\pard\ql\li2589\s
b160\sl-230\slmult0 \up0 \expndtw-9\charscalex91 b)
FVn = P0(1 + i)n; FVAn
= R[([1 + i]n - 1)/i] \par\pard\ql \li3191\sb130\sl-230\slmult0\tx8351 \dn3
\expndtw-9\charscalex85 (i)
FV5 = $500(1.10)5 = $500(1.611) = $ \tab
\up0 \expndtw-3\charscalex100 805.50 \par\pard\ql \li3789\sb0\sl-230\slmult0 \pa
r\pard\ql\li3789\sb80\sl-230\slmult0 \up0 \expndtw-9\charscalex91 FVA5 = $100[
([1.10]5 - 1)/(.10)] = \par\pard\li4869\sb1\sl-226\slmult0\fi0\tx8349 \up0 \e
xpndtw-7\charscalex100 $100(6.105) =\tab \up0 \expndtw-7\charscalex100 610.50\p
ar\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\sb42\sl-230\slmult0\fi4830 \up
0 \expndtw-9\charscalex91 $1,416.00\par\pard\li3189\sb0\sl-230\slmult0\par\pard\
li3189\sb52\sl-230\slmult0\fi0\tx8349 \dn2 \expndtw-9\charscalex87 (ii)
FV5
= $500(1.05)5 = $500(1.276) = $\tab \up0 \expndtw-9\charscalex91 638.00\par
\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\sb67\sl-230\slmult0\fi599 \up0 \
expndtw-9\charscalex91 FVA5 = $100[([1.05]5 - 1)/(.05)] =\par\pard\li4869\s
b0\sl-207\slmult0\fi0\tx8349 \up0 \expndtw-7\charscalex100 $100(5.526) =\tab \u
i3189\sb43\sl-230\slmult0\fi4799 \up0 \expndtw-9\charscalex94 $1,190.60\par\pard
\dn4 \expndtw-9\charscalex94 (iii) FV5 = $500(1.0)5 = $500(1) =\tab \up0 \
expndtw-9\charscalex94 $\tab \up0 \expndtw-9\charscalex94 500.00\par\pard\li3189
\sb0\sl-230\slmult0\par\pard\li3189\sb3\sl-230\slmult0\fi719\tx8349 \dn3 \expndt
w-9\charscalex94 FVA5 = $100(5)* =\tab \up0 \expndtw-9\charscalex94 500.00\pa
r\pard\ql \li7989\sb0\sl-230\slmult0 \par\pard\ql\li7989\sb20\sl-230\slmult0 \up
0 \expndtw-3\charscalex100 $1,000.00 \par\pard\ql \li3909\ri2372\sb246\sl-260\sl
mult0\tx4149 \up0 \expndtw-3\charscalex100 *[Note: We had to invoke l'Hospital's
rule in \line\tab \up0 \expndtw-7\charscalex100 the special case where i = 0;
in short, \par\pard\ql \li4149\sb45\sl-230\slmult0 \up0 \expndtw-9\charscalex92
FVIFAn = n when i = 0.] \par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\
sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207
\slmult0\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmult0\p
1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb185
\sl-207\slmult0\fi0\tx10430 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf13\f
14\fs18 Van Horne and Wachowicz: \ul0\nosupersub\cf14\f15\fs18 Fundamentals of F
inancial Management,\ul0\nosupersub\cf13\f14\fs18 12e\tab \up0 \expndtw-2\chars
calex100 \ul0\nosupersub\cf15\f16\fs18 28
bxpage\shpbypage\shpwr3\shpwrk0\shpfblwtxt1\shpz313\shplid0{\sp{\sn shapeType}{\
sv 20}}{\sp{\sn fBehindDocument}{\sv 1}}{\sp{\sn lineColor}{\sv 65793}}{\sp{\sn
}}
hpbxpage\shpbypage\shpwr3\shpwrk0\shpfblwtxt1\shpz313\shplid1{\sp{\sn shapeType}
{\sv 20}}{\sp{\sn fBehindDocument}{\sv 1}}{\sp{\sn lineColor}{\sv 65793}}{\sp{\s
n lineWidth}{\sv 11312}}
}}
0 \expndtw-2\charscalex100 Pearson Education Limited 2005\par\pard\ql \li3189\sb
\sl-230\slmult0 \up0 \expndtw-9\charscalex91 \ul0\nosupersub\cf28\f29\fs20 c)
FVn = P0(1 + i)n; FVADn = R[([1 + i]n - 1)/i][1 + i] \par\pard\li3549\sb0
\sl-230\slmult0\par\pard\li3549\sb160\sl-230\slmult0\fi0\tx9369\tx9729 \dn4 \exp
ndtw-9\charscalex93 (i)
FV6 = $500(1.10)6 = $500(1.772) =\tab \up0 \expn
dtw-9\charscalex93 $\tab \up0 \expndtw-9\charscalex93 886.00\par\pard\ql \li4149
\sb150\sl-230\slmult0 \up0 \expndtw-9\charscalex92 FVAD5 = $100[([1.10]5 - 1
)/(.10)] x [1.10] = \par\pard\li5109\sb8\sl-230\slmult0\fi0\tx9669 \up0 \expnd
tw-9\charscalex93 $100 (6.105)\t \up0 \expndtw-9\charscalex97 (1.10) =\tab \up0
\expndtw-9\charscalex97 671.55\par\pard\ql \li9309\sb0\sl-230\slmult0 \par\pard
\ql\li9309\sb22\sl-230\slmult0 \up0 \expndtw-3\charscalex100 $1,557.55 \par\pard
9 \dn4 \expndtw-9\charscalex92 (ii) FV6 = $500(1.05)6 = $500(1.340) =\tab
\up0 \expndtw-9\charscalex92 $\tab \up0 \expndtw-9\charscalex92 670.00\par\pard
\ql \li4149\sb149\sl-230\slmult0 \up0 \expndtw-9\charscalex92 FVAD5 = $100[([1
.05]5 - 1)/(.05)] x [1.05] = \par\pard\li5109\sb7\sl-230\slmult0\fi0\tx9669
\up0 \expndtw-9\charscalex93 $100 (5.526)\t \up0 \expndtw-9\charscalex97 (1.05)
=\tab \up0 \expndtw-9\charscalex97 580.23\par\pard\ql \li9309\sb0\sl-230\slmult
0 \par\pard\ql\li9309\sb23\sl-230\slmult0 \up0 \expndtw-3\charscalex100 $1,250.2
3 \par\pard\li3609\sb0\sl-230\slmult0\par\pard\li3609\sb98\sl-230\slmult0\fi0\tx
9369\tx9729 \dn4 \expndtw-9\charscalex93 (iii) FV6 = $500(1.0)6 = $500(1) =
\tab \up0 \expndtw-9\charscalex93 $\tab \up0 \expndtw-9\charscalex93 500.00\par\
pard\li3609\sb1\sl-220\slmult0\fi419\tx9741 \dn2 \expndtw-9\charscalex93 FVAD5
= $100(5) =\tab \up0 \expndtw-9\charscalex93 500.00\par\pard\li2589\sb0\sl-230
\slmult0\par\pard\li2589\sb30\sl-230\slmult0\fi6828 \up0 \expndtw-9\charscalex89
$1,000.00\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb29\sl-230\slmult
0\fi0 \up0 \expndtw-9\charscalex89 d)
FVn = PV0(1 + [i/m])mn\par\pard\li
2589\sb0\sl-230\slmult0\par\pard\li2589\sb183\sl-230\slmult0\fi599\tx8709 \dn3 \
expndtw-9\charscalex89 (i)
FV3 = $100(1 + [1/4])12 = $100(14.552)\tab
\up0 \expndtw-9\charscalex89 = $1,455.20\par\pard\li2589\sb130\sl-230\slmult0\
fi599\tx9309 \dn3 \expndtw-9\charscalex89 (ii)
FV3 = $100(1 + [.10/4])12
= $100(1.345) = $\tab \up0 \expndtw-9\charscalex89 134.50\par\pard\ql \li258
9\sb0\sl-380\slmult0 \par\pard\ql\li2589\ri1052\sb7\sl-380\slmult0\tx3189\tx3189
\tx3189 \up0 \expndtw-4\charscalex100 e)
The more times a year interest is pa
id, the greater the future \line\tab \up0 \expndtw-5\charscalex100 value.
It
is particularly important when the interest rate is \line \tab \up0 \expndtw-3\c
harscalex100 high, as evidenced by the difference in solutions between \line \ta
b \up0 \expndtw-9\charscalex91 Parts 1.a) (i) and 1.d) (i). \par\pard\ql \li
89\sb184\sl-230\slmult0 \up0 \expndtw-9\charscalex90 f)
FVn = PV0(1 + [i
/m])mn; FVn = PV0(e)in \par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\sb57
\sl-230\slmult0\fi0\tx3909 \up0 \expndtw-9\charscalex93 (i)\tab \up0 \expndtw-9\
charscalex93 $100(1 + [.10/1])10 = $100(2.594) = $259.40\par\pard\li3189\s
b125\sl-230\slmult0\fi0\tx3909 \up0 \expndtw-9\charscalex93 (ii)\tab \up0 \expnd
tw-9\charscalex93 $100(1 + [.10/2])20 = $100(2.653) = $265.30\par\pard\li3
189\sb149\sl-230\slmult0\fi0\tx3909 \up0 \expndtw-9\charscalex93 (iii)\tab \up0
\expndtw-9\charscalex93 $100(1 + [.10/4])40 = $100(2.685) = $268.50\par\pa
rd\li3189\sb150\sl-230\slmult0\fi0\tx3909 \up0 \expndtw-9\charscalex93 (iv)\tab
\up0 \expndtw-9\charscalex93 $100(2.71828)1 = $271.83\par\pard\li1989\sb0\sl-2
30\slmult0\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb166\sl-230\slmul
t0\fi0\tx2589 \up0 \expndtw-9\charscalex88 2.\tab \dn2 \expndtw-9\charscalex88 a
)
P0 = FVn[1/(1 + i)n]\par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189
\sb91\sl-230\slmult0\fi0\tx3909 \up0 \expndtw-9\charscalex95 (i)\tab \up0 \expnd
tw-9\charscalex95 $100[1/(2)3] = $100(.125) = $12.50\par\pard\li3189\sb124\s
l-230\slmult0\fi0\tx3909 \up0 \expndtw-9\charscalex95 (ii)\tab \up0 \expndtw-9\c
harscalex95 $100[1/(1.10)3] = $100(.751) = $75.10\par\pard\li3189\sb149\sl-2
30\slmult0\fi0\tx3909 \up0 \expndtw-9\charscalex95 (iii)\tab \up0 \expndtw-9\cha
rscalex95 $100[1/(1.0)3] = $100(1) = $100\par\pard\li1989\sb0\sl-207\slmult0
\f14\fs18 Van Horne and Wachowicz: \ul0\nosupersub\cf14\f15\fs18 Fundamentals of
Financial Management,\ul0\nosupersub\cf13\f14\fs18 12e\tab \up0 \expndtw-2\cha
rscalex100 \ul0\nosupersub\cf15\f16\fs18 29
}}
}}
0 \expndtw-2\charscalex100 Pearson Education Limited 2005\par\pard\li2589\sb0\sl
t0\par\pard\li2589\sb175\sl-230\slmult0\fi0 \up0 \expndtw-9\charscalex94 \ul0\no
supersub\cf28\f29\fs20 b)
PVAn = R[(1 -[1/(1 + i)n])/i]\par\pard\li2589\sb
110\sl-230\slmult0\fi599\tx3909 \up0 \expndtw-9\charscalex94 (i)\tab \up0 \expnd
tw-9\charscalex94 $500[(1 -[1/(1 + .04)3])/.04] = $500(2.775) = $1,387.50
\par\pard\li2589\sb150\sl-230\slmult0\fi599\tx3909\tx9789 \up0 \expndtw-9\charsc
alex94 (ii)\tab \up0 \expndtw-9\charscalex91 $500[(1 -[1/(1 + .25)3])/.25] =
$500(1.952) = $\tab \up0 \expndtw-9\charscalex94 976.00\par\pard\li2589\sb0\
sl-230\slmult0\par\pard\li2589\sb209\sl-230\slmult0\fi0 \up0 \expndtw-9\charscal
ex94 c)
P0 = FVn[1/(1 + i)n]\par\pard\li2589\sb111\sl-230\slmult0\fi599\t
x3789\tx4149\tx6549\tx8469 \up0 \expndtw-9\charscalex94 (i)\tab \up0 \expndtw-9\
charscalex94 $\tab \up0 \expndtw-9\charscalex94 100[1/(1.04)1] = $\tab \up0 \e
xpndtw-9\charscalex94 100(.962) = $\tab \up0 \expndtw-9\charscalex94 96.20\par
\pard\li2589\sb150\sl-230\slmult0\fi1559\tx6549\tx8349 \up0 \expndtw-9\charscale
x94 500[1/(1.04)2] =\tab \up0 \expndtw-9\charscalex94 500(.925) =\tab \up0 \ex
pndtw-9\charscalex94 462.50\par\pard\li2589\sb150\sl-230\slmult0\fi1319\tx6309\t
x8349 \up0 \expndtw-9\charscalex94 1,000[1/(1.04)3] =\tab \up0 \expndtw-9\chars
calex94 1,000(.889) =\tab \up0 \expndtw-9\charscalex94 889.00\par\pard\li3189\s
b0\sl-230\slmult0\par\pard\li3189\sb66\sl-230\slmult0\fi4799 \up0 \expndtw-8\cha
rscalex100 $1,447.70\par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\sb144\sl
-230\slmult0\fi0\tx3789\tx4149\tx6549\tx8469 \up0 \expndtw-8\charscalex100 (ii)\
tab \up0 \expndtw-8\charscalex100 $\tab \up0 \expndtw-8\charscalex100 100[1/(1.2
5)1] = $\tab \up0 \expndtw-8\charscalex100 100(.800) = $\tab \up0 \expndtw-8
\charscalex100 80.00\par\pard\li3189\sb150\sl-230\slmult0\fi959\tx6549\tx8349 \u
p0 \expndtw-8\charscalex100 500[1/(1.25)2] =\tab \up0 \expndtw-8\charscalex100
500(.640) =\tab \up0 \expndtw-8\charscalex100 320.00\par\pard\li3189\sb150\sl-2
30\slmult0\fi719\tx6309\tx8349 \up0 \expndtw-8\charscalex100 1,000[1/(1.25)3] =
\tab \up0 \expndtw-8\charscalex100 1,000(.512) =\tab \up0 \expndtw-8\charscalex
100 512.00\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb66\sl-230\slmult
0\fi5399\tx8349 \up0 \expndtw-8\charscalex100 $\tab \up0 \expndtw-8\charscalex10
0 912.00\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb144\sl-230\slmult0
\fi0\tx3189\tx3789\tx8349 \up0 \expndtw-8\charscalex100 d)\tab \up0 \expndtw-8\c
harscalex100 (i)\tab \up0 \expndtw-9\charscalex94 $1,000[1/(1.04)1] = $1,000(.
962) = $\tab \up0 \expndtw-8\charscalex100 962.00\par\pard\li4149\sb150\sl-230
\slmult0\fi0\tx6549\tx8349 \up0 \expndtw-7\charscalex100 500[1/(1.04)2] =\tab \
up0 \expndtw-7\charscalex100 500(.925) =\tab \up0 \expndtw-7\charscalex100 462.
50\par\pard\li4149\sb150\sl-230\slmult0\fi0\tx6549\tx8469 \up0 \expndtw-7\charsc
alex100 100[1/(1.04)3] =\tab \up0 \expndtw-7\charscalex100 100(.889) =\tab \up
0 \expndtw-7\charscalex100 88.90\par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3
189\sb66\sl-230\slmult0\fi4799 \up0 \expndtw-8\charscalex100 $1,513.40\par\pard\
li3189\sb0\sl-230\slmult0\par\pard\li3189\sb144\sl-230\slmult0\fi0\tx3789\tx8349
\up0 \expndtw-8\charscalex100 (ii)\tab \up0 \expndtw-9\charscalex94 $1,000[1/(1

.25)1] = $1,000(.800) = $\tab \up0 \expndtw-8\charscalex100 800.00\par\pard\
li3189\sb150\sl-230\slmult0\fi959\tx6549\tx8349 \up0 \expndtw-8\charscalex100 50
0[1/(1.25)2] =\tab \up0 \expndtw-8\charscalex100 500(.640) =\tab \up0 \expndtw
-8\charscalex100 320.00\par\pard\li3189\sb150\sl-230\slmult0\fi959\tx6549\tx8469
\up0 \expndtw-8\charscalex100 100[1/(1.25)3] =\tab \up0 \expndtw-8\charscalex1
00 100(.512) =\tab \up0 \expndtw-8\charscalex100 51.20\par\pard\ql \li7989\sb0\
sl-230\slmult0 \par\pard\ql\li7989\sb49\sl-230\slmult0 \up0 \expndtw-3\charscale
x100 $1,171.20 \par\pard\ql \li2589\ri1050\sb387\sl-500\slmult0\tx3189\tx3189\tx
3189 \up0 \expndtw-8\charscalex93 e)
The fact that the cash flows are
larger in the first period \line\tab \up0 \expndtw-8\charscalex91 for the
sequence in Part (d) results in their having a higher \line \tab \up0 \
expndtw-5\charscalex100 present value.
The comparison illustrates the desirab
ility of \line \tab \up0 \expndtw-5\charscalex100 early cash flows. \par\pard\ql
\li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb0\sl-230\slmult0 \par\pard\ql\
li1989\sb164\sl-230\slmult0\tx2589 \up0 \expndtw-3\charscalex100 3. \tab \dn2 \e
xpndtw-7\charscalex100 $25,000 = R(PVIFA6%,12) = R(8.384) \par\pard\li1989\sb0
\sl-230\slmult0\par\pard\li1989\sb27\sl-230\slmult0\fi1319 \up0 \expndtw-7\chars
calex100 R = $25,000/8.384 = $2,982\par\pard\li1989\sb0\sl-207\slmult0\par\p
ard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989
\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb153\sl207\slmult0\fi0\tx10430 \up0 \expndtw-6\charscalex100 \ul0\nosupersub\cf13\f14\f
s18 Van Horne and Wachowicz: \ul0\nosupersub\cf14\f15\fs18 Fundamentals of Finan
cial Management,\ul0\nosupersub\cf13\f14\fs18 12e\tab \up0 \expndtw-6\charscale
x100 \ul0\nosupersub\cf15\f16\fs18 30
}}
}}
}}
sl-230\slmult0 \par\pard\ql\li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb54\s
l-230\slmult0\tx2589 \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf28\f29\fs20
4. \tab \dn2 \expndtw-7\charscalex100 $50,000 = R(FVIFA8%,10) = R(14.486) \pa
r\pard\ql \li3309\sb210\sl-230\slmult0 \up0 \expndtw-9\charscalex91 R = $50,00
0/14.486 = $3,452 \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\
sb0\sl-230\slmult0 \par\pard\ql\li1989\sb130\sl-230\slmult0\tx2589 \up0 \expndtw
-3\charscalex100 5. \tab \dn2 \expndtw-9\charscalex96 $50,000 = R(FVIFA8%,10)(1
+ .08) = R(15.645) \par\pard\ql \li3309\sb210\sl-230\slmult0 \up0 \expndtw-9
\charscalex91 R = $50,000/15.645 = $3,196 \par\pard\ql \li1989\sb0\sl-230\sl
mult0 \par\pard\ql\li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb210\sl-230\sl
mult0\tx2589 \up0 \expndtw-3\charscalex100 6. \tab \dn3 \expndtw-8\charscalex100

$10,000 = $16,000(PVIFx%,3) \par\pard\ql \li2589\sb0\sl-230\slmult0 \par\pard
\ql\li2589\sb60\sl-230\slmult0 \up0 \expndtw-9\charscalex94 (PVIFx%,3) = $10,0
00/$16,000 = 0.625 \par\pard\qj \li2589\ri1050\sb7\sl-500\slmult0 \up0 \expndt
w-8\charscalex90 Going to the PVIF table at the back of the book and
looking across \up0 \expndtw-8\charscalex88 the row for n = 3, we find
that the discount factor for 17 percent \up0 \expndtw-9\charscalex88 is
0.624 and that is closest to the number above. \par\pard\li1989\sb0\sl-230\slmul
x2589\tx3669\tx4029\tx7629\tx7989\tx9909\tx10269 \up0 \expndtw-3\charscalex100 7
.\tab \up0 \expndtw-3\charscalex100 $10,000\tab \up0 \expndtw-3\charscalex100 =\
tab \up0 \expndtw-3\charscalex100 $3,000\t \dn4 \expndtw-3\charscalex100 (PVIFAx
%,4)(PVIFAx%,4)\tab \up0 \expndtw-3\charscalex100 =\tab \up0 \expndtw-3\charscal
ex100 $10,200/$3,000\tab \up0 \expndtw-3\charscalex100 =\tab \up0 \expndtw-3\cha
rscalex100 3.4\par\pard\qj \li2589\ri1050\sb30\sl-500\slmult0 \up0 \expndtw-3\ch
arscalex100 Going to the PVIFA table at the back of the book and looking across
\up0 \expndtw-8\charscalex90 the row for n = 4, we find that the disco
unt factor for 6 percent \up0 \expndtw-8\charscalex100 is 3.465, while for
7 percent it is 3.387.
Therefore, the note has \up0 \expndtw-8\charscalex10
0 an implied interest rate of almost 7 percent. \par\pard\li1989\sb0\sl-230\slm
ult0\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb0\sl-230\slmult0\par\p
ard\li1989\sb51\sl-230\slmult0\fi0\tx2589\tx5229 \up0 \expndtw-3\charscalex100 8
.\tab \up0 \expndtw-3\charscalex100 Year\tab \up0 \expndtw-3\charscalex100 Sales
4869\tx5229\tx6549\tx7149\tx7509 \up0 \expndtw-3\charscalex100 1\tab \up0 \expnd
tw-3\charscalex100 $\tab \up0 \expndtw-3\charscalex100 600,000\tab \up0 \expndtw
-3\charscalex100 =\tab \up0 \expndtw-3\charscalex100 $\tab \up0 \expndtw-3\chars
calex100 500,000(1.2)\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl
-230\slmult0\fi719\tx5229\tx6549\tx7509 \up0 \expndtw-3\charscalex100 2\tab \up0
\expndtw-3\charscalex100 720,000\tab \up0 \expndtw-3\charscalex100 =\tab \up0 \
expndtw-3\charscalex100 600,000(1.2)\par\pard\li1989\sb0\sl-230\slmult0\par\pard
\li1989\sb40\sl-230\slmult0\fi719\tx5229\tx6549\tx7509 \up0 \expndtw-3\charscale
x100 3\tab \up0 \expndtw-3\charscalex100 864,000\tab \up0 \expndtw-3\charscalex1
00 =\tab \up0 \expndtw-3\charscalex100 720,000(1.2)\par\pard\li1989\sb0\sl-230\s
lmult0\par\pard\li1989\sb40\sl-230\slmult0\fi719\tx4989\tx6549\tx7509 \up0 \expn
dtw-3\charscalex100 4\tab \up0 \expndtw-3\charscalex100 1,036,800\tab \up0 \expn
dtw-3\charscalex100 =\tab \up0 \expndtw-3\charscalex100 864,000(1.2)\par\pard\li
1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl-230\slmult0\fi719\tx4989\tx6549\
tx7269 \up0 \expndtw-3\charscalex100 5\tab \up0 \expndtw-3\charscalex100 1,244,1
60\tab \up0 \expndtw-3\charscalex100 =\tab \up0 \expndtw-3\charscalex100 1,036,8
00(1.2)\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl-230\slmult0\f
i719\tx4989\tx6549\tx7269 \up0 \expndtw-3\charscalex100 6\tab \up0 \expndtw-3\ch
arscalex100 1,492,992\tab \up0 \expndtw-3\charscalex100 =\tab \up0 \expndtw-3\ch
arscalex100 1,244,160(1.2)\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb
8 31
}

}}
}
-230\slmult0\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb12\sl-230\slmu
lt0\fi0\tx5949 \up0 \expndtw-6\charscalex100 \ul0\nosupersub\cf28\f29\fs20 9.\ta
b \up0 \expndtw-6\charscalex100 Present Value\par\pard\li1989\sb20\sl-230\slmult
0\fi360\tx4629\tx5949\tx8109 \up0 \expndtw-6\charscalex100 Year\tab \up0 \expndt
w-6\charscalex100 Amount\tab \up0 \expndtw-6\charscalex100 Factor at 14%\tab \u
p0 \expndtw-6\charscalex100 Present Value\par\pard\li1989\sb0\sl-230\slmult0\par
\pard\li1989\sb40\sl-230\slmult0\fi600\tx4749\tx6309\tx8349 \up0 \expndtw-6\char
scalex100 1\tab \up0 \expndtw-6\charscalex100 $1,200\tab \up0 \expndtw-6\charsca
lex100 .877\tab \up0 \expndtw-6\charscalex100 $1,052.40\par\pard\li1989\sb0\sl-2
30\slmult0\par\pard\li1989\sb39\sl-230\slmult0\fi600\tx4869\tx6309\tx8469 \up0 \
expndtw-6\charscalex100 2\tab \up0 \expndtw-6\charscalex100 2,000\tab \up0 \expn
dtw-6\charscalex100 .769\tab \up0 \expndtw-6\charscalex100 1,538.00\par\pard\li1
989\sb0\sl-230\slmult0\par\pard\li1989\sb41\sl-230\slmult0\fi600\tx4869\tx6309\t
x8469 \up0 \expndtw-6\charscalex100 3\tab \up0 \expndtw-6\charscalex100 2,400\ta
b \up0 \expndtw-6\charscalex100 .675\tab \up0 \expndtw-6\charscalex100 1,620.00\
par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl-230\slmult0\fi600\tx4
869\tx6309\tx8469 \up0 \expndtw-6\charscalex100 4\tab \up0 \expndtw-6\charscalex
100 1,900\tab \up0 \expndtw-6\charscalex100 .592\tab \up0 \expndtw-6\charscalex1
00 1,124.80\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb39\sl-230\slmul
t0\fi600\tx4869\tx6309\tx8709 \up0 \expndtw-6\charscalex100 5\tab \up0 \expndtw6\charscalex100 1,600\tab \up0 \expndtw-6\charscalex100 .519\tab \up0 \expndtw-6
\charscalex100 830.40\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb41\sl
-230\slmult0\fi1200\tldot\tx8349 \up0 \expndtw-6\charscalex100 Subtotal (a) ..
.\tab \up0 \expndtw-6\charscalex100 $6,165.60\par\pard\li1989\sb0\sl-230\slmult0
3189\tx4869\tx6189\tx8349 \up0 \expndtw-6\charscalex100 1-10\tab \up0 \expndtw-6
\charscalex100 (annuity)\tab \up0 \expndtw-6\charscalex100 1,400\tab \up0 \expnd
tw-6\charscalex100 5.216\tab \up0 \expndtw-6\charscalex100 $7,302.40\par\pard\li
tx6189\tx8349 \up0 \expndtw-6\charscalex100 1-5\tab \up0 \expndtw-6\charscalex10
0 (annuity)\tab \up0 \expndtw-6\charscalex100 1,400\tab \up0 \expndtw-6\charscal
ex100 3.433\tab \up0 \expndtw-6\charscalex100 -4,806.20\par\pard\li1989\sb0\sl-2
30\slmult0\par\pard\li1989\sb39\sl-230\slmult0\fi1200\tldot\tx8349 \up0 \expndtw
-6\charscalex100 Subtotal (b) ...\tab \up0 \expndtw-6\charscalex100 $2,496.20\
par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb0\sl-230\slmult0\par\pard\l
i1989\sb60\sl-230\slmult0\fi1200\tldot\tx8349 \up0 \expndtw-6\charscalex100 Tota
l Present Value (a + b) ...\tab \up0 \expndtw-6\charscalex100 $8,661.80\par\p
\sb60\sl-230\slmult0\fi0\tx4029\tx8109 \up0 \expndtw-6\charscalex100 10. Amoun
t\tab \up0 \expndtw-6\charscalex100 Present Value Interest Factor\tab \up0 \expn
dtw-6\charscalex100 Present Value\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li

1989\sb41\sl-230\slmult0\fi600\tx4509\tx6309\tx8589 \up0 \expndtw-6\charscalex10
0 $1,000\tab \up0 \expndtw-9\charscalex90 1/(1 + .10)10\tab \up0 \expndtw-6\ch
arscalex100 = .386\tab \up0 \expndtw-6\charscalex100 $386\par\pard\li1989\sb0\s
l-230\slmult0\par\pard\li1989\sb40\sl-230\slmult0\fi720\tx4509\tx8709 \up0 \expn
dtw-6\charscalex100 1,000\tab \up0 \expndtw-6\charscalex100 1/(1 + .025)40 =
.372\tab \up0 \expndtw-6\charscalex100 372\par\pard\li1989\sb0\sl-230\slmult0\p
ar\pard\li1989\sb39\sl-230\slmult0\fi720\tx4509\tx6309\tx8709 \up0 \expndtw-6\ch
arscalex100 1,000\tab \up0 \expndtw-6\charscalex100 1/e(.10)(10)\tab \up0 \expnd
tw-6\charscalex100 = .368\tab \up0 \expndtw-6\charscalex100 368\par\pard\li1989
lex100 11.\tab \up0 \expndtw-6\charscalex100 $1,000,000 = $1,000(1 + x%)100\p
ar\pard\ql \li4149\sb0\sl-230\slmult0 \par\pard\ql\li4149\sb33\sl-230\slmult0 \u
p0 \expndtw-9\charscalex93 (1 + x%)100 = $1,000,000/$1,000 = 1,000 \par\par
d\ql \li2589\sb0\sl-230\slmult0 \par\pard\ql\li2589\sb40\sl-230\slmult0 \up0 \ex
pndtw-3\charscalex100 Taking the square root of both sides of the above equation
gives \par\pard\ql \li4269\sb0\sl-230\slmult0 \par\pard\ql\li4269\sb40\sl-230\s
lmult0 \up0 \expndtw-9\charscalex91 (1 + x%)50 = (FVIFAx%,50) = 31.623 \par
\pard\qj \li2589\ri1050\sb47\sl-500\slmult0 \up0 \expndtw-8\charscalex90 Going
to the FVIF table at the back of the book and looking across \line \
up0 \expndtw-8\charscalex88 the row for n = 50, we find that the inter
est factor for 7 percent \par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589
\sb1\sl-230\slmult0\fi0\tx3026\tx5415\tx7641 \up0 \expndtw-6\charscalex100 is\ta
b \up0 \expndtw-6\charscalex100 29.457, while for\tab \up0 \expndtw-6\charscal
ex100 8 percent it is\tab \up0 \expndtw-6\charscalex100 46.901.
Therefore
, the\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb40\sl-230\slmult0\fi
0 \up0 \expndtw-6\charscalex100 implicit interest rate is slightly more than 7
percent.\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmult0\p
l-207\slmult0\par\pard\li1989\sb79\sl-207\slmult0\fi0\tx10430 \up0 \expndtw-2\ch
s18 12e\tab \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf15\f16\fs18 32
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}}
4\sl-230\slmult0 \up0 \expndtw-8\charscalex92 \ul0\nosupersub\cf28\f29\fs20 12.
a)
Annuity of $10,000 per year for 15 years at 5 percent.
The
\up0 \expndtw-8\charscalex91 discount factor in the PVIFA table at the e
nd of the book is \par\pard\ql \li3189\sb0\sl-230\slmult0 \par\pard\ql\li318
9\sb40\sl-230\slmult0 \up0 \expndtw-3\charscalex100 10.380. \par\pard\ql \li4029
\sb0\sl-230\slmult0 \par\pard\ql\li4029\sb40\sl-230\slmult0 \up0 \expndtw-9\char
scalex94 Purchase price = $10,000 X 10.380 = $103,800 \par\pard\ql \li2589\
sb0\sl-230\slmult0 \par\pard\ql\li2589\sb40\sl-230\slmult0 \up0 \expndtw-9\chars
calex95 b)
Discount factor for 10 percent for 15 years is 7.606 \par\par
pndtw-9\charscalex93 Purchase price = $10,000 X 7.606 = $76,060 \par\pard\q
j \li3189\ri1051\sb47\sl-500\slmult0 \up0 \expndtw-9\charscalex93 As the insur
ance company is able to earn more on the amount \up0 \expndtw-9\charsca
lex94 put up, it requires a lower purchase price. \par\pard\ql \li2589\sb224\sl230\slmult0 \up0 \expndtw-9\charscalex95 c)
Annual annuity payment for 5 p
ercent = $30,000/10.380 \par\pard\ql \li4029\sb0\sl-230\slmult0 \par\pard\ql\l
i4029\sb40\sl-230\slmult0 \up0 \expndtw-9\charscalex93 = $2,890 \par\pard\ql \l
i3189\ri2132\sb47\sl-500\slmult0\tx4029 \up0 \expndtw-7\charscalex100 Annual ann
uity payment for 10 percent = $30,000/7.606 \line\tab \up0 \expndtw-9\charsca
lex93 = $3,944 \par\pard\qj \li3189\ri1051\sb0\sl-500\slmult0 \up0 \expndtw-9\c
harscalex95 The higher the interest rate embodied in the yield calcula\
up0 \expndtw-9\charscalex96 tions, the higher the annual payments. \par\pard\ql
\li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb0\sl-230\slmult0 \par\pard\ql\l
i1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb54\sl-230\slmult0\tx2589 \up0 \ex
pndtw-3\charscalex100 13. \tab \dn3 \expndtw-7\charscalex100 $190,000 = R(PVIFA
17%,20) = R(5.628) \par\pard\ql \li3429\sb0\sl-230\slmult0 \par\pard\ql\li3429\
sb20\sl-230\slmult0 \up0 \expndtw-9\charscalex91 R = $190,000/5.628 = $33,76
0 \par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmult0\par\par
989\sb206\sl-207\slmult0\fi0\tx10430 \up0 \expndtw-2\charscalex100 \ul0\nosupers
ub\cf13\f14\fs18 Van Horne and Wachowicz: \ul0\nosupersub\cf14\f15\fs18 Fundamen
tals of Financial Management,\ul0\nosupersub\cf13\f14\fs18 12e\tab \up0 \expndt
w-2\charscalex100 \ul0\nosupersub\cf15\f16\fs18 33\par\pard\sect\sectd\fs24\pape
rw11900\paperh16840\pard\sb0\sl-240{\bkmkstart Pg36}{\bkmkend Pg36}\par\pard\li1
989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb115\
sl-207\slmult0\fi0\tx7853 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf13\f14

\fs18 Chapter 3: The Time Value of Money\tab \up0 \expndtw-2\charscalex100 Pears
on Education Limited 2005\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb0
\sl-230\slmult0\par\pard\li1989\sb12\sl-230\slmult0\fi0\tx2709\tx3429 \up0 \expn
dtw-9\charscalex96 \ul0\nosupersub\cf28\f29\fs20 14.\tab \up0 \expndtw-9\charsca
lex96 a)\tab \dn4 \expndtw-9\charscalex96 PV0 = $8,000 = R(PVIFA1%,36)\par\pa
rd\li3189\sb20\sl-230\slmult0\fi1799 \up0 \expndtw-9\charscalex94 = R[(1 - [1/
(1 + .01)36])/(.01)] = R(30.108)\par\pard\li3189\sb0\sl-230\slmult0\par\pard\
li3189\sb40\sl-230\slmult0\fi0 \up0 \expndtw-9\charscalex94 Therefore, R = $8,
000/30.108 = $265.71\par\pard\li3909\sb0\sl-230\slmult0\par\pard\li3909\sb170\
sl-230\slmult0\fi0\tx5589\tx7509\tx9429 \up0 \expndtw-3\charscalex100 (1)\tab \u
p0 \expndtw-3\charscalex100 (2)\tab \up0 \expndtw-3\charscalex100 (3)\tab \up0 \
expndtw-3\charscalex100 (4)\par\pard\li2109\sb20\sl-230\slmult0\fi3359\tx7149 \u
p0 \expndtw-9\charscalex97 MONTHLY\tab \up0 \expndtw-9\charscalex97 PRINCIPAL
PRINCIPAL AMOUNT\par\pard\li2109\sb19\sl-230\slmult0\fi0\tx3429\tx5349\tx7269
\up0 \expndtw-9\charscalex97 END OF\tab \up0 \expndtw-9\charscalex97 INSTALLMEN
T\tab \up0 \expndtw-9\charscalex97 INTEREST\tab \up0 \expndtw-9\charscalex97 PAY
MENT
OWING AT MONTH END\par\pard\li2109\sb21\sl-230\slmult0\fi0\tx3669\tx51
09\tx7149\tx8829 \up0 \expndtw-9\charscalex97 MONTH\tab \up0 \expndtw-9\charscal
ex97 PAYMENT\tab \dn4 \expndtw-9\charscalex97 (4)t-1 x .01\tab \up0 \expndtw-9\
charscalex97 (1) - (2)\tab \dn4 \expndtw-9\charscalex97 (4)t-1 - (3)\par\par
d\li2349\sb0\sl-230\slmult0\par\pard\li2349\sb170\sl-230\slmult0\fi119\tx4029\tx
5709\tx7629\tx9189 \up0 \expndtw-3\charscalex100 0\tab \up0 \expndtw-3\charscale
x100 --\tab \up0 \expndtw-3\charscalex100 --\tab \up0 \expndtw-3\charscalex100 -\tab \up0 \expndtw-3\charscalex100 $8,000.00\par\pard\li2349\sb20\sl-230\slmult
0\fi119\tx3429\tx3789\tx5109\tx5589\tx7029\tx7389\tx9309 \up0 \expndtw-3\charsca
lex100 1\tab \up0 \expndtw-3\charscalex100 $\tab \up0 \expndtw-3\charscalex100 2
65.71\tab \up0 \expndtw-3\charscalex100 $\tab \up0 \expndtw-3\charscalex100 80.0
0\tab \up0 \expndtw-3\charscalex100 $\tab \up0 \expndtw-3\charscalex100 185.71\t
ab \up0 \expndtw-3\charscalex100 7,814.29\par\pard\li2349\sb19\sl-230\slmult0\fi
119\tx3789\tx5589\tx7389\tx9309 \up0 \expndtw-3\charscalex100 2\tab \up0 \expndt
w-3\charscalex100 265.71\tab \up0 \expndtw-3\charscalex100 78.14\tab \up0 \expnd
tw-3\charscalex100 187.57\tab \up0 \expndtw-3\charscalex100 7,626.72\par\pard\li
2349\sb21\sl-230\slmult0\fi119\tx3789\tx5589\tx7389\tx9309 \up0 \expndtw-3\chars
calex100 3\tab \up0 \expndtw-3\charscalex100 265.71\tab \up0 \expndtw-3\charscal
ex100 76.27\tab \up0 \expndtw-3\charscalex100 189.44\tab \up0 \expndtw-3\charsca
lex100 7,437.28\par\pard\li2349\sb20\sl-230\slmult0\fi119\tx3789\tx5589\tx7389\t
x9309 \up0 \expndtw-3\charscalex100 4\tab \up0 \expndtw-3\charscalex100 265.71\t
ab \up0 \expndtw-3\charscalex100 74.37\tab \up0 \expndtw-3\charscalex100 191.34\
tab \up0 \expndtw-3\charscalex100 7,245.94\par\pard\li2349\sb19\sl-230\slmult0\f
i119\tx3789\tx5589\tx7389\tx9309 \up0 \expndtw-3\charscalex100 5\tab \up0 \expnd
tw-3\charscalex100 265.71\tab \up0 \expndtw-3\charscalex100 72.46\tab \up0 \expn
dtw-3\charscalex100 193.25\tab \up0 \expndtw-3\charscalex100 7,052.69\par\pard\l
i2349\sb21\sl-230\slmult0\fi119\tx3789\tx5589\tx7389\tx9309 \up0 \expndtw-3\char
scalex100 6\tab \up0 \expndtw-3\charscalex100 265.71\tab \up0 \expndtw-3\charsca
lex100 70.53\tab \up0 \expndtw-3\charscalex100 195.18\tab \up0 \expndtw-3\charsc
alex100 6,857.51\par\pard\li2349\sb20\sl-230\slmult0\fi119\tx3789\tx5589\tx7389\
tx9309 \up0 \expndtw-3\charscalex100 7\tab \up0 \expndtw-3\charscalex100 265.71\
tab \up0 \expndtw-3\charscalex100 68.58\tab \up0 \expndtw-3\charscalex100 197.13
\tab \up0 \expndtw-3\charscalex100 6,660.38\par\pard\li2349\sb19\sl-230\slmult0\
fi119\tx3789\tx5589\tx7389\tx9309 \up0 \expndtw-3\charscalex100 8\tab \up0 \expn
dtw-3\charscalex100 265.71\tab \up0 \expndtw-3\charscalex100 66.60\tab \up0 \exp
ndtw-3\charscalex100 199.11\tab \up0 \expndtw-3\charscalex100 6,461.27\par\pard\
li2349\sb21\sl-230\slmult0\fi119\tx3789\tx5589\tx7389\tx9309 \up0 \expndtw-3\cha
rscalex100 9\tab \up0 \expndtw-3\charscalex100 265.71\tab \up0 \expndtw-3\charsc
alex100 64.61\tab \up0 \expndtw-3\charscalex100 201.10\tab \up0 \expndtw-3\chars
calex100 6,260.17\par\pard\li2349\sb20\sl-230\slmult0\fi0\tx3789\tx5589\tx7389\t
x9309 \up0 \expndtw-3\charscalex100 10\tab \up0 \expndtw-3\charscalex100 265.71\
\tab \up0 \expndtw-3\charscalex100 6,057.06\par\pard\li2349\sb19\sl-230\slmult0\
fi0\tx3789\tx5589\tx7389\tx9309 \up0 \expndtw-3\charscalex100 11\tab \up0 \expnd

tw-3\charscalex100 265.71\tab \up0 \expndtw-3\charscalex100 60.57\tab \up0 \expn
dtw-3\charscalex100 205.14\tab \up0 \expndtw-3\charscalex100 5,851.92\par\pard\l
i2349\sb21\sl-230\slmult0\fi0\tx3789\tx5589\tx7389\tx9309 \up0 \expndtw-3\charsc
alex100 12\tab \up0 \expndtw-3\charscalex100 265.71\tab \up0 \expndtw-3\charscal
ex100 58.52\tab \up0 \expndtw-3\charscalex100 207.19\tab \up0 \expndtw-3\charsca
lex100 5,644.73\par\pard\li2349\sb20\sl-230\slmult0\fi0\tx3789\tx5589\tx7389\tx9
309 \up0 \expndtw-3\charscalex100 13\tab \up0 \expndtw-3\charscalex100 265.71\ta
b \up0 \expndtw-3\charscalex100 56.44\tab \up0 \expndtw-3\charscalex100 209.27\t
ab \up0 \expndtw-3\charscalex100 5,435.46\par\pard\li2349\sb19\sl-230\slmult0\fi
0\tx3789\tx5589\tx7389\tx9309 \up0 \expndtw-3\charscalex100 14\tab \up0 \expndtw
-3\charscalex100 265.71\tab \up0 \expndtw-3\charscalex100 54.35\tab \up0 \expndt
w-3\charscalex100 211.36\tab \up0 \expndtw-3\charscalex100 5,224.10\par\pard\li2
349\sb21\sl-230\slmult0\fi0\tx3789\tx5589\tx7389\tx9309 \up0 \expndtw-3\charscal
ex100 15\tab \up0 \expndtw-3\charscalex100 265.71\tab \up0 \expndtw-3\charscalex
100 52.24\tab \up0 \expndtw-3\charscalex100 213.47\tab \up0 \expndtw-3\charscale
x100 5,010.63\par\pard\li2349\sb20\sl-230\slmult0\fi0\tx3789\tx5589\tx7389\tx930
9 \up0 \expndtw-3\charscalex100 16\tab \up0 \expndtw-3\charscalex100 265.71\tab
\up0 \expndtw-3\charscalex100 50.11\tab \up0 \expndtw-3\charscalex100 215.60\tab
\up0 \expndtw-3\charscalex100 4,795.03\par\pard\li2349\sb19\sl-230\slmult0\fi0\
tx3789\tx5589\tx7389\tx9309 \up0 \expndtw-3\charscalex100 17\tab \up0 \expndtw-3
\charscalex100 265.71\tab \up0 \expndtw-3\charscalex100 47.95\tab \up0 \expndtw3\charscalex100 217.76\tab \up0 \expndtw-3\charscalex100 4,577.27\par\pard\li234
9\sb21\sl-230\slmult0\fi0\tx3789\tx5589\tx7389\tx9309 \up0 \expndtw-3\charscalex
100 18\tab \up0 \expndtw-3\charscalex100 265.71\tab \up0 \expndtw-3\charscalex10
0 45.77\tab \up0 \expndtw-3\charscalex100 219.94\tab \up0 \expndtw-3\charscalex1
00 4,357.33\par\pard\li2349\sb20\sl-230\slmult0\fi0\tx3789\tx5589\tx7389\tx9309
\up0 \expndtw-3\charscalex100 19\tab \up0 \expndtw-3\charscalex100 265.71\tab \u
p0 \expndtw-3\charscalex100 43.57\tab \up0 \expndtw-3\charscalex100 222.14\tab \
up0 \expndtw-3\charscalex100 4,135.19\par\pard\li2349\sb19\sl-230\slmult0\fi0\tx
3789\tx5589\tx7389\tx9309 \up0 \expndtw-3\charscalex100 20\tab \up0 \expndtw-3\c
harscalex100 265.71\tab \up0 \expndtw-3\charscalex100 41.35\tab \up0 \expndtw-3\
charscalex100 224.36\tab \up0 \expndtw-3\charscalex100 3,910.83\par\pard\li2349\
sb21\sl-230\slmult0\fi0\tx3789\tx5589\tx7389\tx9309 \up0 \expndtw-3\charscalex10
39.11\tab \up0 \expndtw-3\charscalex100 226.60\tab \up0 \expndtw-3\charscalex100
3,684.23\par\pard\li2349\sb20\sl-230\slmult0\fi0\tx3789\tx5589\tx7389\tx9309 \u
p0 \expndtw-3\charscalex100 22\tab \up0 \expndtw-3\charscalex100 265.71\tab \up0
\expndtw-3\charscalex100 36.84\tab \up0 \expndtw-3\charscalex100 228.87\tab \up
0 \expndtw-3\charscalex100 3,455.36\par\pard\li2349\sb19\sl-230\slmult0\fi0\tx37
89\tx5589\tx7389\tx9309 \up0 \expndtw-3\charscalex100 23\tab \up0 \expndtw-3\cha
rscalex100 265.71\tab \up0 \expndtw-3\charscalex100 34.55\tab \up0 \expndtw-3\ch
arscalex100 231.16\tab \up0 \expndtw-3\charscalex100 3,224.20\par\pard\li2349\sb
21\sl-230\slmult0\fi0\tx3789\tx5589\tx7389\tx9309 \up0 \expndtw-3\charscalex100
24\tab \up0 \expndtw-3\charscalex100 265.71\tab \up0 \expndtw-3\charscalex100 32
.24\tab \up0 \expndtw-3\charscalex100 233.47\tab \up0 \expndtw-3\charscalex100 2
,990.73\par\pard\li2349\sb20\sl-230\slmult0\fi0\tx3789\tx5589\tx7389\tx9309 \up0
\expndtw-3\charscalex100 25\tab \up0 \expndtw-3\charscalex100 265.71\tab \up0 \
expndtw-3\charscalex100 29.91\tab \up0 \expndtw-3\charscalex100 235.80\tab \up0
\expndtw-3\charscalex100 2,754.93\par\pard\li2349\sb19\sl-230\slmult0\fi0\tx3789
\tx5589\tx7389\tx9309 \up0 \expndtw-3\charscalex100 26\tab \up0 \expndtw-3\chars
calex100 265.71\tab \up0 \expndtw-3\charscalex100 27.55\tab \up0 \expndtw-3\char
scalex100 238.16\tab \up0 \expndtw-3\charscalex100 2,516.77\par\pard\li2349\sb21
\sl-230\slmult0\fi0\tx3789\tx5589\tx7389\tx9309 \up0 \expndtw-3\charscalex100 27
\tab \up0 \expndtw-3\charscalex100 265.71\tab \up0 \expndtw-3\charscalex100 25.1
7\tab \up0 \expndtw-3\charscalex100 240.54\tab \up0 \expndtw-3\charscalex100 2,2
76.23\par\pard\li2349\sb20\sl-230\slmult0\fi0\tx3789\tx5589\tx7389\tx9309 \up0 \
expndtw-3\charscalex100 28\tab \up0 \expndtw-3\charscalex100 265.71\tab \up0 \ex
pndtw-3\charscalex100 22.76\tab \up0 \expndtw-3\charscalex100 242.95\tab \up0 \e
xpndtw-3\charscalex100 2,033.28\par\pard\li2349\sb19\sl-230\slmult0\fi0\tx3789\t
x5589\tx7389\tx9309 \up0 \expndtw-3\charscalex100 29\tab \up0 \expndtw-3\charsca

lex100 265.71\tab \up0 \expndtw-3\charscalex100 20.33\tab \up0 \expndtw-3\charsc
alex100 245.38\tab \up0 \expndtw-3\charscalex100 1,787.90\par\pard\li2349\sb21\s
l-230\slmult0\fi0\tx3789\tx5589\tx7389\tx9309 \up0 \expndtw-3\charscalex100 30\t
ab \up0 \expndtw-3\charscalex100 265.71\tab \up0 \expndtw-3\charscalex100 17.88\
tab \up0 \expndtw-3\charscalex100 247.83\tab \up0 \expndtw-3\charscalex100 1,540
.07\par\pard\li2349\sb20\sl-230\slmult0\fi0\tx3789\tx5589\tx7389\tx9309 \up0 \ex
pndtw-3\charscalex100 31\tab \up0 \expndtw-3\charscalex100 265.71\tab \up0 \expn
dtw-3\charscalex100 15.40\tab \up0 \expndtw-3\charscalex100 250.31\tab \up0 \exp
ndtw-3\charscalex100 1,289.76\par\pard\li2349\sb19\sl-230\slmult0\fi0\tx3789\tx5
x100 265.71\tab \up0 \expndtw-3\charscalex100 12.90\tab \up0 \expndtw-3\charscal
ex100 252.81\tab \up0 \expndtw-3\charscalex100 1,036.95\par\pard\li2349\sb21\sl230\slmult0\fi0\tx3789\tx5589\tx7389\tx9549 \up0 \expndtw-3\charscalex100 33\tab
\up0 \expndtw-3\charscalex100 265.71\tab \up0 \expndtw-3\charscalex100 10.37\ta
b \up0 \expndtw-3\charscalex100 255.34\tab \up0 \expndtw-3\charscalex100 781.61\
par\pard\li2349\sb20\sl-230\slmult0\fi0\tx3789\tx5709\tx7389\tx9549 \up0 \expndt
w-3\charscalex100 34\tab \up0 \expndtw-3\charscalex100 265.71\tab \up0 \expndtw3\charscalex100 7.82\tab \up0 \expndtw-3\charscalex100 257.89\tab \up0 \expndtw3\charscalex100 523.72\par\pard\li2349\sb19\sl-230\slmult0\fi0\tx3789\tx5709\tx7
389\tx9549 \up0 \expndtw-3\charscalex100 35\tab \up0 \expndtw-3\charscalex100 26
5.71\tab \up0 \expndtw-3\charscalex100 5.24\tab \up0 \expndtw-3\charscalex100 26
0.47\tab \up0 \expndtw-3\charscalex100 263.25\par\pard\li2349\sb21\sl-230\slmult
0\fi0\tx3789\tx5709\tx7389\tx9789 \up0 \expndtw-3\charscalex100 36\tab \up0 \exp
ndtw-3\charscalex100 265.88*\tab \up0 \expndtw-3\charscalex100 2.63\tab \up0 \ex
pndtw-3\charscalex100 263.25\tab \up0 \expndtw-3\charscalex100 0.00\par\pard\li3
429\sb0\sl-230\slmult0\par\pard\li3429\sb39\sl-230\slmult0\fi0\tx5109\tx7029 \up
0 \expndtw-3\charscalex100 \ul0\nosupersub\cf27\f28\fs20 $9,565.73\tab \up0 \exp
ndtw-3\charscalex100 $1,565.73\tab \up0 \expndtw-3\charscalex100 $8,000.00\par\p
ard\ql \li2109\sb0\sl-230\slmult0 \par\pard\ql\li2109\sb63\sl-230\slmult0 \up0 \
expndtw-3\charscalex100 \ul0\nosupersub\cf28\f29\fs20 *The last payment is sligh
tly higher due to rounding throughout. \par\pard\li1989\sb0\sl-207\slmult0\par\p
shpbxpage\shpbypage\shpwr3\shpwrk0\shpfblwtxt1\shpz174\shplid0
}
}}
}}
}}
t0\par\pard\li1989\sb71\sl-230\slmult0\fi599 \up0 \expndtw-6\charscalex100 \ul0\
nosupersub\cf28\f29\fs20 b)
PV0 = $184,000 = R(PVIFA10%,25)\par\pard\li318
9\sb0\sl-230\slmult0\par\pard\li3189\sb1\sl-230\slmult0\fi1799 \up0 \expndtw-9\c
harscalex100 = R(9.077)\par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\sb39\
sl-230\slmult0\fi0 \up0 \expndtw-9\charscalex100 Therefore, R = $184,000/9.077
= $20,271.01\par\pard\li3909\sb0\sl-230\slmult0\par\pard\li3909\sb170\sl-230\
slmult0\fi0\tx5589\tx7509\tx9429 \up0 \expndtw-3\charscalex100 (1)\tab \up0 \exp
ndtw-3\charscalex100 (2)\tab \up0 \expndtw-3\charscalex100 (3)\tab \up0 \expndtw
-3\charscalex100 (4)\par\pard\li2109\sb21\sl-230\slmult0\fi3359\tx7149 \up0 \exp
ndtw-9\charscalex96 ANNUAL\tab \up0 \expndtw-9\charscalex96 PRINCIPAL
PRINC
IPAL AMOUNT\par\pard\li2109\sb20\sl-230\slmult0\fi0\tx3429\tx5349\tx7269 \up0 \e
xpndtw-9\charscalex96 END OF\tab \up0 \expndtw-9\charscalex96 INSTALLMENT\tab \u
p0 \expndtw-9\charscalex96 INTEREST\tab \up0 \expndtw-9\charscalex96 PAYMENT
OWING AT YEAR END\par\pard\li2109\sb19\sl-230\slmult0\fi119\tx3669\tx5109\tx71
49\tx8829 \up0 \expndtw-9\charscalex96 YEAR\tab \up0 \expndtw-9\charscalex96 PAY
MENT\tab \dn4 \expndtw-9\charscalex96 (4)t-1 x .10\tab \up0 \expndtw-9\charscal
ex96 (1) - (2)\tab \dn4 \expndtw-9\charscalex96 (4)t-1 - (3)\par\pard\li2109
\sb0\sl-230\slmult0\par\pard\li2109\sb191\sl-230\slmult0\fi359\tx4029\tx5709\tx7
629\tx8949 \up0 \expndtw-3\charscalex100 0\tab \up0 \expndtw-3\charscalex100 --\
tab \up0 \expndtw-3\charscalex100 --\tab \up0 \expndtw-3\charscalex100 --\tab \u
p0 \expndtw-3\charscalex100 $184,000.00\par\pard\li2109\sb40\sl-230\slmult0\fi35
9\tx3189\tx4869\tx6789\tx7149\tx9069 \up0 \expndtw-3\charscalex100 1\tab \up0 \e
xpndtw-3\charscalex100 $ 20,271.01\tab \up0 \expndtw-3\charscalex100 $ 18,400.
00\tab \up0 \expndtw-3\charscalex100 $\tab \up0 \expndtw-3\charscalex100 1,871.0
1\tab \up0 \expndtw-3\charscalex100 182,128.99\par\pard\li2109\sb40\sl-230\slmul
t0\fi359\tx3429\tx5109\tx7149\tx9069 \up0 \expndtw-3\charscalex100 2\tab \up0 \e
xpndtw-3\charscalex100 20,271.01\tab \up0 \expndtw-3\charscalex100 18,212.90\tab
\up0 \expndtw-3\charscalex100 2,058.11\tab \up0 \expndtw-3\charscalex100 180,07
0.88\par\pard\li2109\sb40\sl-230\slmult0\fi359\tx3429\tx5109\tx7149\tx9069 \up0
\expndtw-3\charscalex100 3\tab \up0 \expndtw-3\charscalex100 20,271.01\tab \up0
\expndtw-3\charscalex100 18,007.09\tab \up0 \expndtw-3\charscalex100 2,263.92\ta
b \up0 \expndtw-3\charscalex100 177,806.96\par\pard\li2109\sb40\sl-230\slmult0\f
tw-3\charscalex100 20,271.01\tab \up0 \expndtw-3\charscalex100 17,780.70\tab \up
0 \expndtw-3\charscalex100 2,490.31\tab \up0 \expndtw-3\charscalex100 175,316.65
\par\pard\li2109\sb40\sl-230\slmult0\fi359\tx3429\tx5109\tx7149\tx9069 \up0 \exp
ndtw-3\charscalex100 5\tab \up0 \expndtw-3\charscalex100 20,271.01\tab \up0 \exp
ndtw-3\charscalex100 17,531.67\tab \up0 \expndtw-3\charscalex100 2,739.34\tab \u
p0 \expndtw-3\charscalex100 172,577.31\par\pard\li2109\sb40\sl-230\slmult0\fi359
\tx3429\tx5109\tx7149\tx9069 \up0 \expndtw-3\charscalex100 6\tab \up0 \expndtw-3
\charscalex100 20,271.01\tab \up0 \expndtw-3\charscalex100 17,257.73\tab \up0 \e
xpndtw-3\charscalex100 3,013.28\tab \up0 \expndtw-3\charscalex100 169,564.03\par
\pard\li2109\sb40\sl-230\slmult0\fi359\tx3429\tx5109\tx7149\tx9069 \up0 \expndtw
-3\charscalex100 7\tab \up0 \expndtw-3\charscalex100 20,271.01\tab \up0 \expndtw
-3\charscalex100 16,956.40\tab \up0 \expndtw-3\charscalex100 3,314.61\tab \up0 \
expndtw-3\charscalex100 166,249.42\par\pard\li2109\sb40\sl-230\slmult0\fi359\tx3
rscalex100 20,271.01\tab \up0 \expndtw-3\charscalex100 16,624.94\tab \up0 \expnd
tw-3\charscalex100 3,646.07\tab \up0 \expndtw-3\charscalex100 162,603.35\par\par
d\li2109\sb40\sl-230\slmult0\fi359\tx3429\tx5109\tx7149\tx9069 \up0 \expndtw-3\c
harscalex100 9\tab \up0 \expndtw-3\charscalex100 20,271.01\tab \up0 \expndtw-3\c

harscalex100 16,260.34\tab \up0 \expndtw-3\charscalex100 4,010.67\tab \up0 \expn
dtw-3\charscalex100 158,592.68\par\pard\li2109\sb40\sl-230\slmult0\fi239\tx3429\
tx5109\tx7149\tx9069 \up0 \expndtw-3\charscalex100 10\tab \up0 \expndtw-3\charsc
alex100 20,271.01\tab \up0 \expndtw-3\charscalex100 15,859.27\tab \up0 \expndtw3\charscalex100 4,411.74\tab \up0 \expndtw-3\charscalex100 154,180.94\par\pard\l
scalex100 11\tab \up0 \expndtw-3\charscalex100 20,271.01\tab \up0 \expndtw-3\cha
rscalex100 15,418.09\tab \up0 \expndtw-3\charscalex100 4,852.92\tab \up0 \expndt
w-3\charscalex100 149,328.02\par\pard\li2109\sb40\sl-230\slmult0\fi239\tx3429\tx
5109\tx7149\tx9069 \up0 \expndtw-3\charscalex100 12\tab \up0 \expndtw-3\charscal
ex100 20,271.01\tab \up0 \expndtw-3\charscalex100 14,932.80\tab \up0 \expndtw-3\
charscalex100 5,338.21\tab \up0 \expndtw-3\charscalex100 143,989.81\par\pard\li2
109\sb40\sl-230\slmult0\fi239\tx3429\tx5109\tx7149\tx9069 \up0 \expndtw-3\charsc
alex100 13\tab \up0 \expndtw-3\charscalex100 20,271.01\tab \up0 \expndtw-3\chars
calex100 14,398.98\tab \up0 \expndtw-3\charscalex100 5,872.03\tab \up0 \expndtw3\charscalex100 138,117.78\par\pard\li2109\sb40\sl-230\slmult0\fi239\tx3429\tx51
100 20,271.01\tab \up0 \expndtw-3\charscalex100 13,811.78\tab \up0 \expndtw-3\ch
arscalex100 6,459.23\tab \up0 \expndtw-3\charscalex100 131,658.55\par\pard\li210
ex100 15\tab \up0 \expndtw-3\charscalex100 20,271.01\tab \up0 \expndtw-3\charsca
lex100 13,165.86\tab \up0 \expndtw-3\charscalex100 7,105.15\tab \up0 \expndtw-3\
charscalex100 124,553.40\par\pard\li2109\sb40\sl-230\slmult0\fi239\tx3429\tx5109
\tx7149\tx9069 \up0 \expndtw-3\charscalex100 16\tab \up0 \expndtw-3\charscalex10
0 20,271.01\tab \up0 \expndtw-3\charscalex100 12,455.34\tab \up0 \expndtw-3\char
scalex100 7,815.67\tab \up0 \expndtw-3\charscalex100 116,737.73\par\pard\li2109\
sb40\sl-230\slmult0\fi239\tx3429\tx5109\tx7149\tx9069 \up0 \expndtw-3\charscalex
100 17\tab \up0 \expndtw-3\charscalex100 20,271.01\tab \up0 \expndtw-3\charscale
x100 11,673.77\tab \up0 \expndtw-3\charscalex100 8,597.24\tab \up0 \expndtw-3\ch
arscalex100 108,140.49\par\pard\li2109\sb40\sl-230\slmult0\fi239\tx3429\tx5109\t
x7149\tx9189 \up0 \expndtw-3\charscalex100 18\tab \up0 \expndtw-3\charscalex100
20,271.01\tab \up0 \expndtw-3\charscalex100 10,814.05\tab \up0 \expndtw-3\charsc
alex100 9,456.96\tab \up0 \expndtw-3\charscalex100 98,683.53\par\pard\li2109\sb4
19\tab \up0 \expndtw-3\charscalex100 20,271.01\tab \up0 \expndtw-3\charscalex10
0 9,868.35\tab \up0 \expndtw-3\charscalex100 10,402.66\tab \up0 \expndtw-3\chars
calex100 88,280.87\par\pard\li2109\sb40\sl-230\slmult0\fi239\tx3429\tx5229\tx702
9\tx9189 \up0 \expndtw-3\charscalex100 20\tab \up0 \expndtw-3\charscalex100 20,2
71.01\tab \up0 \expndtw-3\charscalex100 8,828.09\tab \up0 \expndtw-3\charscalex1
00 11,442.92\tab \up0 \expndtw-3\charscalex100 76,837.95\par\pard\li2109\sb40\sl
-230\slmult0\fi239\tx3429\tx5229\tx7029\tx9189 \up0 \expndtw-3\charscalex100 21\
tab \up0 \expndtw-3\charscalex100 20,271.01\tab \up0 \expndtw-3\charscalex100 7,
683.80\tab \up0 \expndtw-3\charscalex100 12,587.21\tab \up0 \expndtw-3\charscale
x100 64,250.74\par\pard\li2109\sb40\sl-230\slmult0\fi239\tx3429\tx5229\tx7029\tx
9189 \up0 \expndtw-3\charscalex100 22\tab \up0 \expndtw-3\charscalex100 20,271.0
1\tab \up0 \expndtw-3\charscalex100 6,425.07\tab \up0 \expndtw-3\charscalex100 1
3,845.94\tab \up0 \expndtw-3\charscalex100 50,404.80\par\pard\li2109\sb40\sl-230
\slmult0\fi239\tx3429\tx5229\tx7029\tx9189 \up0 \expndtw-3\charscalex100 23\tab
\up0 \expndtw-3\charscalex100 20,271.01\tab \up0 \expndtw-3\charscalex100 5,040.
48\tab \up0 \expndtw-3\charscalex100 15,230.53\tab \up0 \expndtw-3\charscalex100
35,174.27\par\pard\li2109\sb40\sl-230\slmult0\fi239\tx3429\tx5229\tx7029\tx9189
\up0 \expndtw-3\charscalex100 24\tab \up0 \expndtw-3\charscalex100 20,271.01\ta
b \up0 \expndtw-3\charscalex100 3,517.43\tab \up0 \expndtw-3\charscalex100 16,75
3.58\tab \up0 \expndtw-3\charscalex100 18,420.69\par\pard\li2109\sb40\sl-230\slm
ult0\fi239\tx3429\tx5229\tx7029\tx9789 \up0 \expndtw-3\charscalex100 25\tab \up0
\expndtw-3\charscalex100 20,262.76*\tab \up0 \expndtw-3\charscalex100 1,842.07\
tab \up0 \expndtw-3\charscalex100 18,420.69\tab \up0 \expndtw-3\charscalex100 0.
00\par\pard\li2109\sb0\sl-230\slmult0\par\pard\li2109\sb40\sl-230\slmult0\fi1079
\tx4869\tx6789 \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf27\f28\fs20 $506,
767.00\tab \up0 \expndtw-3\charscalex100 $322,767.00\tab \up0 \expndtw-3\charsca

lex100 $184,000.00\par\pard\li2109\sb0\sl-230\slmult0\par\pard\li2109\sb0\sl-230
\slmult0\par\pard\li2109\sb90\sl-230\slmult0\fi0 \up0 \expndtw-3\charscalex100 \
ul0\nosupersub\cf28\f29\fs20 *The last payment is somewhat lower due to rounding
throughout.\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmul
0 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Van Horne and Wach
owicz: \ul0\nosupersub\cf14\f15\fs18 Fundamentals of Financial Management,\ul0\n
osupersub\cf13\f14\fs18 12e\tab \up0 \expndtw-2\charscalex100 \ul0\nosupersub\c
f15\f16\fs18 35
}
}}
}}
}}
alex96 \ul0\nosupersub\cf13\f14\fs18 Chapter 3: The Time Value of Money\tab \up0
\expndtw-8\charscalex96 Pearson Education Limited 2005\par\pard\li1989\sb0\sl-2
30\slmult0\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb12\sl-230\slmult
0\fi0\tx2589 \up0 \expndtw-9\charscalex96 \ul0\nosupersub\cf28\f29\fs20 15.\tab
\dn3 \expndtw-9\charscalex96 $14,300 = $3,000(PVIFA15%,n)\par\pard\li1989\sb0\
sl-230\slmult0\par\pard\li1989\sb29\sl-230\slmult0\fi599 \up0 \expndtw-9\charsca
lex96 (PVIFA15%,n) = $14,300/$3,000 = 4.767\par\pard\li1989\sb230\sl-230\slm
ult0\fi599 \up0 \expndtw-8\charscalex97 Going to the PVIFA table at the b
ack of the book and looking down\par\pard\li1989\sb0\sl-230\slmult0\par\pa
rd\li1989\sb40\sl-230\slmult0\fi599\tx4815\tx5101\tx10510 \up0 \expndtw-9\charsc
alex96 the column for i\tab \up0 \expndtw-9\charscalex96 =\tab \up0 \expndtw9\charscalex96 15%, we find that the discount factor for\tab \up0 \expndt
w-9\charscalex96 8\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl-23
0\slmult0\fi599\tx3757\tx8457\tx9908 \up0 \expndtw-9\charscalex96 years is\tab
\up0 \expndtw-9\charscalex96 4.487, while the discount factor for\tab \up0
\expndtw-9\charscalex96 9 years is\tab \up0 \expndtw-9\charscalex96 4.772.\par
\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl-230\slmult0\fi599\tx6789
\up0 \expndtw-9\charscalex96 Thus, it will take approximately\tab \up0 \exp

ndtw-9\charscalex96 9 years of payments before the\par\pard\li1989\sb0\sl-2
6 loan is retired.\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb0\sl-230
\slmult0\par\pard\li1989\sb190\sl-230\slmult0\fi0\tx3069 \up0 \expndtw-9\charsca
lex96 16. a)\tab \up0 \expndtw-9\charscalex96 $5,000,000 = R[1 + (.20/1)]5
= R(2.488)\par\pard\ql \li3069\sb0\sl-230\slmult0 \par\pard\ql\li3069\sb33\sl-2
30\slmult0 \up0 \expndtw-9\charscalex93 R = $5,000,000/2.488 = $2,009,646 \p
ar\pard\ql \li2589\sb0\sl-230\slmult0 \par\pard\ql\li2589\sb40\sl-230\slmult0\tx
3069 \up0 \expndtw-3\charscalex100 b) \tab \up0 \expndtw-9\charscalex95 $5,000,0
00 = R[1 + (.20/2)]10 = R(2.594) \par\pard\ql \li3069\sb0\sl-230\slmult0 \pa
r\pard\ql\li3069\sb40\sl-230\slmult0 \up0 \expndtw-9\charscalex93 R = $5,000,0
00/2.594 = $1,927,525 \par\pard\ql \li2589\sb0\sl-230\slmult0 \par\pard\ql\li2
589\sb40\sl-230\slmult0\tx3069 \up0 \expndtw-3\charscalex100 c) \tab \up0 \expnd
tw-9\charscalex95 $5,000,000 = R[1 + (.20/4)]20 = R(2.653) \par\pard\ql \li3
harscalex93 R = $5,000,000/2.653 = $1,884,659 \par\pard\li1989\sb0\sl-230\sl
x100 d)\tab \up0 \expndtw-8\charscalex100 $5,000,000 = R(e)(.20)(5) = R(2.7182
8)(1)\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl-230\slmult0\fi1
079 \up0 \expndtw-8\charscalex100 R = $5,000,000/2.71828 = $1,839,398\par\pa
sb190\sl-230\slmult0\fi0\tx4869 \up0 \expndtw-8\charscalex100 17. FV of Earl's
plan\tab \dn2 \expndtw-8\charscalex100 = ($2,000) x (FVIFA7%,10) x (FVIF7%,3
5)\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb40\sl-230\slmult0\fi2279
\tx6669\tx7989\tx8349 \up0 \expndtw-7\charscalex100 = ($2,000) x\tab \up0 \expn
dtw-7\charscalex100 (13.816)\tab \up0 \expndtw-7\charscalex100 x\tab \up0 \expnd
tw-7\charscalex100 (10.677)\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\s
b40\sl-230\slmult0\fi2279 \up0 \expndtw-7\charscalex100 = \ul0\nosupersub\cf27\f
28\fs20 $295,027\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb80\sl-230
\slmult0\fi0 \up0 \expndtw-7\charscalex100 \ul0\nosupersub\cf28\f29\fs20 FV of I
vana's plan = ($2,000) x (FVIFA7%,35)\par\pard\li2589\sb230\sl-230\slmult0\fi
2279\tx6669 \up0 \expndtw-8\charscalex100 = ($2,000) x\tab \up0 \expndtw-8\char
scalex100 (138.237)\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb40\sl-2
30\slmult0\fi2279 \up0 \expndtw-8\charscalex100 = \ul0\nosupersub\cf27\f28\fs20
$276,474\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb40\sl-230\slmult0
\fi0 \up0 \expndtw-7\charscalex100 \ul0\nosupersub\cf28\f29\fs20 Earl's investm
ent program is worth ($295,027 - $276,474) = \ul0\nosupersub\cf27\f28\fs2
0 $18,553\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb40\sl-230\slmult
0\fi0 \up0 \expndtw-8\charscalex100 \ul0\nosupersub\cf28\f29\fs20 more at retire
ment than Ivana's program.\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb
l-207\slmult0\fi0\tx10430 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf13\f14
\fs18 Van Horne and Wachowicz: \ul0\nosupersub\cf14\f15\fs18 Fundamentals of Fin
ancial Management,\ul0\nosupersub\cf13\f14\fs18 12e\tab \up0 \expndtw-2\charsca
lex100 \ul0\nosupersub\cf15\f16\fs18 36\par\pard\sect\sectd\fs24\paperw11900\pap
erh16840\pard\sb0\sl-240{\bkmkstart Pg39}{\bkmkend Pg39}\par\pard\li1989\sb0\sl207\slmult0\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb115\sl-207\slmu
lt0\fi0\tx7853 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Chapt
er 3: The Time Value of Money\tab \up0 \expndtw-2\charscalex100 Pearson Educatio
n Limited 2005\par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb0\sl
rscalex100 \ul0\nosupersub\cf28\f29\fs20 18. Tip: First find the future v
alue of a \tab \up0 \expndtw-3\charscalex100 $1,000-a-year ordinary \par\pard
\qj \li2589\ri1050\sb47\sl-500\slmult0 \up0 \expndtw-8\charscalex94 annuity tha
t runs for 25 years.
Unfortunately, this future value \up0 \expndtw-8\
charscalex96 overstates our "true" ending balance because three of the
assumed \up0 \expndtw-5\charscalex100 $1,000 deposits never occurred.

So, we
need to then subtract three \up0 \expndtw-8\charscalex93 future values from o
ur "trial" ending balance: 1) the future value \up0 \expndtw-8\charscalex
88 of $1,000 compounded for 25 - 5 = 20 years; 2) the future value
of \up0 \expndtw-8\charscalex97 $1,000 compounded for 25 - 7 = 18 years; a
nd 3) the future value of \up0 \expndtw-8\charscalex91 $1,000 compounded for
25 - 11 = 14 years.
After collecting terms, \up0 \expndtw-9\charscale
x91 we get the following: \par\pard\ql \li2349\sb0\sl-230\slmult0 \par\pard\ql\l
i2349\sb0\sl-230\slmult0 \par\pard\ql\li2349\sb44\sl-230\slmult0 \up0 \expndtw-8
\charscalex95 FV25 = $1,000[(FVIFA5%,25) - (FVIF5%,20) - (FVIF5%,18) - (
FVIF5%,14)] \par\pard\li2949\sb151\sl-230\slmult0\fi0\tx5589\tx6069\tx7269\tx774
9\tx8949\tx9429\tx10509 \up0 \expndtw-8\charscalex100 = $1,000[ (47.727)\tab \
up0 \expndtw-8\charscalex100 -\tab \up0 \expndtw-8\charscalex100 (2.653)\tab \up
0 \expndtw-8\charscalex100 -\tab \up0 \expndtw-8\charscalex100 (2.407)\tab \up0
\expndtw-8\charscalex100 -\tab \up0 \expndtw-8\charscalex100 (1.980)\tab \up0 \e
xpndtw-8\charscalex100 ]\par\pard\li2949\sb150\sl-230\slmult0\fi0 \up0 \expndtw8\charscalex100 = $1,000[40.687] = \ul0\nosupersub\cf27\f28\fs20 $40,687\par\
pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb0\sl-230\slmult0 \par\p
ard\ql\li1989\sb189\sl-230\slmult0 \up0 \expndtw-5\charscalex100 \ul0\nosupersub
\cf28\f29\fs20 19. There are many ways to solve this problem correctly.
Her
e are two: \par\pard\li2709\sb48\sl-230\slmult0\fi1919 \up0 \expndtw-4\charscale
x100 Cash withdrawals at the END of year ...\par\pard\li2709\sb0\sl-230\slmult0
\par\pard\li2709\sb40\sl-230\slmult0\fi0\tx3549\tx4389\tx5229\tx6069\tx6909\tx77
rscalex100 1\tab \up0 \expndtw-4\charscalex100 2\tab \up0 \expndtw-4\charscalex1
00 3\tab \up0 \expndtw-4\charscalex100 4\tab \up0 \expndtw-4\charscalex100 5\tab
\up0 \expndtw-4\charscalex100 6\tab \up0 \expndtw-4\charscalex100 7\tab \up0 \e
xpndtw-4\charscalex100 8\tab \up0 \expndtw-4\charscalex100 9\par\pard\li2229\sb0
\sl-230\slmult0\par\pard\li2229\sb39\sl-230\slmult0\fi3840\tx6909\tx7749\tx8589\
tx9429\tx10269 \up0 \expndtw-6\charscalex100 \ul0\nosupersub\cf27\f28\fs20 R\tab
\up0 \expndtw-6\charscalex100 R\tab \up0 \expndtw-6\charscalex100 R\tab \up0 \e
xpndtw-6\charscalex100 R\tab \up0 \expndtw-6\charscalex100 R\tab \up0 \expndtw-6
\charscalex100 R\par\pard\li2229\sb0\sl-230\slmult0\par\pard\li2229\sb0\sl-230\s
100 \ul0\nosupersub\cf28\f29\fs20 Alt. #1\tab \up0 \expndtw-6\charscalex100 Thi
s above pattern is equivalent to ...\par\pard\li1989\sb0\sl-230\slmult0\par\par
d\li1989\sb41\sl-230\slmult0\fi1560\tx4389\tx5229\tx6069\tx6909\tx7749\tx8589\tx
9429\tx10269 \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf27\f28\fs20 R\tab \
up0 \expndtw-3\charscalex100 R\tab \up0 \expndtw-3\charscalex100 R\tab \up0 \exp
ndtw-3\charscalex100 R\tab \up0 \expndtw-3\charscalex100 R\tab \up0 \expndtw-3\c
harscalex100 R\tab \up0 \expndtw-3\charscalex100 R\tab \up0 \expndtw-3\charscale
x100 R\tab \up0 \expndtw-3\charscalex100 R\par\pard\li1989\sb59\sl-230\slmult0\f
i0 \up0 \expndtw-3\charscalex100 PVA9\par\pard\li1989\sb0\sl-230\slmult0\par\par
d\li1989\sb1\sl-230\slmult0\fi3600 \up0 \expndtw-7\charscalex100 \ul0\nosupersub
\cf28\f29\fs20 -- minus --\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\s
b40\sl-230\slmult0\fi1560\tx4389\tx5229 \up0 \expndtw-7\charscalex100 \ul0\nosup
ersub\cf27\f28\fs20 R\tab \up0 \expndtw-7\charscalex100 R\tab \up0 \expndtw-7\ch
arscalex100 R\par\pard\li1989\sb59\sl-230\slmult0\fi0 \up0 \expndtw-7\charscalex
100 PVA3\par\pard\li3309\sb0\sl-230\slmult0\par\pard\li3309\sb144\sl-230\slmult0
\fi480\tx5229\tx6189\tx7629\tx8349 \dn4 \expndtw-5\charscalex100 \ul0\nosupersub
\cf28\f29\fs20 PVA9\tab \up0 \expndtw-5\charscalex100 -\tab \dn4 \expndtw-5\char
scalex100 PVA3\tab \up0 \expndtw-5\charscalex100 =\tab \up0 \expndtw-5\charscale
x100 $100,000\par\pard\li3309\sb149\sl-230\slmult0\fi0\tx5229\tx7629\tx8349 \dn3
\expndtw-5\charscalex100 R(PVIFA.05,9)\tab \dn3 \expndtw-9\charscalex89 R(PVIFA.05,3)\tab \up0 \expndtw-5\charscalex100 =\tab \up0 \expndtw-5\charscalex
100 $100,000\par\pard\li3309\sb111\sl-230\slmult0\fi239\tx5229\tx5949\tx7629\tx8
349 \up0 \expndtw-5\charscalex100 R(7.108)\tab \up0 \expndtw-5\charscalex100 -\t
ab \up0 \expndtw-5\charscalex100 R(2.723)\tab \up0 \expndtw-5\charscalex100 =\ta
b \up0 \expndtw-5\charscalex100 $100,000\par\pard\li4749\sb150\sl-230\slmult0\fi
119\tx7629\tx8349 \up0 \expndtw-3\charscalex100 R(4.385)\tab \up0 \expndtw-3\cha
rscalex100 =\tab \up0 \expndtw-3\charscalex100 $100,000\par\pard\li4749\sb46\sl230\slmult0\fi0\tx5109\tx5469\tx7629\tx8229 \up0 \expndtw-3\charscalex100 R\tab

\up0 \expndtw-3\charscalex100 =\tab \up0 \expndtw-3\charscalex100 $100,000/(4.38
5)\tab \up0 \expndtw-3\charscalex100 =\tab \up0 \expndtw-3\charscalex100 \ul0\no
supersub\cf27\f28\fs20 $22,805.02\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li
0 \ul0\nosupersub\cf13\f14\fs18 Van Horne and Wachowicz: \ul0\nosupersub\cf14\f1
5\fs18 Fundamentals of Financial Management,\ul0\nosupersub\cf13\f14\fs18 12e\t
ab \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf15\f16\fs18 37
}}
}}
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hpbxpage\shpbypage\shpwr3\shpwrk0\shpfblwtxt1\shpz315\shplid20{\sp{\sn shapeType
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t0\par\pard\li2709\sb32\sl-230\slmult0\fi1919 \up0 \expndtw-4\charscalex100 \ul0
\nosupersub\cf28\f29\fs20 Cash withdrawals at the END of year ...\par\pard\li27
29\tx6069\tx6909\tx7749\tx8589\tx9429\tx10269 \up0 \expndtw-4\charscalex100 0\ta
b \up0 \expndtw-4\charscalex100 1\tab \up0 \expndtw-4\charscalex100 2\tab \up0 \
expndtw-4\charscalex100 3\tab \up0 \expndtw-4\charscalex100 4\tab \up0 \expndtw4\charscalex100 5\tab \up0 \expndtw-4\charscalex100 6\tab \up0 \expndtw-4\charsc
alex100 7\tab \up0 \expndtw-4\charscalex100 8\tab \up0 \expndtw-4\charscalex100
tx6909\tx7749\tx8589\tx9429\tx10269 \up0 \expndtw-6\charscalex100 \ul0\nosupersu
b\cf27\f28\fs20 R\tab \up0 \expndtw-6\charscalex100 R\tab \up0 \expndtw-6\charsc
alex100 R\tab \up0 \expndtw-6\charscalex100 R\tab \up0 \expndtw-6\charscalex100
R\tab \up0 \expndtw-6\charscalex100 R\par\pard\li2229\sb0\sl-230\slmult0\par\par
\expndtw-6\charscalex100 \ul0\nosupersub\cf28\f29\fs20 Alt. #2\tab \up0 \expndt
w-6\charscalex100 This above pattern is equivalent to ...\par\pard\li2229\sb0\s
l-230\slmult0\par\pard\li2229\sb41\sl-230\slmult0\fi3840\tx6909\tx7749\tx8589\tx
9429\tx10269 \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf27\f28\fs20 R\tab \
up0 \expndtw-3\charscalex100 R\tab \up0 \expndtw-3\charscalex100 R\tab \up0 \exp
ndtw-3\charscalex100 R\tab \up0 \expndtw-3\charscalex100 R\tab \up0 \expndtw-3\c

harscalex100 R\par\pard\li2229\sb59\sl-230\slmult0\fi2880 \up0 \expndtw-3\charsc
alex100 PVA6\par\pard\li2229\sb0\sl-207\slmult0\fi0 \up0 \expndtw-3\charscalex10
0 $100,000\par\pard\li3309\sb0\sl-230\slmult0\par\pard\li3309\sb83\sl-230\slmult
0\fi480\tx5229\tx6069\tx8229\tx8949 \dn4 \expndtw-5\charscalex100 \ul0\nosupersu
b\cf28\f29\fs20 PVA6\tab \up0 \expndtw-5\charscalex100 x\tab \dn4 \expndtw-5\cha
rscalex100 (PVIF.05,3)\tab \up0 \expndtw-5\charscalex100 =\tab \up0 \expndtw-5\c
harscalex100 $100,000\par\pard\li3309\sb0\sl-230\slmult0\par\pard\li3309\sb40\sl
-230\slmult0\fi0\tx6069\tx8229\tx8949 \dn3 \expndtw-5\charscalex100 R(PVIFA.05,6
)
x\tab \dn3 \expndtw-5\charscalex100 (PVIF.05,3)\tab \up0 \expndtw-5\chars
calex100 =\tab \up0 \expndtw-5\charscalex100 $100,000\par\pard\li3309\sb0\sl-230
\slmult0\par\pard\li3309\sb1\sl-230\slmult0\fi239\tx5229\tx6309\tx8229\tx8949 \u
p0 \expndtw-5\charscalex100 R(5.076)\tab \up0 \expndtw-5\charscalex100 x\tab \up
0 \expndtw-5\charscalex100 (.864)\tab \up0 \expndtw-5\charscalex100 =\tab \up0 \
expndtw-5\charscalex100 $100,000\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2
589\sb39\sl-230\slmult0\fi2280\tx8229\tx8949 \up0 \expndtw-4\charscalex100 R(4.3
86)\tab \up0 \expndtw-4\charscalex100 =\tab \up0 \expndtw-4\charscalex100 $100,0
\tx5109\tx5469\tx8229\tx8829 \up0 \expndtw-4\charscalex100 R\tab \up0 \expndtw-4
\charscalex100 =\tab \up0 \expndtw-4\charscalex100 $100,000/(4.386)\tab \up0 \ex
pndtw-4\charscalex100 =\tab \up0 \expndtw-4\charscalex100 \ul0\nosupersub\cf27\f
28\fs20 $22,799.82\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb40\sl-23
0\slmult0\fi0 \up0 \expndtw-4\charscalex100 NOTE: Answers to Alt. #1 and Alt.
#2 differ slightly due to\par\pard\li2589\sb20\sl-230\slmult0\fi719 \up0 \expndt
w-4\charscalex100 rounding in the tables.\par\pard\li1989\sb0\sl-230\slmult0\par
\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb60\sl-230\slmult0\fi0 \up0 \ex
pndtw-9\charscalex92 \ul0\nosupersub\cf28\f29\fs20 20. Effective annual intere
st rate = (1 + [i/m])m - 1\par\pard\sect\sectd\sbknone\cols2\colno1\colw62
49\colsr60\colno2\colw5451\colsr160\ql \li2589\sb0\sl-230\slmult0 \par\pard\ql \
li2589\sb40\sl-230\slmult0\tx3424 \up0 \expndtw-3\charscalex100 a.\tab \up0 \exp
ndtw-3\charscalex100 (annually)\par\pard\ql \li2589\sb0\sl-230\slmult0 \par\pard
\ql \li2589\sb39\sl-230\slmult0\tx3424 \up0 \expndtw-3\charscalex100 b.\tab \up0
\expndtw-3\charscalex100 (semiannually)\par\pard\ql \li2589\sb0\sl-230\slmult0
\par\pard\ql \li2589\sb41\sl-230\slmult0\tx3424 \up0 \expndtw-3\charscalex100 c.
\tab \up0 \expndtw-3\charscalex100 (quarterly)\par\pard\ql \li2589\sb0\sl-230\sl
mult0 \par\pard\ql \li2589\sb40\sl-230\slmult0\tx3424 \up0 \expndtw-3\charscalex
100 d.\tab \up0 \expndtw-3\charscalex100 (monthly)\par\pard\ql \li2589\sb0\sl-23
0\slmult0 \par\pard\ql \li2589\sb39\sl-230\slmult0\tx3424 \up0 \expndtw-3\charsc
alex100 e.\tab \up0 \expndtw-3\charscalex100 (daily)\par\pard\ql \li2589\sb0\sl230\slmult0 \par\pard\ql \li2589\sb41\sl-230\slmult0 \up0 \expndtw-3\charscalex1
00 Effective annual interest rate\par\pard\column \ql \li2589\sb0\sl-230\slmult0
\par\pard\ql \li20\sb40\sl-230\slmult0\tx3145 \up0 \expndtw-9\charscalex84 = (
1 + [.096/1])1 - 1\tab \up0 \expndtw-9\charscalex91 = .0960\par\pard\ql \li
2589\sb0\sl-230\slmult0 \par\pard\ql \li20\sb39\sl-230\slmult0\tx3145 \up0 \expn
dtw-9\charscalex84 = (1 + [.096/2])2 - 1\tab \up0 \expndtw-9\charscalex91 =
.0983\par\pard\ql \li2589\sb0\sl-230\slmult0 \par\pard\ql \li20\sb41\sl-230\sl
mult0\tx3145 \up0 \expndtw-9\charscalex84 = (1 + [.096/4])4 - 1\tab \up0 \e
xpndtw-9\charscalex91 = .0995\par\pard\ql \li2589\sb0\sl-230\slmult0 \par\pard\
ql \li20\sb40\sl-230\slmult0\tx3145 \up0 \expndtw-9\charscalex86 = (1 + [.096
/12])12 - 1\tab \up0 \expndtw-9\charscalex91 = .1003\par\pard\ql \li2589\sb0\
sl-230\slmult0 \par\pard\ql \li20\sb39\sl-230\slmult0 \up0 \expndtw-9\charscalex
86 = (1 + [.096/365])365 - 1 = .1007 \par\pard\sect\sectd\sbknone \li2589
\sb19\sl-230\slmult0\fi359 \up0 \expndtw-9\charscalex95 with continuous compound
ing = (e)i - 1\par\pard\sect\sectd\sbknone \li2589\sb0\sl-230\slmult0\par\pa
rd\li2589\sb41\sl-230\slmult0\fi0\tx3429\tx6309\tx9429 \up0 \expndtw-9\charscale
x95 f.\tab \up0 \expndtw-9\charscalex95 (continuous)\tab \up0 \expndtw-9\charsca
lex95 = (2.71828).096 - 1\tab \up0 \expndtw-9\charscalex95 = .1008\par\pard\
\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb122\sl-207\slmult0\fi0\tx1
b\cf15\f16\fs18 38
}}
}}
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}}

}}
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}}
-230\slmult0\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb211\sl-230\slm
ult0\fi0\tx2589 \up0 \expndtw-5\charscalex100 \ul0\nosupersub\cf28\f29\fs20 21.\
tab \up0 \expndtw-4\charscalex100 (Note: You are faced with determining th
e present value of an\par\pard\qj \li2589\ri1051\sb70\sl-500\slmult0\fi0 \up
0 \expndtw-6\charscalex100 annuity due.
And, (PVIFA8%,40) can be found in Ta
ble IV at the end \line \up0 \expndtw-6\charscalex100 of the textbook, while (P
VIFA8%,39) is not listed in the table.) \par\pard\ql \li2590\sb0\sl-230\slmult0
\par\pard\ql\li2590\sb34\sl-230\slmult0 \up0 \expndtw-9\charscalex95 Alt. 1: PV
AD40 = (1 + .08)($25,000)(PVIFA8%,40) \par\pard\ql \li4389\sb1\sl-217\slmult
0 \up0 \expndtw-9\charscalex97 = (1.08)($25,000)(11.925) = $321,975 \par\pard
\ql \li2589\sb0\sl-230\slmult0 \par\pard\ql\li2589\sb203\sl-230\slmult0 \up0 \ex
pndtw-9\charscalex95 Alt. 2: PVAD40 = ($25,000)(PVIFA8%,39) + $25,000 \par\
pard\ql \li4389\sb1\sl-217\slmult0 \up0 \expndtw-9\charscalex91 = ($25,000)[(1
- [1/(1 + .08)39])/.08] + $25,000 \par\pard\ql \li4389\sb0\sl-230\slmult0
\par\pard\ql\li4389\sb43\sl-230\slmult0 \up0 \expndtw-9\charscalex93 = ($25,000
)(11.879) + $25,000 = $321,950 \par\pard\ql \li2589\sb0\sl-230\slmult0 \par\
pard\ql\li2589\sb40\sl-230\slmult0 \up0 \expndtw-5\charscalex100 \ul0\nosupersub
\cf27\f28\fs20 NOTE: Answers to Alt. 1 and Alt. 2 differ slightly due to round
ing. \par\pard\qj \li1989\sb0\sl-280\slmult0 \par\pard\qj\li1989\sb0\sl-280\slmu
lt0 \par\pard\qj\li1989\ri1532\sb29\sl-280\slmult0\tx2589 \up0 \expndtw-5\charsc
alex100 \ul0\nosupersub\cf28\f29\fs20 22. For approximate answers, we can make
use of the "Rule of 72" as \line\tab \up0 \expndtw-5\charscalex100 follows: \p
89 \up0 \expndtw-9\charscalex95 i)\tab \up0 \expndtw-9\charscalex95 72/14 = 5.
14 or \ul0\nosupersub\cf27\f28\fs20 5 percent\ul0\nosupersub\cf28\f29\fs20 (t
o the nearest whole percent)\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\
sb41\sl-230\slmult0\fi600\tx3189 \up0 \expndtw-9\charscalex95 ii)\tab \up0 \expn
dtw-9\charscalex95 72/8 = \ul0\nosupersub\cf27\f28\fs20 9 percent\par\pard\li1
989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl-230\slmult0\fi600 \up0 \expndtw-9
\charscalex95 \ul0\nosupersub\cf28\f29\fs20 iii) 72/2 = \ul0\nosupersub\cf27\f
28\fs20 36 percent\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb39\sl-2
30\slmult0\fi1200 \up0 \expndtw-9\charscalex95 \ul0\nosupersub\cf28\f29\fs20 For
greater accuracy, we proceed as follows:\par\pard\li1989\sb0\sl-230\slmult0\par
\pard\li1989\sb41\sl-230\slmult0\fi600\tx3189 \up0 \expndtw-9\charscalex95 i)\ta
b \up0 \expndtw-9\charscalex95 (1 + i)14 = 2\par\pard\li1989\sb0\sl-230\slmul
5 (1 + i)\tab \up0 \expndtw-9\charscalex95 = 21/14 = 2.07143 = 1.0508\par\
pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb39\sl-230\slmult0\fi1800\tx4389
\up0 \expndtw-9\charscalex95 i\tab \up0 \expndtw-9\charscalex95 = \ul0\nosupers
ub\cf27\f28\fs20 5 percent\ul0\nosupersub\cf28\f29\fs20 (to the nearest whole
percent)\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb41\sl-230\slmult0
\fi600\tx3189 \up0 \expndtw-9\charscalex95 ii)\tab \up0 \expndtw-9\charscalex95
(1 + i)8 = 2\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl-230\s
lmult0\fi1200\tx4269 \up0 \expndtw-9\charscalex95 (1 + i)\tab \up0 \expndtw-9\c
harscalex95 = 21/8 = 2.125 = 1.0905\par\pard\li1989\sb0\sl-230\slmult0\par\
pard\li1989\sb39\sl-230\slmult0\fi1800\tx4269 \up0 \expndtw-9\charscalex95 i\tab
\up0 \expndtw-9\charscalex95 = \ul0\nosupersub\cf27\f28\fs20 9 percent\ul0\nos
upersub\cf28\f29\fs20 (to the nearest whole percent)\par\pard\li1989\sb0\sl-23

iii) (1 + i)2 = 2\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\s
l-230\slmult0\fi1200\tx4269 \up0 \expndtw-9\charscalex95 (1 + i)\tab \up0 \expn
dtw-9\charscalex95 = 21/2 = 2.5 = 1.4142\par\pard\li1989\sb0\sl-230\slmult0
\par\pard\li1989\sb39\sl-230\slmult0\fi1799\tx4269 \up0 \expndtw-9\charscalex95
i\tab \up0 \expndtw-9\charscalex95 = \ul0\nosupersub\cf27\f28\fs20 41 percent\u
l0\nosupersub\cf28\f29\fs20 (to the nearest whole percent)\par\pard\li1989\sb0
\sl-230\slmult0\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb10\sl-230\s
lmult0\fi0 \up0 \expndtw-8\charscalex96 Notice how the "Rule of 72" does
not work quite so well for high rates\par\pard\li1989\sb0\sl-230\slmult0\
par\pard\li1989\sb40\sl-230\slmult0\fi0 \up0 \expndtw-9\charscalex95 of growth s
uch as that seen in situation (iii).\par\pard\li1989\sb0\sl-207\slmult0\par\par
slmult0\par\pard\li1989\sb26\sl-207\slmult0\fi0\tx10430 \up0 \expndtw-2\charscal
ex100 \ul0\nosupersub\cf13\f14\fs18 Van Horne and Wachowicz: \ul0\nosupersub\cf1
4\f15\fs18 Fundamentals of Financial Management,\ul0\nosupersub\cf13\f14\fs18 1
2e\tab \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf15\f16\fs18 39
}
sl-230\slmult0 \par\pard\ql\li1989\sb224\sl-230\slmult0 \up0 \expndtw-3\charscal
ex100 \ul0\nosupersub\cf27\f28\fs20 SOLUTIONS TO SELF-CORRECTION PROBLEMS \par\p
ard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb0\sl-230\slmult0 \par\pa
rd\ql\li1989\sb210\sl-230\slmult0 \up0 \expndtw-7\charscalex100 \ul0\nosupersub\
cf28\f29\fs20 1.
a.
Future (terminal) value of each cash flow and total f
uture value \par\pard\qj \li2949\ri1172\sb213\sl-300\slmult0 \up0 \expndtw-4\cha
rscalex100 of each stream are as follows (using Table I in the end-of-book \up0
\expndtw-4\charscalex100 Appendix): \par\pard\li1989\sb0\sl-230\slmult0\par\par
d\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb78\sl-230\slmult0\fi2039\tx9789 \d
n2 \expndtw-3\charscalex100 FV5 FOR INDIVIDUAL CASH FLOWS RECEIVED AT\tab \up0 \
expndtw-3\charscalex100 TOTAL\par\pard\li1989\sb8\sl-230\slmult0\fi0\tx5829\tx97
89 \up0 \expndtw-3\charscalex100 CASH-FLOW\tab \up0 \expndtw-3\charscalex100 END
OF YEAR\tab \up0 \expndtw-3\charscalex100 FUTURE\par\pard\li1989\sb19\sl-230\sl
mult0\fi119\tx3789\tx4989\tx6309\tx7509\tx8829\tx9789 \up0 \expndtw-3\charscalex
100 STREAM\tab \up0 \expndtw-3\charscalex100 1\tab \up0 \expndtw-3\charscalex100
2\tab \up0 \expndtw-3\charscalex100 3\tab \up0 \expndtw-3\charscalex100 4\tab \
up0 \expndtw-3\charscalex100 5\tab \up0 \expndtw-3\charscalex100 VALUE\par\pard\
\tx6069\tx7269\tx8349\tx8709\tx9549 \up0 \expndtw-3\charscalex100 W\tab \up0 \ex
pndtw-3\charscalex100 $146.40\tab \up0 \expndtw-3\charscalex100 $266.20\tab \up0
\expndtw-3\charscalex100 $242\tab \up0 \expndtw-3\charscalex100 $330\tab \up0 \
expndtw-3\charscalex100 $\tab \up0 \expndtw-3\charscalex100 300\tab \up0 \expndt
w-3\charscalex100 \ul0\nosupersub\cf27\f28\fs20 $1,284.60\par\pard\li2469\sb21\s
l-230\slmult0\fi0\tx3669\tx4869\tx6189\tx7389\tx8709\tx9909 \up0 \expndtw-3\char
scalex100 \ul0\nosupersub\cf28\f29\fs20 X\tab \up0 \expndtw-3\charscalex100 878.
40\tab \up0 \expndtw-3\charscalex100 --\tab \up0 \expndtw-3\charscalex100 --\tab

\up0 \expndtw-3\charscalex100 --\tab \up0 \expndtw-3\charscalex100 --\tab \up0
\expndtw-3\charscalex100 \ul0\nosupersub\cf27\f28\fs20 878.40\par\pard\li2469\sb
20\sl-230\slmult0\fi0\tx3669\tx4869\tx6189\tx7389\tx8469\tx9669 \up0 \expndtw-3\
charscalex100 \ul0\nosupersub\cf28\f29\fs20 Y\tab \up0 \expndtw-3\charscalex100
--\tab \up0 \expndtw-3\charscalex100 --\tab \up0 \expndtw-3\charscalex100 --\tab
\up0 \expndtw-3\charscalex100 --\tab \up0 \expndtw-3\charscalex100 1,200\tab \u
p0 \expndtw-3\charscalex100 \ul0\nosupersub\cf27\f28\fs20 1,200.00\par\pard\li24
69\sb19\sl-230\slmult0\fi0\tx3669\tx4869\tx6189\tx7389\tx8709\tx9669 \up0 \expnd
tw-3\charscalex100 \ul0\nosupersub\cf28\f29\fs20 Z\tab \up0 \expndtw-3\charscale
x100 292.80\tab \up0 \expndtw-3\charscalex100 --\tab \up0 \expndtw-3\charscalex1
00 605\tab \up0 \expndtw-3\charscalex100 --\tab \up0 \expndtw-3\charscalex100 30
0\tab \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf27\f28\fs20 1,197.80\par\p
\sb0\sl-230\slmult0\par\pard\li2709\sb220\sl-230\slmult0\fi0 \up0 \expndtw-5\cha
rscalex100 \ul0\nosupersub\cf28\f29\fs20 b.
Present value of each cash flow a
nd total present value of\par\pard\li2709\sb0\sl-230\slmult0\par\pard\li2709\sb4
0\sl-230\slmult0\fi479 \up0 \expndtw-5\charscalex100 each stream (using Table I
I in the end-of-book Appendix):\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li19
89\sb0\sl-230\slmult0\par\pard\li1989\sb123\sl-230\slmult0\fi2039\tx9789 \dn2 \e
xpndtw-3\charscalex100 PV0 FOR INDIVIDUAL CASH FLOWS RECEIVED AT\tab \up0 \expnd
tw-3\charscalex100 TOTAL\par\pard\li1989\sb8\sl-230\slmult0\fi0\tx5829\tx9789 \u
p0 \expndtw-3\charscalex100 CASH-FLOW\tab \up0 \expndtw-3\charscalex100 END OF Y
EAR\tab \up0 \expndtw-3\charscalex100 PRESENT\par\pard\li1989\sb19\sl-230\slmult
0\fi119\tx3789\tx4989\tx6309\tx7509\tx8829\tx9789 \up0 \expndtw-3\charscalex100
STREAM\tab \up0 \expndtw-3\charscalex100 1\tab \up0 \expndtw-3\charscalex100 2\t
ab \up0 \expndtw-3\charscalex100 3\tab \up0 \expndtw-3\charscalex100 4\tab \up0
\expndtw-3\charscalex100 5\tab \up0 \expndtw-3\charscalex100 VALUE\par\pard\li24
069\tx7269\tx8589\tx9789 \up0 \expndtw-3\charscalex100 W\tab \up0 \expndtw-3\cha
rscalex100 $ 87.70\tab \up0 \expndtw-3\charscalex100 $153.80\tab \up0 \expndtw3\charscalex100 $135.00\tab \up0 \expndtw-3\charscalex100 $177.60\tab \up0 \expn
dtw-3\charscalex100 $155.70\tab \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf
27\f28\fs20 $709.80\par\pard\li2469\sb21\sl-230\slmult0\fi0\tx3549\tx4869\tx6189
\tx7389\tx8709\tx9909 \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf28\f29\fs2
0 X\tab \up0 \expndtw-3\charscalex100 526.20\tab \up0 \expndtw-3\charscalex100 -\tab \up0 \expndtw-3\charscalex100 --\tab \up0 \expndtw-3\charscalex100 --\tab
\up0 \expndtw-3\charscalex100 --\tab \up0 \expndtw-3\charscalex100 \ul0\nosupers
ub\cf27\f28\fs20 526.20\par\pard\li2469\sb20\sl-230\slmult0\fi0\tx3549\tx4869\tx
6189\tx7389\tx8709\tx9909 \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf28\f29
\fs20 Y\tab \up0 \expndtw-3\charscalex100 --\tab \up0 \expndtw-3\charscalex100 -\tab \up0 \expndtw-3\charscalex100 --\tab \up0 \expndtw-3\charscalex100 --\tab
\up0 \expndtw-3\charscalex100 622.80\tab \up0 \expndtw-3\charscalex100 \ul0\nosu
persub\cf27\f28\fs20 622.80\par\pard\li2469\sb19\sl-230\slmult0\fi0\tx3549\tx486
9\tx6189\tx7389\tx8709\tx9909 \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf28
\f29\fs20 Z\tab \up0 \expndtw-3\charscalex100 175.40\tab \up0 \expndtw-3\charsca
lex100 --\tab \up0 \expndtw-3\charscalex100 337.50\tab \up0 \expndtw-3\charscale
x100 --\tab \up0 \expndtw-3\charscalex100 155.70\tab \up0 \expndtw-3\charscalex1
00 \ul0\nosupersub\cf27\f28\fs20 668.60\par\pard\ql \li1989\sb0\sl-230\slmult0 \
r\pard\ql\li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb203\sl-230\slmult0 \up
0 \expndtw-9\charscalex89 \ul0\nosupersub\cf28\f29\fs20 2.
a.
FV10 Plan 1
= $500(FVIFA3.5%,20) \par\pard\ql \li4389\sb230\sl-230\slmult0 \up0 \expndtw9\charscalex91 = $500([(1 + .035)20 - 1]/[.035]) = \ul0\nosupersub\cf27\f2
8\fs20 $14,139.84 \par\pard\ql \li2469\sb0\sl-230\slmult0 \par\pard\ql\li2469\s
b80\sl-230\slmult0 \up0 \expndtw-9\charscalex92 \ul0\nosupersub\cf28\f29\fs20 b.
FV10 Plan 2 = $1,000(FVIFA7.5%,10) \par\pard\ql \li4839\sb230\sl-230\slmu
lt0 \up0 \expndtw-9\charscalex92 = $1,000([(1 + .075)10 - 1]/[.075]) = \ul
0\nosupersub\cf27\f28\fs20 $14,147.09 \par\pard\li1989\sb0\sl-207\slmult0\par\p
7\slmult0\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmult0\
30 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Van Horne and Wac
howicz: \ul0\nosupersub\cf14\f15\fs18 Fundamentals of Financial Management,\ul0\
nosupersub\cf13\f14\fs18 12e\tab \up0 \expndtw-2\charscalex100 \ul0\nosupersub\
cf15\f16\fs18 40
}
}}
}
}}
}
}}
}
}}

}
}}
}
0\sl-230\slmult0 \par\pard\ql\li2439\sb224\sl-230\slmult0 \up0 \expndtw-7\charsc
alex100 \ul0\nosupersub\cf28\f29\fs20 c. Plan 2 would be preferred by a sligh
t margin -- $7.25. \par\pard\ql \li2439\sb0\sl-230\slmult0 \par\pard\ql\li2439
\sb200\sl-230\slmult0 \up0 \expndtw-9\charscalex95 d. FV10 Plan 2 = $1,000(
FVIFA7%,10) \par\pard\ql \li4629\sb190\sl-230\slmult0 \up0 \expndtw-9\charscalex
90 = $1,000([1 + .07)10 - 1]/[.07]) = \ul0\nosupersub\cf27\f28\fs20 $13,8
16.45 \par\pard\ql \li3189\sb0\sl-230\slmult0 \par\pard\ql\li3189\sb40\sl-230\sl
mult0 \up0 \expndtw-5\charscalex100 \ul0\nosupersub\cf28\f29\fs20 Now, Plan 1 w
ould be preferred by a nontrivial $323.37 margin. \par\pard\li1989\sb0\sl-230\s
i0\tx2589\tx8786 \up0 \expndtw-9\charscalex95 3.\tab \up0 \expndtw-9\charscalex9
5 Indifference implies that you could reinvest the\tab \up0 \expndtw-9\cha
rscalex95 $25,000 receipt\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb
40\sl-230\slmult0\fi599\tx3109\tx8109 \up0 \expndtw-9\charscalex95 for\tab \up0
\expndtw-9\charscalex95 6 years at X% to provide an equivalent\tab \up0 \
expndtw-9\charscalex95 $50,000 cash flow in\par\pard\li1989\sb0\sl-230\slmult
0\par\pard\li1989\sb40\sl-230\slmult0\fi599\tx3226\tx5175\tx8204 \up0 \expndtw-9
\charscalex95 year\tab \up0 \expndtw-9\charscalex95 12.
In short,\tab \up0 \
expndtw-9\charscalex95 $25,000 would double in\tab \up0 \expndtw-9\charscalex
95 6 years.
Using the\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb
40\sl-230\slmult0\fi599 \up0 \expndtw-9\charscalex95 "Rule of 72," 72/6 = \ul
0\nosupersub\cf27\f28\fs20 12 percent\ul0\nosupersub\cf28\f29\fs20 .\par\pard\l
i1989\sb0\sl-230\slmult0\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb60
\sl-230\slmult0\fi599\tx5693\tx6687\tx6962 \up0 \expndtw-9\charscalex95 Alternat
ively, note that\tab \up0 \expndtw-9\charscalex95 $50,000\tab \up0 \expndtw-9\
charscalex95 =\tab \up0 \expndtw-9\charscalex95 $25,000\t \dn4 \expndtw-9\charsc
alex95 (FVIFX%,6).
Therefore,\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1
989\sb80\sl-230\slmult0\fi599 \up0 \expndtw-8\charscalex96 (FVIFX%,6) = $50,00
0/$25,000 = 2.
In Table I in the Appendix at\par\pard\li1989\sb230\sl
-230\slmult0\fi599 \up0 \expndtw-8\charscalex96 the end of the book, the i
nterest factor for 6 years at 12 percent\par\pard\li1989\sb0\sl-230\slmul
t0\par\pard\li1989\sb40\sl-230\slmult0\fi599 \up0 \expndtw-8\charscalex96 is 1.
974 and that for 13 percent is 2.082.
Interpolating, we have\par\pard\li366
ndtw-9\charscalex89 2.000\tab \up0 \expndtw-9\charscalex89 - 1.974\par\pard\li3
669\sb42\sl-230\slmult0\fi0\tx6909 \up0 \expndtw-9\charscalex89 X% = 12% +\ta
b \up0 \expndtw-9\charscalex89 = \ul0\nosupersub\cf27\f28\fs20 12.24%\par\pard\
li5109\sb1\sl-217\slmult0\fi0\tx5829 \up0 \expndtw-9\charscalex97 \ul0\nosupersu

b\cf28\f29\fs20 2.082\tab \up0 \expndtw-9\charscalex97 - 1.974\par\pard\ql \li2
589\sb0\sl-230\slmult0 \par\pard\ql\li2589\sb144\sl-230\slmult0 \up0 \expndtw-3\
charscalex100 as the interest rate implied in the contract. \par\pard\qj \li2589
\ri1051\sb64\sl-480\slmult0\fi599 \up0 \expndtw-9\charscalex93 For an even mo
re accurate answer, recognize that FVIFX%,6 can \up0 \expndtw-8\charscalex
100 also be written as (1 + i)6.
Then we can solve directly for i (and \up
0 \expndtw-8\charscalex100 X% = i(100)) as follows: \par\pard\ql \li5589\sb227\
sl-230\slmult0 \up0 \expndtw-9\charscalex83 (1 + i)6 = 2 \par\pard\li1989\sb0
\sl-230\slmult0\par\pard\li1989\sb108\sl-230\slmult0\fi3599\tx6669 \up0 \expndtw
-9\charscalex92 (1 + i)\tab \up0 \expndtw-9\charscalex92 = 21/6 = 2.1667 =
1.1225\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl-230\slmult0\f
i4199\tx6669 \up0 \expndtw-9\charscalex92 i\tab \up0 \expndtw-9\charscalex92 =
.1225 or X% = \ul0\nosupersub\cf27\f28\fs20 12.25%\par\pard\li1989\sb0\sl-230\
i0\tx2589 \up0 \expndtw-9\charscalex92 \ul0\nosupersub\cf28\f29\fs20 4.\tab \dn3
\expndtw-9\charscalex92 a.
PV0 = $7,000(PVIFA6%,20) = $7,000(11.470) =
\ul0\nosupersub\cf27\f28\fs20 $80,290\par\pard\li1989\sb0\sl-230\slmult0\par\pa
rd\li1989\sb182\sl-230\slmult0\fi599 \up0 \expndtw-9\charscalex92 \ul0\nosupersu
b\cf28\f29\fs20 b.
PV0 = $7,000(PVIFA8%,20) = $7,000(19.818) = \ul0\nosu
persub\cf27\f28\fs20 $68,726\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989
\sb27\sl-230\slmult0\fi0\tx2589 \up0 \expndtw-9\charscalex92 \ul0\nosupersub\cf2
8\f29\fs20 5.\tab \dn2 \expndtw-9\charscalex92 a.
PV0 = $10,000 = R(PVIFA1
4%,4) = R(2.914)\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb41\sl-230
\slmult0\fi1199 \up0 \expndtw-6\charscalex100 Therefore, R = $10,000/2.914 =
\ul0\nosupersub\cf27\f28\fs20 $3,432\ul0\nosupersub\cf28\f29\fs20 (to the nea
rest dollar).\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmu
lt0\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb146\sl-207\slmult0\fi0\
tx10430 \up0 \expndtw-5\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Van Horne an
d Wachowicz: \ul0\nosupersub\cf14\f15\fs18 Fundamentals of Financial Management,
\ul0\nosupersub\cf13\f14\fs18 12e\tab \up0 \expndtw-5\charscalex100 \ul0\nosupe
rsub\cf15\f16\fs18 41\par\pard\sect\sectd\fs24\paperw11900\paperh16840
{\sp{\sn shapeType}{\sv 202}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{\s
p{\sn fRecolorFillAsPicture}{\sv 0}}{\sp{\sn fUseShapeAnchor}{\sv 0}}{\sp{\sn fL
ine}{\sv 0}}{\sp{\sn fFilled}{\sv 0}}{\sp{\sn fLayoutInCell}{\sv 1}}{\sp{\sn fBe
hindDocument}{\sv 1}}{\shptxt\pard\plain \qj\sl148 \li0\ri0 \expndtw-4\charscale
x100\ul0\nosupersub\cf28\f29\fs20 |_________|_________|_________|_________|____\
ul0\nosupersub\cf32\f33\fs20 _\ul0\nosupersub\cf33\f34\fs20 / /\ul0\nosupersub\
cf32\f33\fs20 _\ul0\nosupersub\cf28\f29\fs20 ____|_________|{\par}}}}
{\sp{\sn shapeType}{\sv 202}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{\s
p{\sn fRecolorFillAsPicture}{\sv 0}}{\sp{\sn fUseShapeAnchor}{\sv 0}}{\sp{\sn fL
ine}{\sv 0}}{\sp{\sn fFilled}{\sv 0}}{\sp{\sn fLayoutInCell}{\sv 1}}{\sp{\sn fBe
hindDocument}{\sv 1}}{\shptxt\pard\plain \qj\sl148 \li0\ri0 \expndtw-4\charscale
x100\ul0\nosupersub\cf28\f29\fs20 |_________|_________|_________|_________|____\
ul0\nosupersub\cf32\f33\fs20 _\ul0\nosupersub\cf33\f34\fs20 / /\ul0\nosupersub\
cf32\f33\fs20 _\ul0\nosupersub\cf28\f29\fs20 ____|_________|{\par}}}}\pard\sb0\s
l-240{\bkmkstart Pg44}{\bkmkend Pg44}\par\pard\li1989\sb0\sl-207\slmult0\par\par
\expndtw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 3: The Time Valu
e of Money\tab \up0 \expndtw-2\charscalex100 Pearson Education Limited 2005\par\
9\sb12\sl-230\slmult0\fi599 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf28\f
29\fs20 b.\par\pard\li3909\sb0\sl-230\slmult0\par\pard\li3909\sb39\sl-230\slmult
0\fi0\tx5589\tx7509\tx9429 \up0 \expndtw-3\charscalex100 (1)\tab \up0 \expndtw-3
\charscalex100 (2)\tab \up0 \expndtw-3\charscalex100 (3)\tab \up0 \expndtw-3\cha

rscalex100 (4)\par\pard\li2109\sb21\sl-230\slmult0\fi3359\tx7149 \up0 \expndtw-8
\charscalex100 ANNUAL\tab \up0 \expndtw-8\charscalex100 PRINCIPAL
PRINCIPAL
AMOUNT\par\pard\li2109\sb20\sl-230\slmult0\fi0\tx3429\tx5349\tx7269\tx8589 \up0
\expndtw-8\charscalex100 END OF\tab \up0 \expndtw-8\charscalex100 INSTALLMENT\t
ab \up0 \expndtw-8\charscalex100 INTEREST\tab \up0 \expndtw-8\charscalex100 PAYM
ENT\tab \up0 \expndtw-8\charscalex100 OWING AT YEAR END\par\pard\li2109\sb19\sl230\slmult0\fi119\tx3669\tx5109\tx7149\tx8829 \up0 \expndtw-8\charscalex100 YEAR
\tab \up0 \expndtw-8\charscalex100 PAYMENT\tab \dn4 \expndtw-8\charscalex100 (4)
t-1 x .14\tab \up0 \expndtw-8\charscalex100 (1) - (2)\tab \dn4 \expndtw-8\cha
rscalex100 (4)t-1 - (3)\par\pard\li2469\sb0\sl-230\slmult0\par\pard\li2469\sb0
\sl-230\slmult0\par\pard\li2469\sb60\sl-230\slmult0\fi0\tx4029\tx5709\tx7629\tx9
189 \up0 \expndtw-4\charscalex100 0\tab \up0 \expndtw-4\charscalex100 --\tab \up
0 \expndtw-4\charscalex100 --\tab \up0 \expndtw-4\charscalex100 --\tab \up0 \exp
ndtw-4\charscalex100 $10,000\par\pard\li2469\sb21\sl-230\slmult0\fi0\tx3669\tx54
69\tx7269\tx9429 \up0 \expndtw-4\charscalex100 1\tab \up0 \expndtw-4\charscalex1
00 $ 3,432\tab \up0 \expndtw-4\charscalex100 \ul0\nosupersub\cf27\f28\fs20 $1,4
00\tab \up0 \expndtw-4\charscalex100 $ 2,032\tab \up0 \expndtw-4\charscalex100
\ul0\nosupersub\cf28\f29\fs20 7,968\par\pard\li2469\sb20\sl-230\slmult0\fi0\tx39
09\tx5589\tx7509\tx9429 \up0 \expndtw-4\charscalex100 2\tab \up0 \expndtw-4\char
scalex100 3,432\tab \up0 \expndtw-4\charscalex100 \ul0\nosupersub\cf27\f28\fs20
1,116\tab \up0 \expndtw-4\charscalex100 2,316\tab \up0 \expndtw-4\charscalex100
\ul0\nosupersub\cf28\f29\fs20 5,652\par\pard\li2469\sb19\sl-230\slmult0\fi0\tx39
09\tx5829\tx7509\tx9429 \up0 \expndtw-4\charscalex100 3\tab \up0 \expndtw-4\char
scalex100 3,432\tab \up0 \expndtw-4\charscalex100 \ul0\nosupersub\cf27\f28\fs20
791\tab \up0 \expndtw-4\charscalex100 2,641\tab \up0 \expndtw-4\charscalex100 \u
l0\nosupersub\cf28\f29\fs20 3,011\par\pard\li2469\sb21\sl-230\slmult0\fi0\tx3909
\tx5829\tx7509\tx9909 \up0 \expndtw-4\charscalex100 4\tab \up0 \expndtw-4\charsc
alex100 3,432\tab \up0 \expndtw-4\charscalex100 \ul0\nosupersub\cf27\f28\fs20 42
1\tab \up0 \expndtw-4\charscalex100 3,011\tab \up0 \expndtw-4\charscalex100 \ul0
\nosupersub\cf28\f29\fs20 0\par\pard\li3669\sb0\sl-230\slmult0\par\pard\li3669\s
b39\sl-230\slmult0\fi0\tx5469\tx7269 \up0 \expndtw-3\charscalex100 \ul0\nosupers
ub\cf27\f28\fs20 $13,728\tab \up0 \expndtw-3\charscalex100 $3,728\tab \up0 \expn
dtw-3\charscalex100 $10,000\par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\
1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb173\sl-230\slmult0\tx2589 \up0 \ex
pndtw-3\charscalex100 \ul0\nosupersub\cf28\f29\fs20 6. \tab \up0 \expndtw-4\char
scalex100 When we draw a picture of the problem, we get $1,000 at the end of \p
p0 \expndtw-6\charscalex100 every even-numbered year for years 1 through 20: \
9\tx4989\tx6189\tx7389\tx8949\tx10149 \up0 \expndtw-3\charscalex100 0\tab \up0 \
expndtw-3\charscalex100 1\tab \up0 \expndtw-3\charscalex100 2\tab \up0 \expndtw3\charscalex100 3\tab \up0 \expndtw-3\charscalex100 4\tab \up0 \expndtw-3\charsc
alex100 19\tab \up0 \expndtw-3\charscalex100 20\par\pard\ql \li7989\sb55\sl-396\
slmult0 \up0 \expndtw0\charscalex97 \ul0\nosupersub\cf34\f35\fs44 // \par\pard\l
i4629\sb70\sl-230\slmult0\fi0\tx7029\tx9909 \up0 \expndtw-3\charscalex100 \ul0\n
osupersub\cf28\f29\fs20 $1,000\tab \up0 \expndtw-3\charscalex100 $1,000\tab \up0
\expndtw-3\charscalex100 $1,000\par\pard\qj \li2589\ri1050\sb239\sl-500\slmult0
\up0 \expndtw-5\charscalex100 \ul0\nosupersub\cf27\f28\fs20 TIP:\ul0\nosupersub
\cf28\f29\fs20 Convert $1,000 every 2 years into an \ul0\nosupersub\cf27\f28\
fs20 equivalent annual annuity \up0 \expndtw-6\charscalex100 \ul0\nosupersub\cf2
8\f29\fs20 (i.e., an annuity that would provide an equivalent present o
r \up0 \expndtw-8\charscalex92 future value to the actual cash flows) pat
tern.
Solving for a 2-\line \up0 \expndtw-8\charscalex93 year annuity th
at is equivalent to a future $1,000 to be received \up0 \expndtw-9\char
scalex93 at the end of year 2, we get \par\pard\ql \li3669\sb0\sl-230\slmult0 \
par\pard\ql\li3669\sb154\sl-230\slmult0 \up0 \expndtw-9\charscalex95 FVA2 = $1
,000 = R(FVIFA10%,2) = R(2.100) \par\pard\qj \li2589\ri1051\sb127\sl-500\slmul
t0 \up0 \expndtw-8\charscalex96 Therefore, R = $1,000/2.100 = $476.19.
Re
placing every $1,000 with \up0 \expndtw-9\charscalex96 an equivalent two-year a

nnuity gives us $476.19 for 20 years. \par\pard\li2589\sb0\sl-230\slmult0\par\
pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb71\sl-230\slmult0\fi0\tx3789\tx
4989\tx6189\tx7389\tx8949\tx10149 \up0 \expndtw-3\charscalex100 0\tab \up0 \expn
dtw-3\charscalex100 1\tab \up0 \expndtw-3\charscalex100 2\tab \up0 \expndtw-3\ch
arscalex100 3\tab \up0 \expndtw-3\charscalex100 4\tab \up0 \expndtw-3\charscalex
100 19\tab \up0 \expndtw-3\charscalex100 20\par\pard\li1989\sb1\sl-485\slmult0\f
i6000 \up0 \expndtw0\charscalex93 \ul0\nosupersub\cf34\f35\fs44 //\par\pard\li19
89\sb35\sl-230\slmult0\fi1439\tx4629\tx5829\tx7029\tx8709\tx9789 \up0 \expndtw-6
\charscalex100 \ul0\nosupersub\cf28\f29\fs20 $476.19\tab \up0 \expndtw-6\charsca
lex100 $476.19\tab \up0 \expndtw-6\charscalex100 $476.19\tab \up0 \expndtw-6\cha
rscalex100 $476.19\tab \up0 \expndtw-6\charscalex100 $476.19\tab \up0 \expndtw-6
\charscalex100 $476.19\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb80\s
l-230\slmult0\fi1079 \up0 \expndtw-6\charscalex100 PVA20 = $476.19(PVIFA10%,20
) = $476.19(8.514) = \ul0\nosupersub\cf27\f28\fs20 $4,054.28\par\pard\li1989
7\slmult0\par\pard\li1989\sb197\sl-207\slmult0\fi0\tx10430 \up0 \expndtw-5\chars
calex100 \ul0\nosupersub\cf13\f14\fs18 Van Horne and Wachowicz: \ul0\nosupersub\
cf14\f15\fs18 Fundamentals of Financial Management,\ul0\nosupersub\cf13\f14\fs18
}}
}}
}}
}}
}}
lt0\fi0\tx2589 \up0 \expndtw-9\charscalex97 \ul0\nosupersub\cf28\f29\fs20 7.\tab
\up0 \expndtw-9\charscalex97 Effective annual\par\pard\li1989\sb20\sl-230\slmul
t0\fi839\tx4749 \up0 \expndtw-9\charscalex97 interest rate\tab \up0 \expndtw-9\c
harscalex97 = (1 + [i/m])m -1\par\pard\ql \li4749\sb0\sl-230\slmult0 \par\pa
rd\ql\li4749\sb32\sl-230\slmult0 \up0 \expndtw-9\charscalex88 = (1 + [.0706/4
])4 - 1 = .07249 (approx. 7.25%) \par\pard\qj \li2589\ri1051\sb247\sl-500\

slmult0 \up0 \expndtw-8\charscalex97 Therefore, we have \ul0\nosupersub\cf27\f
28\fs20 quarterly compounding\ul0\nosupersub\cf28\f29\fs20 .
And, investin
g $10,000 \line \up0 \expndtw-8\charscalex97 at 7.06% compounded quarterly for
7 months (Note: 7 months equals 2 \par\pard\ql \li2589\sb224\sl-230\slmult0
\up0 \expndtw-5\charscalex100 and 1/3 quarter periods), we get \par\pard\ql \l
i5949\sb1\sl-217\slmult0 \up0 \expndtw-2\charscalex100 _ \par\pard\li1989\sb0\sl
arscalex94 $10,000(1 + [.0706/4])2.33 =\tab \up0 \expndtw-9\charscalex94 $10,
000(1.041669) = \ul0\nosupersub\cf27\f28\fs20 $10,416.69\par\pard\li1989\sb0\s
l-230\slmult0\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb111\sl-230\sl
mult0\fi0\tx2589 \up0 \expndtw-9\charscalex94 \ul0\nosupersub\cf28\f29\fs20 8.\t
ab \dn3 \expndtw-9\charscalex94 FVA65 = $1,230(FVIFA5%,65) = $1,230[([1 +
.05]65 - 1)/(.05)]\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl230\slmult0\fi1320 \up0 \expndtw-6\charscalex100 = $1,230(456.798) = \ul0\nosu
persub\cf27\f28\fs20 $561,861.54\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li
1989\sb0\sl-230\slmult0\par\pard\li1989\sb9\sl-230\slmult0\fi600\tx8889\tx10509
\up0 \expndtw-9\charscalex100 \ul0\nosupersub\cf28\f29\fs20 Our "penny saver"
would have been better off by\tab \up0 \expndtw-6\charscalex100 ($561,861.
54\tab \up0 \expndtw-6\charscalex100 -\par\pard\li1989\sb0\sl-230\slmult0\par\pa
rd\li1989\sb40\sl-230\slmult0\fi600\tx3709\tx3988\tx5468\tx6268\tx8627 \up0 \exp
ndtw-6\charscalex100 $80,000)\tab \up0 \expndtw-6\charscalex100 =\tab \up0 \expn
dtw-6\charscalex100 \ul0\nosupersub\cf27\f28\fs20 $481,861.54\tab \up0 \expndtw6\charscalex100 \ul0\nosupersub\cf28\f29\fs20 -- or\tab \up0 \expndtw-6\charsca
lex100 \ul0\nosupersub\cf27\f28\fs20 48,186,154 pennies\tab \up0 \expndtw-6\cha
rscalex100 \ul0\nosupersub\cf28\f29\fs20 -- by depositing\par\pard\li1989\sb0\
sl-230\slmult0\par\pard\li1989\sb40\sl-230\slmult0\fi599\tx10509 \up0 \expndtw-6
\charscalex100 the pennies saved each year into a savings account earni
ng\tab \up0 \expndtw-6\charscalex100 5\par\pard\li1989\sb0\sl-230\slmult0\par\pa
rd\li1989\sb40\sl-230\slmult0\fi599 \up0 \expndtw-6\charscalex100 percent compou
nd annual interest.\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb0\sl-23
0\slmult0\par\pard\li1989\sb111\sl-230\slmult0\fi0\tx2589\tx3189 \up0 \expndtw-6
\charscalex100 9.\tab \up0 \expndtw-6\charscalex100 a.\tab \up0 \expndtw-6\chars
calex100 $50,000(.08) = $4,000 interest payment\par\pard\ql \li3189\sb0\sl-230
\slmult0 \par\pard\ql\li3189\sb22\sl-230\slmult0 \up0 \expndtw-9\charscalex97 $7
,451.47 - $4,000 = \ul0\nosupersub\cf27\f28\fs20 $3,451.47 principal payment
\up0 \expndtw-5\charscalex100 \ul0\nosupersub\cf28\f29\fs20 b.
Total install
ment payments - total principal payments \par\pard\ql \li3789\sb0\sl-230\slmult
0 \par\pard\ql\li3789\sb40\sl-230\slmult0 \up0 \expndtw-3\charscalex100 = total
interest payments \par\pard\ql \li3189\sb0\sl-230\slmult0 \par\pard\ql\li3189\sb
40\sl-230\slmult0 \up0 \expndtw-9\charscalex93 $74,514.70 - $50,000 = \ul0\no
supersub\cf27\f28\fs20 $24,514.70 \par\pard\li1989\sb0\sl-207\slmult0\par\pard\
\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb148\sl-207\
40{\shp
z-10000\shplid45

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00f9d1d1ff000dbbff00050dff00a4847ed4dff830f847ff00ce8e8ff8a7d78edfcfc25ff87b5ffc
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567e57fef2e8afe0d3fe1ed5ff000561ff00a3c3f0d7fe2327c15ffe5451ff000f6aff0082b0ff00
d1e1f86bff001193e0afff002a28ff00890cfa467fd13dc3ff00f89564ff00fcbbfab3f2b9ff0011
b7807fe83b1fff0086cc57ff0023fd59f95ffbcba2bf834ff87b57fc1587fe8f0fc35ff88c9f057f
f95147fc3dabfe0ac3ff004787e1affc464f82bffca8a3fe2433e919ff0044f70fff00e25593ff00
f2efeacfcae7fc46de01ff00a0ec7ffe1b315ffc8ff567e57fef2e8afe0d3fe1ed5ff0561ffa3c3f
0d7fe2327c15ff00e5451ff0f6aff82b0ffd1e1f86bff1193e0aff00f2a28ff890cfa467fd13dc3f
ff0089564fff00cbbfab3f2b9ff11b7807fe83b1ff00f86cc57ff23fd59f95ff00bcba2bf834ff00
87b57fc1587fe8f0fc35ff0088c9f057ff0095147fc3dabfe0ac3ff4787e1aff00c464f82bff00ca
8a3fe2433e919ff44f70ff00fe25593fff002efeacfcae7fc46de01ffa0ec7ff00e1b315ff00c8ff
00567e57fef2e8afe0d3fe1ed5ff000561ff00a3c3f0d7fe2327c15ffe5451ff000f6aff0082b0ff
00d1e1f86bff001193e0afff002a28ff00890cfa467fd13dc3ff00f89564ff00fcbbfab3f2b9ff00
11b7807fe83b1fff0086cc57ff0023fd59f95ffbcba2bf834ff87b57fc1587fe8f0fc35ff88c9f05
7ff95147fc3dabfe0ac3ff004787e1affc464f82bffca8a3fe2433e919ff0044f70fff00e25593ff
00f2efeacfcae7fc46de01ff00a0ec7ffe1b315ffc8ff567e57fef2e8afe0d3fe1ed5ff0561ffa3c
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0087b57fc1587fe8f0fc35ff0088c9f057ff0095147fc3dabfe0ac3ff4787e1aff00c464f82bff00
ca8a3fe2433e919ff44f70ff00fe25593fff002efeacfcae7fc46de01ffa0ec7ff00e1b315ff00c8
ff00567e57fef2e8afe0d3fe1ed5ff000561ff00a3c3f0d7fe2327c15ffe5451ff000f6aff0082b0
ff00d1e1f86bff001193e0afff002a28ff00890cfa467fd13dc3ff00f89564ff00fcbbfab3f2b9ff
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a7c71457d8ff00f0ecdff82a7ffd23a3e33ffe1f7fd817ff00a31a8ff8766ffc153ffe91d1f19fff
000fbfec0bff00d18d47fc4d47d1e7fe8ec70a7fe1462bff00997cff003ecc3fe21a71e7fd12f99f
fe0ba7ff00cb4f8e28afb1ff00e1d9bff054ff00fa4747c67ffc3eff00b02fff0046351ff0ecdff8
2a7ffd23a3e33ffe1f7fd817ff00a31a8ff89a8fa3cffd1d8e14ff00c28c57ff0032f9fe7d987fc4
34e3cffa25f33ffc174fff00969f1c515f63ff00c3b37fe0a9ff00f48e8f8cff00f87dff00605ffe
8c6a3fe1d9bff054ff00fa4747c67ffc3eff00b02fff0046351ff1351f479ffa3b1c29ff008518af
fe65f3fcfb30ff008869c79ff44be67ff82e9fff002d3e38a2bec7ff008766ff00c153ff00e91d1f
19ff00f0fbfec0bffd18d47fc3b37fe0a9ff00f48e8f8cff00f87dff00605ffe8c6a3fe26a3e8f3f
f4763853ff000a315ffccbe7f9f661ff0010d38f3fe897ccff00f05d3ffe5a7c71457d8fff000ecd
ff0082a7ff00d23a3e33ff00e1f7fd817ffa31a8ff008766ff00c153ff00e91d1f19ff00f0fbfec0
bffd18d47fc4d47d1e7fe8ec70a7fe1462bff997cff3ecc3fe21a71e7fd12f99ff00e0ba7ffcb4f8
e28afb1ffe1d9bff00054fff00a4747c67ff00c3effb02ff00f46351ff000ecdff0082a7ff00d23a
3e33ff00e1f7fd817ffa31a8ff0089a8fa3cff00d1d8e14ffc28c57ff32f9fe7d987fc434e3cff00
a25f33ff00c174ff00f969f1c515f63ffc3b37fe0a9fff0048e8f8cfff0087dff605ff00e8c6a3fe
1d9bff00054fff00a4747c67ff00c3effb02ff00f46351ff001351f479ff00a3b1c29ff8518aff00
e65f3fcfb30ff8869c79ff0044be67ff0082e9ff00f2d3f363f680ff00922bf12ffec53d4fff0045
8aff00518aff003daf88bff049ff00f82ad78fbc0fe26f05d87fc13e7e29e9379e27d2e6d1e0d535
bf8f3fb0aae91a73deb245f6dd49b48fdad757d50595aa9335c7f67695a8de989185b595ccc5226f
f425aff31fe9e3e24f02f893c5dc078fe05e27cb389b0796f0e66383c757cb2a54a90c2e26ae66ab
53a357da53a728ca749a9c6c9a6afadd34bfa2fc13e1fceb87b2acee8675976272eab88cc2855a30
c446317529c70dc929c796524d292b3d6e9f4d428a28afe0e3f6c0a28a2800a28a2800a28a2800a2
8a2803ffd9}}}}}\pard\sb0\sl-240{\bkmkstart Pg46}{\bkmkend Pg46}\par\pard\ql \li7
6\sb75\sl-207\slmult0 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs1
8 Pearson Education Limited 2005 \par\pard\ql \li4149\sb0\sl-690\slmult0 \par\pa
rd\ql\li4149\sb0\sl-690\slmult0 \par\pard\ql\li4149\sb0\sl-690\slmult0 \par\pard
l\li4149\sb464\sl-690\slmult0 \up0 \expndtw0\charscalex97 \ul0\nosupersub\cf22\f
23\fs60 4 \par\pard\ql \li4149\sb5\sl-575\slmult0 \up0 \expndtw0\charscalex97 \u
l0\nosupersub\cf23\f24\fs50 The Valuation \par\pard\ql \li4149\sb1\sl-556\slmult
0 \up0 \expndtw0\charscalex97 of Long-Term Securities \par\pard\qj \li2648\sb0\s
l-380\slmult0 \par\pard\qj\li2648\sb0\sl-380\slmult0 \par\pard\qj\li2648\sb0\sl380\slmult0 \par\pard\qj\li2648\sb0\sl-380\slmult0 \par\pard\qj\li2648\sb0\sl-38
0\slmult0 \par\pard\qj\li2648\sb0\sl-380\slmult0 \par\pard\qj\li2648\sb0\sl-380\
slmult0 \par\pard\qj\li2648\sb0\sl-380\slmult0 \par\pard\qj\li2648\sb0\sl-380\sl
mult0 \par\pard\qj\li2648\sb0\sl-380\slmult0 \par\pard\qj\li2648\sb0\sl-380\slmu
lt0 \par\pard\qj\li2648\sb0\sl-380\slmult0 \par\pard\qj\li2648\sb0\sl-380\slmult
0 \par\pard\qj\li2648\sb0\sl-380\slmult0 \par\pard\qj\li2648\sb0\sl-380\slmult0
\par\pard\qj\li2648\sb0\sl-380\slmult0 \par\pard\qj\li2648\ri1014\sb30\sl-380\sl
mult0 \up0 \expndtw0\charscalex98 \ul0\nosupersub\cf25\f26\fs32 What is a cynic?
A man who knows the price of everything \up0 \expndtw0\charscalex99 and the v
alue of nothing. \par\pard\ql \li8532\sb230\sl-368\slmult0 \up0 \expndtw0\charsc
alex93 OSCAR WILDE \par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-20
i1989\sb0\sl-207\slmult0\par\pard\li1989\sb62\sl-207\slmult0\fi0\tx10430 \up0 \e
arscalex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 4: The Valuation of Long-Term
Securities\tab \up0 \expndtw-2\charscalex100 Pearson Education Limited 2005\par\
d\ql\li1989\sb94\sl-230\slmult0 \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf
27\f28\fs20 ANSWERS TO QUESTIONS \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pa
\ql\li1989\sb80\sl-230\slmult0\tx2589 \up0 \expndtw-3\charscalex100 \ul0\nosuper
sub\cf28\f29\fs20 1. \tab \up0 \expndtw-8\charscalex92 The market value of a
firm is the market price at which the firm \par\pard\qj \li2589\ri1051
\sb47\sl-500\slmult0 \up0 \expndtw-5\charscalex100 trades in an open marketplace
.
This value is often viewed as being \up0 \expndtw-4\charscalex100 the highe
r of the firm's liquidation value (i.e., amount that could \up0 \expndtw-6\char
scalex100 be realized if the firm's assets are sold separately from it
s \up0 \expndtw-4\charscalex100 operating organization) or going-concern value

(i.e., amount a firm \up0 \expndtw-4\charscalex100 could be sold for as a contin
uing business). \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb0\
l-230\slmult0\tx2589 \up0 \expndtw-3\charscalex100 2. \tab \up0 \expndtw-8\chars
calex93 The intrinsic value (or economic value) of a security could di
ffer \par\pard\ql \li2589\sb0\sl-230\slmult0 \par\pard\ql\li2589\sb40\sl-230\slm
ult0\tx5550 \up0 \expndtw-6\charscalex100 from its market value \tab \up0 \ex
pndtw-9\charscalex96 (or price).
Even in a market that is \par\pard\qj
\li2589\ri1050\sb47\sl-500\slmult0 \up0 \expndtw-8\charscalex96 reasonably eff
icient and informed, the market price of a security \up0 \expndtw-8\char
scalex94 will fluctuate about its intrinsic value.
The less efficient
and \up0 \expndtw-4\charscalex100 informed the market may be, the greater
the likelihood that \up0 \expndtw-4\charscalex100 intrinsic value will diffe
r from market value. \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989
b34\sl-230\slmult0\tx2589 \up0 \expndtw-3\charscalex100 3. \tab \up0 \expndtw-8\
charscalex96 Both bonds and preferred stocks are fixed-income securities.
The \par\pard\qj \li2589\ri1051\sb47\sl-500\slmult0 \up0 \expndtw-8\charscal
ex93 interest payment or dividend is fixed at the time of issuance, i
s \line \up0 \expndtw-8\charscalex94 contractual, and occurs at regular int
ervals.
Thus, we apply the \line \up0 \expndtw-8\charscalex93 same genera
l approach to valuing bonds and preferred stock -- that \line \up0 \exp
ndtw-9\charscalex93 is, we determine the present value of a fixed payment stream
\expndtw-9\charscalex95 4.\tab \up0 \expndtw-8\charscalex96 The longer the ma
turity, the less important the principal payment,\par\pard\li1989\sb0\sl-2
6 and the more important the interest payments in the bond's\p
ar\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb39\sl-230\slmult0\fi629 \up0
\expndtw-8\charscalex96 valuation.
As
a result, the principal payme
nt acts less as a\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl
-230\slmult0\fi629 \up0 \expndtw-9\charscalex95 buffer against the effect of cha
nges in yield on market price.\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li198
07\slmult0\par\pard\li1989\sb104\sl-207\slmult0\fi0\tx10430 \up0 \expndtw-2\char
scalex100 \ul0\nosupersub\cf13\f14\fs18 Van Horne and Wachowicz: \ul0\nosupersub
\cf14\f15\fs18 Fundamentals of Financial Management,\ul0\nosupersub\cf13\f14\fs1
8 12e\tab \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf15\f16\fs18 45
}
}}
}

}}
}
}}
}
}}
}
alex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 4: The Valuation of Long-Term Secu
rities\tab \up0 \expndtw-6\charscalex100 Pearson Education Limited 2005\par\pard
\f29\fs20 5.\tab \up0 \expndtw-6\charscalex100 The lower coupon bond will s
uffer the greater proportional market\par\pard\qj \li2619\ri1050\sb30\sl-500
\slmult0 \up0 \expndtw-5\charscalex100 decline.
Its income stream is further
in the future than that for \up0 \expndtw-5\charscalex100 the higher coupon bon
d, and hence subject to more volatility. \par\pard\ql \li1989\sb0\sl-230\slmult0
par\pard\ql\li1989\sb34\sl-230\slmult0\tx2589 \up0 \expndtw-3\charscalex100 6. \
tab \up0 \expndtw-8\charscalex92 Dividends are all that investors as a wh
ole receive.
As shown in \par\pard\qj \li2589\ri1050\sb47\sl-500\slmult0 \
up0 \expndtw-6\charscalex100 the chapter, a dividend capitalization model
does not preclude \up0 \expndtw-8\charscalex93 consideration of capital gai
ns.
In fact, it embodies market price \up0 \expndtw-9\charscalex93 chang
es. \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb0\sl-230\slmul
0\tx2589 \up0 \expndtw-3\charscalex100 7. \tab \up0 \expndtw-8\charscalex91 The

stock would be worth zero.
There must be the prospect for an \par\
pard\ql \li2589\sb0\sl-230\slmult0 \par\pard\ql\li2589\sb40\sl-230\slmult0 \up0
\expndtw-3\charscalex100 ultimate cash payment to someone for an investment to h
ave value. \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb0\sl-23
0\slmult0 \par\pard\ql\li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb80\sl-230
\slmult0\tx2589 \up0 \expndtw-3\charscalex100 8. \tab \up0 \expndtw-8\charscalex
97 As companies grow larger, growth becomes more difficult.
Unless \pa
r\pard\qj \li2589\ri1050\sb47\sl-500\slmult0 \up0 \expndtw-8\charscalex96 there
is some competitive advantage or monopolistic position, most \line \up0
\expndtw-3\charscalex100 large companies grow roughly in keeping with growth in
the economy. \line \up0 \expndtw-3\charscalex100 A company can of course grow at
an increasing rate for a while, but \line \up0 \expndtw-8\charscalex94 increasi
ng rates become increasingly harder to sustain in a \par\pard\li
ndtw-7\charscalex100 competitive economy.\tab \up0 \expndtw-7\charscalex100 If
increasing rates of growth could be\par\pard\li2589\sb0\sl-230\slmult0\par
\pard\li2589\sb40\sl-230\slmult0\fi0 \up0 \expndtw-6\charscalex100 sustained fo
r a number of years, the value of the stock would\par\pard\li2589\sb0\
sl-230\slmult0\par\pard\li2589\sb40\sl-230\slmult0\fi0 \up0 \expndtw-6\charscale
x100 explode and approach infinity.
This can be illustrated with the\
par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb40\sl-230\slmult0\fi0 \up0
\expndtw-7\charscalex100 perpetual growth model where "g" is greater than "k."\p
w-2\charscalex100 \ul0\nosupersub\cf15\f16\fs18 46\par\pard\sect\sectd\fs24\pape
rw11900\paperh16840\pard\sb0\sl-240{\bkmkstart Pg49}{\bkmkend Pg49}\par\pard\li1
\fs18 Chapter 4: The Valuation of Long-Term Securities\tab \up0 \expndtw-3\chars
calex100 Pearson Education Limited 2005\par\pard\li1989\sb0\sl-230\slmult0\par\p
ard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb211\sl-230\slmult0\fi0\tx2589 \u
\charscalex100 A company could grow at this rate for a while, but not forever.
At\par\pard\qj \li2589\ri1050\sb30\sl-500\slmult0 \up0 \expndtw-8\charscalex90
the end of 25 years, it would be over 700 times larger.
Obviously
\line \up0 \expndtw-8\charscalex89 this cannot go on forever in real ter
ms or the company will end up \line \up0 \expndtw-8\charscalex89 owning t
he world.
The real rate of growth of the economies of the \line \up
0 \expndtw-8\charscalex92 world is single digit.
Eventually the growth
of this company must \line \up0 \expndtw-9\charscalex92 taper off. \par\pard\
ql \li1989\ri1050\sb500\sl-500\slmult0\tx2589\tx2589\tx2589 \up0 \expndtw-8\char
scalex93 10. She is right.
The constant growth dividend valuation mo
del states \line\tab \up0 \expndtw-8\charscalex89 that P0 = D1/(ke - g).
Multiplying both sides of this equation by \line \tab \up0 \expndtw-8\ch
arscalex90 (ke - g)/P0 reveals that (ke - g) equals D1/P0, or in oth
er words, \line \tab \up0 \expndtw-9\charscalex90 the expected dividend yield.
\par\pard\ql \li1989\ri1051\sb500\sl-500\slmult0\tx2589\tx2589 \up0 \expndtw-8\c
harscalex93 11. The ad does not reveal that the current value of thi
s zero-coupon \line\tab \up0 \expndtw-8\charscalex89 bond is nowhere close
to being worth $1,000.
For example, at a 10 \line \tab \up0 \expndtw-9
\charscalex89 percent discount rate this bond is only worth about $57. \par\par
xpndtw-2\charscalex100 \ul0\nosupersub\cf15\f16\fs18 47\par\pard\sect\sectd\fs24
\paperw11900\paperh16840\pard\sb0\sl-240{\bkmkstart Pg50}{\bkmkend Pg50}\par\par
3\f14\fs18 Chapter 4: The Valuation of Long-Term Securities\tab \up0 \expndtw-2\
charscalex100 Pearson Education Limited 2005\par\pard\li1989\sb0\sl-230\slmult0\
5\sl-230\slmult0\fi0 \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf27\f28\fs20
SOLUTIONS TO PROBLEMS\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb0\sl
-230\slmult0\par\pard\li1989\sb100\sl-230\slmult0\fi0\tx2709\tx6789 \up0 \expndt
w-3\charscalex100 \ul0\nosupersub\cf28\f29\fs20 1.\tab \up0 \expndtw-3\charscale
x100 End of\tab \up0 \expndtw-3\charscalex100 Discount\par\pard\li1989\sb20\sl-2
30\slmult0\fi839\tx4269\tx6549\tx8829 \up0 \expndtw-3\charscalex100 Year\tab \up
0 \expndtw-3\charscalex100 Payment\tab \up0 \expndtw-3\charscalex100 Factor (14
%)\tab \up0 \expndtw-3\charscalex100 Present Value\par\pard\li1989\sb0\sl-230\sl
mult0\par\pard\li1989\sb16\sl-230\slmult0\fi959\tx4269\tx4749\tx6909\tx9069\tx94
29 \up0 \expndtw-3\charscalex100 1\tab \up0 \expndtw-3\charscalex100 $\tab \up0
\expndtw-3\charscalex100 100\tab \up0 \expndtw-3\charscalex100 .877\tab \up0 \ex
pndtw-3\charscalex100 $\tab \up0 \expndtw-3\charscalex100 87.70\par\pard\li1989\
sb0\sl-230\slmult0\par\pard\li1989\sb41\sl-230\slmult0\fi959\tx4749\tx6909\tx942
9 \up0 \expndtw-3\charscalex100 2\tab \up0 \expndtw-3\charscalex100 100\tab \up0
\expndtw-3\charscalex100 .769\tab \up0 \expndtw-3\charscalex100 76.90\par\pard\
\tab \up0 \expndtw-3\charscalex100 .675\tab \up0 \expndtw-3\charscalex100 742.50
69 \up0 \expndtw-6\charscalex100 Price per bond\tab \up0 \expndtw-6\charscalex10
0 $ 907.10\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb0\sl-230\slmult
09\tx6669 \up0 \expndtw-3\charscalex100 2.\tab \up0 \expndtw-3\charscalex100 End
of Six-\tab \up0 \expndtw-3\charscalex100 Discount\par\pard\li1989\sb21\sl-230\
slmult0\fi719\tx4869\tx6549\tx8829 \up0 \expndtw-3\charscalex100 month Period\ta
b \up0 \expndtw-3\charscalex100 Payment\tab \up0 \expndtw-3\charscalex100 Factor
(7%)\tab \up0 \expndtw-3\charscalex100 Present Value\par\pard\li1989\sb0\sl-23
0\slmult0\par\pard\li1989\sb17\sl-230\slmult0\fi1319\tx4869\tx5349\tx6909\tx9069
\tx9429 \up0 \expndtw-3\charscalex100 1\tab \up0 \expndtw-3\charscalex100 $\tab
\up0 \expndtw-3\charscalex100 50\tab \up0 \expndtw-3\charscalex100 .935\tab \up0
\expndtw-3\charscalex100 $\tab \up0 \expndtw-3\charscalex100 46.75\par\pard\li1
tx9429 \up0 \expndtw-3\charscalex100 2\tab \up0 \expndtw-3\charscalex100 50\tab
\up0 \expndtw-3\charscalex100 .873\tab \up0 \expndtw-3\charscalex100 43.65\par\p
ard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl-230\slmult0\fi1319\tx5349\
50\tab \up0 \expndtw-3\charscalex100 .816\tab \up0 \expndtw-3\charscalex100 40.8
tx5349\tx6909\tx9429 \up0 \expndtw-3\charscalex100 4\tab \up0 \expndtw-3\charsca
lex100 50\tab \up0 \expndtw-3\charscalex100 .763\tab \up0 \expndtw-3\charscalex1
00 38.15\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb39\sl-230\slmult0\
fi1319\tx5349\tx6909\tx9429 \up0 \expndtw-3\charscalex100 5\tab \up0 \expndtw-3\
charscalex100 50\tab \up0 \expndtw-3\charscalex100 .713\tab \up0 \expndtw-3\char
scalex100 35.65\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl-230\s
lmult0\fi1319\tx4989\tx6909\tx9309 \up0 \expndtw-3\charscalex100 6\tab \up0 \exp
ndtw-3\charscalex100 1,050\tab \up0 \expndtw-3\charscalex100 .666\tab \up0 \expn
dtw-3\charscalex100 699.30\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb
17\sl-230\slmult0\fi4680\tx9069 \up0 \expndtw-9\charscalex95 Price per bond\tab
\up0 \expndtw-9\charscalex95 $ 904.30\par\pard\li1989\sb0\sl-230\slmult0\par\pa
sb32\sl-230\slmult0\fi0\tx2589 \up0 \expndtw-9\charscalex95 3.\tab \dn3 \expndtw
-9\charscalex95 Current price:
P0 = Dp/kp = (.08)($100)/(.10) = $80.00\p
09\tx8229 \up0 \expndtw-9\charscalex95 Later price:\tab \dn3 \expndtw-9\charscal
ex95 P0 = Dp/kp = ($8)/(.12)\tab \up0 \expndtw-9\charscalex95 = $66.67\par\p
ard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl-230\slmult0\fi599 \up0 \ex
pndtw-9\charscalex95 The price drops by $13.33 (i.e., $80.00 - $66.67).\par
89\sb13\sl-230\slmult0\fi0\tx4629 \up0 \expndtw-9\charscalex96 4.\tab \up0 \expn
dtw-9\charscalex96 $1 dividend + ($23 - $20) capital gain\par\pard\li1989\sb
20\sl-230\slmult0\fi599 \up0 \expndtw-9\charscalex96 Rate of return =\par\pard\
li4389\sb20\sl-230\slmult0\fi1319 \up0 \expndtw-9\charscalex96 $20 original pric
e\par\pard\li4389\sb0\sl-230\slmult0\par\pard\li4389\sb40\sl-230\slmult0\fi0 \up
0 \expndtw-9\charscalex96 = $4/$20 = 20%\par\pard\li1989\sb0\sl-207\slmult0\p
tab \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf15\f16\fs18 48
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
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}}
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}}
pndtw-3\charscalex100 \ul0\nosupersub\cf28\f29\fs20 5. \par\pard\ql \li1989\sb0\
l-230\slmult0 \up0 \expndtw-5\charscalex100 \ul0\nosupersub\cf27\f28\fs20 Phases
1 & 2: Present Value of Dividends to Be Received Over First \par\pard\ql \li3
669\sb10\sl-230\slmult0 \up0 \expndtw-3\charscalex100 6 Years \par\pard\ql \li40
29\sb0\sl-230\slmult0 \par\pard\ql\li4029\sb40\sl-230\slmult0 \up0 \expndtw-3\ch
arscalex100 \ul0\nosupersub\cf28\f29\fs20 Present Value Calculation \par\pard\li
2589\sb31\sl-230\slmult0\fi0\tx8469 \up0 \expndtw-3\charscalex100 End of\tab \up
0 \expndtw-3\charscalex100 Present Value\par\pard\li2589\sb20\sl-230\slmult0\fi1
19\tx4149\tx6189\tx8589 \up0 \expndtw-3\charscalex100 Year\tab \up0 \expndtw-3\c
harscalex100 (Dividend\tab \dn4 \expndtw-3\charscalex100 x PVIF18%,t)\tab \up0 \
expndtw-3\charscalex100 of Dividend\par\pard\ql \li2109\sb0\sl-230\slmult0 \par\
pard\ql\li2109\sb9\sl-230\slmult0 \up0 \expndtw-3\charscalex100 P \par\pard\li21
09\sb28\sl-230\slmult0\fi0\tx2709\tx3309\tx6549\tx7749\tx8589 \up0 \expndtw-9\ch
arscalex90 h\tab \up0 \expndtw-9\charscalex90 1\tab \up0 \expndtw-9\charscalex90
$2.00(1.15)1 = $2.30
x\tab \up0 \expndtw-9\charscalex90 .847\tab \up0 \e
xpndtw-9\charscalex90 =\tab \up0 \expndtw-9\charscalex90 $ 1.95\par\pard\ql \li
2109\sb12\sl-230\slmult0 \up0 \expndtw-3\charscalex100 a \par\pard\li2109\sb27\s
l-230\slmult0\fi0\tx2709\tx3429\tx5229\tx6069\tx6549\tx7749\tx8829 \up0 \expndtw
-5\charscalex100 s\tab \up0 \expndtw-5\charscalex100 2\tab \up0 \expndtw-5\chars
calex100 2.00(1.15)2 =\tab \up0 \expndtw-5\charscalex100 2.65\tab \up0 \expndtw
-5\charscalex100 x\tab \up0 \expndtw-5\charscalex100 .718\tab \up0 \expndtw-5\ch
arscalex100 =\tab \up0 \expndtw-5\charscalex100 1.90\par\pard\ql \li2109\sb13\sl
-230\slmult0 \up0 \expndtw-3\charscalex100 e \par\pard\li2709\sb27\sl-230\slmult
0\fi0\tx3429\tx5229\tx6069\tx6549\tx7749\tx8829 \up0 \expndtw-5\charscalex100 3\
tab \up0 \expndtw-5\charscalex100 2.00(1.15)3 =\tab \up0 \expndtw-5\charscalex1
00 \ul0\nosupersub\cf27\f28\fs20 3.04\tab \up0 \expndtw-5\charscalex100 \ul0\nos
upersub\cf28\f29\fs20 x\tab \up0 \expndtw-5\charscalex100 .609\tab \up0 \expndtw
-5\charscalex100 =\tab \up0 \expndtw-5\charscalex100 1.85\par\pard\ql \li2109\sb
13\sl-230\slmult0 \up0 \expndtw-3\charscalex100 1 \par\pard\ql \li2109\sb0\sl-23
\slmult0 \up0 \expndtw-3\charscalex100 P \par\pard\li2109\sb24\sl-230\slmult0\fi
0\tx2709\tx3429\tx5229\tx6069\tx6549\tx7749\tx8829 \up0 \expndtw-5\charscalex100
h\tab \up0 \expndtw-5\charscalex100 4\tab \up0 \expndtw-5\charscalex100 \ul0\no
supersub\cf27\f28\fs20 3.04\ul0\nosupersub\cf28\f29\fs20 (1.10)1 =\tab \up0 \ex
pndtw-5\charscalex100 3.34\tab \up0 \expndtw-5\charscalex100 x\tab \up0 \expndtw
-5\charscalex100 .516\tab \up0 \expndtw-5\charscalex100 =\tab \up0 \expndtw-5\ch
arscalex100 1.72\par\pard\ql \li2109\sb16\sl-230\slmult0 \up0 \expndtw-3\charsca
lex100 a \par\pard\li2109\sb25\sl-230\slmult0\fi0\tx2709\tx3429\tx5229\tx6069\tx
6549\tx7749\tx8829 \up0 \expndtw-5\charscalex100 s\tab \up0 \expndtw-5\charscale

x100 5\tab \up0 \expndtw-5\charscalex100 3.04(1.10)2 =\tab \up0 \expndtw-5\char
scalex100 3.68\tab \up0 \expndtw-5\charscalex100 x\tab \up0 \expndtw-5\charscale
x100 .437\tab \up0 \expndtw-5\charscalex100 =\tab \up0 \expndtw-5\charscalex100
1.61\par\pard\ql \li2109\sb15\sl-230\slmult0 \up0 \expndtw-3\charscalex100 e \pa
r\pard\li2709\sb24\sl-230\slmult0\fi0\tx3429\tx5229\tx6069\tx6549\tx7749\tx8829
\up0 \expndtw-5\charscalex100 6\tab \up0 \expndtw-5\charscalex100 3.04(1.10)3 =
\tab \up0 \expndtw-5\charscalex100 4.05\tab \up0 \expndtw-5\charscalex100 x\tab
\up0 \expndtw-5\charscalex100 .370\tab \up0 \expndtw-5\charscalex100 =\tab \up0
\expndtw-5\charscalex100 1.50\par\pard\ql \li2109\sb16\sl-230\slmult0 \up0 \expn
dtw-3\charscalex100 2 \par\pard\li4629\sb0\sl-230\slmult0\par\pard\li4629\sb21\s
l-230\slmult0\fi959\tx6429 \up0 \expndtw-3\charscalex100 6\tab \dn2 \expndtw-3\c
harscalex100 Dt\par\pard\li4629\sb20\sl-230\slmult0\fi0\tx5589\tx7749\tx8589 \up
0 \expndtw-3\charscalex100 or\tab \up0 \expndtw-3\charscalex100 \ul0\nosupersub\
cf11\f12\fs20 \u931?\tab \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf28\f29\
fs20 =\tab \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf27\f28\fs20 $10.53\pa
r\pard\li4629\sb19\sl-230\slmult0\fi839\tx6069 \up0 \expndtw-3\charscalex100 \ul
0\nosupersub\cf28\f29\fs20 t=1\tab \up0 \expndtw-3\charscalex100 (1.18)t\par\par
b37\sl-230\slmult0\fi0 \up0 \expndtw-6\charscalex100 \ul0\nosupersub\cf27\f28\fs
20 Phase 3: Present Value of Constant Growth Component\par\pard\li1989\sb0\sl-2
00 \ul0\nosupersub\cf28\f29\fs20 Dividend at the end of year 7 = $4.05(1.05)
= $4.25\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl-230\slmult0
\fi599\tx5709\tx7389 \up0 \expndtw-6\charscalex100 Value of stock at\tab \dn4 \e
xpndtw-6\charscalex100 D7\tab \up0 \expndtw-6\charscalex100 $4.25\par\pard\li198
ex100 the end of year 6\tab \up0 \expndtw-3\charscalex100 \ul0\super\cf35\f36\f
s17\ul0\super\cf35\f36\fs16 =\tab \up0 \expndtw-3\charscalex100 =\tab \up0 \expn
dtw-6\charscalex100 \ul0\nosupersub\cf28\f29\fs20 =\tab \up0 \expndtw-6\charscal
ex100 $32.69\par\pard\li2589\sb60\sl-230\slmult0\fi2759\tx7029\tx7629 \dn4 \expn
dtw-8\charscalex100 (ke - g)\tab \up0 \expndtw-8\charscalex100 (.18\tab \up0 \e
xpndtw-8\charscalex100 - .05)\par\pard\li2589\sb230\sl-230\slmult0\fi0 \up0 \ex
pndtw-8\charscalex100 Present value of $32.69\par\pard\li2589\sb20\sl-230\slmul
t0\fi239\tx5709 \up0 \expndtw-8\charscalex100 at end of year 6\tab \dn3 \expndt
w-8\charscalex100 = ($32.69)(PVIF18%,6)\par\pard\li1989\sb0\sl-230\slmult0\par\
pard\li1989\sb40\sl-230\slmult0\fi3719 \up0 \expndtw-9\charscalex93 = ($32.69)(
.370) = \ul0\nosupersub\cf27\f28\fs20 $12.10\par\pard\li1989\sb0\sl-230\slmult
0\par\pard\li1989\sb40\sl-230\slmult0\fi0 \up0 \expndtw-9\charscalex93 Present V
alue of Stock\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl-230\slm
ult0\fi719 \up0 \expndtw-9\charscalex93 \ul0\nosupersub\cf28\f29\fs20 V = $10.
53 + $12.10 = \ul0\nosupersub\cf27\f28\fs20 $22.63\par\pard\li1989\sb0\sl-20
ult0\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb101\sl-207\slmult0\fi0
\tx10430 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Van Horne a
nd Wachowicz: \ul0\nosupersub\cf14\f15\fs18 Fundamentals of Financial Management
,\ul0\nosupersub\cf13\f14\fs18 12e\tab \up0 \expndtw-2\charscalex100 \ul0\nosup
ersub\cf15\f16\fs18 49
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alex95 \ul0\nosupersub\cf13\f14\fs18 Chapter 4: The Valuation of Long-Term Secur
ities\tab \up0 \expndtw-8\charscalex95 Pearson Education Limited 2005\par\pard\l
1\sl-230\slmult0\fi0\tx2589 \up0 \expndtw-9\charscalex95 \ul0\nosupersub\cf28\f2
9\fs20 6.\tab \dn3 \expndtw-9\charscalex95 a)
P0 = D1/(ke - g): ($1.50)/(.
13 - .09) = $37.50\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb79\s
l-230\slmult0\fi599 \up0 \expndtw-9\charscalex95 b)
P0 = D1/(ke - g): ($
1.50)/(.16 - .11) = $30.00\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li198
9\sb41\sl-230\slmult0\fi599 \up0 \expndtw-9\charscalex95 c)
P0 = D1/(ke - g
): ($1.50)/(.14 - .10) = $37.50\par\pard\li1989\sb230\sl-230\slmult0\fi599\
tx6079\tx8097 \up0 \expndtw-9\charscalex95 Either the present strategy\tab \u
p0 \expndtw-9\charscalex95 (a) or strategy\tab \up0 \expndtw-9\charscalex95 (c
).
Both result in\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\s
l-230\slmult0\fi599 \up0 \expndtw-9\charscalex95 the same market price per share
.\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb0\sl-230\slmult0\par\pard
\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb80\sl-230\slmult0\fi0\tx2589 \up0 \
expndtw-9\charscalex95 7.\tab \dn3 \expndtw-9\charscalex95 a)
kp = Dp/P0: $
8/$100 = 8 percent\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl230\slmult0\fi599 \up0 \expndtw-9\charscalex95 b)
Solving for YTC by computer
for the following equation\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\s
b40\sl-230\slmult0\fi1199 \up0 \expndtw-9\charscalex95 $100 = $8/(1 +YTC)1 +
$8/(1 + YTC)2 + $8/(1 + YTC)3\par\pard\li1989\sb0\sl-230\slmult0\par\pard\
li1989\sb40\sl-230\slmult0\fi2400 \up0 \expndtw-9\charscalex97 + $8/(1 + YTC)4
+ $118/(1 + YTC)5\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl
-230\slmult0\fi1199\tx4772\tx5099\tx7162 \up0 \expndtw-9\charscalex97 we get Y
TC\tab \up0 \expndtw-9\charscalex97 =\tab \up0 \expndtw-9\charscalex97 9.64 per
cent.\tab \up0 \expndtw-9\charscalex97 (If the students work with\par\pard\l
i1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl-230\slmult0\fi1199 \up0 \expndt
w-9\charscalex97 present-value tables, they should still be able to dete
rmine\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl-230\slmult0\fi1
199 \up0 \expndtw-9\charscalex97 an approximation of the yield to call by
making use of a\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl230\slmult0\fi1199 \up0 \expndtw-9\charscalex97 trial-and-error procedure.)\par\
9\sb111\sl-230\slmult0\fi0\tx2589 \up0 \expndtw-9\charscalex97 8.\tab \dn3 \expn
dtw-9\charscalex97 V = Dp/kp = [(.09)($100)]/(.12) = $9/(.12) = $75\par\p
\sb60\sl-230\slmult0\fi0\tx2589 \up0 \expndtw-9\charscalex97 9.\tab \dn2 \expndt

w-9\charscalex97 V = (I/2)(PVIFA7%,30) + $1,000(PVIF7%,30)\par\pard\li1989\s
b0\sl-230\slmult0\par\pard\li1989\sb39\sl-230\slmult0\fi839\tx3429\tx5229\tx5829
\up0 \expndtw-9\charscalex97 =\tab \up0 \expndtw-9\charscalex97 $45(12.409)\tab
\up0 \expndtw-9\charscalex97 +\tab \up0 \expndtw-9\charscalex97 $1,000(.131)\pa
9\tx5229\tx6189\tx7629 \up0 \expndtw-9\charscalex97 =\tab \up0 \expndtw-9\charsc
alex97 $558.41\tab \up0 \expndtw-9\charscalex97 +\tab \up0 \expndtw-9\charscalex
97 $131\tab \up0 \expndtw-9\charscalex97 = $689.41\par\pard\ql \li1989\sb0\sl-2
0\slmult0 \up0 \expndtw-9\charscalex90 10. a)
P0 = D1/(ke - g) = [D0(1
+ g)]/(ke - g) \par\pard\ql \li3189\sb230\sl-230\slmult0 \up0 \expndtw-9\chars
calex92 $21 = [$1.40(1 + g)]/(.12 - g) \par\pard\ql \li3189\sb0\sl-230\slmul
t0 \par\pard\ql\li3189\sb40\sl-230\slmult0 \up0 \expndtw-9\charscalex91 $21(.12
- g) = $1.40(1 + g) \par\pard\qj \li3189\ri4532\sb80\sl-460\slmult0 \up0 \ex
pndtw-9\charscalex88 $2.52 - $21(g) = $1.40 + $1.40(g) \up0 \expndtw-9\cha
rscalex89 $1.12 = $22.40(g) \par\pard\ql \li3189\sb230\sl-230\slmult0 \up0 \ex
pndtw-9\charscalex91 g = $1.12/$22.40 = .05 or 5 percent \par\pard\li1989\s
989\sb86\sl-207\slmult0\fi0\tx10430 \up0 \expndtw-2\charscalex100 \ul0\nosupersu
b\cf13\f14\fs18 Van Horne and Wachowicz: \ul0\nosupersub\cf14\f15\fs18 Fundament
als of Financial Management,\ul0\nosupersub\cf13\f14\fs18 12e\tab \up0 \expndtw
-2\charscalex100 \ul0\nosupersub\cf15\f16\fs18 50\par\pard\sect\sectd\fs24\paper
w11900\paperh16840\pard\sb0\sl-240{\bkmkstart Pg53}{\bkmkend Pg53}\par\pard\li19
fs18 Chapter 4: The Valuation of Long-Term Securities\tab \up0 \expndtw-5\charsc
alex100 Pearson Education Limited 2005\par\pard\li1989\sb0\sl-230\slmult0\par\pa
rd\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb52\sl-230\slmult0\fi599 \up0 \exp
ndtw-6\charscalex100 \ul0\nosupersub\cf28\f29\fs20 b)
expected dividend yield
= D1/P0 = D0(1 + g)/P0\par\pard\li1989\sb229\sl-230\slmult0\fi4079 \up0 \exp
ndtw-9\charscalex93 = $1.40(1 + .05)/$21 = $1.47/$21 = .07\par\pard\li198
harscalex93 c)
expected capital gains yield = g = .05\par\pard\li1989\sb0\
sl-230\slmult0\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb36\sl-230\sl
mult0\fi0\tx4869 \up0 \expndtw-9\charscalex93 11. a)\tab \dn2 \expndtw-9\chars
calex93 P0 = (I/2)/(semiannual yield)\par\pard\li2589\sb0\sl-230\slmult0\par\p
ard\li2589\sb40\sl-230\slmult0\fi1799 \up0 \expndtw-8\charscalex100 $1,120 = (
$45)/(semiannual yield)\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb41\
sl-230\slmult0\fi599 \up0 \expndtw-8\charscalex100 semiannual yield = $45/$1,1
20 = .0402\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb39\sl-230\slmu
lt0\fi0\tx3189 \up0 \expndtw-8\charscalex100 b)\tab \up0 \expndtw-8\charscalex10
0 (semiannual yield) x (2) = (nominal annual) yield\par\pard\li2589\sb0\sl-23
scalex95 (.0402)\tab \up0 \expndtw-9\charscalex95 x (2) = .0804\par\pard\li25
tw-9\charscalex95 c)\tab \up0 \expndtw-9\charscalex95 (1 + semiannual yield)2
- 1 = (effective annual) yield\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li
1989\sb39\sl-230\slmult0\fi1800\tx6069 \up0 \expndtw-9\charscalex97 (1 + .0402
)2\tab \up0 \expndtw-9\charscalex97 - 1 = .0820\par\pard\li1989\sb0\sl-230\sl
mult0\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb129\sl-230\slmult0\fi
0 \up0 \expndtw-8\charscalex98 12. Trying a 4 percent semiannual YTM as
a starting point for a trial-\par\pard\li1989\sb0\sl-230\slmult0\par\pard\
li1989\sb41\sl-230\slmult0\fi601 \up0 \expndtw-9\charscalex97 and-error approach
, we get\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb79\sl-230\slmult0\
fi599 \up0 \expndtw-9\charscalex97 P0 = $45(PVIFA4%,20) + $1,000(PVIF4%,20)\
429\tx5109\tx5709 \up0 \expndtw-9\charscalex97 =\tab \up0 \expndtw-9\charscalex9
7 $45(13.590)\tab \up0 \expndtw-9\charscalex97 +\tab \up0 \expndtw-9\charscalex9

7 $1,000(.456)\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl-230\sl
mult0\fi959\tx3669\tx5109\tx6189\tx7509 \up0 \expndtw-9\charscalex97 =\tab \up0
\expndtw-9\charscalex97 $611.55\tab \up0 \expndtw-9\charscalex97 +\tab \up0 \exp
ndtw-9\charscalex97 $456\tab \up0 \expndtw-9\charscalex97 = $1,067.55\par\pard\
0\sl-230\slmult0\fi599\tx3397\tx6507 \up0 \expndtw-9\charscalex97 Since\tab \up0
\expndtw-9\charscalex97 $1,067.55 is less than\tab \up0 \expndtw-9\charscale
x97 $1,120, we need to try a lower\par\pard\li1989\sb0\sl-230\slmult0\par\
pard\li1989\sb39\sl-230\slmult0\fi599 \up0 \expndtw-9\charscalex97 discount rate
, say 3 percent\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb80\sl-230\
slmult0\fi599 \up0 \expndtw-9\charscalex97 P0 = $45(PVIFA3%,20) + $1,000(PVI
F3%,20)\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb51\sl-230\slmult0\f
i959\tx3429\tx5109\tx5709 \up0 \expndtw-9\charscalex97 =\tab \up0 \expndtw-9\cha
rscalex97 $45(14.877)\tab \up0 \expndtw-9\charscalex97 +\tab \up0 \expndtw-9\cha
rscalex97 $1,000(.554)\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb41\s
l-230\slmult0\fi959\tx3669\tx5109\tx6189\tx7509 \up0 \expndtw-9\charscalex97 =\t
ab \up0 \expndtw-9\charscalex97 $669.47\tab \up0 \expndtw-9\charscalex97 +\tab \
up0 \expndtw-9\charscalex97 $554\tab \up0 \expndtw-9\charscalex97 = $1,223.47\p
1989\sb8\sl-230\slmult0\fi599 \up0 \expndtw-8\charscalex98 To approximate the
actual discount rate, we interpolate between 3\par\pard\li1989\sb0\sl-230
and 4 percent as follows:\par\pard\li2709\sb0\sl-230\slmult0\par\pard\li2709\sb
91\sl-230\slmult0\fi1559\tx6429 \up0 \expndtw-3\charscalex100 .03\tab \up0 \expn
dtw-3\charscalex100 $1,223.47\par\pard\li2709\sb20\sl-230\slmult0\fi1019\tx7989
\up0 \expndtw-3\charscalex100 X\tab \up0 \expndtw-3\charscalex100 $103.47\par\pa
x100 .01\tab \up0 \expndtw-3\charscalex100 semiannual YTM\tab \up0 \expndtw-3\ch
arscalex100 $1,120.00\tab \up0 \expndtw-3\charscalex100 $155.92\par\pard\li4149\
sb0\sl-230\slmult0\par\pard\li4149\sb39\sl-230\slmult0\fi0\tx6429 \up0 \expndtw3\charscalex100 .15\tab \up0 \expndtw-3\charscalex100 $1,067.55\par\pard\li1989\
\slmult0\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb53\sl-207\slmult0\
fi0\tx10430 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Van Horn
e and Wachowicz: \ul0\nosupersub\cf14\f15\fs18 Fundamentals of Financial Managem
ent,\ul0\nosupersub\cf13\f14\fs18 12e\tab \up0 \expndtw-2\charscalex100 \ul0\no
supersub\cf15\f16\fs18 51
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0\sl-230\slmult0\par\pard\li2589\sb32\sl-230\slmult0\fi240\tx3429\tx6429 \up0 \e
xpndtw-8\charscalex100 \ul0\nosupersub\cf28\f29\fs20 X\tab \up0 \expndtw-8\chars
calex100 $103.47\tab \up0 \expndtw-8\charscalex100 (.01) x ($103.47)\par\pard\l
i2589\sb4\sl-249\slmult0\fi600\tx4641\tx8733 \up0 \expndtw-9\charscalex100 \ul0\
nosupersub\cf29\f30\fs22 =\tab \up0 \expndtw-8\charscalex100 \ul0\nosupersub\cf2
8\f29\fs20 Therefore, X \ul0\nosupersub\cf29\f30\fs22 =\tab \up0 \expndtw-8\cha
rscalex100 =\ul0\nosupersub\cf28\f29\fs20 .0066\par\pard\li2589\sb18\sl-230\sl
mult0\fi119\tx3429\tx7029 \up0 \expndtw-8\charscalex100 .01\tab \up0 \expndtw-8\
charscalex100 $155.92\tab \up0 \expndtw-8\charscalex100 $155.92\par\pard\li2589\
sb219\sl-230\slmult0\fi0\tx5074\tx5383\tx5931\tx6549\tx6857\tx7407\tx7715\tx8504
\tx8812\tx10149 \up0 \expndtw-8\charscalex100 and semiannual YTM\tab \up0 \exp
ndtw-8\charscalex100 =\tab \up0 \expndtw-8\charscalex100 .03\tab \up0 \expndtw-8
\charscalex100 + X\tab \up0 \expndtw-8\charscalex100 =\tab \up0 \expndtw-8\char
scalex100 .03\tab \up0 \expndtw-8\charscalex100 +\tab \up0 \expndtw-8\charscalex
100 .0066\tab \up0 \expndtw-8\charscalex100 =\tab \up0 \expndtw-8\charscalex100
.0366, or\tab \up0 \expndtw-8\charscalex100 \ul0\nosupersub\cf27\f28\fs20 3.66\
1 \up0 \expndtw-8\charscalex100 percent\ul0\nosupersub\cf28\f29\fs20 .\tab \up0

\expndtw-8\charscalex100 (The use of a computer provides a precise semia
nnual YTM\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb40\sl-230\slmult
0\fi0 \up0 \expndtw-8\charscalex100 figure of \ul0\nosupersub\cf27\f28\fs20 3.6
4 percent\ul0\nosupersub\cf28\f29\fs20 .)\par\pard\li2589\sb0\sl-230\slmult0\par
\pard\li2589\sb40\sl-230\slmult0\fi1\tx3189 \up0 \expndtw-8\charscalex100 b)\tab
\up0 \expndtw-8\charscalex100 (semiannual YTM) x (2) = (nominal annual) YTM\
par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb91\sl-230\slmult0\fi1079\tx
5229 \up0 \expndtw-9\charscalex94 (.0366)\tab \up0 \expndtw-9\charscalex94 x (2
) = .0732\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb40\sl-230\slmul
t0\fi0\tx3189 \up0 \expndtw-9\charscalex94 c)\tab \up0 \expndtw-9\charscalex94 (
1 + semiannual YTM)2 - 1 = (effective annual) YTM\par\pard\li1989\sb219\sl230\slmult0\fi1800\tx5829 \up0 \expndtw-8\charscalex100 (1 + .0366)2\tab \up0
\expndtw-8\charscalex100 - 1 = .0754\par\pard\li1989\sb0\sl-230\slmult0\par\p
ard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb60\sl-230\slmult0\fi0\tx2589 \up
0 \expndtw-8\charscalex100 13.\tab \up0 \expndtw-8\charscalex100 a)
Old Chica
go's 15-year bonds should show a greater price change\par\pard\qj \li3189\ri105
0\sb40\sl-500\slmult0 \up0 \expndtw-9\charscalex94 than Red Frog's bonds.
With everything the same except for \up0 \expndtw-5\charscalex100 maturity,
the longer the maturity, the greater the price \up0 \expndtw-9\charscal
ex94 fluctuation associated with a given change in market required \up0
\expndtw-9\charscalex94 return.
The closer in time that you are to th
e relatively \up0 \expndtw-9\charscalex97 large maturity value being realiz
ed, the less important are \up0 \expndtw-8\charscalex100 interest payments
in determining the market price, and the \up0 \expndtw-9\charscalex94 les
s important is a change in market required return on the \up0 \expndtw
-9\charscalex95 market price of the security. \par\pard\li2589\sb0\sl-230\slmult
0\par\pard\li2589\sb1\sl-230\slmult0\fi0\tx3189 \up0 \expndtw-7\charscalex100 b)
\tab \up0 \expndtw-7\charscalex100 (Red Frog):\par\pard\li2589\sb0\sl-230\slmult
0\par\pard\li2589\sb80\sl-230\slmult0\fi599 \up0 \expndtw-7\charscalex100 P0 =
$45(PVIFA4%,10) + $1,000(PVIF4%,10)\par\pard\li2589\sb230\sl-230\slmult0\fi95
9\tx4149\tx5709\tx6309 \up0 \expndtw-7\charscalex100 =\tab \up0 \expndtw-7\chars
calex100 $45(8.111)\tab \up0 \expndtw-7\charscalex100 +\tab \up0 \expndtw-7\char
scalex100 $1,000(.676)\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb40\s
l-230\slmult0\fi959\tx4509\tx5709\tx6789\tx8109 \up0 \expndtw-7\charscalex100 =\
tab \up0 \expndtw-7\charscalex100 $365\tab \up0 \expndtw-7\charscalex100 +\tab \
up0 \expndtw-7\charscalex100 $676\tab \up0 \expndtw-7\charscalex100 = $1,041\pa
r\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb40\sl-230\slmult0\fi599 \up0
\expndtw-7\charscalex100 (Old Chicago):\par\pard\li2589\sb0\sl-230\slmult0\par\p
ard\li2589\sb79\sl-230\slmult0\fi599 \up0 \expndtw-7\charscalex100 P0 = $45(PV
IFA4%,30) + $1,000(PVIF4%,30)\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li25
89\sb1\sl-230\slmult0\fi959\tx4029\tx5709\tx6309 \up0 \expndtw-7\charscalex100 =
\tab \up0 \expndtw-7\charscalex100 $45(17.292)\tab \up0 \expndtw-7\charscalex100
+\tab \up0 \expndtw-7\charscalex100 $1,000(.308)\par\pard\li2589\sb0\sl-230\slm
ult0\par\pard\li2589\sb40\sl-230\slmult0\fi959\tx4269\tx5709\tx6789\tx8109 \up0
\expndtw-7\charscalex100 =\tab \up0 \expndtw-7\charscalex100 $778.14\tab \up0 \e
xpndtw-7\charscalex100 +\tab \up0 \expndtw-7\charscalex100 $308\tab \up0 \expndt
w-7\charscalex100 = $1,086.14\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li198
}}

}}
211\sl-230\slmult0\fi1199 \up0 \expndtw-9\charscalex92 \ul0\nosupersub\cf28\f29\
fs20 Old Chicago's price per bond changes by ($1.086.14 - $1,000) =\par\pard
\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl-230\slmult0\fi1199 \up0 \expn
dtw-9\charscalex92 \ul0\nosupersub\cf27\f28\fs20 $86.14\ul0\nosupersub\cf28\f29\
fs20 , while Red Frog's price per bond changes by less than\par\pard\l
w-9\charscalex92 half that amount, or ($1,041 - $1,000) = \ul0\nosupersub\cf
27\f28\fs20 $41\ul0\nosupersub\cf28\f29\fs20 .\par\pard\li1989\sb0\sl-230\slmul
d\li1989\sb80\sl-230\slmult0\fi0\tx3189 \up0 \expndtw-9\charscalex92 14.\tab \up
0 \expndtw-8\charscalex92 D\ul0\sub\cf36\f37\fs19 0\ul0\nosupersub\cf28\f29\fs20
(1 + g)/(k\ul0\sub\cf36\f37\fs19 e\ul0\nosupersub\cf28\f29\fs20 - g) = V\pa
9 \up0 \expndtw-9\charscalex92 a)\tab \up0 \expndtw-9\charscalex92 $2(1 + .10)
/(.16 - .10) = $2.20/.06 = $36.67\par\pard\li1989\sb0\sl-230\slmult0\par\p
ard\li1989\sb40\sl-230\slmult0\fi599\tx3189 \up0 \expndtw-9\charscalex92 b)\tab
\up0 \expndtw-9\charscalex92 $2(1 + .09)/(.16 - .09) = $2.18/.07 = $31.1
4\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl-230\slmult0\fi599\t
x3189 \up0 \expndtw-9\charscalex92 c)\tab \up0 \expndtw-9\charscalex92 $2(1 +
.11)/(.16 - .11) = $2.22/.05 = $44.40\par\pard\li1989\sb0\sl-207\slmult0\p
ar\pard\li1989\sb135\sl-207\slmult0\fi0\tx10430 \up0 \expndtw-2\charscalex100 \u
l0\nosupersub\cf13\f14\fs18 Van Horne and Wachowicz: \ul0\nosupersub\cf14\f15\fs
18 Fundamentals of Financial Management,\ul0\nosupersub\cf13\f14\fs18 12e\tab \
up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf15\f16\fs18 53\par\pard\sect\sect
d\fs24\paperw11900\paperh16840\pard\sb0\sl-240{\bkmkstart Pg56}{\bkmkend Pg56}\p

ub\cf13\f14\fs18 Chapter 4: The Valuation of Long-Term Securities\tab \up0 \expn
dtw-2\charscalex100 Pearson Education Limited 2005\par\pard\li1989\sb0\sl-230\sl
pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb108\sl-230\slmult0\fi0 \up0 \ex
pndtw-3\charscalex100 \ul0\nosupersub\cf27\f28\fs20 SOLUTIONS TO SELF-CORRECTION
PROBLEMS\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb0\sl-230\slmult0\
par\pard\li1989\sb204\sl-230\slmult0\fi0\tx2589 \up0 \expndtw-3\charscalex100 \u
l0\nosupersub\cf28\f29\fs20 1.\tab \up0 \expndtw-3\charscalex100 a, b.\par\pard\
0\sl-230\slmult0\fi0\tx4389\tx6069\tx7629\tx9429 \up0 \expndtw-7\charscalex100 E
ND OF\tab \up0 \expndtw-7\charscalex100 DISCOUNT\tab \up0 \expndtw-7\charscalex1
00 PRESENT\tab \up0 \expndtw-7\charscalex100 DISCOUNT\tab \up0 \expndtw-7\charsc
alex100 PRESENT\par\pard\li1989\sb19\sl-230\slmult0\fi0\tx3189\tx9429 \up0 \expn
dtw-7\charscalex100 YEAR\tab \up0 \expndtw-9\charscalex86 PAYMENT
FACTOR, 15
%
VALUE, 15%
FACTOR, 12%\tab \up0 \expndtw-7\charscalex100 VALUE, 1
2%\par\pard\li1989\sb198\sl-230\slmult0\fi0\tx3189\tx3669\tx4509\tx6189\tx7749\t
x9549 \up0 \expndtw-7\charscalex100 1-3\tab \up0 \expndtw-7\charscalex100 $\tab
\up0 \expndtw-7\charscalex100 80\tab \up0 \expndtw-7\charscalex100 2.283\tab \up
0 \expndtw-7\charscalex100 $182.64\tab \up0 \expndtw-7\charscalex100 2.402\tab \
up0 \expndtw-7\charscalex100 $192.16\par\pard\li1989\sb20\sl-230\slmult0\fi239\t
x3309\tx4629\tx6309\tx7869\tx9669 \up0 \expndtw-7\charscalex100 4\tab \up0 \expn
dtw-7\charscalex100 1,080\tab \up0 \expndtw-7\charscalex100 .572\tab \up0 \expnd
tw-7\charscalex100 617.76\tab \up0 \expndtw-7\charscalex100 .636\tab \up0 \expnd
tw-7\charscalex100 686.88\par\pard\li1989\sb198\sl-230\slmult0\fi1199\tx6189\tx9
549 \up0 \expndtw-7\charscalex100 Market value\tab \up0 \expndtw-7\charscalex100
\ul0\nosupersub\cf27\f28\fs20 $800.40\tab \up0 \expndtw-7\charscalex100 $879.04
\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb196\sl-230\slmult0\fi0 \up
0 \expndtw-5\charscalex100 \ul0\nosupersub\cf28\f29\fs20 Note: Rounding error
incurred by use of tables may sometimes cause\par\pard\li1989\sb19\sl-23
0\slmult0\fi0 \up0 \expndtw-5\charscalex100 slight differences in answers wh
en alternative solution methods are\par\pard\li1989\sb21\sl-230\slmult0\fi0
\up0 \expndtw-6\charscalex100 applied to the same cash flows.\par\pard\li2589\sb
lmult0\fi0\tx5548\tx8588 \up0 \expndtw-9\charscalex95 The market value of an
\tab \up0 \expndtw-9\charscalex95 8 percent bond yielding\tab \up0 \expndtw-9
\charscalex95 8 percent is its\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li
2589\sb41\sl-230\slmult0\fi0 \up0 \expndtw-9\charscalex95 face value, of \ul0\no
supersub\cf27\f28\fs20 $1,000\ul0\nosupersub\cf28\f29\fs20 .\par\pard\li2589\sb
0\sl-230\slmult0\par\pard\li2589\sb40\sl-230\slmult0\fi0 \up0 \expndtw-8\charsca
lex96 c.
The market value would be \ul0\nosupersub\cf27\f28\fs20 $1,000\
ul0\nosupersub\cf28\f29\fs20 if the required return were\par\pard\li2589\s
b0\sl-230\slmult0\par\pard\li2589\sb39\sl-230\slmult0\fi599 \up0 \expndtw-9\char
scalex95 15 percent.\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb0\sl-2
\charscalex100 END OF\tab \up0 \expndtw-6\charscalex100 DISCOUNT\tab \up0 \expnd
tw-6\charscalex100 PRESENT\par\pard\li1989\sb21\sl-230\slmult0\fi0\tx3789\tx5589
\tx7989 \up0 \expndtw-6\charscalex100 YEAR\tab \up0 \expndtw-6\charscalex100 PAY
MENT\tab \up0 \expndtw-6\charscalex100 FACTOR, 8%\tab \up0 \expndtw-6\charscale
x100 VALUE, 8%\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb194\sl-230\
slmult0\fi0\tx3789\tx4149\tx5589\tx7989\tx8349 \up0 \expndtw-3\charscalex100 1-3
\tab \up0 \expndtw-3\charscalex100 $\tab \up0 \expndtw-3\charscalex100 150\tab \
up0 \expndtw-3\charscalex100 2.577\tab \up0 \expndtw-3\charscalex100 $\tab \up0
\expndtw-3\charscalex100 386.55\par\pard\li1989\sb21\sl-230\slmult0\fi239\tx3909
1,150\tab \up0 \expndtw-3\charscalex100 .735\tab \up0 \expndtw-3\charscalex100
845.25\par\pard\li3789\sb198\sl-230\slmult0\fi0\tx7989 \up0 \expndtw-3\charscale
x100 Market value\tab \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf27\f28\fs2
0 $1,231.80\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmult
0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb115\sl-207
Chapter 4: The Valuation of Long-Term Securities\tab \up0 \expndtw-2\charscalex1
00 Pearson Education Limited 2005\par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pa
cf28\f29\fs20 2. \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb0
ex100 \ul0\nosupersub\cf27\f28\fs20 Phases 1 & 2: Present Value of Dividends t
o Be Received Over First \par\pard\ql \li3669\sb10\sl-230\slmult0 \up0 \expndtw3\charscalex100 8 Years \par\pard\ql \li4029\sb0\sl-230\slmult0 \par\pard\ql\li4
029\sb40\sl-230\slmult0 \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf28\f29\f
s20 Present Value Calculation \par\pard\li2589\sb31\sl-230\slmult0\fi0\tx8349 \u
p0 \expndtw-3\charscalex100 End of\tab \up0 \expndtw-3\charscalex100 Present Val
ue\par\pard\li2589\sb20\sl-230\slmult0\fi119\tx4029\tx6189\tx8469 \up0 \expndtw3\charscalex100 Year\tab \up0 \expndtw-3\charscalex100 (Dividend\tab \dn4 \expnd
tw-3\charscalex100 x PVIF16%,t)\tab \up0 \expndtw-3\charscalex100 of Dividend\pa
079\sb13\sl-230\slmult0\fi0\tx2799\tx3399\tx6639\tx7839\tx8679 \up0 \expndtw-9\c
harscalex90 P\tab \up0 \expndtw-9\charscalex90 1\tab \up0 \expndtw-9\charscalex9
0 $1.60(1.20)1 = $1.92
x\tab \up0 \expndtw-9\charscalex90 .862\tab \up0 \
expndtw-9\charscalex90 =\tab \up0 \expndtw-9\charscalex90 $ 1.66\par\pard\ql \l
i2109\sb16\sl-230\slmult0 \up0 \expndtw-3\charscalex100 h \par\pard\li2109\sb24\
sl-230\slmult0\fi0\tx2829\tx3549\tx5349\tx6189\tx6669\tx7869\tx8949 \up0 \expndt
w-5\charscalex100 a\tab \up0 \expndtw-5\charscalex100 2\tab \up0 \expndtw-5\char
scalex100 1.60(1.20)2 =\tab \up0 \expndtw-5\charscalex100 2.30\tab \up0 \expndt
w-5\charscalex100 x\tab \up0 \expndtw-5\charscalex100 .743\tab \up0 \expndtw-5\c
harscalex100 =\tab \up0 \expndtw-5\charscalex100 1.71\par\pard\ql \li2109\sb16\s
l-230\slmult0 \up0 \expndtw-3\charscalex100 s \par\pard\li2109\sb25\sl-230\slmul
t0\fi0\tx2829\tx3549\tx5349\tx6189\tx6669\tx7869\tx8949 \up0 \expndtw-5\charscal
ex100 e\tab \up0 \expndtw-5\charscalex100 3\tab \up0 \expndtw-5\charscalex100 1.
60(1.20)3 =\tab \up0 \expndtw-5\charscalex100 2.76\tab \up0 \expndtw-5\charscal
ex100 x\tab \up0 \expndtw-5\charscalex100 .641\tab \up0 \expndtw-5\charscalex100
=\tab \up0 \expndtw-5\charscalex100 1.77\par\pard\li2109\sb0\sl-230\slmult0\par
\pard\li2109\sb39\sl-230\slmult0\fi0\tx2829\tx3549\tx5349\tx6189\tx6669\tx7869\t
x8949 \up0 \expndtw-5\charscalex100 1\tab \up0 \expndtw-5\charscalex100 4\tab \u
p0 \expndtw-5\charscalex100 1.60(1.20)4 =\tab \up0 \expndtw-5\charscalex100 \ul
0\nosupersub\cf27\f28\fs20 3.32\tab \up0 \expndtw-5\charscalex100 \ul0\nosupersu
b\cf28\f29\fs20 x\tab \up0 \expndtw-5\charscalex100 .552\tab \up0 \expndtw-5\cha
rscalex100 =\tab \up0 \expndtw-5\charscalex100 1.83\par\pard\li2109\sb0\sl-230\s
P\tab \up0 \expndtw-5\charscalex100 5\tab \up0 \expndtw-5\charscalex100 \ul0\no
supersub\cf27\f28\fs20 3.32\ul0\nosupersub\cf28\f29\fs20 (1.13)1 =\tab \up0 \ex
pndtw-5\charscalex100 3.75\tab \up0 \expndtw-5\charscalex100 x\tab \up0 \expndtw
-5\charscalex100 .476\tab \up0 \expndtw-5\charscalex100 =\tab \up0 \expndtw-5\ch
arscalex100 1.79\par\pard\ql \li2109\sb6\sl-230\slmult0 \up0 \expndtw-3\charscal
ex100 h \par\pard\li2109\sb34\sl-230\slmult0\fi0\tx2829\tx3549\tx5349\tx6189\tx6
669\tx7869\tx8949 \up0 \expndtw-5\charscalex100 a\tab \up0 \expndtw-5\charscalex

100 6\tab \up0 \expndtw-5\charscalex100 3.32(1.13)2 =\tab \up0 \expndtw-5\chars
calex100 4.24\tab \up0 \expndtw-5\charscalex100 x\tab \up0 \expndtw-5\charscalex
100 .410\tab \up0 \expndtw-5\charscalex100 =\tab \up0 \expndtw-5\charscalex100 1
.74\par\pard\ql \li2109\sb6\sl-230\slmult0 \up0 \expndtw-3\charscalex100 s \par\
pard\li2109\sb35\sl-230\slmult0\fi0\tx2829\tx3549\tx5349\tx6189\tx6669\tx7869\tx
8949 \up0 \expndtw-5\charscalex100 e\tab \up0 \expndtw-5\charscalex100 7\tab \up
0 \expndtw-5\charscalex100 3.32(1.13)3 =\tab \up0 \expndtw-5\charscalex100 4.79
\tab \up0 \expndtw-5\charscalex100 x\tab \up0 \expndtw-5\charscalex100 .354\tab
\up0 \expndtw-5\charscalex100 =\tab \up0 \expndtw-5\charscalex100 1.70\par\pard\
li2109\sb0\sl-230\slmult0\par\pard\li2109\sb39\sl-230\slmult0\fi0\tx2829\tx3549\
tx5349\tx6189\tx6669\tx7869\tx8949 \up0 \expndtw-5\charscalex100 2\tab \up0 \exp
ndtw-5\charscalex100 8\tab \up0 \expndtw-5\charscalex100 3.32(1.13)4 =\tab \up0
\expndtw-5\charscalex100 5.41\tab \up0 \expndtw-5\charscalex100 x\tab \up0 \exp
ndtw-5\charscalex100 .305\tab \up0 \expndtw-5\charscalex100 =\tab \up0 \expndtw5\charscalex100 1.65\par\pard\li3429\sb0\sl-230\slmult0\par\pard\li3429\sb0\sl-2
30\slmult0\par\pard\li3429\sb60\sl-230\slmult0\fi1319\tx5709 \up0 \expndtw-2\cha
rscalex100 8\tab \dn3 \expndtw-2\charscalex100 Dt\par\pard\li3429\sb22\sl-241\sl
mult0\fi0\tx4749\tx7869\tx8709 \up0 \expndtw-2\charscalex100 or\tab \up0 \expndt
w-3\charscalex100 \ul0\nosupersub\cf37\f38\fs22 \u931?\tab \up0 \expndtw-2\chars
calex100 \ul0\nosupersub\cf28\f29\fs20 =\tab \up0 \expndtw-2\charscalex100 \ul0\
nosupersub\cf27\f28\fs20 $13.85\par\pard\li4749\sb8\sl-230\slmult0\fi0\tx5349 \u
p0 \expndtw-3\charscalex100 \ul0\nosupersub\cf28\f29\fs20 t=1\tab \up0 \expndtw3\charscalex100 (1.16)t\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb0\s
l-230\slmult0\par\pard\li1989\sb60\sl-230\slmult0\fi0 \up0 \expndtw-6\charscalex
100 \ul0\nosupersub\cf27\f28\fs20 Phase 3: Present Value of Constant Growth Com
ponent\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb41\sl-230\slmult0\fi
599 \up0 \expndtw-6\charscalex100 \ul0\nosupersub\cf28\f29\fs20 Dividend at the
end of year 9 = $5.41(1.07) = $5.79\par\pard\li1989\sb0\sl-230\slmult0\par\
pard\li1989\sb39\sl-230\slmult0\fi599\tx5709\tx7389 \up0 \expndtw-6\charscalex10
0 Value of stock at\tab \dn4 \expndtw-6\charscalex100 D9\tab \up0 \expndtw-6\cha
rscalex100 $5.79\par\pard\li1989\sb21\sl-230\slmult0\fi599\tx4989\tx6669\tx8709\
tx9069 \up0 \expndtw-6\charscalex100 the end of year 8\tab \up0 \expndtw-6\char
scalex100 =\tab \up0 \expndtw-6\charscalex100 =\tab \up0 \expndtw-6\charscalex10
0 =\tab \up0 \expndtw-6\charscalex100 $64.33\par\pard\li2589\sb59\sl-230\slmult0
\fi2759\tx7029\tx7629 \dn4 \expndtw-8\charscalex100 (ke - g)\tab \up0 \expndtw8\charscalex100 (.16\tab \up0 \expndtw-8\charscalex100 - .07)\par\pard\li2589\s
b0\sl-230\slmult0\par\pard\li2589\sb1\sl-230\slmult0\fi0 \up0 \expndtw-8\charsca
lex100 Present value of $64.33\par\pard\li2589\sb19\sl-230\slmult0\fi239\tx5709
\up0 \expndtw-8\charscalex100 at end of year 8\tab \dn3 \expndtw-8\charscalex1
00 = ($64.33)(PVIF16%,8)\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb4
1\sl-230\slmult0\fi3719 \up0 \expndtw-9\charscalex93 = ($64.33)(.305) = \ul0\n
osupersub\cf27\f28\fs20 $19.62\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li19
89\sb39\sl-230\slmult0\fi0 \up0 \expndtw-9\charscalex93 Present Value of Stock\p
\expndtw-9\charscalex93 \ul0\nosupersub\cf28\f29\fs20 V = $13.85 + $19.62
= \ul0\nosupersub\cf27\f28\fs20 $33.47\par\pard\li1989\sb0\sl-207\slmult0\par\p
par\pard\li1989\sb165\sl-207\slmult0\fi0\tx10430 \up0 \expndtw-2\charscalex100 \
ul0\nosupersub\cf13\f14\fs18 Van Horne and Wachowicz: \ul0\nosupersub\cf14\f15\f
s18 Fundamentals of Financial Management,\ul0\nosupersub\cf13\f14\fs18 12e\tab
\up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf15\f16\fs18 55
}}
}}
}}
}}
}}
}}
}}
}}
}}
}}
}}
}}
}}
}}
}}
}}
}}
\ql \li2109\ri1051\sb431\sl-500\slmult0\tx2589\tx2589\tx2589\tx2589 \up0 \expndt
w-8\charscalex91 \ul0\nosupersub\cf28\f29\fs20 3. The yield to maturity is
higher than the coupon rate of 8 percent \line\tab \up0 \expndtw-8\char
scalex94 because the bond sells at a discount from its face value.
The \line \tab \up0 \expndtw-8\charscalex94 (nominal annual) yield to matur
ity as reported in bond circles is \line \tab \up0 \expndtw-6\charscalex10
0 equal to (2 x semiannual YTM).
The (effective annual) YTM is equal \line
\tab \up0 \expndtw-9\charscalex96 to (1 + semiannual YTM)2 - 1.
The probl
em is set up as follows: \par\pard\li2829\sb0\sl-230\slmult0\par\pard\li2829\sb6
1\sl-230\slmult0\fi959\tx4749\tx6549 \up0 \expndtw-9\charscalex94 20\tab \up0 \e
xpndtw-9\charscalex94 $40\tab \up0 \expndtw-9\charscalex94 $1,000\par\pard\li282
9\sb21\sl-230\slmult0\fi0\tx5948 \up0 \expndtw-9\charscalex94 $935 = \ul0\nos
upersub\cf11\f12\fs20
\u931?\tab \up0 \expndtw-9\charscalex94 \ul0\nosupersu
b\cf28\f29\fs20 +\par\pard\li2829\sb59\sl-230\slmult0\fi959\tx6309 \up0 \expndtw
-9\charscalex94 t=1 (1 + kd/2)t\tab \up0 \expndtw-9\charscalex94 (1 + kd/2)20
789 \up0 \expndtw-9\charscalex94 =\tab \up0 \expndtw-9\charscalex94 ($40) (PVIFA
\par\pard\ql \li5109\sb0\sl-180\slmult0 \up0 \expndtw-6\charscalex100 \ul0\nosup
ersub\cf30\f31\fs18 kd\ul0\super\cf28\f29\fs30 /2,20) + MV(PVIF\ul0\nosupersub\
cf30\f31\fs18 kd\ul0\super\cf28\f29\fs30 /2,20) \par\pard\ql \li2589\ri1050\sb23
7\sl-480\slmult0\tx3189\tx3189 \up0 \expndtw-5\charscalex100 a.
Solving for k
d/2 (the semiannual YTM) in this expression using \line\tab \up0 \expndtw-6\cha
rscalex100 a calculator, a computer routine, or present value tables \li
ne \tab \up0 \expndtw-6\charscalex100 yields \ul0\nosupersub\cf27\f28\fs20 4.5
percent\ul0\nosupersub\cf28\f29\fs20 . \par\pard\ql \li2589\sb227\sl-230\slmult0
\tx3189 \up0 \expndtw-3\charscalex100 b. \tab \up0 \expndtw-9\charscalex95 (i)
The (nominal annual) YTM is then 2 x 4.5 percent = \ul0\nosupersub\cf27\f28
\fs20 9 \par\pard\ql \li3789\sb0\sl-230\slmult0 \par\pard\ql\li3789\sb40\sl-230
\slmult0 \up0 \expndtw-3\charscalex100 percent\ul0\nosupersub\cf28\f29\fs20 . \p
\tx7552\tx7945\tx8217\tx9091\tx9363\tx9637\tx9909 \up0 \expndtw-6\charscalex100
(ii) The\tab \up0 \expndtw-9\charscalex96 (effective annual) YTM is\tab \up0
\expndtw-6\charscalex100 (1\tab \up0 \expndtw-6\charscalex100 +\tab \up0 \expndt

w-6\charscalex100 .045)2\tab \up0 \expndtw-6\charscalex100 -\tab \up0 \expndtw-6
\charscalex100 1\tab \up0 \expndtw-6\charscalex100 =\tab \up0 \expndtw-6\charsca
lex100 \ul0\nosupersub\cf27\f28\fs20 9.2025\par\pard\ql \li3789\sb0\sl-230\slmul
t0 \par\pard\ql\li3789\sb23\sl-230\slmult0 \up0 \expndtw-3\charscalex100 percent
\ul0\nosupersub\cf28\f29\fs20 . \par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1
989\sb108\sl-230\slmult0\fi0\tx2589 \up0 \expndtw-8\charscalex100 4.\tab \dn2 \e
xpndtw-8\charscalex100 a.
P0 = FV20(PVIF\ul0\sub\cf30\f31\fs27 kd\ul0\nosupe
rsub\cf28\f29\fs20 /2,20)\par\pard\li2590\sb0\sl-230\slmult0\par\pard\li2590\sb3
9\sl-230\slmult0\fi598 \up0 \expndtw-7\charscalex100 (PVIF\par\pard\li2590\sb0\s
l-180\slmult0\fi1198 \up0 \expndtw-7\charscalex100 \ul0\nosupersub\cf30\f31\fs18
kd\ul0\super\cf28\f29\fs30 /2,20) = P0/FV20 = $312/$1,000 = .312\par\pard\
li2590\sb0\sl-230\slmult0\par\pard\li2590\sb61\sl-230\slmult0\fi598 \up0 \expndt
w-7\charscalex100 From Table II in the end-of-book Appendix, the interest factor
3717\tx5541\tx7245 \up0 \expndtw-7\charscalex100 for\tab \up0 \expndtw-7\charsca
lex100 20 periods at\tab \up0 \expndtw-7\charscalex100 6 percent is\tab \up0
\expndtw-7\charscalex100 .312; therefore, the bond's\par\pard\li2590\sb0\sl230\slmult0\par\pard\li2590\sb40\sl-230\slmult0\fi598 \up0 \expndtw-7\charscalex
100 semiannual yield to maturity (YTM) is \ul0\nosupersub\cf27\f28\fs20 6 perc
ent\ul0\nosupersub\cf28\f29\fs20 .\par\pard\li2590\sb0\sl-230\slmult0\par\pard\l
i2590\sb40\sl-230\slmult0\fi0\tx3189\tx3789 \up0 \expndtw-7\charscalex100 b.\tab
\up0 \expndtw-7\charscalex100 (i)\tab \up0 \expndtw-7\charscalex100 (nominal an
nual) YTM = 2 x (semiannual YTM)\par\pard\li3189\sb0\sl-230\slmult0\par\pard\
li3189\sb91\sl-230\slmult0\fi3119 \up0 \expndtw-9\charscalex93 = 2 x (.06) =
\ul0\nosupersub\cf27\f28\fs20 12 percent\par\pard\li3189\sb0\sl-230\slmult0\par
\pard\li3189\sb40\sl-230\slmult0\fi0 \up0 \expndtw-9\charscalex93 \ul0\nosupersu
b\cf28\f29\fs20 (ii) (effective annual) YTM = (1 + semiannual YTM)2 - 1\pa
0 \expndtw-9\charscalex89 = (1 + .06)2 - 1 = \ul0\nosupersub\cf27\f28\fs20
12.36 percent\par\pard\sect\sectd\sbknone\cols2\colno1\colw10270\colsr160\col
no2\colw1330\colsr160\ql \li1989\sb0\sl-207\slmult0 \par\pard\ql \li1989\sb0\sl207\slmult0 \par\pard\ql \li1989\sb0\sl-207\slmult0 \par\pard\ql \li1989\sb0\sl207\slmult0 \par\pard\ql \li1989\sb0\sl-207\slmult0 \par\pard\ql \li1989\sb0\sl207\slmult0 \par\pard\ql \li1989\sb0\sl-207\slmult0 \par\pard\ql \li1989\sb166\s
l-207\slmult0 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Van Ho
rne and Wachowicz: \ul0\nosupersub\cf14\f15\fs18 Fundamentals of Financial Manag
ement,\ul0\nosupersub\cf13\f14\fs18 12e\par\pard\column \ql \li10430\sb0\sl-207
\slmult0 \par\pard\ql \li10430\sb0\sl-207\slmult0 \par\pard\ql \li10430\sb0\sl-2
07\slmult0 \par\pard\ql \li10430\sb0\sl-207\slmult0 \par\pard\ql \li10430\sb0\sl
-207\slmult0 \par\pard\ql \li10430\sb0\sl-207\slmult0 \par\pard\ql \li10430\sb0\
sl-207\slmult0 \par\pard\ql \li20\sb166\sl-207\slmult0 \up0 \expndtw-3\charscale
}}
charscalex100 \ul0\nosupersub\cf28\f29\fs20 5.\tab \dn2 \expndtw-9\charscalex100
a.
ke = (D1/P0) + g = ([D0(1 + g)]/P0) + g\par\pard\li1989\sb0\sl-230
= ([$1(1 + .06)]/$20) + .06\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li
1989\sb39\sl-230\slmult0\fi1560\tx4629\tx6189 \up0 \expndtw-9\charscalex93 =\tab
\up0 \expndtw-9\charscalex93 .053\tab \up0 \expndtw-9\charscalex93 + .06 = \u
l0\nosupersub\cf27\f28\fs20 .113\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li
1989\sb80\sl-230\slmult0\fi600 \up0 \expndtw-9\charscalex93 \ul0\nosupersub\cf28
\f29\fs20 b.
expected dividend yield = D1/P0 = $1(1 + .06)/$20 = \ul0\n
osupersub\cf27\f28\fs20 .053\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989
\sb1\sl-230\slmult0\fi599 \up0 \expndtw-9\charscalex93 \ul0\nosupersub\cf28\f29\
fs20 c.
expected capital gains yield = g = \ul0\nosupersub\cf27\f28\fs20 .
d\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb80\sl-230\slmult0\fi0\tx2589\tx318
9 \up0 \expndtw-9\charscalex93 \ul0\nosupersub\cf28\f29\fs20 6.\tab \up0 \expndt
w-9\charscalex93 a.\tab \dn4 \expndtw-9\charscalex93 (i) V = ($140/2)(PVIFA.
06,6) + $1,000(PVIF.06,6)\par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\s
b40\sl-230\slmult0\fi839\tx4869\tx6789\tx7269 \up0 \expndtw-7\charscalex100 =\ta
b \up0 \expndtw-7\charscalex100 $70(4.917)\tab \up0 \expndtw-7\charscalex100 +\t
ab \up0 \expndtw-7\charscalex100 $1,000(.705)\par\pard\li3189\sb0\sl-230\slmult0
ndtw-7\charscalex100 =\tab \up0 \expndtw-7\charscalex100 $344.19\tab \up0 \expnd
tw-7\charscalex100 +\tab \up0 \expndtw-7\charscalex100 $705\tab \up0 \expndtw-7\
charscalex100 = \ul0\nosupersub\cf27\f28\fs20 $1,049.19\par\pard\li3189\sb0\sl230\slmult0\par\pard\li3189\sb80\sl-230\slmult0\fi0 \up0 \expndtw-7\charscalex10
0 \ul0\nosupersub\cf28\f29\fs20 (ii) V = ($140/2)(PVIFA.07,6) + $1,000(PVIF.
07,6)\par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\sb1\sl-230\slmult0\fi83
9\tx4869\tx6789\tx7269 \up0 \expndtw-7\charscalex100 =\tab \up0 \expndtw-7\chars
calex100 $70(4.767)\tab \up0 \expndtw-7\charscalex100 +\tab \up0 \expndtw-7\char
scalex100 $1,000(.666)\par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\sb39\s
l-230\slmult0\fi839\tx4989\tx6789\tx7629 \up0 \expndtw-7\charscalex100 =\tab \up
0 \expndtw-7\charscalex100 $333.69\tab \up0 \expndtw-7\charscalex100 +\tab \up0
\expndtw-7\charscalex100 $666 = \ul0\nosupersub\cf27\f28\fs20 $999.69*\ul0\nos
upersub\cf28\f29\fs20 or \ul0\nosupersub\cf27\f28\fs20 $1,000\par\pard\qj \li3
189\ri1051\sb247\sl-250\slmult0 \up0 \expndtw-9\charscalex95 \ul0\nosupersub\cf2
8\f29\fs20 (*Value should equal $1,000 when the nominal annual required
\up0 \expndtw-9\charscalex93 return equals the coupon rate; our answer di
ffers from $1,000 \up0 \expndtw-9\charscalex94 only because of rounding in the
Table values used.) \par\pard\ql \li3189\sb0\sl-230\slmult0 \par\pard\ql\li3189
\sb77\sl-230\slmult0 \up0 \expndtw-9\charscalex97 (iii) V = ($140/2)(PVIFA.08,
6) + $1,000(PVIF.08,6) \par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb8
\sl-230\slmult0\fi1559\tx4989\tx6909\tx7389 \up0 \expndtw-9\charscalex94 =\tab \
up0 \expndtw-9\charscalex94 $70(4.623)\tab \up0 \expndtw-9\charscalex94 +\tab \u
p0 \expndtw-9\charscalex94 $1,000(.630)\par\pard\li2589\sb0\sl-230\slmult0\par\p
ard\li2589\sb40\sl-230\slmult0\fi1559\tx5109\tx6909\tx7869\tx9429 \up0 \expndtw9\charscalex94 =\tab \up0 \expndtw-9\charscalex94 $323.61\tab \up0 \expndtw-9\ch
arscalex94 +\tab \up0 \expndtw-9\charscalex94 $630\tab \up0 \expndtw-9\charscale
x94 = \ul0\nosupersub\cf27\f28\fs20 $953.61\par\pard\li2589\sb0\sl-230\slmult0\
par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb9\sl-230\slmult0\fi0 \up0 \
expndtw-8\charscalex95 \ul0\nosupersub\cf28\f29\fs20 b.
The value of this
type of bond is based on simply discounting\par\pard\li2589\sb0\sl-230\s
lmult0\par\pard\li2589\sb40\sl-230\slmult0\fi599 \up0 \expndtw-9\charscalex94 to
the present the maturity value of each bond.
We have\par\pard\li25
89\sb0\sl-230\slmult0\par\pard\li2589\sb40\sl-230\slmult0\fi599 \up0 \expndtw-8\
charscalex95 already done that in answering Part (a) and those values
are:\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb40\sl-230\slmult0\fi59
9\tx3669\tx4989\tx6909 \up0 \expndtw-9\charscalex94 (i)\tab \up0 \expndtw-9\char
scalex94 \ul0\nosupersub\cf27\f28\fs20 $705\ul0\nosupersub\cf28\f29\fs20 ; (ii)
\tab \up0 \expndtw-9\charscalex94 \ul0\nosupersub\cf27\f28\fs20 $666\ul0\nosuper
sub\cf28\f29\fs20 ; and (iii)\tab \up0 \expndtw-9\charscalex94 \ul0\nosupersub\
cf27\f28\fs20 $630\ul0\nosupersub\cf28\f29\fs20 .\par\pard\li1989\sb0\sl-207\slm
ult0\par\pard\li1989\sb9\sl-207\slmult0\fi0\tx10430 \up0 \expndtw-2\charscalex10
ab \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf15\f16\fs18 57\par\pard\sect\
sectd\fs24\paperw11900\paperh16840{\shp
z-10000\shplid59
ffd8ffe000104a46494600010101006000600000ffdb004300010101010101010101010101010101
01010101010101010101010101010101010101010101010101010101010101010101010101010101
010101010101010101ffdb0043010101010101010101010101010101010101010101010101010101
0101010101010101010101010101010101010101010101010101010101010101010101010101ffc0
00110803e702c203012200021101031101ffc4001f00000105010101010101000000000000000001
02030405060708090a0bffc400b5100002010303020403050504040000017d010203000411051221
31410613516107227114328191a1082342b1c11552d1f02433627282090a161718191a2526272829
2a3435363738393a434445464748494a535455565758595a636465666768696a737475767778797a
0101010101010101010000000000000102030405060708090a0bffc400b511000201020404030407
05040400010277000102031104052131061241510761711322328108144291a1b1c109233352f015
6272d10a162434e125f11718191a262728292a35363738393a434445464748494a53545556575859
5a636465666768696a737475767778797a82838485868788898a92939495969798999aa2a3a4a5a6
5f95c12be8b55add5959b6ac1451457cf1e605145140051451400514514005145140051451400514
51400514514005145140051451400514514005145140051451400514514005145140051451400514
514005145140051451400514514005145140051451400514514005145140057e20ff00c1c35109bf
45001451450014514500145145001451450014514500145145001451450014514500145145001451
45001451450014514500145145001451450014514500145145001451450014514500145145001451
14005145140051451400514514005145140051451400514514005145140051451400514514005145
14005145140051451400514514005145140051451400514514005145140051451400514514005145
b94a314a3293926d9451457f3c9fa705145140051451400514514005145140051451400514514005
14514005145140051451400514514005145140051451400514514005145140051451400514514005
145140051451400514514005145140051451400514514005145140057e627fc15f003fb11f8d0330
40051451400514514005145140051451400514514005145140051451400514514005145140051451
40051451400514514005145140051451400514514005145140051451400514514005145140051451
40051451400514514005145140051451400514514005145140051451400514514005145140051451
40051451400514514005145140051451400514514005145140051451400514514005145140051451
40051451400514514005145140051451400514514005145140051451400514514005145140051451
40051451400514514005145140051451400514514005145140051451400514514005145140051451
40051451400514514005145140051451400514514005145140051451400514514005145140051451
40051451400514514005145140051451400514514005145140051451400514514005145140051451
40051451400514514005145140051451400514514005145140051451400514514005145140051451
40051451400514514005145140051451400514514005145140051451400514514005145140051451
40051451400514514005145140051451400514514005145140051451400514514005145140051451
40051451400514514005145140051451400514514005145140051451400514514005145140051451
40051451400514514005145140051451400514514005145140051451400514514005145140051451
40051451400514514005145140051451400514514005145140051451400514514005145140051451
40051451400514514005145140051451400514514005145140051451400514514005145140051451
40051451400514514005145140051451400514514005145140051451400514514005145140051451
40051451400514514005145140051451400514514005145140051451400514514005145140051451
40051451400514514005145140051451400514514005145140051451400514514005145140051451
40051451400514514005145140051451400514514005145140051451400514514005145140051451
40051451400514514005145140051451400514514005145140051451400514514005145140051451
40051451400514514005145140051451400514514005145140051451400514514005145140051451
40051451400514514005145140051451400514514005145140051451400514514005145140051451
40051451400514514005145140051451400514514005145140051451400514514005145140051451
40051451400514514005145140051451400514514005145140051451400514514005145140051451
40051451400514514005145140051451400514514005145140051451400514514005145140051451
40051451400514514005145140051451400514514005145140051451400514514005145140051451
40051451400514514005145140051451400514514005145140051451400514514005145140051451
40051451400514514005145140051451400514514005145140051451400514514005145140051451
40051451400514514005145140051451400514514005145140051451400514514005145140051451
40051451400514514005145140051451400514514005145140051451400514514005145140051451
40051451400514514005145140051451400514514005145140051451400514514005145140051451
40051451400514514005145140051451400514514005145140051451400514514005145140051451
40051451400514514005145140051451400514514005145140051451400514514005145140051451
40051451400514514005145140051451400514514005145140051451400514514005145140051451
40051451400514514005145140051451400514514005145140051451400514514005145140051451
40051451400514514005145140051451400514514005145140051451400514514005145140051451
40051451400514514005145140051451400514514005145140051451400514514005145140051451
40051451400514514005145140051451400514514005145140051451400514514005145140051451
40051451400514514005145140051451400514514005145140051451400514514005145140051451
40051451400514514005145140051451400514514005145140051451400514514005145140051451
40051451400514514005145140051451400514514005145140051451400514514005145140051451
40051451400514514005145140051451400514514005145140051451400514514005145140051451
40051451400514514005145140051451400514514005145140051451400514514005145140051451
40051451400514514005145140051451400514514005145140051451400514514005145140051451
40051451400514514005145140051451400514514005145140051451400514514005145140051451
40051451400514514005145140051451400514514005145140051451400514514005145140051451
40051451400514514005145140051451400514514005145140051451400514514005145140051451
40051451400514514005145140051451400514514005145140051451400514514005145140051451
40051451400514514005145140051451400514514005145140051451400514514005145140051451
40051451400514514005145140051451400514514005145140051451400514514005145140051451
40051451400514514005145140051451400514514005145140051451400514514005145140051451
40051451400514514005145140051451400514514005145140051451400514514005145140051451
40051451400514514005145140051451400514514005145140051451400514514005145140051451
40051451400514514005145140051451400514514005145140051451400514514005145140051451
40051451400514514005145140051451400514514005145140051451400514514005145140051451
40051451400514514005145140051451400514514005145140051451400514514005145140051451
40051451400514514005145140051451400514514005145140051451400514514005145140051451
40051451400514514005145140051451400514514005145140051451400514514005145140051451
40051451400514514005145140051451400514514005145140051451400514514005145140051451
40051451400514514005145140051451400514514005145140051451400514514005145140051451
40051451400514514005145140051451400514514005145140051451400514514005145140051451
40051451400514514005145140051451400514514005145140051451400514514005145140051451
40051451400514514005145140051451400514514005145140051451400514514005145140051451
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0a28a2800a28a2800a28a2800a28a2800a28a2800a28a2800a28a2803e0fff0082a6ff00ca317fe0
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ff00c48dfd8fbff9fdd1ff000ebaff0082afff00d18178b3ff001237f63eff00e7f75fdf55147fc4
fd7d21ff00e869c2dff88be0ff00f967f577e563fe207f017fd03665ff00872adffc89fc0aff00c3
ff00c48dfd8fbff9fdd1ff000ebaff0082afff00d18178b3ff001237f63eff00e7f75fdf55147fc4
fd7d21ff00e869c2dff88be0ff00f967f577e563fe207f017fd03665ff00872adffc89fc0aff00c3
ff00c48dfd8fbff9fdd7d85ff04e6ff826e7fc1447e1cffc1433f645f8d3f1abf64fd53e11fc27f8
3be29f8c5e24f1a78cb58f8d1fb3c78b96da0f157ecc9f1bbe16e816765e1ff873f153c5de27bebb
bef15f8fb41818dbe8ef6d6b68d7579773c10c0cd5fd94515f31c67f4cbf1b78f785b3ce0ee22cc3
876b649c43819e5f98d2c370fe1b0b88961ea4a137ecb114ea73d29a9d38c94927aab34e2da3d1ca
3c24e0ec9332c1e6d80a18f8633015a35f0f2a98ea9560aa4535efd3946d28b4da69f7d1a7661451
457f299fa6851451400514514005145140051451401fe7abf177f64cfdb5f43f8fdfb53c707ec3df
b5b789b4cd6ff6c3fdb0fc6de1ef12f847e0deb3e20f0c788fc27f10bf69ef8b3e3cf07f88342d66
cee3ecda8e9bad785fc47a46a76b7117ca63ba0a406522b87ff8666fdb67fe8c0ff6d8ff00c307e2
1ffe3f5fe8c5457f6c70c7d3bfc5fe13e1be1ee16cb32de11965bc3591e53c3f97cb1396e2eae265
81c9b0186cbb092c4558e3a9c6a57961f0d075671a708cea3949422ad15f8f663e0a70ae679863b3
2c462735588cc3198ac75754f114a34d56c5d79e22aa845d1938c39ea4b962e4da8bb5ddae7f9cef
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fa31515ee7fc543fc6dffa15f057fe1ab19e5ff531f27f7f91c5ff00101b83ff00e82738ff00c29a
3ffca3fabbf2b7f9ceff00c3337edb3ff4607fb6c7fe183f10ff00f1fa3fe199bf6d9ffa303fdb63
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00a09ce3ff000a68ff00f28feaefcadfe73bff000ccdfb6cff00d181fedb1ff860fc43ff00c7e8ff
008666fdb67fe8c0ff006d8ffc307e21ff00e3f5fe8c5451ff00150ff1b7fe857c15ff0086ac6797
fd4c7c9fdfe41ff101b83ffe82738ffc29a3ff00ca3fabbf2b7f9ceffc3337edb3ff004607fb6c7f
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57fe1ab19e5ff531f27f7f907fc406e0ff00fa09ce3ff0a68fff0028feaefcadfe73bff0ccdfb6cf
fd181fedb1ff00860fc43ffc7e8ff8666fdb67fe8c0ff6d8ff00c307e21ffe3f5fe8c5451ff150ff
001b7fe857c15ff86ac6797fd4c7c9fdfe41ff00101b83ff00e82738ff00c29a3ffca3fabbf2b7f9
ceff00c3337edb3ff4607fb6c7fe183f10ff00f1fa3fe199bf6d9ffa303fdb63ff000c1f887ff8fd
7fa315147fc543fc6dff00a15f057fe1ab19e5ff00531f27f7f907fc406e0fff00a09ce3ff000a68
ff00f28feaefcadfe73bff000ccdfb6cff00d181fedb1ff860fc43ff00c7e8ff008666fdb67fe8c0
ff006d8ffc307e21ff00e3f5fe8c5451ff00150ff1b7fe857c15ff0086ac6797fd4c7c9fdfe41ff1
01b83ffe82738ffc29a3ff00ca3fabbf2b7f9ceffc3337edb3ff004607fb6c7fe183f10fff001fa3
fe199bf6d9ff00a303fdb63ff0c1f887ff008fd7fa315147fc543fc6dffa15f057fe1ab19e5ff531
f27f7f907fc406e0ff00fa09ce3ff0a68fff0028feaefcadfe73bff0ccdfb6cffd181fedb1ff0086
0fc43ffc7e8ff8666fdb67fe8c0ff6d8ff00c307e21ffe3f5fe8c5451ff150ff001b7fe857c15ff8
6ac6797fd4c7c9fdfe41ff00101b83ff00e82738ff00c29a3ffca3fabbf2b7f9ceff00c3337edb3f
f4607fb6c7fe183f10ff00f1fa3fe199bf6d9ffa303fdb63ff000c1f887ff8fd7fa315147fc543fc
6dff00a15f057fe1ab19e5ff00531f27f7f907fc406e0fff00a09ce3ff000a68ff00f28feaefcadf
e73bff000ccdfb6cff00d181fedb1ff860fc43ff00c7e8ff008666fdb67fe8c0ff006d8ffc307e21
ff00e3f5fe8c5451ff00150ff1b7fe857c15ff0086ac6797fd4c7c9fdfe41ff101b83ffe82738ffc
29a3ff00ca3fabbf2b7f9ceffc3337edb3ff004607fb6c7fe183f10fff001fa3fe199bf6d9ff00a3
03fdb63ff0c1f887ff008fd7fa315147fc543fc6dffa15f057fe1ab19e5ff531f27f7f907fc406e0
ff00fa09ce3ff0a68fff0028feaefcadfe6c7f133f639fdbbfc79e02f15783342fd817f6ca4d63c4
fa4cda2e9afaa7c11d6b4cd363bbbe648217bfd46eae52dac6d119835c5ddc3a416f106965654566
1fe9394515fcede3578edc5fe3b6679266dc5f86ca30d8bc870188cbb08b28c355c3529e1f13888e
266eb42ad7aee5515552b49492e5972f2e977f7dc1fc159570561b1985caaa62aa52c6d7a788aaf1
5523524aa53a7ecd72b8c20945c7569a7af5b688a28a2bf143ec028a28a0028a28a0028a28a0028a
28a0028a28a0028a28a0028a28a0028a28a0028a28a00fffd9}}}}}\pard\sb0\sl-240{\bkmksta
rt Pg60}{\bkmkend Pg60}\par\pard\ql \li7846\sb0\sl-207\slmult0 \par\pard\ql\li78
arscalex100 \ul0\nosupersub\cf13\f14\fs18 Pearson Education Limited 2005 \par\pa
rd\ql \li4149\sb0\sl-690\slmult0 \par\pard\ql\li4149\sb0\sl-690\slmult0 \par\par
ql\li4149\sb0\sl-690\slmult0 \par\pard\ql\li4149\sb444\sl-690\slmult0 \up0 \expn
dtw0\charscalex97 \ul0\nosupersub\cf22\f23\fs60 5 \par\pard\ql \li4149\sb1\sl-55
6\slmult0 \up0 \expndtw0\charscalex97 \ul0\nosupersub\cf23\f24\fs50 Risk and Ret
urn \par\pard\qj \li4717\sb0\sl-380\slmult0 \par\pard\qj\li4717\sb0\sl-380\slmul
t0 \par\pard\qj\li4717\sb0\sl-380\slmult0 \par\pard\qj\li4717\sb0\sl-380\slmult0
\par\pard\qj\li4717\sb0\sl-380\slmult0 \par\pard\qj\li4717\sb0\sl-380\slmult0 \
par\pard\qj\li4717\sb0\sl-380\slmult0 \par\pard\qj\li4717\sb0\sl-380\slmult0 \pa
r\pard\qj\li4717\sb0\sl-380\slmult0 \par\pard\qj\li4717\sb0\sl-380\slmult0 \par\
pard\qj\li4717\sb0\sl-380\slmult0 \par\pard\qj\li4717\sb0\sl-380\slmult0 \par\pa
rd\qj\li4717\sb0\sl-380\slmult0 \par\pard\qj\li4717\sb0\sl-380\slmult0 \par\pard
\qj\li4717\sb0\sl-380\slmult0 \par\pard\qj\li4717\sb0\sl-380\slmult0 \par\pard\q
j\li4717\ri1010\sb230\sl-380\slmult0 \up0 \expndtw0\charscalex100 \ul0\nosupersu
b\cf25\f26\fs32 Take calculated risks. That is quite different \up0 \expndtw0\ch
arscalex101 from being rash. \par\pard\ql \li6186\sb250\sl-368\slmult0 \up0 \exp
ndtw0\charscalex95 GENERAL GEORGE S. PATTON \par\pard\li1989\sb0\sl-207\slmult0\
rsub\cf15\f16\fs18 58\par\pard\sect\sectd\fs24\paperw11900\paperh16840\pard\sb0\
sl-240{\bkmkstart Pg61}{\bkmkend Pg61}\par\pard\li1989\sb0\sl-207\slmult0\par\pa

rd\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb115\sl-207\slmult0\fi0\tx7853 \up
0 \expndtw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 5: Risk and Ret
urn\tab \up0 \expndtw-2\charscalex100 Pearson Education Limited 2005\par\pard\ql
1989\sb94\sl-230\slmult0 \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf27\f28\
fs20 ANSWERS TO QUESTIONS \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\l
i1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb0\sl-230\slmult0 \par\pard\ql\li1
989\sb80\sl-230\slmult0\tx2589 \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf2
8\f29\fs20 1. \tab \up0 \expndtw-8\charscalex96 Virtually none of the concep
ts presented would hold.
Risk would \par\pard\qj \li2589\ri1050\sb47\sl-5
00\slmult0 \up0 \expndtw-8\charscalex94 not be a dimension of concern to
the risk-neutral investor.
The \line \up0 \expndtw-8\charscalex94 only con
cern would be with expected return, and market equilibrium \line \up0 \e
xpndtw-8\charscalex94 would be in relation to seeking the highest expect
ed return.
If \line \up0 \expndtw-8\charscalex96 investors were risk seek
ers, increased risk would provide positive \line \up0 \expndtw-8\charscalex
100 utility and would be sought along with higher expected returns. \li
ne \up0 \expndtw-5\charscalex100 Obviously there would be no risk-return t
radeoff of the type \line \up0 \expndtw-5\charscalex100 described. \par\pard\
l\li1989\sb144\sl-230\slmult0\tx2589 \up0 \expndtw-3\charscalex100 2. \tab \up0
\expndtw-8\charscalex100 The characteristic line depicts the expected rela
tionship between \par\pard\qj \li2589\ri1051\sb47\sl-500\slmult0 \up0 \expndtw8\charscalex94 excess returns (in excess of the risk-free rate) for the
security \line \up0 \expndtw-8\charscalex93 involved and for the market p
ortfolio.
The beta is the slope of \line \up0 \expndtw-9\charscalex93 th
e characteristic line. \up0 \expndtw-9\charscalex93 [The alpha is the inte
rcept on the \par\pard\qj \li2589\ri1051\sb0\sl-500\slmult0 \up0 \expndtw-5\ch
arscalex100 vertical axis.
It should be zero in theory, but may be positive o
r \up0 \expndtw-5\charscalex100 negative in practice.] \par\pard\ql \li1989\sb0\
sl-230\slmult0 \par\pard\ql\li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb144\
sl-230\slmult0\tx2589 \up0 \expndtw-3\charscalex100 3. \tab \up0 \expndtw-8\char
scalex96 Beta measures the responsiveness of changes in excess returns
for \par\pard\qj \li2589\ri1051\sb47\sl-500\slmult0 \up0 \expndtw-8\charscalex94
the security involved to changes in excess returns for the market \li
ne \up0 \expndtw-5\charscalex100 portfolio.
It tells us how attuned fluctuati
ons in returns for the \line \up0 \expndtw-8\charscalex96 stock are with thos
e for the market.
A beta of one indicates \line \up0 \expndtw-8\chars
calex97 proportional fluctuation and systematic risk; a beta greater tha
n \line \up0 \expndtw-8\charscalex96 one indicates more than proportional f
luctuation; and a beta less \line \up0 \expndtw-8\charscalex97 than one in
dicates less than proportional fluctuation relative to \line \up0 \expndtw
-9\charscalex97 the market. \par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\
}

}}
}
}}
}
}}
}
alex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 5: Risk and Return\tab \up0 \expnd
tw-7\charscalex100 Pearson Education Limited 2005\par\pard\li1989\sb0\sl-230\slm
\tx2589 \up0 \expndtw-8\charscalex100 \ul0\nosupersub\cf28\f29\fs20 4.\tab \dn2
\expndtw-8\charscalex100 Req. (Rj) = Rf + [E(Rm) - Rf] Betaj\par\pard\ql \l
i3429\sb189\sl-230\slmult0 \up0 \expndtw-7\charscalex100 Rf = risk-free rate; \
par\pard\ql \li2589\sb150\sl-230\slmult0 \up0 \expndtw-6\charscalex100 Req. (Rj
) = required rate of return for security j; \par\pard\qj \li3069\ri1772\sb27\sl
-380\slmult0 \up0 \expndtw-4\charscalex100 E(Rm) = expected rate of return for
the market portfolio; \up0 \expndtw-5\charscalex100 Betaj = beta for security j
; \par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb0\sl-230\slmult0\par\par
d\li1989\sb101\sl-230\slmult0\fi0\tx2589\tx6647 \up0 \expndtw-8\charscalex100 5.
\tab \up0 \expndtw-8\charscalex100 No.
The security market line\tab \up0
\expndtw-8\charscalex100 (SML) can vary with changes in\par\pard\li1989\sb0
\sl-230\slmult0\par\pard\li1989\sb40\sl-230\slmult0\fi599 \up0 \expndtw-7\charsc
alex100 interest rates, investor psychology, and perhaps with othe
r\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl-230\slmult0\fi599 \
up0 \expndtw-8\charscalex100 factors.\par\pard\li1989\sb0\sl-230\slmult0\par\par
\expndtw-8\charscalex100 6.\tab \up0 \expndtw-8\charscalex100 a)

Lower the m
arket price.\par\pard\ql \li2589\sb0\sl-230\slmult0 \par\pard\ql\li2589\sb23\sl230\slmult0 \up0 \expndtw-5\charscalex100 b)
Raise the market price. \par\par
pndtw-5\charscalex100 c)
Lower the market price. \par\pard\ql \li2589\sb0\sl230\slmult0 \par\pard\ql\li2589\sb40\sl-230\slmult0 \up0 \expndtw-4\charscalex10
0 d)\ul0\nosupersub\cf2\f3\fs20 \ul0\nosupersub\cf28\f29\fs20
Lower the mark
et price. \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb0\sl-230
\slmult0 \par\pard\ql\li1989\sb190\sl-230\slmult0\tx2589 \up0 \expndtw-3\charsca
lex100 7. \tab \up0 \expndtw-8\charscalex97 If you limit yourself to only
common stock, you would seek out \par\pard\qj \li2589\ri1051\sb47\sl-500\sl
mult0 \up0 \expndtw-8\charscalex93 defensive stocks -- where returns tend
to go up and down by less \line \up0 \expndtw-8\charscalex93 than those
for the overall market.
Therefore, the betas would be \line \up0 \expn
dtw-9\charscalex97 less than \up0 \expndtw-9\charscalex94 1.0.
However, it
is important to recognize that there \line \up0 \expndtw-6\charscalex100 a
re few stocks with betas of less than 0.5.
Most have betas of 0.7 \line \up
0 \expndtw-7\charscalex100 or more. \par\pard\ql \li1989\sb0\sl-230\slmult0 \par
\pard\ql\li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb144\sl-230\slmult0\tx25
89 \up0 \expndtw-3\charscalex100 8. \tab \up0 \expndtw-8\charscalex100 The unde
rvalued stock would lie above the security market line, \par\pard\qj \li
2589\ri1050\sb47\sl-500\slmult0 \up0 \expndtw-3\charscalex100 thereby providing
investors with more expected return than required \up0 \expndtw-8\charscalex96 f
or the systematic risk involved.
Investors would buy the stock \up0 \
expndtw-8\charscalex90 and cause it to rise in price.
The higher pric
e will result in a \up0 \expndtw-8\charscalex96 lower expected return.
Equilibrium is achieved when the expected \up0 \expndtw-9\charscalex96 retu
rn lies along the security market line. \par\pard\li1989\sb0\sl-207\slmult0\par\
}
lex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 5: Risk and Return\tab \up0 \expndt
w-3\charscalex100 Pearson Education 2005\par\pard\li1989\sb0\sl-230\slmult0\par\
9\sb0\sl-230\slmult0\par\pard\li1989\sb142\sl-230\slmult0\fi0 \up0 \expndtw-3\ch
arscalex100 \ul0\nosupersub\cf27\f28\fs20 SOLUTIONS TO PROBLEMS\par\pard\li1989\
0 1.\tab \up0 \expndtw-3\charscalex100 a)\par\pard\li1989\sb0\sl-230\slmult0\par
\pard\li1989\sb39\sl-230\slmult0\fi599\tx4269\tx9309 \up0 \expndtw-3\charscalex1
00 POSSIBLE\tab \up0 \expndtw-3\charscalex100 PROBABILITY OF\tab \up0 \expndtw-3
\charscalex100 _\par\pard\li1989\sb60\sl-230\slmult0\fi599\tx4269\tx6549\tx8589
\up0 \expndtw-3\charscalex100 RETURN, Ri\tab \up0 \expndtw-3\charscalex100 OCCUR
RENCE, Pi\tab \up0 \expndtw-3\charscalex100 (Ri)(Pi)\tab \up0 \expndtw-3\charsca

lex100 (Ri - R)2(Pi)\par\pard\li2799\sb0\sl-230\slmult0\par\pard\li2799\sb0\sl230\slmult0\par\pard\li2799\sb4\sl-230\slmult0\fi0\tx4359\tx6399\tx8318\tx9998 \
up0 \expndtw-9\charscalex96 \u9472?\tab \up0 \expndtw-9\charscalex96 -.10\tab \u
p0 \expndtw-9\charscalex96 .10\tab \up0 \expndtw-9\charscalex96 -.01\tab \up0 \e
xpndtw-9\charscalex96 (-.10\par\pard\li2799\sb149\sl-230\slmult0\fi0 \up0 \expnd
tw-9\charscalex96 - .11)2(.10)\par\pard\li2799\sb151\sl-230\slmult0\fi149\tx486
9\tx6909\tx8469 \up0 \expndtw-9\charscalex96 .00\tab \up0 \expndtw-9\charscalex9
6 .20\tab \up0 \expndtw-9\charscalex96 .00\tab \up0 \expndtw-9\charscalex96 ( .
00 - .11)2(.20)\par\pard\li2799\sb150\sl-230\slmult0\fi149\tx4869\tx6909\tx846
9 \up0 \expndtw-9\charscalex96 .10\tab \up0 \expndtw-9\charscalex96 .30\tab \up0
\expndtw-9\charscalex96 .03\tab \up0 \expndtw-9\charscalex96 ( .10 - .11)2(.
30)\par\pard\li2799\sb149\sl-230\slmult0\fi149\tx4869\tx6909\tx8469 \up0 \expndt
w-9\charscalex96 .20\tab \up0 \expndtw-9\charscalex96 .30\tab \up0 \expndtw-9\ch
arscalex96 .06\tab \up0 \expndtw-9\charscalex96 ( .20 - .11)2(.30)\par\pard\l
i2799\sb47\sl-230\slmult0\fi149\tx4869\tx6909\tx8469 \up0 \expndtw-9\charscalex9
6 .30\tab \up0 \expndtw-9\charscalex96 .10\tab \up0 \expndtw-9\charscalex96 .03\
tab \up0 \expndtw-9\charscalex96 ( .30 - .11)2(.10)\par\pard\li4269\sb1\sl-21
1\slmult0\fi480\tx6909\tx7629 \up0 \expndtw-9\charscalex87 \u9472?\u9472?\u9472?
\u9472?\tab \up0 \expndtw-9\charscalex87 \u9472?\u9472?\u9472?\tab \up0 \expndtw
-9\charscalex87 \ul0\nosupersub\cf27\f28\fs20 _\par\pard\li4269\sb36\sl-230\slmu
lt0\fi0\tx6428\tx8707 \up0 \expndtw-9\charscalex87 \ul0\nosupersub\cf11\f12\fs20
\u931?\ul0\nosupersub\cf28\f29\fs20 = 1.00\tab \up0 \expndtw-9\charscalex87
\ul0\nosupersub\cf11\f12\fs20 \u931?\ul0\nosupersub\cf28\f29\fs20 = \ul0\nosup
ersub\cf27\f28\fs20 .11 = R\tab \up0 \expndtw-9\charscalex87 \ul0\nosupersub\c
f11\f12\fs20 \u931?\ul0\nosupersub\cf28\f29\fs20 = \ul0\nosupersub\cf27\f28\fs
20 .0129 = \ul0\nosupersub\cf11\f12\fs20 \u963?\ul0\super\cf38\f39\fs19 2\par
\pard\ql \li7629\sb229\sl-230\slmult0 \up0 \expndtw-9\charscalex91 \ul0\nosupers
ub\cf28\f29\fs20 (.0129).5 = \ul0\nosupersub\cf27\f28\fs20 11.36% = \ul0\nosu
persub\cf11\f12\fs20 \u963? \par\pard\ql \li2589\sb0\sl-500\slmult0 \par\pard\q
l\li2589\ri1052\sb7\sl-500\slmult0\tx3189\tx3189\tx3189 \up0 \expndtw-5\charscal
ex100 \ul0\nosupersub\cf28\f29\fs20 b)
There is a 30 percent probability tha
t the actual return will \line\tab \up0 \expndtw-9\charscalex94 be zero (prob.
E(R) = 0 is 20%) or less (prob. E(R) < is 10%). \line \tab \up0 \expndtw-3
\charscalex100 Also, by inspection we see that the distribution is skewed to \li
ne \tab \up0 \expndtw-3\charscalex100 the left. \par\pard\ql \li1989\sb0\sl-230\
7 a)
For a return that will be zero or less, standardizing the \par
\pard\ql \li3189\sb0\sl-230\slmult0 \par\pard\ql\li3189\sb40\sl-230\slmult0\tx10
005 \up0 \expndtw-9\charscalex93 deviation from the expected value of retu
rn we obtain \tab \up0 \expndtw-9\charscalex91 (0% -\par\pard\qj \li3189\ri10
51\sb47\sl-500\slmult0 \up0 \expndtw-8\charscalex92 20%)/15% = -1.333 standar
d deviations.
Turning to Table V at \line \up0 \expndtw-9\charscalex93 t
he back of the book, 1.333 falls between standard deviations \line \up0
\expndtw-9\charscalex94 of \up0 \expndtw-9\charscalex94 1.30 and \up0 \expndtw
-9\charscalex94 1.35.
These standard deviations correspond to \par\pard\
qj \li3189\ri1051\sb0\sl-500\slmult0 \up0 \expndtw-9\charscalex93 areas under
the curve of .0968 and .0885 respectively.
This \line \up0 \expndtw-9\c
harscalex94 means that there is \ul0\nosupersub\cf27\f28\fs20 approximately a 9
% probability\ul0\nosupersub\cf28\f29\fs20 that actual \par\pard\li3189\sb0\sl230\slmult0\par\pard\li3189\sb1\sl-230\slmult0\fi0\tx7125\tx9501 \up0 \expndtw-7
\charscalex100 return will be zero or less.\tab \up0 \expndtw-7\charscalex1
00 (Interpolating for\tab \up0 \expndtw-7\charscalex100 1.333, we\par\pard\li3
harscalex100 find the probability to be 9.13%.)\par\pard\li1989\sb0\sl-207\slmu
13\f14\fs18 Van Horne and Wachowicz: \ul0\nosupersub\cf14\f15\fs18 Fundamentals
of Financial Management,\ul0\nosupersub\cf13\f14\fs18 12e\tab \up0 \expndtw-2\c

harscalex100 \ul0\nosupersub\cf15\f16\fs18 61\par\pard\sect\sectd\fs24\paperw119
00\paperh16840\pard\sb0\sl-240{\bkmkstart Pg64}{\bkmkend Pg64}\par\pard\sect\sec
td\sbknone\cols2\colno1\colw4829\colsr160\colno2\colw6771\colsr160\ql \li1989\sb
0\sl-207\slmult0 \par\pard\ql \li1989\sb0\sl-207\slmult0 \par\pard\ql \li1989\sb
53\sl-207\slmult0 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Ch
apter 5: Risk and Return\par\pard\ql \li2589\sb0\sl-230\slmult0 \par\pard\ql \li
2589\sb0\sl-230\slmult0 \par\pard\ql \li2589\sb0\sl-230\slmult0 \par\pard\ql \li
2589\sb15\sl-230\slmult0\tx3184 \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf
28\f29\fs20 b)\tab \up0 \expndtw-3\charscalex100 10 percent:\par\pard\ql \li3189
\sb0\sl-230\slmult0 \par\pard\ql \li3189\sb0\sl-230\slmult0 \par\pard\ql \li3189
\sb0\sl-230\slmult0 \par\pard\ql \li3189\sb200\sl-230\slmult0 \up0 \expndtw-3\ch
arscalex100 20 percent:\par\pard\ql \li3189\sb0\sl-230\slmult0 \par\pard\ql \li3
189\sb0\sl-230\slmult0 \par\pard\ql \li3189\sb0\sl-230\slmult0 \par\pard\ql \li3
189\sb80\sl-230\slmult0 \up0 \expndtw-3\charscalex100 30 percent:\par\pard\ql \l
i3189\sb0\sl-230\slmult0 \par\pard\ql \li3189\sb0\sl-230\slmult0 \par\pard\ql \l
i3189\sb0\sl-230\slmult0 \par\pard\ql \li3189\sb120\sl-230\slmult0 \up0 \expndtw
-3\charscalex100 40 percent:\par\pard\ql \li3189\sb0\sl-230\slmult0 \par\pard\ql
\li3189\sb0\sl-230\slmult0 \par\pard\ql \li3189\sb0\sl-230\slmult0 \par\pard\ql
\li3189\sb160\sl-230\slmult0 \up0 \expndtw-3\charscalex100 50 percent:\par\pard
\column \ql \li4989\sb0\sl-207\slmult0 \par\pard\ql \li4989\sb0\sl-207\slmult0 \
par\pard\ql \li3514\sb53\sl-207\slmult0 \up0 \expndtw-2\charscalex100 \ul0\nosup
ersub\cf13\f14\fs18 Pearson Education 2005\par\pard\ql \li4989\sb0\sl-230\slmult
0 \par\pard\ql \li4989\sb0\sl-230\slmult0 \par\pard\ql \li4989\sb0\sl-230\slmult
0 \par\pard\ql \li20\sb15\sl-230\slmult0\tx2984\tx3324\tx4025\tx4364\tx5545 \up0
\expndtw-3\charscalex100 \ul0\nosupersub\cf28\f29\fs20 Standardized deviation\
tab \up0 \expndtw-3\charscalex100 =\tab \up0 \expndtw-2\charscalex100 (10%\tab \
up0 \expndtw-3\charscalex100 -\tab \up0 \expndtw-2\charscalex100 20%)/15%\tab \u
p0 \expndtw-2\charscalex100 =\par\pard\ql \li4989\sb0\sl-230\slmult0 \par\pard\q
l \li20\sb40\sl-230\slmult0\tx3251 \up0 \expndtw-8\charscalex100 -0.667.
Pro
bability of\tab \up0 \expndtw-6\charscalex100 10 percent or less\par\pard\qj
\li20\ri1071\sb47\sl-500\slmult0 \up0 \expndtw-9\charscalex93 return = (appro
x.) 25 percent.
Probability of \line \up0 \expndtw-9\charscalex96 10 perc
ent or more return \up0 \expndtw-3\charscalex100 = \up0 \expndtw-3\charscalex
100 100% \up0 \expndtw-3\charscalex100 -\up0 \expndtw-3\charscalex100 25% \up0 \
expndtw-3\charscalex100 = \up0 \expndtw-3\charscalex100 75\par\pard\ql \li20\sb2
24\sl-230\slmult0 \up0 \expndtw-3\charscalex100 percent.\par\pard\qj \li20\ri107
1\sb47\sl-500\slmult0 \up0 \expndtw-4\charscalex100 50 percent probability of re
turn being above 20 \up0 \expndtw-3\charscalex100 percent.\par\pard\ql \li20\sb
224\sl-230\slmult0\tx2984\tx3324\tx4025\tx4364\tx5545 \up0 \expndtw-3\charscalex
100 Standardized deviation\tab \up0 \expndtw-3\charscalex100 =\tab \up0 \expndt
w-2\charscalex100 (30%\tab \up0 \expndtw-3\charscalex100 -\tab \up0 \expndtw-2\c
harscalex100 20%)/15%\tab \up0 \expndtw-2\charscalex100 =\par\pard\ql \li4989\sb
0\sl-230\slmult0 \par\pard\ql \li20\sb40\sl-230\slmult0\tx3251 \up0 \expndtw-8\c
harscalex100 +0.667.
Probability of\tab \up0 \expndtw-6\charscalex100 30 p
ercent or more\par\pard\ql \li4989\sb0\sl-230\slmult0 \par\pard\ql \li20\sb40\
sl-230\slmult0 \up0 \expndtw-9\charscalex95 return = (approx.) 25 percent.\pa
r\pard\ql \li4989\sb0\sl-230\slmult0 \par\pard\ql \li20\sb40\sl-230\slmult0\tx29
84\tx3324\tx4025\tx4364\tx5545 \up0 \expndtw-3\charscalex100 Standardized devia
tion\tab \up0 \expndtw-3\charscalex100 =\tab \up0 \expndtw-2\charscalex100 (40%\
tab \up0 \expndtw-3\charscalex100 -\tab \up0 \expndtw-2\charscalex100 20%)/15%\t
ab \up0 \expndtw-2\charscalex100 =\par\pard\ql \li4989\sb0\sl-230\slmult0 \par\p
ard\ql \li20\sb40\sl-230\slmult0\tx3251 \up0 \expndtw-8\charscalex100 +1.333.
Probability of\tab \up0 \expndtw-6\charscalex100 40 percent or more\par\pa
rd\qj \li20\ri1071\sb48\sl-499\slmult0\fi0 \up0 \expndtw-9\charscalex95 return

= (approx.) 9 percent -- (i.e., the same \up0 \expndtw-6\charscalex100 perce
nt as in part (a)).\par\pard\ql \li20\sb224\sl-230\slmult0\tx2984\tx3324\tx4025
\tx4364\tx5545 \up0 \expndtw-3\charscalex100 Standardized deviation\tab \up0 \e
xpndtw-3\charscalex100 =\tab \up0 \expndtw-2\charscalex100 (50%\tab \up0 \expndt
w-3\charscalex100 -\tab \up0 \expndtw-2\charscalex100 20%)/15%\tab \up0 \expndtw
-2\charscalex100 =\par\pard\ql \li4989\sb0\sl-230\slmult0 \par\pard\ql \li20\sb4
0\sl-230\slmult0\tx1192\tx3198 \up0 \expndtw-3\charscalex100 +2.00.\tab \up0 \ex
pndtw-3\charscalex100 Probability of\tab \up0 \expndtw-8\charscalex100 50 per
cent or more\par\pard\ql \li4989\sb0\sl-230\slmult0 \par\pard\ql \li20\sb40\sl
-230\slmult0 \up0 \expndtw-9\charscalex96 return = 2.28 percent. \par\pard\sec
t\sectd\sbknone \li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmult0\pa
}
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w-8\charscalex100 Pearson Education 2005\par\pard\li1989\sb0\sl-230\slmult0\par\
9\sb15\sl-230\slmult0\fi0\tx2709 \up0 \expndtw-8\charscalex100 \ul0\nosupersub\c
f28\f29\fs20 3.\tab \up0 \expndtw-8\charscalex100 As the graph will be draw
n by hand with the characteristic line\par\pard\qj \li1989\ri1051\sb30\sl500\slmult0 \up0 \expndtw-8\charscalex90 fitted by eye, they will not all
be the same.
However, students should \up0 \expndtw-9\charscalex90 reach
the same general conclusions. \par\pard\ql \li4658\sb0\sl-180\slmult0 \par\pard
l\li4658\sb0\sl-180\slmult0 \par\pard\ql\li4658\ri3101\sb45\sl-180\slmult0\tx487
1 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf1\f2\fs16 Excess Return \line\
tab \up0 \expndtw-2\charscalex100 Markese\par\pard\sect\sectd\sbknone\cols2\coln
o1\colw5644\colsr40\colno2\colw6076\colsr160\ql \li5280\sb0\sl-184\slmult0 \par\
pard\ql \li5280\sb0\sl-184\slmult0 \par\pard\ql \li5280\sb0\sl-184\slmult0 \par\
pard\ql \li5280\sb26\sl-184\slmult0 \up0 \expndtw-2\charscalex100 .10\par\pard\q
l \li5280\sb0\sl-184\slmult0 \par\pard\ql \li5280\sb0\sl-184\slmult0 \par\pard\q
l \li5280\sb68\sl-184\slmult0 \up0 \expndtw-2\charscalex100 .05\par\pard\ql \li4
407\sb0\sl-184\slmult0 \par\pard\ql \li4407\sb62\sl-184\slmult0 \up0 \expndtw0\c
harscalex110 -.05\par\pard\ql \li3134\sb183\sl-184\slmult0\tx3787 \up0 \expndtw0

\charscalex110 -.15\tab \up0 \expndtw0\charscalex110 -.10\par\pard\ql \li5280\sb
0\sl-184\slmult0 \par\pard\ql \li5280\sb75\sl-184\slmult0 \up0 \expndtw0\charsca
lex110 -.05\par\pard\ql \li5280\sb0\sl-184\slmult0 \par\pard\ql \li5280\sb0\sl-1
84\slmult0 \par\pard\ql \li5280\sb68\sl-184\slmult0 \up0 \expndtw0\charscalex110
-.10\par\pard\column \ql \li7821\sb0\sl-184\slmult0 \par\pard\ql \li7821\sb0\sl
-184\slmult0 \par\pard\ql \li2157\sb89\sl-184\slmult0 \up0 \expndtw-2\charscalex
100 Characteristic\par\pard\ql \li2494\sb0\sl-183\slmult0 \up0 \expndtw-2\charsc
alex100 Line\par\pard\ql \li8224\sb0\sl-184\slmult0 \par\pard\ql \li8224\sb0\sl184\slmult0 \par\pard\ql \li8224\sb0\sl-184\slmult0 \par\pard\ql \li8224\sb0\sl184\slmult0 \par\pard\ql \li2560\sb148\sl-184\slmult0 \up0 \expndtw-2\charscalex
100 Excess Return\par\pard\ql \li2521\sb1\sl-183\slmult0 \up0 \expndtw-2\charsca
lex100 Market Portfolio\par\pard\ql \li20\sb0\sl-144\slmult0\tx626\tx1161 \up0 \
expndtw-2\charscalex100 .05\tab \up0 \expndtw-2\charscalex100 .10\tab \up0 \expn
dtw-2\charscalex100 .15 \par\pard\sect\sectd\sbknone \qj \li2590\sb0\sl-500\slmu
lt0 \par\pard\qj\li2590\ri1050\sb301\sl-500\slmult0 \up0 \expndtw-8\charscalex93
\ul0\nosupersub\cf28\f29\fs20 The beta is approximately 0.5.
This indic
ates that excess returns \up0 \expndtw-8\charscalex97 for the stock fluctu
ate less than excess returns for the market \up0 \expndtw-5\charscalex100
portfolio.
The stock has much less systematic risk than the market \up0 \exp
ndtw-6\charscalex100 as a whole.
It would be a defensive investment. \par\par
d\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb0\sl-230\slmult0 \par\pard
\ql\li1989\sb144\sl-230\slmult0\tx2589 \up0 \expndtw-3\charscalex100 4. \tab \up
0 \expndtw-9\charscalex84 Req. (R\ul0\sub\cf36\f37\fs19 A\ul0\nosupersub\cf28\f
29\fs20 ) = .07 + (.13 - .07) (1.5) = .16 \par\pard\qj \li2589\ri4094\s
b47\sl-500\slmult0 \up0 \expndtw-9\charscalex84 Req. (R\ul0\sub\cf36\f37\fs19 B
\ul0\nosupersub\cf28\f29\fs20 ) = .07 + (.13 - .07) (1.0) = .13 \line \
up0 \expndtw-9\charscalex84 Req. (R\ul0\sub\cf36\f37\fs19 C\ul0\nosupersub\cf28
\f29\fs20 ) = .07 + (.13 - .07) (0.6) = .106 \line \up0 \expndtw-9\char
scalex84 Req. (R\ul0\sub\cf36\f37\fs19 D\ul0\nosupersub\cf28\f29\fs20 ) = .07
+ (.13 - .07) (2.0) = .19 \line \up0 \expndtw-9\charscalex85 Req. (R\ul
0\sub\cf36\f37\fs19 E\ul0\nosupersub\cf28\f29\fs20 ) = .07 + (.13 - .07)
(1.3) = .148 \par\pard\qj \li2589\ri1051\sb0\sl-500\slmult0 \up0 \expndtw-8\ch
arscalex94 The relationship between required return and beta shoul
d be \up0 \expndtw-9\charscalex94 stressed. \par\pard\li1989\sb0\sl-207\slmult
lmult0\par\pard\li1989\sb53\sl-207\slmult0\fi0\tx10430 \up0 \expndtw-2\charscale
e\tab \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf15\f16\fs18 63
}}
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3e34fc24be9efb4fb9d3274f1a7c01f8c7e3bf811f122cd2dae956592cf4ef889f0e3c53a7e9da82
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2800a28a2800a28a2800a28a2800a28a2800a28a2800a28a280391f14f803c09e38baf08df78d7c1
7e13f17def803c5569e3af025df89fc3ba46bd73e0bf1b5869da9e9163e30f0a4faad9dd4be1ef14
59695adeb1a6da6bfa4b5a6ab6d63aaea36b0dda417b709275d45140051451400514514005145140
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1fffd9}}}}}\pard\sb0\sl-240{\bkmkstart Pg66}{\bkmkend Pg66}\par\pard\li1989\sb0\
mult0\fi0\tx8483 \up0 \expndtw-8\charscalex94 \ul0\nosupersub\cf13\f14\fs18 Chap
ter 5: Risk and Return\tab \up0 \expndtw-8\charscalex94 Pearson Education 2005\p
ndtw-9\charscalex94 \ul0\nosupersub\cf28\f29\fs20 5.\tab \up0 \expndtw-9\charsca
lex94 Expected return = .07 + (.12 - .07)(1.67) = .1538, or 15.38%\par\
dtw-8\charscalex95 Perhaps the best way to visualize the problem is to
plot expected\par\pard\qj \li2589\ri1051\sb30\sl-500\slmult0 \up0 \expndtw-8\c
harscalex91 returns against beta.
This is done below.
A security ma
rket line \up0 \expndtw-8\charscalex94 is then drawn from the risk-free r
ate through the expected return \up0 \expndtw-9\charscalex94 for the market
portfolio which has a beta of 1.0. \par\pard\li2802\sb0\sl-184\slmult0\par\pard
179\sl-184\slmult0\fi2005\tx8866 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\c
f1\f2\fs16 (a)\tab \up0 \expndtw-2\charscalex100 (b)\par\pard\li2802\sb121\sl-16
1\slmult0\fi2303 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf39\f40\fs14 Sec
ondary Market Line\par\pard\li2802\sb104\sl-161\slmult0\fi0\tx6940\tx9165 \dn2 \
expndtw-2\charscalex100 0.18\tab \up2 \expndtw-2\charscalex100 0.2\tab \dn2 \exp
ndtw-2\charscalex100 Secondary Market Line\par\pard\li2802\sb0\sl-161\slmult0\pa
802\sb30\sl-161\slmult0\fi4060 \up0 \expndtw-2\charscalex100 0.18\par\pard\li280
2\sb20\sl-161\slmult0\fi0 \up0 \expndtw-2\charscalex100 0.16\par\pard\li2802\sb0
lmult0\fi4060 \up0 \expndtw-2\charscalex100 0.16\par\pard\li2802\sb119\sl-161\sl
mult0\fi0 \up0 \expndtw-2\charscalex100 0.14\par\pard\li2802\sb0\sl-161\slmult0\
par\pard\li2802\sb99\sl-161\slmult0\fi4060 \up0 \expndtw-2\charscalex100 0.14\pa
r\pard\li2802\sb0\sl-161\slmult0\par\pard\li2802\sb57\sl-161\slmult0\fi0 \up0 \e
xpndtw-2\charscalex100 0.12\par\pard\li2802\sb158\sl-161\slmult0\fi4060 \up0 \ex
pndtw-2\charscalex100 0.12\par\pard\li2802\sb0\sl-161\slmult0\par\pard\li2802\sb
158\sl-161\slmult0\fi0 \up0 \expndtw-2\charscalex100 0.10\par\pard\li2802\sb109\
sl-161\slmult0\fi332\tx3429\tx3778\tx4143\tx4492\tx4901\tx5206\tx5557\tx5907\tx6
270\tx7197\tx7474\tx7824\tx8188\tx8539\tx8947\tx9238\tx9602\tx9952\tx10301 \up0
\expndtw-2\charscalex100 0\tab \up0 \expndtw-2\charscalex100 0.2\tab \up0 \expnd
tw-2\charscalex100 0.4\tab \up0 \expndtw-2\charscalex100 0.6\tab \up0 \expndtw-2
\charscalex100 0.8\tab \up0 \expndtw-2\charscalex100 1\tab \up0 \expndtw-2\chars
calex100 1.2\tab \up0 \expndtw-2\charscalex100 1.4\tab \up0 \expndtw-2\charscale
x100 1.6\tab \up0 \expndtw-2\charscalex100 1.8\tab \up0 \expndtw-2\charscalex100
0\tab \up0 \expndtw-2\charscalex100 0.1\tab \up0 \expndtw-2\charscalex100 0.4\t
ab \up0 \expndtw-2\charscalex100 0.6\tab \up0 \expndtw-2\charscalex100 0.8\tab \
up0 \expndtw-2\charscalex100 1\tab \up0 \expndtw-2\charscalex100 1.2\tab \up0 \e
xpndtw-2\charscalex100 1.4\tab \up0 \expndtw-2\charscalex100 1.6\tab \up0 \expnd
tw-2\charscalex100 1.8\par\pard\li4796\sb0\sl-161\slmult0\fi0\tx8841 \up0 \expnd
tw-2\charscalex100 Beta\tab \up0 \expndtw-2\charscalex100 Beta\par\pard\qj \li25
\f29\fs20 The (a) panel, for a 10% risk-free rate and a 15% market r
eturn, \up0 \expndtw-9\charscalex93 indicates that stocks \up0 \expndtw-9\char
scalex93 1 and \up0 \expndtw-9\charscalex93 2 are undervalued while stock \
up0 \expndtw-9\charscalex93 4 is \par\pard\qj \li2589\ri1051\sb0\sl-500\slmult0
\up0 \expndtw-8\charscalex92 overvalued.
Stock 3 is priced so that its
expected return exactly \up0 \expndtw-8\charscalex93 equals the return re
quired by the market; it is neither overpriced \up0 \expndtw-9\charscalex
93 nor underpriced. \par\pard\qj \li2589\ri1051\sb380\sl-500\slmult0 \up0 \expnd
tw-8\charscalex93 The (b) panel, for a 12% risk-free rate and a 16% m
arket return, \up0 \expndtw-5\charscalex100 shows all of the stocks overvalued.
It is important to stress that \up0 \expndtw-8\charscalex94 the relationshi
ps are expected ones.
Also, with a change in the \up0 \expndtw-9\char
scalex94 risk-free rate, the betas are likely to change. \par\pard\li1989\sb0\sl
x10430 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Van Horne and
Wachowicz: \ul0\nosupersub\cf14\f15\fs18 Fundamentals of Financial Management,\
ul0\nosupersub\cf13\f14\fs18 12e\tab \up0 \expndtw-2\charscalex100 \ul0\nosuper
sub\cf15\f16\fs18 64\par\pard\sect\sectd\fs24\paperw11900\paperh16840\pard\sb0\s
l-240{\bkmkstart Pg67}{\bkmkend Pg67}\par\pard\li1989\sb0\sl-207\slmult0\par\par
\expndtw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 5: Risk and Retu
rn\tab \up0 \expndtw-2\charscalex100 Pearson Education Limited 2005\par\pard\li1
fs20 7.\tab \up0 \expndtw-2\charscalex100 a)\par\pard\li2589\sb0\sl-230\slmult0\
par\pard\li2589\sb17\sl-230\slmult0\fi6839 \up0 \expndtw-3\charscalex100 WEIGHTE
D\par\pard\li2589\sb19\sl-230\slmult0\fi0\tx4029\tx7869\tx9549 \up0 \expndtw-3\c
harscalex100 TICKER\tab \up0 \expndtw-3\charscalex100 AMOUNT\tab \up0 \expndtw-3
\charscalex100 EXPECTED\tab \up0 \expndtw-3\charscalex100 RETURN,\par\pard\li258
100 SYMBOL\tab \up0 \expndtw-3\charscalex100 INVESTED\tab \dn3 \expndtw-3\charsc
alex100 PROPORTION, Pi\tab \dn3 \expndtw-3\charscalex100 RETURN, Ri\tab \dn3 \ex
pndtw-3\charscalex100 (Pi)(Ri)\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li258
100 WOOPS\tab \up0 \expndtw-3\charscalex100 $ 6,000\tab \up0 \expndtw-3\charsca
lex100 .100\tab \up0 \expndtw-3\charscalex100 .14\tab \up0 \expndtw-3\charscalex
100 .0140\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb40\sl-230\slmult0
\fi0\tx4029\tx5949\tx8109\tx9549 \up0 \expndtw-3\charscalex100 KBOOM\tab \up0 \e
xpndtw-3\charscalex100 11,000\tab \up0 \expndtw-3\charscalex100 .183\tab \up0 \e
xpndtw-3\charscalex100 .16\tab \up0 \expndtw-3\charscalex100 .0293\par\pard\li25
09\tx9549 \up0 \expndtw-3\charscalex100 JUDY\tab \up0 \expndtw-3\charscalex100 9

,000\tab \up0 \expndtw-3\charscalex100 .150\tab \up0 \expndtw-3\charscalex100 .1
7\tab \up0 \expndtw-3\charscalex100 .0255\par\pard\li2589\sb0\sl-230\slmult0\par
\pard\li2589\sb40\sl-230\slmult0\fi0\tx4149\tx5949\tx8109\tx9549 \up0 \expndtw-3
\charscalex100 UPDWN\tab \up0 \expndtw-3\charscalex100 7,000\tab \up0 \expndtw-3
\charscalex100 .117\tab \up0 \expndtw-3\charscalex100 .13\tab \up0 \expndtw-3\ch
arscalex100 .0152\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb40\sl-230
\slmult0\fi0\tx4149\tx5949\tx8109\tx9549 \up0 \expndtw-3\charscalex100 SPROUT\ta
b \up0 \expndtw-3\charscalex100 5,000\tab \up0 \expndtw-3\charscalex100 .083\tab
\up0 \expndtw-3\charscalex100 .20\tab \up0 \expndtw-3\charscalex100 .0167\par\p
ard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb40\sl-230\slmult0\fi0\tx4029\tx5
949\tx8109\tx9549 \up0 \expndtw-3\charscalex100 RINGG\tab \up0 \expndtw-3\charsc
alex100 13,000\tab \up0 \expndtw-3\charscalex100 .217\tab \up0 \expndtw-3\charsc
alex100 .15\tab \up0 \expndtw-3\charscalex100 .0325\par\pard\li2589\sb0\sl-230\s
lmult0\par\pard\li2589\sb40\sl-230\slmult0\fi0\tx4149\tx5949\tx8109\tx9549 \up0
\expndtw-3\charscalex100 EIEIO\tab \up0 \expndtw-3\charscalex100 9,000\tab \up0
\expndtw-3\charscalex100 .150\tab \up0 \expndtw-3\charscalex100 .18\tab \up0 \ex
pndtw-3\charscalex100 .0270\par\pard\li3909\sb1\sl-217\slmult0\fi1920\tx9549 \up
0 \expndtw-3\charscalex100 \u9472?\u9472?\u9472?\u9472?\u9472?\tab \up0 \expndtw
-3\charscalex100 \u9472?\u9472?\u9472?\u9472?\u9472?\par\pard\li3909\sb30\sl-230
\slmult0\fi0\tx5829\tx9549 \up0 \expndtw-3\charscalex100 $60,000\tab \up0 \expnd
tw-3\charscalex100 1.000\tab \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf27\
f28\fs20 .1602\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb0\sl-230\slm
ult0\par\pard\li2589\sb116\sl-230\slmult0\fi599 \up0 \expndtw-6\charscalex100 \u
l0\nosupersub\cf28\f29\fs20 Selena's expected return is \ul0\nosupersub\cf27\f28
\fs20 .1602\ul0\nosupersub\cf28\f29\fs20 or \ul0\nosupersub\cf27\f28\fs20 16.
02 percent\ul0\nosupersub\cf28\f29\fs20 .\par\pard\li2589\sb0\sl-230\slmult0\par
\pard\li2589\sb67\sl-230\slmult0\fi0 \up0 \expndtw-6\charscalex100 b)\par\pard\l
w-3\charscalex100 WEIGHTED\par\pard\li2589\sb20\sl-230\slmult0\fi0\tx4029\tx7869
\tx9549 \up0 \expndtw-3\charscalex100 TICKER\tab \up0 \expndtw-3\charscalex100 A
MOUNT\tab \up0 \expndtw-3\charscalex100 EXPECTED\tab \up0 \expndtw-3\charscalex1
00 RETURN,\par\pard\li2589\sb20\sl-230\slmult0\fi0\tx3909\tx5469\tx7749\tx9429 \
up0 \expndtw-3\charscalex100 SYMBOL\tab \up0 \expndtw-3\charscalex100 INVESTED\t
ab \dn3 \expndtw-3\charscalex100 PROPORTION, Pi\tab \dn3 \expndtw-3\charscalex10
0 RETURN, Ri\tab \dn3 \expndtw-3\charscalex100 (Pi)(Ri)\par\pard\li2589\sb0\sl-2
30\slmult0\par\pard\li2589\sb17\sl-230\slmult0\fi0\tx3909\tx5949\tx8109\tx9549 \
up0 \expndtw-3\charscalex100 WOOPS\tab \up0 \expndtw-3\charscalex100 $ 6,000\ta
b \up0 \expndtw-3\charscalex100 .080\tab \up0 \expndtw-3\charscalex100 .14\tab \
up0 \expndtw-3\charscalex100 .0112\par\pard\li2589\sb0\sl-230\slmult0\par\pard\l
alex100 KBOOM\tab \up0 \expndtw-3\charscalex100 11,000\tab \up0 \expndtw-3\chars
calex100 .147\tab \up0 \expndtw-3\charscalex100 .16\tab \up0 \expndtw-3\charscal
ex100 .0235\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb41\sl-230\slmul
t0\fi0\tx4149\tx5949\tx8109\tx9549 \up0 \expndtw-3\charscalex100 JUDY\tab \up0 \
expndtw-3\charscalex100 9,000\tab \up0 \expndtw-3\charscalex100 .120\tab \up0 \e
xpndtw-3\charscalex100 .17\tab \up0 \expndtw-3\charscalex100 .0204\par\pard\li25
09\tx9549 \up0 \expndtw-3\charscalex100 UPDWN\tab \up0 \expndtw-3\charscalex100
7,000\tab \up0 \expndtw-3\charscalex100 .093\tab \up0 \expndtw-3\charscalex100 .
13\tab \up0 \expndtw-3\charscalex100 .0121\par\pard\li2589\sb0\sl-230\slmult0\pa
r\pard\li2589\sb39\sl-230\slmult0\fi0\tx4029\tx5949\tx8109\tx9549 \up0 \expndtw3\charscalex100 \ul0\nosupersub\cf27\f28\fs20 SPROUT\tab \up0 \expndtw-3\charsca
lex100 20,000\tab \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf28\f29\fs20 .2
67\tab \up0 \expndtw-3\charscalex100 .20\tab \up0 \expndtw-3\charscalex100 .0534
29\tx5949\tx8109\tx9549 \up0 \expndtw-3\charscalex100 RINGG\tab \up0 \expndtw-3\
charscalex100 13,000\tab \up0 \expndtw-3\charscalex100 .173\tab \up0 \expndtw-3\
charscalex100 .15\tab \up0 \expndtw-3\charscalex100 .0260\par\pard\li2589\sb0\sl
-230\slmult0\par\pard\li2589\sb40\sl-230\slmult0\fi0\tx4149\tx5949\tx8109\tx9549
\up0 \expndtw-3\charscalex100 EIEIO\tab \up0 \expndtw-3\charscalex100 9,000\tab

\up0 \expndtw-3\charscalex100 .120\tab \up0 \expndtw-3\charscalex100 .18\tab \u
p0 \expndtw-3\charscalex100 .0216\par\pard\li3909\sb1\sl-217\slmult0\fi1920\tx95
49 \up0 \expndtw-3\charscalex100 \u9472?\u9472?\u9472?\u9472?\u9472?\tab \up0 \e
xpndtw-3\charscalex100 \u9472?\u9472?\u9472?\u9472?\u9472?\par\pard\li3909\sb30\
sl-230\slmult0\fi0\tx5829\tx9549 \up0 \expndtw-3\charscalex100 $75,000\tab \up0
\expndtw-3\charscalex100 1.000\tab \up0 \expndtw-3\charscalex100 \ul0\nosupersub
\cf27\f28\fs20 .1682\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb0\sl-2
30\slmult0\par\pard\li1989\sb212\sl-230\slmult0\fi1199 \up0 \expndtw-6\charscale
x100 \ul0\nosupersub\cf28\f29\fs20 The expected return on Selena's portfoli
o increases to \ul0\nosupersub\cf27\f28\fs20 16.82\par\pard\li1989\sb0\sl-230
0 percent\ul0\nosupersub\cf28\f29\fs20 , because the additional funds are
invested in the\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb41\sl-230
\slmult0\fi1199 \up0 \expndtw-6\charscalex100 highest expected return stock.\par
-207\slmult0\fi0\tx10430 \up0 \expndtw-5\charscalex100 \ul0\nosupersub\cf13\f14\
fs18 Van Horne and Wachowicz: \ul0\nosupersub\cf14\f15\fs18 Fundamentals of Fina
ncial Management,\ul0\nosupersub\cf13\f14\fs18 12e\tab \up0 \expndtw-5\charscal
ex100 \ul0\nosupersub\cf15\f16\fs18 65\par\pard\sect\sectd\fs24\paperw11900\pape
rh16840\pard\sb0\sl-240{\bkmkstart Pg68}{\bkmkend Pg68}\par\pard\li1989\sb0\sl-2
t0\fi0\tx7853 \up0 \expndtw-7\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Chapte
r 5: Risk and Return\tab \up0 \expndtw-7\charscalex100 Pearson Education Limited
2005\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb0\sl-230\slmult0\par\
pard\li1989\sb12\sl-230\slmult0\fi0\tx2589 \up0 \expndtw-8\charscalex100 \ul0\no
supersub\cf28\f29\fs20 8.\tab \up0 \expndtw-8\charscalex100 Required return =
.10 + (.15 - .10)(1.08)\par\pard\ql \li4509\sb0\sl-230\slmult0 \par\pard\ql\
li4509\sb22\sl-230\slmult0 \up0 \expndtw-9\charscalex89 = .10 + .054 = .154
or 15.4 percent \par\pard\qj \li2589\ri1335\sb246\sl-260\slmult0 \up0 \expndtw
-3\charscalex100 Assuming that the perpetual dividend growth model is appropriat
e, \up0 \expndtw-3\charscalex100 we get \par\pard\ql \li3429\sb0\sl-230\slmult0
\par\pard\ql\li3429\sb75\sl-230\slmult0 \up0 \expndtw-9\charscalex87 V = D1/(ke
- g) = $2/(.154 - .11) = $2/.044 = \ul0\nosupersub\cf27\f28\fs20 $45.4
5 \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb0\sl-230\slmult0
\par\pard\ql\li1989\sb210\sl-230\slmult0\tx2589 \up0 \expndtw-3\charscalex100 \
ul0\nosupersub\cf28\f29\fs20 9. \tab \up0 \expndtw-8\charscalex93 a)
The bet
a of a portfolio is simply a weighted average of the \par\pard\ql \li3
harscalex100 betas of the individual securities that make up the portfolio. \par
\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb40\sl-230\slmult0 \up0
\expndtw-3\charscalex100 \u9472? \par\pard\li3429\sb41\sl-230\slmult0\fi0\tx570
9\tx6909\tx8829 \up0 \expndtw-3\charscalex100 TICKER SYMBOL\tab \up0 \expndtw-3\
charscalex100 BETA\tab \up0 \expndtw-3\charscalex100 PROPORTION\tab \up0 \expndt
w-3\charscalex100 WEIGHTED BETA\par\pard\ql \li1989\sb199\sl-230\slmult0 \up0 \e
xpndtw-3\charscalex100 \u9472? \par\pard\li3789\sb0\sl-230\slmult0\par\pard\li37
89\sb64\sl-230\slmult0\fi0\tx5709\tx7389\tx9309 \up0 \expndtw-3\charscalex100 NB
S\tab \up0 \expndtw-3\charscalex100 1.40\tab \up0 \expndtw-3\charscalex100 .2\ta
b \up0 \expndtw-3\charscalex100 .280\par\pard\li3789\sb0\sl-230\slmult0\par\pard
\li3789\sb40\sl-230\slmult0\fi0\tx5829\tx7389\tx9309 \up0 \expndtw-3\charscalex1
00 YUWHO\tab \up0 \expndtw-3\charscalex100 .80\tab \up0 \expndtw-3\charscalex100
.2\tab \up0 \expndtw-3\charscalex100 .160\par\pard\li3789\sb0\sl-230\slmult0\pa
r\pard\li3789\sb41\sl-230\slmult0\fi0\tx5829\tx7389\tx9309 \up0 \expndtw-3\chars
calex100 SLURP\tab \up0 \expndtw-3\charscalex100 .60\tab \up0 \expndtw-3\charsca
lex100 .2\tab \up0 \expndtw-3\charscalex100 .120\par\pard\li3789\sb0\sl-230\slmu
lt0\par\pard\li3789\sb39\sl-230\slmult0\fi0\tx5709\tx7389\tx9309 \up0 \expndtw-3
\charscalex100 WACHO\tab \up0 \expndtw-3\charscalex100 1.80\tab \up0 \expndtw-3\
charscalex100 .2\tab \up0 \expndtw-3\charscalex100 .360\par\pard\li3789\sb0\sl-2
30\slmult0\par\pard\li3789\sb40\sl-230\slmult0\fi0\tx5709\tx7389\tx9309 \up0 \ex
pndtw-3\charscalex100 BURP\tab \up0 \expndtw-3\charscalex100 1.05\tab \up0 \expn

dtw-3\charscalex100 .1\tab \up0 \expndtw-3\charscalex100 .105\par\pard\li3789\sb
0\sl-230\slmult0\par\pard\li3789\sb41\sl-230\slmult0\fi0\tx5829\tx7389\tx9309 \u
p0 \expndtw-3\charscalex100 SHABOOM\tab \up0 \expndtw-3\charscalex100 .90\tab \u
p0 \expndtw-3\charscalex100 .1\tab \up0 \expndtw-3\charscalex100 .090\par\pard\l
i7269\sb1\sl-216\slmult0\fi0\tx9189 \up0 \expndtw-3\charscalex100 \u9472?\u9472?
\u9472?\tab \up0 \expndtw-3\charscalex100 \u9472?\u9472?\u9472?\u9472?\u9472?\pa
r\pard\li7269\sb30\sl-230\slmult0\fi0\tx9189 \up0 \expndtw-3\charscalex100 1.0\t
ab \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf27\f28\fs20 1.115\par\pard\ql
li3189\sb229\sl-230\slmult0 \up0 \expndtw-5\charscalex100 \ul0\nosupersub\cf28\f
29\fs20 The portfolio beta is \ul0\nosupersub\cf27\f28\fs20 1.115\ul0\nosupersu
b\cf28\f29\fs20 . \par\pard\ql \li2589\sb0\sl-230\slmult0 \par\pard\ql\li2589\sb
0\sl-230\slmult0 \par\pard\ql\li2589\sb70\sl-230\slmult0 \up0 \expndtw-9\charsca
lex93 b)
Expected portfolio return = .08 + (.14 - .08)(1.115) \par\pard
\ql \li6309\sb230\sl-230\slmult0 \up0 \expndtw-9\charscalex87 = .08 + .0669
= \ul0\nosupersub\cf27\f28\fs20 .1469\ul0\nosupersub\cf28\f29\fs20 or \ul0\nos
upersub\cf27\f28\fs20 14.69% \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\
ql\li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb70\sl-230\slmult0\tx5229 \up0
\expndtw-7\charscalex100 \ul0\nosupersub\cf28\f29\fs20 10. a)
Required ret
urn \tab \up0 \expndtw-9\charscalex87 = .10 + (.14 - .06)(1.50) \par\pard\q
l \li5229\sb0\sl-230\slmult0 \par\pard\ql\li5229\sb40\sl-230\slmult0 \up0 \expnd
tw-9\charscalex87 = .10 + .12 = .26 or 26 percent \par\pard\qj \li3249\ri2
358\sb47\sl-500\slmult0 \up0 \expndtw-3\charscalex100 Assuming\ul0\nosupersub\cf
27\f28\fs20 \ul0\nosupersub\cf28\f29\fs20 that the constant dividend growth mod
el is \up0 \expndtw-3\charscalex100 appropriate, we get \par\pard\ql \li3789\sb2
24\sl-230\slmult0 \up0 \expndtw-9\charscalex89 V = D1/(ke - g) = $3.40/(.26
- .06) = $3.40/.20 =\ul0\nosupersub\cf27\f28\fs20 $17.00 \par\pard\li1989
\up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf15\f16\fs18 66\par\pard\sect\sec
td\fs24\paperw11900\paperh16840\pard\sb0\sl-240{\bkmkstart Pg69}{\bkmkend Pg69}\
i1989\sb115\sl-207\slmult0\fi0\tx7853 \up0 \expndtw-2\charscalex100 \ul0\nosuper
sub\cf13\f14\fs18 Chapter 5: Risk and Return\tab \up0 \expndtw-2\charscalex100 P
earson Education Limited 2005\par\pard\ql \li2605\sb0\sl-500\slmult0 \par\pard\q
l\li2605\ri1051\sb431\sl-500\slmult0\tx3189\tx3189\tx3189\tx3189\tx3189 \up0 \ex
pndtw-8\charscalex92 \ul0\nosupersub\cf28\f29\fs20 b)
Since the common sto
ck is currently selling for $30 per share \line\tab \up0 \expndtw-8\chars
calex92 in the marketplace, while we value it at only $17 per share,
\line \tab \up0 \expndtw-6\charscalex100 the company\u8217?s common stock appear
s to be \u8220?overpriced.\u8221?
Paying \line \tab \up0 \expndtw-5\charscal
ex100 $30 per share for the stock would likely result in our \line \ta
b \up0 \expndtw-9\charscalex94 receiving a rate of return less than that
required based on \line \tab \up0 \expndtw-9\charscalex95 the stock\u8217?s s
ystematic risk. \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb0\
l-230\slmult0 \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf27\f28\fs20 Soluti
on to Appendix A Problem: \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\l
i1989\sb80\sl-230\slmult0 \up0 \expndtw-9\charscalex91 \ul0\nosupersub\cf28\f29\
fs20 11.\ul0\nosupersub\cf2\f3\fs20 \ul0\nosupersub\cf28\f29\fs20 E(Rp) = (
.20)(.08) + (.30)(.15) + (.50)(.12) = \ul0\nosupersub\cf27\f28\fs20 .121 \
par\pard\ql \li2619\ri1545\sb7\sl-500\slmult0 \up0 \expndtw-3\charscalex100 \ul0
\nosupersub\cf28\f29\fs20 The standard deviation for the portfolio is found by s
umming up \up0 \expndtw-3\charscalex100 all the elements in the following varian
ce-covariance matrix \up0 \expndtw-3\charscalex100 and then taking the sum's squ
are root. \par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb228\sl-230\slmul
t0\fi1559\tx6309\tx9189 \up0 \expndtw-8\charscalex100 D\tab \up0 \expndtw-8\char

scalex100 E\tab \up0 \expndtw-8\charscalex100 F\par\pard\li1989\sb0\sl-230\slmul
t0\par\pard\li1989\sb40\sl-230\slmult0\fi0\tx2791\tx5191\tx8071 \up0 \expndtw-8\
charscalex100 D\tab \up0 \expndtw-8\charscalex100 (.2)2(1)(.02)2\tab \up0 \expnd
tw-9\charscalex90 (.2) (.3)\t \up0 \expndtw-9\charscalex91 (.4) (.02)\t \up0 \ex
pndtw-8\charscalex100 (.16)\tab \up0 \expndtw-9\charscalex90 (.2) (.5)\t \up0 \e
xpndtw-9\charscalex91 (.6) (.02)\t \up0 \expndtw-8\charscalex100 (.08)\par\pard\
tx8071 \up0 \expndtw-8\charscalex100 E\tab \up0 \expndtw-9\charscalex90 (.3) (.2
)\t \up0 \expndtw-9\charscalex91 (.4) (.16)\t \up0 \expndtw-8\charscalex100 (.02
)\tab \up0 \expndtw-8\charscalex100 (.3)2(1)(.16)2\tab \up0 \expndtw-9\charscale
x90 (.3) (.5)\t \up0 \expndtw-9\charscalex91 (.8) (.16)\t \up0 \expndtw-8\charsc
alex100 (.08)\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb39\sl-230\slm
ult0\fi0\tx2791\tx5671\tx8791 \up0 \expndtw-8\charscalex100 F\tab \up0 \expndtw9\charscalex90 (.5) (.2)\t \up0 \expndtw-9\charscalex91 (.6) (.08)\t \up0 \expnd
tw-8\charscalex100 (.02)\tab \up0 \expndtw-9\charscalex90 (.5) (.3)\t \up0 \expn
dtw-9\charscalex91 (.8) (.08)\t \up0 \expndtw-8\charscalex100 (.16)\tab \up0 \ex
pndtw-8\charscalex100 (.5)2(1)(.08)\ul0\super\cf40\f41\fs27 2\par\pard\ql \li198
9\ri2612\sb493\sl-500\slmult0\tx2829\tx2949\tx2949 \up0 \expndtw-3\charscalex100
\ul0\nosupersub\cf28\f29\fs20 Therefore, the standard deviation of the portfoli
o equals: \line\tab \up0 \expndtw-9\charscalex97 [(.2)2(1)(.02)2 + (.3)2(1)(.1
6)2 + (.5)2(1)(.08)2 \line \tab \up0 \expndtw-7\charscalex100 + 2(.2)(.3)(.4)
(.02)(.16) + 2(.2)(.5)(.6)(.02)(.08) \line \tab \up0 \expndtw-9\charscalex95 +
2(.3)(.5)(.8)(.16)(.08)].5 = [.0073376].5 = \ul0\nosupersub\cf27\f28\fs20
8.56% \par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmult0\par
0\sl-207\slmult0\par\pard\li1989\sb111\sl-207\slmult0\fi0\tx10430 \up0 \expndtw2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Van Horne and Wachowicz: \ul0\nosu
persub\cf14\f15\fs18 Fundamentals of Financial Management,\ul0\nosupersub\cf13\f
14\fs18 12e\tab \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf15\f16\fs18 67
}}
\shpbxpage\shpbypage\shpwr3\shpwrk0\shpfblwtxt1\shpz269\shplid1{\sp{\sn shapeTyp
}}
}}
}}
}}
w-2\charscalex100 Pearson Education Limited 2005\par\pard\li1989\sb0\sl-230\slmu
rd\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb25\sl-230\slmult0\fi0 \up0 \expnd
tw-3\charscalex100 \ul0\nosupersub\cf27\f28\fs20 SOLUTIONS TO SELF-CORRECTION PR
OBLEMS\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb0\sl-230\slmult0\par
cf28\f29\fs20 1.\tab \up0 \expndtw-8\charscalex100 a.\par\pard\li1989\sb0\sl-230
\slmult0\par\pard\li1989\sb40\sl-230\slmult0\fi599\tx4269\tx9309 \up0 \expndtw-8
\charscalex100 POSSIBLE\tab \up0 \expndtw-8\charscalex100 PROBABILITY OF\tab \up
0 \expndtw-8\charscalex100 _\par\pard\li1989\sb59\sl-230\slmult0\fi599\tx4269\tx
6549\tx8589 \up0 \expndtw-8\charscalex100 RETURN, Ri\tab \up0 \expndtw-8\charsca
lex100 OCCURRENCE, Pi\tab \up0 \expndtw-8\charscalex100 (Ri)(Pi)\tab \up0 \expnd
tw-8\charscalex100 (Ri - R)2(Pi)\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li
-.10\tab \up0 \expndtw-8\charscalex100 .10\tab \up0 \expndtw-8\charscalex100 -.
010\tab \up0 \expndtw-8\charscalex100 (-.10 - .20)2(.10)\par\pard\li1989\sb0\s
l-230\slmult0\par\pard\li1989\sb40\sl-230\slmult0\fi839\tx4749\tx6789\tx8349 \up
0 \expndtw-8\charscalex100 .05\tab \up0 \expndtw-8\charscalex100 .20\tab \up0 \e
xpndtw-8\charscalex100 .010\tab \up0 \expndtw-8\charscalex100 ( .05 - .20)2(.
\tx4749\tx6789\tx8349 \up0 \expndtw-8\charscalex100 .20\tab \up0 \expndtw-8\char
scalex100 .40\tab \up0 \expndtw-8\charscalex100 .080\tab \up0 \expndtw-8\charsca
lex100 ( .20 - .20)2(.40)\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\
sb40\sl-230\slmult0\fi839\tx4749\tx6789\tx8349 \up0 \expndtw-8\charscalex100 .35
\tab \up0 \expndtw-8\charscalex100 .20\tab \up0 \expndtw-8\charscalex100 .070\ta
b \up0 \expndtw-8\charscalex100 ( .35 - .20)2(.20)\par\pard\li2829\sb0\sl-230
\slmult0\par\pard\li2829\sb40\sl-230\slmult0\fi0\tx4749\tx6789\tx8349 \up0 \expn
dtw-9\charscalex94 .50\tab \up0 \expndtw-9\charscalex94 .10\tab \up0 \expndtw-9\
charscalex94 .050\tab \up0 \expndtw-9\charscalex94 ( .50 - .20)2(.10)\par\par
d\li4149\sb1\sl-211\slmult0\fi480\tx6789\tx7629 \up0 \expndtw-9\charscalex87 \u9
472?\u9472?\u9472?\u9472?\tab \up0 \expndtw-9\charscalex87 \u9472?\u9472?\u9472?
\u9472?\tab \up0 \expndtw-9\charscalex87 \ul0\nosupersub\cf27\f28\fs20 _\par\par
d\li4149\sb36\sl-230\slmult0\fi0\tx6308\tx8587 \up0 \expndtw-9\charscalex87 \ul0
\nosupersub\cf11\f12\fs20 \u931?\ul0\nosupersub\cf28\f29\fs20 = 1.00\tab \up0
\expndtw-9\charscalex87 \ul0\nosupersub\cf11\f12\fs20 \u931?\ul0\nosupersub\cf2
8\f29\fs20 = \ul0\nosupersub\cf27\f28\fs20 .200 = R\tab \up0 \expndtw-9\char
scalex87 \ul0\nosupersub\cf11\f12\fs20 \u931?\ul0\nosupersub\cf28\f29\fs20 = \
ul0\nosupersub\cf27\f28\fs20 .027 = \ul0\nosupersub\cf11\f12\fs20 \u963?\ul0\
super\cf38\f39\fs19 2\par\pard\ql \li7749\sb0\sl-230\slmult0 \par\pard\ql\li7749
\sb12\sl-230\slmult0 \up0 \expndtw-9\charscalex90 \ul0\nosupersub\cf28\f29\fs20
(.027).5 = \ul0\nosupersub\cf27\f28\fs20 16.43% = \ul0\nosupersub\cf11\f12\fs
20 \u963? \par\pard\ql \li2619\ri1050\sb247\sl-500\slmult0\tx3159\tx3159 \up0 \
expndtw-8\charscalex100 \ul0\nosupersub\cf28\f29\fs20 b. For a return that
will be zero or less, standardizing the \line\tab \up0 \expndtw-8\charsca
lex90 deviation
from
the
expected
value of return
we
obtain
\line \tab \up0 \expndtw-9\charscalex90 (0% \up0 \expndtw-9\charscalex90 -20%)/1
6.43% \up0 \expndtw-9\charscalex90 = \up0 \expndtw-9\charscalex90 -1.217 standa
rd deviations.
Turning to \par\pard\qj \li3159\ri1050\sb0\sl-500\slmult0 \
up0 \expndtw-8\charscalex91 Table V in the Appendix at the back of the
book, 1.217 falls \line \up0 \expndtw-9\charscalex93 between standard devia
tions of 1.20 and 1.25.
These standard \line \up0 \expndtw-9\charscalex9
4 deviations correspond to areas under the curve of \up0 \expndtw-9\chars
calex94 .1151 and \par\pard\qj \li3159\ri1051\sb0\sl-500\slmult0 \up0 \expndtw6\charscalex100 .1056 respectively.

This means that there is \ul0\nosupersub
\cf27\f28\fs20 approximately an \up0 \expndtw-6\charscalex100 11% probability\ul
0\nosupersub\cf28\f29\fs20 that actual return will be zero or less. \par\pard\l
8\sl-230\slmult0\fi0\tx6524 \up0 \expndtw-9\charscalex92 For a return that w
ill be\tab \up0 \expndtw-8\charscalex100 10 percent or less, standardizing\
8\tx6868\tx7147\tx8628\tx8909 \up0 \expndtw-8\charscalex100 the deviation we
obtain\tab \up0 \expndtw-8\charscalex100 (10%\tab \up0 \expndtw-8\charscalex100
-\tab \up0 \expndtw-8\charscalex100 20%)/16.43%\tab \up0 \expndtw-8\charscalex10
0 =\tab \up0 \expndtw-8\charscalex100 -.609 standard\par\pard\li3189\sb0\sl-230
\slmult0\par\pard\li3189\sb40\sl-230\slmult0\fi0\tx5042 \up0 \expndtw-8\charscal
ex100 deviations.\tab \up0 \expndtw-8\charscalex100 Referring to Table V,
we see that this\par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\sb41
\sl-230\slmult0\fi0 \up0 \expndtw-8\charscalex100 corresponds to \ul0\nosupersub
\cf27\f28\fs20 approximately 27%\ul0\nosupersub\cf28\f29\fs20 .\par\pard\li1989
sub\cf13\f14\fs18 Van Horne and Wachowicz: \ul0\nosupersub\cf14\f15\fs18 Fundame
ntals of Financial Management,\ul0\nosupersub\cf13\f14\fs18 12e\tab \up0 \expnd
tw-2\charscalex100 \ul0\nosupersub\cf15\f16\fs18 68
}}
}}
w-2\charscalex100 Pearson Education Limited 2005\par\pard\qj \li2619\ri1050\sb46
5\sl-500\slmult0 \up0 \expndtw-4\charscalex100 \ul0\nosupersub\cf28\f29\fs20 For
a return of 40% or more, standardizing the deviation we obtain \line \up0 \exp
ndtw-8\charscalex93 (40% - 20%)/16.43% = 1.217 standard deviations.
Thi
s is the same \line \up0 \expndtw-8\charscalex94 as in our first instance
involving a zero return or less, except \line \up0 \expndtw-8\charscalex
95 that it is to the right, as opposed to the left, of the mean. \l
ine \up0 \expndtw-9\charscalex86 Therefore, the
probability
of
a
re
turn
of \up0 \expndtw-9\charscalex79 40%
or
more
is \par\pard\ql \li
2619\sb224\sl-230\slmult0 \up0 \expndtw-7\charscalex100 \ul0\nosupersub\cf27\f28
\fs20 approximately 11%\ul0\nosupersub\cf28\f29\fs20 . \par\pard\ql \li3189\sb0
ex100 _ \par\pard\ql \li1989\sb69\sl-230\slmult0\tx2589 \up0 \expndtw-3\charscal
ex100 2. \tab \up0 \expndtw-9\charscalex84 a.
R = 8% + (13% - 8%)1.45
= \ul0\nosupersub\cf27\f28\fs20 15.25% \par\pard\ql \li2589\sb0\sl-230\slmult0
\par\pard\ql\li2589\sb40\sl-230\slmult0 \up0 \expndtw-4\charscalex100 \ul0\nosup
ersub\cf28\f29\fs20 b.
If we use the perpetual dividend growth model, we woul
d have \par\pard\li4629\sb0\sl-230\slmult0\par\pard\li4629\sb60\sl-230\slmult0\f
i0\tx5709 \dn3 \expndtw-3\charscalex100 D1\tab \up0 \expndtw-3\charscalex100 $2(

1.10)\par\pard\ql \li3789\sb10\sl-230\slmult0 \up0 \expndtw-9\charscalex89 P\ul0
\sub\cf36\f37\fs19 0\ul0\nosupersub\cf28\f29\fs20 = \u9472?\u9472?\u9472?\u94
72?\u9472?\u9472? = \u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u
9472?\u9472?\u9472? = \ul0\nosupersub\cf27\f28\fs20 $41.90 \par\pard\li4389\sb
67\sl-230\slmult0\fi0\tx5469\tx6189 \dn4 \expndtw-9\charscalex93 \ul0\nosupersub
\cf28\f29\fs20 ke - g\tab \up0 \expndtw-9\charscalex93 .1525\tab \up0 \expndtw9\charscalex93 - .10\par\pard\ql \li3189\sb165\sl-240\slmult0 \up0 \expndtw-3\c
harscalex100 _ \par\pard\ql \li2589\sb29\sl-230\slmult0 \up0 \expndtw-9\charscal
ex82 c.
R = 8% + (13% - 8%).80 = \ul0\nosupersub\cf27\f28\fs20 12% \p
p0 \expndtw-3\charscalex100 \ul0\nosupersub\cf28\f29\fs20 $2(1.10) \par\pard\ql
\li3789\sb50\sl-230\slmult0 \up0 \expndtw-9\charscalex88 P0 = \u9472?\u9472?\u
9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472? = \ul0\nosupersub\cf27\f
28\fs20 $110 \par\pard\li4389\sb1\sl-219\slmult0\fi0\tx4869 \up0 \expndtw-9\cha
rscalex93 \ul0\nosupersub\cf28\f29\fs20 .12\tab \up0 \expndtw-9\charscalex93 .10\par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb0\sl-230\slmult
0 \par\pard\ql\li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb1\sl-230\slmult0
\up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf27\f28\fs20 SOLUTION TO APPENDIX
A SELF-CORRECTION PROBLEM \par\pard\ql \li2589\sb0\sl-240\slmult0 \par\pard\ql\
li2589\sb202\sl-240\slmult0 \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf28\f
29\fs20 _ \par\pard\ql \li1989\sb49\sl-230\slmult0\tx2589 \up0 \expndtw-3\charsc
alex100 3. \tab \dn2 \expndtw-9\charscalex89 Rp = (.60)(.10) + (.40)(.06) =
\ul0\nosupersub\cf27\f28\fs20 8.4% \par\pard\ql \li2589\ri3091\sb60\sl-460\slm
ult0\tx3309 \up0 \expndtw-9\charscalex100 \ul0\nosupersub\cf11\f12\fs20 \u963?\u
l0\nosupersub\cf28\f29\fs20 p = [(.6)2(1.0)(.05)2 + 2(.6)(.4)(-.35)(.05)(.04
) \line\tab \up0 \expndtw-9\charscalex100 + (.4)2(1.0)(.04)2].5 \par\pard\qj \l
i2589\ri1051\sb187\sl-500\slmult0 \up0 \expndtw-8\charscalex94 In the
above
expression,
the middle term
denotes the covariance \line \up0 \expndtw-9
\charscalex94 (-.35)(.05)(.04) times the weights of \up0 \expndtw-9\charscal
ex94 .6 and \up0 \expndtw-9\charscalex91 .4, all of which is \par\pard\qj \
li2589\ri1050\sb0\sl-500\slmult0 \up0 \expndtw-8\charscalex92 counted twice -hence the two in front.
For the first and last \up0 \expndtw-5\char
scalex100 terms, the correlation coefficients for these weighted-variance
\up0 \expndtw-8\charscalex100 terms are 1.0.
This expression reduces to \par
\pard\ql \li4987\sb0\sl-230\slmult0 \par\pard\ql\li4987\sb154\sl-230\slmult0 \up
0 \expndtw-9\charscalex89 \ul0\nosupersub\cf11\f12\fs20 \u963?\ul0\nosupersub\cf
28\f29\fs20 p = [.00082].5 = \ul0\nosupersub\cf27\f28\fs20 2.86% \par\pard\l
}}
z-10000\shplid71
ffd8ffe000104a46494600010101006000600000ffdb004300010101010101010101010101010101
01010101010101010101010101010101010101010101010101010101010101010101010101010101
010101010101010101ffdb0043010101010101010101010101010101010101010101010101010101
0101010101010101010101010101010101010101010101010101010101010101010101010101ffc0
00110803e702c203012200021101031101ffc4001f00000105010101010101000000000000000001
02030405060708090a0bffc400b5100002010303020403050504040000017d010203000411051221
31410613516107227114328191a1082342b1c11552d1f02433627282090a161718191a2526272829
2a3435363738393a434445464748494a535455565758595a636465666768696a737475767778797a
0101010101010101010000000000000102030405060708090a0bffc400b511000201020404030407
05040400010277000102031104052131061241510761711322328108144291a1b1c109233352f015
6272d10a162434e125f11718191a262728292a35363738393a434445464748494a53545556575859
5a636465666768696a737475767778797a82838485868788898a92939495969798999aa2a3a4a5a6
0028a28a0028a28a0028a28a0028a28a0028a28a0028a28a00f12fda5be217883e127ece9f1e7e2a
784e1d3ee3c51f0dbe0efc4af1e7872df57826bad2a7d77c25e0ed635ed2a2d4adadee2d27b8b092
fac204bb821bab696580c91c7710bb0917f8d58bfe0e37fdbd658ade55f0cfecec12580bb13e00f1
7fde288dc03f1141023258b838f90062c8ac8e7faf6fdb7977fec67fb58a0eadfb37fc6d51920727
e1bf8900e4900724724803b9c57f98e69c9e4c97d665be7b79daf215c9c2452ba991224405921865
7209dd246be6c85d701457ef7e0ef0ee439d60f36a99ce5983c7f2e36861a94f1305295173a129c5
536dab73b53bff007a31eb68cbc5cdf135e84613c3ced530dc9899514e4bdbe1fda2a55fda5aef92
9ca5464ad172719566b6bafdd23ff07247edfb651dd5c6a7e17fd9c1215bc86c6d523f87fe30491e
4915a4f3d99fe24147b729b01f2f32afcc51643803713fe0e2eff82824893491f853f673952368f3
e57807c5afb37a924123e2416750e42b3a20c36130a4866fe787c70972cda67cee618d5f31c6ad34
66e8f98f2c8c8818ab30892286e8000a967de11d6ba8f08f88e1874b8bcf8fcd936450cc8a49692e
2da2318de0857027dcbbd914abbedf31d8abb37e839470a706cb37cdb26adc399756af818d29c157
a118d49d3a92751ce2e2dde32a5560a9f2a6d4295ea2849b89d99fac4ff6065d9f6026d4abd79d3c
4d2a1174e9724e14de0e74a1271e5728e1b10ea26e71f6b51c64928b9bfdf0ff00888d7f6ffdc777
84ff006788d4f387f873e36578c073bc647c43646db18c9c90dbc32287230561ff00838d3fe0a072
2a4ade0cfd9f234923918452fc3df17c6eac818101cfc476de43609431260232bb069176fe1ec5e2
0b4902b48670fb8950fbfca95b97660e01609900b4855ccb2c9e5940e0996fc77ba7cc332ca77050
0873246a48215239194c923ac79565dad1855f95125891dabe86a7027077bdff0018a65b18f2b5ee
50526a526ace32e57f0db45cad3bd9735d37f0b1e21cce8494e74aa54519a95aa549ca2e3157945d
38a84a5195e2b9b9ed1b3b372e64ff006a63ff00838e3fe0a16ceeade08fd9dc6651e5edf01f8b98
b42c91e760ff00858a37cb13b30993e5c01fbb2ea37b597ff838dbfe0a019213c21fb3d00c36ab37
c3af19108e70c85c2fc462e10a1cba34625c005376e15f8a252da45761e5ccadb808dc2ab6039594
01195c30cfef0b3e66091ec5caa82c7b2673911862d1a90a37a121081ba4481a31bd632426d1181e
76391180b961b80f826853e4a9c3d82aedb94954c461e83a9776b417b2a74572c5a695e3ab4f5b3d
2eb71757c44e32f630c372c631e4a0eb421269a93949cea4db949a4eeb9172b9c1c74727fb6a3fe0
e36fdbf3e743e0efd9f7cc8e38d8bffc2bcf18f944c8a92261cfc4655903afcbfba27cb9250ac731
e1ab37fc1c75fb7eb07f2bc2dfb3b2952799fe1ef8c1571b11b721ff00858cbe6088be241c74c875
08ec7f1165b255c17070311b193f74bbd4b000ed52c7192cc0b041219244936a29accbfb05f25ccd
ba39048d1337ca576c68e18746f991c6248fcc64557914e59d82f4d1e00e08938a7c3d95c9bb2b7d
552e64af65149dd357f7a4f7b2e6ba4d1bcb89ebd7718c631a29c5352a756529f35e3195d4bdd926
e124a9a84670e694949a69c3f73cff00c1c79fb7bbc842786bf6730303e53e00f179ff0056733633
f11c31223e64040f29b23e61b7387a77fc1c97ff000505bbbabbb797c29fb3720b5de58afc3ff18e
42897ca0f2e7e251dabbb09850cecc7e553d2bf09adb6a4abbe4197655658c904798aa8a0615b716
8942045693cc09f69568c798cdcbe971ac5e20d5f620056232ed0c4bb6f74270aabb930373c81806
0aa51cb01196f3334e05e0fa18bcae9c387b2b853c4e22742a72d28c5393c3d69c537cc93d60acfa
36a4b99da47de70f62a9e2329cdeb6229aaf5b094a9d584ea72f34210ad87f6ae365acbd94a6e5a2
49bd347ef7ef6a7fc1c95ff05199af6e6ca0f0cfecc066b6771897e1ef8d51675474c98b6fc4a661
88998c858111b81bc2a0720baff8392ffe0a3b680f99e0afd9b8a80583c5f0ebc6570155449f3ca2
dfe26ca63467017e60aea2267da44c817f066f6dd60d6ec2fcc62dedaf09b5b964464ff5932c458a
7ccec1bcd123a948998a4acc32c41eb66d3a6865916403cc93ef91911c69f3c68b14888c5d586432
0e5dca8591890cff003f43c29e15cc5e3a853a788c0e2f098a9536d4a855a4e9d58aad46a7b29535
cd0f64dae58568bbad65cd1e53a738cd70d954b01888e130989c1e61858d682d215235a9ce34ebd3
8b4a575cce1257828ae7e58de2d38fed71ff008397bfe0a17cff00c529fb35c6a5490d2fc3cf1929
8894070ea3e25e7f74ff0029dc13cc054821b2818fff00072fff00c14355081e15fd9a95f0e016f8
75e332aa54348b2383f136320145d8ca0900e642cb180c7f1365b5865548ee208a652082591646c2
1dc81bcc8c3b00ca655f2d3cb690636abc88e726e7c37a7324a16d8412443245a4d3c71942642dfb
a983f12845fb4075883c600dc00958f878df056bd05296071580c5bf8a30c461e785e64ada7346a6
2a29bdf58ad37eb79c3712f0f56718d5c2cb0f3764dfb3856a716ecaee50936a29fc568c92bb7d1d
bf7213fe0e60ff00828590c5fc2dfb34a2e3058fc3af1a158dd5640f9dbf12dd880c85c211bcaa10
3e5756135aff00c1cc7ff05030cbf6af087ece132398b6f91f0fbc63012ca009a3ccbf1264189893
25bcb82a91c6fe6fca3ccafc177f07c891b8b7be594282592784c533ed0190c8f0bb2b7981ff0076
8d19922deed30547657c39fc39ab45989ac65958b1622128e1a22ca550b99091bd275501b12b6d76
510890ab7c762781739ca2af3e27871d58abfbd4f0b4f1f41c538de4d51f689747ef28b51bb495e5
6f66856c971b1ff67ad84959da49c952a8f44d5a13e495ad66b44db69349bb3fe89ed7fe0e58fdb9
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9e551ff0e25ff824f7fd19ff0086bff0e37c6aff00e79547fc54af85bfe8d67107fe247977ff003b
7d7fa7a1ff0012f399ff00d14b80ff00c20c47ff002ff5fe9e9fc5b515fda4ff00c3897fe093dff4
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47ff002ff5fe9e9fc5b515fda4ff00c3897fe093dff467fe1aff00c38df1abff009e551ff0e25ff8
24f7fd19ff0086bff0e37c6aff00e79547fc54af85bfe8d67107fe247977ff003b7d7fa7a1ff0012
f399ff00d14b80ff00c20c47ff002ff5fe9e9fc5b515fda4ff00c3897fe093dff467fe1aff00c38d
f1abff009e551ff0e25ff824f7fd19ff0086bff0e37c6aff00e79547fc54af85bfe8d67107fe2479
77ff003b7d7fa7a1ff0012f399ff00d14b80ff00c20c47ff002ff5fe9e9fc5b57d91ff0004c5ff00
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3c3c3075e9ceac54651718ce55a4a2fde6d3716b4b697bafd14a28a2bfcd13fa2028a28a0028a28a
0028a28a0028a28a00ff00364f1f7fc975fdae3fecfaff006f7ffd6cef8eb5855fd86f8eff00e080
ff00f04fbf881f103e227c47d46d7f685d175cf8a1f113c7df14fc5161e13fda3fe29f877c3bff00
0997c4df186b5e3cf19df693a1596b62cb48b5d5bc55e21d6355fecfb258eced64bd78ad628a058e
24e5bfe21ddff82797fcfe7ed4dff8951f173ff9775feb1787df4fdf0fb84380b82384b17c1dc4f8
ac5f0bf0870d70ee2b1542be5f1a188c46499360b2caf5e8c672e78d2ad530d3a94d4fde509454b5
bdbf9873cf0373dcd73bce333a59b65b4e96659ae618fa74e70aee74e9e33175711084dc559ca11a
bcb2b68dc5db468fe46e8afeb93fe21ddff82797fcfe7ed4dff8951f173ff97747fc43bbff0004f2
ff009fcfda9bff0012a3e2e7ff002eebebff00e2a3fe1b7fd10fc5bff85196ff00f25ebfd3d3caff
00897ee21ffa1ce57ff82f11e5e5e6feef33f91ba2bfae4ff88777fe09e5ff003f9fb537fe2547c5
cffe5dd1ff0010eeff00c13cbfe7f3f6a6ff00c4a8f8b9ff00cbba3fe2a3fe1b7fd10fc5bff85196
ff00f25ebfd3d0ff00897ee21ffa1ce57ff82f11e5e5e6feef33f91ba2bfae4ff88777fe09e5ff00
3f9fb537fe2547c5cffe5dd1ff0010eeff00c13cbfe7f3f6a6ff00c4a8f8b9ff00cbba3fe2a3fe1b
7fd10fc5bff85196ff00f25ebfd3d0ff00897ee21ffa1ce57ff82f11e5e5e6feef33f91ba2bfae4f
f88777fe09e5ff003f9fb537fe2547c5cffe5dd1ff0010eeff00c13cbfe7f3f6a6ff00c4a8f8b9ff
00cbba3fe2a3fe1b7fd10fc5bff85196ff00f25ebfd3d0ff00897ee21ffa1ce57ff82f11e5e5e6fe
ef33f91ba2bfae4ff88777fe09e5ff003f9fb537fe2547c5cffe5dd1ff0010eeff00c13cbfe7f3f6
a6ff00c4a8f8b9ff00cbba3fe2a3fe1b7fd10fc5bff85196ff00f25ebfd3d0ff00897ee21ffa1ce5
7ff82f11e5e5e6feef33f91ba2bfae4ff88777fe09e5ff003f9fb537fe2547c5cffe5dd1ff0010ee
ff00c13cbfe7f3f6a6ff00c4a8f8b9ff00cbba3fe2a3fe1b7fd10fc5bff85196ff00f25ebfd3d0ff
ff00f25ebfd3d0ff00897ee21ffa1ce57ff82f11e5e5e6feef33f91ba2bfae4ff88777fe09e5ff00
3f9fb537fe2547c5cffe5dd1ff0010eeff00c13cbfe7f3f6a6ff00c4a8f8b9ff00cbba3fe2a3fe1b
7fd10fc5bff85196ff00f25ebfd3d0ff00897ee21ffa1ce57ff82f11e5e5e6feef33f91ba2bfae4f
f88777fe09e5ff003f9fb537fe2547c5cffe5dd1ff0010eeff00c13cbfe7f3f6a6ff00c4a8f8b9ff
00cbba3fe2a3fe1b7fd10fc5bff85196ff00f25ebfd3d0ff00897ee21ffa1ce57ff82f11e5e5e6fe
ef33f91ba2bfae4ff88777fe09e5ff003f9fb537fe2547c5cffe5dd1ff0010eeff00c13cbfe7f3f6
a6ff00c4a8f8b9ff00cbba3fe2a3fe1b7fd10fc5bff85196ff00f25ebfd3d0ff00897ee21ffa1ce5
7ff82f11e5e5e6feef33f91ba2bfae4ff88777fe09e5ff003f9fb537fe2547c5cffe5dd1ff0010ee
ff00c13cbfe7f3f6a6ff00c4a8f8b9ff00cbba3fe2a3fe1b7fd10fc5bff85196ff00f25ebfd3d0ff
ff00f25ebfd3d0ff00897ee21ffa1ce57ff82f11e5e5e6feef33f8bbfda03fe48afc4bff00b14f53
ff00d162bfd462bf096e3fe0dd0ff826fea111b3d66d7f694d7b4a99a31a8689ac7ed43f17aeb49d
56d5254925b0d4ad975f85e7b2ba54f26e62496277859d564462187eed57f0efd2bfc7de1ff1f788
784f39e1fc9f33c9e9641936372cc451cce787a952b54c463962a15293c3b715051bc1a96b757d99
fb2f863c0f8ee07c066784c762f0d8b9e3b1947134e586552318469d0f66e32551277bea9ad2c145
1457f281fa7051451400514514005145140051451400514514005145140051451400514514005145
14005145140051451400514514005145140051451400514514005145140051451400514514005145
14005145140051451400514514005145140051451400514514005145140051451400514514005145
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14005145140051451400514514005145140051451400514514005145140051451400514514005145
14005145140051451400514514005145140051451400514514005145140051451400514514005145
14005145140051451400514514005145140051451400514514005145140051451400514514005145
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14005145140051451400514514005145140051451400514514005145140051451400514514005145
14005145140051451400514514005145140051451400514514005145140051451400514514005145
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14005145140051451400514514005145140051451400514514005145140051451400514514005145
14005145140051451400514514005145140051451400514514005145140051451400514514005145
14005145140051451400514514005145140051451400514514005145140051451400514514005145
14005145140051451400514514005145140051451400514514005145140051451400514514005145
14005145140051451400514514005145140051451400514514005145140051451400514514005145
14005145140051451400514514005145140051451400514514005145140051451400514514005145
14005145140051451400514514005145140051451400514514005145140051451400514514005145
14005145140051451400514514005145140051451400514514005145140051451400514514005145
14005145140051451400514514005145140051451400514514005145140051451400514514005145
14005145140051451400514514005145140051451400514514005145140051451400514514005145
14005145140051451400514514005145140051451400514514005145140051451400514514005145
14005145140051451400514514005145140051451400514514005145140051451400514514005145
14005145140051451400514514005145140051451401ffd9}}}}}\pard\sb0\sl-240{\bkmkstart
Pg72}{\bkmkend Pg72}\par\pard\ql \li7854\sb0\sl-207\slmult0 \par\pard\ql\li7854
scalex100 \ul0\nosupersub\cf13\f14\fs18 Pearson Education Limited 2005 \par\pard
pndtw0\charscalex97 \ul0\nosupersub\cf26\f27\fs36 Part 3 \par\pard\ql \li2275\ri
3401\sb402\sl-420\slmult0 \up0 \expndtw0\charscalex97 Tools of Financial \line \
up0 \expndtw0\charscalex98 Analysis and \par\pard\ql \li2275\sb5\sl-414\slmult0
\up0 \expndtw0\charscalex97 Planning \par\pard\ql \li4243\sb0\sl-690\slmult0 \pa
r\pard\ql\li4243\sb388\sl-690\slmult0 \up0 \expndtw0\charscalex97 \ul0\nosupersu
b\cf22\f23\fs60 6 \par\pard\ql \li4208\sb1\sl-556\slmult0 \up0 \expndtw0\charsca
lex97 \ul0\nosupersub\cf23\f24\fs50 Financial Statement Analysis \par\pard\qj \l
i3658\sb0\sl-380\slmult0 \par\pard\qj\li3658\sb0\sl-380\slmult0 \par\pard\qj\li3
8\sb0\sl-380\slmult0 \par\pard\qj\li3658\sb0\sl-380\slmult0 \par\pard\qj\li3658\
sb0\sl-380\slmult0 \par\pard\qj\li3658\sb0\sl-380\slmult0 \par\pard\qj\li3658\sb
0\sl-380\slmult0 \par\pard\qj\li3658\sb0\sl-380\slmult0 \par\pard\qj\li3658\sb0\
sl-380\slmult0 \par\pard\qj\li3658\sb0\sl-380\slmult0 \par\pard\qj\li3658\sb0\sl
-380\slmult0 \par\pard\qj\li3658\sb0\sl-380\slmult0 \par\pard\qj\li3658\sb0\sl-3
80\slmult0 \par\pard\qj\li3658\sb0\sl-380\slmult0 \par\pard\qj\li3658\ri1015\sb3

0\sl-380\slmult0 \up0 \expndtw0\charscalex104 \ul0\nosupersub\cf25\f26\fs32 Fina
ncial statements are like a fine perfume - to be \up0 \expndtw0\charscalex101 sn
iffed but not swallowed. \par\pard\ql \li7595\sb230\sl-368\slmult0 \up0 \expndtw
0\charscalex91 ABRAHAM BRILLOFF \par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1
Chapter 6: Financial Statement Analysis\tab \up0 \expndtw-2\charscalex100 Pearso
n Education Limited 2005\par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li1
9\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb94\sl-230\slmult0 \up0 \expndtw-3\cha
rscalex100 \ul0\nosupersub\cf27\f28\fs20 ANSWERS TO QUESTIONS \par\pard\ql \li19
\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb80\sl-230\slmult0\tx2589 \up0 \expndtw
-3\charscalex100 \ul0\nosupersub\cf28\f29\fs20 1. \tab \up0 \expndtw-8\charscale
x97 The purpose of a balance sheet is to present a picture of the \p
ar\pard\qj \li2589\ri1051\sb47\sl-500\slmult0 \up0 \expndtw-6\charscalex100 firm
's financial position at one moment in time.
The income \up0 \expndt
w-6\charscalex100 statement, on the other hand, depicts a summary of th
e firm's \up0 \expndtw-7\charscalex100 profitability over time. \par\pard\ql \l
989\sb144\sl-230\slmult0\tx2589 \up0 \expndtw-3\charscalex100 2. \tab \up0 \expn
dtw-8\charscalex97 By analyzing trends, one is able to determine whether
there has \par\pard\qj \li2589\ri1050\sb47\sl-500\slmult0 \up0 \expndtw-8\cha
rscalex100 been improvement or deterioration in the financial condition
and \up0 \expndtw-8\charscalex100 performance of a firm. \up0 \expndtw-8\char
scalex100 This is particularly useful in the \par\pard\qj \li2589\ri1051\sb
0\sl-500\slmult0 \up0 \expndtw-8\charscalex97 prediction of insolvency and t
he taking of remedial steps before \up0 \expndtw-9\charscalex97 insolvency
can occur. \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb0\sl-23
0\slmult0 \par\pard\ql\li1989\sb144\sl-230\slmult0\tx2589 \up0 \expndtw-3\charsc
alex100 3. \tab \up0 \expndtw-8\charscalex97 Receivables and inventories undo
ubtedly dominate the current asset \par\pard\qj \li2589\ri1050\sb47\sl-500\s
lmult0 \up0 \expndtw-8\charscalex93 position of the firm.
Moreover, the
collection period is probably \up0 \expndtw-8\charscalex97 slow and there
may be some hidden bad debts.
Also, inventory \up0 \expndtw-8\charscal
ex97 turnover may be slow, indicating inefficiency and excessive \
up0 \expndtw-5\charscalex100 investment in inventory.
This question points to
the fact that the \up0 \expndtw-8\charscalex93 current ratio is a very cru
de indicator of liquidity and that one \up0 \expndtw-9\charscalex93 must a
nalyze the specific current assets. \par\pard\ql \li1989\sb0\sl-230\slmult0 \par
\pard\ql\li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb144\sl-230\slmult0\tx25
89 \up0 \expndtw-3\charscalex100 4. \tab \up0 \expndtw-4\charscalex100 A firm
may generate a high return and still be technically \par\pard\qj \li2589
\ri1051\sb47\sl-500\slmult0 \up0 \expndtw-8\charscalex96 insolvent for many r
easons.
Most frequently, the profitable firm \up0 \expndtw-8\charscalex93
is growing at a rate that cannot be supported by internal sources \u
p0 \expndtw-4\charscalex100 of funds, and external sources of funds beyon
d a point are \up0 \expndtw-4\charscalex100 unavailable. \par\pard\li1989\sb0
f16\fs18 71\par\pard\sect\sectd\fs24\paperw11900\paperh16840\pard\sb0\sl-240{\bk
mkstart Pg74}{\bkmkend Pg74}\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\
sb0\sl-207\slmult0\par\pard\li1989\sb115\sl-207\slmult0\fi0\tx7854 \up0 \expndtw
-7\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 6: Financial Statement An
alysis\tab \up0 \expndtw-7\charscalex100 Pearson Education Limited 2005\par\pard
\f29\fs20 5.\tab \up0 \expndtw-7\charscalex100 Both measures relate a balanc
e sheet figure, which was the result\par\pard\qj \li2589\ri1051\sb30\sl-50
0\slmult0 \up0 \expndtw-8\charscalex97 of the last month, or so, of sales
, to annual income statement \line \up0 \expndtw-9\charscalex97 figures.
Comparing a "stock" \up0 \expndtw-9\charscalex97 (balance sheet) item to
a "flow" \par\pard\qj \li2589\ri1050\sb0\sl-500\slmult0 \up0 \expndtw-5\charsca
lex100 (income statement) item might involve a mismatch of variables.
The \li
ne \up0 \expndtw-8\charscalex96 stock item may not be representative of h
ow this variable looked \line \up0 \expndtw-8\charscalex94 over the period
during which the flow occurred.
Therefore, where \line \up0 \expndtw-8\
charscalex94 appropriate, we may need to use an "average" balance sheet
figure \line \up0 \expndtw-8\charscalex97 in order to better match the i
ncome statement flow item with a \line \up0 \expndtw-4\charscalex100 balanc
e sheet stock figure more representative of the entire \line \up0 \expnd
tw-4\charscalex100 period. \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\
li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb144\sl-230\slmult0\tx2589 \up0 \
expndtw-3\charscalex100 6. \tab \up0 \expndtw-6\charscalex100 A long-term cred
itor is interested in liquidity ratios because \par\pard\qj \li2589\ri1051
\sb47\sl-500\slmult0 \up0 \expndtw-8\charscalex96 short-term
creditors
may
force
bankruptcy,
imposing
some \up0 \expndtw-9\charscalex96 substa
ntial costs on the long-term creditor. \par\pard\ql \li1989\sb0\sl-230\slmult0 \
par\pard\ql\li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb144\sl-230\slmult0\t
x2589 \up0 \expndtw-3\charscalex100 7. \tab \up0 \expndtw-8\charscalex94 a)
L
iquidity ratios to insure payment of principal by the going \par\pard\q
j \li3189\ri1051\sb47\sl-500\slmult0 \up0 \expndtw-8\charscalex92 concern and
debt ratios as a measure of protection of his/her \up0 \expndtw-9\charsc
alex92 principal in bankruptcy. \par\pard\ql \li2589\ri1050\sb0\sl-500\slmult0\t
x3189 \up0 \expndtw-8\charscalex94 b)
The equity investor is interested
in profitability ratios and \line\tab \up0 \expndtw-9\charscalex94 ratios tha
t provide information about risk. \par\pard\ql \li2589\ri1050\sb0\sl-500\slmult0
\tx3189\tx3189\tx3189\tx3189 \up0 \expndtw-6\charscalex100 c)
The fund mana
ger is interested in profitability ratios to \line\tab \up0 \expndtw-9\cha
rscalex93 provide some assurance of the long-run viability of the firm,
\line \tab \up0 \expndtw-3\charscalex100 leverage \up0 \expndtw-7\charscalex100
(debt) ratios to get an indication of risk, and \line \tab \up0 \expndt
w-5\charscalex100 liquidity ratios to determine if the firm is technical
ly \line \tab \up0 \expndtw-5\charscalex100 solvent. \par\pard\ql \li2589\ri1051
\sb0\sl-500\slmult0\tx2949 \up0 \expndtw-8\charscalex96 d)\ul0\nosupersub\cf2\f3
\fs20 \ul0\nosupersub\cf28\f29\fs20 The president, as a manager, is inter
ested in all the ratios, \line\tab \up0 \expndtw-9\charscalex96 with particu
lar emphasis on profitability. \par\pard\li1989\sb0\sl-207\slmult0\par\pard\li19
89\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl207\slmult0\par\pard\li1989\sb161\sl-207\slmult0\fi0\tx10430 \up0 \expndtw-2\cha
rscalex100 \ul0\nosupersub\cf13\f14\fs18 Van Horne and Wachowicz: \ul0\nosupersu
b\cf14\f15\fs18 Fundamentals of Financial Management,\ul0\nosupersub\cf13\f14\fs
18 12e\tab \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf15\f16\fs18 72\par\p
ard\sect\sectd\fs24\paperw11900\paperh16840\pard\sb0\sl-240{\bkmkstart Pg75}{\bk
mkend Pg75}\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmult
0\par\pard\li1989\sb115\sl-207\slmult0\fi0\tx7854 \up0 \expndtw-5\charscalex100
\ul0\nosupersub\cf13\f14\fs18 Chapter 6: Financial Statement Analysis\tab \up0 \

expndtw-5\charscalex100 Pearson Education Limited 2005\par\pard\li1989\sb0\sl-23
\up0 \expndtw-4\charscalex100 The ratio of debt-to-equity and long-ter
m debt to total\par\pard\qj \li2589\ri1050\sb30\sl-500\slmult0 \up0 \expnd
tw-4\charscalex100 capitalization both historically and in comparison with
other \up0 \expndtw-8\charscalex100 companies.
Coverage ratios give som
e indication of the firm's \up0 \expndtw-8\charscalex96 ability to service
debt.
With all of these ratios, comparisons \up0 \expndtw-8\charscale
x100 with other companies in the industry as well as over time add \u
p0 \expndtw-8\charscalex100 additional insight. \par\pard\ql \li1989\sb0\sl-230\
3 Such a situation could come about if the company had invested its \
par\pard\qj \li2589\ri1051\sb47\sl-500\slmult0 \up0 \expndtw-5\charscalex100 pro
fits in large, slow-moving inventory, an addition to fixed \up0 \expndtw
-9\charscalex95 assets, or in increased accounts receivable. \up0 \exp
ndtw-8\charscalex100 A slow-moving \par\pard\qj \li2589\ri1050\sb0\sl-500\slmu
lt0 \up0 \expndtw-3\charscalex100 inventory would be visible in a low inventory
turnover ratio and in \up0 \expndtw-8\charscalex96 a below average quick or
acid-test ratio.
An addition to fixed \up0 \expndtw-8\charscalex96 asset
s would be visible in the fixed asset turnover ratio.
An \up0 \expn
dtw-3\charscalex100 increase in accounts receivable would be reflected in a leng
thening \up0 \expndtw-8\charscalex100 average collection period and, possibl
y, in a stretching of the \up0 \expndtw-8\charscalex100 receivable aging sc
hedule. \par\pard\qj \li2589\ri1051\sb380\sl-500\slmult0 \up0 \expndtw-8\charsca
lex96 In addition, if the firm has recently suffered a decline in the
\up0 \expndtw-6\charscalex100 market value of its securities carried at
cost on the balance \up0 \expndtw-8\charscalex93 sheet, the firm could fi
nd itself in difficulty when attempting to \up0 \expndtw-9\charscalex93 se
ll out to pay maturing obligations. \par\pard\ql \li1989\ri1050\sb380\sl-500\slm
ult0\tx2589\tx2589\tx2589 \up0 \expndtw-8\charscalex94 10. Yes, it could.
By increasing the turnover the company is really \line\tab \up0 \expndtw
-3\charscalex100 reducing its investment in excessive stocks of inventory carryi
ng a \line \tab \up0 \expndtw-8\charscalex89 low or zero rate of return.
The resulting inventory is said to be \line \tab \up0 \expndtw-9\charscal
ex89 more liquid or more readily convertible into cash.
However, if the \par\
\ul0\nosupersub\cf13\f14\fs18 Van Horne and Wachowicz: \ul0\nosupersub\cf14\f15\
fs18 Fundamentals of Financial Management,\ul0\nosupersub\cf13\f14\fs18 12e\tab
}
alex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 6: Financial Statement Analysis\ta
b \up0 \expndtw-2\charscalex100 Pearson Education Limited 2005\par\pard\qj \li25

\f29\fs20 reduction in inventory levels is accomplished by a loss of s
ales \line \up0 \expndtw-9\charscalex96 due to stockouts, the increased turnover
ratio may be unfavorable. \par\pard\qj \li2589\ri1050\sb380\sl-500\slmult0 \up0
\expndtw-8\charscalex92 The use of cost of goods sold in the ratio al
lows the analyst to \line \up0 \expndtw-8\charscalex96 separate the effects
of an increased gross margin (resulting from \line \up0 \expndtw-8\chars
calex100 an increase in selling price or a decrease in costs) from th
e \line \up0 \expndtw-8\charscalex100 effects of a more efficient inventory
management per se \up0 \expndtw-8\charscalex100 (high \par\pard\ql \li2589\s
b224\sl-230\slmult0 \up0 \expndtw-3\charscalex100 volume of sales for a given le
vel of inventory investment). \par\pard\ql \li1989\ri1050\sb427\sl-500\slmult0\t
x2589\tx2589\tx2589\tx2589 \up0 \expndtw-8\charscalex92 11. No.
The approp
riate standard varies by industry.
What is a good \line\tab \up0 \expn
dtw-8\charscalex93 ratio for one industry may not be so for another.
Also, no one \line \tab \up0 \expndtw-8\charscalex93 financial ratio tells
the whole story.
Only by analyzing multiple \line \tab \up0 \expndtw-6\
charscalex100 ratios can one get a reasonably complete picture of a fi
rm's \line \tab \up0 \expndtw-6\charscalex100 financial condition and performanc
e. \par\pard\ql \li1989\ri1050\sb380\sl-500\slmult0\tx2589\tx2589\tx2589 \up0 \e
xpndtw-8\charscalex95 12. Both firms are equally profitable.
Each has
an "earning power" \line\tab \up0 \expndtw-8\charscalex90 (ROI) of 20%.
An example of Firm A might be a grocery store such \line \tab \up0 \e
xpndtw-8\charscalex91 as Safeway or Winn-Dixie.
An example of Firm B
might be a retail \line \tab \up0 \expndtw-9\charscalex91 department store. \
par\pard\ql \li1989\ri1051\sb380\sl-500\slmult0\tx2589\tx2589\tx2589\tx2589\tx25
89\tx2589 \up0 \expndtw-8\charscalex93 13. Short-term creditors look at ba
lance sheet assets as a loan safety \line\tab \up0 \expndtw-5\charscalex10
0 margin for repayment in the event of default.
The income statement \line \t
ab \up0 \expndtw-8\charscalex97 is ignored because the impact of future e
arnings on this safety \line \tab \up0 \expndtw-8\charscalex92 margin is sm
all over short time periods.
Yet for that portion of \line \tab \up0
\expndtw-8\charscalex96 short-term credit renewed on a more or less perm
anent basis, the \line \tab \up0 \expndtw-8\charscalex96 "earning power" of
the firm represents the real margin of credit \line \tab \up0 \expndtw-9
\charscalex96 risk over the long-term regardless of initial asset strength. \par
}
}}

}
89\ri1050\sb431\sl-500\slmult0\tx2589\tx2589\tx2589\tx2589 \up0 \expndtw-8\chars
calex96 \ul0\nosupersub\cf28\f29\fs20 14. The use of index analysis allow
s one to go behind some of the \line\tab \up0 \expndtw-8\charscalex96 tre
nds that are evident in a trend analysis of financial ratios. \line \t
ab \up0 \expndtw-6\charscalex100 For example, if the current ratio deterio
rates, index analysis \line \tab \up0 \expndtw-8\charscalex94 permits one
to determine the specific current assets and/or \line \tab \up0 \exp
ndtw-9\charscalex94 liabilities that are causing this trend. \par\pard\ql \li210
104\sl-230\slmult0 \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf27\f28\fs20 S
OLUTIONS TO PROBLEMS \par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb0\sl230\slmult0\par\pard\li1989\sb74\sl-230\slmult0\fi0\tx3669\tx6309\tx8949 \up0 \e
xpndtw-7\charscalex100 \ul0\nosupersub\cf28\f29\fs20 1.\tab \up0 \expndtw-7\char
scalex100 (a)\tab \up0 \expndtw-7\charscalex100 (b)\tab \up0 \expndtw-7\charscal
ex100 (a) x (b)\par\pard\li2229\sb19\sl-230\slmult0\fi959\tx5949\tx8709 \up0 \e
xpndtw-3\charscalex100 Total Asset\tab \up0 \expndtw-3\charscalex100 Net Profit\
tab \up0 \expndtw-3\charscalex100 Earning Power\par\pard\li2229\sb21\sl-230\slmu
lt0\fi0\tx3309\tx6189\tx9189 \up0 \expndtw-3\charscalex100 Co.\tab \up0 \expndtw
-3\charscalex100 Turnover\tab \up0 \expndtw-3\charscalex100 Margin\tab \up0 \exp
ndtw-3\charscalex100 (ROI)\par\pard\sect\sectd\sbknone\cols2\colno1\colw5668\col
sr160\colno2\colw5932\colsr160\ql \li2349\sb0\sl-230\slmult0 \par\pard\ql \li234
9\sb0\sl-230\slmult0 \par\pard\ql \li2349\sb13\sl-230\slmult0\tx3064\tx4504 \up0
\expndtw-3\charscalex100 A\tab \up0 \expndtw-3\charscalex100 ($10M/$8M)\tab \up
0 \expndtw-9\charscalex89 = 1.25\par\pard\ql \li2349\sb0\sl-230\slmult0 \par\pa
rd\ql \li2349\sb40\sl-230\slmult0\tx3064 \up0 \expndtw-3\charscalex100 B\tab \up
0 \expndtw-9\charscalex94 ($20M/$10M) = 2.00\par\pard\ql \li2349\sb0\sl-230\sl
mult0 \par\pard\ql \li2349\sb40\sl-230\slmult0\tx3064\tx4504 \up0 \expndtw-3\cha
rscalex100 C\tab \up0 \expndtw-3\charscalex100 ($8M/$6M)\tab \up0 \expndtw-9\cha
rscalex89 = 1.33\par\pard\ql \li2349\sb0\sl-230\slmult0 \par\pard\ql \li2349\sb
40\sl-230\slmult0\tx3064 \up0 \expndtw-3\charscalex100 D\tab \up0 \expndtw-9\cha
rscalex94 ($5M/$2.5M) = 2.00\par\pard\ql \li2349\sb0\sl-230\slmult0 \par\pard\
ql \li2349\sb40\sl-230\slmult0\tx3064\tx4504 \up0 \expndtw-3\charscalex100 E\tab
\up0 \expndtw-3\charscalex100 ($12M/$4M)\tab \up0 \expndtw-9\charscalex89 = 3.
00\par\pard\ql \li2349\sb0\sl-230\slmult0 \par\pard\ql \li2349\sb40\sl-230\slmul
t0\tx3064\tx4504 \up0 \expndtw-3\charscalex100 F\tab \up0 \expndtw-3\charscalex1
00 ($17M/$8M)\tab \up0 \expndtw-9\charscalex91 = 2.125\par\pard\column \ql \li5
0\sb13\sl-230\slmult0\tx3625 \up0 \expndtw-9\charscalex94 ($.7M/$10M) = .07\ta
b \up0 \expndtw-3\charscalex100 .0875\par\pard\ql \li5829\sb0\sl-230\slmult0 \pa
r\pard\ql \li21\sb40\sl-230\slmult0\tx1466\tx3626 \up0 \expndtw-3\charscalex100
($2M/$20M)\tab \up0 \expndtw-9\charscalex87 = .10\tab \up0 \expndtw-3\charscale
x100 .2000\par\pard\ql \li5829\sb0\sl-230\slmult0 \par\pard\ql \li21\sb40\sl-230
\slmult0\tx1466\tx3626 \up0 \expndtw-3\charscalex100 ($.8M/$8M)\tab \up0 \expndt
w-9\charscalex87 = .10\tab \up0 \expndtw-3\charscalex100 .1333\par\pard\ql \li5
829\sb0\sl-230\slmult0 \par\pard\ql \li21\sb40\sl-230\slmult0\tx1466\tx3626 \up0
\expndtw-3\charscalex100 ($.5M/$5M)\tab \up0 \expndtw-9\charscalex87 = .10\tab
\up0 \expndtw-3\charscalex100 .2000\par\pard\ql \li5829\sb0\sl-230\slmult0 \par
\pard\ql \li21\sb40\sl-230\slmult0\tx3626 \up0 \expndtw-9\charscalex95 ($1.5M/$1
2M) = .125\tab \up0 \expndtw-3\charscalex100 .3750\par\pard\ql \li5829\sb0\sl230\slmult0 \par\pard\ql \li21\sb40\sl-230\slmult0\tx1466\tx3626 \up0 \expndtw-3
\charscalex100 ($1M/$17M)\tab \up0 \expndtw-9\charscalex91 = .0588\tab \up0 \ex
pndtw-3\charscalex100 .1250 \par\pard\sect\sectd\sbknone \ql \li1989\sb0\sl-230\
slmult0 \par\pard\ql\li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb0\sl-230\sl
mult0 \par\pard\ql\li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb23\sl-230\slm
ult0\tx2589 \up0 \expndtw-3\charscalex100 2. \tab \up0 \expndtw-9\charscalex94 a
)
Current ratio = ($3,800/$1,680) = 2.26 \par\pard\ql \li2589\sb0\sl-230\
slmult0 \par\pard\ql\li2589\sb40\sl-230\slmult0 \up0 \expndtw-9\charscalex91 b)
Acid-test ratio = ($3,800 - $2,100)/ $1,680 = 1.01 \par\pard\ql \li258
rscalex100 c)
Average collection period = ($1,300 x 365 days)/$12,680 \par
\pard\ql \li6309\sb10\sl-230\slmult0 \up0 \expndtw-9\charscalex97 = 37.42 days
\up0 \expndtw-9\charscalex95 d)
Inventory turnover = ($8,930/$2,100) = 4.
25 \par\pard\ql \li2589\sb0\sl-230\slmult0 \par\pard\ql\li2589\sb40\sl-230\slmul
t0 \up0 \expndtw-9\charscalex93 e)
Debt to net worth = ($1,680 + $2,000)/
$3,440 = 1.07 \par\pard\ql \li2589\sb0\sl-230\slmult0 \par\pard\ql\li2589\sb40
\sl-230\slmult0 \up0 \expndtw-9\charscalex97 f)
LTD to total capitalization
= ($2,000)/($2,000 + $3,440) \par\pard\ql \li6549\sb30\sl-230\slmult0 \up0 \e
xpndtw-9\charscalex89 = 0.37 \par\pard\ql \li2589\sb0\sl-230\slmult0 \par\pard\
ql\li2589\sb40\sl-230\slmult0 \up0 \expndtw-9\charscalex96 g)\ul0\nosupersub\cf2
\f3\fs20 \ul0\nosupersub\cf28\f29\fs20
Gross profit margin = ($3,750)/$12,
680) = 0.2957 \par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\s
-2\charscalex100 \ul0\nosupersub\cf15\f16\fs18 75
}}
}}
h)
Net profit margin = ($670/$12,680) = 0.0528 \par\pard\ql \li2589\sb0\
x94 i)
Return on equity = ($670/$3,440) = 0.1948 \par\pard\ql \li1989\sb0
\sl-230\slmult0\tx2589 \up0 \expndtw-3\charscalex100 3. \tab \up0 \expndtw-4\cha
rscalex100 a)
The return on investment declined because total asset turnover
\par\pard\qj \li3189\ri1050\sb47\sl-500\slmult0 \up0 \expndtw-8\charscalex100 de
clined and the net profit margin declined.
Apparently, \line \up0 \exp
ndtw-8\charscalex92 sales did not keep up with asset expansion or sales
decreased \line \up0 \expndtw-9\charscalex97 while assets did not.

In
either case, fixed costs would \line \up0 \expndtw-5\charscalex100 command
a larger percentage of the sales dollar, causing \line \up0 \expndtw-9\ch
arscalex95 profitability on sales to decrease.
The lower profitability
\line \up0 \expndtw-8\charscalex92 on sales and lower asset turnover resul
ted in lower return on \line \up0 \expndtw-9\charscalex92 investment. \par\p
ard\ql \li2589\ri1050\sb500\sl-500\slmult0\tx3189\tx3189\tx3189\tx3189 \up0 \exp
ndtw-8\charscalex96 b)
The increase in debt came from short-term sourc
es.
Current \line\tab \up0 \expndtw-8\charscalex100 assets increased relati
ve to sales as is indicated by the \line \tab \up0 \expndtw-9\charscalex9
5 inventory turnover and collection period.
The current ratio \line \ta
b \up0 \expndtw-5\charscalex100 and the acid-test ratio, however, decreased.
This indicates a \line \tab \up0 \expndtw-5\charscalex100 substantial increase i
n current liabilities. \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li19
89\sb174\sl-230\slmult0\tx2589 \up0 \expndtw-3\charscalex100 4. \tab \up0 \expnd
tw-4\charscalex100 Profit after taxes = Sales x Net profit margin \par\pard\ql
\li4869\sb30\sl-230\slmult0 \up0 \expndtw-9\charscalex88 = $8,000 x 0.07 = $
560 \par\pard\ql \li2589\sb0\sl-230\slmult0 \par\pard\ql\li2589\sb40\sl-230\slmu
lt0 \up0 \expndtw-8\charscalex100 Profit before taxes = $560/(1 - Tax rate) \
par\pard\ql \li4989\sb10\sl-230\slmult0 \up0 \expndtw-9\charscalex87 = $560/(1
- .44) = $1,000 \par\pard\ql \li2589\sb0\sl-230\slmult0 \par\pard\ql\li2589\
sb40\sl-230\slmult0 \up0 \expndtw-9\charscalex86 Taxes = $1,000 - $560 = $
440 \par\pard\ql \li2589\sb0\sl-230\slmult0 \par\pard\ql\li2589\sb40\sl-230\slmu
lt0 \up0 \expndtw-7\charscalex100 Total liabilities = \par\pard\ql \li2829\sb30
\sl-230\slmult0 \up0 \expndtw-4\charscalex100 (Shareholders' equity) x (Total l
iabilities/Shareholders' equity) \par\pard\ql \li4749\sb10\sl-230\slmult0 \up0 \
expndtw-9\charscalex93 = ($3,750)(1/1) = $3,750 \par\pard\ql \li2589\sb0\sl-2
30\slmult0 \par\pard\ql\li2589\sb40\sl-230\slmult0 \up0 \expndtw-9\charscalex94
Total liabilities & Equity = $3,750 + 3,750 = $7,500 \par\pard\ql \li2589\
calex100 Current liabilities = Total Liabilities - Long-term debt \par\pard\ql
\li4989\sb30\sl-230\slmult0 \up0 \expndtw-9\charscalex87 = $3,750 - $2,650
= $1,100 \par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmult0
\sl-207\slmult0\par\pard\li1989\sb26\sl-207\slmult0\fi0\tx10430 \up0 \expndtw-2\
charscalex100 \ul0\nosupersub\cf13\f14\fs18 Van Horne and Wachowicz: \ul0\nosupe
rsub\cf14\f15\fs18 Fundamentals of Financial Management,\ul0\nosupersub\cf13\f14
\fs18 12e\tab \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf15\f16\fs18 76\pa
r\pard\sect\sectd\fs24\paperw11900\paperh16840\pard\sb0\sl-240{\bkmkstart Pg79}{
\bkmkend Pg79}\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slm
00 \ul0\nosupersub\cf13\f14\fs18 Chapter 6: Financial Statement Analysis\tab \up
alex100 \ul0\nosupersub\cf28\f29\fs20 Bank loan = Current liabilities - Payabl
es - Accruals \par\pard\ql \li3789\sb30\sl-230\slmult0 \up0 \expndtw-9\charscal
ex84 = $1,100 - $400 - $200 = $500 \par\pard\ql \li2589\sb0\sl-230\slmult
0 \par\pard\ql\li2589\sb40\sl-230\slmult0 \up0 \expndtw-7\charscalex100 Total as
sets = Total liabilities & Equity = $7,500 \par\pard\ql \li2589\sb0\sl-230\sl
mult0 \par\pard\ql\li2589\sb40\sl-230\slmult0 \up0 \expndtw-4\charscalex100 Curr
ent assets = Current liabilities x Current Ratio \par\pard\ql \li4389\sb10\sl-2
30\slmult0 \up0 \expndtw-9\charscalex88 = $1,100 x 3 = $3,300 \par\pard\ql \
li2589\sb0\sl-230\slmult0 \par\pard\ql\li2589\sb40\sl-230\slmult0 \up0 \expndtw6\charscalex100 Net fixed assets = Total assets - Current assets \par\pard\ql
\li4629\sb30\sl-230\slmult0 \up0 \expndtw-9\charscalex87 = $7,500 - $3,300 =
$4,200 \par\pard\ql \li2589\sb0\sl-230\slmult0 \par\pard\ql\li2589\sb40\sl-230
\slmult0 \up0 \expndtw-6\charscalex100 Accounts receivable = \par\pard\ql \li36
69\sb10\sl-230\slmult0 \up0 \expndtw-4\charscalex100 [(Credit sales) x (Average
collection period)]/360 days \par\pard\ql \li4989\sb30\sl-230\slmult0 \up0 \exp
ndtw-9\charscalex95 = [($8,000) x (45 days)]/360 days = $1,000 \par\pard\ql

\li2589\sb0\sl-230\slmult0 \par\pard\ql\li2589\sb40\sl-230\slmult0 \up0 \expndtw
-7\charscalex100 Inventories = Current assets - Cash - Receivables \par\pard\
ql \li4029\sb10\sl-230\slmult0 \up0 \expndtw-9\charscalex86 = $3,300 - $500
- $1,000 = $1,800 \par\pard\ql \li2589\sb0\sl-230\slmult0 \par\pard\ql\li2589
\sb40\sl-230\slmult0 \up0 \expndtw-6\charscalex100 Cost of Goods Sold = (Inven
tories) x (Inventory turnover ratio) \par\pard\ql \li4869\sb30\sl-230\slmult0 \
up0 \expndtw-9\charscalex88 = $1,800 x 3 = $5,400 \par\pard\ql \li2589\sb0\s
l-230\slmult0 \par\pard\ql\li2589\sb40\sl-230\slmult0 \up0 \expndtw-6\charscalex
100 Gross Profit = Sales - Cost of goods sold \par\pard\ql \li4149\sb10\sl-230
\slmult0 \up0 \expndtw-9\charscalex87 = $8,000 - $5,400 = $2,600 \par\pard\
ql \li2589\sb0\sl-230\slmult0 \par\pard\ql\li2589\sb40\sl-230\slmult0 \up0 \expn
dtw-5\charscalex100 Selling & Administrative Expenses = \par\pard\ql \li4869\sb
30\sl-230\slmult0 \up0 \expndtw-6\charscalex100 Gross profit - Interest - Prof
it before taxes \par\pard\ql \li6669\sb130\sl-230\slmult0 \up0 \expndtw-9\charsc
alex86 = $2,600 - $400 - $1,000 = $1,200 \par\pard\ql \li1989\sb0\sl-230\
slmult0 \par\pard\ql\li1989\sb60\sl-230\slmult0\tx2589 \up0 \expndtw-3\charscale
x100 5. \tab \up0 \expndtw-8\charscalex100 a)
Cost of goods sold = (1 - Gr
oss profit margin)(Net sales) \par\pard\ql \li5469\sb10\sl-230\slmult0 \up0 \exp
ndtw-9\charscalex90 = (1 - .20)($400,000) = $320,000 \par\pard\qj \li3189\r
i1532\sb246\sl-260\slmult0 \up0 \expndtw-4\charscalex100 Inventory turnover = C
ost of goods sold/(average)Inventory \up0 \expndtw-8\charscalex100 Therefore, .
.. \par\pard\ql \li3189\sb5\sl-230\slmult0 \up0 \expndtw-4\charscalex100 (averag
e) Inventory = Cost of goods sold/Inventory turnover \par\pard\ql \li5589\sb30\
sl-230\slmult0 \up0 \expndtw-9\charscalex92 = $320,000/4 = $80,000 \par\pard\
li1989\sb0\sl-230\slmult0\par\pard\li1989\sb48\sl-230\slmult0\fi599\tx4749 \up0
\expndtw-8\charscalex100 b)
Average\tab \up0 \expndtw-8\charscalex100 (averag
e) Receivables x 360 days\par\pard\li1989\sb19\sl-230\slmult0\fi1199 \up0 \expn
dtw-8\charscalex100 collection = \u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9
472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472
?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u
9472?\u9472?\u9472?\par\pard\li1989\sb21\sl-230\slmult0\fi1199\tx5349 \up0 \expn
dtw-8\charscalex100 period\tab \up0 \expndtw-8\charscalex100 Annual credit sales
\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb39\sl-230\slmult0\fi1199 \
up0 \expndtw-8\charscalex100 45 days = ($50,000 x 360 days)/$400,000\par\pard
\up0 \expndtw-8\charscalex100 6.\tab \up0 \expndtw-8\charscalex100 a)
Earnin
g power\tab \up0 \expndtw-8\charscalex100 =
Sales profitability
x
Asset
efficiency\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb40\sl-230\slmul
t0\fi1799\tx4989\tx7869 \up0 \expndtw-8\charscalex100 ROI\tab \up0 \expndtw-8\ch
arscalex100 =
Net profit margin\tab \up0 \expndtw-8\charscalex100 x
Total
asset turnover\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb39\sl-230\sl
mult0\fi1799\tx4989\tx8229\tx8829\tx9309 \up0 \expndtw-8\charscalex100 ROI\tab \
up0 \expndtw-8\charscalex100 = ($120,000/$6,000,000) x\tab \up0 \expndtw-8\char
scalex100 6\tab \up0 \expndtw-8\charscalex100 =\tab \up0 \expndtw-8\charscalex10
0 .12\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb41\sl-230\slmult0\fi0
\up0 \expndtw-8\charscalex100 b)
Total assets = Sales/Total asset turnover
= $6M/6 = $1M\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb40\sl-230
\slmult0\fi599 \up0 \expndtw-8\charscalex100 "New" ROI = Net profit margin x To
tal asset turnover\par\pard\li4389\sb20\sl-230\slmult0\fi0\tx5229\tx6789\tx7269\
tx9669\tx10029 \up0 \expndtw-6\charscalex100 =\tab \up0 \expndtw-6\charscalex100
.03\tab \up0 \expndtw-6\charscalex100 x\tab \up0 \expndtw-6\charscalex100 ($6M/
($1M x 1.2))\tab \up0 \expndtw-6\charscalex100 =\tab \up0 \expndtw-6\charscalex
100 .15\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmult0\pa
8 77\par\pard\sect\sectd\fs24\paperw11900\paperh16840\pard\sb0\sl-240{\bkmkstart
Pg80}{\bkmkend Pg80}\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl207\slmult0\par\pard\li1989\sb115\sl-207\slmult0\fi0\tx7854 \up0 \expndtw-2\char

scalex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 6: Financial Statement Analysis\
tab \up0 \expndtw-2\charscalex100 Pearson Education Limited 2005\par\pard\li1989
0 7.\tab \up0 \expndtw-3\charscalex100 Interest on each issue:\par\pard\li2949\s
b20\sl-230\slmult0\fi119\tx5349\tx6909\tx7389\tx8229 \up0 \expndtw-4\charscalex1
00 (9-1/4s)\tab \up0 \expndtw-4\charscalex100 $2,500,000\tab \up0 \expndtw-4\cha
rscalex100 x\tab \up0 \expndtw-4\charscalex100 .0925\tab \up0 \expndtw-4\charsca
lex100 = $231,250\par\pard\li2949\sb19\sl-230\slmult0\fi0\tx5349\tx6909\tx7389\
tx8589 \up0 \expndtw-4\charscalex100 (12-3/8s)\tab \up0 \expndtw-4\charscalex100
$1,500,000\tab \up0 \expndtw-4\charscalex100 x\tab \up0 \expndtw-4\charscalex10
0 .12375 =\tab \up0 \expndtw-4\charscalex100 185,625\par\pard\li2949\sb21\sl-23
0\slmult0\fi0\tx5349\tx6909\tx7389\tx8229\tx8589 \up0 \expndtw-4\charscalex100 (
10-1/4s)\tab \up0 \expndtw-4\charscalex100 $1,000,000\tab \up0 \expndtw-4\charsc
alex100 x\tab \up0 \expndtw-4\charscalex100 .1025\tab \up0 \expndtw-4\charscalex
100 =\tab \up0 \expndtw-4\charscalex100 102,500\par\pard\li2949\sb20\sl-230\slmu
lt0\fi0\tx5349\tx6909\tx7389\tx8229\tx8589 \up0 \expndtw-4\charscalex100 (14-1/2
s)\tab \up0 \expndtw-4\charscalex100 $1,000,000\tab \up0 \expndtw-4\charscalex10
0 x\tab \up0 \expndtw-4\charscalex100 .145\tab \up0 \expndtw-4\charscalex100 =\t
ab \up0 \expndtw-4\charscalex100 145,000\par\pard\li1989\sb123\sl-230\slmult0\fi
6480 \up0 \expndtw-3\charscalex100 $664,375\par\pard\li1989\sb47\sl-230\slmult0\
fi600 \up0 \expndtw-3\charscalex100 EBIT/Interest expense = interest coverage r
atio\par\pard\li1989\sb123\sl-230\slmult0\fi719\tx5229 \up0 \expndtw-3\charscale
x100 $1,500,000/$664,375\tab \up0 \expndtw-3\charscalex100 = 2.26\par\pard\li19
89\sb47\sl-230\slmult0\fi0\tx5229\tx6549\tx7989\tx9429 \up0 \expndtw-3\charscale
x100 8.\tab \up0 \expndtw-3\charscalex100 20X1\tab \up0 \expndtw-3\charscalex100
20X2\tab \up0 \expndtw-3\charscalex100 20X3\tab \up0 \expndtw-3\charscalex100 2
0X4\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl-230\slmult0\fi599
\tx4989\tx6429\tx7869\tx9309 \up0 \expndtw-3\charscalex100 Cash\tab \up0 \expndt
w-3\charscalex100 100.00\tab \up0 \expndtw-3\charscalex100 43.46\tab \up0 \expnd
tw-3\charscalex100 19.63\tab \up0 \expndtw-3\charscalex100 17.76\par\pard\li1989
\sb20\sl-230\slmult0\fi599\tx4989\tx6309\tx7749\tx9189 \up0 \expndtw-3\charscale
x100 Receivables\tab \up0 \expndtw-3\charscalex100 100.00\tab \up0 \expndtw-3\ch
arscalex100 129.35\tab \up0 \expndtw-3\charscalex100 152.18\tab \up0 \expndtw-3\
charscalex100 211.21\par\pard\li1989\sb19\sl-230\slmult0\fi599\tx4989\tx6309\tx7
749\tx9189 \up0 \expndtw-3\charscalex100 Inventories\tab \up0 \expndtw-3\charsca
lex100 100.00\tab \up0 \expndtw-3\charscalex100 137.63\tab \up0 \expndtw-3\chars
calex100 174.98\tab \up0 \expndtw-3\charscalex100 202.71\par\pard\li1989\sb21\sl
-230\slmult0\fi599\tx4989\tx6309\tx7749\tx9189 \up0 \expndtw-3\charscalex100 Net
fixed assets\tab \up0 \expndtw-3\charscalex100 100.00\tab \up0 \expndtw-3\chars
calex100 105.72\tab \up0 \expndtw-3\charscalex100 107.62\tab \up0 \expndtw-3\cha
rscalex100 121.32\par\pard\li1989\sb123\sl-230\slmult0\fi959\tx4989\tx6309\tx774
9\tx9189 \up0 \expndtw-3\charscalex100 Total assets\tab \up0 \expndtw-3\charscal
ex100 100.00\tab \up0 \expndtw-3\charscalex100 120.06\tab \up0 \expndtw-3\charsc
alex100 138.38\tab \up0 \expndtw-3\charscalex100 166.20\par\pard\li1989\sb47\sl230\slmult0\fi599\tx4989\tx6309\tx7749\tx9189 \up0 \expndtw-3\charscalex100 Acco
unts payable\tab \up0 \expndtw-3\charscalex100 100.00\tab \up0 \expndtw-3\charsc
alex100 139.52\tab \up0 \expndtw-3\charscalex100 163.40\tab \up0 \expndtw-3\char
scalex100 262.42\par\pard\li1989\sb20\sl-230\slmult0\fi599\tx4989\tx6309\tx7749\
tx9189 \up0 \expndtw-3\charscalex100 Notes payable\tab \up0 \expndtw-3\charscale
x100 100.00\tab \up0 \expndtw-3\charscalex100 130.00\tab \up0 \expndtw-3\charsca
lex100 150.00\tab \up0 \expndtw-3\charscalex100 150.00\par\pard\li1989\sb19\sl-2
30\slmult0\fi599\tx4989\tx6309\tx7749\tx9189 \up0 \expndtw-3\charscalex100 Accru
als\tab \up0 \expndtw-3\charscalex100 100.00\tab \up0 \expndtw-3\charscalex100 1
265.70\par\pard\li1989\sb21\sl-230\slmult0\fi599\tx4989\tx6309\tx7749\tx9189 \u
p0 \expndtw-3\charscalex100 Long-term debt\tab \up0 \expndtw-3\charscalex100 100
.00\tab \up0 \expndtw-3\charscalex100 160.00\tab \up0 \expndtw-3\charscalex100 1
60.00\tab \up0 \expndtw-3\charscalex100 160.00\par\pard\li1989\sb20\sl-230\slmul

t0\fi599\tx4989\tx6309\tx7749\tx9189 \up0 \expndtw-3\charscalex100 Common stock\
.00\par\pard\li1989\sb19\sl-230\slmult0\fi599\tx4989\tx6309\tx7749\tx9189 \up0 \
expndtw-3\charscalex100 Retained earnings\tab \up0 \expndtw-3\charscalex100 100.
1.08\tab \up0 \expndtw-3\charscalex100 111.99\par\pard\li1989\sb21\sl-230\slmult
0\fi0 \up0 \expndtw-3\charscalex100 Total liabilities &\par\pard\li1989\sb20\sl230\slmult0\fi119\tx4989\tx6309\tx7749\tx9189 \up0 \expndtw-3\charscalex100 shar
eholders' equity\tab \up0 \expndtw-3\charscalex100 100.00\tab \up0 \expndtw-3\ch
arscalex100 120.06\tab \up0 \expndtw-3\charscalex100 138.38\tab \up0 \expndtw-3\
charscalex100 166.20\par\pard\li2594\sb0\sl-230\slmult0\par\pard\li2594\sb0\sl-2
30\slmult0\par\pard\li2594\sb9\sl-230\slmult0\fi0 \up0 \expndtw-8\charscalex98 I
n the last three years, the company has increased its receivables\par\
p0 \expndtw-9\charscalex97 and inventories rather dramatically.\tab \up0 \exp
ndtw-9\charscalex97 While net fixed assets\par\pard\li2594\sb0\sl-230\slmult0
\par\pard\li2594\sb40\sl-230\slmult0\fi0\tx3873\tx8191\tx9350 \up0 \expndtw-9\ch
arscalex97 jumped in\tab \up0 \expndtw-9\charscalex97 20X4, changes were onl
y modest in\tab \up0 \expndtw-9\charscalex97 20X2 and\tab \up0 \expndtw-9\cha
rscalex97 20X3.
The\par\pard\qj \li2594\ri1050\sb40\sl-500\slmult0 \up0 \expn
dtw-8\charscalex93 basic problem is that retained earnings have grown at
only a very \line \up0 \expndtw-8\charscalex92 slow rate, almost all of
which occurred in 20X3.
This is due to \line \up0 \expndtw-8\charscale
x96 inadequate profitability, excessive dividends, or both.
While the \
line \up0 \expndtw-9\charscalex96 company increased its long-term debt in \
up0 \expndtw-9\charscalex91 20X2, it has not done so \par\pard\qj \li2594\r
i1050\sb0\sl-500\slmult0 \up0 \expndtw-8\charscalex92 since.
The burden of
financing has fallen on accounts payable and \line \up0 \expndtw-8\charsc
alex94 accruals, together with drawing down the cash position and $50,0
00 \line \up0 \expndtw-8\charscalex97 in increased short-term borrowings (no
tes payable).
The question \line \up0 \expndtw-8\charscalex96 would be wh
ether payables are past due and whether employees are \line \up0 \expndt
w-8\charscalex92 being paid on time.
It is clear that the company ca
nnot continue \line \up0 \expndtw-6\charscalex100 to expand its assets with
out increasing its equity base in a \line \up0 \expndtw-6\charscalex100 si
gnificant way. \par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\sl
pard\li1989\sb21\sl-207\slmult0\fi0\tx10430 \up0 \expndtw-2\charscalex100 \ul0\n
osupersub\cf13\f14\fs18 Van Horne and Wachowicz: \ul0\nosupersub\cf14\f15\fs18 F
undamentals of Financial Management,\ul0\nosupersub\cf13\f14\fs18 12e\tab \up0
\expndtw-2\charscalex100 \ul0\nosupersub\cf15\f16\fs18 78
}
}}

}
}}
}
}}
}
}}
}
}}
}
}}

}
}}
}
}}
}
}}
}
}}
}
}}

}
}}
}
b \up0 \expndtw-2\charscalex100 Pearson Education Limited 2005\par\pard\li1989\s
\slmult0\fi0\tx2589\tx3189 \up0 \expndtw-4\charscalex100 \ul0\nosupersub\cf28\f2
9\fs20 9.\tab \up0 \expndtw-4\charscalex100 a)\tab \up0 \expndtw-4\charscalex100
(1) Current ratio = Current assets/Current liabilities\par\pard\ql \li5349\sb1
2\sl-230\slmult0 \up0 \expndtw-9\charscalex90 = $13M/$8M = 162.5% \par\pard\q
tw-6\charscalex100 (2) Acid-test ratio = \par\pard\ql \li4029\sb10\sl-230\slmul
t0 \up0 \expndtw-4\charscalex100 (Current assets - Inventories)/Current liabili
ties \par\pard\ql \li5589\sb30\sl-230\slmult0 \up0 \expndtw-9\charscalex87 = $6
M/$8M = 75% \par\pard\ql \li3189\sb0\sl-230\slmult0 \par\pard\ql\li3189\sb40\s
l-230\slmult0 \up0 \expndtw-4\charscalex100 (3) Receivable turnover = Annual cr
edit sales/Receivables \par\pard\ql \li6069\sb10\sl-230\slmult0 \up0 \expndtw-9\
charscalex89 = $16M/$5M = 3.2x \par\pard\ql \li3189\sb0\sl-230\slmult0 \par\p
ard\ql\li3189\sb40\sl-230\slmult0 \up0 \expndtw-4\charscalex100 (4) Inventory tu
rnover = Cost of goods sold/Inventory \par\pard\ql \li5949\sb30\sl-230\slmult0
\up0 \expndtw-9\charscalex89 = $12M/$7M = 1.7x \par\pard\ql \li3189\sb0\sl-23
(5) Long-term debt/Total capitalization \par\pard\qj \li5949\ri2732\sb0\sl-260\s
lmult0 \up0 \expndtw-9\charscalex87 = $12M/($12M + $4M + $6M) \up0 \expndtw
-9\charscalex88 = $12M/$22M = 54.5% \par\pard\ql \li3189\sb0\sl-230\slmult0 \
par\pard\ql\li3189\sb21\sl-230\slmult0 \up0 \expndtw-7\charscalex100 (6) Gross p
rofit margin = (Sales - Cost of goods sold)/Sales \par\pard\ql \li6069\sb10\s
l-230\slmult0 \up0 \expndtw-9\charscalex87 = ($20M - $12M)/$20M = 40% \par\
\expndtw-4\charscalex100 (7) Net profit margin = Net income after taxes/Sales \
par\pard\ql \li5829\sb30\sl-230\slmult0 \up0 \expndtw-9\charscalex88 = $2M/$20M
= 10% \par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\sb47\sl-230\slmult0
\fi0\tx4869 \up0 \expndtw-5\charscalex100 (8)\tab \up0 \expndtw-5\charscalex100
Net income\par\pard\li3189\sb21\sl-230\slmult0\fi479\tx4869\tx6429 \up0 \expndtw
-5\charscalex100 Return\tab \up0 \expndtw-5\charscalex100 after taxes\tab \up0 \
expndtw-5\charscalex100 Dividends on preferred stock\par\pard\li3189\sb20\s
l-230\slmult0\fi719\tx4629 \up0 \expndtw-5\charscalex100 on\tab \up0 \expndtw-5\
charscalex100 = \u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?
\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9
472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472
?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u
9472?\par\pard\li3189\sb19\sl-230\slmult0\fi479\tx5109\tx6429 \up0 \expndtw-5\ch
arscalex100 equity\tab \up0 \expndtw-5\charscalex100 Net worth\tab \up0 \expndtw

-5\charscalex100 Par value of preferred stock\par\pard\ql \li4629\sb0\sl-23
0\slmult0 \par\pard\ql\li4629\sb23\sl-230\slmult0 \up0 \expndtw-9\charscalex95 =
$1,760,000/($10,000,000 - $4,000,000) = 29.3% \par\pard\ql \li3189\sb0\sl230\slmult0 \par\pard\ql\li3189\sb40\sl-230\slmult0 \up0 \expndtw-4\charscalex10
0 (9) Return on assets = Net income after taxes/Total assets \par\pard\ql \li57
09\sb30\sl-230\slmult0 \up0 \expndtw-9\charscalex89 = $2M/$30M = 6.7% \par\pa
rd\ql \li3189\sb0\sl-230\slmult0 \par\pard\ql\li3189\sb40\sl-230\slmult0 \up0 \e
xpndtw-4\charscalex100 (10) Total asset turnover = Sales/Total assets \par\pard
\ql \li6309\sb10\sl-230\slmult0 \up0 \expndtw-9\charscalex90 = $20M/$30M = 0.
67x \par\pard\ql \li3189\sb0\sl-230\slmult0 \par\pard\ql\li3189\sb40\sl-230\slmu
lt0 \up0 \expndtw-4\charscalex100 (11) Interest coverage = EBIT/Interest charge
s \par\pard\ql \li5949\sb30\sl-230\slmult0 \up0 \expndtw-9\charscalex91 = $4.4M
/$1.2M = 3.67x \par\pard\ql \li2589\sb0\sl-230\slmult0 \par\pard\ql\li2589\sb0
\sl-230\slmult0 \par\pard\ql\li2589\sb0\sl-230\slmult0 \par\pard\ql\li2589\sb20\
sl-230\slmult0\tx3189\tx4829 \up0 \expndtw-3\charscalex100 b) \tab \up0 \expndtw
-9\charscalex96 (1) Ratios \tab \up0 \expndtw-5\charscalex100 1-5 uniformly
indicate that liquidity is \par\pard\li3189\sb0\sl-230\slmult0\par\pard\
li3189\sb57\sl-230\slmult0\fi599 \up0 \expndtw-9\charscalex96 deteriorating.\par
arscalex96 (2) The gross profit margin (#6) remains relatively constant
\par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\sb40\sl-230\slmult0\fi599 \u
p0 \expndtw-9\charscalex96 and at the industry norm, while the net profi
t margin\par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\sb40\sl-230\slmult0
\fi599\tx6736 \up0 \expndtw-9\charscalex96 (#7) is declining.\tab \up0 \expn
dtw-9\charscalex96 This indicates that interest,\par\pard\li1989\sb0\sl-20
arscalex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 6: Financial Statement Analysi
s\tab \up0 \expndtw-2\charscalex100 Pearson Education Limited 2005\par\pard\qj \
li3789\ri1097\sb431\sl-500\slmult0 \up0 \expndtw-3\charscalex100 \ul0\nosupersub
\cf28\f29\fs20 depreciation, and selling and administrative expenses are \up0 \e
xpndtw-3\charscalex100 rising relative to sales. \par\pard\ql \li3189\ri1050\sb5
00\sl-500\slmult0\tx3789\tx3789\tx3789\tx3789\tx3789 \up0 \expndtw-8\charscalex9
1 (3) Part of the margin decline is accounted for by the rapid \line
\tab \up0 \expndtw-9\charscalex92 rise in debt (#5).
This increase also
explains why the \line \tab \up0 \expndtw-4\charscalex100 return on equity (
#8) has been rising while the return on \line \tab \up0 \expndtw-7\charscalex100
assets (#9) has been falling.
The impact of the increase \line \tab \up0 \e
xpndtw-7\charscalex100 in debt and overall decline in profitability is a
lso \line \tab \up0 \expndtw-7\charscalex100 shown by the reduction in coverage
(#11). \par\pard\ql \li3189\ri1050\sb500\sl-500\slmult0\tx3789\tx3789\tx3789 \u
p0 \expndtw-9\charscalex94 (4) The intention of the authors was to depi
ct a fundamen-\line\tab \up0 \expndtw-9\charscalex96 tally deteriorating sit
uation that company officials had \line \tab \up0 \expndtw-9\charscalex93 at
tempted to hide through the excessive use of financial \line \tab \up0 \
expndtw-9\charscalex94 leverage. \par\pard\ql \li2589\sb0\sl-230\slmult0 \par\pa
\ql\li2589\sb34\sl-230\slmult0\tx3189\tx8468 \up0 \expndtw-3\charscalex100 c) \t
ab \up0 \expndtw-9\charscalex95 (1) Primary interest should be in ratios
\tab \up0 \expndtw-9\charscalex94 1-4.
The overall \par\pard\qj \li3789\ri10
50\sb47\sl-500\slmult0 \up0 \expndtw-8\charscalex100 reduction in liquidity,
together with the large amount \up0 \expndtw-4\charscalex100 involved and

the lengthy terms, would argue against \up0 \expndtw-5\charscalex100 granti
ng the credit.
Of course, this argument would have \up0 \expndtw-9\charscalex
95 to be balanced against the importance to the vendor of \up0 \expndtw
-9\charscalex96 this sale and possible repeat sales. \par\pard\ql \li3189\sb0\sl
-230\slmult0 \par\pard\ql\li3189\sb0\sl-230\slmult0 \par\pard\ql\li3189\sb0\sl-2
(2) If this were done, the new capitalization would be: \par\pard\li4387\sb19
1\sl-230\slmult0\fi0\tx7147\tx9307 \up0 \expndtw-4\charscalex100 Debt (long-ter
m)\tab \up0 \expndtw-4\charscalex100 $16,000,000\tab \up0 \expndtw-4\charscalex1
00 61.5%\par\pard\li4387\sb47\sl-230\slmult0\fi2\tx7389\tx9309 \up0 \expndtw-4\c
harscalex100 Preferred stock\tab \up0 \expndtw-4\charscalex100 4,000,000\tab \up
0 \expndtw-4\charscalex100 15.4%\par\pard\li4387\sb20\sl-230\slmult0\fi2\tx7389\
tx9309 \up0 \expndtw-4\charscalex100 Common equity\tab \up0 \expndtw-4\charscale
x100 6,000,000\tab \up0 \expndtw-4\charscalex100 23.1%\par\pard\li7149\sb219\sl230\slmult0\fi0\tx9189 \up0 \expndtw-3\charscalex100 $26,000,000\tab \up0 \expnd
tw-3\charscalex100 100.0%\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0
pard\li1989\sb156\sl-207\slmult0\fi0\tx10430 \up0 \expndtw-2\charscalex100 \ul0\
nosupersub\cf13\f14\fs18 Van Horne and Wachowicz: \ul0\nosupersub\cf14\f15\fs18
Fundamentals of Financial Management,\ul0\nosupersub\cf13\f14\fs18 12e\tab \up0
}
}}
}
lex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 6: Financial Statement Analysis\tab
\up0 \expndtw-2\charscalex100 Pearson Education Limited 2005\par\pard\ql \li378
Pro forma interest coverage would be \par\pard\ql \li5349\sb0\sl-230\slmult0 \p
ar\pard\ql\li5349\sb40\sl-230\slmult0 \up0 \expndtw-9\charscalex96 $4.4M/$1,760,
000 = 2.5x \par\pard\ql \li3789\sb0\sl-230\slmult0 \par\pard\ql\li3789\sb40\sl
-230\slmult0\tx6371 \up0 \expndtw-4\charscalex100 (#11 pro forma.) \tab \up0 \
expndtw-4\charscalex100 The student should be especially \par\pard\qj \li378
9\ri1050\sb47\sl-500\slmult0 \up0 \expndtw-9\charscalex96 concerned with this
ratio.
In addition, he/she would \up0 \expndtw-7\charscalex100 have to
be concerned with all of the rest, as both \up0 \expndtw-9\charscalex96

deteriorating liquidity and profitability would affect a \up0 \expndtw-9\
charscalex93 10-year note of the company.
There would appear to be \u
p0 \expndtw-9\charscalex94 little advantage in granting the loan. \par\pard\ql \
li3189\ri1050\sb500\sl-500\slmult0\tx3789 \up0 \expndtw-9\charscalex94 (3) An
easy answer would be to point to the high rate of \line\tab \up0 \exp
ndtw-9\charscalex89 return on equity (#8) and say "buy."
On the other
hand, \par\pard\li3789\sb0\sl-230\slmult0\par\pard\li3789\sb11\sl-230\slmult0\
fi0\tx7676 \up0 \expndtw-8\charscalex100 the high degree of leverage\tab \up
0 \expndtw-8\charscalex100 (#5) and the declining\par\pard\li3789\sb0\sl-230\
slmult0\par\pard\li3789\sb40\sl-230\slmult0\fi0 \up0 \expndtw-8\charscalex100 pr
ofitability (#s 7, 8, and 9), would indicate caution.\par\pard\li3789\sb
lex100 The student should at least be aware of the multitude of\par\pa
tw-8\charscalex100 fundamentally negative factors involved.\par\pard\li1989\sb0\
4\sl-207\slmult0\fi0\tx10430 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf13\
f14\fs18 Van Horne and Wachowicz: \ul0\nosupersub\cf14\f15\fs18 Fundamentals of
Financial Management,\ul0\nosupersub\cf13\f14\fs18 12e\tab \up0 \expndtw-2\char
scalex100 \ul0\nosupersub\cf15\f16\fs18 81
}
}}
}

\up0 \expndtw-5\charscalex100 Pearson Education Limited 2005\par\pard\li1989\sb
i0 \up0 \expndtw-6\charscalex100 \ul0\nosupersub\cf27\f28\fs20 SOLUTIONS TO SELF
-CORRECTION PROBLEMS\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb0\sl-2
\up0 \expndtw-6\charscalex100 Present current ratio = $800/$500 = \ul0\nosupe
rsub\cf27\f28\fs20 1.60\ul0\nosupersub\cf28\f29\fs20 .\par\pard\li1989\sb0\sl-2
expndtw-6\charscalex100 a.\tab \up0 \expndtw-6\charscalex100 $700/$500\tab \up0
\expndtw-6\charscalex100 =\tab \up0 \expndtw-6\charscalex100 \ul0\nosupersub\cf2
7\f28\fs20 1.40\ul0\nosupersub\cf28\f29\fs20 .
Current assets decline, an
d there is no\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb41\sl-230\
slmult0\fi1199 \up0 \expndtw-6\charscalex100 change in current liabilities.\par\
\up0 \expndtw-6\charscalex100 b.\tab \up0 \expndtw-6\charscalex100 $900/$600 =
\ul0\nosupersub\cf27\f28\fs20 1.50\ul0\nosupersub\cf28\f29\fs20 .
Current as
sets and current liabilities each\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li
1989\sb39\sl-230\slmult0\fi1199 \up0 \expndtw-6\charscalex100 increase by the sa
me amount.\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb41\sl-230\slmult
0\fi599\tx3189\tx4525\tx4900\tx6010 \up0 \expndtw-6\charscalex100 c.\tab \up0 \e
xpndtw-6\charscalex100 $800/$500\tab \up0 \expndtw-6\charscalex100 =\tab \up0 \e
xpndtw-6\charscalex100 \ul0\nosupersub\cf27\f28\fs20 1.60\ul0\nosupersub\cf28\f2
9\fs20 .\tab \up0 \expndtw-6\charscalex100 Neither current assets nor cu
rrent\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl-230\slmult0\fi1
199 \up0 \expndtw-6\charscalex100 liabilities are affected.\par\pard\li1989\sb0\
sl-230\slmult0\par\pard\li1989\sb39\sl-230\slmult0\fi601\tx3189\tx4525\tx4900\tx
6010 \up0 \expndtw-6\charscalex100 d.\tab \up0 \expndtw-6\charscalex100 $760/$54
0\tab \up0 \expndtw-6\charscalex100 =\tab \up0 \expndtw-6\charscalex100 \ul0\nos
upersub\cf27\f28\fs20 1.41\ul0\nosupersub\cf28\f29\fs20 .\tab \up0 \expndtw-6\ch
arscalex100 Current assets decline and current\par\pard\li1989\sb0\sl-23
00 liabilities increase by the same amount.\par\pard\ql \li1989\sb0\sl-230\slmul
0 \up0 \expndtw-3\charscalex100 2. \par\pard\li6789\sb34\sl-230\slmult0\fi0\tx79
89\tx9189 \up0 \expndtw-3\charscalex100 20X1\tab \up0 \expndtw-3\charscalex100 2
0X2\tab \up0 \expndtw-3\charscalex100 20X3\par\pard\li2589\sb0\sl-230\slmult0\pa
r\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb13\sl-230\slmult0\fi0\tx6789\
tx7989\tx9189 \up0 \expndtw-3\charscalex100 Current ratio\tab \up0 \expndtw-3\ch
arscalex100 1.19\tab \up0 \expndtw-3\charscalex100 1.25\tab \up0 \expndtw-3\char
scalex100 1.20\par\pard\li2589\sb20\sl-230\slmult0\fi0\tx6909\tx8109\tx9309 \up0
\expndtw-3\charscalex100 Acid-test ratio\tab \up0 \expndtw-3\charscalex100 .43\
tab \up0 \expndtw-3\charscalex100 .46\tab \up0 \expndtw-3\charscalex100 .40\par\
pard\li2589\sb20\sl-230\slmult0\fi0\tx6789\tx7989\tx9189 \up0 \expndtw-3\charsca
lex100 Average collection period\tab \up0 \expndtw-3\charscalex100 18\tab \up0 \
expndtw-3\charscalex100 22\tab \up0 \expndtw-3\charscalex100 27\par\pard\li2589\
sb20\sl-230\slmult0\fi0\tx6789\tx7989\tx9189 \up0 \expndtw-3\charscalex100 Inven
tory turnover\tab \up0 \expndtw-3\charscalex100 8.0\tab \up0 \expndtw-3\charscal
ex100 7.5\tab \up0 \expndtw-3\charscalex100 5.5\par\pard\li2589\sb0\sl-230\slmul
charscalex100 Total debt/equity\tab \up0 \expndtw-3\charscalex100 1.38\tab \up0
\expndtw-3\charscalex100 1.40\tab \up0 \expndtw-3\charscalex100 1.61\par\pard\li
2589\sb20\sl-230\slmult0\fi0 \up0 \expndtw-3\charscalex100 Long-term debt/total\
par\pard\li2589\sb20\sl-230\slmult0\fi119\tx6909\tx8109\tx9309 \up0 \expndtw-3\c
harscalex100 capitalization\tab \up0 \expndtw-3\charscalex100 .33\tab \up0 \expn
dtw-3\charscalex100 .32\tab \up0 \expndtw-3\charscalex100 .32\par\pard\li2589\sb
0\sl-230\slmult0\par\pard\li2589\sb40\sl-230\slmult0\fi0\tx6909\tx8109\tx9309 \u
p0 \expndtw-3\charscalex100 Gross profit margin\tab \up0 \expndtw-3\charscalex10
0 .200\tab \up0 \expndtw-3\charscalex100 .163\tab \up0 \expndtw-3\charscalex100

.132\par\pard\li2589\sb20\sl-230\slmult0\fi0\tx6909\tx8109\tx9309 \up0 \expndtw3\charscalex100 Net profit margin\tab \up0 \expndtw-3\charscalex100 .075\tab \up
0 \expndtw-3\charscalex100 .047\tab \up0 \expndtw-3\charscalex100 .026\par\pard\
tx9189 \up0 \expndtw-3\charscalex100 Total asset turnover\tab \up0 \expndtw-3\ch
scalex100 2.24\par\pard\li2589\sb20\sl-230\slmult0\fi0\tx6909\tx8109\tx9309 \up0
\expndtw-3\charscalex100 Return on assets\tab \up0 \expndtw-3\charscalex100 .21
\tab \up0 \expndtw-3\charscalex100 .13\tab \up0 \expndtw-3\charscalex100 .06\par
\pard\qj \li2589\ri1050\sb470\sl-500\slmult0 \up0 \expndtw-8\charscalex96 The c
ompany's profitability has declined steadily over the period. \line \up0
\expndtw-8\charscalex92 As only $50,000 is added to retained earnings, t
he company must be \line \up0 \expndtw-8\charscalex94 paying substantial di
vidends.
Receivables are growing at a slower \line \up0 \expndtw-8\chars
calex94 rate, although the average collection period is still ve
ry \par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmult0\par\pa
sb141\sl-207\slmult0\fi0\tx10430 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\c
f13\f14\fs18 Van Horne and Wachowicz: \ul0\nosupersub\cf14\f15\fs18 Fundamentals
of Financial Management,\ul0\nosupersub\cf13\f14\fs18 12e\tab \up0 \expndtw-2\
charscalex100 \ul0\nosupersub\cf15\f16\fs18 82
\up0 \expndtw-2\charscalex100 Pearson Education Limited 2005\par\pard\qj \li258
\f29\fs20 reasonable relative to the terms given.
Inventory turnover
is \up0 \expndtw-6\charscalex100 slowing as well, indicating a relative bu
ildup in inventories. \up0 \expndtw-8\charscalex94 The increase in receivab
les and inventories, coupled with the fact \up0 \expndtw-8\charscalex97 th
at shareholders' equity has increased very little, has resulted \up0 \ex
pndtw-8\charscalex93 in the total debt-to-equity ratio increasing to what
would have to \up0 \expndtw-9\charscalex93 be regarded on an absolute basis
as quite a high level. \par\pard\qj \li2589\ri1052\sb0\sl-500\slmult0\fi599 \up0
\expndtw-6\charscalex100 The current and acid-test ratios have fluctuated
, but the \up0 \expndtw-9\charscalex96 current ratio is not particular
ly inspiring. \up0 \expndtw-9\charscalex92 The lack of \par\pard\qj \li258
9\ri1052\sb0\sl-500\slmult0 \up0 \expndtw-3\charscalex100 deterioration in these
ratios is clouded by the relative buildup in \line \up0 \expndtw-3\charscalex10
0 both receivables and inventories, evidencing a deterioration in the \line \up0
\expndtw-8\charscalex97 liquidity of these two assets.
Both the gross
profit and net \line \up0 \expndtw-9\charscalex97 profit margins have dec
lined substantially. \up0 \expndtw-9\charscalex97 The relationship \par\pard\q
j \li2589\ri1052\sb0\sl-500\slmult0 \up0 \expndtw-6\charscalex100 between the
two suggests that the company has reduced relative \line \up0 \expndtw-7\
charscalex100 expenses in \up0 \expndtw-9\charscalex94 20X3 in particular.
The buildup in inventories and \par\pard\qj \li2589\ri1053\sb0\sl-500\slmu
lt0 \up0 \expndtw-8\charscalex93 receivables has resulted in a decline in
the asset turnover ratio, \up0 \expndtw-8\charscalex96 and this, coupled
with the decline in profitability, has resulted \up0 \expndtw-9\charscalex
96 in a sharp decrease in the return on assets ratio. \par\pard\li1989\sb0\sl-23
0\fi0\tx2589\tx4509\tx4785\tx5181 \up0 \expndtw-7\charscalex100 3.\tab \up0 \exp
ndtw-7\charscalex100 Long-term debt\tab \dn3 \expndtw-7\charscalex100 =\tab \dn3
\expndtw-7\charscalex100 .5\tab \dn3 \expndtw-7\charscalex100 =

Long-term de
bt\par\pard\li2589\sb46\sl-230\slmult0\fi480\tx5949\tx7629 \up0 \expndtw-5\chars
calex100 Equity\tab \up0 \expndtw-5\charscalex100 $200,000\tab \up0 \expndtw-5\c
harscalex100 Long-term debt = \ul0\nosupersub\cf27\f28\fs20 $100,000\par\pard\
li2589\sb0\sl-230\slmult0\par\pard\li2589\sb40\sl-230\slmult0\fi0 \up0 \expndtw5\charscalex100 \ul0\nosupersub\cf28\f29\fs20 Total liabilities and shareholders
' equity = \ul0\nosupersub\cf27\f28\fs20 $400,000\par\pard\li2589\sb0\sl-230\s
lmult0\par\pard\li2589\sb40\sl-230\slmult0\fi0 \up0 \expndtw-5\charscalex100 \ul
0\nosupersub\cf28\f29\fs20 Total assets = \ul0\nosupersub\cf27\f28\fs20 $400,0
tx4269\tx4629\tx5229\tx5829 \up0 \expndtw-5\charscalex100 \ul0\nosupersub\cf28\f
29\fs20 Sales\tab \dn3 \expndtw-5\charscalex100 =\tab \dn3 \expndtw-5\charscalex
100 2.5\tab \dn3 \expndtw-5\charscalex100 =\tab \up0 \expndtw-5\charscalex100 Sa
les\par\pard\li2589\sb20\sl-230\slmult0\fi0\tx5589\tx7629\tx8469\tx8829 \up0 \ex
pndtw-5\charscalex100 Total assets\tab \up0 \expndtw-5\charscalex100 $400,000\ta
b \up0 \expndtw-5\charscalex100 Sales\tab \up0 \expndtw-5\charscalex100 =\tab \u
p0 \expndtw-5\charscalex100 \ul0\nosupersub\cf27\f28\fs20 $1,000,000\par\pard\ql
\li2589\sb0\sl-230\slmult0 \par\pard\ql\li2589\sb139\sl-230\slmult0\tx4989\tx53
49 \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf28\f29\fs20 Cost of goods sol
d \tab \up0 \expndtw-3\charscalex100 = \tab \up0 \expndtw-5\charscalex100 (1 gross profit margin)(Sales) \par\pard\li4989\sb51\sl-230\slmult0\fi0\tx5349\tx75
09\tx7869 \up0 \expndtw-3\charscalex100 =\tab \up0 \expndtw-3\charscalex100 (.9)
($1,000,000)\tab \up0 \expndtw-3\charscalex100 =\tab \up0 \expndtw-3\charscalex1
00 \ul0\nosupersub\cf27\f28\fs20 $900,000\par\pard\li2589\sb0\sl-230\slmult0\par
\pard\li2589\sb40\sl-230\slmult0\fi0\tx4989\tx5469\tx6789\tx7149 \up0 \expndtw-3
\charscalex100 \ul0\nosupersub\cf28\f29\fs20 Cost of goods sold\tab \dn2 \expndt
w-3\charscalex100 =\tab \up0 \expndtw-3\charscalex100 $900,000\tab \dn2 \expndtw
-3\charscalex100 =\tab \dn2 \expndtw-3\charscalex100 9\par\pard\li2589\sb20\sl-2
30\slmult0\fi480\tx5349\tx7629\tx8949\tx9309 \up0 \expndtw-3\charscalex100 Inven
tory\tab \up0 \expndtw-3\charscalex100 Inventory\tab \up0 \expndtw-3\charscalex1
00 Inventory\tab \up0 \expndtw-3\charscalex100 =\tab \up0 \expndtw-3\charscalex1
00 \ul0\nosupersub\cf27\f28\fs20 $100,000\par\pard\li1989\sb0\sl-207\slmult0\par
89\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl207\slmult0\par\pard\li1989\sb22\sl-207\slmult0\fi0\tx10430 \up0 \expndtw-2\char
}
}}
}

}}
}
}}
}
}}
}
}}
}
g86}{\bkmkend Pg86}\par\pard\sect\sectd\sbknone\cols2\colno1\colw5309\colsr160\c
olno2\colw6291\colsr160\ql \li1989\sb0\sl-207\slmult0 \par\pard\ql \li1989\sb0\s
l-207\slmult0 \par\pard\ql \li1989\sb53\sl-207\slmult0 \up0 \expndtw-2\charscale
x100 \ul0\nosupersub\cf13\f14\fs18 Chapter 6: Financial Statement Analysis\par\p
ard\ql \li2589\sb0\sl-230\slmult0 \par\pard\ql \li2589\sb0\sl-230\slmult0 \par\p
ard\ql \li2589\sb46\sl-230\slmult0 \up0 \expndtw-6\charscalex100 \ul0\nosupersub
\cf28\f29\fs20 Receivables x 360 days\par\pard\ql \li3429\sb20\sl-230\slmult0 \
up0 \expndtw-3\charscalex100 $1,000,000\par\pard\ql \li2589\sb0\sl-230\slmult0 \
par\pard\ql \li2589\sb40\sl-230\slmult0\tx4504\tx4864 \up0 \expndtw-9\charscalex
91 Cash + $50,000\tab \up0 \expndtw-3\charscalex100 =\tab \up0 \expndtw-3\char
scalex100 1\par\pard\ql \li2949\sb38\sl-209\slmult0 \up0 \expndtw-3\charscalex10

0 $100,000\par\pard\column \ql \li7846\sb0\sl-207\slmult0 \par\pard\ql \li7846\s
b0\sl-207\slmult0 \par\pard\ql \li2397\sb53\sl-207\slmult0 \up0 \expndtw-2\chars
calex100 \ul0\nosupersub\cf13\f14\fs18 Pearson Education Limited 2005\par\pard\q
l \li20\sb86\sl-230\slmult0\tx385 \up0 \expndtw-3\charscalex100 \ul0\nosupersub\
cf28\f29\fs20 =\tab \up0 \expndtw-3\charscalex100 18 days\par\pard\ql \li2180\sb
1\sl-205\slmult0\tx3745\tx4105 \up0 \expndtw-3\charscalex100 Receivables\tab \up
0 \expndtw-3\charscalex100 =\tab \up0 \expndtw-3\charscalex100 \ul0\nosupersub\c
f27\f28\fs20 $50,000\par\pard\ql \li7629\sb0\sl-230\slmult0 \par\pard\ql \li7629
\sb0\sl-230\slmult0 \par\pard\ql \li2180\sb65\sl-230\slmult0\tx2905\tx3265 \up0
\expndtw-3\charscalex100 \ul0\nosupersub\cf28\f29\fs20 Cash\tab \up0 \expndtw-3\
charscalex100 =\tab \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf27\f28\fs20
$50,000 \par\pard\sect\sectd\sbknone \ql \li2589\sb0\sl-230\slmult0 \par\pard\ql
\li2589\sb22\sl-230\slmult0 \up0 \expndtw-4\charscalex100 \ul0\nosupersub\cf28\f
29\fs20 Plant and equipment (plug figure on left-hand side \par\pard\li2829\sb3
8\sl-230\slmult0\fi0\tx5589\tx5949 \up0 \expndtw-3\charscalex100 of the balance
sheet)\tab \up0 \expndtw-3\charscalex100 =\tab \up0 \expndtw-3\charscalex100 \ul
0\nosupersub\cf27\f28\fs20 $200,000\par\pard\ql \li5709\sb0\sl-230\slmult0 \par\
pard\ql\li5709\sb0\sl-230\slmult0 \par\pard\ql\li5709\sb2\sl-230\slmult0 \up0 \e
xpndtw-3\charscalex100 BALANCE SHEET \par\pard\li1989\sb0\sl-230\slmult0\par\par
9\tx9189 \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf28\f29\fs20 Cash\tab \u
p0 \expndtw-3\charscalex100 $ 50,000\tab \up0 \expndtw-3\charscalex100 Notes an
d payables\tab \up0 \expndtw-3\charscalex100 $100,000\par\pard\li1989\sb20\sl-23
0\slmult0\fi0\tx4629\tx6189\tx9309 \up0 \expndtw-3\charscalex100 Accounts receiv
able\tab \up0 \expndtw-3\charscalex100 50,000\tab \up0 \expndtw-3\charscalex100
Long-term debt\tab \up0 \expndtw-3\charscalex100 100,000\par\pard\li1989\sb21\sl
-230\slmult0\fi0\tx4509\tx6189\tx9309 \up0 \expndtw-3\charscalex100 Inventory\ta
b \up0 \expndtw-3\charscalex100 100,000\tab \up0 \expndtw-3\charscalex100 Common
stock\tab \up0 \expndtw-3\charscalex100 100,000\par\pard\li1989\sb19\sl-230\slm
ult0\fi0\tx4509\tx6189\tx9309 \up0 \expndtw-3\charscalex100 Plant and equipment\
tab \up0 \expndtw-3\charscalex100 200,000\tab \up0 \expndtw-3\charscalex100 Reta
ined earnings\tab \up0 \expndtw-3\charscalex100 100,000\par\pard\li1989\sb20\sl230\slmult0\fi120\tx4389\tx6309\tx9189 \up0 \expndtw-3\charscalex100 Total\tab \
up0 \expndtw-3\charscalex100 $400,000\tab \up0 \expndtw-3\charscalex100 Total\ta
b \up0 \expndtw-3\charscalex100 $400,000\par\pard\li1989\sb0\sl-230\slmult0\par\
9\sb0\sl-230\slmult0\par\pard\li1989\sb7\sl-230\slmult0\fi0 \up0 \expndtw-3\char
scalex100 4.\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb16\sl-230\slmu
lt0\fi120\tx6069\tx7749\tx9309 \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf2
7\f28\fs20 COMMON-SIZE ANALYSIS (%)\tab \up0 \expndtw-3\charscalex100 20X1\tab
\up0 \expndtw-3\charscalex100 20X2\tab \up0 \expndtw-3\charscalex100 20X3\par\pa
rd\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb17\sl-230\slmult0\fi0\tx6189\tx78
69\tx9429 \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf28\f29\fs20 Cash\tab \
up0 \expndtw-3\charscalex100 7.9\tab \up0 \expndtw-3\charscalex100 3.8\tab \up0
\expndtw-3\charscalex100 1.7\par\pard\li1989\sb19\sl-230\slmult0\fi0\tx6069\tx77
49\tx9309 \up0 \expndtw-3\charscalex100 Receivables\tab \up0 \expndtw-3\charscal
ex100 27.5\tab \up0 \expndtw-3\charscalex100 27.8\tab \up0 \expndtw-3\charscalex
100 34.0\par\pard\li1989\sb21\sl-230\slmult0\fi0\tx6069\tx7749\tx9309 \up0 \expn
dtw-3\charscalex100 Inventories\tab \up0 \expndtw-3\charscalex100 28.4\tab \up0
\expndtw-3\charscalex100 25.4\tab \up0 \expndtw-3\charscalex100 27.6\par\pard\li
0 Current assets\tab \up0 \expndtw-3\charscalex100 63.8\tab \up0 \expndtw-3\char
scalex100 57.0\tab \up0 \expndtw-3\charscalex100 63.3\par\pard\li1989\sb20\sl-23
0\slmult0\fi0\tx6069\tx7749\tx9309 \up0 \expndtw-3\charscalex100 Net fixed asset
s\tab \up0 \expndtw-3\charscalex100 36.2\tab \up0 \expndtw-3\charscalex100 43.0\
tab \up0 \expndtw-3\charscalex100 36.7\par\pard\li1989\sb21\sl-230\slmult0\fi119
\tx5949\tx7629\tx9189 \up0 \expndtw-3\charscalex100 Total assets\tab \up0 \expnd
tw-3\charscalex100 100.0\tab \up0 \expndtw-3\charscalex100 100.0\tab \up0 \expnd
tw-3\charscalex100 100.0\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb0\
sl-230\slmult0\par\pard\li1989\sb36\sl-230\slmult0\fi0\tx6069\tx7749\tx9309 \up0
\expndtw-3\charscalex100 Payables\tab \up0 \expndtw-3\charscalex100 26.1\tab \u
p0 \expndtw-3\charscalex100 28.6\tab \up0 \expndtw-3\charscalex100 30.4\par\pard
00 Accruals\tab \up0 \expndtw-3\charscalex100 4.2\tab \up0 \expndtw-3\charscalex
100 5.0\tab \up0 \expndtw-3\charscalex100 4.9\par\pard\li1989\sb21\sl-230\slmult
0\fi0\tx6189\tx7869\tx9429 \up0 \expndtw-3\charscalex100 Bank loan\tab \up0 \exp
ndtw-3\charscalex100 3.5\tab \up0 \expndtw-3\charscalex100 8.7\tab \up0 \expndtw
-3\charscalex100 8.8\par\pard\li1989\sb20\sl-230\slmult0\fi119\tx6069\tx7749\tx9
309 \up0 \expndtw-3\charscalex100 Current liabilities\tab \up0 \expndtw-3\charsc
alex100 33.8\tab \up0 \expndtw-3\charscalex100 42.3\tab \up0 \expndtw-3\charscal
ex100 44.1\par\pard\li1989\sb19\sl-230\slmult0\fi0\tx6189\tx7869\tx9429 \up0 \ex
pndtw-3\charscalex100 Long-term debt\tab \up0 \expndtw-3\charscalex100 7.0\tab \
up0 \expndtw-3\charscalex100 9.7\tab \up0 \expndtw-3\charscalex100 8.0\par\pard\
li1989\sb21\sl-230\slmult0\fi0\tx6069\tx7749\tx9309 \up0 \expndtw-3\charscalex10
0 Shareholders' equity\tab \up0 \expndtw-3\charscalex100 59.2\tab \up0 \expndtw3\charscalex100 48.0\tab \up0 \expndtw-3\charscalex100 47.9\par\pard\li1989\sb20
\sl-230\slmult0\fi119 \up0 \expndtw-3\charscalex100 Total liabilities\par\pard\l
00 and shareholders' equity\tab \up0 \expndtw-3\charscalex100 100.0\tab \up0 \ex
l-230\slmult0\fi0\tx5949\tx7629\tx9189 \up0 \expndtw-3\charscalex100 Sales\tab \
up0 \expndtw-3\charscalex100 100.0\tab \up0 \expndtw-3\charscalex100 100.0\tab \
up0 \expndtw-3\charscalex100 100.0\par\pard\li1989\sb20\sl-230\slmult0\fi0\tx606
9\tx7749\tx9309 \up0 \expndtw-3\charscalex100 Cost of goods sold\tab \up0 \expnd
tw-3\charscalex100 72.0\tab \up0 \expndtw-3\charscalex100 74.4\tab \up0 \expndtw
-3\charscalex100 73.5\par\pard\li1989\sb20\sl-230\slmult0\fi0 \up0 \expndtw-3\ch
arscalex100 Selling, general, and\par\pard\li1989\sb20\sl-230\slmult0\fi119\tx60
69\tx7749\tx9309 \up0 \expndtw-3\charscalex100 administrative expenses\tab \up0
\expndtw-3\charscalex100 19.2\tab \up0 \expndtw-3\charscalex100 16.5\tab \up0 \e
xpndtw-3\charscalex100 17.1\par\pard\li1989\sb20\sl-230\slmult0\fi0\tx6189\tx786
9\tx9429 \up0 \expndtw-3\charscalex100 Interest\tab \up0 \expndtw-3\charscalex10
0 0.6\tab \up0 \expndtw-3\charscalex100 1.3\tab \up0 \expndtw-3\charscalex100 1.
\charscalex100 Profit before taxes\tab \up0 \expndtw-3\charscalex100 8.2\tab \up
0 \expndtw-3\charscalex100 7.8\tab \up0 \expndtw-3\charscalex100 8.2\par\pard\li
Taxes\tab \up0 \expndtw-3\charscalex100 3.3\tab \up0 \expndtw-3\charscalex100 3.
0\tab \up0 \expndtw-3\charscalex100 3.5\par\pard\li1989\sb20\sl-230\slmult0\fi11
9\tx6189\tx7869\tx9429 \up0 \expndtw-3\charscalex100 Profit after taxes\tab \up0
\expndtw-3\charscalex100 4.9\tab \up0 \expndtw-3\charscalex100 4.8\tab \up0 \ex
pndtw-3\charscalex100 4.7\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0
pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb83\sl-207\slmult0\fi0\tx10430 \
up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Van Horne and Wachowi
cz: \ul0\nosupersub\cf14\f15\fs18 Fundamentals of Financial Management,\ul0\nosu
persub\cf13\f14\fs18 12e\tab \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf15
\f16\fs18 84
}

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}}
\up0 \expndtw-3\charscalex100 Pearson Education Limited 2005\par\pard\li1989\sb
lmult0\par\pard\li1989\sb42\sl-230\slmult0\fi0\tx6309\tx8109\tx9549 \up0 \expndt
w-3\charscalex100 \ul0\nosupersub\cf27\f28\fs20 INDEX ANALYSIS (%)\tab \up0 \ex
pndtw-3\charscalex100 20X1\tab \up0 \expndtw-3\charscalex100 20X2\tab \up0 \expn
dtw-3\charscalex100 20X3\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb17
\sl-230\slmult0\fi0\tx6189\tx8109\tx9549 \up0 \expndtw-3\charscalex100 \ul0\nosu
persub\cf28\f29\fs20 Cash\tab \up0 \expndtw-3\charscalex100 100.0\tab \up0 \expn
dtw-3\charscalex100 69.0\tab \up0 \expndtw-3\charscalex100 36.0\par\pard\li1989\
sb20\sl-230\slmult0\fi0\tx6189\tx7989\tx9429 \up0 \expndtw-3\charscalex100 Recei
vables\tab \up0 \expndtw-3\charscalex100 100.0\tab \up0 \expndtw-3\charscalex100
t0\fi0\tx6189\tx7989\tx9429 \up0 \expndtw-3\charscalex100 Inventories\tab \up0 \
expndtw-3\charscalex100 100.0\tab \up0 \expndtw-3\charscalex100 128.7\tab \up0 \
expndtw-3\charscalex100 161.8\par\pard\li1989\sb20\sl-230\slmult0\fi119\tx6189\t
x7989\tx9429 \up0 \expndtw-3\charscalex100 Current assets\tab \up0 \expndtw-3\ch

arscalex100 100.0\tab \up0 \expndtw-3\charscalex100 128.9\tab \up0 \expndtw-3\ch
arscalex100 165.5\par\pard\li1989\sb20\sl-230\slmult0\fi0\tx6189\tx7989\tx9429 \
up0 \expndtw-3\charscalex100 Net fixed assets\tab \up0 \expndtw-3\charscalex100
169.1\par\pard\li1989\sb20\sl-230\slmult0\fi119\tx6189\tx7989\tx9429 \up0 \expnd
tw-3\charscalex100 Total assets\tab \up0 \expndtw-3\charscalex100 100.0\tab \up0
\expndtw-3\charscalex100 144.3\tab \up0 \expndtw-3\charscalex100 166.8\par\pard
9\tx9429 \up0 \expndtw-3\charscalex100 Payables\tab \up0 \expndtw-3\charscalex10
0 194.0\par\pard\li1989\sb19\sl-230\slmult0\fi0\tx6189\tx7989\tx9429 \up0 \expnd
tw-3\charscalex100 Accruals\tab \up0 \expndtw-3\charscalex100 100.0\tab \up0 \ex
989\sb21\sl-230\slmult0\fi0\tx6189\tx7989\tx9429 \up0 \expndtw-3\charscalex100 B
ank loan\tab \up0 \expndtw-3\charscalex100 100.0\tab \up0 \expndtw-3\charscalex1
00 360.0\tab \up0 \expndtw-3\charscalex100 420.0\par\pard\li1989\sb20\sl-230\slm
ult0\fi119\tx6189\tx7989\tx9429 \up0 \expndtw-3\charscalex100 Current liabilitie
s\tab \up0 \expndtw-3\charscalex100 100.0\tab \up0 \expndtw-3\charscalex100 180.
7\tab \up0 \expndtw-3\charscalex100 217.6\par\pard\li1989\sb19\sl-230\slmult0\fi
0\tx6189\tx7989\tx9429 \up0 \expndtw-3\charscalex100 Long-term debt\tab \up0 \ex
pndtw-3\charscalex100 100.0\tab \up0 \expndtw-3\charscalex100 200.0\tab \up0 \ex
pndtw-3\charscalex100 190.0\par\pard\li1989\sb21\sl-230\slmult0\fi0\tx6189\tx798
9\tx9429 \up0 \expndtw-3\charscalex100 Shareholders' equity\tab \up0 \expndtw-3\
charscalex100 100.0\tab \up0 \expndtw-3\charscalex100 117.0\tab \up0 \expndtw-3\
charscalex100 135.1\par\pard\li1989\sb20\sl-230\slmult0\fi119 \up0 \expndtw-3\ch
arscalex100 Total liabilities\par\pard\li1989\sb19\sl-230\slmult0\fi239\tx6189\t
x7989\tx9429 \up0 \expndtw-3\charscalex100 and shareholders' equity\tab \up0 \ex
pndtw-3\charscalex100 100.0\tab \up0 \expndtw-3\charscalex100 144.3\tab \up0 \ex
pndtw-3\charscalex100 166.8\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\s
b0\sl-230\slmult0\par\pard\li1989\sb60\sl-230\slmult0\fi0\tx6189\tx7989\tx9429 \
up0 \expndtw-3\charscalex100 Sales\tab \up0 \expndtw-3\charscalex100 100.0\tab \
up0 \expndtw-3\charscalex100 126.0\tab \up0 \expndtw-3\charscalex100 137.8\par\p
ard\li1989\sb21\sl-230\slmult0\fi0\tx6189\tx7989\tx9429 \up0 \expndtw-3\charscal
ex100 Cost of goods sold\tab \up0 \expndtw-3\charscalex100 100.0\tab \up0 \expnd
tw-3\charscalex100 130.3\tab \up0 \expndtw-3\charscalex100 140.8\par\pard\li1989
\sb20\sl-230\slmult0\fi0 \up0 \expndtw-3\charscalex100 Selling, general, and\par
\pard\li1989\sb19\sl-230\slmult0\fi119\tx6189\tx7989\tx9429 \up0 \expndtw-3\char
scalex100 administrative expenses\tab \up0 \expndtw-3\charscalex100 100.0\tab \u
p0 \expndtw-3\charscalex100 108.6\tab \up0 \expndtw-3\charscalex100 101.8\par\pa
x100 Interest\tab \up0 \expndtw-3\charscalex100 100.0\tab \up0 \expndtw-3\charsc
alex100 257.5\tab \up0 \expndtw-3\charscalex100 273.9\par\pard\li1989\sb20\sl-23
0\slmult0\fi239\tx6189\tx7989\tx9429 \up0 \expndtw-3\charscalex100 Profit before
taxes\tab \up0 \expndtw-3\charscalex100 100.0\tab \up0 \expndtw-3\charscalex100
t0\fi0\tx6189\tx7989\tx9429 \up0 \expndtw-3\charscalex100 Taxes\tab \up0 \expndt
w-3\charscalex100 100.0\tab \up0 \expndtw-3\charscalex100 115.9\tab \up0 \expndt
w-3\charscalex100 147.7\par\pard\li1989\sb21\sl-230\slmult0\fi119\tx6189\tx7989\
tx9429 \up0 \expndtw-3\charscalex100 Profit after taxes\tab \up0 \expndtw-3\char
scalex100 100.0\tab \up0 \expndtw-3\charscalex100 122.2\tab \up0 \expndtw-3\char
scalex100 130.2\par\pard\qj \li1989\sb0\sl-500\slmult0 \par\pard\qj\li1989\ri105
0\sb431\sl-500\slmult0\fi599 \up0 \expndtw-5\charscalex100 The common-size ana
lysis shows that cash declined dramatically \line \up0 \expndtw-4\charscale
x100 relative to other current assets and total assets in general.
Net fixed
\line \up0 \expndtw-8\charscalex92 assets surged in 20X2, but then fell b
ack as a percentage of the total \line \up0 \expndtw-9\charscalex92 to al
most the \up0 \expndtw-9\charscalex92 20X1 percentage.
The absolute amoun
ts suggest that the \par\pard\qj \li1989\ri1050\sb0\sl-500\slmult0 \up0 \expn
dtw-8\charscalex92 company spent less than its depreciation on fixed ass
ets in 20X3.
With \line \up0 \expndtw-6\charscalex100 respect to financin
g, shareholders' equity has not kept up, so the \line \up0 \expndtw-8\ch
arscalex94 company has had to use somewhat more debt percentage-wise.
It appears \line \up0 \expndtw-8\charscalex95 to be leaning more on trade
credit as a financing source as payables \line \up0 \expndtw-4\charscale
x100 increased percentage-wise.
Bank loans and long-term debt also increased
\line \up0 \expndtw-6\charscalex100 sharply in 20X2, no doubt to finance the bu
lge in net fixed assets.
The \par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1
ult0\fi0\tx10430 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Van
Horne and Wachowicz: \ul0\nosupersub\cf14\f15\fs18 Fundamentals of Financial Ma
nagement,\ul0\nosupersub\cf13\f14\fs18 12e\tab \up0 \expndtw-2\charscalex100 \u
l0\nosupersub\cf15\f16\fs18 85
}
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sb228\sl-230\slmult0\tx6849 \up0 \expndtw-9\charscalex100 \ul0\nosupersub\cf28\f
29\fs20 bank loan remained about the same in \tab \up0 \expndtw-9\charscal
ex97 20X3 as a percentage of total \par\pard\qj \li1989\ri1050\sb47\sl-500\
slmult0 \up0 \expndtw-2\charscalex100 liabilities and shareholders' equity, whil
e long-term debt declined as a \line \up0 \expndtw-8\charscalex98 percentage.
Profit after taxes slipped slightly as a percentage of \line \up0 \exp
ndtw-8\charscalex89 sales over the 3 years.
In 20X2, this decline was
a result of the cost \line \up0 \expndtw-2\charscalex100 of goods sold and

interest expense, as other expenses and taxes declined \line \up0 \expndtw-9\cha
rscalex92 as a percentage of sales.
In \up0 \expndtw-9\charscalex93 20X3,
cost of goods sold declined as a \par\pard\qj \li1989\ri1093\sb0\sl-500\
slmult0 \up0 \expndtw-2\charscalex100 percentage of sales, but this was more tha
n offset by increases in other \up0 \expndtw-3\charscalex100 expenses and taxes
as percentages of sales. \par\pard\qj \li1989\ri1050\sb0\sl-500\slmult0\fi599 \u
p0 \expndtw-8\charscalex94 Index analysis shows much the same picture.
Cash declined faster \line \up0 \expndtw-8\charscalex96 than total assets a
nd current assets, and receivables increased faster \line \up0 \expndtw-8\
charscalex95 than these two benchmarks.
Inventories fluctuated, but wer
e about the \line \up0 \expndtw-8\charscalex90 same percentage-wise to tota
l assets in 20X3 as they were in 20X1.
Net \line \up0 \expndtw-8\char
scalex94 fixed assets increased more sharply than total assets in 20X2
and then \line \up0 \expndtw-8\charscalex90 fell back into line in 20X3.
The sharp increase in bank loans in 20X2 \line \up0 \expndtw-8\charsca
lex94 and 20X3 and the sharp increase in long-term debt in 20X2, alon
g with \line \up0 \expndtw-6\charscalex100 the accompanying increases in in
terest expenses, are evident.
The \line \up0 \expndtw-8\charscalex98 perc
entage increases in shareholders' equity were less than those for \line
\up0 \expndtw-8\charscalex94 total assets, so debt increased by a larger
percentage than for either \line \up0 \expndtw-8\charscalex96 of the othe
r two items.
With respect to profitability, net profits \line \up0 \e
xpndtw-9\charscalex96 increased less than sales, for the reasons indicated earli
er. \par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmult0\par\p
\sb109\sl-207\slmult0\fi0\tx10430 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\
\charscalex100 \ul0\nosupersub\cf15\f16\fs18 86\par\pard\sect\sectd\fs24\paperw1
1900\paperh16840{\shp
z-10000\shplid88
ffd8ffe000104a46494600010101006000600000ffdb004300010101010101010101010101010101
01010101010101010101010101010101010101010101010101010101010101010101010101010101
010101010101010101ffdb0043010101010101010101010101010101010101010101010101010101
0101010101010101010101010101010101010101010101010101010101010101010101010101ffc0
00110803e702c203012200021101031101ffc4001f00000105010101010101000000000000000001
02030405060708090a0bffc400b5100002010303020403050504040000017d010203000411051221
31410613516107227114328191a1082342b1c11552d1f02433627282090a161718191a2526272829
2a3435363738393a434445464748494a535455565758595a636465666768696a737475767778797a
0101010101010101010000000000000102030405060708090a0bffc400b511000201020404030407
05040400010277000102031104052131061241510761711322328108144291a1b1c109233352f015
6272d10a162434e125f11718191a262728292a35363738393a434445464748494a53545556575859
5a636465666768696a737475767778797a82838485868788898a92939495969798999aa2a3a4a5a6
5f95c12be8b55add5959b6ac1451457cf1e605145140051451400514514005145140051451400514
51400514514005145140051451400514514005145140051451400514514005145140051451400514
514005145140051451400514514005145140051451400514514005145140057e20ff00c1c35109bf
45001451450014514500145145001451450014514500145145001451450014514500145145001451
45001451450014514500145145001451450014514500145145001451450014514500145145001451
14005145140051451400514514005145140051451400514514005145140051451400514514005145
14005145140051451400514514005145140051451400514514005145140051451400514514005145
b94a314a3293926d9451457f3c9fa705145140051451400514514005145140051451400514514005
14514005145140051451400514514005145140051451400514514005145140051451400514514005
145140051451400514514005145140051451400514514005145140057e627fc15f003fb11f8d0330
40051451400514514005145140051451400514514005145140051451400514514005145140051451
40051451400514514005145140051451400514514005145140051451400514514005145140051451
40051451400514514005145140051451400514514005145140051451400514514005145140051451
40051451400514514005145140051451400514514005145140051451400514514005145140051451
40051451400514514005145140051451400514514005145140051451400514514005145140051451
40051451400514514005145140051451400514514005145140051451400514514005145140051451
40051451400514514005145140051451400514514005145140051451400514514005145140051451
40051451400514514005145140051451400514514005145140051451400514514005145140051451
40051451400514514005145140051451400514514005145140051451400514514005145140051451
40051451400514514005145140051451400514514005145140051451400514514005145140051451
40051451400514514005145140051451400514514005145140051451400514514005145140051451
40051451400514514005145140051451400514514005145140051451400514514005145140051451
40051451400514514005145140051451400514514005145140051451400514514005145140051451
40051451400514514005145140051451400514514005145140051451400514514005145140051451
40051451400514514005145140051451400514514005145140051451400514514005145140051451
40051451400514514005145140051451400514514005145140051451400514514005145140051451
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e2dffc28cb7ff92f5fe9e87fc4bf710ffd0e72bffc1788f2f2f37f7799fc5dfed01ff2457e25ff00
d8a7a9ff00e8b15fea315f84b71ff06e87fc137f5088d9eb36bfb4a6bda54cd18d4344d63f6a1f8b
d75a4eab6a92a492d86a56cbafc2f3d95d2a79373124b13bc2ceab22310c3f76abf877e95fe3ef0f
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babeccfd97c31e07c7703e0333c263b1786c5cf1d8ca389a72c32a918c234e87b37192a893bdf54d
6960a28a2bf940fd3828a28a0028a28a0028a28a0028a28a0028a28a0028a28a0028a28a0028a28a
0028a28a00ffd9}}}}}\pard\sb0\sl-240{\bkmkstart Pg89}{\bkmkend Pg89}\par\pard\ql
i7854\sb75\sl-207\slmult0 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf13\f14
\fs18 Pearson Education Limited 2005 \par\pard\ql \li4149\sb0\sl-690\slmult0 \pa

rd\ql\li4149\sb464\sl-690\slmult0 \up0 \expndtw0\charscalex97 \ul0\nosupersub\cf
22\f23\fs60 7 \par\pard\ql \li4149\ri1289\sb10\sl-570\slmult0 \up0 \expndtw0\cha
rscalex97 \ul0\nosupersub\cf23\f24\fs50 Funds Analysis, Cash-Flow \line \up0 \ex
pndtw0\charscalex97 Analysis, and Financial \line \up0 \expndtw0\charscalex98 Pl
anning \par\pard\qj \li3333\sb0\sl-380\slmult0 \par\pard\qj\li3333\sb0\sl-380\sl
ard\qj\li3333\sb0\sl-380\slmult0 \par\pard\qj\li3333\ri1016\sb27\sl-380\slmult0\
fi2 \up0 \expndtw0\charscalex100 \ul0\nosupersub\cf25\f26\fs32 Forecasting is ve
ry difficult, especially if it is about the \up0 \expndtw0\charscalex101 future.
\par\pard\ql \li8657\sb250\sl-368\slmult0 \up0 \expndtw0\charscalex92 ANONYMOUS
\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmult0\par\pard
40\pard\sb0\sl-240{\bkmkstart Pg90}{\bkmkend Pg90}\par\pard\li1989\sb0\sl-207\sl
0\tx7854 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 7:
Funds Analysis, Cash Flow Analysis, and Financial Planning\tab \up0 \expndtw-2\c
\par\pard\ql\li1989\sb224\sl-230\slmult0 \up0 \expndtw-3\charscalex100 \ul0\nos
upersub\cf27\f28\fs20 ANSWERS TO QUESTIONS \par\pard\ql \li1989\sb0\sl-230\slmul
t0 \par\pard\ql\li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb210\sl-230\slmul
t0\tx2589\tx4430 \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf28\f29\fs20 1.
\tab \up0 \expndtw-9\charscalex97 Flow of funds \tab \up0 \expndtw-8\charscale
x100 (sources and uses) statements provide the analyst \par\pard\qj \li258
9\ri1050\sb47\sl-500\slmult0 \up0 \expndtw-5\charscalex100 with information ge
nerally being about year-to-year changes in \line \up0 \expndtw-8\charscale
x96 assets and how these changes are financed.
It is important to \
line \up0 \expndtw-8\charscalex93 recognize that these sources and uses of
funds are changes in the \line \up0 \expndtw-8\charscalex92 balance sheet
that occur from one point in time to another without \line \up0 \expn
dtw-5\charscalex100 revealing any information about the interim time period.
Also, the \line \up0 \expndtw-4\charscalex100 sources and uses of funds sta
tement does not represent cash \line \up0 \expndtw-5\charscalex100 movements
.
The cash budget, on the other hand, represents the flow \line \up0 \expndtw
-5\charscalex100 of cash and is usually short-run (month-to-month) in nature. \
par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb0\sl-230\slmult0 \p
ar\pard\ql\li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb34\sl-230\slmult0\tx2
589 \up0 \expndtw-3\charscalex100 2. \tab \up0 \expndtw-5\charscalex100 A state
ment of cash flows reports a firm's cash inflows and \par\pard\qj \li25
89\ri1050\sb47\sl-500\slmult0 \up0 \expndtw-8\charscalex94 outflows during a
period of time segregated into three categories: \line \up0 \expndtw-8\cha
rscalex100 operating, investing, and financing activities.
When used w
ith \line \up0 \expndtw-8\charscalex97 other financial statements and disclo
sures, the statement of cash \line \up0 \expndtw-6\charscalex100 flows shou
ld help the analyst to: assess a firm's ability to \line \up0 \expndtw6\charscalex100 generate cash for dividends and investments; identify a
firm's \line \up0 \expndtw-8\charscalex96 needs for external financing;
and, understand the difference \line \up0 \expndtw-9\charscalex96 between
net income and net cash flow from operating activities. \par\pard\li1989\sb0\sl-
0\par\pard\li1989\sb51\sl-230\slmult0\fi0\tx2589 \up0 \expndtw-9\charscalex96 3.
\tab \up0 \expndtw-8\charscalex97 The variable that most directly affects
the cash budget is sales\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\
sb40\sl-230\slmult0\fi599 \up0 \expndtw-8\charscalex97 since the cash inflow
is proportional to sales and cash outflow is\par\pard\li1989\sb0\sl-230\
slmult0\par\pard\li1989\sb40\sl-230\slmult0\fi599 \up0 \expndtw-9\charscalex96 p
roportional to production, which is determined by sales.\par\pard\li1989\sb0\sl207\slmult0\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmult
}
alex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 7: Funds Analysis, Cash Flow Analy
sis, and Financial Planning\tab \up0 \expndtw-2\charscalex100 Pearson Education
Limited 2005\par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb0\sl-2
30\slmult0 \par\pard\ql\li1989\sb194\sl-230\slmult0\tx2589 \up0 \expndtw-3\chars
calex100 \ul0\nosupersub\cf28\f29\fs20 4. \tab \up0 \expndtw-8\charscalex91 Cash
planning can lower the cost of borrowing for two reasons.
By \par\
pard\qj \li2589\ri1051\sb47\sl-500\slmult0 \up0 \expndtw-3\charscalex100 knowing
ahead of time how much financing is required, the financial \up0 \expndtw-8\cha
rscalex92 manager can bargain for funds.
Also, the quality of cash p
lanning \up0 \expndtw-8\charscalex96 can convince lenders to lower their r
isk perceptions of the firm \up0 \expndtw-9\charscalex96 and, therefore, cha
rge a lower interest rate. \par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\s
\slmult0\fi0\tx2589\tx8517 \up0 \expndtw-9\charscalex93 5.\tab \up0 \expndtw-9\c
harscalex91 Cash is an asset item.
If it decreases it is\tab \up0 \ex
pndtw-9\charscalex93 (by definition) a\par\pard\li1989\sb0\sl-230\slmult0\par\
pard\li1989\sb40\sl-230\slmult0\fi599 \up0 \expndtw-8\charscalex94 source of f
unds.
The increase in any asset (cash included) is (by\par\pard\li198
harscalex93 definition) a use of funds.\par\pard\ql \li1989\sb0\sl-230\slmult0 \
r\pard\ql\li1989\sb63\sl-230\slmult0\tx2589 \up0 \expndtw-3\charscalex100 6. \ta
b \up0 \expndtw-3\charscalex100 The decrease in inventory is a source that is au
tomatically applied \par\pard\ql \li2589\sb0\sl-230\slmult0 \par\pard\ql\li2589\
sb40\sl-230\slmult0 \up0 \expndtw-3\charscalex100 as a use to finance the result
ing increase in accounts receivable. \par\pard\ql \li1989\sb0\sl-230\slmult0 \pa
pard\ql\li1989\sb80\sl-230\slmult0\tx2589 \up0 \expndtw-3\charscalex100 7. \tab
\up0 \expndtw-8\charscalex96 The purpose of accounting statements is to p
rovide information to \par\pard\qj \li2589\ri1050\sb47\sl-500\slmult0 \up0 \ex
pndtw-8\charscalex93 creditors and investors so that they may make a co

rrect assessment \line \up0 \expndtw-8\charscalex92 of the risk and return
characteristics of the firm.
The statement \line \up0 \expndtw-8\charsca
lex93 of cash flows may provide insights not apparent in studying eith
er \line \up0 \expndtw-5\charscalex100 the income statement or balance sheet.
The statement of cash flows \line \up0 \expndtw-6\charscalex100 reports the f
irm's cash inflows and outflows, during the year, \line \up0 \expndtw-6\c
harscalex100 segregated into three categories: operating, investing,
and \par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb11\sl-230\slmult0\fi0
\tx5565\tx8253 \up0 \expndtw-8\charscalex100 financing activities.\tab \up0 \ex
pndtw-8\charscalex100 (And, yes, SFAS No.\tab \up0 \expndtw-8\charscalex100 9
5 requires that a\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb40\sl230\slmult0\fi0 \up0 \expndtw-7\charscalex100 statement of cash flows be in
cluded as part of a complete set of\par\pard\li2589\sb0\sl-230\slmult0\pa
r\pard\li2589\sb40\sl-230\slmult0\fi0 \up0 \expndtw-8\charscalex100 audited fina
ncial statements.)\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207
rd\li1989\sb87\sl-207\slmult0\fi0\tx10430 \up0 \expndtw-2\charscalex100 \ul0\nos
\paperw11900\paperh16840\pard\sb0\sl-240{\bkmkstart Pg92}{\bkmkend Pg92}\par\par
3\f14\fs18 Chapter 7: Funds Analysis, Cash Flow Analysis, and Financial Planning
\tab \up0 \expndtw-2\charscalex100 Pearson Education Limited 2005\par\pard\ql \l
28\f29\fs20 8. \tab \up0 \expndtw-8\charscalex100 Some managers prefer the f
low of funds statement over the more \par\pard\ql \li2589\sb0\sl-230\slmul
t0 \par\pard\ql\li2589\sb40\sl-230\slmult0\tx7431 \up0 \expndtw-5\charscalex100
complex cash flow statement because: \tab \up0 \expndtw-7\charscalex100 (1)
unlike the cash flow \par\pard\qj \li2589\ri1051\sb47\sl-500\slmult0 \up0 \e
xpndtw-6\charscalex100 statement, the flow of funds statement does not o
mit the net \up0 \expndtw-8\charscalex93 effects of important noncash tran
sactions; and (2) it is easier to \up0 \expndtw-9\charscalex93 prepare. \p
ar\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb0\sl-230\slmult0 \pa
r\pard\ql\li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb34\sl-230\slmult0\tx25
89 \up0 \expndtw-3\charscalex100 9. \tab \up0 \expndtw-8\charscalex93 Whether o
r not depreciation is a source of funds has been debated \par\pard\qj
\li2589\ri1050\sb47\sl-500\slmult0 \up0 \expndtw-8\charscalex94 for many years
by accountants and financial analysts.
Accountants \up0 \expndtw-3\char
scalex100 argue that depreciation is an accounting entry that does not affect \u
p0 \expndtw-8\charscalex94 cash flows.
People in finance argue that whe
ther the funds from \up0 \expndtw-8\charscalex97 operations are determined
by restating the income statement on a \up0 \expndtw-8\charscalex91 cash
basis or by adding back to earnings after tax all the noncash \up0 \
expndtw-8\charscalex92 deductions, the result is the same.
Thus, the a
rgument is nothing \up0 \expndtw-8\charscalex93 more than a discussion of
semantics.
Obviously, if a firm incurs \up0 \expndtw-9\charscalex93 loss
es, depreciation does not provide funds. \par\pard\ql \li1989\ri1050\sb500\sl-50
0\slmult0\tx2589\tx2589 \up0 \expndtw-8\charscalex90 10. An insight is gain
ed with respect to the use of the funds provided \line\tab \up0 \expndt
w-8\charscalex92 by the banker as well as the source that will enable
the firm to \line \tab \up0 \expndtw-9\charscalex92 pay off the banker's loan
. \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb0\sl-230\slmult0
\up0 \expndtw-9\charscalex100 11. a)
Source/Investing \par\pard\ql \li2589\
calex100 b)
Use/Financing \par\pard\ql \li2589\sb0\sl-230\slmult0 \par\pard\q
l\li2589\sb40\sl-230\slmult0 \up0 \expndtw-7\charscalex100 c)
Use/Operating \
par\pard\ql \li2589\sb0\sl-230\slmult0 \par\pard\ql\li2589\sb40\sl-230\slmult0 \
up0 \expndtw-6\charscalex100 d)
Source/Operating \par\pard\ql \li2589\sb0\sl230\slmult0 \par\pard\ql\li2589\sb40\sl-230\slmult0 \up0 \expndtw-6\charscalex10
0 e)
Source (if tax deductible)/Operating \par\pard\ql \li2589\sb0\sl-230\sl
mult0 \par\pard\ql\li2589\sb40\sl-230\slmult0 \up0 \expndtw-6\charscalex100 f)
Source/Investing \par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-20
tw-2\charscalex100 \ul0\nosupersub\cf15\f16\fs18 90\par\pard\sect\sectd\fs24\pap
erw11900\paperh16840\pard\sb0\sl-240{\bkmkstart Pg93}{\bkmkend Pg93}\par\pard\li
\sl-207\slmult0\fi0\tx7854 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf13\f1
4\fs18 Chapter 7: Funds Analysis, Cash Flow Analysis, and Financial Planning\tab
\ul0\nosupersub\cf28\f29\fs20 12. The cash budget deals with inflows and
outflows of cash and not \line\tab \up0 \expndtw-6\charscalex100 necessari
ly accounting flows.
The cash flow is short run in \line \tab \up0 \
expndtw-3\charscalex100 nature. \up0 \expndtw-5\charscalex100 The sources and
uses of funds statement deals with \line \tab \up0 \expndtw-5\charscalex10
0 accounting flows and not necessarily cash flows. \par\pard\ql \li1989\ri1051\s
b500\sl-500\slmult0\tx2589\tx2589\tx2589 \up0 \expndtw-3\charscalex100 13. The
financial manager should concentrate on accurate projections of \line\tab \up0
\expndtw-8\charscalex97 sales as well as the projection of collections o
n credit sales. \line \tab \up0 \expndtw-8\charscalex93 The other important
estimate that must be accurate is the cost of \line \tab \up0 \expndtw9\charscalex93 production. \par\pard\ql \li1989\ri1051\sb500\sl-500\slmult0\tx25
89\tx2589\tx2589 \up0 \expndtw-8\charscalex95 14. Probably the cash budget
is a better measure of liquidity.
The \line\tab \up0 \expndtw-8\charsca
lex94 current ratio and quick ratio are historical "pictures" of accoun
t \line \tab \up0 \expndtw-5\charscalex100 balances as of a particular day.
T
he cash budget is concerned with \line \tab \up0 \expndtw-5\charscalex100 events
in the future rather than historical events. \par\pard\ql \li1989\ri1051\sb500\
sl-500\slmult0\tx2589\tx2589\tx2589 \up0 \expndtw-8\charscalex96 15. Virtually
everything in the cash budget depends on sales: \line\tab \up0
\expndtw-8\charscalex94 receivables, production costs, purchases, taxes, et
c.
It is truly \line \tab \up0 \expndtw-8\charscalex96 the cornerstone on
which the cash budget is built and must come \line \tab \up0 \expndtw9\charscalex96 first in the preparation of the cash budget. \par\pard\ql \li1989
\ri1050\sb500\sl-500\slmult0\tx2589\tx2589\tx2589\tx2589\tx2589 \up0 \expndtw-4\
charscalex100 16. Forecast statements are projections of expected future
income \line\tab \up0 \expndtw-8\charscalex93 statements and balance sheets
.
The principal purpose is that they \line \tab \up0 \expndtw-8\charscal
ex96 allow us to study the composition of future financial statements.
\line \tab \up0 \expndtw-6\charscalex100 If the firm is interested in stay
ing within certain financial \line \tab \up0 \expndtw-3\charscalex100 ratios,
as is required under a loan agreement, the forecast balance \line \tab \up0 \ex
pndtw-3\charscalex100 sheet allows this determination. \par\pard\li1989\sb0\sl-2

rscalex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 7: Funds Analysis, Cash Flow An
alysis, and Financial Planning\tab \up0 \expndtw-2\charscalex100 Pearson Educati
on Limited 2005\par\pard\qj \li2589\ri1051\sb465\sl-500\slmult0 \up0 \expndtw-8\
charscalex96 \ul0\nosupersub\cf28\f29\fs20 While both the cash budget and
the forecast income statement are \line \up0 \expndtw-8\charscalex94 forecas
ts of the future, the former is monthly and involves cash, \line \up0
\expndtw-6\charscalex100 not accounting income.
Forecast statements are
quarterly, or \line \up0 \expndtw-6\charscalex100 annual, and the balance shee
t is not given by a cash budget. \par\pard\ql \li1989\ri1051\sb500\sl-500\slmult
0\tx2589\tx2589\tx2589 \up0 \expndtw-8\charscalex93 17. The two principal w
ays by which to prepare forecast statements are \line\tab \up0 \expndtw-8
\charscalex93 through a cash budget and by direct estimates of the ite
ms.
The \line \tab \up0 \expndtw-6\charscalex100 latter involves projection
s, usually on the basis of historical \line \tab \up0 \expndtw-7\charscale
x100 financial ratios.
The base starting point is projected sales. \par\pard\
l\li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb34\sl-230\slmult0 \up0 \expndt
w-3\charscalex100 \ul0\nosupersub\cf27\f28\fs20 Answers to Appendix Questions: \
par\pard\ql \li1989\sb0\sl-500\slmult0 \par\pard\ql\li1989\ri1050\sb47\sl-500\sl
mult0\tx2589\tx2589\tx2589\tx2589\tx2589\tx2589 \up0 \expndtw-3\charscalex100 \u
l0\nosupersub\cf28\f29\fs20 18. A sustainable growth rate is the maximum perce
ntage growth in sales \line\tab \up0 \expndtw-3\charscalex100 that can occur con
sistent with target operating, debt, and dividend \line \tab \up0 \expndtw-3\cha
rscalex100 ratios. \up0 \expndtw-4\charscalex100 With sustainable growth mode
ling, one can determine \line \tab \up0 \expndtw-3\charscalex100 whether the
sales growth objectives of the firm are consistent with \line \tab \up0 \expndtw
-8\charscalex97 its operating characteristics and its financial objectives
.
When \line \tab \up0 \expndtw-8\charscalex96 the marketing, operations,
and finance objectives are not mutually \line \tab \up0 \expndtw-8\charscal
ex93 consistent, this will be shown.
A change in one or more of th
e \par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb11\sl-230\slmult0\fi0\tx
6645 \up0 \expndtw-4\charscalex100 targets will need to occur.\tab \up0 \exp
ndtw-4\charscalex100 Such modeling is essential for\par\pard\li2589\sb0\sl-2
effective planning.\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-2
12e\tab \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf15\f16\fs18 92\par\par
d\sect\sectd\fs24\paperw11900\paperh16840\pard\sb0\sl-240{\bkmkstart Pg95}{\bkmk
end Pg95}\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmult0\
par\pard\li1989\sb81\sl-207\slmult0\fi0\tx7846 \up0 \expndtw-2\charscalex100 \ul
0\nosupersub\cf13\f14\fs18 Chapter 7: Funds Analysis, Cash Flow Analysis, and Fi
nancial Planning\tab \up0 \expndtw-2\charscalex100 Pearson Education Limited 200
5\par\pard\ql \li1989\ri1050\sb465\sl-500\slmult0\tx2589\tx2589\tx2589\tx2589\tx
2589\tx2589 \up0 \expndtw-7\charscalex100 \ul0\nosupersub\cf28\f29\fs20 19. St
eady-state modeling assumes that balance sheet and performance \line\tab
\up0 \expndtw-8\charscalex91 ratios do not change over time.
The future
is like the past, and \line \tab \up0 \expndtw-8\charscalex100 the firm
grows in a steady, consistent manner over time.
No \line \tab \up0 \e
xpndtw-8\charscalex96 external equity financing is assumed.
Growth is e
ntirely through \line \tab \up0 \expndtw-8\charscalex97 earnings retention co
upled with debt.
When changing assumptions \line \tab \up0 \expndtw-8\ch
arscalex92 are invoked, the ratios need not be constant over time.
M
oreover, \line \tab \up0 \expndtw-9\charscalex92 equity financing is allowed. \p
ar\pard\ql \li1989\ri1050\sb500\sl-500\slmult0\tx2589\tx2589\tx2589\tx2589\tx258
9\tx2589 \up0 \expndtw-5\charscalex100 20. The input variables are beginni
ng sales and beginning equity. \line\tab \up0 \expndtw-8\charscalex96 Target
variables are the ratio of assets-to-sales, the net profit \line \tab
\up0 \expndtw-8\charscalex94 margin, debt-to-equity, the amount of dividend
s, and the amount of \line \tab \up0 \expndtw-8\charscalex92 new stock fin
ancing.
These are in addition to the growth rate in \line \tab \up0 \
expndtw-8\charscalex100 sales.
In general, the assets-to-sales ratio an
d the debt-to-\line \tab \up0 \expndtw-8\charscalex94 equity ratio have the
greatest influence on the sustainable growth \line \tab \up0 \expndtw-9\c
harscalex94 rate. \par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207
sb0\sl-207\slmult0\par\pard\li1989\sb125\sl-207\slmult0\fi0\tx10430 \up0 \expndt
w-2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Van Horne and Wachowicz: \ul0\no
supersub\cf14\f15\fs18 Fundamentals of Financial Management,\ul0\nosupersub\cf13
\f14\fs18 12e\tab \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf15\f16\fs18 9
3\par\pard\sect\sectd\fs24\paperw11900\paperh16840\pard\sb0\sl-240{\bkmkstart Pg
96}{\bkmkend Pg96}\par\pard\sect\sectd\sbknone\cols2\colno1\colw7736\colsr110\co
lno2\colw3914\colsr160\ql \li1989\sb0\sl-207\slmult0 \par\pard\ql \li1989\sb0\sl
100 \ul0\nosupersub\cf13\f14\fs18 Chapter 7: Funds Analysis, Cash Flow Analysis,
and Financial Planning\par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql \li1
989\sb0\sl-230\slmult0 \par\pard\ql \li1989\sb46\sl-230\slmult0 \up0 \expndtw-3\
charscalex100 \ul0\nosupersub\cf27\f28\fs20 SOLUTIONS TO PROBLEMS\par\pard\ql \l
i1989\sb209\sl-230\slmult0\tx2584\tx4024 \up0 \expndtw-3\charscalex100 \ul0\nosu
persub\cf28\f29\fs20 1.\tab \up0 \expndtw-9\charscalex95 Source: -$\tab \up0 \e
xpndtw-3\charscalex100 100 Cash\par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard
\ql \li2949\sb40\sl-230\slmult0\tx4024 \up0 \expndtw-9\charscalex91 Use: +$\tab
\up0 \expndtw-3\charscalex100 700 Accounts receivable\par\pard\ql \li1989\sb0\s
l-230\slmult0 \par\pard\ql \li2589\sb40\sl-230\slmult0\tx4024 \up0 \expndtw-9\ch
arscalex95 Source: -$\tab \up0 \expndtw-3\charscalex100 300 Inventory\par\pard\
ql \li1989\sb0\sl-230\slmult0 \par\pard\ql \li2949\sb40\sl-230\slmult0\tx4024 \u
p0 \expndtw-9\charscalex91 Use: +$\tab \up0 \expndtw-3\charscalex100 400 Divide
nds paid\par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql \li2589\sb40\sl-230
\slmult0 \up0 \expndtw-5\charscalex100 Source: +$1,000 Depreciation\par\pard\ql
\li1989\sb0\sl-230\slmult0 \par\pard\ql \li2589\sb40\sl-230\slmult0\tx4024 \up0
\expndtw-9\charscalex95 Source: +$\tab \up0 \expndtw-3\charscalex100 300 Accou
nts payable\par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql \li2949\sb40\sl230\slmult0\tx4024 \up0 \expndtw-9\charscalex91 Use: -$\tab \up0 \expndtw-3\cha
rscalex100 100 Accrued expenses\par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard

\ql \li2949\sb40\sl-230\slmult0\tx4024 \up0 \expndtw-9\charscalex91 Use: -$\tab
\up0 \expndtw-3\charscalex100 200 Long-term debt\par\pard\ql \li1989\sb0\sl-230
\slmult0 \par\pard\ql \li2589\sb40\sl-230\slmult0\tx4024 \up0 \expndtw-9\charsca
lex95 Source: +$\tab \up0 \expndtw-3\charscalex100 600 Net profit\par\pard\ql \
li1989\sb0\sl-230\slmult0 \par\pard\ql \li2949\sb40\sl-230\slmult0\tx4024 \up0 \
expndtw-9\charscalex91 Use: +$\tab \up0 \expndtw-3\charscalex100 900 Additions
to fixed assets\par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql \li1989\sb0\
sl-230\slmult0 \par\pard\ql \li1989\sb111\sl-230\slmult0\tx2584 \up0 \expndtw-3\
charscalex100 2.\tab \up0 \expndtw-3\charscalex100 a)\par\pard\ql \li1989\sb0\sl
100 \ul0\nosupersub\cf27\f28\fs20 Svoboda Corporation\par\pard\ql \li1989\sb21\s
l-230\slmult0 \up0 \expndtw-3\charscalex100 Sources and uses of funds statement\
par\pard\column \ql \li1989\sb0\sl-207\slmult0 \par\pard\ql \li1989\sb0\sl-207\s
lmult0 \par\pard\ql \li20\sb53\sl-207\slmult0 \up0 \expndtw-2\charscalex100 \ul0
\nosupersub\cf13\f14\fs18 Pearson Education Limited 2005 \par\pard\sect\sectd\sb
knone \li1989\sb24\sl-230\slmult0\fi0 \up0 \expndtw-9\charscalex96 \ul0\nosupers
ub\cf27\f28\fs20 for December 31, 20X1 to December 31, 20X2 (in millions)\p
ar\pard\sect\sectd\sbknone\cols2\colno1\colw5669\colsr160\colno2\colw5931\colsr1
60\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql \li3669\sb16\sl-230\slmult0 \up0 \
expndtw-3\charscalex100 \ul0\nosupersub\cf28\f29\fs20 SOURCES\par\pard\ql \li198
9\sb0\sl-230\slmult0 \par\pard\ql \li1989\sb17\sl-230\slmult0 \up0 \expndtw-3\ch
arscalex100 Funds provided by operations:\par\pard\ql \li2589\sb20\sl-230\slmult
0 \up0 \expndtw-3\charscalex100 Net profit\par\pard\ql \li2589\sb20\sl-230\slmul
t0 \up0 \expndtw-3\charscalex100 Depreciation\par\pard\ql \li1989\sb0\sl-230\slm
ult0 \par\pard\ql \li1989\sb40\sl-230\slmult0 \up0 \expndtw-3\charscalex100 Decr
ease, other assets\par\pard\ql \li1989\ri511\sb5\sl-249\slmult0 \up0 \expndtw-3\
charscalex100 Increase, accounts payable \up0 \expndtw-3\charscalex100 Increase,
accrued taxes \up0 \expndtw-3\charscalex100 Increase, long-term debt \up0 \expn
dtw-3\charscalex100 Increase, common stock\par\pard\ql \li1989\sb0\sl-230\slmult
0 \par\pard\ql \li1989\sb37\sl-230\slmult0 \up0 \expndtw-3\charscalex100 \ul0\no
supersub\cf27\f28\fs20 Decrease, cash and equivalents\par\pard\column \ql \li582
arscalex100 \ul0\nosupersub\cf28\f29\fs20 USES\par\pard\ql \li5829\sb0\sl-230\sl
mult0 \par\pard\ql \li5829\sb0\sl-230\slmult0 \par\pard\ql \li20\sb37\sl-230\slm
ult0\tx745\tx4465 \up0 \expndtw-9\charscalex78 $ 7\tab \up0 \expndtw-3\charscal
ex100 Dividends\tab \up0 \expndtw-9\charscalex78 $ 3\par\pard\ql \li260\sb20\sl
-230\slmult0\tx745\tx4585 \up0 \expndtw-3\charscalex100 5\tab \up0 \expndtw-3\ch
arscalex100 Additions to fixed assets\tab \up0 \expndtw-3\charscalex100 10\par\p
ard\ql \li5949\sb0\sl-230\slmult0 \par\pard\ql \li260\sb40\sl-230\slmult0\tx745
\up0 \expndtw-3\charscalex100 3\tab \up0 \expndtw-3\charscalex100 Increase,\par\
pard\ql \li260\sb20\sl-230\slmult0\tx865\tx4705 \up0 \expndtw-3\charscalex100 3\
tab \up0 \expndtw-3\charscalex100 accounts receivable\tab \up0 \expndtw-3\charsc
alex100 7\par\pard\ql \li260\sb20\sl-230\slmult0\tx745\tx4705 \up0 \expndtw-3\ch
arscalex100 2\tab \up0 \expndtw-3\charscalex100 Increase, inventories\tab \up0 \
expndtw-3\charscalex100 3\par\pard\ql \li140\sb20\sl-230\slmult0\tx745\tx4585 \u
p0 \expndtw-3\charscalex100 15\tab \up0 \expndtw-3\charscalex100 Decrease, notes
payable\tab \up0 \expndtw-3\charscalex100 20\par\pard\ql \li260\sb20\sl-230\slm
ult0 \up0 \expndtw-3\charscalex100 6\par\pard\ql \li6069\sb0\sl-230\slmult0 \par
\pard\ql \li260\sb40\sl-230\slmult0 \up0 \expndtw-3\charscalex100 \ul0\nosupersu
b\cf27\f28\fs20 2\par\pard\ql \li20\sb0\sl-219\slmult0\tx4448 \up0 \expndtw-3\ch
arscalex100 \ul0\nosupersub\cf28\f29\fs20 \u9472?\u9472?\u9472? \tab \up0 \expnd
tw-3\charscalex100 \u9472?\u9472?\u9472?\par\pard\ql \li20\sb29\sl-230\slmult0\t
x4464 \up0 \expndtw-3\charscalex100 $43\tab \up0 \expndtw-3\charscalex100 $43 \p
ar\pard\sect\sectd\sbknone \li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207

}
}}
}
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}
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}
}}
lex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 7: Funds Analysis, Cash Flow Analys
is, and Financial Planning\tab \up0 \expndtw-2\charscalex100 Pearson Education L
imited 2005\par\pard\ql \li2589\sb0\sl-230\slmult0 \par\pard\ql\li2589\sb0\sl-23

\ul0\nosupersub\cf28\f29\fs20 b. \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pa
rd\ql\li1989\sb40\sl-230\slmult0 \up0 \expndtw-3\charscalex100 \ul0\nosupersub\c
f27\f28\fs20 Svoboda Corporation \par\pard\ql \li1989\sb30\sl-230\slmult0 \up0 \
expndtw-3\charscalex100 Statement of cash flows \par\pard\ql \li1989\sb10\sl-230
\slmult0 \up0 \expndtw-7\charscalex100 for the year ended December 31, 20X2 (
in millions) \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb0\sl230\slmult0 \par\pard\ql\li1989\sb150\sl-230\slmult0 \up0 \expndtw-3\charscalex1
00 \ul0\nosupersub\cf28\f29\fs20 CASH FLOW FROM OPERATING ACTIVITIES: \par\pard\
li2589\sb21\sl-230\slmult0\fi0\tldot\tx9429\tx9789 \up0 \expndtw-5\charscalex100
Net income ...\tab \up0 \expndtw-5\charscalex100 $\tab \up0 \expndtw-5\charsca
lex100 7\par\pard\li2589\sb20\sl-230\slmult0\fi0\tx9789 \up0 \expndtw-5\charscal
ex100 Depreciation ...\tab \up0 \expndtw-5\charscalex100 5\par\pard\li2589\sb20
\sl-230\slmult0\fi0 \up0 \expndtw-5\charscalex100 Cash provided (used) by curre
nt assets and\par\pard\li2589\sb20\sl-230\slmult0\fi119 \up0 \expndtw-5\charscal
ex100 operating-related current liabilities:\par\pard\li2589\sb20\sl-230\slmult0
\fi599\tx9789 \up0 \expndtw-5\charscalex100 Increase, accounts payable ...\tab
\up0 \expndtw-5\charscalex100 3\par\pard\li2589\sb20\sl-230\slmult0\fi599\tx9789
\up0 \expndtw-5\charscalex100 Increase, accrued taxes ...\tab \up0 \expndtw-5\
charscalex100 2\par\pard\li2589\sb20\sl-230\slmult0\fi599\tldot\tx9669 \up0 \exp
ndtw-5\charscalex100 Increase, accounts receivable ...\tab \up0 \expndtw-5\char
scalex100 (7)\par\pard\li2589\sb20\sl-230\slmult0\fi599\tldot\tx9669 \up0 \expnd
tw-5\charscalex100 Increase, inventories ...\tab \up0 \expndtw-5\charscalex100
(3)\par\pard\li3189\sb1\sl-217\slmult0\fi6240 \up0 \expndtw-4\charscalex100 \u94
72?\u9472?\u9472?\u9472?\par\pard\li3189\sb30\sl-230\slmult0\fi0\tx9428\tx9788 \
up0 \expndtw-4\charscalex100 Net cash provided (used) by operating activities\t
ab \up0 \expndtw-4\charscalex100 $\tab \up0 \expndtw-4\charscalex100 7\par\pard\
3\sl-230\slmult0\fi0 \up0 \expndtw-4\charscalex100 CASH FLOW FROM INVESTING ACTI
VITIES:\par\pard\li1989\sb20\sl-230\slmult0\fi599\tldot\tx9429 \up0 \expndtw-4\c
harscalex100 Additions to fixed assets ...\tab \up0 \expndtw-4\charscalex100 $(
10)\par\pard\li1989\sb19\sl-230\slmult0\fi599\tx9789 \up0 \expndtw-4\charscalex1
00 Proceeds from sale of other assets ...\tab \up0 \expndtw-4\charscalex100 3\p
ar\pard\li3189\sb1\sl-219\slmult0\fi6240 \up0 \expndtw-5\charscalex100 \u9472?\u
9472?\u9472?\u9472?\par\pard\li3189\sb28\sl-230\slmult0\fi0\tx9429 \up0 \expndtw
-5\charscalex100 Net cash provided (used) by investing activities\tab \up0 \exp
ndtw-5\charscalex100 $ (7)\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\s
b0\sl-230\slmult0\par\pard\li1989\sb60\sl-230\slmult0\fi0 \up0 \expndtw-4\charsc
alex100 CASH FLOW FROM FINANCING ACTIVITIES:\par\pard\li1989\sb20\sl-230\slmult0
\fi599\tldot\tx9429 \up0 \expndtw-4\charscalex100 Decrease in short-term bank bo
rrowings ...\tab \up0 \expndtw-4\charscalex100 $(20)\par\pard\li1989\sb20\sl-23
0\slmult0\fi599\tldot\tx9669 \up0 \expndtw-4\charscalex100 Additions to long-ter
m borrowing ...\tab \up0 \expndtw-4\charscalex100 15\par\pard\li1989\sb20\sl-23
0\slmult0\fi599\tx9789 \up0 \expndtw-4\charscalex100 Proceeds from the sale of c
ommon stock ...\tab \up0 \expndtw-4\charscalex100 6\par\pard\li1989\sb20\sl-230
\slmult0\fi599\tldot\tx9669 \up0 \expndtw-4\charscalex100 Dividends paid ...\ta
b \up0 \expndtw-4\charscalex100 (3)\par\pard\li3189\sb1\sl-217\slmult0\fi6240 \u
p0 \expndtw-5\charscalex100 \u9472?\u9472?\u9472?\u9472?\par\pard\li3189\sb30\sl
-230\slmult0\fi0\tx9429 \up0 \expndtw-5\charscalex100 Net cash provided (used)
by financing activities\tab \up0 \expndtw-5\charscalex100 $ (2)\par\pard\li1989
30\slmult0\fi0\tldot\tx9429 \up0 \expndtw-7\charscalex100 Increase (decrease) i
n cash and cash equivalents ...\tab \up0 \expndtw-7\charscalex100 $ (2)\par\pa
rd\li1989\sb21\sl-230\slmult0\fi0\tx9789 \up0 \expndtw-7\charscalex100 Cash and
cash equivalents, December 31, 20X1 ...\tab \up0 \expndtw-7\charscalex100 5\p
ar\pard\li1989\sb1\sl-216\slmult0\fi7440 \up0 \expndtw-7\charscalex100 \u9472?\u
9472?\u9472?\u9472?\par\pard\li1989\sb30\sl-230\slmult0\fi0\tldot\tx9429\tx9789
\up0 \expndtw-7\charscalex100 Cash and cash equivalents, December 31, 20X2 ..
.\tab \up0 \expndtw-7\charscalex100 $\tab \up0 \expndtw-7\charscalex100 3\par\pa
30\slmult0\fi0 \up0 \expndtw-5\charscalex100 Supplemental cash flow disclosures:
\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl-230\slmult0\fi599\tl
dot\tx9429\tx9789 \up0 \expndtw-5\charscalex100 Interest paid ...\tab \up0 \exp
ndtw-5\charscalex100 $\tab \up0 \expndtw-5\charscalex100 2\par\pard\li1989\sb20\
sl-230\slmult0\fi599\tx9789 \up0 \expndtw-5\charscalex100 Taxes paid* ...\tab \
up0 \expndtw-5\charscalex100 2\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li198
9\sb0\sl-230\slmult0\par\pard\li1989\sb13\sl-230\slmult0\fi0 \up0 \expndtw-8\cha
rscalex100 *Note: Taxes paid = Taxes (from income statement) minus increase in
\par\pard\li1989\sb21\sl-230\slmult0\fi119 \up0 \expndtw-7\charscalex100 accrued
taxes (from comparative balance sheets) -- $2 = $4 - $2.\par\pard\li1989
cf15\f16\fs18 95
}
}}
}
}}
imited 2005\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb0\sl-230\slmult
0\par\pard\li1989\sb46\sl-230\slmult0\fi0\tx2589 \up0 \expndtw-5\charscalex100 \
ul0\nosupersub\cf28\f29\fs20 3.\tab \up0 \expndtw-5\charscalex100 a)\par\pard\li
charscalex100 \ul0\nosupersub\cf27\f28\fs20 Begalla Corporation\par\pard\li1989\
sb21\sl-230\slmult0\fi0 \up0 \expndtw-5\charscalex100 Sources and uses of funds
statement\par\pard\li1989\sb20\sl-230\slmult0\fi0 \up0 \expndtw-5\charscalex100
for December 31, 20X1 to December 31, 20X2 (in millions)\par\pard\li1989\sb
0\sl-230\slmult0\par\pard\li1989\sb16\sl-230\slmult0\fi1679\tx7869 \up0 \expndtw

-3\charscalex100 \ul0\nosupersub\cf28\f29\fs20 SOURCES\tab \up0 \expndtw-3\chars
calex100 USES\par\pard\li1989\sb1\sl-217\slmult0\fi0 \up0 \expndtw-2\charscalex1
00 \u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?
\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9
472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472
?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u
9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u947
2?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\ul0\nosupersub\cf41\f42\fs19
\u9472?\ul0\nosupersub\cf28\f29\fs20 \u9472?\u9472?\u9472?\u9472?\u9472?\u9472?
\u8212?\par\pard\li1989\sb30\sl-230\slmult0\fi0 \up0 \expndtw-3\charscalex100 Fu
nds provided by operations:\par\pard\li1989\sb20\sl-230\slmult0\fi599\tx5829\tx6
548\tx10268 \up0 \expndtw-3\charscalex100 Net profit\tab \up0 \expndtw-3\charsca
lex100 $15\tab \up0 \expndtw-3\charscalex100 Dividends\tab \up0 \expndtw-3\chars
calex100 $10\par\pard\li1989\sb20\sl-230\slmult0\fi599\tx6068\tx6548\tx10508 \up
0 \expndtw-3\charscalex100 Depreciation\tab \up0 \expndtw-3\charscalex100 3\tab
\up0 \expndtw-3\charscalex100 Additions to fixed assets\tab \up0 \expndtw-3\char
scalex100 3\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl-230\slmul
t0\fi0\tx6069\tx6549 \up0 \expndtw-3\charscalex100 Increase, accrued wages\tab \
up0 \expndtw-3\charscalex100 1\tab \up0 \expndtw-3\charscalex100 Increase,\par\p
ard\li1989\sb20\sl-230\slmult0\fi0\tx6069\tx6669\tx10509 \up0 \expndtw-3\charsca
lex100 Increase, accounts payable\tab \up0 \expndtw-3\charscalex100 2\tab \up0 \
expndtw-3\charscalex100 accounts receivable\tab \up0 \expndtw-3\charscalex100 3\
par\pard\li6549\sb20\sl-230\slmult0\fi0\tx10509 \up0 \expndtw-3\charscalex100 In
crease, inventory\tab \up0 \expndtw-3\charscalex100 3\par\pard\li6549\sb20\sl-23
0\slmult0\fi0\tx10509 \up0 \expndtw-3\charscalex100 Decrease, accrued taxes\tab
\up0 \expndtw-3\charscalex100 1\par\pard\li5829\sb0\sl-230\slmult0\par\pard\li58
ub\cf27\f28\fs20 Increase, cash and equivalents\tab \up0 \expndtw-3\charscalex10
0 1\par\pard\li5829\sb1\sl-217\slmult0\fi0\tx10252 \up0 \expndtw-3\charscalex100
\ul0\nosupersub\cf28\f29\fs20 \u9472?\u9472?\u9472?\tab \up0 \expndtw-3\charsca
lex100 \u9472?\u9472?\u9472?\par\pard\li5829\sb29\sl-230\slmult0\fi0\tx10268 \up
0 \expndtw-3\charscalex100 $21\tab \up0 \expndtw-3\charscalex100 $21\par\pard\li
\slmult0\par\pard\li1989\sb190\sl-207\slmult0\fi0\tx10430 \up0 \expndtw-2\charsc

}
}}
}
}}
}
}}
}
}}
\ul0\nosupersub\cf28\f29\fs20 b. \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pa
f27\f28\fs20 Begalla Corporation \par\pard\ql \li1989\sb30\sl-230\slmult0 \up0 \
expndtw-3\charscalex100 Statement of cash flows \par\pard\ql \li1989\sb10\sl-230
\slmult0 \up0 \expndtw-7\charscalex100 for the year ended December 31, 20X2 (
in millions) \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb0\sl230\slmult0 \par\pard\ql\li1989\sb50\sl-230\slmult0 \up0 \expndtw-3\charscalex10

0 \ul0\nosupersub\cf28\f29\fs20 CASH FLOW FROM OPERATING ACTIVITIES: \par\pard\l
i2589\sb25\sl-230\slmult0\fi0\tldot\tx9429 \up0 \expndtw-5\charscalex100 Net inc
ome ...\tab \up0 \expndtw-5\charscalex100 $ 15\par\pard\li2589\sb19\sl-230\slm
ult0\fi0\tx9789 \up0 \expndtw-5\charscalex100 Depreciation ...\tab \up0 \expndt
w-5\charscalex100 3\par\pard\li2589\sb20\sl-230\slmult0\fi0 \up0 \expndtw-5\char
scalex100 Cash provided (used) by current assets and\par\pard\li2589\sb21\sl-23
0\slmult0\fi119 \up0 \expndtw-5\charscalex100 operating-related current liabilit
ies:\par\pard\li2589\sb19\sl-230\slmult0\fi599\tx9789 \up0 \expndtw-5\charscalex
100 Increase, accounts payable ...\tab \up0 \expndtw-5\charscalex100 2\par\pard
\li2589\sb20\sl-230\slmult0\fi599\tx9789 \up0 \expndtw-5\charscalex100 Increase,
accrued wages ...\tab \up0 \expndtw-5\charscalex100 1\par\pard\li2589\sb21\sl230\slmult0\fi599\tldot\tx9669 \up0 \expndtw-5\charscalex100 Increase, accounts
receivable ...\tab \up0 \expndtw-5\charscalex100 (3)\par\pard\li2589\sb19\sl-23
0\slmult0\fi599\tldot\tx9669 \up0 \expndtw-5\charscalex100 Increase, inventory
...\tab \up0 \expndtw-5\charscalex100 (3)\par\pard\li2589\sb20\sl-230\slmult0\fi
599\tldot\tx9669 \up0 \expndtw-5\charscalex100 Decrease, accrued taxes ...\tab
\up0 \expndtw-5\charscalex100 (1)\par\pard\ql \li9429\sb1\sl-200\slmult0 \up0 \e
xpndtw-3\charscalex100 \u9472?\u9472?\u9472?\u9472? \par\pard\ql \li3189\sb36\sl
-230\slmult0\tx9429 \up0 \expndtw-4\charscalex100 Net cash provided (used) by o
perating activities \tab \up0 \expndtw-9\charscalex83 $ 14 \par\pard\ql \li1989
b70\sl-230\slmult0 \up0 \expndtw-3\charscalex100 CASH FLOW FROM INVESTING ACTIVI
TIES: \par\pard\li2589\sb21\sl-230\slmult0\fi0\tldot\tx9429 \up0 \expndtw-7\char
scalex100 Additions to fixed assets ...\tab \up0 \expndtw-7\charscalex100 $ (3
)\par\pard\ql \li9429\sb1\sl-204\slmult0 \up0 \expndtw-3\charscalex100 \u9472?\u
9472?\u9472?\u9472? \par\pard\ql \li3189\sb35\sl-230\slmult0\tx9429 \up0 \expndt
w-4\charscalex100 Net cash provided (used) by investing activities \tab \up0 \e
xpndtw-9\charscalex87 $ (3) \par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989
\sb0\sl-230\slmult0\par\pard\li1989\sb67\sl-230\slmult0\fi0 \up0 \expndtw-4\char
scalex100 CASH FLOW FROM FINANCING ACTIVITIES:\par\pard\li1989\sb20\sl-230\slmul
t0\fi599\tldot\tx9549 \up0 \expndtw-4\charscalex100 Dividends paid ...\tab \up0
\expndtw-4\charscalex100 (10)\par\pard\li3189\sb1\sl-219\slmult0\fi6240 \up0 \e
xpndtw-4\charscalex100 \u9472?\u9472?\u9472?\u9472?\par\pard\li3189\sb29\sl-230\
slmult0\fi0\tx9428 \up0 \expndtw-4\charscalex100 Net cash provided (used) by fi
nancing activities\tab \up0 \expndtw-4\charscalex100 $(10)\par\pard\li1989\sb0\s
l-230\slmult0\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb60\sl-230\slm
ult0\fi0\tldot\tx9429\tx9789 \up0 \expndtw-6\charscalex100 Increase (decrease)
in cash and cash equivalents ...\tab \up0 \expndtw-6\charscalex100 $\tab \up0 \
expndtw-6\charscalex100 1\par\pard\li1989\sb19\sl-230\slmult0\fi0\tx9789 \up0 \e
xpndtw-6\charscalex100 Cash and cash equivalents, December 31, 20X1 ...\tab \
up0 \expndtw-6\charscalex100 4\par\pard\li1989\sb1\sl-217\slmult0\fi7440 \up0 \e
xpndtw-7\charscalex100 \u9472?\u9472?\u9472?\u9472?\par\pard\li1989\sb30\sl-230\
slmult0\fi0\tldot\tx9429\tx9789 \up0 \expndtw-7\charscalex100 Cash and cash equi
valents, December 31, 20X2 ...\tab \up0 \expndtw-7\charscalex100 $\tab \up0 \
expndtw-7\charscalex100 5\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb0
mult0\par\pard\li1989\sb6\sl-230\slmult0\fi0 \up0 \expndtw-5\charscalex100 Suppl
emental cash flow disclosures:\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li198
9\sb40\sl-230\slmult0\fi599\tldot\tx9429\tx9789 \up0 \expndtw-5\charscalex100 In
terest paid ...\tab \up0 \expndtw-5\charscalex100 $\tab \up0 \expndtw-5\charsca
lex100 2\par\pard\li1989\sb20\sl-230\slmult0\fi599\tldot\tx9669 \up0 \expndtw-5\
charscalex100 Taxes paid* ...\tab \up0 \expndtw-5\charscalex100 11\par\pard\li1
l-230\slmult0\fi0 \up0 \expndtw-8\charscalex100 *Note: Taxes paid = Taxes (fro
m income statement) plus decrease in\par\pard\li1989\sb21\sl-230\slmult0\fi119 \
up0 \expndtw-7\charscalex100 accrued taxes (from comparative balance sheets) - $11 = $10 + $1.\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl
8 Van Horne and Wachowicz: \ul0\nosupersub\cf14\f15\fs18 Fundamentals of Financi
al Management,\ul0\nosupersub\cf13\f14\fs18 12e\tab \up0 \expndtw-2\charscalex1
00 \ul0\nosupersub\cf15\f16\fs18 97
}
}}
}
}}
g100}{\bkmkend Pg100}\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl207\slmult0\par\pard\li1989\sb81\sl-207\slmult0\fi0\tx7846 \up0 \expndtw-2\chars
calex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 7: Funds Analysis, Cash Flow Anal
ysis, and Financial Planning\tab \up0 \expndtw-2\charscalex100 Pearson Education
Limited 2005\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb0\sl-230\slmu
lt0\par\pard\li1989\sb46\sl-230\slmult0\fi0 \up0 \expndtw-4\charscalex100 \ul0\n
osupersub\cf28\f29\fs20 4.\par\pard\li1989\sb20\sl-230\slmult0\fi599 \up0 \expnd
tw-4\charscalex100 \ul0\nosupersub\cf27\f28\fs20 Schedules of projected sales an
d collections\par\pard\li1989\sb19\sl-230\slmult0\fi599 \up0 \expndtw-4\charscal
ex100 for May to July (in thousands)\par\pard\li5349\sb0\sl-230\slmult0\par\par
d\li5349\sb17\sl-230\slmult0\fi0\tx7869 \up0 \expndtw-9\charscalex77 \ul0\nosupe
rsub\cf28\f29\fs20 MAR.
APR.
MAY\tab \up0 \expndtw-9\charscalex77 JUNE
JULY
AUG.\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb0\sl-2
Frame A: \ul0\nosupersub\cf27\f28\fs20 Sales\par\pard\li2589\sb0\sl-230\slmult0\
par\pard\li2589\sb41\sl-230\slmult0\fi119\tx5229\tx6069\tx6909\tx7749\tx8589\tx9
429 \up0 \expndtw-9\charscalex97 \ul0\nosupersub\cf28\f29\fs20 Credit sales, 50
%\tab \up0 \expndtw-9\charscalex89 $ 30.0\tab \up0 \expndtw-9\charscalex89 $ 3
0.0\tab \up0 \expndtw-9\charscalex89 $ 35.0\tab \up0 \expndtw-9\charscalex89 $
40.0\tab \up0 \expndtw-9\charscalex89 $ 50.0\tab \up0 \expndtw-9\charscalex97
$ 50.0\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb40\sl-230\slmult0\f
i119\tx5469\tx6309\tx7149\tx7989\tx8829\tx9669 \up0 \expndtw-9\charscalex97 Cash
sales, 50%\tab \up0 \expndtw-9\charscalex97 30.0\tab \up0 \expndtw-9\charscale
40.0\tab \up0 \expndtw-9\charscalex97 50.0\tab \up0 \expndtw-9\charscalex97 50.0

5229\tx6069\tx6909\tx7749\tx8589\tx9429 \up0 \expndtw-9\charscalex97 Total sales
, 100%\tab \up0 \expndtw-9\charscalex89 $ 60.0\tab \up0 \expndtw-9\charscalex8
9 $ 60.0\tab \up0 \expndtw-9\charscalex89 $ 70.0\tab \up0 \expndtw-9\charscale
x89 $ 80.0\tab \up0 \expndtw-9\charscalex97 $100.0\tab \up0 \expndtw-9\charscal
ex97 $100.0\par\pard\ql \li2589\sb0\sl-230\slmult0 \par\pard\ql\li2589\sb0\sl-23
Frame B: \ul0\nosupersub\cf27\f28\fs20 Cash Collections \par\pard\li2709\sb0\sl230\slmult0\par\pard\li2709\sb45\sl-230\slmult0\fi0\tx6909\tx7749\tx8589 \up0 \e
xpndtw-6\charscalex100 \ul0\nosupersub\cf28\f29\fs20 Cash sales, this month\tab
\up0 \expndtw-9\charscalex89 $ 35.0\tab \up0 \expndtw-9\charscalex89 $ 40.0\ta
b \up0 \expndtw-6\charscalex100 $ 50.0\par\pard\li2709\sb0\sl-230\slmult0\par\p
ard\li2709\sb39\sl-230\slmult0\fi0 \up0 \expndtw-6\charscalex100 50% of last mon
th's\par\pard\li2709\sb21\sl-230\slmult0\fi119\tx7149\tx7989\tx8829 \up0 \expndt
w-6\charscalex100 credit sales\tab \up0 \expndtw-6\charscalex100 15.0\tab \up0 \
expndtw-6\charscalex100 17.5\tab \up0 \expndtw-6\charscalex100 20.0\par\pard\li2
harscalex100 50% of two-month old\par\pard\li2709\sb21\sl-230\slmult0\fi119\tx71
49\tx7989\tx8829 \up0 \expndtw-6\charscalex100 credit sales\tab \up0 \expndtw-6\
charscalex100 15.0\tab \up0 \expndtw-6\charscalex100 15.0\tab \up0 \expndtw-6\ch
arscalex100 17.5\par\pard\li2709\sb0\sl-230\slmult0\par\pard\li2709\sb16\sl-230\
slmult0\fi119\tx6908\tx7749\tx8589 \up0 \expndtw-6\charscalex100 Total cash rece
ipts\tab \up0 \expndtw-9\charscalex89 $ 65.0\tab \up0 \expndtw-9\charscalex89 $
72.5\tab \up0 \expndtw-6\charscalex100 $ 87.5\par\pard\li1989\sb0\sl-207\slmu
f16\fs18 98
}
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Limited 2005\par\pard\ql \li2529\sb0\sl-230\slmult0 \par\pard\ql\li2529\sb0\sl230\slmult0 \par\pard\ql\li2529\sb28\sl-230\slmult0 \up0 \expndtw-3\charscalex10
0 \ul0\nosupersub\cf27\f28\fs20 Schedule of projected disbursements \par\pard\ql
\li2529\sb30\sl-230\slmult0 \up0 \expndtw-4\charscalex100 for operating expense
s for May to July (in thousands)\par\pard\sect\sectd\sbknone\cols2\colno1\colw6
808\colsr40\colno2\colw4912\colsr160\ql \li4749\sb0\sl-230\slmult0 \par\pard\ql
\li4749\sb24\sl-230\slmult0 \up0 \expndtw-9\charscalex75 \ul0\nosupersub\cf28\f2
9\fs20 MAR.
APR.
MAY\par\pard\ql \li2529\sb0\sl-230\slmult0 \par\pard\
ql \li2529\sb0\sl-230\slmult0 \par\pard\ql \li2529\sb13\sl-230\slmult0 \up0 \exp
ndtw-3\charscalex100 Frame A: \ul0\nosupersub\cf27\f28\fs20 Cost of\par\pard\ql
\li3729\sb20\sl-230\slmult0\tx5164\tx6004 \up0 \expndtw-3\charscalex100 Goods Mf
d.\tab \up0 \expndtw-9\charscalex89 \ul0\nosupersub\cf28\f29\fs20 $ 42.0 \tab \
up0 \expndtw-9\charscalex89 $ 42.0\par\pard\ql \li2529\sb0\sl-230\slmult0 \par\
pard\ql \li2529\sb0\sl-230\slmult0 \par\pard\ql \li2529\sb60\sl-230\slmult0 \up0
\expndtw-3\charscalex100 Frame B: \ul0\nosupersub\cf27\f28\fs20 Cash Disburseme
nts for\par\pard\ql \li3729\sb21\sl-230\slmult0 \up0 \expndtw-3\charscalex100 Co
st of Goods Mfd.\par\pard\ql \li2649\sb0\sl-230\slmult0 \par\pard\ql \li2649\sb3
9\sl-230\slmult0 \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf28\f29\fs20 90%
of last month's cost\par\pard\ql \li2649\sb0\sl-230\slmult0 \par\pard\ql \li264
9\sb40\sl-230\slmult0 \up0 \expndtw-3\charscalex100 10% of two-month old cost\pa
r\pard\ql \li2769\sb0\sl-230\slmult0 \par\pard\ql \li2769\sb17\sl-230\slmult0 \u
p0 \expndtw-3\charscalex100 Total disbursements for\par\pard\ql \li2889\sb21\sl230\slmult0 \up0 \expndtw-3\charscalex100 cost of goods mfd.\par\pard\ql \li2529
\sb60\sl-230\slmult0 \up0 \expndtw-3\charscalex100 Frame C: \ul0\nosupersub\cf27
\f28\fs20 Cash Disbursements for\par\pard\ql \li3729\sb19\sl-230\slmult0 \up0 \e
xpndtw-3\charscalex100 Selling, General, and\par\pard\ql \li3729\sb20\sl-230\slm
ult0 \up0 \expndtw-3\charscalex100 Administrative Expenses\par\pard\column \ql \
li7269\sb0\sl-230\slmult0 \par\pard\ql \li441\sb24\sl-230\slmult0 \up0 \expndtw9\charscalex78 \ul0\nosupersub\cf28\f29\fs20 JUNE
JULY
AUG.\par\pard\q

l \li6849\sb0\sl-230\slmult0 \par\pard\ql \li21\sb33\sl-230\slmult0\tx866\tx1706
\tx2546 \up0 \expndtw-9\charscalex89 $ 49.0 \tab \up0 \expndtw-9\charscalex89 $
56.0 \tab \up0 \expndtw-9\charscalex89 $ 70.0 \tab \up0 \expndtw-9\charscalex
89 $ 70.0\par\pard\ql \li6849\sb0\sl-230\slmult0 \par\pard\ql \li6849\sb0\sl-23
0\slmult0 \par\pard\ql \li6849\sb0\sl-230\slmult0 \par\pard\ql \li6849\sb0\sl-23
0\slmult0\tx866\tx1706 \up0 \expndtw-9\charscalex89 $ 37.8 \tab \up0 \expndtw-9
\charscalex89 $ 44.1 \tab \up0 \expndtw-9\charscalex89 $ 50.4\par\pard\ql \li7
209\sb0\sl-230\slmult0 \par\pard\ql \li381\sb40\sl-230\slmult0\tx1226\tx2066 \up
0 \expndtw-3\charscalex100 4.2\tab \up0 \expndtw-3\charscalex100 4.2\tab \up0 \e
xpndtw-3\charscalex100 4.9\par\pard\ql \li6848\sb0\sl-230\slmult0 \par\pard\ql \
li6848\sb0\sl-230\slmult0 \par\pard\ql \li20\sb38\sl-230\slmult0\tx865\tx1705 \u
p0 \expndtw-9\charscalex89 $ 42.0 \tab \up0 \expndtw-9\charscalex89 $ 48.3 \ta
b \up0 \expndtw-9\charscalex89 $ 55.3 \par\pard\sect\sectd\sbknone \ql \li2649\
sb0\sl-230\slmult0 \par\pard\ql\li2649\sb26\sl-230\slmult0\tx6729\tx7569\tx8409
\up0 \expndtw-3\charscalex100 100% of current month's expense \tab \up0 \expndtw
-9\charscalex89 $ 17.0 \tab \up0 \expndtw-9\charscalex89 $ 18.0 \tab \up0 \exp
ndtw-9\charscalex89 $ 20.0 \par\pard\ql \li2769\sb0\sl-230\slmult0 \par\pard\ql
-3\charscalex100 Total disbursements for \par\pard\li2769\sb24\sl-230\slmult0\fi
0\tx6729\tx7569\tx8409 \up0 \expndtw-8\charscalex100 all operating expenses\tab
\up0 \expndtw-9\charscalex89 $ 59.0\tab \up0 \expndtw-9\charscalex89 $ 66.3\ta
b \up0 \expndtw-8\charscalex100 $ 75.3\par\pard\li2529\sb0\sl-230\slmult0\par\p
scalex100 \ul0\nosupersub\cf27\f28\fs20 Schedule of projected total cash disburs
ements\par\pard\li2529\sb21\sl-230\slmult0\fi0 \up0 \expndtw-4\charscalex100 for
May to July (in thousands)\par\pard\li6969\sb0\sl-230\slmult0\par\pard\li6969\
\f29\fs20 MAY\tab \up0 \expndtw-9\charscalex86 JUNE
JULY\par\pard\li2529\sb
slmult0\fi0 \up0 \expndtw-4\charscalex100 Total disbursements for\par\pard\li252
9\sb19\sl-230\slmult0\fi359\tx6849\tx7689\tx8529 \up0 \expndtw-4\charscalex100 a
ll operating expenses\tab \up0 \expndtw-9\charscalex89 $ 59.0\tab \up0 \expndtw
-9\charscalex89 $ 66.3\tab \up0 \expndtw-4\charscalex100 $ 75.3\par\pard\li252
9\sb20\sl-230\slmult0\fi0\tx8889 \up0 \expndtw-4\charscalex100 Interest payment\
tab \up0 \expndtw-4\charscalex100 9.0\par\pard\li2529\sb21\sl-230\slmult0\fi0\tx
8769 \up0 \expndtw-4\charscalex100 Sinking fund payment\tab \up0 \expndtw-4\char
scalex100 50.0\par\pard\li2529\sb19\sl-230\slmult0\fi0\tx8769 \up0 \expndtw-4\ch
arscalex100 Dividend payment\tab \up0 \expndtw-4\charscalex100 10.0\par\pard\li2
529\sb20\sl-230\slmult0\fi0\tx7929 \up0 \expndtw-4\charscalex100 Capital expendi
tures\tab \up0 \expndtw-4\charscalex100 40.0\par\pard\li2529\sb21\sl-230\slmult0
\fi0\tx8889 \up0 \expndtw-4\charscalex100 Tax payments\tab \up0 \expndtw-4\chars
calex100 1.0\par\pard\li2649\sb0\sl-230\slmult0\par\pard\li2649\sb0\sl-230\slmul
charscalex100 Total cash disbursements\tab \up0 \expndtw-9\charscalex89 $ 59.0\
tab \up0 \expndtw-5\charscalex100 $106.3\tab \up0 \expndtw-5\charscalex100 $145.
\pard\li1989\sb122\sl-207\slmult0\fi0\tx10430 \up0 \expndtw-2\charscalex100 \ul0
\nosupersub\cf13\f14\fs18 Van Horne and Wachowicz: \ul0\nosupersub\cf14\f15\fs18
Fundamentals of Financial Management,\ul0\nosupersub\cf13\f14\fs18 12e\tab \up
0 \expndtw-2\charscalex100 \ul0\nosupersub\cf15\f16\fs18 99

}
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}}
shpbxpage\shpbypage\shpwr3\shpwrk0\shpfblwtxt1\shpz397\shplid28{\sp{\sn shapeTyp
osupersub\cf27\f28\fs20 Schedule of projected net cash flows\par\pard\li2529\sb2
0\sl-230\slmult0\fi0 \up0 \expndtw-4\charscalex100 and cash balances for May to
July (in thousands)\par\pard\li6429\sb0\sl-230\slmult0\par\pard\li6429\sb16\sl230\slmult0\fi0\tx7389\tx8349 \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf28
\f29\fs20 MAY\tab \up0 \expndtw-3\charscalex100 JUNE\tab \up0 \expndtw-3\charsca
lex100 JULY\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb0\sl-230\slmult
0\par\pard\li2589\sb13\sl-230\slmult0\fi0 \up0 \expndtw-6\charscalex100 Beginnin
g cash balance,\par\pard\li2589\sb20\sl-230\slmult0\fi119\tx6309\tx7269\tx8229 \
up0 \expndtw-6\charscalex100 without additional financing\tab \up0 \expndtw-6\ch
arscalex100 $ 20.0\tab \up0 \expndtw-6\charscalex100 $ 26.0\tab \up0 \expndtw6\charscalex100 $ (7.8)\par\pard\li2709\sb0\sl-230\slmult0\par\pard\li2709\sb0\
\expndtw-3\charscalex100 Total cash receipts\tab \up0 \expndtw-3\charscalex100
.5\par\pard\li2709\sb0\sl-230\slmult0\par\pard\li2709\sb40\sl-230\slmult0\fi0\tx
6549\tx7389\tx8349 \up0 \expndtw-3\charscalex100 Total cash disbursements\tab \u
p0 \expndtw-3\charscalex100 59.0\tab \up0 \expndtw-3\charscalex100 106.3\tab \up
0 \expndtw-3\charscalex100 145.3\par\pard\li2709\sb0\sl-230\slmult0\par\pard\li2
Net cash flow\tab \up0 \expndtw-3\charscalex100 6.0\tab \up0 \expndtw-3\charsca
lex100 (33.8)\tab \up0 \expndtw-3\charscalex100 (57.8)\par\pard\ql \li2589\sb0\s
100 Ending cash balance, \par\pard\li2589\sb21\sl-230\slmult0\fi119\tx6309\tx726
9\tx8229 \up0 \expndtw-6\charscalex100 without additional financing\tab \up0 \ex
pndtw-6\charscalex100 $ 26.0\tab \up0 \expndtw-9\charscalex91 $ (7.8)\tab \up0

\expndtw-6\charscalex100 $(65.6)\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li
2589\sb39\sl-230\slmult0\fi0 \up0 \expndtw-6\charscalex100 "Cumulative" borrowin
g required\par\pard\li2589\sb21\sl-230\slmult0\fi119 \up0 \expndtw-6\charscalex1
00 to maintain minimum cash\par\pard\li2589\sb20\sl-230\slmult0\fi119\tx6309\tx6
669\tx7269\tx8229 \up0 \expndtw-6\charscalex100 balance of $20,000\tab \up0 \ex
pndtw-6\charscalex100 $\tab \up0 \expndtw-6\charscalex100 0.0\tab \up0 \expndtw6\charscalex100 $ 27.8\tab \up0 \expndtw-6\charscalex100 $ 85.6\par\pard\li258
rscalex100 Ending cash balance with\par\pard\li2589\sb20\sl-230\slmult0\fi119\tx
6309\tx7269\tx8229 \up0 \expndtw-6\charscalex100 additional financing\tab \up0 \
expndtw-6\charscalex100 $ 26.0\tab \up0 \expndtw-6\charscalex100 $ 20.0\tab \u
p0 \expndtw-6\charscalex100 $ 20.0\par\pard\li1989\sb0\sl-207\slmult0\par\pard\
mult0\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb45\sl-207\slmult0\fi0
ersub\cf15\f16\fs18 100
}
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lt0\par\pard\li1989\sb149\sl-230\slmult0\fi0 \up0 \expndtw-4\charscalex100 \ul0\
nosupersub\cf28\f29\fs20 5.\par\pard\li1989\sb46\sl-230\slmult0\fi0 \up0 \expndt
w-4\charscalex100 \ul0\nosupersub\cf27\f28\fs20 Schedules of projected sales and
collections\par\pard\li1989\sb21\sl-230\slmult0\fi0 \up0 \expndtw-4\charscalex1
00 for January to June (in thousands)\par\pard\sect\sectd\sbknone\cols2\colno1\

colw4469\colsr160\colno2\colw7131\colsr160\ql \li1989\sb0\sl-230\slmult0 \par\pa
rd\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pa
rd\ql \li1989\sb146\sl-230\slmult0 \up0 \expndtw-3\charscalex100 \ul0\nosupersub
\cf28\f29\fs20 Frame A: \ul0\nosupersub\cf27\f28\fs20 Sales\par\pard\qj \li2109\
ri271\sb246\sl-500\slmult0 \up0 \expndtw-7\charscalex100 \ul0\nosupersub\cf28\f2
9\fs20 Credit sales, 75% \up0 \expndtw-8\charscalex100 Cash sales, 25%\par\par
d\ql \li2229\sb0\sl-230\slmult0 \par\pard\ql \li2229\sb124\sl-230\slmult0 \up0 \
expndtw-7\charscalex100 Total sales, 100%\par\pard\column \ql \li4749\sb0\sl-23
0\slmult0 \par\pard\ql \li140\sb17\sl-230\slmult0\tx6025 \up0 \expndtw-9\charsca
lex74 NOV.
DEC.
JAN.
FEB.
MAR.
APR.
MAY\tab \up0 \
expndtw-3\charscalex100 JUNE\par\pard\ql \li4629\sb0\sl-230\slmult0 \par\pard\ql
\li4629\sb0\sl-230\slmult0 \par\pard\ql \li20\sb138\sl-230\slmult0\tx865\tx1705
\tx2545\tx3385\tx4225\tx5065\tx5905 \up0 \expndtw-3\charscalex100 $262.5 \tab \u
p0 \expndtw-3\charscalex100 $300.0 \tab \up0 \expndtw-3\charscalex100 $112.5 \ta
b \up0 \expndtw-3\charscalex100 $150.0 \tab \up0 \expndtw-3\charscalex100 $150.0
\tab \up0 \expndtw-3\charscalex100 $225.0 \tab \up0 \expndtw-3\charscalex100 $1
87.5 \tab \up0 \expndtw-3\charscalex100 $150.0\par\pard\ql \li4629\sb0\sl-230\sl
mult0 \par\pard\ql \li260\sb41\sl-230\slmult0\tx985\tx1945\tx2785\tx3625\tx4465\
tx5305\tx6145 \up0 \expndtw-3\charscalex100 87.5\tab \up0 \expndtw-3\charscalex1
.0\par\pard\ql \li4629\sb0\sl-230\slmult0 \par\pard\ql \li20\sb170\sl-230\slmult
$350.0 \tab \up0 \expndtw-3\charscalex100 $400.0 \tab \up0 \expndtw-3\charscalex
100 $150.0 \tab \up0 \expndtw-3\charscalex100 $200.0 \tab \up0 \expndtw-3\charsc
alex100 $200.0 \tab \up0 \expndtw-3\charscalex100 $300.0 \tab \up0 \expndtw-3\ch
arscalex100 $250.0 \tab \up0 \expndtw-3\charscalex100 $200.0 \par\pard\sect\sect
d\sbknone \ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb156\sl-230\slmult
0 \up0 \expndtw-3\charscalex100 Frame B: \ul0\nosupersub\cf27\f28\fs20 Cash Coll
ections \par\pard\li2109\sb0\sl-230\slmult0\par\pard\li2109\sb30\sl-230\slmult0\
fi0\tx6309\tx7149\tx7989\tx8829\tx9669\tx10509 \up0 \expndtw-9\charscalex95 \ul0
\nosupersub\cf28\f29\fs20 Cash sales, this month\tab \up0 \expndtw-9\charscalex8
9 $ 37.5\tab \up0 \expndtw-9\charscalex89 $ 50.0\tab \up0 \expndtw-9\charscale
x89 $ 50.0\tab \up0 \expndtw-9\charscalex89 $ 75.0\tab \up0 \expndtw-9\charsca
lex89 $ 62.5\tab \up0 \expndtw-9\charscalex95 $ 50.0\par\pard\ql \li2109\sb60\
sl-230\slmult0 \up0 \expndtw-3\charscalex100 60% of last month's \par\pard\li222
9\sb230\sl-230\slmult0\fi0\tx6429\tx7389\tx8229\tx9069\tx9789\tx10629 \up0 \expn
dtw-3\charscalex100 credit sales\tab \up0 \expndtw-3\charscalex100 180.0\tab \up
0 \expndtw-3\charscalex100 67.5\tab \up0 \expndtw-3\charscalex100 90.0\tab \up0
\expndtw-3\charscalex100 90.0\tab \up0 \expndtw-3\charscalex100 135.0\tab \up0 \
expndtw-3\charscalex100 112.5\par\pard\ql \li2109\sb70\sl-230\slmult0 \up0 \expn
dtw-3\charscalex100 30% of two-month old \par\pard\li2229\sb220\sl-230\slmult0\f
i0\tx6549\tx7389\tx8229\tx9069\tx9909\tx10749 \up0 \expndtw-3\charscalex100 cred
it sales\tab \up0 \expndtw-3\charscalex100 78.75\tab \up0 \expndtw-3\charscalex1
67.5\par\pard\ql \li2109\sb60\sl-230\slmult0 \up0 \expndtw-3\charscalex100 10% o
f three-month old \par\pard\li2229\sb31\sl-230\slmult0\fi0\tx6549\tx7389\tx8229\
tx9069\tx9909\tx10749 \up0 \expndtw-3\charscalex100 credit sales\tab \up0 \expnd
tw-3\charscalex100 22.5\tab \up0 \expndtw-3\charscalex100 26.25\tab \up0 \expndt
w-3\charscalex100 30.0\tab \up0 \expndtw-3\charscalex100 11.25\tab \up0 \expndtw
-3\charscalex100 15.0\tab \up0 \expndtw-3\charscalex100 15.0\par\pard\ql \li1062
9\sb1\sl-216\slmult0 \up0 \expndtw-3\charscalex100 \u9472?\u9472?\u9472?\u9472?\
u9472? \par\pard\li2229\sb30\sl-230\slmult0\fi0\tx6428\tx10629 \up0 \expndtw-8\c
harscalex100 Total cash receipts\tab \up0 \expndtw-9\charscalex93 318.75 233.75
203.75 221.25 257.5\tab \up0 \expndtw-8\charscalex100 245.0\par\pard\li2589\
fi30 \up0 \expndtw-4\charscalex100 \ul0\nosupersub\cf27\f28\fs20 Schedule of pro
jected total cash disbursements\par\pard\li2589\sb20\sl-230\slmult0\fi0 \up0 \ex
pndtw-4\charscalex100 for January to June (in thousands)\par\pard\li5349\sb0\sl
-230\slmult0\par\pard\li5349\sb16\sl-230\slmult0\fi0\tx9549 \up0 \expndtw-9\char
scalex77 \ul0\nosupersub\cf28\f29\fs20 JAN.
FEB.
MAR.
APR.
M
AY\tab \up0 \expndtw-9\charscalex77 JUNE\par\pard\li2589\sb0\sl-230\slmult0\par\
pard\li2589\sb130\sl-230\slmult0\fi0 \up0 \expndtw-3\charscalex100 Cash payments
for:\par\pard\li2589\sb20\sl-230\slmult0\fi119\tx5229\tx6068\tx6908\tx7748\tx85
88\tx9428 \up0 \expndtw-3\charscalex100 Purchases\tab \up0 \expndtw-3\charscalex
100 $160.0\tab \up0 \expndtw-3\charscalex100 $160.0\tab \up0 \expndtw-3\charscal
ex100 $240.0\tab \up0 \expndtw-3\charscalex100 $200.0\tab \up0 \expndtw-3\charsc
alex100 $160.0\tab \up0 \expndtw-3\charscalex100 $240.0\par\pard\li2589\sb21\sl230\slmult0\fi119\tx5469\tx6308\tx7148\tx7988\tx8828\tx9668 \up0 \expndtw-3\char
scalex100 Wages and salaries\tab \up0 \expndtw-3\charscalex100 30.0\tab \up0 \ex
pndtw-3\charscalex100 40.0\tab \up0 \expndtw-3\charscalex100 50.0\tab \up0 \expn
dtw-3\charscalex100 50.0\tab \up0 \expndtw-3\charscalex100 40.0\tab \up0 \expndt
w-3\charscalex100 35.0\par\pard\li2589\sb19\sl-230\slmult0\fi119\tx5589\tx6428\t
x7268\tx8108\tx8948\tx9788 \up0 \expndtw-3\charscalex100 Rent\tab \up0 \expndtw3\charscalex100 2.0\tab \up0 \expndtw-3\charscalex100 2.0\tab \up0 \expndtw-3\ch
arscalex100 2.0\tab \up0 \expndtw-3\charscalex100 2.0\tab \up0 \expndtw-3\charsc
alex100 2.0\tab \up0 \expndtw-3\charscalex100 2.0\par\pard\li2589\sb20\sl-230\sl
mult0\fi119\tx7268\tx9788 \up0 \expndtw-3\charscalex100 Interest\tab \up0 \expnd
tw-3\charscalex100 7.5\tab \up0 \expndtw-3\charscalex100 7.5\par\pard\li2589\sb2
1\sl-230\slmult0\fi119\tx7988 \up0 \expndtw-3\charscalex100 Tax\tab \up0 \expndt
w-3\charscalex100 50.0\par\pard\li2589\sb19\sl-230\slmult0\fi119\tx9668 \up0 \ex
pndtw-3\charscalex100 Capital investment\tab \up0 \expndtw-3\charscalex100 30.0\
par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb17\sl-230\slmult0\fi239 \up
0 \expndtw-3\charscalex100 Total cash\par\pard\li2589\sb19\sl-230\slmult0\fi359\
tx5229\tx6069\tx6909\tx7749\tx8589\tx9429 \up0 \expndtw-3\charscalex100 disburse
ments\tab \up0 \expndtw-3\charscalex100 $192.0\tab \up0 \expndtw-3\charscalex100
$202.0\tab \up0 \expndtw-3\charscalex100 $299.5\tab \up0 \expndtw-3\charscalex1
00 $302.0\tab \up0 \expndtw-3\charscalex100 $202.0\tab \up0 \expndtw-3\charscale
x100 $314.5\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmult
0\tx10330 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Van Horne
and Wachowicz: \ul0\nosupersub\cf14\f15\fs18 Fundamentals of Financial Managemen
t,\ul0\nosupersub\cf13\f14\fs18 12e\tab \up0 \expndtw-2\charscalex100 \ul0\nosu
persub\cf15\f16\fs18 101
}
}}

}
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}}
}
}}

}
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}
}}
}
}}
}
}}
}
}}

}
}}
}
}}
}
}}
}
}}
}
}}

}
}}
}
}}
}
}}
}
}}
}
}}

}
}}
}
}}
}
}}
}
}}
}
}}

}
}}
}
}}
}
}}
}
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}
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}
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}}
osupersub\cf27\f28\fs20 Schedule of projected net cash flows\par\pard\li1989\sb2
0\sl-230\slmult0\fi0 \up0 \expndtw-4\charscalex100 and cash balances for January
to June (in thousands)\par\pard\li4989\sb0\sl-230\slmult0\par\pard\li4989\sb16

\sl-230\slmult0\fi0\tx6069\tx7149\tx8229\tx9309\tx10389 \up0 \expndtw-3\charscal
ex100 \ul0\nosupersub\cf28\f29\fs20 JAN.\tab \up0 \expndtw-3\charscalex100 FEB.\
tab \up0 \expndtw-3\charscalex100 MAR.\tab \up0 \expndtw-3\charscalex100 APR.\ta
b \up0 \expndtw-3\charscalex100 MAY\tab \up0 \expndtw-3\charscalex100 JUNE\par\p
\sb37\sl-230\slmult0\fi0 \up0 \expndtw-4\charscalex100 Beginning cash balance,\p
ar\pard\li1989\sb20\sl-230\slmult0\fi119 \up0 \expndtw-4\charscalex100 without a
dditional\par\pard\li1989\sb20\sl-230\slmult0\fi119\tx4869\tx5949\tx7029\tx8109\
tx9189\tx10269 \up0 \expndtw-4\charscalex100 financing\tab \up0 \expndtw-4\chars
calex100 $100.0\tab \up0 \expndtw-4\charscalex100 $226.75\tab \up0 \expndtw-4\ch
arscalex100 $258.5\tab \up0 \expndtw-4\charscalex100 $162.75\tab \up0 \expndtw-4
\charscalex100 $ 82.0\tab \up0 \expndtw-4\charscalex100 $137.5\par\pard\li2109\
0\slmult0\fi0\tx4989\tx6069\tx7149\tx8229\tx9309\tx10389 \up0 \expndtw-3\charsca
lex100 Total cash receipts\tab \up0 \expndtw-3\charscalex100 318.75\tab \up0 \ex
pndtw-3\charscalex100 233.75\tab \up0 \expndtw-3\charscalex100 203.75\tab \up0 \
expndtw-3\charscalex100 221.25\tab \up0 \expndtw-3\charscalex100 257.5\tab \up0
\expndtw-3\charscalex100 245.0\par\pard\li2109\sb0\sl-230\slmult0\par\pard\li210
9\sb40\sl-230\slmult0\fi0 \up0 \expndtw-3\charscalex100 Total cash\par\pard\li21
09\sb20\sl-230\slmult0\fi119\tx4989\tx6069\tx7149\tx8229\tx9309\tx10389 \up0 \ex
pndtw-3\charscalex100 disbursements\tab \up0 \expndtw-3\charscalex100 192.0\tab
\up0 \expndtw-3\charscalex100 314.5\par\pard\li2109\sb0\sl-230\slmult0\par\pard\
li2109\sb16\sl-230\slmult0\fi119\tx4989\tx6189\tx7149\tx8229\tx9429\tx10389 \up0
\expndtw-3\charscalex100 Net cash flow\tab \up0 \expndtw-3\charscalex100 126.75
\tab \up0 \expndtw-3\charscalex100 31.75\tab \up0 \expndtw-3\charscalex100 (95.7
5)\tab \up0 \expndtw-3\charscalex100 (80.75)\tab \up0 \expndtw-3\charscalex100 5
5.5\tab \up0 \expndtw-3\charscalex100 (69.5)\par\pard\ql \li1989\ri3755\sb235\sl
-240\slmult0 \up0 \expndtw-3\charscalex100 Ending cash balance, \line \up0 \expn
dtw-3\charscalex100 without additional \par\pard\li2109\sb33\sl-230\slmult0\fi0\
tx4869\tx6069\tx7149\tx8229\tx9309\tx10389 \up0 \expndtw-6\charscalex100 financi
ng\tab \up0 \expndtw-6\charscalex100 $226.75\tab \up0 \expndtw-6\charscalex100 $
258.5\tab \up0 \expndtw-6\charscalex100 $162.75\tab \up0 \expndtw-6\charscalex10
0 $ 82.0\tab \up0 \expndtw-6\charscalex100 $137.5\tab \up0 \expndtw-6\charscale
x100 $ 68.0\par\pard\ql \li1989\ri3695\sb250\sl-250\slmult0 \up0 \expndtw-6\cha
rscalex100 Borrowing (repayment) \line \up0 \expndtw-3\charscalex100 required t
o maintain \line \up0 \expndtw-3\charscalex100 minimum cash balance \par\pard\li
2109\sb21\sl-230\slmult0\fi0\tx5229\tx6429\tx7509\tx8469\tx9429\tx10629 \up0 \ex
pndtw-5\charscalex100 of $100,000\tab \up0 \expndtw-5\charscalex100 0.0\tab \up
0 \expndtw-5\charscalex100 0.0\tab \up0 \expndtw-5\charscalex100 0.0\tab \up0 \e
xpndtw-5\charscalex100 20.0*\tab \up0 \expndtw-5\charscalex100 (20.0)\tab \up0 \
expndtw-5\charscalex100 35.0*\par\pard\ql \li1989\ri3815\sb212\sl-260\slmult0 \u
p0 \expndtw-3\charscalex100 Ending cash balance \line \up0 \expndtw-3\charscalex
100 with additional \par\pard\li2109\sb16\sl-230\slmult0\fi0\tx4869\tx6069\tx714
9\tx8229\tx9309\tx10389 \up0 \expndtw-3\charscalex100 financing\tab \up0 \expndt
w-3\charscalex100 $226.75\tab \up0 \expndtw-3\charscalex100 $258.5\tab \up0 \exp
ndtw-3\charscalex100 $162.75\tab \up0 \expndtw-3\charscalex100 $102.0\tab \up0 \
expndtw-3\charscalex100 $107.5\tab \up0 \expndtw-3\charscalex100 $103.0\par\pard
\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb0\sl-230\slmult0 \par\pard\
ql\li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb9\sl-230\slmult0 \up0 \expndt
w-4\charscalex100 *Funds can be borrowed in $5,000 multiples. \par\pard\li1989\
}
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}}
0 \ul0\nosupersub\cf28\f29\fs20 6. \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\
\cf27\f28\fs20 Central City Department Store \par\pard\qj \li1989\ri2372\sb22\sl
-240\slmult0 \up0 \expndtw-5\charscalex100 Forecast income statement for six mon
ths ending June 30, 20X2 \up0 \expndtw-5\charscalex100 (in thousands) \par\par
d\qj \li6549\ri2065\sb224\sl-260\slmult0\fi0 \up0 \expndtw-3\charscalex100 Assum
ptions and/or sources \up0 \expndtw-3\charscalex100 of information\par\pard\sect
\sectd\sbknone\cols2\colno1\colw6389\colsr160\colno2\colw5211\colsr160\ql \li198
9\sb0\sl-230\slmult0 \par\pard\ql \li1989\sb16\sl-230\slmult0\tx5224 \up0 \expnd
tw-3\charscalex100 \ul0\nosupersub\cf28\f29\fs20 Net sales\tab \up0 \expndtw-3\c
harscalex100 $1,300.0\par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql \li198
9\sb17\sl-230\slmult0\tx5344 \up0 \expndtw-3\charscalex100 Cost of goods sold\ta
b \up0 \expndtw-3\charscalex100 1,040.0\par\pard\ql \li1989\sb0\sl-230\slmult0 \
par\pard\ql \li2229\sb39\sl-230\slmult0\tx5584 \up0 \expndtw-3\charscalex100 Gro
ss profit\tab \up0 \expndtw-3\charscalex100 260.0\par\pard\ql \li1989\sb0\sl-230
\slmult0 \par\pard\ql \li1989\sb40\sl-230\slmult0 \up0 \expndtw-3\charscalex100
Operating expenses:\par\pard\ql \li2229\sb20\sl-230\slmult0\tx4504 \up0 \expndtw

-3\charscalex100 Rent\tab \up0 \expndtw-3\charscalex100 12.0\par\pard\ql \li2229
\sb21\sl-230\slmult0\tx4504 \up0 \expndtw-3\charscalex100 Interest\tab \up0 \exp
ndtw-3\charscalex100 15.0\par\pard\ql \li2229\sb19\sl-230\slmult0\tx4504 \up0 \e
xpndtw-3\charscalex100 Depreciation\tab \up0 \expndtw-3\charscalex100 12.5\par\p
ard\ql \li2229\sb20\sl-230\slmult0\tx4384\tx5584 \up0 \expndtw-3\charscalex100 W
ages & salaries\tab \up0 \expndtw-3\charscalex100 245.0\tab \up0 \expndtw-3\char
scalex100 284.5\par\pard\ql \li2229\sb0\sl-230\slmult0 \par\pard\ql \li2229\sb18
\sl-230\slmult0 \up0 \expndtw-9\charscalex100 Profit (loss)\par\pard\ql \li2349
\sb19\sl-230\slmult0\tx5584 \up0 \expndtw-3\charscalex100 before taxes\tab \up0
\expndtw-3\charscalex100 (24.5)\par\pard\column \ql \li6549\sb0\sl-230\slmult0 \
par\pard\ql \li20\sb16\sl-230\slmult0 \up0 \expndtw-3\charscalex100 \u9632? Base
d on schedule of estimates.\par\pard\qj \li20\ri1192\sb232\sl-249\slmult0\tx270
\up0 \expndtw-7\charscalex100 \u9632? Forecast at 80% of net sales --\line \ta
b \up0 \expndtw-9\charscalex96 see part (e) of Q. #5.\par\pard\ql \li6549\sb0\
sl-230\slmult0 \par\pard\ql \li6549\sb0\sl-230\slmult0 \par\pard\ql \li6549\sb0\
sl-230\slmult0 \par\pard\ql \li20\sb77\sl-230\slmult0 \up0 \expndtw-7\charscalex
100 \u9632? $2,000 a month.\par\pard\ql \li20\sb21\sl-230\slmult0 \up0 \expndtw
-6\charscalex100 \u9632? $7,500 per quarter.\par\pard\ql \li20\sb19\sl-230\slmu
lt0 \up0 \expndtw-7\charscalex100 \u9632? $25,000 per year.\par\pard\ql \li20\s
b20\sl-230\slmult0 \up0 \expndtw-3\charscalex100 \u9632? Based on schedule of es
timates. \par\pard\sect\sectd\sbknone \li1989\sb0\sl-207\slmult0\par\pard\li1989
s18 103\par\pard\sect\sectd\fs24\paperw11900\paperh16840\pard\sb0\sl-240{\bkmkst
art Pg106}{\bkmkend Pg106}\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb
charscalex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 7: Funds Analysis, Cash Flow
Analysis, and Financial Planning\tab \up0 \expndtw-2\charscalex100 Pearson Educ
ation Limited 2005\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb0\sl-230
\slmult0\par\pard\li1989\sb46\sl-230\slmult0\fi0 \up0 \expndtw-5\charscalex100 \
ul0\nosupersub\cf28\f29\fs20 7.\par\pard\li1989\sb20\sl-230\slmult0\fi0 \up0 \ex
pndtw-5\charscalex100 \ul0\nosupersub\cf27\f28\fs20 Central City Department Stor
e\par\pard\li1989\sb19\sl-230\slmult0\fi0 \up0 \expndtw-5\charscalex100 Forecast
balance sheet at June 30, 20X2 (in thousands)\par\pard\sect\sectd\sbknone\co
ls2\colno1\colw6148\colsr160\colno2\colw5452\colsr160\ql \li1989\sb0\sl-230\slmu
lt0 \par\pard\ql \li4149\sb17\sl-230\slmult0 \up0 \expndtw-3\charscalex100 \ul0\
nosupersub\cf28\f29\fs20 Actual\par\pard\ql \li2469\sb21\sl-230\slmult0\tx4024 \
up0 \expndtw-3\charscalex100 Assets\tab \up0 \expndtw-9\charscalex93 12-31-X1
Change\par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql \li1989\sb16\sl-230\
slmult0\tx4024\tx5224\tx5584 \up0 \expndtw-3\charscalex100 Cash\tab \up0 \expndt
w-9\charscalex91 $ 100.0\tab \up0 \expndtw-3\charscalex100 +\tab \up0 \expndtw3\charscalex100 3.0\par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql \li1989\
sb16\sl-230\slmult0\tx4264\tx5224 \up0 \expndtw-3\charscalex100 Receivables\tab
\up0 \expndtw-3\charscalex100 427.5\tab \up0 \expndtw-3\charscalex100 -180.0\par
\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql \li1989\sb0\sl-230\slmult0 \par
\pard\ql \li1989\sb60\sl-230\slmult0\tx4264\tx5224 \up0 \expndtw-3\charscalex100
Inventory\tab \up0 \expndtw-3\charscalex100 200.0\tab \up0 \expndtw-3\charscale
x100 +120.0\par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql \li1989\sb0\sl-2
30\slmult0 \par\pard\ql \li1989\sb60\sl-230\slmult0\tx4504\tx5224 \up0 \expndtw3\charscalex100 Prepaid taxes\tab \up0 \expndtw-3\charscalex100 0.0\tab \up0 \ex
pndtw-9\charscalex89 + 50.0\par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql
\li2109\sb17\sl-230\slmult0\tx4024\tx5224\tx5583 \up0 \expndtw-3\charscalex100
Current assets\tab \up0 \expndtw-9\charscalex91 $ 777.5\tab \up0 \expndtw-3\cha
rscalex100 -\tab \up0 \expndtw-3\charscalex100 7.0\par\pard\ql \li1989\sb0\sl-23
0\slmult0 \par\pard\ql \li1989\sb40\sl-230\slmult0\tx4264\tx5224 \up0 \expndtw-3
\charscalex100 Net fixed assets\tab \up0 \expndtw-3\charscalex100 250.0\tab \up0
\expndtw-9\charscalex89 + 17.5\par\pard\ql \li2109\sb0\sl-230\slmult0 \par\par
d\ql \li2109\sb41\sl-230\slmult0\tx4024\tx5224 \up0 \expndtw-3\charscalex100 Tot
al assets\tab \up0 \expndtw-9\charscalex91 $ 977.5\tab \up0 \expndtw-9\charscal
ex89 + 10.5\par\pard\ql \li2469\sb0\sl-230\slmult0 \par\pard\ql \li2469\sb0\sl230\slmult0 \par\pard\ql \li2469\sb0\sl-230\slmult0 \par\pard\ql \li2469\sb0\sl230\slmult0 \par\pard\ql \li2469\sb5\sl-230\slmult0 \up0 \expndtw-3\charscalex10
0 Liabilities\par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql \li1989\sb17\s
l-230\slmult0\tx4024\tx4504\tx5224 \up0 \expndtw-3\charscalex100 Bank borrowings
\tab \up0 \expndtw-3\charscalex100 $\tab \up0 \expndtw-3\charscalex100 0.0\tab \
up0 \expndtw-9\charscalex89 + 35.0\par\pard\ql \li1989\sb0\sl-230\slmult0 \par\
pard\ql \li1989\sb40\sl-230\slmult0\tx4264\tx5583 \up0 \expndtw-3\charscalex100
Accounts payable\tab \up0 \expndtw-3\charscalex100 130.0\tab \up0 \expndtw-3\cha
rscalex100 0.0\par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql \li2109\sb40\
sl-230\slmult0 \up0 \expndtw-3\charscalex100 Current\par\pard\ql \li2229\sb20\sl
-230\slmult0\tx4024\tx5224 \up0 \expndtw-3\charscalex100 liabilities\tab \up0 \e
xpndtw-9\charscalex91 $ 130.0\tab \up0 \expndtw-9\charscalex89 + 35.0\par\pard
\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql \li1989\sb40\sl-230\slmult0\tx4264\t
x5584 \up0 \expndtw-3\charscalex100 Bonds\tab \up0 \expndtw-3\charscalex100 500.
0\tab \up0 \expndtw-3\charscalex100 0.0\par\pard\ql \li1989\sb0\sl-230\slmult0 \
par\pard\ql \li1989\sb40\sl-230\slmult0 \up0 \expndtw-3\charscalex100 Common sto
ck and\par\pard\ql \li2109\sb20\sl-230\slmult0\tx5224 \up0 \expndtw-6\charscalex
100 retained earnings 347.5\tab \up0 \expndtw-9\charscalex89 - 24.5\par\pard\q
l \li2109\sb0\sl-230\slmult0 \par\pard\ql \li2109\sb40\sl-230\slmult0 \up0 \expn
dtw-3\charscalex100 Total liabilities\par\pard\ql \li2229\sb20\sl-230\slmult0 \u
p0 \expndtw-3\charscalex100 and shareholders'\par\pard\ql \li2229\sb20\sl-230\sl
mult0\tx4024\tx5224 \up0 \expndtw-3\charscalex100 equity\tab \up0 \expndtw-9\cha
rscalex91 $ 977.5\tab \up0 \expndtw-9\charscalex89 + 10.5\par\pard\column \ql
\li6309\sb0\sl-230\slmult0 \par\pard\ql \li21\sb17\sl-230\slmult0 \up0 \expndtw3\charscalex100 Forecast\par\pard\ql \li141\sb21\sl-230\slmult0\tx2066 \up0 \exp
ndtw-3\charscalex100 6-30-X2\tab \up0 \expndtw-3\charscalex100 Assumptions\par\p
ard\ql \li6309\sb0\sl-230\slmult0 \par\pard\ql \li21\sb16\sl-230\slmult0\tx386\t
x1226 \up0 \expndtw-3\charscalex100 $\tab \up0 \expndtw-3\charscalex100 103.0\ta
b \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf42\f43\fs16 \u9632?\ul0\nosupe
rsub\cf28\f29\fs20 Based on cash budget.\par\pard\ql \li6668\sb0\sl-230\slmult0
\par\pard\ql \li380\sb16\sl-230\slmult0\tx1226\tx1442 \up0 \expndtw-2\charscale
x100 247.5\tab \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf42\f43\fs16 \u963
2? \tab \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf28\f29\fs20 100% June cr
edit sales plus\par\pard\ql \li1460\sb20\sl-230\slmult0 \up0 \expndtw-6\charscal
ex100 40% May credit sales, 10%\par\pard\ql \li1460\sb21\sl-230\slmult0 \up0 \e
xpndtw-3\charscalex100 April credit sales.\par\pard\ql \li380\sb19\sl-230\slmult
0\tx1226 \up0 \expndtw-3\charscalex100 320.0\tab \up0 \expndtw-6\charscalex100 \
ul0\nosupersub\cf42\f43\fs16 \u9632?\ul0\nosupersub\cf28\f29\fs20 Inventory (1
2/31/X1) plus\par\pard\ql \li1460\sb20\sl-230\slmult0 \up0 \expndtw-3\charscalex
100 forecast purchases minus\par\pard\ql \li1460\sb21\sl-230\slmult0 \up0 \expnd
tw-3\charscalex100 forecast cost of goods sold.\par\pard\ql \li500\sb19\sl-230\s

lmult0\tx1226 \up0 \expndtw-3\charscalex100 50.0\tab \up0 \expndtw-3\charscalex1
00 \ul0\nosupersub\cf42\f43\fs16 \u9632?\ul0\nosupersub\cf28\f29\fs20 Per cash
budget.\par\pard\ql \li6308\sb0\sl-230\slmult0 \par\pard\ql \li20\sb17\sl-230\sl
mult0\tx385 \up0 \expndtw-3\charscalex100 $\tab \up0 \expndtw-3\charscalex100 72
0.5\par\pard\ql \li6669\sb0\sl-230\slmult0 \par\pard\ql \li381\sb40\sl-230\slmul
t0\tx1226 \up0 \expndtw-3\charscalex100 267.5\tab \up0 \expndtw-5\charscalex100
\ul0\nosupersub\cf42\f43\fs16 \u9632?\ul0\nosupersub\cf28\f29\fs20 Capital expe
nditures of $30\par\pard\ql \li1461\sb20\sl-230\slmult0 \up0 \expndtw-6\charsca
lex100 and depreciation of $12.5.\par\pard\ql \li21\sb21\sl-230\slmult0\tx386 \
up0 \expndtw-3\charscalex100 $\tab \up0 \expndtw-3\charscalex100 988.0\par\pard\
ql \li6309\sb0\sl-230\slmult0 \par\pard\ql \li6309\sb0\sl-230\slmult0 \par\pard\
ql \li21\sb22\sl-230\slmult0\tx506\tx1226 \up0 \expndtw-3\charscalex100 $\tab \u
p0 \expndtw-3\charscalex100 35.0\tab \up0 \expndtw-3\charscalex100 \ul0\nosupers
ub\cf42\f43\fs16 \u9632?\ul0\nosupersub\cf28\f29\fs20 Previous balance plus\par
\pard\ql \li1460\sb20\sl-230\slmult0 \up0 \expndtw-3\charscalex100 additional fi
nancing needed.\par\pard\ql \li380\sb20\sl-230\slmult0\tx1226 \up0 \expndtw-3\ch
arscalex100 130.0\tab \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf42\f43\fs1
6 \u9632?\ul0\nosupersub\cf28\f29\fs20 Assumed to remain the same\par\pard\ql \
li1461\sb20\sl-230\slmult0 \up0 \expndtw-8\charscalex100 as at 12/31/X1.\par\pa
rd\ql \li6309\sb0\sl-230\slmult0 \par\pard\ql \li21\sb40\sl-230\slmult0\tx386 \u
p0 \expndtw-3\charscalex100 $\tab \up0 \expndtw-3\charscalex100 165.0\par\pard\q
l \li6669\sb0\sl-230\slmult0 \par\pard\ql \li381\sb40\sl-230\slmult0\tx1226 \up0
\expndtw-3\charscalex100 500.0\tab \up0 \expndtw-3\charscalex100 \ul0\nosupersu
b\cf42\f43\fs16 \u9632?\ul0\nosupersub\cf28\f29\fs20 Assumed to remain the same
\par\pard\ql \li1460\sb20\sl-230\slmult0 \up0 \expndtw-8\charscalex100 as at 12
/31/X1.\par\pard\ql \li6668\sb0\sl-230\slmult0 \par\pard\ql \li380\sb40\sl-230\s
lmult0\tx1226 \up0 \expndtw-3\charscalex100 323.0\tab \up0 \expndtw-5\charscalex
100 \ul0\nosupersub\cf42\f43\fs16 \u9632?\ul0\nosupersub\cf28\f29\fs20 Retained
earnings 12/31/X1\par\pard\ql \li1461\sb20\sl-230\slmult0 \up0 \expndtw-7\char
scalex100 minus $24.5 loss per\par\pard\ql \li1460\sb20\sl-230\slmult0 \up0 \ex
pndtw-3\charscalex100 forecast income statement.\par\pard\ql \li6309\sb0\sl-230\
slmult0 \par\pard\ql \li21\sb40\sl-230\slmult0\tx386 \up0 \expndtw-3\charscalex1
00 $\tab \up0 \expndtw-3\charscalex100 988.0 \par\pard\sect\sectd\sbknone \li198
9\sb0\sl-207\slmult0\par\pard\li1989\sb169\sl-207\slmult0\fi0\tx10330 \up0 \expn
dtw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Van Horne and Wachowicz: \ul0\
nosupersub\cf14\f15\fs18 Fundamentals of Financial Management,\ul0\nosupersub\cf
13\f14\fs18 12e\tab \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf15\f16\fs18
104
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
osupersub\cf27\f28\fs20 Solutions to Appendix Problems:\par\pard\li1989\sb0\sl-2
\charscalex100 \ul0\nosupersub\cf28\f29\fs20 8.\tab \up0 \expndtw-3\charscalex10
0 a)\tab \up0 \expndtw-9\charscalex90 .60 (.07)\t \up0 \expndtw-3\charscalex100
(1.50)\par\pard\li3189\sb19\sl-230\slmult0\fi0 \up0 \expndtw-9\charscalex95 SGR
= \u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472
?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u
9472?\u9472? = 18.69%\par\pard\li3189\sb20\sl-230\slmult0\fi719 \up0 \expndtw9\charscalex95 .40 - [(.60)(.07)(1.50)]\par\pard\ql \li2619\sb0\sl-230\slmult0
\par\pard\ql\li2619\sb226\sl-230\slmult0 \up0 \expndtw-3\charscalex100 b)\par\p
ard\sect\sectd\sbknone\cols3\colno1\colw3869\colsr40\colno2\colw2883\colsr60\col
no3\colw4918\colsr160\ql \li3186\sb211\sl-230\slmult0\tx3709 \up0 \expndtw-2\cha
rscalex100 \ul0\nosupersub\cf43\f44\fs20 SGR\tab \up0 \expndtw-5\charscalex100 \
ul0\nosupersub\cf44\f45\fs20 =\par\pard\column \ql \li20\sb42\sl-276\slmult0\tx2
30\tx2179 \up0 \expndtw0\charscalex80 \ul0\nosupersub\cf45\f46\fs24 \u-1810? \ta
b \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf43\f44\fs20 (40 \up0 \expndtw5\charscalex100 \ul0\nosupersub\cf44\f45\fs20 \u8722? \up0 \expndtw-3\charscalex
100 \ul0\nosupersub\cf43\f44\fs20 5)(1.45) \up0 \expndtw-3\charscalex100 (2\tab
\up0 \expndtw-3\charscalex100 .381)\par\pard\ql \li20\sb1\sl-220\slmult0 \up0 \e
xpndtw0\charscalex80 \ul0\nosupersub\cf45\f46\fs24 \u-1808? \up0 \expndtw-3\char
scalex100 \ul0\nosupersub\cf43\f44\fs20 1 \up0 \expndtw-5\charscalex100 \ul0\nos
upersub\cf44\f45\fs20 \u8722? \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf43
\f44\fs20 [(.06)(1.4 \up0 \expndtw-3\charscalex100 5)(2.381)\par\pard\column \ql
\li20\sb42\sl-276\slmult0\tx344\tx581\tx866 \up0 \expndtw0\charscalex80 \ul0\no
supersub\cf45\f46\fs24 \u-1799? \tab \up0 \expndtw0\charscalex80 \u-1810? \tab \
up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf43\f44\fs20 1\tab \up0 \expndtw0\
charscalex80 \ul0\nosupersub\cf45\f46\fs24 \u-1799?\par\pard\ql \li168\sb0\sl-18
0\slmult0\tx1027\tx1411 \up0 \expndtw-5\charscalex100 \ul0\nosupersub\cf44\f45\f
s20 \tab \up0 \expndtw-5\charscalex100 \u8722? \up0 \expndtw-2\charscalex100 \ul
0\nosupersub\cf43\f44\fs20 1\tab \up0 \expndtw-5\charscalex100 \ul0\nosupersub\c
f44\f45\fs20 = \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf43\f44\fs20 1.60%
\par\pard\ql \li20\sb0\sl-207\slmult0\tx344 \up0 \expndtw0\charscalex80 \ul0\nos
upersub\cf45\f46\fs24 \u-1797? \tab \up0 \expndtw0\charscalex80 \u-1808? \up0 \e
xpndtw-3\charscalex100 \ul0\nosupersub\cf43\f44\fs20 150 \up0 \expndtw0\charscal
ex80 \ul0\nosupersub\cf45\f46\fs24 \u-1797? \par\pard\sect\sectd\sbknone \qj \li
8\f29\fs20 Moving to lower relative profitability and lower debt ratio,
\up0 \expndtw-8\charscalex100 which may be a one-shot occurrence, lowers
dramatically the \up0 \expndtw-8\charscalex92 sustainable growth rate.
The
change in debt ratio affects the \up0 \expndtw-9\charscalex92 level of ov
erall assets, not just the growth component. \par\pard\li1989\sb0\sl-230\slmult0
89\tx4749 \up0 \expndtw-7\charscalex100 9.\tab \up0 \expndtw-7\charscalex100 a)

S\tab \up0 \expndtw-7\charscalex100 (1.35)(30)\par\pard\qj \li3189\ri2612\sb0
\sl-260\slmult0 \up0 \expndtw-9\charscalex97 \u9472? = \u9472?\u9472?\u9472?\u
9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u947
2?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\
u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472? = 1.6082
\up0 \expndtw-9\charscalex98 A \up0 \expndtw-9\charscalex94 [1.60][12 + 0.5
+ (.08)(1.35)(30)] \par\pard\ql \li3189\sb0\sl-230\slmult0 \par\pard\ql\li3189\
sb14\sl-230\slmult0 \up0 \expndtw-9\charscalex89 A/S = 1/(S/A) = 1/(1.6082)
= .6218 \par\pard\ql \li2589\sb0\sl-230\slmult0 \par\pard\ql\li2589\sb0\sl-230
\slmult0 \par\pard\ql\li2589\sb50\sl-230\slmult0 \up0 \expndtw-8\charscalex93 b)
NP/S = 1/[(1.60)(1.4925)] + [(12 + 0.5)/(1.35)(30)] = 11.01% \par\pa
sb30\sl-230\slmult0\fi0\tx5229 \up0 \expndtw-9\charscalex94 c)
D\tab \up0 \ex
pndtw-9\charscalex94 (1.35)30\par\pard\li2589\sb19\sl-230\slmult0\fi599 \up0 \ex
pndtw-9\charscalex94 \u9472? = \u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u947
2?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\
u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u94
72?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472? - 1 = .724\par\pard\li2589\sb2
1\sl-230\slmult0\fi599\tx3669 \up0 \expndtw-9\charscalex94 E\tab \up0 \expndtw-9
\charscalex94 [12 + 0.5 + (.08)(1.35)(30)][1.4925]\par\pard\li3189\sb0\sl-23
2 \up0 \expndtw-9\charscalex94 In order to achieve a sales growth rate o
f\tab \up0 \expndtw-8\charscalex100 35 percent next\par\pard\li3189\sb0\sl-230
\slmult0\par\pard\li3189\sb40\sl-230\slmult0\fi0 \up0 \expndtw-8\charscalex100 y
ear, one or both of the profitability ratios must improve\par\pard\li31
arscalex100 and/or the debt ratio must increase.\par\pard\li1989\sb0\sl-207\slmu
sv 20}}{\sp{\sn fBehindDocument}{\sv 1}}{\sp{\sn lineColor}{\sv 0}}{\sp{\sn line
Width}{\sv 7888}}
}}
Width}{\sv 7888}}
g108}{\bkmkend Pg108}\par\pard\sect\sectd\sbknone\cols2\colno1\colw7736\colsr110
\colno2\colw3914\colsr160\ql \li1989\sb0\sl-207\slmult0 \par\pard\ql \li1989\sb0
\sl-207\slmult0 \par\pard\ql \li1989\sb53\sl-207\slmult0 \up0 \expndtw-2\charsca
is, and Financial Planning\par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql \
li1989\sb0\sl-230\slmult0 \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql \
li1989\sb0\sl-230\slmult0 \par\pard\ql \li1989\sb46\sl-230\slmult0 \up0 \expndtw
-3\charscalex100 \ul0\nosupersub\cf27\f28\fs20 SOLUTIONS TO SELF-CORRECTION PROB
LEMS\par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql \li1989\sb0\sl-230\slmu
lt0 \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql \li1989\sb0\sl-230\slmu
lt0 \par\pard\ql \li1989\sb3\sl-230\slmult0\tx2584 \up0 \expndtw-3\charscalex100

\ul0\nosupersub\cf28\f29\fs20 1.\tab \up0 \expndtw-3\charscalex100 a.\par\pard\
ql \li1989\sb0\sl-249\slmult0 \par\pard\ql \li1989\ri967\sb6\sl-249\slmult0 \up0
\expndtw-3\charscalex100 \ul0\nosupersub\cf27\f28\fs20 Sources and uses of fund
s statement \line \up0 \expndtw-5\charscalex100 for Dana-Stallings, Inc. (in th
ousands)\par\pard\column \ql \li7846\sb0\sl-207\slmult0 \par\pard\ql \li7846\sb0
\sl-207\slmult0 \par\pard\ql \li20\sb53\sl-207\slmult0 \up0 \expndtw-2\charscale
x100 \ul0\nosupersub\cf13\f14\fs18 Pearson Education Limited 2005 \par\pard\sect
\sectd\sbknone \li1989\sb0\sl-230\slmult0\par\pard\li1989\sb20\sl-230\slmult0\fi
1679\tx7869 \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf28\f29\fs20 SOURCES\
tab \up0 \expndtw-3\charscalex100 USES\par\pard\sect\sectd\sbknone \li1989\sb0\s
100 Funds provided by operations:\par\pard\sect\sectd\sbknone \li1989\sb21\sl-23
0\slmult0\fi599\tx5709 \up0 \expndtw-3\charscalex100 Net profit\tab \up0 \expndt
w-3\charscalex100 $172\par\pard\sect\sectd\sbknone \li1989\sb19\sl-230\slmult0\f
i599\tx5829\tx6549\tx10149 \up0 \expndtw-3\charscalex100 Depreciation\tab \up0 \
expndtw-3\charscalex100 189\tab \up0 \expndtw-3\charscalex100 Additions to fixed
assets\tab \up0 \expndtw-3\charscalex100 $474\par\pard\li1989\sb1\sl-217\slmult
0\fi3720 \up0 \expndtw-3\charscalex100 \u9472?\u9472?\u9472?\u9472?\par\pard\li1
989\sb30\sl-230\slmult0\fi3720 \up0 \expndtw-3\charscalex100 $361\par\pard\li198
9\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl-230\slmult0\fi0\tx5949\tx6549 \up0
\expndtw-3\charscalex100 Decrease, marketable securities\tab \up0 \expndtw-3\cha
rscalex100 87\tab \up0 \expndtw-3\charscalex100 Increase,\par\pard\li1989\sb20\s
l-230\slmult0\fi0\tx5829\tx6669\tx10269 \up0 \expndtw-3\charscalex100 Increase,
accounts payable\tab \up0 \expndtw-3\charscalex100 214\tab \up0 \expndtw-3\chars
calex100 accounts receivable\tab \up0 \expndtw-3\charscalex100 182\par\pard\li19
89\sb19\sl-230\slmult0\fi0\tx5949\tx6549\tx10269 \up0 \expndtw-3\charscalex100 I
ncrease, accrued expenses\tab \up0 \expndtw-3\charscalex100 88\tab \up0 \expndtw
-3\charscalex100 Increase, inventories\tab \up0 \expndtw-3\charscalex100 251\par
\pard\li1989\sb21\sl-230\slmult0\fi0\tx5829 \up0 \expndtw-3\charscalex100 Increa
se, bank borrowings\tab \up0 \expndtw-3\charscalex100 135\par\pard\ql \li1989\sb
0\sl-230\slmult0 \par\pard\ql\li1989\sb39\sl-230\slmult0\tx5949 \up0 \expndtw-3\
charscalex100 \ul0\nosupersub\cf27\f28\fs20 Decrease, cash and equivalents \tab
\up0 \expndtw-3\charscalex100 22 \par\pard\li5709\sb1\sl-219\slmult0\fi0\tx10149
\up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf28\f29\fs20 \u9472?\u9472?\u947
2?\u9472?\tab \up0 \expndtw-3\charscalex100 \u9472?\u9472?\u9472?\u9472?\par\par
d\li5709\sb28\sl-230\slmult0\fi0\tx10148 \up0 \expndtw-3\charscalex100 $907\tab
\up0 \expndtw-3\charscalex100 $907\par\pard\qj \li3189\sb0\sl-500\slmult0 \par\p
ard\qj\li3189\ri1050\sb390\sl-500\slmult0 \up0 \expndtw-4\charscalex100 The com
pany has had substantial capital expenditures and \line \up0 \expndtw-9\ch
arscalex93 increases in current assets.
This growth has far outstrippe
d \line \up0 \expndtw-8\charscalex92 the growth in retained earnings.
To
finance this growth, the \line \up0 \expndtw-8\charscalex100 company has r
educed its marketable securities to zero, has \line \up0 \expndtw-8\charsc
alex100 leaned heavily on trade credit \up0 \expndtw-8\charscalex100 (accoun
ts payable), and has \par\pard\qj \li3189\ri1051\sb0\sl-500\slmult0 \up0 \exp
ndtw-9\charscalex95 increased its accrued expenses and bank borrowings.
All of \line \up0 \expndtw-9\charscalex95 this is short-term financing of
mostly long-term buildups in \line \up0 \expndtw-9\charscalex96 assets. \par
0\sl-207\slmult0\par\pard\li1989\sb85\sl-207\slmult0\fi0\tx10330 \up0 \expndtw-2
\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Van Horne and Wachowicz: \ul0\nosup
ersub\cf14\f15\fs18 Fundamentals of Financial Management,\ul0\nosupersub\cf13\f1
}
}}
}
}}
}
}}
}
}}
0 \ul0\nosupersub\cf28\f29\fs20 b. \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\
\cf27\f28\fs20 Statement of cash flows \par\pard\ql \li1989\sb30\sl-230\slmult0
\up0 \expndtw-5\charscalex100 for Dana-Stallings, Inc. (in thousands) \par\pard

\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb0\sl-230\slmult0 \par\pard\
\f29\fs20 CASH FLOW FROM OPERATING ACTIVITIES: \par\pard\li2589\sb34\sl-230\slmu
lt0\fi0\tldot\tx9309 \up0 \expndtw-5\charscalex100 Net income ...\tab \up0 \exp
ndtw-5\charscalex100 $ 172\par\pard\li2589\sb21\sl-230\slmult0\fi0\tldot\tx9549
\up0 \expndtw-5\charscalex100 Depreciation ...\tab \up0 \expndtw-5\charscalex1
00 189\par\pard\li2589\sb19\sl-230\slmult0\fi0 \up0 \expndtw-5\charscalex100 Cas
h provided (used) by current assets and\par\pard\li2589\sb20\sl-230\slmult0\fi1
19 \up0 \expndtw-5\charscalex100 operating-related current liabilities:\par\pard
\li2589\sb21\sl-230\slmult0\fi599\tldot\tx9549 \up0 \expndtw-5\charscalex100 Inc
rease, accounts payable ...\tab \up0 \expndtw-5\charscalex100 214\par\pard\li25
89\sb19\sl-230\slmult0\fi599\tldot\tx9669 \up0 \expndtw-5\charscalex100 Increase
, accrued expenses ...\tab \up0 \expndtw-5\charscalex100 88\par\pard\li2589\sb2
0\sl-230\slmult0\fi599\tldot\tx9429 \up0 \expndtw-5\charscalex100 Increase, acco
unts receivable ...\tab \up0 \expndtw-5\charscalex100 (182)\par\pard\li2589\sb2
1\sl-230\slmult0\fi599\tldot\tx9429 \up0 \expndtw-5\charscalex100 Increase, inve
ntories ...\tab \up0 \expndtw-5\charscalex100 (251)\par\pard\li3189\sb1\sl-216\
slmult0\fi6120 \up0 \expndtw-5\charscalex100 \u9472?\u9472?\u9472?\u9472?\u9472?
\par\pard\li3189\sb30\sl-230\slmult0\fi0\tx9308 \up0 \expndtw-5\charscalex100 Ne
t cash provided (used) by operating activities\tab \up0 \expndtw-5\charscalex10
0 $ 230\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb0\sl-230\slmult0\p
ar\pard\li1989\sb13\sl-230\slmult0\fi0 \up0 \expndtw-4\charscalex100 CASH FLOW F
ROM INVESTING ACTIVITIES:\par\pard\li1989\sb20\sl-230\slmult0\fi599\tldot\tx9309
\up0 \expndtw-4\charscalex100 Additions to fixed assets ...\tab \up0 \expndtw4\charscalex100 $(474)\par\pard\li1989\sb21\sl-230\slmult0\fi599\tldot\tx9669 \u
p0 \expndtw-4\charscalex100 Decrease, marketable securities ...\tab \up0 \expnd
tw-4\charscalex100 87\par\pard\ql \li9309\sb1\sl-199\slmult0 \up0 \expndtw-3\cha
rscalex100 \u9472?\u9472?\u9472?\u9472?\u9472? \par\pard\ql \li3189\sb36\sl-230\
slmult0\tx9308 \up0 \expndtw-4\charscalex100 Net cash provided (used) by invest
ing activities \tab \up0 \expndtw-3\charscalex100 $(387) \par\pard\li1989\sb0\sl
lt0\fi0 \up0 \expndtw-5\charscalex100 CASH FLOW FROM FINANCING ACTIVITIES:\par\p
ard\li1989\sb20\sl-230\slmult0\fi599\tldot\tx9309 \up0 \expndtw-5\charscalex100
Increase in short-term bank borrowings ...\tab \up0 \expndtw-5\charscalex100 $
135\par\pard\li3189\sb1\sl-216\slmult0\fi6120 \up0 \expndtw-5\charscalex100 \u9
472?\u9472?\u9472?\u9472?\u9472?\par\pard\li3189\sb30\sl-230\slmult0\fi0\tx9308
\up0 \expndtw-5\charscalex100 Net cash provided (used) by financing activities\
tab \up0 \expndtw-5\charscalex100 $ 135\par\pard\li1989\sb0\sl-230\slmult0\par\
pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb60\sl-230\slmult0\fi0\tldot\tx9
309 \up0 \expndtw-7\charscalex100 Increase (decrease) in cash and cash equivale
nts ...\tab \up0 \expndtw-7\charscalex100 $ (22)\par\pard\li1989\sb20\sl-230\s
lmult0\fi0\tldot\tx9669 \up0 \expndtw-7\charscalex100 Cash and cash equivalents,
December 31, 20X1 ...\tab \up0 \expndtw-7\charscalex100 53\par\pard\li1989\s
b1\sl-217\slmult0\fi7320 \up0 \expndtw-7\charscalex100 \u9472?\u9472?\u9472?\u94
72?\u9472?\par\pard\li1989\sb30\sl-230\slmult0\fi0\tldot\tx9309\tx9669 \up0 \exp
ndtw-7\charscalex100 Cash and cash equivalents, December 31, 20X2 ...\tab \up
0 \expndtw-7\charscalex100 $\tab \up0 \expndtw-7\charscalex100 31\par\pard\li198
\fi0 \up0 \expndtw-5\charscalex100 Supplemental cash flow disclosures:\par\pard\
li1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl-230\slmult0\fi599\tldot\tx9309
\tx9669 \up0 \expndtw-5\charscalex100 Interest paid ...\tab \up0 \expndtw-5\cha
rscalex100 $\tab \up0 \expndtw-5\charscalex100 21\par\pard\li1989\sb20\sl-230\sl
mult0\fi599\tldot\tx9549 \up0 \expndtw-5\charscalex100 Taxes paid ...\tab \up0
\expndtw-5\charscalex100 114\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\
f16\fs18 107
}
}}
}
}}
Limited 2005\par\pard\qj \li3189\ri1050\sb465\sl-500\slmult0 \up0 \expndtw-9\ch
arscalex93 \ul0\nosupersub\cf28\f29\fs20 In addition to the same points ra
ised by an analysis of the \up0 \expndtw-9\charscalex93 sources and uses
of funds statement, we see that all of the \up0 \expndtw-4\charscalex10
0 the firm's cash flow from operating activities (and then some) \up0 \expndtw9\charscalex94 went towards additions to fixed assets.
By and large,
the \up0 \expndtw-9\charscalex95 cash flow statement prepared using the i
ndirect method gives \up0 \expndtw-3\charscalex100 you much the same informati
on gathered from an analysis of the \up0 \expndtw-3\charscalex100 sources and us
es of funds statement. \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li19
arscalex78 2.
a. \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\
Cash budget (in thousands) \par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\
sb35\sl-230\slmult0\fi3719\tx6549\tx7389\tx8229\tx9069\tx9909 \up0 \expndtw-3\ch
arscalex100 \ul0\nosupersub\cf28\f29\fs20 NOV\tab \up0 \expndtw-3\charscalex100
DEC\tab \up0 \expndtw-3\charscalex100 JAN\tab \up0 \expndtw-3\charscalex100 FEB\
tab \up0 \expndtw-3\charscalex100 MAR\tab \up0 \expndtw-3\charscalex100 APR\par\
6429\tx7269\tx7869\tx8949\tx9789 \up0 \expndtw-3\charscalex100 \ul0\nosupersub\c
f27\f28\fs20 Sales\tab \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf28\f29\fs

20 $500\tab \up0 \expndtw-3\charscalex100 $600\tab \up0 \expndtw-3\charscalex100
$600\tab \up0 \expndtw-3\charscalex100 $1,000\tab \up0 \expndtw-3\charscalex100
$650\tab \up0 \expndtw-3\charscalex100 $750\par\pard\li1989\sb0\sl-230\slmult0\
par\pard\li1989\sb16\sl-230\slmult0\fi0 \up0 \expndtw-3\charscalex100 \ul0\nosup
ersub\cf27\f28\fs20 Cash Collections\par\pard\li1989\sb0\sl-230\slmult0\par\pard
\li1989\sb41\sl-230\slmult0\fi119\tx7269\tx8109\tx8949 \up0 \expndtw-3\charscale
x100 \ul0\nosupersub\cf28\f29\fs20 20% of current month sales\tab \up0 \expndtw3\charscalex100 $120\tab \up0 \expndtw-3\charscalex100 $200\tab \up0 \expndtw-3\
charscalex100 $130\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb39\sl-23
0\slmult0\fi119\tx7389\tx8229\tx9069 \up0 \expndtw-3\charscalex100 70% of last m
onth's sales\tab \up0 \expndtw-3\charscalex100 420\tab \up0 \expndtw-3\charscale
x100 420\tab \up0 \expndtw-3\charscalex100 700\par\pard\li2109\sb0\sl-230\slmult
0\par\pard\li2109\sb40\sl-230\slmult0\fi0\tx7509\tx8349\tx9189 \up0 \expndtw-5\c
harscalex100 10% of 2-month old sales\tab \up0 \expndtw-5\charscalex100 50\tab
\up0 \expndtw-5\charscalex100 60\tab \up0 \expndtw-5\charscalex100 60\par\pard\l
i2589\sb1\sl-217\slmult0\fi4680\tx7989\tx8949 \up0 \expndtw-3\charscalex100 \u94
\u9472?\u9472?\tab \up0 \expndtw-3\charscalex100 \u9472?\u9472?\u9472?\u9472?\pa
calex100 Total cash receipts\tab \up0 \expndtw-3\charscalex100 $590\tab \up0 \ex
pndtw-3\charscalex100 $680\tab \up0 \expndtw-3\charscalex100 $890\par\pard\li198
up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf27\f28\fs20 Purchases\tab \up0 \e
xpndtw-3\charscalex100 \ul0\nosupersub\cf28\f29\fs20 $360\tab \up0 \expndtw-3\ch
arscalex100 $600\tab \up0 \expndtw-3\charscalex100 $390\tab \up0 \expndtw-3\char
scalex100 $450\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb16\sl-230\sl
mult0\fi0 \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf27\f28\fs20 Cash disbu
rsements for purchases\par\pard\li1989\sb20\sl-230\slmult0\fi119 \up0 \expndtw-3
\charscalex100 and operating expenses\par\pard\li1989\sb0\sl-230\slmult0\par\par
d\li1989\sb40\sl-230\slmult0\fi119\tx7269\tx8109\tx8949 \up0 \expndtw-3\charscal
ex100 \ul0\nosupersub\cf28\f29\fs20 100% of last month's purchases\tab \up0 \exp
ndtw-3\charscalex100 $360\tab \up0 \expndtw-3\charscalex100 $600\tab \up0 \expnd
tw-3\charscalex100 $390\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb41\
sl-230\slmult0\fi119\tx7389\tx8229\tx9069 \up0 \expndtw-3\charscalex100 Labor co
sts\tab \up0 \expndtw-3\charscalex100 150\tab \up0 \expndtw-3\charscalex100 200\
tab \up0 \expndtw-3\charscalex100 160\par\pard\li2109\sb0\sl-230\slmult0\par\par
d\li2109\sb39\sl-230\slmult0\fi0\tx7389\tx8229\tx9069 \up0 \expndtw-3\charscalex
100 Other expenses paid\tab \up0 \expndtw-3\charscalex100 100\tab \up0 \expndtw3\charscalex100 100\tab \up0 \expndtw-3\charscalex100 100\par\pard\li2589\sb1\sl
-219\slmult0\fi4680\tx8109\tx8949 \up0 \expndtw-3\charscalex100 \u9472?\u9472?\u
9472?\u9472?\tab \up0 \expndtw-3\charscalex100 \u9472?\u9472?\u9472?\u9472?\tab
\up0 \expndtw-3\charscalex100 \u9472?\u9472?\u9472?\u9472?\par\pard\li2589\sb28\
sl-230\slmult0\fi0\tx7269\tx8109\tx8949 \up0 \expndtw-3\charscalex100 Total cash
disbursements\tab \up0 \expndtw-3\charscalex100 $610\tab \up0 \expndtw-3\charsc
alex100 $900\tab \up0 \expndtw-3\charscalex100 $650\par\pard\li1989\sb0\sl-230\s
\pard\li1989\sb9\sl-230\slmult0\fi0\tx7269\tx7989\tx8949 \up0 \expndtw-3\charsca
lex100 Cash receipts less cash disbursements\tab \up0 \expndtw-3\charscalex100 $
(20)\tab \up0 \expndtw-3\charscalex100 $(220)\tab \up0 \expndtw-3\charscalex100
$240\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmult0\par\p
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
lt0\par\pard\li1989\sb46\sl-230\slmult0\fi599 \up0 \expndtw-2\charscalex100 \ul0
\nosupersub\cf28\f29\fs20 b.\par\pard\li5949\sb0\sl-230\slmult0\par\pard\li5949\
\up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf27\f28\fs20 DEC\tab \up0 \expnd
tw-3\charscalex100 JAN\tab \up0 \expndtw-3\charscalex100 FEB\tab \up0 \expndtw-3
\charscalex100 MAR\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb0\sl-230
dtw-4\charscalex100 \ul0\nosupersub\cf28\f29\fs20 Beginning bank borrowings\tab
\up0 \expndtw-4\charscalex100 $400\tab \up0 \expndtw-4\charscalex100 $420\tab \u
p0 \expndtw-4\charscalex100 $ 640\par\pard\li2589\sb20\sl-230\slmult0\fi0\tx762
9\tx8829\tx10029 \up0 \expndtw-4\charscalex100 Additional borrowings\tab \up0 \e
xpndtw-4\charscalex100 20\tab \up0 \expndtw-4\charscalex100 220\tab \up0 \expndt
w-4\charscalex100 (240)\par\pard\li2589\sb1\sl-217\slmult0\fi4800\tx8709 \up0 \e
xpndtw-4\charscalex100 \u9472?\u9472?\u9472?\u9472?\tab \up0 \expndtw-4\charscal
ex100 \u9472?\u9472?\u9472?\u9472?\par\pard\li2589\sb29\sl-230\slmult0\fi0\tx582
9\tx7388\tx8708\tx9908 \up0 \expndtw-4\charscalex100 Ending bank borrowings\tab
\up0 \expndtw-4\charscalex100 $400\tab \up0 \expndtw-4\charscalex100 $420\tab \u

p0 \expndtw-4\charscalex100 $640\tab \up0 \expndtw-4\charscalex100 $ 400\par\pa
rd\qj \li3189\sb0\sl-500\slmult0 \par\pard\qj\li3189\ri1050\sb410\sl-500\slmult0
\up0 \expndtw-3\charscalex100 The amount of financing peaks in February owing t
o the need to \up0 \expndtw-9\charscalex97 pay for purchases made the previ
ous month and higher labor \up0 \expndtw-9\charscalex97 costs.
In March
, substantial collections are made on the \up0 \expndtw-4\charscalex100 pr
ior month's billings, causing a large net cash inflow \up0 \expndtw-4\ch
arscalex100 sufficient to pay off the additional borrowings. \par\pard\li1989\sb
8 109
lt0\par\pard\li1989\sb46\sl-230\slmult0\fi599 \up0 \expndtw-4\charscalex100 \ul0
\nosupersub\cf28\f29\fs20 c.\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\
sb39\sl-230\slmult0\fi0 \up0 \expndtw-4\charscalex100 \ul0\nosupersub\cf27\f28\f
s20 Forecast balance sheet at March 31 (in thousands)\par\pard\sect\sectd\sbkn
one\cols2\colno1\colw6389\colsr160\colno2\colw5211\colsr160\ql \li2469\sb0\sl-23
0\slmult0 \par\pard\ql \li4389\sb17\sl-230\slmult0 \up0 \expndtw-3\charscalex100
\ul0\nosupersub\cf28\f29\fs20 Actual\par\pard\ql \li2469\sb21\sl-230\slmult0\tx
4504 \up0 \expndtw-3\charscalex100 Assets\tab \up0 \expndtw-9\charscalex86 12-31
Change\par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql \li1989\sb0\sl230\slmult0 \par\pard\ql \li1989\sb13\sl-230\slmult0\tx4384\tx4864\tx5944 \up0 \
expndtw-3\charscalex100 Cash\tab \up0 \expndtw-3\charscalex100 $\tab \up0 \expnd
tw-3\charscalex100 50\tab \up0 \expndtw-3\charscalex100 0\par\pard\ql \li1989\sb
0\sl-230\slmult0 \par\pard\ql \li1989\sb39\sl-230\slmult0\tx4744\tx5583 \up0 \ex
pndtw-3\charscalex100 Receivables\tab \up0 \expndtw-3\charscalex100 530\tab \up0
\expndtw-9\charscalex83 + 90\par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\
ql \li1989\sb40\sl-230\slmult0\tx4744\tx5583 \up0 \expndtw-3\charscalex100 Inven
tory\tab \up0 \expndtw-3\charscalex100 545\tab \up0 \expndtw-9\charscalex83 + 9
0\par\pard\ql \li2109\sb0\sl-230\slmult0 \par\pard\ql \li2109\sb41\sl-230\slmult
0\tx4384\tx5583 \up0 \expndtw-3\charscalex100 Current assets\tab \up0 \expndtw-3
\charscalex100 $1,125\tab \up0 \expndtw-3\charscalex100 +180\par\pard\ql \li1989

\sb0\sl-230\slmult0 \par\pard\ql \li1989\sb39\sl-230\slmult0\tx4504\tx5583 \up0
\expndtw-3\charscalex100 Net fixed assets\tab \up0 \expndtw-3\charscalex100 1,83
6\tab \up0 \expndtw-9\charscalex83 - 24\par\pard\ql \li2109\sb0\sl-230\slmult0
x100 Total assets\tab \up0 \expndtw-3\charscalex100 $2,961\tab \up0 \expndtw-3\c
harscalex100 +156\par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql \li1989\sb
0\sl-230\slmult0 \par\pard\ql \li2469\sb14\sl-230\slmult0 \up0 \expndtw-3\charsc
alex100 Liabilities\par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql \li1989\
sb16\sl-230\slmult0\tx4384\tx4744\tx5944 \up0 \expndtw-3\charscalex100 Bank borr
owings\tab \up0 \expndtw-3\charscalex100 $\tab \up0 \expndtw-3\charscalex100 400
\tab \up0 \expndtw-3\charscalex100 0\par\pard\ql \li1989\sb0\sl-230\slmult0 \par
\pard\ql \li1989\sb40\sl-230\slmult0\tx4744\tx5583 \up0 \expndtw-3\charscalex100
Accounts payable\tab \up0 \expndtw-3\charscalex100 360\tab \up0 \expndtw-9\char
scalex83 + 90\par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql \li1989\sb40\
sl-230\slmult0\tx4744\tx5944 \up0 \expndtw-3\charscalex100 Accrued expenses\tab
\up0 \expndtw-3\charscalex100 212\tab \up0 \expndtw-3\charscalex100 0\par\pard\q
dtw-3\charscalex100 Current\par\pard\ql \li2229\sb20\sl-230\slmult0\tx4384\tx474
4\tx5584 \up0 \expndtw-3\charscalex100 liabilities\tab \up0 \expndtw-3\charscale
x100 $\tab \up0 \expndtw-3\charscalex100 972\tab \up0 \expndtw-9\charscalex83 +
90\par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql \li1989\sb40\sl-230\slmu
lt0\tx4744\tx5944 \up0 \expndtw-3\charscalex100 Long-term debt\tab \up0 \expndtw
-3\charscalex100 450\tab \up0 \expndtw-3\charscalex100 0\par\pard\ql \li1989\sb0
\sl-230\slmult0 \par\pard\ql \li1989\sb39\sl-230\slmult0\tx4744\tx5944 \up0 \exp
ndtw-3\charscalex100 Common Stock\tab \up0 \expndtw-3\charscalex100 100\tab \up0
\expndtw-3\charscalex100 0\par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql
\li1989\sb41\sl-230\slmult0\tx4504\tx5584 \up0 \expndtw-3\charscalex100 Retained
earnings\tab \up0 \expndtw-3\charscalex100 1,439\tab \up0 \expndtw-9\charscalex
83 + 66\par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql \li1989\sb40\sl-230
\slmult0 \up0 \expndtw-3\charscalex100 Total liabilities\par\pard\ql \li2229\sb2
0\sl-230\slmult0 \up0 \expndtw-3\charscalex100 and shareholders'\par\pard\ql \li
2229\sb19\sl-230\slmult0\tx4384\tx5584 \up0 \expndtw-3\charscalex100 equity\tab
\up0 \expndtw-3\charscalex100 $2,961\tab \up0 \expndtw-3\charscalex100 +156\par\
pard\column \ql \li6549\sb0\sl-230\slmult0 \par\pard\ql \li20\sb17\sl-230\slmult
0 \up0 \expndtw-3\charscalex100 Forecast\par\pard\ql \li260\sb21\sl-230\slmult0\
tx2185 \up0 \expndtw-3\charscalex100 3-31\tab \up0 \expndtw-3\charscalex100 Assu
mptions\par\pard\ql \li6669\sb0\sl-230\slmult0 \par\pard\ql \li6669\sb0\sl-230\s
lmult0 \par\pard\ql \li140\sb13\sl-230\slmult0\tx625\tx1225 \up0 \expndtw-3\char
scalex100 $\tab \up0 \expndtw-3\charscalex100 50\tab \up0 \expndtw-3\charscalex1
00 \ul0\nosupersub\cf42\f43\fs16 \u9632?\ul0\nosupersub\cf28\f29\fs20 Set at es
timated minimum\par\pard\ql \li1459\sb19\sl-230\slmult0 \up0 \expndtw-3\charscal
ex100 balance.\par\pard\ql \li499\sb20\sl-230\slmult0\tx1225\tx1441 \up0 \expndt
w-2\charscalex100 620\tab \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf42\f43
\fs16 \u9632? \tab \up0 \expndtw-6\charscalex100 \ul0\nosupersub\cf28\f29\fs20 8
0% March sales plus 10%\par\pard\ql \li1459\sb21\sl-230\slmult0 \up0 \expndtw-3
\charscalex100 February sales.\par\pard\ql \li499\sb19\sl-230\slmult0\tx1225 \up
0 \expndtw-3\charscalex100 635\tab \up0 \expndtw-8\charscalex100 \ul0\nosupersub
\cf42\f43\fs16 \u9632?\ul0\nosupersub\cf28\f29\fs20 Based on $545 plus $1,985
in\par\pard\ql \li1460\sb20\sl-230\slmult0 \up0 \expndtw-6\charscalex100 purcha
ses (Jan.-Mar.) minus\par\pard\ql \li139\sb21\sl-230\slmult0\tx1464 \up0 \expnd
tw-3\charscalex100 $1,305\tab \up0 \expndtw-6\charscalex100 .6 times $2,250 in
sales\par\pard\ql \li1459\sb19\sl-230\slmult0 \up0 \expndtw-3\charscalex100 (Jan
.-Mar.).\par\pard\ql \li259\sb20\sl-230\slmult0\tx1225 \up0 \expndtw-3\charscale
x100 1,812\tab \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf42\f43\fs16 \u963
2?\ul0\nosupersub\cf28\f29\fs20 Depreciation expected to be\par\pard\ql \li1460
\sb21\sl-230\slmult0 \up0 \expndtw-3\charscalex100 $24.\par\pard\ql \li140\sb19\
sl-230\slmult0 \up0 \expndtw-3\charscalex100 $3,117\par\pard\ql \li6669\sb0\sl-2
30\slmult0\tx505\tx1105 \up0 \expndtw-3\charscalex100 $\tab \up0 \expndtw-3\char

scalex100 400\tab \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf42\f43\fs16 \u
9632?\ul0\nosupersub\cf28\f29\fs20 Previous balance plus zero\par\pard\ql \li13
39\sb20\sl-230\slmult0 \up0 \expndtw-3\charscalex100 additional financing needed
.\par\pard\ql \li499\sb20\sl-230\slmult0\tx1105\tx1321 \up0 \expndtw-2\charscale
x100 450\tab \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf42\f43\fs16 \u9632?
\tab \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf28\f29\fs20 100% March pur
chases.\par\pard\ql \li6669\sb0\sl-230\slmult0 \par\pard\ql \li500\sb40\sl-230\s
lmult0\tx1105 \up0 \expndtw-3\charscalex100 212\tab \up0 \expndtw-3\charscalex10
0 \ul0\nosupersub\cf42\f43\fs16 \u9632?\ul0\nosupersub\cf28\f29\fs20 No change
expected.\par\pard\ql \li6669\sb0\sl-230\slmult0 \par\pard\ql \li6669\sb0\sl-230
\slmult0 \par\pard\ql \li140\sb37\sl-230\slmult0 \up0 \expndtw-3\charscalex100 $
1,062\par\pard\ql \li6789\sb0\sl-230\slmult0 \par\pard\ql \li500\sb40\sl-230\slm
ult0\tx1105 \up0 \expndtw-3\charscalex100 450\tab \up0 \expndtw-3\charscalex100
\ul0\nosupersub\cf42\f43\fs16 \u9632?\ul0\nosupersub\cf28\f29\fs20 No change ex
pected.\par\pard\ql \li6789\sb0\sl-230\slmult0 \par\pard\ql \li500\sb39\sl-230\s
lmult0\tx1105 \up0 \expndtw-3\charscalex100 100\tab \up0 \expndtw-3\charscalex10
0 \ul0\nosupersub\cf42\f43\fs16 \u9632?\ul0\nosupersub\cf28\f29\fs20 No change
expected.\par\pard\ql \li6789\sb0\sl-230\slmult0 \par\pard\ql \li260\sb41\sl-230
\slmult0\tx1105 \up0 \expndtw-3\charscalex100 1,505\tab \up0 \expndtw-3\charscal
ex100 \ul0\nosupersub\cf42\f43\fs16 \u9632?\ul0\nosupersub\cf28\f29\fs20 Change
in retained earnings\par\pard\ql \li20\sb19\sl-230\slmult0 \up0 \expndtw-9\char
scalex97 \u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?
equals sa
les, minus payment\par\pard\ql \li1339\sb21\sl-230\slmult0 \up0 \expndtw-3\chars
calex100 for purchases, minus labor\par\pard\ql \li1339\sb20\sl-230\slmult0 \up0
\expndtw-3\charscalex100 costs, depreciation, and\par\pard\ql \li140\sb19\sl-23
0\slmult0\tx1345 \up0 \expndtw-3\charscalex100 $3,117\tab \up0 \expndtw-3\charsc
alex100 other expenses, for Jan.-Mar. \par\pard\sect\sectd\sbknone \li1989\sb0\s
lt0\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb2\sl-207\slmult0\fi0\tx
10330 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Van Horne and
Wachowicz: \ul0\nosupersub\cf14\f15\fs18 Fundamentals of Financial Management,\u
l0\nosupersub\cf13\f14\fs18 12e\tab \up0 \expndtw-2\charscalex100 \ul0\nosupers
ub\cf15\f16\fs18 110
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
0 \ul0\nosupersub\cf28\f29\fs20 3. \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\
\cf27\f28\fs20 Forecast income statement (in thousands) \par\pard\qj \li6548\ri
2065\sb226\sl-260\slmult0\fi0 \up0 \expndtw-3\charscalex100 Assumptions and/or s
ources \up0 \expndtw-3\charscalex100 of information\par\pard\sect\sectd\sbknone\
cols2\colno1\colw6389\colsr160\colno2\colw5211\colsr160\ql \li1989\sb0\sl-230\sl
mult0 \par\pard\ql \li1989\sb16\sl-230\slmult0\tx5464 \up0 \expndtw-3\charscalex
100 \ul0\nosupersub\cf28\f29\fs20 Net sales\tab \up0 \expndtw-3\charscalex100 $2
,400\par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql \li1989\sb40\sl-230\slm
ult0\tx5583 \up0 \expndtw-3\charscalex100 Cost of goods sold\tab \up0 \expndtw-3
\charscalex100 1,440\par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql \li2229
\sb17\sl-230\slmult0\tx5823 \up0 \expndtw-3\charscalex100 Gross profit\tab \up0
\expndtw-3\charscalex100 960\par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql
\li1989\sb39\sl-230\slmult0\tx5823 \up0 \expndtw-3\charscalex100 Expenses\tab \
up0 \expndtw-3\charscalex100 576\par\pard\ql \li2229\sb0\sl-230\slmult0 \par\par
d\ql \li2229\sb0\sl-230\slmult0 \par\pard\ql \li2229\sb60\sl-230\slmult0\tx5823
\up0 \expndtw-3\charscalex100 Profit before taxes\tab \up0 \expndtw-3\charscalex
100 384\par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql \li1989\sb0\sl-230\s
lmult0 \par\pard\ql \li1989\sb60\sl-230\slmult0\tx5823 \up0 \expndtw-3\charscale
x100 Taxes\tab \up0 \expndtw-3\charscalex100 192\par\pard\ql \li1989\sb0\sl-230\
slmult0 \par\pard\ql \li2229\sb18\sl-230\slmult0\tx5464\tx5824 \up0 \expndtw-3\c
harscalex100 \ul0\nosupersub\cf27\f28\fs20 Profit after taxes\tab \up0 \expndtw3\charscalex100 $\tab \up0 \expndtw-3\charscalex100 192\par\pard\ql \li1989\sb0\
sl-230\slmult0 \par\pard\ql \li1989\sb39\sl-230\slmult0\tx6064 \up0 \expndtw-3\c
harscalex100 \ul0\nosupersub\cf28\f29\fs20 Dividends\tab \up0 \expndtw-3\charsca
lex100 0\par\pard\ql \li2229\sb0\sl-230\slmult0 \par\pard\ql \li2229\sb16\sl-230
\slmult0 \up0 \expndtw-3\charscalex100 Increase in\par\pard\ql \li2349\sb21\sl-2
30\slmult0\tx5464\tx5824 \up0 \expndtw-3\charscalex100 retained earnings\tab \up
0 \expndtw-3\charscalex100 $\tab \up0 \expndtw-3\charscalex100 192\par\pard\colu
mn \ql \li6549\sb0\sl-230\slmult0 \par\pard\ql \li20\sb16\sl-230\slmult0 \up0 \e
xpndtw-3\charscalex100 \ul0\nosupersub\cf42\f43\fs16 \u9632?\ul0\nosupersub\cf28
\f29\fs20 Based on sales forecast.\par\pard\ql \li6549\sb0\sl-230\slmult0 \par\
pard\ql \li20\sb40\sl-230\slmult0 \up0 \expndtw-5\charscalex100 \ul0\nosupersub\
cf42\f43\fs16 \u9632?\ul0\nosupersub\cf28\f29\fs20 Forecast at 60% of net sale
s.\par\pard\ql \li6549\sb0\sl-195\slmult0 \par\pard\ql \li6549\sb0\sl-195\slmult
0 \par\pard\ql \li6549\sb0\sl-195\slmult0 \par\pard\ql \li20\sb190\sl-195\slmult
0\tx241 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf42\f43\fs16 \u9632? \tab
\up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf28\f29\fs20 24% of net sales; r
equired to\par\pard\qj \li259\ri1432\sb12\sl-249\slmult0\fi0 \up0 \expndtw-5\cha
rscalex100 produce 16% before-tax profit \up0 \expndtw-7\charscalex100 margin
(see below).\par\pard\ql \li20\sb46\sl-195\slmult0\tx241 \up0 \expndtw-2\charsca
lex100 \ul0\nosupersub\cf42\f43\fs16 \u9632? \tab \up0 \expndtw-2\charscalex100
\ul0\nosupersub\cf28\f29\fs20 16% of net sales; based on an\par\pard\qj \li259\r
i1553\sb12\sl-249\slmult0 \up0 \expndtw-5\charscalex100 8% net profit margin and
50% \up0 \expndtw-3\charscalex100 tax rate.\par\pard\ql \li20\sb17\sl-230\slmu

lt0 \up0 \expndtw-7\charscalex100 \ul0\nosupersub\cf42\f43\fs16 \u9632?\ul0\nosu
persub\cf28\f29\fs20 Forecast at 50%.\par\pard\ql \li6549\sb0\sl-230\slmult0 \
par\pard\ql \li20\sb18\sl-230\slmult0 \up0 \expndtw-5\charscalex100 \ul0\nosuper
sub\cf42\f43\fs16 \u9632?\ul0\nosupersub\cf28\f29\fs20 Forecast at 8% of net s
ales.\par\pard\ql \li6549\sb0\sl-230\slmult0 \par\pard\ql \li20\sb39\sl-230\slmu
lt0 \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf42\f43\fs16 \u9632?\ul0\nosu
persub\cf28\f29\fs20 None expected.\par\pard\qj \li6549\sb0\sl-249\slmult0 \par
\pard\qj \li20\ri1696\sb233\sl-249\slmult0\tx288 \up0 \expndtw-3\charscalex100 \
ul0\nosupersub\cf42\f43\fs16 \u9632?\ul0\nosupersub\cf28\f29\fs20 Carried to fo
recast balance \line\tab \up0 \expndtw-3\charscalex100 sheet. \par\pard\sect\sec
td\sbknone \li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmult0\par\par
\ul0\nosupersub\cf14\f15\fs18 Fundamentals of Financial Management,\ul0\nosuper
sub\cf13\f14\fs18 12e\tab \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf15\f1
6\fs18 111
}
}}
}

osupersub\cf27\f28\fs20 Forecast balance sheet (in thousands)\par\pard\li2469\s
b0\sl-230\slmult0\par\pard\li2469\sb17\sl-230\slmult0\fi2039 \up0 \expndtw-3\cha
rscalex100 \ul0\nosupersub\cf28\f29\fs20 End of\par\pard\sect\sectd\sbknone\cols
2\colno1\colw5309\colsr160\colno2\colw6291\colsr160\ql \li2469\sb19\sl-230\slmul
t0\tx4624 \up0 \expndtw-3\charscalex100 Assets\tab \up0 \expndtw-3\charscalex100
year\par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql \li1989\sb0\sl-230\slm
ult0 \par\pard\ql \li1989\sb13\sl-230\slmult0\tx4384\tx4864 \up0 \expndtw-3\char
scalex100 Cash\tab \up0 \expndtw-3\charscalex100 $\tab \up0 \expndtw-3\charscale
x100 96\par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql \li1989\sb41\sl-230\
slmult0\tx4744 \up0 \expndtw-3\charscalex100 Receivables\tab \up0 \expndtw-3\cha
rscalex100 400\par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql \li1989\sb39\
sl-230\slmult0\tx4744 \up0 \expndtw-3\charscalex100 Inventory\tab \up0 \expndtw3\charscalex100 180\par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql \li2109\
sb40\sl-230\slmult0\tx4384\tx4744 \up0 \expndtw-3\charscalex100 Current assets\t
ab \up0 \expndtw-3\charscalex100 $\tab \up0 \expndtw-3\charscalex100 676\par\par
\up0 \expndtw-3\charscalex100 Net fixed assets\tab \up0 \expndtw-3\charscalex100
500\par\pard\ql \li2109\sb0\sl-230\slmult0 \par\pard\ql \li2109\sb39\sl-230\slm
ult0\tx4384 \up0 \expndtw-3\charscalex100 Total assets\tab \up0 \expndtw-3\chars
calex100 $1,176\par\pard\ql \li2469\sb0\sl-230\slmult0 \par\pard\ql \li2469\sb0\
sl-230\slmult0 \par\pard\ql \li2469\sb0\sl-230\slmult0 \par\pard\ql \li2469\sb0\
sl-230\slmult0 \par\pard\ql \li2469\sb30\sl-230\slmult0 \up0 \expndtw-3\charscal
ex100 Liabilities\par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql \li1989\sb
0\sl-230\slmult0 \par\pard\ql \li1989\sb13\sl-230\slmult0\tx4384\tx4864 \up0 \ex
pndtw-3\charscalex100 Bank borrowings\tab \up0 \expndtw-3\charscalex100 $\tab \u
p0 \expndtw-3\charscalex100 27\par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\
ql \li1989\sb40\sl-230\slmult0\tx4864 \up0 \expndtw-3\charscalex100 Accounts pay
able\tab \up0 \expndtw-3\charscalex100 60\par\pard\ql \li1989\sb0\sl-230\slmult0
\par\pard\ql \li1989\sb41\sl-230\slmult0\tx4864 \up0 \expndtw-3\charscalex100 A
ccrued expenses\tab \up0 \expndtw-3\charscalex100 72\par\pard\ql \li1989\sb0\sl230\slmult0 \par\pard\ql \li2109\sb16\sl-230\slmult0 \up0 \expndtw-3\charscalex1
00 Current\par\pard\ql \li2229\sb20\sl-230\slmult0\tx4384\tx4744 \up0 \expndtw-3
\charscalex100 liabilities\tab \up0 \expndtw-3\charscalex100 $\tab \up0 \expndtw
-3\charscalex100 159\par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql \li1989
\sb40\sl-230\slmult0\tx4744 \up0 \expndtw-3\charscalex100 Long-term debt\tab \up
0 \expndtw-3\charscalex100 225\par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\
ql \li1989\sb40\sl-230\slmult0\tx4744 \up0 \expndtw-3\charscalex100 Common Stock
\tab \up0 \expndtw-3\charscalex100 100\par\pard\ql \li1989\sb0\sl-230\slmult0 \p
ar\pard\ql \li1989\sb40\sl-230\slmult0\tx4744 \up0 \expndtw-3\charscalex100 Reta
ined earnings\tab \up0 \expndtw-3\charscalex100 692\par\pard\ql \li2109\sb0\sl-2
0 Total liabilities\par\pard\ql \li2229\sb20\sl-230\slmult0 \up0 \expndtw-3\char
scalex100 and shareholders'\par\pard\ql \li2229\sb20\sl-230\slmult0\tx4384 \up0
\expndtw-3\charscalex100 equity\tab \up0 \expndtw-3\charscalex100 $1,176\par\par
d\column \ql \li1100\sb19\sl-230\slmult0 \up0 \expndtw-3\charscalex100 Assumptio
ns\par\pard\qj \li5589\sb0\sl-249\slmult0 \par\pard\qj \li140\ri1216\sb209\sl-24
9\slmult0\tx389 \up0 \expndtw-5\charscalex100 \ul0\nosupersub\cf42\f43\fs16 \u96
32?\ul0\nosupersub\cf28\f29\fs20 Set at estimated minimum balance; 4% of \line
\tab \up0 \expndtw-6\charscalex100 annual sales of $2.4 M.\par\pard\ql \li140\r
i1193\sb2\sl-250\slmult0\tx389\tx390 \up0 \expndtw-5\charscalex100 \ul0\nosupers
ub\cf42\f43\fs16 \u9632?\ul0\nosupersub\cf28\f29\fs20 Based on 60-day average
collection \line\tab \up0 \expndtw-7\charscalex100 period; (net sales of $2.4
M)/(360/60). \line \up0 \expndtw-5\charscalex100 \ul0\nosupersub\cf42\f43\fs16 \
u9632?\ul0\nosupersub\cf28\f29\fs20 Based on an annual turnover of 8; \line\ta
b \up0 \expndtw-5\charscalex100 (cost of goods sold of $1.44 M)/8.\par\pard\ql
\li140\sb156\sl-195\slmult0\tx361 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\
cf42\f43\fs16 \u9632? \tab \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf28\f2
9\fs20 $500,000 at beginning of year and\par\pard\qj \li380\ri1312\sb10\sl-249\s
lmult0\fi0 \up0 \expndtw-3\charscalex100 capital expenditures expected to equal

\up0 \expndtw-3\charscalex100 depreciation charge for the year.\par\pard\ql \li5
0\ri1073\sb134\sl-250\slmult0\tx269 \up0 \expndtw-3\charscalex100 \ul0\nosupersu
b\cf42\f43\fs16 \u9632?\ul0\nosupersub\cf28\f29\fs20 \ul0\nosupersub\cf27\f28\f
s20 Plug figure\ul0\nosupersub\cf28\f29\fs20 equal to total assets minus \line\
tab \up0 \expndtw-6\charscalex100 all the individual items listed below.\pa
r\pard\ql \li20\sb45\sl-195\slmult0\tx241 \up0 \expndtw-2\charscalex100 \ul0\nos
upersub\cf42\f43\fs16 \u9632? \tab \up0 \expndtw-2\charscalex100 \ul0\nosupersub
\cf28\f29\fs20 1 month's purchases;\par\pard\qj \li20\ri1312\sb10\sl-250\slmult0
\fi239 \up0 \expndtw-5\charscalex100 (.5)(cost of goods sold of $1.44 M)/12. \u
p0 \expndtw-7\charscalex100 \ul0\nosupersub\cf42\f43\fs16 \u9632?\ul0\nosupersub
\cf28\f29\fs20 Estimated at 3% of sales of 2.4 M.\par\pard\ql \li5469\sb0\sl195\slmult0 \par\pard\ql \li5469\sb0\sl-195\slmult0 \par\pard\ql \li5469\sb0\sl195\slmult0 \par\pard\ql \li5469\sb0\sl-195\slmult0 \par\pard\ql \li5469\sb0\sl195\slmult0 \par\pard\ql \li20\sb47\sl-195\slmult0\tx241 \up0 \expndtw-2\charsca
lex100 \ul0\nosupersub\cf42\f43\fs16 \u9632? \tab \up0 \expndtw-4\charscalex100
\ul0\nosupersub\cf28\f29\fs20 $300,000 minus year-end $75,000 principal\par\par
d\ql \li259\sb27\sl-230\slmult0 \up0 \expndtw-3\charscalex100 payment.\par\pard\
ql \li20\sb20\sl-230\slmult0 \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf42\
f43\fs16 \u9632?\ul0\nosupersub\cf28\f29\fs20 No change expected.\par\pard\ql \
li5469\sb0\sl-195\slmult0 \par\pard\ql \li20\sb104\sl-195\slmult0\tx241 \up0 \ex
pndtw-2\charscalex100 \ul0\nosupersub\cf42\f43\fs16 \u9632? \tab \up0 \expndtw-4
\charscalex100 \ul0\nosupersub\cf28\f29\fs20 $500,000 plus $192,000 change in r
etained\par\pard\ql \li260\sb27\sl-230\slmult0 \up0 \expndtw-3\charscalex100 ear
nings per forecast income statement. \par\pard\sect\sectd\sbknone \li1989\sb0\sl
}
}}
}

}}
}
}}
}
rd\li1989\sb46\sl-230\slmult0\fi0 \up0 \expndtw-3\charscalex100 \ul0\nosupersub\
cf27\f28\fs20 SOLUTIONS TO APPENDIX SELF-CORRECTION PROBLEMS\par\pard\li1989\sb0
mult0\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb3\sl-230\slmult0\fi0\
tx2589\tx4509 \up0 \expndtw-7\charscalex100 \ul0\nosupersub\cf28\f29\fs20 4.\tab
\up0 \expndtw-7\charscalex100 a.\tab \up0 \expndtw-9\charscalex90 .75 (.04)\t \
up0 \expndtw-7\charscalex100 (1.6667)\par\pard\li3189\sb20\sl-230\slmult0\fi0 \u
p0 \expndtw-9\charscalex96 SGR = \u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9
472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472
?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472? = \ul0\nosupersub\cf2
7\f28\fs20 8.11%\par\pard\li3189\sb20\sl-230\slmult0\fi719 \up0 \expndtw-9\char
scalex96 \ul0\nosupersub\cf28\f29\fs20 .6667 - [.75(.04)(1.6667)]\par\pard\sec
t\sectd\sbknone\cols3\colno1\colw4035\colsr40\colno2\colw3276\colsr40\colno3\col
w4379\colsr160\ql \li2763\sb0\sl-230\slmult0 \par\pard\ql \li2763\sb0\sl-230\slm
ult0 \par\pard\ql \li2763\sb42\sl-230\slmult0 \up0 \expndtw-3\charscalex100 b.\p
ar\pard\ql \li3359\sb8\sl-230\slmult0\tx3881 \up0 \expndtw-2\charscalex100 \ul0\
nosupersub\cf46\f47\fs20 SGR\tab \up0 \expndtw-5\charscalex100 \ul0\nosupersub\c
f47\f48\fs20 =\par\pard\column \ql \li4075\sb0\sl-276\slmult0 \par\pard\ql \li40
75\sb0\sl-276\slmult0 \par\pard\ql \li20\sb22\sl-276\slmult0 \up0 \expndtw0\char
scalex80 \ul0\nosupersub\cf48\f49\fs24 \u-1810? \up0 \expndtw-2\charscalex100 \u
l0\nosupersub\cf46\f47\fs20 (12 \up0 \expndtw-5\charscalex100 \ul0\nosupersub\cf
47\f48\fs20 + \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf46\f47\fs20 1 \up0
\expndtw-5\charscalex100 \ul0\nosupersub\cf47\f48\fs20 \u8722? \up0 \expndtw-2\
charscalex100 0 \up0 \expndtw-2\charscalex100 3 \up0 \expndtw-2\charscalex100 \u
l0\nosupersub\cf46\f47\fs20 )(1.80)(1. \up0 \expndtw-4\charscalex100 6129)\par\p
ard\ql \li20\sb1\sl-217\slmult0\tx254 \up0 \expndtw0\charscalex80 \ul0\nosupersu
b\cf48\f49\fs24 \u-1808? \tab \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf46

\f47\fs20 1 \up0 \expndtw-5\charscalex100 \ul0\nosupersub\cf47\f48\fs20 \u8722?
\up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf46\f47\fs20 [(.05)(1.8 \up0 \exp
ndtw-3\charscalex100 0)(1.6129) \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf
28\f29\fs20 ]\par\pard\column \ql \li7381\sb0\sl-276\slmult0 \par\pard\ql \li738
1\sb0\sl-276\slmult0 \par\pard\ql \li20\sb22\sl-276\slmult0\tx333\tx740 \up0 \ex
pndtw0\charscalex80 \ul0\nosupersub\cf48\f49\fs24 \u-1799? \tab \up0 \expndtw0\c
harscalex80 \u-1810? \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf46\f47\fs20
1\tab \up0 \expndtw0\charscalex80 \ul0\nosupersub\cf48\f49\fs24 \u-1799?\par\pa
rd\ql \li161\sb0\sl-180\slmult0\tx896\tx1274 \up0 \expndtw-5\charscalex100 \ul0\
nosupersub\cf47\f48\fs20 \tab \up0 \expndtw-5\charscalex100 \u8722? \up0 \expndt
w-2\charscalex100 \ul0\nosupersub\cf46\f47\fs20 1\tab \up0 \expndtw-5\charscalex
100 \ul0\nosupersub\cf47\f48\fs20 = \up0 \expndtw-2\charscalex100 \ul0\nosupersu
b\cf46\f47\fs20 43.77%\par\pard\ql \li20\sb0\sl-207\slmult0\tx333 \up0 \expndtw0
\charscalex80 \ul0\nosupersub\cf48\f49\fs24 \u-1797? \tab \up0 \expndtw0\charsca
lex80 \u-1808? \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf46\f47\fs20 30 \u
p0 \expndtw0\charscalex80 \ul0\nosupersub\cf48\f49\fs24 \u-1797? \par\pard\sect\
sectd\sbknone \qj \li3189\ri1050\sb380\sl-500\slmult0 \up0 \expndtw-9\charscalex
97 \ul0\nosupersub\cf28\f29\fs20 The company has moved from steady state
with higher target \up0 \expndtw-9\charscalex97 operating efficiency, a hig
her debt ratio, and the sale of \up0 \expndtw-9\charscalex95 common stock
.
All of these things permit a high rate of \up0 \expndtw-9\charscal
ex94 growth in sales next year.
Unless further changes in these \up0
\expndtw-9\charscalex95 directions occur, the SGR will decline. \par\pard\li1989
up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf15\f16\fs18 113
Width}{\sv 7858}}
}}
Width}{\sv 7858}}
z-10000\shplid115
ffd8ffe000104a46494600010101006000600000ffdb004300010101010101010101010101010101
01010101010101010101010101010101010101010101010101010101010101010101010101010101
010101010101010101ffdb0043010101010101010101010101010101010101010101010101010101
0101010101010101010101010101010101010101010101010101010101010101010101010101ffc0
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02030405060708090a0bffc400b5100002010303020403050504040000017d010203000411051221
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0101010101010101010000000000000102030405060708090a0bffc400b511000201020404030407
05040400010277000102031104052131061241510761711322328108144291a1b1c109233352f015
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5a636465666768696a737475767778797a82838485868788898a92939495969798999aa2a3a4a5a6
0028a28a0028a28a0028a28a0028a28a0028a28a0028a28a00fe2eff006ceff83807f6e4f805fb5a
7ed23f04bc0be1cfd9faefc1bf09be2ef8dfc07e189b5ef03f8aefb5d9349f0f6a0d69a74dadde5a
7c41b1b79ef2451fbe9a1b0b28ae0a3341028c81e510ff00c1c71fb7d34a2393c2ff00b3a38974fb
4beb5687c01e2ffdeacd1b99437fc5c660a525f2e354196cb13f300c57f26ffe0a7717fc6c67f6d9
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14500145145007ffd9}}}}}\pard\sb0\sl-240{\bkmkstart Pg116}{\bkmkend Pg116}\par\pa
13\f14\fs18 Pearson Education Limited 2005 \par\pard\ql \li2275\sb0\sl-414\slmul
t0 \par\pard\ql\li2275\sb328\sl-414\slmult0 \up0 \expndtw0\charscalex97 \ul0\nos
upersub\cf26\f27\fs36 Part 4 \par\pard\ql \li2275\ri4152\sb402\sl-420\slmult0 \u
p0 \expndtw0\charscalex97 Working \line \up0 \expndtw0\charscalex98 Capital \par
\pard\ql \li2275\sb5\sl-414\slmult0 \up0 \expndtw0\charscalex97 Management \par\
\expndtw0\charscalex97 \ul0\nosupersub\cf22\f23\fs60 8 \par\pard\ql \li4149\sb5
\sl-575\slmult0 \up0 \expndtw0\charscalex97 \ul0\nosupersub\cf23\f24\fs50 Overvi
ew of \par\pard\ql \li4149\ri3820\sb0\sl-580\slmult0 \up0 \expndtw0\charscalex97
Working Capital \line \up0 \expndtw0\charscalex98 Management \par\pard\qj \li27
\sb0\sl-380\slmult0 \par\pard\qj\li2759\sb0\sl-380\slmult0 \par\pard\qj\li2759\s
b0\sl-380\slmult0 \par\pard\qj\li2759\sb0\sl-380\slmult0 \par\pard\qj\li2759\sb0
\sl-380\slmult0 \par\pard\qj\li2759\sb0\sl-380\slmult0 \par\pard\qj\li2759\sb0\s
l-380\slmult0 \par\pard\qj\li2759\sb0\sl-380\slmult0 \par\pard\qj\li2759\sb0\sl380\slmult0 \par\pard\qj\li2759\sb0\sl-380\slmult0 \par\pard\qj\li2759\sb0\sl-38
0\slmult0 \par\pard\qj\li2759\sb0\sl-380\slmult0 \par\pard\qj\li2759\sb0\sl-380\
slmult0 \par\pard\qj\li2759\ri1015\sb7\sl-380\slmult0\fi34 \up0 \expndtw0\charsc
alex99 \ul0\nosupersub\cf25\f26\fs32 Every noble acquisition is attended with ri
sk; he who fears \line \up0 \expndtw0\charscalex100 to encounter the one must no
t expect to obtain the other. \par\pard\ql \li7563\sb250\sl-368\slmult0 \up0 \ex
pndtw0\charscalex93 PIETRO METASTASIO \par\pard\li1989\sb0\sl-207\slmult0\par\pa
12e\tab \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf15\f16\fs18 114\par\pard
\sect\sectd\fs24\paperw11900\paperh16840\pard\sb0\sl-240{\bkmkstart Pg117}{\bkmk
end Pg117}\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmult0
\par\pard\li1989\sb81\sl-207\slmult0\fi0\tx7847 \up0 \expndtw-2\charscalex100 \u
l0\nosupersub\cf13\f14\fs18 Chapter 8: Overview of Working Capital Management\ta
b28\sl-230\slmult0 \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf27\f28\fs20 A
NSWERS TO QUESTIONS \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\
sb0\sl-230\slmult0 \par\pard\ql\li1989\sb210\sl-230\slmult0\tx2589 \up0 \expndtw
-3\charscalex100 \ul0\nosupersub\cf28\f29\fs20 1. \tab \up0 \expndtw-6\charscale
x100 Working capital management encompasses the administration of the \pa
r\pard\ql \li2589\sb0\sl-230\slmult0 \par\pard\ql\li2589\sb40\sl-230\slmult0\tx5
366 \up0 \expndtw-7\charscalex100 firm's current assets \tab \up0 \expndtw-8\c
harscalex100 -- namely, cash and marketable securities, \par\pard\ql \li258
9\sb0\sl-230\slmult0 \par\pard\ql\li2589\sb40\sl-230\slmult0\tx6189\tx9189 \up0
\expndtw-8\charscalex100 receivables, and inventory \tab \up0 \expndtw-9\cha
rscalex92 -- and the financing \tab \up0 \expndtw-3\charscalex100 (especia
lly, \par\pard\qj \li2589\ri1050\sb47\sl-500\slmult0 \up0 \expndtw-8\charscalex9
4 current liabilities) needed to support current assets.
The funda-\li
ne \up0 \expndtw-8\charscalex100 mental decisions underlying this management
involve the level of \line \up0 \expndtw-8\charscalex94 investment in cur
rent assets and the appropriate mix of short-term \line \up0 \expndtw-8\c
harscalex94 and long-term financing used to support this investment in
current \line \up0 \expndtw-8\charscalex97 assets.
Such decisions are gov
erned by the important financial \line \up0 \expndtw-8\charscalex94 principl
e of a trade-off between risk and profitability.
Usually, \line \up0 \
expndtw-9\charscalex94 increased profitability is only possible with the additio

n of risk. \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb0\sl-23
94 In broad terms, the profitability and risk associated with current \
par\pard\qj \li2589\ri1051\sb47\sl-500\slmult0 \up0 \expndtw-8\charscalex94 asse
ts are a function of the level, composition, and financing of \line \u
p0 \expndtw-6\charscalex100 these assets.
As the level of current assets incr
eases (a movement \line \up0 \expndtw-8\charscalex97 to a more "conservative
" working capital strategy), the riskiness \line \up0 \expndtw-9\charscalex
97 of the firm generally decreases \up0 \expndtw-9\charscalex97 -- but, so
too does the firm's \par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb1
1\sl-230\slmult0\fi599\tx4509 \up0 \expndtw-7\charscalex100 profitability.\tab \
up0 \expndtw-7\charscalex100 (See Question #8 for an exception to this "rule".)
xpndtw-7\charscalex100 3.\tab \up0 \expndtw-6\charscalex100 The difference in
the industries that accounts for the level of\par\pard\qj \li2589\ri1051
\sb30\sl-500\slmult0 \up0 \expndtw-3\charscalex100 current assets in each is tha
t utilities cannot store their product \line \up0 \expndtw-5\charscalex100 for f
uture consumption.
Therefore, the inventory held by utilities \line \up0 \exp
ndtw-8\charscalex97 is limited to parts and supplies for their plant an
d equipment. \line \up0 \expndtw-9\charscalex97 There is no finished product in
ventory.
The retail trade industry \par\pard\li1989\sb0\sl-207\slmult0\par\pa
\slmult0\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb140\sl-207\slmult0
\fi0\tx10330 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Van Hor
ne and Wachowicz: \ul0\nosupersub\cf14\f15\fs18 Fundamentals of Financial Manage
ment,\ul0\nosupersub\cf13\f14\fs18 12e\tab \up0 \expndtw-2\charscalex100 \ul0\n
osupersub\cf15\f16\fs18 115
}
calex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 8: Overview of Working Capital Ma
nagement\tab \up0 \expndtw-2\charscalex100 Pearson Education Limited 2005\par\pa
rd\qj \li2589\ri1051\sb465\sl-500\slmult0 \up0 \expndtw-8\charscalex92 \ul0\nosu
persub\cf28\f29\fs20 is at the other extreme of the spectrum.
All the
ir product first \up0 \expndtw-9\charscalex92 goes to inventory. \par\pard\ql
i1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb34\sl-230\slmult0\tx2589 \up0 \ex
pndtw-3\charscalex100 4. \tab \up0 \expndtw-8\charscalex94 When we speak o
f working capital, we mean current assets. \par\pard\qj \li2589\ri10
50\sb47\sl-500\slmult0 \up0 \expndtw-6\charscalex100 Therefore, "temporary" wo
rking capital is the amount of current \up0 \expndtw-6\charscalex100 asset
s that varies with a firm's seasonal needs.
"Permanent" \up0 \expndtw
-8\charscalex92 current assets, on the other hand, is the amount of cu
rrent assets \up0 \expndtw-9\charscalex92 required to meet a firm's long-term m
inimum needs. \par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb0\sl-230\slm
tx2589\tx6549 \up0 \expndtw-8\charscalex100 5.\tab \up0 \expndtw-9\charscalex90
If a firm adopts a hedging\tab \up0 \expndtw-8\charscalex100 (maturity
matching) approach to\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\
sb40\sl-230\slmult0\fi600 \up0 \expndtw-7\charscalex100 financing, each asset
would be offset with a financing instrument\par\pard\li1989\sb0\sl-230\sl
x100 of the same approximate maturity.\tab \up0 \expndtw-8\charscalex100
Temporary or seasonal\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb
40\sl-230\slmult0\fi600 \up0 \expndtw-8\charscalex100 variations in current a
ssets would be financed with short-term\par\pard\li1989\sb0\sl-230\slmult0\
par\pard\li1989\sb40\sl-230\slmult0\fi600 \up0 \expndtw-7\charscalex100 debt.
The permanent component of current assets would be financed\par\pard\li
1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl-230\slmult0\fi600 \up0 \expndtw8\charscalex100 with long-term debt or equity.\par\pard\li1989\sb0\sl-230\slmult
\li1989\sb80\sl-230\slmult0\fi0\tx2589 \up0 \expndtw-8\charscalex100 6.\tab \up0
\expndtw-8\charscalex100 In general, short-term debt carries a lower exp
licit cost of\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl-230\s
lmult0\fi600\tx3976 \up0 \expndtw-8\charscalex100 capital.\tab \up0 \expndtw-8\c
harscalex100 The decision to finance the permanent component of\par\pard\
qj \li2589\ri1050\sb30\sl-500\slmult0 \up0 \expndtw-8\charscalex94 working capi
tal with short-term debt may result in higher reported \line \up0 \expnd
tw-8\charscalex92 earnings per share.
If stockholders do not perceive
a higher risk \line \up0 \expndtw-8\charscalex96 characteristic for the fir
m as a result of higher proportions of \line \up0 \expndtw-8\charscalex94
short-term debt, the financial manager may be exploiting an \li
ne \up0 \expndtw-5\charscalex100 imperfection in the capital market to max
imize the wealth of \line \up0 \expndtw-6\charscalex100 stockholders.
How
ever, the existence of this imperfection is \line \up0 \expndtw-6\charscal
ex100 doubtful. \par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\s
ex100 \ul0\nosupersub\cf15\f16\fs18 116
}
}}
}

sb0\sl-230\slmult0\par\pard\li1989\sb15\sl-230\slmult0\fi0\tx2589 \up0 \expndtw9\charscalex100 \ul0\nosupersub\cf28\f29\fs20 7.\tab \up0 \expndtw-8\charscalex1
00 The use of permanent financing for short-term needs may result in\p
29 \up0 \expndtw-9\charscalex100 inefficient operation of the firm.\tab
\up0 \expndtw-9\charscalex100 During periods of slow\par\pard\qj \li2589\r
i1051\sb30\sl-500\slmult0 \up0 \expndtw-8\charscalex92 operation in the seaso
nal cycle, the firm will be unable to reduce \line \up0 \expndtw-6\chars
calex100 its asset volume.
Consequently, the firm will be paying for
\line \up0 \expndtw-5\charscalex100 capital when it is not needed.
Further,
the explicit cost of long-\line \up0 \expndtw-3\charscalex100 term funds is usua
lly higher than the cost of short-term financing. \line \up0 \expndtw-3\charscal
ex100 Thus, the firm is paying a higher cost of capital in exchange for a \line
\up0 \expndtw-8\charscalex96 reduction in the risk characteristic of the
firm.
The reduction \line \up0 \expndtw-9\charscalex96 may be insignificant
in relation to the cost paid for it. \par\pard\ql \li1989\sb0\sl-230\slmult0 \pa
pard\ql\li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb44\sl-230\slmult0\tx2589
\up0 \expndtw-3\charscalex100 8. \tab \up0 \expndtw-8\charscalex96 No.
Incre
asing the level of current assets past some level may \par\pard\qj \li2
589\ri1051\sb47\sl-500\slmult0 \up0 \expndtw-6\charscalex100 actually increase
risk as a result of the increasing risk of \up0 \expndtw-6\charscalex10
0 obsolescence of inventory, the increasing risk of uncollectible \up0 \e
xpndtw-8\charscalex96 accounts, and the increasing risk of loss of purch
asing power of \up0 \expndtw-9\charscalex96 money assets. \par\pard\ql \li1989
arscalex100 While short-term rates exceeding long-term rates makes the l
ong-\par\pard\qj \li2589\ri1050\sb47\sl-500\slmult0 \up0 \expndtw-6\charscalex10
0 term financing method more attractive at the particular moment \line \
up0 \expndtw-8\charscalex96 involved, it does not necessarily make it mor
e attractive over a \line \up0 \expndtw-8\charscalex96 period of time.
T
he above phenomenon is usually associated with \line \up0 \expndtw-8\chars
calex93 times when interest rates are high and expected to fall.
Ove
r a \line \up0 \expndtw-8\charscalex92 period of ten years, the interest
cost might be lower by financing \line \up0 \expndtw-8\charscalex94 on a
short-term basis and refinancing at each maturity as opposed \line \up0
\expndtw-8\charscalex94 to long-term debt financing.
This occurs because
short-term rates \line \up0 \expndtw-8\charscalex94 fall sufficiently below
the present long-term rate so that the \par\pard\li1989\sb0\sl-207\slmul
b0\sl-207\slmult0\par\pard\li1989\sb27\sl-207\slmult0\fi0\tx10330 \up0 \expndtw2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Van Horne and Wachowicz: \ul0\nosu
\par\pard\sect\sectd\fs24\paperw11900\paperh16840\pard\sb0\sl-240{\bkmkstart Pg1
20}{\bkmkend Pg120}\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-20
lex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 8: Overview of Working Capital Mana
gement\tab \up0 \expndtw-2\charscalex100 Pearson Education Limited 2005\par\pard
\qj \li2589\ri1051\sb465\sl-500\slmult0 \up0 \expndtw-8\charscalex97 \ul0\nosupe
rsub\cf28\f29\fs20 total interest cost associated with short-term borrowin

g is lower \up0 \expndtw-8\charscalex94 than that associated with long-ter
m borrowing.
Another reason the \up0 \expndtw-3\charscalex100 firm might n
ot wish to entirely use long-term debt is that if there \up0 \expndtw-8\charscal
ex97 are seasonal funds requirements it would be borrowing at certain \
up0 \expndtw-9\charscalex97 times when the funds were not needed. \par\pard\ql \
li1989\ri1050\sb380\sl-500\slmult0\tx2589\tx2589\tx2589\tx2589\tx2589\tx2589\tx2
589\tx2589 \up0 \expndtw-8\charscalex94 10. An increase in the risk of t
he firm occurs from several sources. \line\tab \up0 \expndtw-8\charscalex97
First, if sinking fund or amortization payments are required for \line
\tab \up0 \expndtw-6\charscalex100 the debt, the larger amortization payme
nts of a shortened debt \line \tab \up0 \expndtw-8\charscalex100 schedule c
onsume a larger and larger percentage of the period's \line \tab \up0 \e
xpndtw-8\charscalex97 expected net cash flow.
Increasingly, as the deb
t maturity is \line \tab \up0 \expndtw-3\charscalex100 shortened, smaller and
smaller adverse deviations from the expected \line \tab \up0 \expndtw-5\charscal
ex100 cash flow can send the firm into technical insolvency.
The reduced \lin
e \tab \up0 \expndtw-3\charscalex100 safety margin against adverse net cash flow
fluctuations results in \line \tab \up0 \expndtw-3\charscalex100 an increased r
isk level for the firm. \par\pard\qj \li2589\ri1050\sb380\sl-500\slmult0 \up0 \e
xpndtw-4\charscalex100 Second, if no amortization payments are required (i.e.,
the princi\up0 \expndtw-6\charscalex100 pal is due in a lump sum), shorte
ning the maturity structure \up0 \expndtw-8\charscalex93 results in rolling
the debt over more frequently.
The firm faces \up0 \expndtw-8\charsca
lex92 the risk of not being able to refinance the maturing debt and
the \up0 \expndtw-5\charscalex100 risk of being forced to pay higher inte
rest payments on any \up0 \expndtw-5\charscalex100 refinancing available. \pa
r\pard\qj \li2594\ri1050\sb380\sl-500\slmult0 \up0 \expndtw-8\charscalex97 Incre
asing the firm's liquidity increases the safety margin \line \up0
\expndtw-9\charscalex97 against adverse cash flow fluctuations \up0 \expndtw
-9\charscalex97 (increases the probability \par\pard\qj \li2594\ri1051\sb0\sl500\slmult0 \up0 \expndtw-6\charscalex100 of interest and principal repaymen
t) and thus reduces all the \up0 \expndtw-6\charscalex100 risks outlined ab
ove. \par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmult0\par\
tw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Van Horne and Wachowicz: \ul0\n
osupersub\cf14\f15\fs18 Fundamentals of Financial Management,\ul0\nosupersub\cf1
118\par\pard\sect\sectd\fs24\paperw11900\paperh16840\pard\sb0\sl-240{\bkmkstart
Pg121}{\bkmkend Pg121}\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl
scalex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 8: Overview of Working Capital M
anagement\tab \up0 \expndtw-2\charscalex100 Pearson Education Limited 2005\par\p
ard\qj \li1989\ri1050\sb465\sl-500\slmult0\tx2589 \up0 \expndtw-5\charscalex100
\ul0\nosupersub\cf28\f29\fs20 11. Too large an investment in working cap
ital lowers the firm's \line\tab \up0 \expndtw-6\charscalex100 profitability
without a corresponding reduction in risk. \up0 \expndtw-6\charscalex100 (In fac
t, \par\pard\qj \li2589\ri1050\sb0\sl-500\slmult0 \up0 \expndtw-8\charscalex92 r
isk might actually increase - - see answer to Question #8.)
Too \up
0 \expndtw-3\charscalex100 small a level of working capital could also lower pro
fitability due \up0 \expndtw-8\charscalex92 to stockouts and too few credit
sales (because of an overly strict \up0 \expndtw-9\charscalex92 credit po
licy). \par\pard\ql \li1989\ri1050\sb500\sl-500\slmult0\tx2589\tx2589\tx2589\tx2
589 \up0 \expndtw-5\charscalex100 12. A margin of safety to offset uncer
tainty can be provided by \line\tab \up0 \expndtw-8\charscalex94 increasing
the level of current assets of the firm, by increasing \line \tab \up0
\expndtw-8\charscalex94 the maturity schedule of its debt, or by some
combination of the \line \tab \up0 \expndtw-8\charscalex92 two.
In all ca
ses the increased safety comes at a cost of lower \line \tab \up0 \expn
dtw-9\charscalex92 profitability. \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\p

\f28\fs20 SOLUTIONS TO PROBLEMS \par\pard\ql \li6189\sb0\sl-230\slmult0 \par\par
d\ql\li6189\sb0\sl-230\slmult0 \par\pard\ql\li6189\sb190\sl-230\slmult0 \up0 \ex
pndtw-9\charscalex94 \ul0\nosupersub\cf28\f29\fs20 $ 280,000 \par\pard\li1989\s
b27\sl-230\slmult0\fi0\tx2589\tx5709\tx7629 \up0 \expndtw-9\charscalex96 1.\tab
\up0 \expndtw-9\charscalex96 a)
Total asset turnover\tab \up0 \expndtw-9\char
scalex96 =\tab \up0 \expndtw-9\charscalex96 = \ul0\nosupersub\cf27\f28\fs20 1.8
67\par\pard\li3069\sb21\sl-230\slmult0\fi3119 \up0 \expndtw-7\charscalex100 \ul0
\nosupersub\cf28\f29\fs20 $ 150,000\par\pard\li3069\sb0\sl-230\slmult0\par\pard
\li3069\sb39\sl-230\slmult0\fi3839\tx7269 \up0 \expndtw-7\charscalex100 $\tab \u
p0 \expndtw-7\charscalex100 28,000\par\pard\li3069\sb21\sl-230\slmult0\fi0\tx822
9 \up0 \expndtw-7\charscalex100 Return on assets before taxes =\tab \up0 \expnd
tw-7\charscalex100 = \ul0\nosupersub\cf27\f28\fs20 18.67%\par\pard\li2589\sb20\
sl-230\slmult0\fi4319 \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf28\f29\fs2
0 $ 150,000\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb40\sl-230\slmu
lt0\fi0\tx4629\tx6189\tx7629\tx8949 \up0 \expndtw-3\charscalex100 b)\tab \up0 \e
xpndtw-3\charscalex100 Current\tab \up0 \expndtw-3\charscalex100 Fixed\tab \up0
\expndtw-3\charscalex100 Total\tab \up0 \expndtw-3\charscalex100 Return on\par\p
ard\li2589\sb20\sl-230\slmult0\fi719\tx4629\tx6189\tx7629\tx8949 \up0 \expndtw-3
\charscalex100 Profit\tab \up0 \expndtw-3\charscalex100 Assets\tab \up0 \expndtw
-3\charscalex100 Assets\tab \up0 \expndtw-3\charscalex100 Assets\tab \up0 \expnd
tw-3\charscalex100 Assets\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb1
$28,000\tab \up0 \expndtw-3\charscalex100 $10,000\tab \up0 \expndtw-3\charscale
x100 $100,000\tab \up0 \expndtw-3\charscalex100 $110,000\tab \up0 \expndtw-3\cha
rscalex100 25.45%\par\pard\li2589\sb20\sl-230\slmult0\fi719\tx4629\tx6188\tx7628
\tx9188 \up0 \expndtw-3\charscalex100 28,000\tab \up0 \expndtw-3\charscalex100 2
0 125,000\tab \up0 \expndtw-3\charscalex100 22.40%\par\pard\li2589\sb21\sl-230\s
lmult0\fi719\tx4629\tx6188\tx7628\tx9188 \up0 \expndtw-3\charscalex100 28,000\ta
b \up0 \expndtw-3\charscalex100 40,000\tab \up0 \expndtw-3\charscalex100 100,000
\tab \up0 \expndtw-3\charscalex100 140,000\tab \up0 \expndtw-3\charscalex100 20.
00%\par\pard\li2589\sb19\sl-230\slmult0\fi719\tx4629\tx6188\tx7628\tx9188 \up0 \
expndtw-3\charscalex100 28,000\tab \up0 \expndtw-3\charscalex100 55,000\tab \up0
\expndtw-3\charscalex100 100,000\tab \up0 \expndtw-3\charscalex100 155,000\tab
\up0 \expndtw-3\charscalex100 18.06%\par\pard\li2589\sb20\sl-230\slmult0\fi719\t
x4629\tx6188\tx7628\tx9188 \up0 \expndtw-3\charscalex100 28,000\tab \up0 \expndt
w-3\charscalex100 70,000\tab \up0 \expndtw-3\charscalex100 100,000\tab \up0 \exp
ndtw-3\charscalex100 170,000\tab \up0 \expndtw-3\charscalex100 16.47%\par\pard\l
scalex100 28,000\tab \up0 \expndtw-3\charscalex100 85,000\tab \up0 \expndtw-3\ch
arscalex100 100,000\tab \up0 \expndtw-3\charscalex100 185,000\tab \up0 \expndtw3\charscalex100 15.14%\par\pard\li2589\sb19\sl-230\slmult0\fi719\tx4509\tx6188\t
x7628\tx9188 \up0 \expndtw-3\charscalex100 28,000\tab \up0 \expndtw-3\charscalex
100 100,000\tab \up0 \expndtw-3\charscalex100 100,000\tab \up0 \expndtw-3\charsc
alex100 200,000\tab \up0 \expndtw-3\charscalex100 14.00%\par\pard\li1989\sb0\sl207\slmult0\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmult

}
}}
}
}}
}
}}
}
}}
}
}}

}
}}
}}
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\cf13\f14\fs18 Chapter 8: Overview of Working Capital Management\tab \up0 \expnd
tw-2\charscalex100 Pearson Education Limited 2005\par\pard\ql \li2589\sb0\sl-230
\slmult0 \par\pard\ql\li2589\sb0\sl-230\slmult0 \par\pard\ql\li2589\sb228\sl-230
\slmult0\tx6669 \up0 \expndtw-9\charscalex100 \ul0\nosupersub\cf28\f29\fs20 c)
The implicit assumption in \tab \up0 \expndtw-9\charscalex96 (b) above is
that the level of \par\pard\qj \li3189\ri1051\sb47\sl-500\slmult0 \up0 \exp
ndtw-9\charscalex94 working capital has no impact on sales or costs.
One can \up0 \expndtw-6\charscalex100 visualize situations where sales are
lost as a result of \up0 \expndtw-8\charscalex92 stockouts and costs

may increase as more lost time in \up0 \expndtw-9\charscalex92 prod
uction is caused by shortages of materials. \par\pard\li1989\sb0\sl-230\slmult0\
i1989\sb51\sl-230\slmult0\fi0\tx2589\tx3621 \up0 \expndtw-3\charscalex100 2.\tab
\up0 \expndtw-3\charscalex100 a)\tab \dn2 \expndtw-2\charscalex100 \ul0\nosuper
sub\cf39\f40\fs14 90\par\pard\ql \li3621\sb0\sl-161\slmult0 \par\pard\ql\li3621\
calex100 80 \par\pard\li3621\sb44\sl-161\slmult0\fi5064 \up0 \expndtw-2\charscal
ex100 T.A.*\par\pard\li3621\sb0\sl-161\slmult0\par\pard\li3621\sb88\sl-161\slmul
t0\fi0 \up0 \expndtw-2\charscalex100 70\par\pard\li3621\sb0\sl-161\slmult0\par\p
ard\li3621\sb0\sl-161\slmult0\par\pard\li3621\sb82\sl-161\slmult0\fi0\tx8685 \dn
2 \expndtw-2\charscalex100 60\tab \up0 \expndtw-2\charscalex100 F.A.\par\pard\ql
li3621\sb157\sl-161\slmult0 \up0 \expndtw-2\charscalex100 50 \par\pard\ql \li362
sb137\sl-161\slmult0 \up0 \expndtw-2\charscalex100 40 \par\pard\ql \li3621\sb0\s
l-161\slmult0 \par\pard\ql\li3621\sb0\sl-161\slmult0 \par\pard\ql\li3621\sb117\s
l-161\slmult0 \up0 \expndtw-2\charscalex100 30 \par\pard\ql \li3621\sb0\sl-161\s
lmult0 \par\pard\ql\li3621\sb0\sl-161\slmult0 \par\pard\ql\li3621\sb137\sl-161\s
lmult0 \up0 \expndtw-2\charscalex100 20 \par\pard\ql \li3621\sb0\sl-161\slmult0
\up0 \expndtw-2\charscalex100 10 \par\pard\ql \li3699\sb0\sl-161\slmult0 \par\pa
rd\ql\li3699\sb0\sl-161\slmult0 \par\pard\ql\li3699\sb137\sl-161\slmult0 \up0 \e
xpndtw-2\charscalex100 0 \par\pard\li4251\sb69\sl-161\slmult0\fi0\tx8362 \up0 \e
xpndtw-2\charscalex100 0\tab \up0 \expndtw-2\charscalex100 Time\par\pard\ql \li3
charscalex93 \ul0\nosupersub\cf42\f43\fs16 * less amount financed spontaneou
sly by payables and accruals \par\pard\ql \li2589\sb0\sl-500\slmult0 \par\pa
rd\ql\li2589\ri1050\sb55\sl-500\slmult0\tx3189\tx3189\tx3189 \up0 \expndtw-8\cha
rscalex94 \ul0\nosupersub\cf28\f29\fs20 b)
Finance $14 million of working
capital with permanent sources \line\tab \up0 \expndtw-5\charscalex100 of f
unds.
Finance fixed assets with common stock and retained \line \tab \up0 \ex
pndtw-9\charscalex95 earnings.
Finance the temporary working capital wit
h short-\line \tab \up0 \expndtw-9\charscalex96 term debt. \par\pard\li1989\sb0
12e\tab \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf15\f16\fs18 120\par\pa
rd\sect\sectd\fs24\paperw11900\paperh16840\pard\sb0\sl-240{\bkmkstart Pg123}{\bk
mkend Pg123}\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmul
\ul0\nosupersub\cf13\f14\fs18 Chapter 8: Overview of Working Capital Management\
0\slmult0\par\pard\li1989\sb15\sl-230\slmult0\fi0\tx2589\tx4029\tx5349\tx6669\tx
7869 \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf28\f29\fs20 3.\tab \up0 \ex
pndtw-3\charscalex100 a)\tab \up0 \expndtw-3\charscalex100 1st\tab \up0 \expndtw
-3\charscalex100 2nd\tab \up0 \expndtw-3\charscalex100 3rd\tab \up0 \expndtw-3\c
harscalex100 4th\par\pard\li3789\sb70\sl-230\slmult0\fi0\tx5109\tx6429\tx9189 \u
p0 \expndtw-9\charscalex97 Quarter\tab \up0 \expndtw-9\charscalex97 Quarter\tab
\up0 \expndtw-9\charscalex97 Quarter
Quarter\tab \up0 \expndtw-9\charscalex
97 Total\par\pard\ql \li1989\ri4115\sb209\sl-260\slmult0 \up0 \expndtw-8\charsca
lex100 Alternative 1: \line \up0 \expndtw-8\charscalex100 Incremental \par\pard
\li1989\sb19\sl-230\slmult0\fi0\tx3669\tx4749\tx6189\tx7629 \up0 \expndtw-3\char
scalex100 borrowings\tab \up0 \expndtw-3\charscalex100 $300,000\tab \up0 \expndt
w-3\charscalex100 $1,000,000\tab \up0 \expndtw-3\charscalex100 $1,400,000\tab \u

p0 \expndtw-3\charscalex100 $500,000\par\pard\ql \li1989\sb0\sl-230\slmult0 \par
\pard\ql\li1989\sb26\sl-230\slmult0 \up0 \expndtw-3\charscalex100 Bank loan \par
\pard\li2109\sb34\sl-230\slmult0\fi0\tx4029\tx5229\tx6669\tx7869\tx9069 \up0 \ex
pndtw-3\charscalex100 cost\ul0\nosupersub\cf27\f28\fs20 *\tab \up0 \expndtw-3\ch
arscalex100 \ul0\nosupersub\cf28\f29\fs20 9,000\tab \up0 \expndtw-3\charscalex10
0 30,000\tab \up0 \expndtw-3\charscalex100 42,000\tab \up0 \expndtw-3\charscalex
100 15,000\tab \up0 \expndtw-3\charscalex100 $96,000\par\pard\ql \li1989\sb0\sl240\slmult0 \par\pard\ql\li1989\ri4115\sb18\sl-240\slmult0 \up0 \expndtw-8\chars
calex100 Alternative 2: \line \up0 \expndtw-8\charscalex100 Term Loan \par\pard
\li2109\sb33\sl-230\slmult0\fi0\tx3789\tx9069 \up0 \expndtw-5\charscalex100 Cost
\tab \up0 \expndtw-5\charscalex100 ($500,000 at 13.5%)\tab \up0 \expndtw-5\char
scalex100 $67,500\par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb3
6\sl-230\slmult0 \up0 \expndtw-3\charscalex100 Incremental \par\pard\li2109\sb24
\sl-230\slmult0\fi0\tx4509\tx5109\tx6549\tx8589 \up0 \expndtw-3\charscalex100 bo
rrowings\tab \up0 \expndtw-3\charscalex100 0\tab \up0 \expndtw-3\charscalex100 $
500,000\tab \up0 \expndtw-3\charscalex100 $900,000\tab \up0 \expndtw-3\charscale
x100 0\par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb26\sl-230\sl
mult0 \up0 \expndtw-3\charscalex100 Bank loan \par\pard\li2109\sb34\sl-230\slmul
t0\fi0\tx4509\tx5349\tx6789\tx9189 \up0 \expndtw-3\charscalex100 cost\ul0\nosupe
rsub\cf27\f28\fs20 *\tab \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf28\f29\
fs20 0\tab \up0 \expndtw-3\charscalex100 15,000\tab \up0 \expndtw-3\charscalex10
0 27,000\tab \up0 \expndtw-3\charscalex100 42,000\par\pard\ql \li8949\sb0\sl-230
\slmult0 \par\pard\ql\li8949\sb16\sl-230\slmult0 \up0 \expndtw-3\charscalex100 $
109,500 \par\pard\ql \li1989\ri4115\sb206\sl-260\slmult0 \up0 \expndtw-8\charsca
lex100 Alternative 3: \line \up0 \expndtw-8\charscalex100 Term Loan \par\pard\l
i2109\sb22\sl-230\slmult0\fi0\tx4149\tx9069 \up0 \expndtw-5\charscalex100 Cost\t
ab \up0 \expndtw-5\charscalex100 ($1,000,000 at 13.5%)\tab \up0 \expndtw-5\char
scalex100 135,000\par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb2
3\sl-230\slmult0 \up0 \expndtw-3\charscalex100 Incremental \par\pard\li2109\sb37
\sl-230\slmult0\fi0\tx4389\tx5709\tx6789\tx8589 \up0 \expndtw-3\charscalex100 bo
rrowings\tab \up0 \expndtw-3\charscalex100 0\tab \up0 \expndtw-3\charscalex100 0
\tab \up0 \expndtw-3\charscalex100 $400,000\tab \up0 \expndtw-3\charscalex100 0\
up0 \expndtw-3\charscalex100 Bank Loan \par\pard\li2109\sb27\sl-230\slmult0\fi0\
tx7028\tx9188 \up0 \expndtw-3\charscalex100 Cost\ul0\nosupersub\cf27\f28\fs20 *\
tab \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf28\f29\fs20 12,000\tab \up0
\expndtw-3\charscalex100 12,000\par\pard\ql \li8949\sb0\sl-230\slmult0 \par\pard
\ql\li8949\sb3\sl-230\slmult0 \up0 \expndtw-3\charscalex100 $147,000 \par\pard\l
sl-230\slmult0\par\pard\li1989\sb223\sl-230\slmult0\fi0 \up0 \expndtw-9\charscal
ex97 \ul0\nosupersub\cf27\f28\fs20 *\ul0\nosupersub\cf28\f29\fs20 (11% + 1%)
/4 = 3% per quarter.\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb0\sl
lt0\fi0 \up0 \expndtw-8\charscalex98 Alternative 1 is lowest in cost becau
se the company borrows at a lower\par\pard\li1989\sb0\sl-230\slmult0\par\p
ard\li1989\sb40\sl-230\slmult0\fi0\tx2786\tx5175 \up0 \expndtw-9\charscalex97 ra
te,\tab \up0 \expndtw-9\charscalex97 12 percent versus\tab \up0 \expndtw-9\cha
rscalex97 13.5 percent, and because it does not pay\par\pard\li1989\sb0\s
97 interest on funds employed when they are not needed.\par\pard\li1989\sb0\sl-2
f16\fs18 121
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}}
}}
}}
d\ql\li2589\sb228\sl-230\slmult0\tx5565 \up0 \expndtw-9\charscalex97 \ul0\nosupe
rsub\cf28\f29\fs20 b)
While alternative \tab \up0 \expndtw-6\charscalex100
1 is cheapest it entails financing the \par\pard\ql \li3189\sb0\sl-230\slm
expected build up in permanent funds requirements \tab \up0 \expndtw-3\ch
arscalex100 ($500,000) \par\pard\qj \li3189\ri1050\sb47\sl-500\slmult0 \up0 \exp
ndtw-8\charscalex91 on a short-term basis.
There is a risk considerati
on in that \up0 \expndtw-9\charscalex93 if things turn bad the company i
s dependent on its bank for \up0 \expndtw-9\charscalex95 continuing suppor
t.
There is risk of loan renewal and of \up0 \expndtw-9\charscalex96
interest rates changing. \par\pard\ql \li3189\sb0\sl-230\slmult0 \par\pard\ql\li
89\sb34\sl-230\slmult0\tx4715 \up0 \expndtw-3\charscalex100 Alternative \tab \up
0 \expndtw-5\charscalex100 2 involves borrowing the expected increase in \
par\pard\qj \li3189\ri1051\sb47\sl-500\slmult0 \up0 \expndtw-9\charscalex94 perm
anent funds requirements on a term basis.
As a result, \up0 \expndtw9\charscalex94 only the expected seasonal component of total needs would
be \up0 \expndtw-9\charscalex95 financed with short-term debt. \par\pard\ql \l
189\sb0\sl-230\slmult0 \par\pard\ql\li3189\sb34\sl-230\slmult0\tx4689 \up0 \expn
dtw-3\charscalex100 Alternative \tab \up0 \expndtw-8\charscalex100 3, the most
conservative financing plan of the \par\pard\qj \li3189\ri1050\sb47\sl-500
\slmult0 \up0 \expndtw-5\charscalex100 three, involves financing on a term
basis more than the \up0 \expndtw-9\charscalex97 expected build-up in per
manent funds requirements.
In all \up0 \expndtw-4\charscalex100 three ca
ses, there is the risk that actual total funds \up0 \expndtw-4\charscale
x100 requirements will differ from those that are expected. \par\pard\li1989\sb0
t0\fi0\tx10330 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Van H
orne and Wachowicz: \ul0\nosupersub\cf14\f15\fs18 Fundamentals of Financial Mana
gement,\ul0\nosupersub\cf13\f14\fs18 12e\tab \up0 \expndtw-2\charscalex100 \ul0
\nosupersub\cf15\f16\fs18 122\par\pard\sect\sectd\fs24\paperw11900\paperh16840\p
ard\sb0\sl-240{\bkmkstart Pg125}{\bkmkend Pg125}\par\pard\li1989\sb0\sl-207\slmu
lt0\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb81\sl-207\slmult0\fi0\t
x7847 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 8: Ove
rview of Working Capital Management\tab \up0 \expndtw-2\charscalex100 Pearson Ed

ucation Limited 2005\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb0\sl-2
\par\pard\li1989\sb46\sl-230\slmult0\fi0 \up0 \expndtw-3\charscalex100 \ul0\nosu
persub\cf27\f28\fs20 SOLUTIONS TO SELF-CORRECTION PROBLEMS\par\pard\li1989\sb0\s
1.\tab \up0 \expndtw-3\charscalex100 a.\par\pard\li6428\sb0\sl-230\slmult0\par\p
ard\li6428\sb17\sl-230\slmult0\fi1799 \up0 \expndtw-3\charscalex100 POLICY\par\p
0028 \up0 \expndtw-3\charscalex100 EXISTING\tab \up0 \expndtw-3\charscalex100 2\
tab \up0 \expndtw-3\charscalex100 3\par\pard\li2949\sb0\sl-230\slmult0\par\pard\
tx9788 \up0 \expndtw-4\charscalex100 \ul0\nosupersub\cf28\f29\fs20 Sales (milli
ons)\tab \up0 \expndtw-4\charscalex100 $10.0\tab \up0 \expndtw-4\charscalex100 $
10.0\tab \up0 \expndtw-4\charscalex100 $10.0\par\pard\li2949\sb21\sl-230\slmult0
\fi0\tx6788\tx8708\tx10028 \up0 \expndtw-4\charscalex100 EBIT (millions)\tab \u
p0 \expndtw-4\charscalex100 1.2\tab \up0 \expndtw-4\charscalex100 1.2\tab \up0 \
expndtw-4\charscalex100 1.2\par\pard\li2949\sb20\sl-230\slmult0\fi0\tx6788\tx870
8\tx10028 \up0 \expndtw-4\charscalex100 Total assets (millions)\tab \up0 \expnd
tw-4\charscalex100 3.2\tab \up0 \expndtw-4\charscalex100 3.5\tab \up0 \expndtw-4
\charscalex100 3.8\par\pard\li2949\sb0\sl-230\slmult0\par\pard\li2949\sb40\sl-23
0\slmult0\fi0\tx6789\tx8709\tx10029 \up0 \expndtw-4\charscalex100 Total asset tu
rnover\tab \up0 \expndtw-4\charscalex100 3.125\tab \up0 \expndtw-4\charscalex100
t0\fi0\tx6669\tx8589\tx9909 \up0 \expndtw-4\charscalex100 Before-tax return on a
ssets\tab \up0 \expndtw-4\charscalex100 37.5%\tab \up0 \expndtw-4\charscalex100
34.3%\tab \up0 \expndtw-4\charscalex100 32.6%\par\pard\li2949\sb19\sl-230\slmult
0\fi0\tx6669\tx8589\tx9909 \up0 \expndtw-4\charscalex100 Before-tax net profit m
argin\tab \up0 \expndtw-4\charscalex100 12.0%\tab \up0 \expndtw-4\charscalex100
12.0%\tab \up0 \expndtw-4\charscalex100 12.0%\par\pard\qj \li2589\ri1050\sb447\s
l-500\slmult0 \up0 \expndtw-4\charscalex100 The before-tax net profit margin
is unchanged, as sales and \up0 \expndtw-8\charscalex93 earnings before
interest and
taxes (EBIT) are the same regardless \up0 \expndtw-9\chars
calex93 of the liquidity policy employed. \par\pard\ql \li2589\sb0\sl-230\slmult
0 \par\pard\ql\li2589\sb174\sl-230\slmult0 \up0 \expndtw-3\charscalex100 b. \par
\pard\ql \li8948\sb0\sl-230\slmult0 \par\pard\ql\li8948\sb20\sl-230\slmult0 \up0
\expndtw-3\charscalex100 \ul0\nosupersub\cf27\f28\fs20 POLICY \par\pard\li2949\
sb0\sl-230\slmult0\par\pard\li2949\sb41\sl-230\slmult0\fi4559\tx9908 \up0 \expnd
tw-3\charscalex100 2\tab \up0 \expndtw-3\charscalex100 3\par\pard\li2949\sb0\sl230\slmult0\par\pard\li2949\sb16\sl-230\slmult0\fi0\tx7028\tx9428 \up0 \expndtw3\charscalex100 \ul0\nosupersub\cf28\f29\fs20 Additional debt\tab \up0 \expndtw3\charscalex100 $300,000\tab \up0 \expndtw-3\charscalex100 $600,000\par\pard\li2
0 \expndtw-3\charscalex100 Additional interest\tab \up0 \expndtw-3\charscalex100
45,000\tab \up0 \expndtw-3\charscalex100 90,000\par\pard\qj \li1989\sb0\sl-500\
slmult0 \par\pard\qj\li1989\ri1050\sb170\sl-500\slmult0 \up0 \expndtw-8\charscal
ex96 The "cost" of financing additional current assets could be reduced
by \up0 \expndtw-8\charscalex92 the amount that could be earned on any
additional investment of cash in \up0 \expndtw-8\charscalex98 marketable s
ecurities.
Also, more lenient credit terms may lead to \up0 \expndtw8\charscalex94 increased sales and profits.
A hidden cost is that par
t of the debt \up0 \expndtw-8\charscalex92 capacity of the firm is used
up by virtue of financing increased levels \up0 \expndtw-9\charscalex92 o
f current assets with debt. \par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\
}}
}}
}}
}}
}}
}}
}}
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rd\sb0\sl-240{\bkmkstart Pg126}{\bkmkend Pg126}\par\pard\ql \li7854\sb0\sl-207\s
lmult0 \par\pard\ql\li7854\sb0\sl-207\slmult0 \par\pard\ql\li7854\sb75\sl-207\sl
mult0 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Pearson Educat
ion Limited 2005 \par\pard\ql \li4149\sb0\sl-690\slmult0 \par\pard\ql\li4149\sb0
\sl-690\slmult0 \par\pard\ql\li4149\sb0\sl-690\slmult0 \par\pard\ql\li4149\sb0\s
l-690\slmult0 \up0 \expndtw0\charscalex97 \ul0\nosupersub\cf22\f23\fs60 9 \par\p

ard\ql \li4149\ri2095\sb18\sl-560\slmult0 \up0 \expndtw0\charscalex97 \ul0\nosup
ersub\cf23\f24\fs50 Cash and Marketable \line \up0 \expndtw0\charscalex98 Securi
ties Management \par\pard\ql \li3867\sb0\sl-368\slmult0 \par\pard\ql\li3867\sb0\
-368\slmult0 \par\pard\ql\li3867\sb0\sl-368\slmult0 \par\pard\ql\li3867\sb0\sl-3
\slmult0 \par\pard\ql\li3867\sb0\sl-368\slmult0 \par\pard\ql\li3867\sb0\sl-368\s
lmult0 \par\pard\ql\li3867\sb0\sl-368\slmult0 \par\pard\ql\li3867\sb0\sl-368\slm
ult0 \par\pard\ql\li3867\sb0\sl-368\slmult0 \par\pard\ql\li3867\sb0\sl-368\slmul
t0 \up0 \expndtw0\charscalex103 \ul0\nosupersub\cf25\f26\fs32 Money is like muck
, not good except it be spread. \par\pard\ql \li8154\sb252\sl-368\slmult0 \up0 \
expndtw0\charscalex94 FRANCIS BACON \par\pard\li1989\sb0\sl-207\slmult0\par\pard
-2\charscalex100 \ul0\nosupersub\cf15\f16\fs18 124\par\pard\sect\sectd\fs24\pape
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4\fs18 Chapter 9: Cash and Marketable Securities Management\tab \up0 \expndtw-2\
charscalex100 Pearson Education Limited 2005\par\pard\ql \li1989\sb0\sl-230\slmu
lt0 \par\pard\ql\li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb0\sl-230\slmult
\up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf27\f28\fs20 ANSWERS TO QUESTION
S \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb0\sl-230\slmult0
\tx2589 \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf28\f29\fs20 1. \tab \up0
\expndtw-8\charscalex97 Cash management involves the efficient collection
and disbursement \par\pard\qj \li2589\ri1051\sb47\sl-500\slmult0 \up0 \expndtw
-8\charscalex92 of cash and any temporary investment of cash while it
resides with \up0 \expndtw-8\charscalex97 the firm.
The general idea is
that the firm will benefit by \up0 \expndtw-9\charscalex97 "speeding up"
cash receipts and "slowing down" cash payouts. \par\pard\ql \li1989\sb0\sl-230\s
0 2. \tab \up0 \expndtw-8\charscalex97 Concentration banking involves the mo
vement of cash from lock-box \par\pard\qj \li2589\ri1051\sb47\sl-500\slmult0
\up0 \expndtw-8\charscalex97 or field banks into the firm's central cash
pool residing in a \line \up0 \expndtw-8\charscalex93 concentration bank.
This process is needed to: 1) improve control \line \up0 \expndtw-9\ch
arscalex93 over inflows and outflows of corporate cash; \up0 \expndtw-9\ch
arscalex93 2) reduce idle cash \par\pard\ql \li2589\sb224\sl-230\slmult0 \up0
\expndtw-4\charscalex100 balances; and 3) allow for more effective investment.
\par\pard\ql\li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb100\sl-230\slmult0\
tx2589 \up0 \expndtw-3\charscalex100 3. \tab \up0 \expndtw-8\charscalex96 The l
ock-box system may improve the efficiency of cash management \par\pard\q
j \li2589\ri1051\sb47\sl-500\slmult0 \up0 \expndtw-8\charscalex92 by reducing
the float.
The funds made available by this reduction \up0 \expndtw-9\
charscalex92 in float may be invested to produce additional profit. \par\pard\ql
li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb54\sl-230\slmult0\tx2589 \up0 \e
xpndtw-3\charscalex100 4. \tab \up0 \expndtw-6\charscalex100 The most importan
t criterion for asset selection is safety of \par\pard\qj \li2589\ri1051\
sb47\sl-500\slmult0\fi0 \up0 \expndtw-5\charscalex100 principal.

Since the fu
nds invested represent only temporary funds \line \up0 \expndtw-8\charscalex92 w
hich will be needed in the short run, the ability to convert the \li
ne \up0 \expndtw-3\charscalex100 investments into cash is more important than th
e expected return to \line \up0 \expndtw-3\charscalex100 be earned. \par\pard\li
rscalex96 5.\tab \up0 \expndtw-8\charscalex97 Lock-box banking provides the
financial manager an opportunity to\par\pard\li1989\sb0\sl-230\slmult0\par\p
ard\li1989\sb39\sl-230\slmult0\fi600 \up0 \expndtw-8\charscalex97 contribute to
the objective of maximizing wealth by reducing the\par\pard\li1989\sb0\
ard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb70\sl-207\slmult0\fi0\tx10330 \u
f16\fs18 125
}
}}
}
}}
}
}}

}
}}
}
}}
}
}}
}
}}
}
}}

}
}}
}
calex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 9: Cash and Marketable Securities
Management\tab \up0 \expndtw-2\charscalex100 Pearson Education Limited 2005\par
\pard\qj \li2589\ri1050\sb465\sl-500\slmult0 \up0 \expndtw-8\charscalex92 \ul0\n
osupersub\cf28\f29\fs20 redundant assets tied up in the collection proces
s.
Reducing the \up0 \expndtw-4\charscalex100 funds in the collection
"pipeline" will not affect the risk \up0 \expndtw-5\charscalex100 character
istics of the firm as these funds are reinvested in \up0 \expndtw-8\cha
rscalex93 productive assets.
Corporate cash balances should be reduced
as a \up0 \expndtw-9\charscalex93 result of the lock-box banking. \par\pard\ql
li1989\sb144\sl-230\slmult0\tx2589 \up0 \expndtw-3\charscalex100 6. \tab \up0 \e
xpndtw-4\charscalex100 In the "ready cash segment," a major requirement
is instant \par\pard\qj \li2589\ri1050\sb47\sl-500\slmult0 \up0 \expndtw-8\char
scalex97 liquidity.
These securities may need to be liquidated on ve
ry \line \up0 \expndtw-8\charscalex96 short notice.
Safety is also of hi
gh concern.
Treasury bills, \line \up0 \expndtw-3\charscalex100 because the
y are the safest and most marketable of all money-market \line \up0 \expndtw-8\c
harscalex97 instruments, would be the best choice.
Commercial paper,
while \line \up0 \expndtw-4\charscalex100 relatively safe, is generally held
to maturity and has poor \line \up0 \expndtw-4\charscalex100 marketability
. \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb0\sl-230\slmult0
\par\pard\ql\li1989\sb144\sl-230\slmult0\tx2589 \up0 \expndtw-3\charscalex100 7
. \tab \up0 \expndtw-8\charscalex96 Compensating balances are a requirem
ent imposed by a bank. \par\pard\qj \li2589\ri1050\sb47\sl-500\slmult0 \
up0 \expndtw-5\charscalex100 Usually, the requirement is expressed in term
s of an average \line \up0 \expndtw-8\charscalex93 collected balance.
Its
purpose is to compensate the bank for the \line \up0 \expndtw-9\charsca
lex93 activity in the account \up0 \expndtw-9\charscalex93 (checks clear
ed, deposits accepted, \par\pard\qj \li2589\ri1051\sb0\sl-500\slmult0 \up0 \
expndtw-8\charscalex94 transfers, etc.).
These things cost the bank mon
ey to administer \up0 \expndtw-8\charscalex96 and the bank hopes to earn
enough on the balances maintained to \up0 \expndtw-8\charscalex96 offset
its costs.
Because the activity in an account varies by \up0 \expndtw
-9\charscalex96 company, so too will the compensating balance requirement. \par\
dtw-8\charscalex94 Net float is the dollar difference between the balanc
e shown in a\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl-230\s
lmult0\fi599 \up0 \expndtw-9\charscalex93 firm's checkbook balance and the
balance on the bank's books.\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1
989\sb40\sl-230\slmult0\fi599 \up0 \expndtw-8\charscalex94 Until a check is

collected at the bank, it is not deducted on the\par\pard\li1989\sb0\sl
-230\slmult0\par\pard\li1989\sb40\sl-230\slmult0\fi599 \up0 \expndtw-8\charscale
x94 bank's books.
A company can "play the float" by anticipating the
\sl-207\slmult0\par\pard\li1989\sb103\sl-207\slmult0\fi0\tx10330 \up0 \expndtw-2
}
}}
}
\pard\qj \li2589\ri1050\sb465\sl-500\slmult0 \up0 \expndtw-6\charscalex100 \ul0\
nosupersub\cf28\f29\fs20 size of net float, reducing bank balances not n
eeded to cover \up0 \expndtw-8\charscalex100 checks actually presented for
payment, and using these otherwise \up0 \expndtw-8\charscalex100 idle funds
until needed. \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb0\s
l-230\slmult0 \par\pard\ql\li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb34\sl
alex100 Marketable securities serve as a temporary investment for funds
\par\pard\qj \li2589\ri1051\sb47\sl-500\slmult0 \up0 \expndtw-8\charscalex96 whi
ch later will be needed for transaction purposes.
They also \line \u
p0 \expndtw-8\charscalex100 serve as a liquidity buffer for unforeseen ca
sh drains.
This \line \up0 \expndtw-8\charscalex100 buffer can be quickl
y converted into cash. \up0 \expndtw-8\charscalex100 In this sense, \par\pa
rd\ql \li2589\sb224\sl-230\slmult0 \up0 \expndtw-3\charscalex100 marketable secu
rities serve as precautionary balances. \par\pard\ql \li1989\sb0\sl-500\slmult0
\par\pard\ql\li1989\ri1050\sb47\sl-500\slmult0\tx2589\tx2589 \up0 \expndtw-7\cha
rscalex100 10. Cash inflows would need to be perfectly synchronized wi
th cash \line\tab \up0 \expndtw-8\charscalex96 outflows and there would nee
d to be complete certainty.
In the \line \tab \up0 \expndtw-9\charscalex
96 real world, these conditions seldom, if ever, would be met. \par\pard\ql \li1
9\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb34\sl-230\slmult0\tx7725 \up0 \expndt
w-9\charscalex95 11. The three motives for holding cash are: \tab \up0 \
expndtw-8\charscalex100 1) transactions to meet \par\pard\qj \li2589\ri1051\s
b47\sl-500\slmult0\fi0 \up0 \expndtw-4\charscalex100 ordinary payments; 2) prec
autionary to maintain a safety cushion or \up0 \expndtw-4\charscalex100 buffer a
gainst unexpected cash drains; and 3) speculative to try to \up0 \expndtw-4\cha
rscalex100 take advantage of temporary opportunities. \par\pard\qj \li1989\ri105
0\sb500\sl-500\slmult0\tx2589 \up0 \expndtw-8\charscalex94 12. Treasury bills
are the most liquid securities available; they have \line\tab \up0 \exp
ndtw-9\charscalex94 tremendous marketability. \up0 \expndtw-9\charscalex94 More
over, they are risk free with \par\pard\qj \li2589\ri1051\sb0\sl-500\slmult
0 \up0 \expndtw-8\charscalex97 respect to default.
For these reasons th
ey provide the lowest \line \up0 \expndtw-8\charscalex97 return of the mon
ey-market instruments.
Bankers' acceptances are \line \up0 \expndtw-5\char
scalex100 marketable, though less so than Treasury bills.
They have a degree
\line \up0 \expndtw-8\charscalex92 of default risk in that banks can fail
.
As a result, they yield \line \up0 \expndtw-9\charscalex92 more than bi
lls.
Both instruments serve the liquidity needs of the \par\pard\li1989\sb0\s
rd\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb7\sl-207\slmult0\fi0\tx10330 \up0
6\fs18 127
}
}}
}
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}

nosupersub\cf28\f29\fs20 corporate investor, have comparable maturities and
are traded in \line \up0 \expndtw-6\charscalex100 impersonal markets where
funds flow on the basis of risk and \line \up0 \expndtw-6\charscalex100
return. \par\pard\ql \li1989\ri1050\sb380\sl-500\slmult0\tx2589\tx2589\tx2589 \
up0 \expndtw-4\charscalex100 13. Electronic commerce (EC) is the exchange of
business information in \line\tab \up0 \expndtw-8\charscalex92 an electronic (
non-paper) format.\ul0\nosupersub\cf27\f28\fs20 \ul0\nosupersub\cf28\f29\fs20
At the structured end of the EC \line \tab \up0 \expndtw-8\charscalex94
spectrum, we find electronic data interchange (EDI).
EDI involves \li
ne \tab \up0 \expndtw-9\charscalex94 the transfer of business information \u
p0 \expndtw-9\charscalex94 (e.g., invoices, purchase \par\pard\qj \li2589\ri10
50\sb0\sl-500\slmult0 \up0 \expndtw-6\charscalex100 orders, and shipping info
rmation) in a computer-readable format. \line \up0 \expndtw-7\charscalex100
Electronic funds transfer \up0 \expndtw-9\charscalex97 (EFT) and financial
EDI \up0 \expndtw-9\charscalex96 (FEDI) are two \par\pard\qj \li2589\ri1050\sb
0\sl-500\slmult0 \up0 \expndtw-8\charscalex100 subsets of EDI.
The distin
guishing feature of EFT is that a \line \up0 \expndtw-8\charscalex97 trans
fer of value (money) occurs in which depository institutions \line \up0
\expndtw-8\charscalex97 (primarily banks) send and receive electronic paym
ents.
Examples \line \up0 \expndtw-9\charscalex97 of EFT include automated
clearinghouse \up0 \expndtw-9\charscalex97 (ACH) transfers and wire \par\pa
rd\qj \li2589\ri1051\sb0\sl-500\slmult0 \up0 \expndtw-6\charscalex100 transfers.
FEDI involves the exchange of electronic business \line \up0 \expndtw
-6\charscalex100 information \up0 \expndtw-9\charscalex95 (non value transfer)
between a firm and its bank or \par\pard\qj \li2589\ri1051\sb0\sl-500\sl
mult0 \up0 \expndtw-5\charscalex100 between banks.
Examples include lockbox r
emittance information and \up0 \expndtw-5\charscalex100 bank balance information
. \par\pard\ql \li1989\ri1051\sb380\sl-500\slmult0\tx2589\tx2589\tx2589\tx2589\t
x2589\tx2589\tx2589 \up0 \expndtw-3\charscalex100 14. Outsourcing consists of
subcontracting a certain business operation \line\tab \up0 \expndtw-8\charscalex
91 to an outside firm, instead of doing it "in-house."
As firms hav
e \line \tab \up0 \expndtw-3\charscalex100 increasingly focused on the core proc
esses of their businesses, all \line \tab \up0 \expndtw-8\charscalex94 other es
sential, but non-core areas of business are candidates for \line \tab \u
p0 \expndtw-8\charscalex96 outsourcing.
Cash management is an essential,
but generally non-\line \tab \up0 \expndtw-8\charscalex96 core business act
ivity.
Therefore, all the major areas of cash \line \tab \up0 \expndtw
-4\charscalex100 management -- collections, disbursements, and marketable-secur
ities \line \tab \up0 \expndtw-4\charscalex100 investment -- are ripe for outso
urcing consideration. \par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl
}

}}
}
}}
}
}}
}
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}
osupersub\cf28\f29\fs20 Reducing and controlling costs is a reason
often cited for \up0 \expndtw-8\charscalex96 outsourcing a cash manageme
nt process.
Other popular reasons for \up0 \expndtw-8\charscalex97 outsou
rcing include improving company focus and gaining access to \up0 \expndt
w-9\charscalex97 world-class capabilities. \par\pard\ql \li1989\sb0\sl-230\slmul
rsub\cf27\f28\fs20 SOLUTIONS TO PROBLEMS \par\pard\li1989\sb0\sl-230\slmult0\par
\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb147\sl-230\slmult0\fi0\tx2589\
tx3189 \up0 \expndtw-9\charscalex95 \ul0\nosupersub\cf28\f29\fs20 1.\tab \up0 \e
xpndtw-9\charscalex95 a)\tab \up0 \expndtw-9\charscalex95 $420,000 x 6 = \ul0\
nosupersub\cf27\f28\fs20 $2,520,000\ul0\nosupersub\cf28\f29\fs20 .\par\pard\ql
-9\charscalex92 b)
Funds released = $420,000 x 2 = $840,000 \par\pard\ql
\li3189\ri3212\sb47\sl-500\slmult0 \up0 \expndtw-4\charscalex100 Value of funds
released on an annual basis = \up0 \expndtw-9\charscalex95 $840,000 x 9 perce
nt = $75,600 \par\pard\ql \li3189\sb224\sl-230\slmult0 \up0 \expndtw-3\charsca
lex100 The company should not inaugurate the plan. \par\pard\ql \li2589\ri3212\s
b47\sl-500\slmult0\tx3309 \up0 \expndtw-6\charscalex100 c)
Value of funds rel
eased on an annual basis = \line\tab \up0 \expndtw-9\charscalex95 $420,000 x 9
percent = $37,800 \par\pard\ql \li3189\sb224\sl-230\slmult0 \up0 \expndtw-3\c
harscalex100 The company should undertake the plan. \par\pard\li1989\sb0\sl-230\
calex100 2.\tab \up0 \expndtw-7\charscalex100 a)\tab \up0 \expndtw-9\charscalex9
3 $3M a day x 0.5 days = $\tab \up0 \expndtw-7\charscalex100 1.5M saved in co
llections\par\pard\ql \li3789\sb0\sl-230\slmult0 \par\pard\ql\li3789\sb23\sl-230
\slmult0\tx6309 \up0 \expndtw-9\charscalex80 $2M + $1M - $2M = \tab \up0 \e
xpndtw-3\charscalex100 1.0M increased balances \par\pard\li5949\sb0\sl-230\slmul
$\tab \up0 \expndtw-3\charscalex100 0.5M net saving in cash\par\pard\li5949\sb70
\sl-230\slmult0\fi0\tx6429 \up0 \expndtw-3\charscalex100 x\tab \up0 \expndtw-3\c
harscalex100 .07 opportunity cost\par\pard\ql \li5949\sb0\sl-230\slmult0 \par\pa
cf27\f28\fs20 $35,000 annual saving \par\pard\li1989\sb0\sl-207\slmult0\par\pard
0\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb203\sl-207\slmult0\fi0\tx
ub\cf15\f16\fs18 129
}
\pard\ql \li2589\sb0\sl-230\slmult0 \par\pard\ql\li2589\sb0\sl-230\slmult0 \par\
pard\ql\li2589\sb28\sl-230\slmult0\tx3189 \up0 \expndtw-3\charscalex100 \ul0\nos
upersub\cf28\f29\fs20 b) \tab \up0 \expndtw-7\charscalex100 $2M x .07 = $140,

000 opportunity cost of maintaining \par\pard\ql \li5709\sb30\sl-230\slmult0 \up
0 \expndtw-3\charscalex100 $2M balance at New Orleans bank \par\pard\ql \li4629\
calex100 - 35,000 savings under new arrangement \par\pard\ql \li5709\sb10\sl-23
0\slmult0 \up0 \expndtw-3\charscalex100 (see answer to part a) \par\pard\ql \li4
charscalex100 \ul0\nosupersub\cf27\f28\fs20 $105,000 maximum charge by New Orlea
ns bank \par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb0\sl-230\slmult0\p
\up0 \expndtw-8\charscalex100 \ul0\nosupersub\cf28\f29\fs20 3.\tab \up0 \expndt
w-7\charscalex100 If the company were certain of the pattern shown, it
would wish to\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl-230\
slmult0\fi599 \up0 \expndtw-7\charscalex100 have the following deposits in
its payroll account in order to\par\pard\li1989\sb0\sl-230\slmult0\par\pard
\li1989\sb41\sl-230\slmult0\fi599 \up0 \expndtw-8\charscalex100 cover the checks
that were cashed:\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb0\sl-230
fi1199\tx4989 \up0 \expndtw-8\charscalex100 Friday\tab \up0 \expndtw-8\charscale
x100 $ 30,000\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb41\sl-230\sl
mult0\fi1199\tx5229 \up0 \expndtw-8\charscalex100 Monday\tab \up0 \expndtw-8\cha
rscalex100 60,000\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb39\sl-230
\slmult0\fi1199\tx5229 \up0 \expndtw-8\charscalex100 Tuesday\tab \up0 \expndtw-8
\charscalex100 37,500\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl
-230\slmult0\fi1199\tx5229 \up0 \expndtw-8\charscalex100 Wednesday\tab \up0 \exp
ndtw-8\charscalex100 15,000\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\s
b41\sl-230\slmult0\fi1199\tx5349 \up0 \expndtw-8\charscalex100 Thursday\tab \up0
\expndtw-8\charscalex100 7,500\par\pard\ql \li4989\sb0\sl-230\slmult0 \par\pard
\ql\li4989\sb66\sl-230\slmult0 \up0 \expndtw-3\charscalex100 $150,000 \par\pard\
qj \li2589\ri1050\sb487\sl-500\slmult0 \up0 \expndtw-8\charscalex94 If employee
check cashing behavior is subject to fluctuations, the \line \up0 \expn
dtw-8\charscalex94 company will need to maintain "buffer" cash in the a
ccount.
The \line \up0 \expndtw-5\charscalex100 greater the uncertainty, t
he greater the buffer that will be \line \up0 \expndtw-5\charscalex100 nee
ded. \par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb0\sl-230\slmult0\par\
3189 \up0 \expndtw-9\charscalex94 4.\tab \up0 \expndtw-9\charscalex94 a)\tab \up
0 \expndtw-9\charscalex94 $5,000 x 41 stores x 6 days = \ul0\nosupersub\cf27\
f28\fs20 $1,230,000\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb39\sl230\slmult0\fi599\tx3189 \up0 \expndtw-9\charscalex94 \ul0\nosupersub\cf28\f29\f
s20 b)\tab \up0 \expndtw-9\charscalex94 $15,000 x 41 = $615,000\par\pard\li19
\charscalex94 $1,230,000 - $615,000 = \ul0\nosupersub\cf27\f28\fs20 $615,000
\charscalex100 \ul0\nosupersub\cf15\f16\fs18 130
}

}}
}
\cf28\f29\fs20 c)
Interest earned = $615,000 x 10% = $61,500 \par\pard\q
tw-9\charscalex94 Cost = 250 transfers x 41 stores x $7 cost = $71,750 \pa
r\pard\qj \li3189\ri1051\sb47\sl-500\slmult0 \up0 \expndtw-9\charscalex94 As th
e cost exceeds the interest earned on the net released \up0 \expndtw-5\
charscalex100 funds, the arrangement would not be worthwhile.
The transfers \
up0 \expndtw-5\charscalex100 are not large enough to offset the fixed cost. \par
89\sb161\sl-230\slmult0\fi0\tx2589 \up0 \expndtw-7\charscalex100 5.\tab \up0 \ex
pndtw-7\charscalex100 No specific solution recommended.\par\pard\li1989\sb0\sl-2
0\fi0 \up0 \expndtw-7\charscalex100 \ul0\nosupersub\cf27\f28\fs20 SOLUTIONS TO S
ELF-CORRECTION PROBLEMS\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb0\s
rscalex100 \ul0\nosupersub\cf28\f29\fs20 1.\tab \up0 \expndtw-7\charscalex100 a.
Total time savings = 2.5 + 1 = \ul0\nosupersub\cf27\f28\fs20 3.5 days\
9\tx7389 \up0 \expndtw-9\charscalex100 \ul0\nosupersub\cf28\f29\fs20 Time\tab \u
p0 \expndtw-9\charscalex100 daily\tab \up0 \expndtw-9\charscalex100 cash\par\par
d\li3189\sb14\sl-180\slmult0\fi0\tx7029\tx7389 \dn4 \expndtw-9\charscalex92 savi
ngs
X
average collection\tab \up2 \expndtw-9\charscalex100 =\tab \dn4 \exp
ndtw-9\charscalex100 released\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589
\sb97\sl-230\slmult0\fi599\tx4269\tx4629\tx7029\tx7389 \up0 \expndtw-7\charscale
x100 3.5\tab \up0 \expndtw-7\charscalex100 X\tab \up0 \expndtw-7\charscalex100 $
500,000\tab \up0 \expndtw-7\charscalex100 =\tab \up0 \expndtw-7\charscalex100 \u
l0\nosupersub\cf27\f28\fs20 $1,750,000\par\pard\li2589\sb0\sl-230\slmult0\par\pa
persub\cf28\f29\fs20 b.\tab \up0 \expndtw-7\charscalex100 5% X $1,750,000 = \u
l0\nosupersub\cf27\f28\fs20 $87,500\par\pard\ql \li2589\ri1050\sb240\sl-500\slm
ult0\tx3189\tx3189 \up0 \expndtw-5\charscalex100 \ul0\nosupersub\cf28\f29\fs20 c
.
Since the dollar gross benefit of the lockbox system ($87,500) \line\tab \
up0 \expndtw-9\charscalex94 exceeds the cost of the lockbox system ($75,0
00), the system \line \tab \up0 \expndtw-9\charscalex95 should be initiated. \
up0 \expndtw-3\charscalex100 2. \par\pard\li2229\sb0\sl-230\slmult0\par\pard\li2
0 Federal\tab \up0 \expndtw-3\charscalex100 State\tab \up0 \expndtw-3\charscalex
100 Combined\tab \up0 \expndtw-3\charscalex100 After-Tax\par\pard\li2229\sb20\sl
-230\slmult0\fi0\tx4149\tx5709\tx6909\tx8349 \up0 \expndtw-3\charscalex100 Secur

ity\tab \up0 \expndtw-3\charscalex100 Tax\tab \up0 \expndtw-3\charscalex100 Tax\
tab \up0 \expndtw-3\charscalex100 Effect\tab \up0 \expndtw-3\charscalex100 Expec
ted Return\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb0\sl-230\slmult0
\par\pard\li1989\sb20\sl-230\slmult0\fi0\tx4149\tx5829\tx7029\tx7989 \up0 \expnd
tw-9\charscalex96 Treasury bills\tab \up0 \expndtw-9\charscalex96 .30\tab \up0 \
expndtw-9\charscalex96 0\tab \up0 \expndtw-9\charscalex96 .30\tab \up0 \expndtw9\charscalex96 (1 - .30)8.00% = 5.60%\par\pard\ql \li1989\sb0\sl-230\slmult0
\par\pard\ql\li1989\sb22\sl-230\slmult0 \up0 \expndtw-3\charscalex100 Commercia
l \par\pard\li1989\sb38\sl-230\slmult0\fi0\tx4149\tx5589\tx7029\tx7989 \up0 \exp
ndtw-9\charscalex94 paper\tab \up0 \expndtw-9\charscalex94 .30\tab \up0 \expndtw
-9\charscalex94 .07\tab \up0 \expndtw-9\charscalex94 .37\tab \up0 \expndtw-9\cha
rscalex94 (1 - .37)8.50% = 5.36%\par\pard\ql \li1989\sb0\sl-230\slmult0 \par
\pard\ql\li1989\sb32\sl-230\slmult0 \up0 \expndtw-3\charscalex100 Money-market \
w-9\charscalex96 preferred stock\tab \up0 \expndtw-9\charscalex96 .09\ul0\nosupe
rsub\cf27\f28\fs20 *\tab \up0 \expndtw-9\charscalex96 \ul0\nosupersub\cf28\f29\f
s20 .07\tab \up0 \expndtw-9\charscalex96 .16\tab \up0 \expndtw-9\charscalex96 (1
- .16)7.00% = 5.88%\par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li1
s20 *\ul0\nosupersub\cf28\f29\fs20 (1 - .70)(.30) = .09 \par\pard\li1989\sb0
131
}
}}
}
}}
}
\pard\qj \li2589\ri1051\sb465\sl-500\slmult0\fi599 \up0 \expndtw-3\charscalex100
\ul0\nosupersub\cf28\f29\fs20 The money-market preferred is the most attractive
after taxes, \line \up0 \expndtw-8\charscalex93 owing to the 70 percent ex
emption for federal income tax purposes. \line \up0 \expndtw-8\charscalex94
Commercial paper is less attractive than Treasury bills because of \li
ne \up0 \expndtw-9\charscalex94 the state income tax from which Treasury
bills are exempt. \up0 \expndtw-9\charscalex94 (In \par\pard\qj \li2589\ri1050
\sb0\sl-500\slmult0 \up0 \expndtw-6\charscalex100 states with no income taxe
s, the after-tax yield on commercial \up0 \expndtw-7\charscalex100 paper wo
uld be higher.) \par\pard\qj \li2589\ri1050\sb0\sl-500\slmult0\fi599 \up0 \expnd
tw-3\charscalex100 Preferred stock may not be the most attractive investment whe
n \up0 \expndtw-8\charscalex96 risk is taken into account.
There is th
e danger that interest \up0 \expndtw-8\charscalex93 rates will rise above
the ceiling and the market value will fall. \up0 \expndtw-5\charscalex10
0 There also is default risk with respect to dividend payment, \up0 \ex
pndtw-5\charscalex100 whereas Treasury bills have no default risk. \par\pard\li1
\par\pard\sect\sectd\fs24\paperw11900\paperh16840{\shp
z-10000\shplid134
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67ff0082e9ff00f2d3c3bf666ff93d9fd80ffecf63e01ffea433d7fa3157f0e9fb307fc132ff00e0
a4f61fb5d7ec81e34f1dfec4bf10be18f803e17fed2ff0bfe2778efc71e2cf8cff00b1eeb1a4683e
13f06ea371a8ead72748f86ffb4af8f7c67a9ddc89b20b2b2d17c2da94d35c4a9e6882012cf1ff00
7175fe4efd3738f383fc43f15f2ecf382b8832fe23ca69f0ae5f82a98ecbaa4e74618ba389c64ea5
097b48539a9c23569b778d9f368db4edfd3be0e6499b643c3188c1e7181af97e2a599d7ad1a3888a
5374a74a8c6335cb292b37192defa6db0514515fc707eb4145145001451450014514500145145001
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ffd9}}}}}\pard\sb0\sl-240{\bkmkstart Pg135}{\bkmkend Pg135}\par\pard\ql \li7854\
75\sl-207\slmult0 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Pe
arson Education Limited 2005 \par\pard\ql \li4149\sb0\sl-690\slmult0 \par\pard\q
4149\sb464\sl-690\slmult0 \up0 \expndtw0\charscalex97 \ul0\nosupersub\cf22\f23\f
s60 10 \par\pard\ql \li4149\sb5\sl-575\slmult0 \up0 \expndtw0\charscalex97 \ul0\
nosupersub\cf23\f24\fs50 Accounts Receivable \par\pard\ql \li4149\sb1\sl-556\slm
ult0 \up0 \expndtw0\charscalex97 and Inventory Management \par\pard\ql \li4282\s
l-368\slmult0 \par\pard\ql\li4282\sb0\sl-368\slmult0 \par\pard\ql\li4282\sb0\sl368\slmult0 \par\pard\ql\li4282\sb0\sl-368\slmult0 \par\pard\ql\li4282\sb0\sl-36
0 \par\pard\ql\li4282\sb224\sl-368\slmult0 \up0 \expndtw0\charscalex99 \ul0\nosu
persub\cf25\f26\fs32 IN GOD WE TRUST. All others must pay cash. \par\pard\ql \li
8625\sb292\sl-368\slmult0 \up0 \expndtw0\charscalex92 ANONYMOUS \par\pard\li1989
tw-2\charscalex100 \ul0\nosupersub\cf15\f16\fs18 133\par\pard\sect\sectd\fs24\pa
perw11900\paperh16840\pard\sb0\sl-240{\bkmkstart Pg136}{\bkmkend Pg136}\par\pard
f14\fs18 Chapter 10: Accounts Receivable and Inventory Management\tab \up0 \expn
dtw-2\charscalex100 Pearson Education Limited 2005\par\pard\ql \li1989\sb0\sl-23
lmult0 \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf27\f28\fs20 ANSWERS TO QU
ESTIONS \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb0\sl-230\s

lmult0 \par\pard\ql\li1989\sb210\sl-230\slmult0\tx2589 \up0 \expndtw-3\charscale
x100 \ul0\nosupersub\cf28\f29\fs20 1. \tab \up0 \expndtw-5\charscalex100 No.
Only if the added profitability of the additional sales to the \par\pard\ql \li2
dtw-3\charscalex100 "deadbeats" \tab \up0 \expndtw-9\charscalex94 (less bad de
bt loss and other costs) does not exceed \par\pard\qj \li2589\ri1051\sb47
\sl-500\slmult0 \up0 \expndtw-4\charscalex100 the required return on the additio
nal (and prolonged) investment in \line \up0 \expndtw-3\charscalex100 accounts
receivable should the firm cease sales to these customers. \line \up0 \expndtw-8
\charscalex100 Some firms \up0 \expndtw-9\charscalex95 (such as jewelry or
audio equipment dealers) are very \line \up0 \expndtw-8\charscalex96 happy
to sell to almost any "deadbeat" because their margins are \line \up0 \
expndtw-9\charscalex96 very high. \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\p
\tx3189 \up0 \expndtw-3\charscalex100 2. \tab \up0 \expndtw-3\charscalex100 a) \
tab \up0 \expndtw-8\charscalex100 Sales unaffected; profits decreased.
Th
is policy suggests \par\pard\qj \li3189\ri1050\sb47\sl-500\slmult0 \up0 \expnd
tw-5\charscalex100 that the firm has a poor collection policy.
Accounts that
are \line \up0 \expndtw-9\charscalex97 collectable are being written off to
o quickly.
Thus, the \line \up0 \expndtw-9\charscalex97 turnover is main
tained at the expense of increased bad-debt \line \up0 \expndtw-9\charscal
ex98 losses. \par\pard\ql \li2589\sb224\sl-230\slmult0\tx3189 \up0 \expndtw-3\ch
arscalex100 b) \tab \up0 \expndtw-9\charscalex95 Sales increased; profitabilit
y probably reduced.
This policy \par\pard\qj \li3189\ri1051\sb47\sl-500\sl
mult0 \up0 \expndtw-9\charscalex95 suggests a lax collection policy or ine
ffective screening of \line \up0 \expndtw-9\charscalex95 poor credit risks.
The final profitability position depends \line \up0 \expndtw-8\charscalex
100 upon the profitability and costs of servicing the past-due \line \up
0 \expndtw-8\charscalex100 accounts. \par\pard\li2589\sb0\sl-230\slmult0\par\par
d\li2589\sb11\sl-230\slmult0\fi0\tx3189 \up0 \expndtw-6\charscalex100 c)\tab \up
0 \expndtw-6\charscalex100 Sales decreased, profits decreased.
Credit st
andards are\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb40\sl-230\slmu
lt0\fi599 \up0 \expndtw-6\charscalex100 probably too strict.
Customers acc
epting credit are not of\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\
sb40\sl-230\slmult0\fi599 \up0 \expndtw-6\charscalex100 uniform high quality.\pa
\up0 \expndtw-6\charscalex100 d)\tab \up0 \expndtw-6\charscalex100 Sales decrea
sed, profits decreased.
Credit standards are\par\pard\li2589\sb0\sl-230\
lex100 probably too strict.\tab \up0 \expndtw-6\charscalex100 Customers accep
ting credit are of\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb40\sl
-230\slmult0\fi599 \up0 \expndtw-6\charscalex100 uniform high quality.\par\pard\
}
calex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 10: Accounts Receivable and Inven
tory Management\tab \up0 \expndtw-6\charscalex100 Pearson Education Limited 2005
xpndtw-7\charscalex100 \ul0\nosupersub\cf28\f29\fs20 3.\tab \up0 \expndtw-6\char
scalex100 No.
Liberalizing credit terms may stimulate sales.
The i
ncre-\par\pard\qj \li2589\ri1051\sb30\sl-500\slmult0 \up0 \expndtw-6\charscalex1
00 mental profit may be greater than the required return on the \up0 \
expndtw-6\charscalex100 investment necessary to finance added accounts receivabl
e. \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb0\sl-230\slmult
\tx2589 \up0 \expndtw-3\charscalex100 4. \tab \up0 \expndtw-8\charscalex94 To a
nalyze a credit applicant, one might turn to financial state-\par\pard\
qj \li2589\ri1050\sb47\sl-500\slmult0 \up0 \expndtw-6\charscalex100 ments provi
ded by the applicant, credit ratings and reports, a \line \up0 \expndtw9\charscalex94 check with the applicant's bank \up0 \expndtw-9\charscale
x92 (particularly if a loan is \par\pard\qj \li2589\ri1051\sb0\sl-500\sl
mult0 \up0 \expndtw-8\charscalex93 involved), a check with trade suppliers,
and a review of your own \up0 \expndtw-8\charscalex96 credit experience
if the applicant has done business with you in \up0 \expndtw-8\charscal
ex93 the past.
Each step involves a cost and the value of additiona
l \up0 \expndtw-3\charscalex100 information must be balanced against the profita
bility of the order \up0 \expndtw-3\charscalex100 and the cost of the informatio
n. \par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb0\sl-230\slmult0\par\pa
\expndtw-6\charscalex100 5.\tab \up0 \expndtw-5\charscalex100 The quality of
account accepted, the credit period, the discount,\par\pard\li1989\sb0\sl
x100 and the discount period.\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989
30\slmult0\fi0\tx2589 \up0 \expndtw-6\charscalex100 6.\tab \up0 \expndtw-6\chars
calex100 The level of sales, the level of investment in receivables, and the\par
expndtw-6\charscalex100 percent of bad-debt losses.\par\pard\li1989\sb0\sl-230\s
\pard\li1989\sb80\sl-230\slmult0\fi0\tx2589 \up0 \expndtw-6\charscalex100 7.\tab
\up0 \expndtw-6\charscalex100 Beyond a certain point, increased expenditur
es will yield no\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl-2
30\slmult0\fi599 \up0 \expndtw-5\charscalex100 results as those accounts wil
l default regardless of the pressure\par\pard\li1989\sb0\sl-230\slmult0\par
\pard\li1989\sb40\sl-230\slmult0\fi599 \up0 \expndtw-6\charscalex100 brought upo
n them to pay.\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slm
scalex100 \ul0\nosupersub\cf15\f16\fs18 135\par\pard\sect\sectd\fs24\paperw11900
\paperh16840\pard\sb0\sl-240{\bkmkstart Pg138}{\bkmkend Pg138}\par\pard\li1989\s
Chapter 10: Accounts Receivable and Inventory Management\tab \up0 \expndtw-7\cha
rscalex100 Pearson Education Limited 2005\par\pard\li1989\sb0\sl-230\slmult0\par
cf28\f29\fs20 8.\tab \up0 \expndtw-7\charscalex100 A line of credit establis
hes the maximum amount of credit that an\par\pard\qj \li2589\ri1050\sb30\
sl-500\slmult0 \up0 \expndtw-8\charscalex94 account can have outstanding at
one time.
The advantage of this \up0 \expndtw-8\charscalex94 arrangement
is that it is automatic.
An order can be filled as \up0 \expndtw-8
\charscalex93 long as it does not bring the total owed above the line
.
This \up0 \expndtw-8\charscalex97 facilitates order taking and reduces
delays.
However, the line \up0 \expndtw-5\charscalex100 must be reeval
uated periodically in order to keep abreast of \up0 \expndtw-5\charscalex
100 developments in the account. \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pa
\ql\li1989\sb34\sl-230\slmult0\tx2589 \up0 \expndtw-3\charscalex100 9. \tab \up0
\expndtw-8\charscalex97 Aging accounts receivable
represents an effort
to determine the \par\pard\qj \li2589\ri1050\sb47\sl-500\slmult0 \up0 \expndtw
-8\charscalex96 age composition of receivables.
A similar approach for
inventory \line \up0 \expndtw-8\charscalex96 could involve determining the
inventory turnover in days (ITD) of \line \up0 \expndtw-8\charscalex97 prod
uct lines and of individual products.
For example, General \line \up0
\expndtw-8\charscalex97 Electric may evaluate inventory policy by compari
ng the trend in \line \up0 \expndtw-8\charscalex96 inventory turnover in d
ays of home appliances.
Within the home \line \up0 \expndtw-6\charscale
x100 appliance category, the inventory turnover in days of refriger-\lin
e \up0 \expndtw-7\charscalex100 ators, for example, may yield an insight into in
ventory policy. \par\pard\ql \li1989\ri1051\sb500\sl-500\slmult0\tx2589\tx2589\t
x2589 \up0 \expndtw-8\charscalex96 10. The greater the ordering costs, th
e more inventory that will be \line\tab \up0 \expndtw-8\charscalex96 mainta
ined, all other things the same, and the greater the funds \line \tab
\up0 \expndtw-8\charscalex92 that will be tied up in inventory.
The gr
eater the storage costs \line \tab \up0 \expndtw-9\charscalex92 and cost of c
apital, the less inventory that will be maintained. \par\pard\li1989\sb0\sl-207\
upersub\cf15\f16\fs18 136
}
}}

}
calex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 10: Accounts Receivable and Inven
tory Management\tab \up0 \expndtw-2\charscalex100 Pearson Education Limited 2005
\par\pard\ql \li1989\ri1050\sb465\sl-500\slmult0\tx2589\tx2589\tx2589\tx2589\tx2
589\tx2589\tx2589\tx2589\tx2589\tx2589\tx2589 \up0 \expndtw-3\charscalex100 \ul0
\nosupersub\cf28\f29\fs20 11. Efficient inventory management implies the elimi
nation of redundant \line\tab \up0 \expndtw-6\charscalex100 inventory and sele
cting a level of inventory that provides the \line \tab \up0 \expndtw-6\c
harscalex100 risk-profitability trade-off desired by investors.
Eliminat
ing \line \tab \up0 \expndtw-8\charscalex94 redundant inventory does not inv
olve increasing risk.
The profit-\line \tab \up0 \expndtw-8\charscalex96 a
bility will increase, but since the inventory was redundant, the \line
\tab \up0 \expndtw-8\charscalex91 risk will not increase.
In fact, there
could be a situation where \line \tab \up0 \expndtw-8\charscalex96 risk d
ecreases since the risk of obsolescence is reduced.
After \line \tab \
up0 \expndtw-6\charscalex100 the redundant inventory is eliminated, any fu
rther reduction of \line \tab \up0 \expndtw-6\charscalex100 inventory will i
ncrease the risk as well as the profitability. \line \tab \up0 \expndtw-8
\charscalex97 Efficient inventory management means selecting that combinat
ion of \line \tab \up0 \expndtw-8\charscalex96 inventory that possesses the
combination of profitability and risk \line \tab \up0 \expndtw-9\charscalex
96 desired by investors. \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li
89\sb34\sl-230\slmult0 \up0 \expndtw-5\charscalex100 12.
The firm could lower
its investment in inventories by: \par\pard\ql \li2589\sb0\sl-230\slmult0 \par\
pard\ql\li2589\sb40\sl-230\slmult0 \up0 \expndtw-4\charscalex100 a)
Shortenin
g the lead time on purchases. \par\pard\ql \li2589\sb0\sl-230\slmult0 \par\pard\
ql\li2589\sb40\sl-230\slmult0 \up0 \expndtw-5\charscalex100 b)
Improving sale
s forecasts. \par\pard\ql \li2589\sb0\sl-230\slmult0 \par\pard\ql\li2589\sb40\sl
-230\slmult0 \up0 \expndtw-4\charscalex100 c)
Trimming the product line or st
andardizing parts. \par\pard\ql \li2589\sb0\sl-230\slmult0 \par\pard\ql\li2589\s
b40\sl-230\slmult0 \up0 \expndtw-4\charscalex100 d)
Scheduling smaller, more
flexible production runs. \par\pard\ql \li2589\sb0\sl-230\slmult0 \par\pard\ql\l
i2589\sb40\sl-230\slmult0\tx8042 \up0 \expndtw-9\charscalex96 e)
Shifting in
ventory burden to suppliers \tab \up0 \expndtw-8\charscalex100 (purchases sh
ipped on\par\pard\sect\sectd\sbknone\cols2\colno1\colw6989\colsr160\colno2\colw
4611\colsr160\ql \li3189\sb0\sl-230\slmult0 \par\pard\ql \li3189\sb57\sl-230\slm
ult0 \up0 \expndtw-9\charscalex95 consignment) or to customers\par\pard\ql
\li3189\sb0\sl-230\slmult0 \par\pard\ql \li3189\sb40\sl-230\slmult0 \up0 \expnd
tw-3\charscalex100 shipping upon discretion).\par\pard\ql \li2589\sb0\sl-230\slm
ult0 \par\pard\ql \li2589\sb40\sl-230\slmult0 \up0 \expndtw-3\charscalex100 Incr
eased costs include:\par\pard\ql \li2589\sb0\sl-230\slmult0 \par\pard\ql \li2589
\sb40\sl-230\slmult0 \up0 \expndtw-5\charscalex100 a)
Higher prices from supp
liers.\par\pard\ql \li2589\sb0\sl-230\slmult0 \par\pard\ql \li2589\sb40\sl-230\s
lmult0 \up0 \expndtw-5\charscalex100 b)
Increased ordering costs.\par\pard\co
lumn \ql \li7149\sb0\sl-230\slmult0 \par\pard\ql \li20\sb57\sl-230\slmult0 \up0
\expndtw-9\charscalex95 (manufacturing to order or \par\pard\sect\sectd\sb
knone \ql \li2589\sb0\sl-230\slmult0 \par\pard\ql\li2589\sb23\sl-230\slmult0 \up
0 \expndtw-4\charscalex100 c)
Loss of sales due to stockout or shifted invent
ory burden. \par\pard\ql \li2589\sb0\sl-230\slmult0 \par\pard\ql\li2589\sb40\sl230\slmult0 \up0 \expndtw-5\charscalex100 d)
Increased production costs. \par
89\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl207\slmult0\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb53\sl-207\slmul
x7846 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 10: Ac
counts Receivable and Inventory Management\tab \up0 \expndtw-2\charscalex100 Pea
rson Education Limited 2005\par\pard\ql \li1989\ri1051\sb465\sl-500\slmult0\tx25
89\tx2589 \up0 \expndtw-8\charscalex96 \ul0\nosupersub\cf28\f29\fs20 13. With
no variation in product demand, the firm would be able to \line\tab \
up0 \expndtw-5\charscalex100 minimize costs by maintaining a level product
ion schedule and \line \tab \up0 \expndtw-8\charscalex100 eliminating invent
ory safety stocks. \up0 \expndtw-8\charscalex100 With seasonal demand, \
par\pard\qj \li2589\ri1050\sb0\sl-500\slmult0 \up0 \expndtw-8\charscalex100 howe
ver, the firm is unable to pursue such a policy.
Unless \line \up0
\expndtw-6\charscalex100 production is tied exactly to sales, production
decisions will \line \up0 \expndtw-6\charscalex100 influence inventory levels
. \up0 \expndtw-6\charscalex100 For example, a level production \par\pard\qj
\li2589\ri1050\sb0\sl-500\slmult0 \up0 \expndtw-3\charscalex100 schedule with s
easonal demand results in counter-seasonal inventory \line \up0 \expndtw-6\chars
calex100 movement.
Likewise, with seasonal demand a constant inventory
\line \up0 \expndtw-9\charscalex95 level requires a seasonal production
schedule. \up0 \expndtw-9\charscalex97 This inter-\par\pard\qj \li2589\ri10
50\sb0\sl-500\slmult0 \up0 \expndtw-8\charscalex100 dependence of demand,
production, and inventory considerably \up0 \expndtw-8\charscalex100 compl
icates any optimal solution. \par\pard\ql \li1989\ri1050\sb500\sl-500\slmult0\tx
2589\tx2589\tx2589\tx2589 \up0 \expndtw-8\charscalex96 14. From the standpoi
nt of dollars committed, the two are the same. \line\tab \up0 \expndtw-8
\charscalex96 However, inventories change rapidly over time whereas fixed
assets \line \tab \up0 \expndtw-8\charscalex93 do not.
Therefore, one is
concerned with the level of investment \line \tab \up0 \expndtw-3\charsca
lex100 in inventories, as opposed to the investment in a specific asset as \line
\tab \up0 \expndtw-3\charscalex100 would be the case with fixed asset. \par\par
d\ql \li1989\ri1050\sb500\sl-500\slmult0\tx2589\tx2589\tx2589\tx2589\tx2589 \up0
\expndtw-8\charscalex95 15. Usually a company will use the same requir
ed rate of return for \line\tab \up0 \expndtw-8\charscalex96 both.
Howev
er, if one type of inventory was significantly more \line \tab \up0 \exp
ndtw-8\charscalex96 risky than the other, one might wish to apply a hi
gher required \line \tab \up0 \expndtw-8\charscalex90 rate of return.
This
might occur if the raw materials had a ready \line \tab \up0 \expndtw8\charscalex96 market with little price fluctuation whereas the finished
products \line \tab \up0 \expndtw-9\charscalex96 were subject to considerable u
ncertainty. \par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmul
slmult0\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb179\sl-207\slmult0\
supersub\cf15\f16\fs18 138\par\pard\sect\sectd\fs24\paperw11900\paperh16840\pard
\sb0\sl-240{\bkmkstart Pg141}{\bkmkend Pg141}\par\pard\li1989\sb0\sl-207\slmult0
46 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 10: Accou
nts Receivable and Inventory Management\tab \up0 \expndtw-2\charscalex100 Pearso
n Education Limited 2005\par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li1

SOLUTIONS TO PROBLEMS \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li198
arscalex100 \ul0\nosupersub\cf28\f29\fs20 1. \par\pard\li1989\sb0\sl-230\slmult0
ndtw-3\charscalex100 Credit Policy\tab \up0 \expndtw-3\charscalex100 A\tab \up0
\expndtw-3\charscalex100 B\tab \up0 \expndtw-3\charscalex100 C\tab \up0 \expndtw
-3\charscalex100 D\par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb
16\sl-230\slmult0 \up0 \expndtw-3\charscalex100 a. Incremental \par\pard\li2589\
0 sales\tab \up0 \expndtw-3\charscalex100 $2,800,000\tab \up0 \expndtw-3\charsca
lex100 $1,800,000\tab \up0 \expndtw-3\charscalex100 $1,200,000\tab \up0 \expndtw
-3\charscalex100 $600,000\par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li
1989\sb29\sl-230\slmult0 \up0 \expndtw-3\charscalex100 b. Incremental \par\pard\
li2469\sb31\sl-230\slmult0\fi0\tx4989\tx6669\tx8349\tx9909 \up0 \expndtw-3\chars
calex100 profitability1\tab \up0 \expndtw-3\charscalex100 280,000\tab \up0 \expn
dtw-3\charscalex100 180,000\tab \up0 \expndtw-3\charscalex100 120,000\tab \up0 \
expndtw-3\charscalex100 60,000\par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\
ql\li1989\sb39\sl-230\slmult0 \up0 \expndtw-3\charscalex100 c. New receivable \p
ar\pard\li1989\sb21\sl-230\slmult0\fi599\tx5709\tx7389\tx9069\tx10269 \up0 \expn
dtw-5\charscalex100 turnover2\tab \up0 \expndtw-5\charscalex100 8\tab \up0 \expn
arscalex100 2.5\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl-230\s
lmult0\fi0 \up0 \expndtw-5\charscalex100 d. Additional\par\pard\li1989\sb20\sl-2
30\slmult0\fi599\tx4869\tx6549\tx8229\tx9669 \up0 \expndtw-5\charscalex100 recei
vables3\tab \up0 \expndtw-5\charscalex100 $350,000\tab \up0 \expndtw-5\charscale
x100 $300,000\tab \up0 \expndtw-5\charscalex100 $300,000\tab \up0 \expndtw-5\cha
rscalex100 $240,000\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl-2
30\slmult0\fi0 \up0 \expndtw-5\charscalex100 e. Additional\par\pard\li1989\sb20\
sl-230\slmult0\fi599\tx4989\tx6669\tx8349\tx9789 \up0 \expndtw-5\charscalex100 i
nvestment4\tab \up0 \expndtw-5\charscalex100 315,000\tab \up0 \expndtw-5\charsca
lex100 270,000\tab \up0 \expndtw-5\charscalex100 270,000\tab \up0 \expndtw-5\cha
rscalex100 216,000\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl-23
0\slmult0\fi0\tx5109\tx6789\tx8469\tx9909 \up0 \expndtw-5\charscalex100 f. Oppor
tunity cost5\tab \up0 \expndtw-5\charscalex100 94,500\tab \up0 \expndtw-5\charsc
alex100 81,000\tab \up0 \expndtw-5\charscalex100 81,000\tab \up0 \expndtw-5\char
scalex100 64,800\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl-230\
slmult0\fi0\tx5469\tx7149\tx8829\tx10389 \up0 \expndtw-5\charscalex100 g. (b)
> (f)?\tab \up0 \expndtw-5\charscalex100 yes\tab \up0 \expndtw-5\charscalex100
yes\tab \up0 \expndtw-5\charscalex100 yes\tab \up0 \expndtw-5\charscalex100 no\p
1989\sb10\sl-230\slmult0\fi0 \up2 \expndtw-5\charscalex100 1\t \dn4 \expndtw-5\c
harscalex100 (10% contribution margin) x (incremental sales)\par\pard\li1989\sb
lex100 2\t \dn4 \expndtw-5\charscalex100 (360 days/new average collection period
)\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb39\sl-230\slmult0\fi0 \up
2 \expndtw-5\charscalex100 3\t \dn4 \expndtw-5\charscalex100 (incremental sales/
new receivable turnover)\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb41
\sl-230\slmult0\fi0 \up2 \expndtw-5\charscalex100 4\t \dn4 \expndtw-5\charscalex
100 (0.9) x (additional receivables)\par\pard\li1989\sb0\sl-230\slmult0\par\par
d\li1989\sb40\sl-230\slmult0\fi0 \up2 \expndtw-5\charscalex100 5\t \dn4 \expndtw
-5\charscalex100 (.30) x (additional receivables)\par\pard\li1989\sb0\sl-230\sl
mult0\par\pard\li1989\sb109\sl-230\slmult0\fi599 \up0 \expndtw-5\charscalex100 T
he company should adopt credit policy C because incremental\par\pard\li1
\charscalex100 profitability exceeds the increased carrying costs for pol
icies A,\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb41\sl-230\slmult0
\fi599 \up0 \expndtw-5\charscalex100 B, and C, but not for policy D.\par\pard\li
46 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 10: Accou
nts Receivable and Inventory Management\tab \up0 \expndtw-2\charscalex100 Pearso
n Education Limited 2005\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb0\
mult0\fi0 \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf28\f29\fs20 2.\par\par
0 Credit Policy\tab \up0 \expndtw-3\charscalex100 A\tab \up0 \expndtw-3\charscal
ex100 B\tab \up0 \expndtw-3\charscalex100 C\tab \up0 \expndtw-3\charscalex100 D\
par\pard\li1989\sb220\sl-230\slmult0\fi0 \up0 \expndtw-3\charscalex100 a. Increm
ental\par\pard\li1989\sb19\sl-230\slmult0\fi599\tx4629\tx6309\tx7989\tx9669 \up0
\expndtw-3\charscalex100 sales\tab \up0 \expndtw-3\charscalex100 $2,800,000\tab
\up0 \expndtw-3\charscalex100 $1,800,000\tab \up0 \expndtw-3\charscalex100 $1,2
00,000\tab \up0 \expndtw-3\charscalex100 $600,000\par\pard\li1989\sb0\sl-230\slm
ult0\par\pard\li1989\sb41\sl-230\slmult0\fi0\tx5589\tx7269\tx8829\tx10269 \up0 \
expndtw-3\charscalex100 b. Percent default\tab \up0 \expndtw-3\charscalex100 3%\
tab \up0 \expndtw-3\charscalex100 6%\tab \up0 \expndtw-3\charscalex100 10%\tab \
up0 \expndtw-3\charscalex100 15%\par\pard\ql \li1989\sb0\sl-240\slmult0 \par\par
d\ql\li1989\ri3815\sb17\sl-240\slmult0\tx2589 \up0 \expndtw-3\charscalex100 c. I
ncremental bad-\line\tab \up0 \expndtw-3\charscalex100 debt losses \par\pard\li2
ex100 (a) x (b)\tab \up0 \expndtw-5\charscalex100 $84,000\tab \up0 \expndtw-5\c
harscalex100 $108,000\tab \up0 \expndtw-5\charscalex100 $120,000\tab \up0 \expnd
tw-5\charscalex100 $90,000\par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\l
i1989\sb36\sl-230\slmult0 \up0 \expndtw-3\charscalex100 d. Opportunity cost \par
-6\charscalex100 (from Ans. #1)\tab \up0 \expndtw-6\charscalex100 94,500\tab \u
p0 \expndtw-6\charscalex100 81,000\tab \up0 \expndtw-6\charscalex100 81,000\tab
\up0 \expndtw-6\charscalex100 64,800\par\pard\li1989\sb220\sl-230\slmult0\fi0 \u
p0 \expndtw-6\charscalex100 e. Total costs\par\pard\li1989\sb20\sl-230\slmult0\f
i599\tx4989\tx6669\tx8349\tx9789 \up0 \expndtw-6\charscalex100 (c) + (d)\tab \
up0 \expndtw-6\charscalex100 178,500\tab \up0 \expndtw-6\charscalex100 189,000\t
ab \up0 \expndtw-6\charscalex100 201,000\tab \up0 \expndtw-6\charscalex100 154,8
00\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl-230\slmult0\fi0 \u
p0 \expndtw-6\charscalex100 f. Incremental\par\pard\li1989\sb20\sl-230\slmult0\f
i599 \up0 \expndtw-6\charscalex100 profitability\par\pard\li1989\sb21\sl-230\slm
ult0\fi599\tx4989\tx6669\tx8349\tx9909 \up0 \expndtw-6\charscalex100 (from Ans.
#1)\tab \up0 \expndtw-6\charscalex100 280,000\tab \up0 \expndtw-6\charscalex100
180,000\tab \up0 \expndtw-6\charscalex100 120,000\tab \up0 \expndtw-6\charscale
x100 60,000\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb39\sl-230\slmul
t0\fi0\tx5469\tx7269\tx8949\tx10389 \up0 \expndtw-6\charscalex100 g. (f) > (e
)?\tab \up0 \expndtw-6\charscalex100 yes\tab \up0 \expndtw-6\charscalex100 no\ta
b \up0 \expndtw-6\charscalex100 no\tab \up0 \expndtw-6\charscalex100 no\par\pard
\charscalex94 Adopt credit policy A.\tab \up0 \expndtw-9\charscalex94 It
is the only one where incremental\par\pard\li1989\sb0\sl-230\slmult0\
par\pard\li1989\sb41\sl-230\slmult0\fi0 \up0 \expndtw-8\charscalex95 profitabili
ty
exceeds
opportunity
costs
plus
bad-debt
losses.\par\pard\li
ar\pard\li1989\sb41\sl-207\slmult0\fi0\tx10330 \up0 \expndtw-2\charscalex100 \ul
0\nosupersub\cf13\f14\fs18 Van Horne and Wachowicz: \ul0\nosupersub\cf14\f15\fs1
8 Fundamentals of Financial Management,\ul0\nosupersub\cf13\f14\fs18 12e\tab \u
p0 \expndtw-2\charscalex100 \ul0\nosupersub\cf15\f16\fs18 140\par\pard\sect\sect
d\fs24\paperw11900\paperh16840\pard\sb0\sl-240{\bkmkstart Pg143}{\bkmkend Pg143}
li1989\sb81\sl-207\slmult0\fi0\tx7846 \up0 \expndtw-2\charscalex100 \ul0\nosuper
sub\cf13\f14\fs18 Chapter 10: Accounts Receivable and Inventory Management\tab \
up0 \expndtw-2\charscalex100 Pearson Education Limited 2005\par\pard\li1989\sb0\
ult0\par\pard\li1989\sb15\sl-230\slmult0\fi0 \up0 \expndtw-3\charscalex100 \ul0\
nosupersub\cf28\f29\fs20 3.\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\s
b0\sl-230\slmult0\par\pard\li1989\sb38\sl-230\slmult0\fi0\tx5229\tx6909\tx8589\t
x10149 \up0 \expndtw-3\charscalex100 Credit Policy\tab \up0 \expndtw-3\charscale
x100 A\tab \up0 \expndtw-3\charscalex100 B\tab \up0 \expndtw-3\charscalex100 C\t
ab \up0 \expndtw-3\charscalex100 D\par\pard\li1989\sb220\sl-230\slmult0\fi0 \up0
\expndtw-3\charscalex100 a. Incremental\par\pard\li1989\sb19\sl-230\slmult0\fi5
99\tx4629\tx6309\tx7989\tx9669 \up0 \expndtw-3\charscalex100 sales\tab \up0 \exp
ndtw-3\charscalex100 $2,800,000\tab \up0 \expndtw-3\charscalex100 $1,800,000\tab
\up0 \expndtw-3\charscalex100 $1,200,000\tab \up0 \expndtw-3\charscalex100 $600
,000\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb41\sl-230\slmult0\fi0\
tx5349\tx7269\tx8949\tx10149 \up0 \expndtw-3\charscalex100 b. Percent default\ta
b \up0 \expndtw-3\charscalex100 1.5%\tab \up0 \expndtw-3\charscalex100 3%\tab \u
p0 \expndtw-3\charscalex100 5%\tab \up0 \expndtw-3\charscalex100 7.5%\par\pard\q
l \li1989\sb0\sl-240\slmult0 \par\pard\ql\li1989\ri3815\sb17\sl-240\slmult0\tx25
89 \up0 \expndtw-3\charscalex100 c. Incremental bad-\line\tab \up0 \expndtw-3\ch
arscalex100 debt losses \par\pard\li2589\sb33\sl-230\slmult0\fi0\tx4989\tx6549\t
x8229\tx9789 \up0 \expndtw-9\charscalex100 (a) x (b)\tab \up0 \expndtw-9\charsc
alex100 $42,000\tab \up0 \expndtw-9\charscalex100 $ 54,000\tab \up0 \expndtw-9\
charscalex100 $ 60,000\tab \up0 \expndtw-9\charscalex100 $45,000\par\pard\ql \l
\charscalex100 d. Opportunity cost \par\pard\li1989\sb24\sl-230\slmult0\fi599\tx
5109\tx6789\tx8469\tx9909 \up0 \expndtw-6\charscalex100 (from Ans. #1)\tab \up0
\expndtw-6\charscalex100 94,500\tab \up0 \expndtw-6\charscalex100 81,000\tab \u
p0 \expndtw-6\charscalex100 81,000\tab \up0 \expndtw-6\charscalex100 64,800\par\
pard\li1989\sb220\sl-230\slmult0\fi0 \up0 \expndtw-6\charscalex100 e. Total cost
s\par\pard\li1989\sb20\sl-230\slmult0\fi599\tx4989\tx6669\tx8349\tx9789 \up0 \ex
pndtw-6\charscalex100 (c) + (d)\tab \up0 \expndtw-6\charscalex100 136,500\tab
\up0 \expndtw-6\charscalex100 135,000\tab \up0 \expndtw-6\charscalex100 141,000\
tab \up0 \expndtw-6\charscalex100 109,800\par\pard\li1989\sb0\sl-230\slmult0\par
\pard\li1989\sb40\sl-230\slmult0\fi0 \up0 \expndtw-6\charscalex100 f. Incrementa
l\par\pard\li1989\sb20\sl-230\slmult0\fi599 \up0 \expndtw-6\charscalex100 profit
ability\par\pard\li1989\sb21\sl-230\slmult0\fi599\tx4989\tx6669\tx8349\tx9909 \u
p0 \expndtw-6\charscalex100 (from Ans. #1)\tab \up0 \expndtw-6\charscalex100 28
0 120,000\tab \up0 \expndtw-6\charscalex100 60,000\par\pard\li1989\sb0\sl-230\sl
mult0\par\pard\li1989\sb39\sl-230\slmult0\fi0\tx5469\tx7149\tx8949\tx10389 \up0
\expndtw-6\charscalex100 g. (f) > (e)?\tab \up0 \expndtw-6\charscalex100 yes\
tab \up0 \expndtw-6\charscalex100 yes\tab \up0 \expndtw-6\charscalex100 no\tab \
up0 \expndtw-6\charscalex100 no\par\pard\qj \li2589\ri1051\sb193\sl-500\slmult0
\up0 \expndtw-8\charscalex91 Credit policy B now would be best.
Any mo
re liberal credit policy \up0 \expndtw-8\charscalex93 beyond this point wo
uld only result in more incremental costs than \up0 \expndtw-9\charscalex
93 benefits. \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb0\sl230\slmult0 \par\pard\ql\li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb34\sl-2
30\slmult0\tx2589 \up0 \expndtw-3\charscalex100 4. \tab \up0 \expndtw-4\charscal
ex100 Current investment in accounts receivable = \par\pard\ql \li2589\ri2612\s
b47\sl-500\slmult0\fi959\tx3549 \up0 \expndtw-9\charscalex96 (60/360) x ([.8] x
[$10,000,000]) = $1,333,333 \up0 \expndtw-4\charscalex100 New policy investm
ent in accounts receivable = \line \tab \up0 \expndtw-9\charscalex94 (40/360) x
([.8] x [$10,000,000]) = $ \up0 \expndtw-4\charscalex100 888,889 \par\pard\
ql \li2589\sb224\sl-230\slmult0 \up0 \expndtw-9\charscalex94 Investment reductio
n = $1,333,333 - $888,889 = $444,444 \par\pard\ql \li2589\sb0\sl-230\slmul
t0 \par\pard\ql\li2589\sb40\sl-230\slmult0 \up0 \expndtw-9\charscalex95 Profit f
rom change = (.12) x ($444,444) = $53,333 \par\pard\ql \li2589\sb0\sl-230\s
lmult0 \par\pard\ql\li2589\sb40\sl-230\slmult0 \up0 \expndtw-9\charscalex94 Cost
of change = (.02) x ($8,000,000) x (.60) = $96,000 \par\pard\ql \li2589\s
b0\sl-230\slmult0 \par\pard\ql\li2589\sb40\sl-230\slmult0\tx9117 \up0 \expndtw-9
\charscalex97 Change should not be made.
The incremental cost \tab \up
0 \expndtw-5\charscalex100 ($96,000) is \par\pard\ql \li2589\sb0\sl-230\slmult0
\par\pard\ql\li2589\sb40\sl-230\slmult0 \up0 \expndtw-4\charscalex100 higher th
an the incremental profit ($53,000). \par\pard\li1989\sb0\sl-207\slmult0\par\pa
l0\nosupersub\cf13\f14\fs18 Chapter 10: Accounts Receivable and Inventory Manage
ment\tab \up0 \expndtw-2\charscalex100 Pearson Education Limited 2005\par\pard\l
5.\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb216\sl-230\slmult0\fi21
59\tx5469 \up0 \expndtw-5\charscalex100 Present\tab \up0 \expndtw-5\charscalex10
0 New Program Assuming
New Program Assuming\par\pard\li1989\sb71\sl-230\slm
ult0\fi2159\tx5469\tx8229 \up0 \expndtw-5\charscalex100 Program\tab \up0 \expndt
w-5\charscalex100 20% Opportunity Cost\tab \up0 \expndtw-5\charscalex100 10% Opp
ortunity Cost\par\pard\li1989\sb220\sl-230\slmult0\fi0\tx5949\tx8709 \up0 \expnd
tw-5\charscalex100 a. Annual sales $12 million\tab \up0 \expndtw-5\charscalex10
0 $12 million\tab \up0 \expndtw-5\charscalex100 $12 million\par\pard\ql \li1989\
calex100 b. Receivable \par\pard\ql \li2589\sb10\sl-230\slmult0 \up0 \expndtw-9\
charscalex100 turnover (RT) \par\pard\li2589\sb38\sl-230\slmult0\fi0\tx4869\tx7
149\tx9909 \up0 \expndtw-3\charscalex100 (360 days/RTD)\tab \up0 \expndtw-3\char
scalex100 4.8\tab \up0 \expndtw-3\charscalex100 6\tab \up0 \expndtw-3\charscalex
100 6\par\pard\ql \li1989\sb0\sl-240\slmult0 \par\pard\ql\li1989\ri4175\sb14\sl240\slmult0\tx2589 \up0 \expndtw-3\charscalex100 c. Receivable \line\tab \up0 \e
xpndtw-3\charscalex100 level \par\pard\li1989\sb36\sl-230\slmult0\fi599\tx4029\t
x6069\tx8829 \up0 \expndtw-7\charscalex100 (b)/(a)\tab \up0 \expndtw-7\charscale
x100 $2,500,000\tab \up0 \expndtw-7\charscalex100 $2,000,000\tab \up0 \expndtw-7
\charscalex100 $2,000,000\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb4
1\sl-230\slmult0\fi0 \up0 \expndtw-7\charscalex100 d. Reduction\par\pard\li1989\
sb19\sl-230\slmult0\fi599 \up0 \expndtw-7\charscalex100 from present\par\pard\li
1989\sb21\sl-230\slmult0\fi599 \up0 \expndtw-7\charscalex100 level\par\pard\li19

$2.5M - (c)\tab \up0 \expndtw-7\charscalex100 N/A\tab \up0 \expndtw-7\charscal
ex100 500,000\tab \up0 \expndtw-7\charscalex100 500,000\par\pard\li1989\sb0\sl-2
e. Return on\par\pard\li1989\sb20\sl-230\slmult0\fi599 \up0 \expndtw-7\charscal
ex100 reduction\par\pard\li1989\sb19\sl-230\slmult0\fi359 \up0 \expndtw-7\charsc
alex100 (at 20% and 10%\par\pard\li1989\sb21\sl-230\slmult0\fi359\tx6429\tx930
9 \up0 \expndtw-7\charscalex100 opportunity costs)
N/A\tab \up0 \expndtw-7\
charscalex100 100,000\tab \up0 \expndtw-7\charscalex100 50,000\par\pard\li1989\s
up0 \expndtw-7\charscalex100 f. Bad-debt %-age\tab \up0 \expndtw-7\charscalex10
0 4%\tab \up0 \expndtw-7\charscalex100 3%\tab \up0 \expndtw-7\charscalex100 3%\p
ar\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb41\sl-230\slmult0\fi0 \up0 \
expndtw-7\charscalex100 g. Annual bad-debt\par\pard\li1989\sb19\sl-230\slmult0\f
i599 \up0 \expndtw-7\charscalex100 losses\par\pard\li1989\sb21\sl-230\slmult0\fi
599\tx4269\tx6309\tx9069 \up0 \expndtw-7\charscalex100 (a) x (f)\tab \up0 \expn
dtw-7\charscalex100 $480,000\tab \up0 \expndtw-7\charscalex100 $360,000\tab \up0
\expndtw-7\charscalex100 $360,000\par\pard\li1989\sb0\sl-230\slmult0\par\pard\l
i1989\sb39\sl-230\slmult0\fi0 \up0 \expndtw-7\charscalex100 h. Reduction in\par\
pard\li1989\sb21\sl-230\slmult0\fi599 \up0 \expndtw-7\charscalex100 bad-debt\par
\pard\li1989\sb20\sl-230\slmult0\fi599 \up0 \expndtw-7\charscalex100 losses\par\
pard\li1989\sb19\sl-230\slmult0\fi599\tx4869\tx6429\tx9189 \up0 \expndtw-7\chars
calex100 $480,000 - (g)\tab \up0 \expndtw-7\charscalex100 N/A\tab \up0 \expndt
w-7\charscalex100 120,000\tab \up0 \expndtw-7\charscalex100 120,000\par\pard\li1
189 \up0 \expndtw-7\charscalex100 i. (e) + (h)\tab \up0 \expndtw-7\charscalex
100 N/A\tab \up0 \expndtw-7\charscalex100 220,000\tab \up0 \expndtw-7\charscalex
100 170,000\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb0\sl-230\slmult
0\par\pard\li1989\sb186\sl-230\slmult0\fi599 \up0 \expndtw-6\charscalex100 As t
he sum of the return on the reduction in receivables with a 20\par\p
ard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb39\sl-230\slmult0\fi599 \up0 \ex
pndtw-7\charscalex100 percent opportunity cost plus the reduction in baddebt losses\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl-230\slmu
lt0\fi599\tx8899 \up0 \expndtw-7\charscalex100 exceeds the increased colle
ction expense of\tab \up0 \expndtw-7\charscalex100 $180,000, the\par\pard\
li1989\sb0\sl-230\slmult0\par\pard\li1989\sb41\sl-230\slmult0\fi599\tx9807 \up0
\expndtw-7\charscalex100 intensified collection program should be undertake
n.\tab \up0 \expndtw-7\charscalex100 If the\par\pard\li1989\sb0\sl-230\slmult0\
par\pard\li1989\sb39\sl-230\slmult0\fi599\tx5309 \up0 \expndtw-7\charscalex100 o
pportunity cost is\tab \up0 \expndtw-7\charscalex100 10 percent, however,
the program is not\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl
-230\slmult0\fi599 \up0 \expndtw-7\charscalex100 worthwhile as shown in the last
column.\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmult0\p
4\fs18 Van Horne and Wachowicz: \ul0\nosupersub\cf14\f15\fs18 Fundamentals of Fi
nancial Management,\ul0\nosupersub\cf13\f14\fs18 12e\tab \up0 \expndtw-2\charsc
alex100 \ul0\nosupersub\cf15\f16\fs18 142\par\pard\sect\sectd\fs24\paperw11900\p
aperh16840\pard\sb0\sl-240{\bkmkstart Pg145}{\bkmkend Pg145}\par\pard\li1989\sb0
lmult0\fi0\tx7846 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Ch
apter 10: Accounts Receivable and Inventory Management\tab \up0 \expndtw-2\chars
\sb15\sl-230\slmult0\fi0\tx2589 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf
28\f29\fs20 6.\tab \up0 \expndtw-2\charscalex100 Positive factors:\par\pard\ql \
li2589\ri1050\sb30\sl-500\slmult0\tx3189 \up0 \expndtw-8\charscalex94 a)
The
firm has maintained a reasonably good cash position over \line\tab \up0
\expndtw-9\charscalex94 the period. \par\pard\ql \li2589\sb224\sl-230\slmult0 \

up0 \expndtw-5\charscalex100 b)
The firm has reduced by 50% its outstanding
long-term debt. \par\pard\ql \li2589\sb0\sl-230\slmult0 \par\pard\ql\li2589\sb40
\sl-230\slmult0\tx9357 \up0 \expndtw-9\charscalex100 c)
The firm has been
increasing its net worth by \tab \up0 \expndtw-6\charscalex100 $1 million
\up0 \expndtw-3\charscalex100 annually. \par\pard\qj \li2589\ri2852\sb47\sl-500\
slmult0 \up0 \expndtw-4\charscalex100 d)
The firm has taken cash discounts wh
en offered. \up0 \expndtw-4\charscalex100 Negative factors: \par\pard\ql \li2589
\sb224\sl-230\slmult0 \up0 \expndtw-4\charscalex100 a)
The firm has only a "f
air" Dun & Bradstreet rating. \par\pard\ql \li2589\ri1051\sb47\sl-500\slmult0\tx
The firm has been a slow payer to trade
creditors not offering \line\tab \up0 \expndtw-4\charscalex100 a discount. \par
\pard\ql \li2589\ri1051\sb0\sl-500\slmult0\tx3189 \up0 \expndtw-8\charscalex93 c
)
The liquidity of the firm has been reduced substantially over \lin
e\tab \up0 \expndtw-8\charscalex91 the past three years as the acid-test
ratio went from 1.28 to \par\pard\qj \li3189\ri1051\sb0\sl-500\slmult0 \up0
\expndtw-6\charscalex100 1.05 to 0.92.
Short-term debt and trade credit from
suppliers \up0 \expndtw-8\charscalex100 have increased faster than total l
iabilities and net worth \up0 \expndtw-8\charscalex100 while inventory and re
ceivable turnovers have slowed. \par\pard\ql \li2589\sb224\sl-230\slmult0 \up0 \
expndtw-6\charscalex100 d)
Cost of goods sold has increased from 75.3% to 7
6.6% to 80.2%. \par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb0\sl-230\s
0\tx2589\tx4749\tx5829\tx6669\tx8229 \up0 \expndtw-9\charscalex92 7.\tab \up0 \e
xpndtw-9\charscalex92 a)\tab \up0 \expndtw-9\charscalex92 C(Q/2)\tab \up0 \expnd
tw-9\charscalex92 +\tab \up0 \expndtw-9\charscalex92 O(S/Q)\tab \up0 \expndtw-9\
charscalex92 =
TC\par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\sb40\s
l-230\slmult0\fi0\tx4389 \up0 \expndtw-8\charscalex100 (1X):\tab \up0 \expndtw-8
\charscalex100 $1(5,000/2) + $100(5,000/5,000) = $2,600\par\pard\li3189\sb0\
sl-230\slmult0\par\pard\li3189\sb40\sl-230\slmult0\fi0\tx4389 \up0 \expndtw-8\ch
arscalex100 (2X):\tab \up0 \expndtw-8\charscalex100 $1(2,500/2) + $100(5,000/2
,500) = $1,450\par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\sb40\sl-230\
slmult0\fi0\tx4389 \up0 \expndtw-8\charscalex100 (5X):\tab \up0 \expndtw-8\chars
calex100 $1(1,000/2) + $100(5,000/1,000) = $1,000\par\pard\li3189\sb0\sl-230
dtw-8\charscalex100 (10X):\tab \up0 \expndtw-8\charscalex100 $1(500/2)\tab \up0
\expndtw-8\charscalex100 + $100(5,000/500)\tab \up0 \expndtw-8\charscalex100 =
$1,250\par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\sb40\sl-230\slmult0\f
i0\tx4389\tx5829\tx8229 \up0 \expndtw-8\charscalex100 (20X):\tab \up0 \expndtw-8
\charscalex100 $1(250/2)\tab \up0 \expndtw-8\charscalex100 + $100(5,000/250)\ta
b \up0 \expndtw-8\charscalex100 = $2,125\par\pard\li1989\sb0\sl-207\slmult0\par
fs18 143\par\pard\sect\sectd\fs24\paperw11900\paperh16840\pard\sb0\sl-240{\bkmks
tart Pg146}{\bkmkend Pg146}\par\pard\sect\sectd\sbknone\cols2\colno1\colw7589\co
lsr160\colno2\colw4011\colsr160\ql \li1989\sb0\sl-207\slmult0 \par\pard\ql \li19
89\sb0\sl-207\slmult0 \par\pard\ql \li1989\sb53\sl-207\slmult0 \up0 \expndtw-2\c
harscalex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 10: Accounts Receivable and I
nventory Management\par\pard\ql \li2589\sb0\sl-230\slmult0 \par\pard\ql \li2589\
sb0\sl-230\slmult0 \par\pard\ql \li2589\sb46\sl-230\slmult0\tx3904\tx5224 \up0 \
expndtw-3\charscalex100 \ul0\nosupersub\cf28\f29\fs20 b)\tab \up0 \expndtw-3\cha
rscalex100 \u9484?\u9472?\u9472?\u9472?\u9472? \tab \up0 \expndtw-3\charscalex10
0 \u9484?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\
u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\par\pard\ql \li3909\sb20\sl-230
\slmult0\tx5224 \up0 \expndtw-9\charscalex87 \u9474? 2OS\tab \up0 \expndtw-7\ch
arscalex100 \u9474? (2)($100)(5,000)\par\pard\ql \li3189\sb19\sl-230\slmult0\tx
3904\tx4864\tx5224 \up0 \expndtw-9\charscalex83 Q* =\tab \up0 \expndtw-9\charsc
alex87 \u9474? \u9472?\u9472?\u9472? \tab \up0 \expndtw-3\charscalex100 =\tab \
up0 \expndtw-7\charscalex100 \u9474? \u9472?\u9472?\u9472?\u9472?\u9472?\u9472?
\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\par\pard\
ql \li3789\sb21\sl-230\slmult0\tx5104\tx6184 \up0 \expndtw-9\charscalex74 \\\u94
74?
C\tab \up0 \expndtw-3\charscalex100 \\\u9474? \tab \up0 \expndtw-3\charsc
alex100 $1\par\pard\column \ql \li7846\sb0\sl-207\slmult0 \par\pard\ql \li7846\s
b0\sl-207\slmult0 \par\pard\ql \li117\sb53\sl-207\slmult0 \up0 \expndtw-2\charsc
alex100 \ul0\nosupersub\cf13\f14\fs18 Pearson Education Limited 2005\par\pard\ql
\li2589\sb0\sl-230\slmult0 \par\pard\ql \li380\sb66\sl-230\slmult0 \up0 \expndt
w-3\charscalex100 \ul0\nosupersub\cf28\f29\fs20 \u9484?\u9472?\u9472?\u9472?\u94
72?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\par\pard\ql \li20\sb19\sl-230\slmu
lt0\tx1945 \up0 \expndtw-9\charscalex91 = \\\u9474? 1 million\tab \up0 \expndt
w-9\charscalex91 = 1,000 \par\pard\sect\sectd\sbknone \li2589\sb219\sl-230\slmu
lt0\fi0 \up0 \expndtw-7\charscalex100 c)
It is assumed that sales are m
ade at a steady rate, which may\par\pard\sect\sectd\sbknone \li2589\sb0\sl
arscalex100 not be correct for textbooks.\tab \up0 \expndtw-8\charscalex100
The nature of academics\par\pard\sect\sectd\sbknone \li2589\sb0\sl-230\slmult
0\par\pard\li2589\sb40\sl-230\slmult0\fi599 \up0 \expndtw-8\charscalex100 sugges
ts that sales would occur at the beginning of each term.\par\pard\ql \li1989\sb0
\sl-230\slmult0\tx2589 \up0 \expndtw-3\charscalex100 8. \tab \up0 \expndtw-9\cha
rscalex95 a)
Total number of dints required = 150,000 x 12 = 1,800,000 \
par\pard\li1989\sb57\sl-230\slmult0\fi1920 \up0 \expndtw-7\charscalex100 \u9484?
\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9
472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\par\pard\li1
989\sb27\sl-230\slmult0\fi1920\tx7269 \up0 \expndtw-7\charscalex100 \u9474? (2)
($200)(1,800,000)\tab \up0 \expndtw-7\charscalex100 \u9484?\u9472?\u9472?\u9472?
\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\par\pard\li1989\sb20\sl
-230\slmult0\fi1200\tx3909\tx6789\tx7149\tx8949 \up0 \expndtw-7\charscalex100 Q*
=\tab \up0 \expndtw-7\charscalex100 \u9474? \u9472?\u9472?\u9472?\u9472?\u947
2?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\u9472?\
u9472?\u9472?\u9472?\tab \up0 \expndtw-7\charscalex100 =\tab \up0 \expndtw-7\cha
rscalex100 \\\u9474? 90,000,000\tab \up0 \expndtw-7\charscalex100 = 9,487 unit
s\par\pard\li1989\sb21\sl-230\slmult0\fi1799\tx4989 \up0 \expndtw-7\charscalex10
0 \\\u9474?\tab \up0 \expndtw-7\charscalex100 $8\par\pard\li1989\sb218\sl-230\sl
mult0\fi599\tx4149\tx5229\tx6308 \up0 \expndtw-7\charscalex100 b)
TC =\tab \
up0 \expndtw-7\charscalex100 C(Q/2)\tab \up0 \expndtw-7\charscalex100 +\tab \up0
\expndtw-7\charscalex100 O(S/Q)\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1
989\sb41\sl-230\slmult0\fi1559 \up0 \expndtw-7\charscalex100 = $8(9,487/2) +
$200(1,800,000/9,487)\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb39\sl
-230\slmult0\fi1559\tx4029\tx5229\tx6188\tx8228\tx8588 \up0 \expndtw-7\charscale
x100 =\tab \up0 \expndtw-7\charscalex100 $37,948\tab \up0 \expndtw-7\charscalex1
00 +\tab \up0 \expndtw-7\charscalex100 $37,947\tab \up0 \expndtw-7\charscalex100
=\tab \up0 \expndtw-7\charscalex100 $75,895\par\pard\li1989\sb0\sl-230\slmult0\
par\pard\li1989\sb40\sl-230\slmult0\fi599\tx3189 \up0 \expndtw-7\charscalex100 c
)\tab \up0 \expndtw-7\charscalex100 1,800,000/9,487 = (approx.) 190 times a y
ear, or every 2 days\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb0\sl230\slmult0\par\pard\li1989\sb190\sl-230\slmult0\fi0\tx2589\tx4149\tx5229\tx5948
\up0 \expndtw-7\charscalex100 9.\tab \up0 \expndtw-7\charscalex100 a)
TC =\
tab \up0 \expndtw-7\charscalex100 C(Q/2)\tab \up0 \expndtw-7\charscalex100 +\tab
\up0 \expndtw-7\charscalex100 O(S/Q)\par\pard\li3189\sb0\sl-230\slmult0\par\par
d\li3189\sb40\sl-230\slmult0\fi359 \up0 \expndtw-4\charscalex100 = ($.04)(Q/2)
+ ($200)(5,000/Q)\par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\sb41\sl-2
30\slmult0\fi482\tx4631\tx6071\tx7391 \up0 \expndtw-4\charscalex100 Q\tab \up0 \
expndtw-4\charscalex100 HC\tab \up0 \expndtw-4\charscalex100 OC\tab \up0 \expndt

w-4\charscalex100 TC\par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\sb0\sl-2
up0 \expndtw-4\charscalex100 1,000\tab \up0 \expndtw-4\charscalex100 $\tab \up0
\expndtw-4\charscalex100 20\tab \up0 \expndtw-4\charscalex100 $1,000\tab \up0 \e
xpndtw-4\charscalex100 $1,020\par\pard\li3189\sb219\sl-230\slmult0\fi0\tx4629\tx
5948\tx7268 \up0 \expndtw-4\charscalex100 2,000\tab \up0 \expndtw-4\charscalex10
0 40\tab \up0 \expndtw-4\charscalex100 500\tab \up0 \expndtw-4\charscalex100 540
29\tx5948\tx7268 \up0 \expndtw-4\charscalex100 3,000\tab \up0 \expndtw-4\charsca
lex100 60\tab \up0 \expndtw-4\charscalex100 333\tab \up0 \expndtw-4\charscalex10
0 393\par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\sb40\sl-230\slmult0\fi0
\tx4629\tx5948\tx7268 \up0 \expndtw-4\charscalex100 4,000\tab \up0 \expndtw-4\ch
arscalex100 80\tab \up0 \expndtw-4\charscalex100 250\tab \up0 \expndtw-4\charsca
lex100 330\par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\sb39\sl-230\slmult
0\fi0\tx4509\tx5948\tx7268 \up0 \expndtw-4\charscalex100 5,000\tab \up0 \expndtw
-4\charscalex100 100\tab \up0 \expndtw-4\charscalex100 200\tab \up0 \expndtw-4\c
harscalex100 300\par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\sb41\sl-230\
slmult0\fi0\tx4509\tx5948\tx7268 \up0 \expndtw-4\charscalex100 6,000\tab \up0 \e
xpndtw-4\charscalex100 120\tab \up0 \expndtw-4\charscalex100 167\tab \up0 \expnd
tw-4\charscalex100 287\par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\sb40\s
l-230\slmult0\fi0\tx4509\tx5949\tx7268 \up0 \expndtw-4\charscalex100 \ul0\nosupe
rsub\cf27\f28\fs20 7,000*\tab \up0 \expndtw-4\charscalex100 140\tab \up0 \expndt
w-4\charscalex100 143\tab \up0 \expndtw-4\charscalex100 283\par\pard\li3189\sb0\
\expndtw-4\charscalex100 \ul0\nosupersub\cf28\f29\fs20 8,000\tab \up0 \expndtw4\charscalex100 160\tab \up0 \expndtw-4\charscalex100 125\tab \up0 \expndtw-4\ch
arscalex100 285\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\sl
ex100 \ul0\nosupersub\cf15\f16\fs18 144\par\pard\sect\sectd\fs24\paperw11900\pap
erh16840\pard\sb0\sl-240{\bkmkstart Pg147}{\bkmkend Pg147}\par\pard\li1989\sb0\s
ult0\fi0\tx7846 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Chap
ter 10: Accounts Receivable and Inventory Management\tab \up0 \expndtw-2\charsca
lex100 Pearson Education Limited 2005\par\pard\ql \li2769\sb0\sl-230\slmult0 \pa
r\pard\ql\li2769\sb0\sl-230\slmult0 \par\pard\ql\li2769\sb8\sl-230\slmult0 \up0
\expndtw-3\charscalex100 \ul0\nosupersub\cf28\f29\fs20 b) \par\pard\ql \li3165\s
b0\sl-161\slmult0 \par\pard\ql\li3165\sb26\sl-161\slmult0 \up0 \expndtw-2\charsc
alex100 \ul0\nosupersub\cf39\f40\fs14 Cost \par\pard\ql \li9202\sb0\sl-161\slmul
0 \up0 \expndtw-2\charscalex100 TC \par\pard\ql \li9367\sb0\sl-161\slmult0 \par\
rd\ql\li9367\sb116\sl-161\slmult0 \up0 \expndtw-2\charscalex100 HC \par\pard\ql
charscalex100 OC \par\pard\ql \li9127\sb0\sl-161\slmult0 \par\pard\ql\li9127\sb0
ex100 Quanity \par\pard\ql \li2589\sb0\sl-230\slmult0 \par\pard\ql\li2589\sb0\sl
-230\slmult0 \up0 \expndtw-9\charscalex100 \ul0\nosupersub\cf28\f29\fs20 c)
Approximately 7,000 units, or 7,071 to be exact \par\pard\ql \li1989\sb0\sl-23
\slmult0 \up0 \expndtw-3\charscalex100 10. \par\pard\ql \li8589\sb230\sl-230\slm
ult0 \up0 \expndtw-3\charscalex100 Incremental \par\pard\li1989\sb26\sl-230\slmu
lt0\fi119\tx4389\tx6909\tx8829 \up0 \expndtw-3\charscalex100 Level of Safety\tab

\up0 \expndtw-3\charscalex100 Cost of Carrying\tab \up0 \expndtw-3\charscalex10
0 Incremental\tab \up0 \expndtw-3\charscalex100 Stockout\par\pard\li1989\sb20\sl
-230\slmult0\fi0\tx4629\tx7269\tx8589 \up0 \expndtw-3\charscalex100 Stock (In G
allons)\tab \up0 \expndtw-3\charscalex100 Safety Stock\tab \up0 \expndtw-3\chars
calex100 Cost\tab \up0 \expndtw-3\charscalex100 Cost Savings\par\pard\li2349\sb0
slmult0\fi120\tx4869\tx7389\tx9069 \up0 \expndtw-5\charscalex100 5,000\tab \up0
\expndtw-5\charscalex100 $ 3,250\tab \up0 \expndtw-5\charscalex100 --\tab \up0
\expndtw-5\charscalex100 --\par\pard\li2349\sb0\sl-230\slmult0\par\pard\li2349\s
b41\sl-230\slmult0\fi120\tx5109\tx7029\tx8709 \up0 \expndtw-5\charscalex100 7,50
0\tab \up0 \expndtw-5\charscalex100 4,875\tab \up0 \expndtw-5\charscalex100 $1,6
25\tab \up0 \expndtw-5\charscalex100 $12,000\par\pard\li2349\sb0\sl-230\slmult0\
par\pard\li2349\sb39\sl-230\slmult0\fi0\tx5109\tx7149\tx8949 \up0 \expndtw-5\cha
rscalex100 10,000\tab \up0 \expndtw-5\charscalex100 6,500\tab \up0 \expndtw-5\ch
arscalex100 1,625\tab \up0 \expndtw-5\charscalex100 7,000\par\pard\li2349\sb0\sl
-230\slmult0\par\pard\li2349\sb40\sl-230\slmult0\fi0\tx5109\tx7149\tx8949 \up0 \
expndtw-5\charscalex100 12,500\tab \up0 \expndtw-5\charscalex100 8,125\tab \up0
\expndtw-5\charscalex100 1,625\tab \up0 \expndtw-5\charscalex100 4,000\par\pard\
tx8949 \up0 \expndtw-5\charscalex100 \ul0\nosupersub\cf27\f28\fs20 15,000*\tab \
up0 \expndtw-5\charscalex100 9,750\tab \up0 \expndtw-5\charscalex100 1,625\tab \
up0 \expndtw-5\charscalex100 2,000\par\pard\li2349\sb0\sl-230\slmult0\par\pard\l
\ul0\nosupersub\cf28\f29\fs20 17,500\tab \up0 \expndtw-5\charscalex100 11,375\t
ab \up0 \expndtw-5\charscalex100 1,625\tab \up0 \expndtw-5\charscalex100 1,000\p
2349\sb11\sl-230\slmult0\fi239\tx8901 \up0 \expndtw-9\charscalex96 The level o
f safety stock should be increased to\tab \up0 \expndtw-5\charscalex100 15
,000 gallons\par\pard\li2349\sb0\sl-230\slmult0\par\pard\li2349\sb39\sl-230\slm
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g148}{\bkmkend Pg148}\par\pard\sect\sectd\sbknone\cols2\colno1\colw6969\colsr60\
colno2\colw4731\colsr160\ql \li1989\sb0\sl-207\slmult0 \par\pard\ql \li1989\sb0\
sl-207\slmult0 \par\pard\ql \li1989\sb53\sl-207\slmult0 \up0 \expndtw-2\charscal
ex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 10: Accounts Receivable and Inventor
y Management\par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql \li1989\sb0\sl230\slmult0 \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql \li1989\sb0\sl230\slmult0 \par\pard\ql \li1989\sb46\sl-230\slmult0 \up0 \expndtw-3\charscalex1
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ql \li1989\sb230\sl-230\slmult0\tx2584\tx6664 \up0 \expndtw-3\charscalex100 \ul0
\nosupersub\cf28\f29\fs20 1.\tab \up0 \expndtw-3\charscalex100 Old receivable tu
rnover\tab \up0 \expndtw-3\charscalex100 =\par\pard\ql \li2589\sb0\sl-230\slmult

0 \par\pard\ql \li2589\sb39\sl-230\slmult0\tx6664 \up0 \expndtw-3\charscalex100
New receivable turnover\tab \up0 \expndtw-3\charscalex100 =\par\pard\ql \li2589\
sb0\sl-230\slmult0 \par\pard\ql \li2589\sb40\sl-230\slmult0 \up0 \expndtw-3\char
scalex100 Profitability of additional\par\pard\ql \li2829\sb20\sl-230\slmult0\tx
6664 \up0 \expndtw-3\charscalex100 sales\tab \up0 \expndtw-3\charscalex100 =\par
\pard\ql \li2589\sb0\sl-230\slmult0 \par\pard\ql \li2589\sb40\sl-230\slmult0 \up
0 \expndtw-3\charscalex100 Additional receivables\par\pard\ql \li2829\sb20\sl-23
0\slmult0\tx6664 \up0 \expndtw-3\charscalex100 associated with the new sales\tab
\up0 \expndtw-3\charscalex100 =\par\pard\ql \li2589\sb0\sl-230\slmult0 \par\par
d\ql \li2589\sb40\sl-230\slmult0 \up0 \expndtw-3\charscalex100 Investment in add
itional\par\pard\ql \li2829\sb20\sl-230\slmult0 \up0 \expndtw-3\charscalex100 re
ceivables associated\par\pard\ql \li2829\sb21\sl-230\slmult0\tx6664 \up0 \expndt
w-3\charscalex100 with the new sales\tab \up0 \expndtw-3\charscalex100 =\par\par
d\ql \li2589\sb0\sl-230\slmult0 \par\pard\ql \li2589\sb39\sl-230\slmult0 \up0 \e
xpndtw-3\charscalex100 Level of receivables before\par\pard\ql \li2829\sb21\sl-2
30\slmult0\tx6664 \up0 \expndtw-3\charscalex100 credit period change\tab \up0 \e
xpndtw-3\charscalex100 =\par\pard\ql \li2589\sb0\sl-230\slmult0 \par\pard\ql \li
2589\sb39\sl-230\slmult0 \up0 \expndtw-3\charscalex100 New level of receivables\
par\pard\ql \li2829\sb21\sl-230\slmult0\tx6664 \up0 \expndtw-3\charscalex100 ass
ociated with original sales\tab \up0 \expndtw-3\charscalex100 =\par\pard\ql \li2
589\sb0\sl-230\slmult0 \par\pard\ql \li2589\sb39\sl-230\slmult0 \up0 \expndtw-3\
charscalex100 Investment in additional\par\pard\ql \li2829\sb21\sl-230\slmult0 \
up0 \expndtw-3\charscalex100 receivables associated\par\pard\ql \li2829\sb19\sl230\slmult0\tx6664 \up0 \expndtw-3\charscalex100 with original sales\tab \up0 \e
xpndtw-3\charscalex100 =\par\pard\ql \li2589\sb0\sl-230\slmult0 \par\pard\ql \li
2589\sb41\sl-230\slmult0 \up0 \expndtw-3\charscalex100 Total investment in\par\p
ard\ql \li2829\sb19\sl-230\slmult0\tx6664 \up0 \expndtw-3\charscalex100 addition
al receivables\tab \up0 \expndtw-3\charscalex100 =\par\pard\ql \li2589\sb0\sl-23
Required before-tax return\par\pard\ql \li2829\sb19\sl-230\slmult0\tx6664 \up0
\expndtw-3\charscalex100 on additional investment\tab \up0 \expndtw-3\charscalex
100 =\par\pard\column \ql \li7846\sb0\sl-207\slmult0 \par\pard\ql \li7846\sb0\sl
-207\slmult0 \par\pard\ql \li837\sb53\sl-207\slmult0 \up0 \expndtw-2\charscalex1
00 \ul0\nosupersub\cf13\f14\fs18 Pearson Education Limited 2005\par\pard\ql \li7
0\sb46\sl-230\slmult0\tx2065\tx2425 \up0 \expndtw-3\charscalex100 \ul0\nosupersu
b\cf28\f29\fs20 360/45\tab \up0 \expndtw-3\charscalex100 =\tab \up0 \expndtw-3\c
harscalex100 8 times\par\pard\ql \li7029\sb0\sl-230\slmult0 \par\pard\ql \li20\s
b39\sl-230\slmult0\tx2065\tx2425 \up0 \expndtw-3\charscalex100 360/75\tab \up0 \
expndtw-3\charscalex100 =\tab \up0 \expndtw-3\charscalex100 4.8 times\par\pard\q
l \li20\sb60\sl-230\slmult0\tx2065\tx2425 \up0 \expndtw-8\charscalex100 .2 x $9
,000,000\tab \up0 \expndtw-3\charscalex100 =\tab \up0 \expndtw-3\charscalex100 \
ul0\nosupersub\cf27\f28\fs20 $1,800,000\par\pard\ql \li7149\sb0\sl-230\slmult0 \
par\pard\ql \li7149\sb0\sl-230\slmult0 \par\pard\ql \li140\sb60\sl-230\slmult0\t
x2065\tx2425 \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf28\f29\fs20 $9,000,
000/4.8\tab \up0 \expndtw-3\charscalex100 =\tab \up0 \expndtw-3\charscalex100 $1
,875,000\par\pard\ql \li7029\sb0\sl-230\slmult0 \par\pard\ql \li7029\sb0\sl-230\
slmult0 \par\pard\ql \li7029\sb0\sl-230\slmult0 \par\pard\ql \li20\sb81\sl-230\s
lmult0\tx2065\tx2425 \up0 \expndtw-8\charscalex100 .8 x $1,875,000\tab \up0 \ex
pndtw-3\charscalex100 =\tab \up0 \expndtw-3\charscalex100 $1,500,000\par\pard\ql
\li140\sb60\sl-230\slmult0\tx2065\tx2425 \up0 \expndtw-3\charscalex100 $60,000,
000/8\tab \up0 \expndtw-3\charscalex100 =\tab \up0 \expndtw-3\charscalex100 $7,5
00,000\par\pard\ql \li7149\sb0\sl-230\slmult0 \par\pard\ql \li7149\sb0\sl-230\sl
mult0 \par\pard\ql \li140\sb60\sl-230\slmult0 \up0 \expndtw-8\charscalex100 $60,

000,000/4.8 = $12,500,000\par\pard\ql \li7149\sb0\sl-230\slmult0 \par\pard\ql
\li140\sb79\sl-230\slmult0\tx2065\tx2425 \up0 \expndtw-9\charscalex91 $12.5M $7.5M\tab \up0 \expndtw-3\charscalex100 =\tab \up0 \expndtw-3\charscalex100 $5,
000,000\par\pard\ql \li7149\sb0\sl-230\slmult0 \par\pard\ql \li7149\sb0\sl-230\s
lmult0 \par\pard\ql \li140\sb60\sl-230\slmult0\tx2065\tx2425 \up0 \expndtw-9\cha
rscalex90 $1.5M + $5.0M\tab \up0 \expndtw-3\charscalex100 =\tab \up0 \expndtw3\charscalex100 $6,500,000\par\pard\ql \li7149\sb0\sl-230\slmult0 \par\pard\ql \
li7149\sb0\sl-230\slmult0 \par\pard\ql \li140\sb60\sl-230\slmult0\tx2065\tx2425
\up0 \expndtw-9\charscalex96 .20 X $6.5M\tab \up0 \expndtw-3\charscalex100 =\ta
b \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf27\f28\fs20 $1,300,000 \par\pa
rd\sect\sectd\sbknone \qj \li2589\ri1051\sb490\sl-500\slmult0 \up0 \expndtw-8\ch
arscalex97 \ul0\nosupersub\cf28\f29\fs20 As the profitability on additional
sales, $1,800,000, exceeds the \up0 \expndtw-8\charscalex96 required retur
n on the investment in additional receivables, \up0 \expndtw-8\chars
calex96 $1,300,000, the company should lengthen its credit period from
30 \up0 \expndtw-9\charscalex96 to 60 days. \par\pard\li1989\sb0\sl-207\slmult0
ls of Financial Management,\ul0\nosupersub\cf13\f14\fs18 12e\tab \up0 \expndtw2\charscalex100 \ul0\nosupersub\cf15\f16\fs18 146\par\pard\sect\sectd\fs24\paper
w11900\paperh16840\pard\sb0\sl-240{\bkmkstart Pg149}{\bkmkend Pg149}\par\pard\li
\fs18 Chapter 10: Accounts Receivable and Inventory Management\tab \up0 \expndtw
-6\charscalex100 Pearson Education Limited 2005\par\pard\li1989\sb0\sl-230\slmul
d\li1989\sb15\sl-230\slmult0\fi0\tx2589 \up0 \expndtw-7\charscalex100 \ul0\nosup
ersub\cf28\f29\fs20 2.\tab \up0 \expndtw-6\charscalex100 As the bad-debt loss
ratio for the high-risk category exceeds the\par\pard\qj \li2589\ri1051\
sb30\sl-500\slmult0 \up0 \expndtw-4\charscalex100 profit margin of 22 percent,
it would be desirable to reject orders \line \up0 \expndtw-8\charscalex92 from
this risk class if such orders could be identified.
However, \line \u
p0 \expndtw-3\charscalex100 the cost of credit information as a percentage of th
e average order \line \up0 \expndtw-8\charscalex88 is $4/$50 = 8%, and this
cost is applicable to all new orders.
As \line \up0 \expndtw-8\charsc
alex94 the high-risk category is one-fifth of sales, the comparison wou
ld \line \up0 \expndtw-8\charscalex89 be 5 X 8% = 40% relative to the b
ad-debt loss of 24%.
Therefore, \line \up0 \expndtw-9\charscalex89 the com
pany should not undertake credit analysis of new orders. \par\pard\qj \li2594\ri
1051\sb0\sl-500\slmult0\fi597 \up0 \expndtw-9\charscalex94 An example can bet
ter illustrate the solution.
Suppose that \up0 \expndtw-9\charscalex95 ne
w orders were $100,000.
The following would then hold: \par\pard\ql \li7149\
24\sl-230\slmult0 \up0 \expndtw-3\charscalex100 ORDER CATEGORY \par\pard\li5469\
sb227\sl-230\slmult0\fi0\tx7509\tx9909 \up0 \expndtw-3\charscalex100 Low\tab \up
0 \expndtw-3\charscalex100 Medium\tab \up0 \expndtw-3\charscalex100 High\par\par
d\li5469\sb21\sl-230\slmult0\fi0\tx7509\tx9909 \up0 \expndtw-3\charscalex100 Ris
k\tab \up0 \expndtw-3\charscalex100 Risk\tab \up0 \expndtw-3\charscalex100 Risk\
49\tx7389\tx9789 \up0 \expndtw-6\charscalex100 Total orders\tab \up0 \expndtw-6\
charscalex100 $30,000\tab \up0 \expndtw-6\charscalex100 $50,000\tab \up0 \expndt
w-6\charscalex100 $20,000\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb4
0\sl-230\slmult0\fi0\tx5829\tx7629\tx10029 \up0 \expndtw-6\charscalex100 Bad-deb
t loss\tab \up0 \expndtw-6\charscalex100 900\tab \up0 \expndtw-6\charscalex100 3

,500\tab \up0 \expndtw-6\charscalex100 4,800\par\pard\li2589\sb0\sl-230\slmult0\
i2589\sb183\sl-230\slmult0\fi599\tx5709 \up0 \expndtw-6\charscalex100 Number of
orders\tab \up0 \expndtw-6\charscalex100 = $100,000/$50 = 2,000\par\pard\li25
p0 \expndtw-6\charscalex100 Credit analysis cost =\tab \up0 \expndtw-6\charscal
ex100 2,000 X $4\tab \up0 \expndtw-6\charscalex100 = $8,000\par\pard\qj \li258
9\ri1051\sb41\sl-500\slmult0\fi599 \up0 \expndtw-4\charscalex100 To save $4,800
in bad-debt losses by identifying the high-risk \line \up0 \expndtw-8\charscale
x93 category of new orders, the company must spend $8,000.
Therefore,
\line \up0 \expndtw-5\charscalex100 it should not undertake the credit analysis
of new orders.
This is \line \up0 \expndtw-8\charscalex97 a case where th
e size of order is too small to justify credit \line \up0 \expndtw-8\ch
arscalex96 analysis.
After a new order is accepted, the company will
gain \line \up0 \expndtw-8\charscalex97 experience and can reject subsequen
t orders if its experience is \line \up0 \expndtw-9\charscalex97 bad. \par\
\par\pard\li1989\sb60\sl-207\slmult0\fi0\tx10330 \up0 \expndtw-2\charscalex100 \
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z-10000\shplid150
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7e341451450014514500145145001451450014514500145145001451450014514500145145001451
45001451450015fd19ff00c1b63febff00e0a0bff6547e02ff00eaa4baafe732bfa33ff836c7fd7f
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3ffa46a7ec03ff00886ffb3aff00f3b9a3fe1d3fff0004b3ff00a46a7ec03ff886ff00b3afff003b
9afbfa8a00f807fe1d3fff0004b3ff00a46a7ec03ff886ff00b3afff003b9af67f827fb16fec73fb
34f88355f167ece3fb26feccff00003c55aee8cde1dd73c4df04fe047c2df855e20d67c3ef7b69a9
3685aaeb3e04f0ae83a8ea3a336a36161a8369979733591bdb2b4ba3019eda1913e97a29a6d6a9b4
ecd68eda34d35e8d369aea9b4f40693dd5f67af74ee9fc9eabcc28a28a4014514500145145001451
4500145145007c97fb597ec33fb2cfedc7a1782fc39fb507c2d1f1274df877af5ff89bc152daf8d7
e227c3ed67c3bac6aba54ba2ea93d87893e18f8b7c19e2216ba96992fd9b50d2e6d565d2af7c9b49
ee6ca5b8b2b3960f897fe1c0dff04a0ffa36cf167fe2547ed83ffcff006bf63a8af7301c4fc4b956
1d6132be21cf32dc24672a91c2e0336c7e0f0f19cda739aa387c453a6a7369394946f26936db4715
7cbb2fc4d47571380c1622ab493a95f0b42ad46a3a24e7529ca4d25a257b2e87e38ffc381bfe0941
ff0046d9e2cffc4a8fdb07ff009fed1ff0e06ff82507fd1b678b3ff12a3f6c1ffe7fb5fb1d4576ff
00af1c6bff00458714ff00e2419b7ff35f92fb8cbfb1b27ffa1565bff84385ff00e547e38ffc381b
fe0941ff0046d9e2cffc4a8fdb07ff009fed1ff0e06ff82507fd1b678b3ff12a3f6c1ffe7fb5fb1d
451febc71aff00d161c53ff89066dffcd7e4bee0fec6c9ff00e85596ff00e10e17ff00951f8e3ff0
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75147faf1c6bff00458714ff00e2419b7ff35f92fb83fb1b27ff00a1565bff0084385ffe547e38ff
00c381bfe0941ff46d9e2cff00c4a8fdb07ff9fed1ff000e06ff0082507fd1b678b3ff0012a3f6c1
ff00e7fb5fb1d451febc71affd161c53ff0089066dff00cd7e4bee0fec6c9ffe85596ffe10e17ff9
51f8e3ff000e06ff0082507fd1b678b3ff0012a3f6c1ff00e7fb47fc381bfe0941ff0046d9e2cffc
4a8fdb07ff009fed7ec75147faf1c6bff458714ffe2419b7ff0035f92fb83fb1b27ffa1565bff843
85ff00e547e38ffc381bfe0941ff0046d9e2cffc4a8fdb07ff009fed1ff0e06ff82507fd1b678b3f
f12a3f6c1ffe7fb5fb1d451febc71aff00d161c53ff89066dffcd7e4bee0fec6c9ff00e85596ff00
e10e17ff00951f8e3ff0e06ff82507fd1b678b3ff12a3f6c1ffe7fb47fc381bfe0941ff46d9e2cff
00c4a8fdb07ff9fed7ec75147faf1c6bff00458714ff00e2419b7ff35f92fb83fb1b27ff00a1565b
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9ffe85596ffe10e17ff951f8e3ff000e06ff0082507fd1b678b3ff0012a3f6c1ff00e7fb47fc381b
fe0941ff0046d9e2cffc4a8fdb07ff009fed7ec75147faf1c6bff458714ffe2419b7ff0035f92fb8
3fb1b27ffa1565bff84385ff00e547e38ffc381bfe0941ff0046d9e2cffc4a8fdb07ff009fed1ff0
e06ff82507fd1b678b3ff12a3f6c1ffe7fb5fb1d451febc71aff00d161c53ff89066dffcd7e4bee0
fec6c9ff00e85596ff00e10e17ff00951f8e3ff0e06ff82507fd1b678b3ff12a3f6c1ffe7fb47fc3
81bfe0941ff46d9e2cff00c4a8fdb07ff9fed7ec75147faf1c6bff00458714ff00e2419b7ff35f92
fb83fb1b27ff00a1565bff0084385ffe547e38ff00c381bfe0941ff46d9e2cff00c4a8fdb07ff9fe
d1ff000e06ff0082507fd1b678b3ff0012a3f6c1ff00e7fb5fb1d451febc71affd161c53ff008906
6dff00cd7e4bee0fec6c9ffe85596ffe10e17ff951f8e3ff000e06ff0082507fd1b678b3ff0012a3
f6c1ff00e7fb5f6e7ec9bfb0dfecb7fb0ee81e32f0cfecbff0c0fc37d2fe217882cbc51e346bbf1b
fc45f885abf8835ad37498343d3ae2f7c45f13bc5de33f108b6d3f4bb74b5b1d320d521d2acfccba
9edeca3b9bdbc9a7faca8ae1c7f1371266b87faa669c419de6585738d4786c7e6d8fc661dd485f92
7ec71188a94f9e177cb2e5e68ddd9ab9b50cbb2fc2cfdae1b0383c3d5b38fb4a185a14a7caed78f3
d384656765757b3b2b8514515e21d814514500145145001451450014514500145145001451450014
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514500145145001451450014514500145145001451450014514500145145007fffd9}}}}}\pard\s
b0\sl-240{\bkmkstart Pg151}{\bkmkend Pg151}\par\pard\ql \li7854\sb0\sl-207\slmul
0 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Pearson Education
Limited 2005 \par\pard\ql \li4149\sb0\sl-690\slmult0 \par\pard\ql\li4149\sb0\sl690\slmult0 \par\pard\ql\li4149\sb0\sl-690\slmult0 \par\pard\ql\li4149\sb0\sl-69
0\slmult0 \up0 \expndtw0\charscalex97 \ul0\nosupersub\cf22\f23\fs60 11 \par\pard
\ql \li4149\sb5\sl-575\slmult0 \up0 \expndtw0\charscalex97 \ul0\nosupersub\cf23\
f24\fs50 Short-Term Financing \par\pard\qj \li2043\sb0\sl-400\slmult0 \par\pard\
sl-400\slmult0 \par\pard\qj\li2043\ri1016\sb30\sl-400\slmult0 \up0 \expndtw0\cha
rscalex103 \ul0\nosupersub\cf25\f26\fs32 Creditors have better memories than deb
tors, and creditors are \up0 \expndtw0\charscalex104 a superstitious sect\u8212?
great observers of set days and times. \par\pard\ql \li7623\sb107\sl-368\slmult0
\up0 \expndtw0\charscalex91 BENJAMIN FRANKLIN \par\pard\li1989\sb0\sl-207\slmul
l0\nosupersub\cf13\f14\fs18 Chapter 11: Short-Term Financing\tab \up0 \expndtw-2
\charscalex100 Pearson Education Limited 2005\par\pard\ql \li1989\sb0\sl-230\slm
0 \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf27\f28\fs20 ANSWERS TO QUESTIO
NS \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb0\sl-230\slmult
0 \par\pard\ql\li1989\sb210\sl-230\slmult0\tx2589 \up0 \expndtw-3\charscalex100
\ul0\nosupersub\cf28\f29\fs20 1. \tab \up0 \expndtw-6\charscalex100 Trade credi
t from suppliers is spontaneous because there is no \par\pard\qj \li2589
\ri1051\sb47\sl-500\slmult0 \up0 \expndtw-5\charscalex100 formal negotiation for
the funds.
By merely purchasing merchandise \up0 \expndtw-5\charscalex100 on
credit, funds are acquired. \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\q

l\li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb24\sl-230\slmult0\tx2589 \up0
\expndtw-3\charscalex100 2. \tab \up0 \expndtw-8\charscalex93 The reasons tr
ade credit from suppliers is used to finance \par\pard\ql \li2589\
calex100 temporary working capital are as follows: \par\pard\li2589\sb0\sl-230\s
lmult0\par\pard\li2589\sb47\sl-230\slmult0\fi0 \up0 \expndtw-8\charscalex96 a)
Firms may be erroneously calculating the cost of this\par\pard
\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb40\sl-230\slmult0\fi599\tx5697 \up0
\expndtw-9\charscalex95 financing for, say,\tab \up0 \expndtw-9\charscalex95
60 days as the annual cost.
Therefore,\par\pard\li2589\sb0\sl-230\slmult
0\par\pard\li2589\sb40\sl-230\slmult0\fi599\tx4802\tx8656 \up0 \expndtw-9\charsc
alex95 "2/10, net\tab \up0 \expndtw-9\charscalex95 60" is calculated as
only\tab \up0 \expndtw-9\charscalex95 2% rather than\par\pard\li2589\sb0\s
l-230\slmult0\par\pard\li2589\sb40\sl-230\slmult0\fi599 \up0 \expndtw-9\charscal
ex95 (2/98)(365/50) = 14.9%.\par\pard\ql \li2589\ri1051\sb40\sl-500\slmult0\tx
It may be that firms prefer the c
onvenience of spontaneous \line\tab \up0 \expndtw-9\charscalex97 funds. \par\p
ard\ql \li2589\ri1050\sb0\sl-500\slmult0\tx3189\tx3189 \up0 \expndtw-8\charscale
x96 c)
Seasonal dating and stretching payables may reduce the \
line\tab \up0 \expndtw-8\charscalex100 financing cost to a level competitiv
e with short-term bank \line \tab \up0 \expndtw-8\charscalex100 loans. \par\p
ard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb0\sl-230\slmult0 \par\pa
rd\ql\li1989\sb4\sl-230\slmult0\tx2589 \up0 \expndtw-3\charscalex100 3. \tab \up
0 \expndtw-5\charscalex100 Stretching payables creates problems for supplie
rs since their \par\pard\qj \li2589\ri1051\sb47\sl-500\slmult0 \up0 \expndtw-5
\charscalex100 ability to forecast cash flows is substantially impaired.
The
more \line \up0 \expndtw-8\charscalex94 uncertain the cash projections, the
higher the level of protective \line \up0 \expndtw-8\charscalex92 liquidity
a firm must hold.
Also, investors may perceive a higher \line \up0
\expndtw-8\charscalex100 degree of risk for the supplier, thus increasing
the supplier's \line \up0 \expndtw-8\charscalex93 cost of capital.
Metho
ds of preventing the stretching of payables \par\pard\li2589\sb0\sl-230\sl
mult0\par\pard\li2589\sb11\sl-230\slmult0\fi0\tx8061\tx9597 \up0 \expndtw-8\char
scalex100 include severe penalties for late payment\tab \up0 \expndtw-8\cha
rscalex100 (such as a\tab \up0 \expndtw-8\charscalex100 10% late\par\pard\li2
harscalex100 charge), friendly reminders to the customers, and other acc
eptable\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb40\sl-230\slmult0\f
i0 \up0 \expndtw-8\charscalex100 collection procedures.\par\pard\li1989\sb0\sl-2
li1989\sb83\sl-207\slmult0\fi0\tx10330 \up0 \expndtw-2\charscalex100 \ul0\nosupe
rsub\cf13\f14\fs18 Van Horne and Wachowicz: \ul0\nosupersub\cf14\f15\fs18 Fundam
entals of Financial Management,\ul0\nosupersub\cf13\f14\fs18 12e\tab \up0 \expn
dtw-2\charscalex100 \ul0\nosupersub\cf15\f16\fs18 150\par\pard\sect\sectd\fs24\p
aperw11900\paperh16840\pard\sb0\sl-240{\bkmkstart Pg153}{\bkmkend Pg153}\par\par
\f14\fs18 Chapter 11: Short-Term Financing\tab \up0 \expndtw-8\charscalex100 Pea
rson Education Limited 2005\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\s
4.\tab \up0 \expndtw-8\charscalex100 The firm could expect its liquidity t
o be improved.
The cost to\par\pard\qj \li2589\ri1050\sb30\sl-500\slmult0
\up0 \expndtw-4\charscalex100 the firm's customers of not taking cash di
scounts has risen \up0 \expndtw-4\charscalex100 drastically \up0 \expndtw-4\ch
arscalex100 (from \up0 \expndtw-9\charscalex97 9.3% to \up0 \expndtw-9\charscal
ex94 37.2%).
Thus, customers will tend to \par\pard\qj \li2589\ri1050\sb
0\sl-500\slmult0 \up0 \expndtw-8\charscalex93 borrow money from banks and o
ther sources in order to receive the \up0 \expndtw-8\charscalex100 cash d

iscount.
This will tend to increase the selling firm's \up0 \expndtw6\charscalex100 turnover, and decrease the firm's investment in ac
counts \up0 \expndtw-5\charscalex100 receivable, thereby increasing the firm's l
iquidity.
Of course the \up0 \expndtw-5\charscalex100 customer's position is
exactly reversed. \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb
0\sl-230\slmult0 \par\pard\ql\li1989\sb144\sl-230\slmult0\tx2589 \up0 \expndtw-3
\charscalex100 5. \tab \up0 \expndtw-5\charscalex100 There is far less abili
ty to change the amount of financing \par\pard\qj \li2589\ri1051\sb47\sl-5
00\slmult0 \up0 \expndtw-8\charscalex92 provided by accrued expenses than t
here is with trade credit.
The \up0 \expndtw-9\charscalex92 amount largel
y depends on the amount of wages and profits. \par\pard\ql \li1989\sb0\sl-230\sl
mult0 \par\pard\ql\li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb144\sl-230\sl
mult0\tx2589 \up0 \expndtw-3\charscalex100 6. \tab \up0 \expndtw-3\charscalex100
The rate on commercial paper is lower than the prime rate since the \par\pard\q
j \li2589\ri1050\sb47\sl-500\slmult0 \up0 \expndtw-8\charscalex94 high quality
borrower, who is able to issue commercial paper, can \line \up0 \expndt
w-8\charscalex93 get the prime rate at the bank.
Lenders can buy tre
asury bills; \line \up0 \expndtw-3\charscalex100 therefore, to induce lenders t
o buy commercial paper, a higher rate \line \up0 \expndtw-8\charscalex96 must b
e paid.
To induce borrowers to issue commercial paper, a \line \up0 \
expndtw-8\charscalex100 rate lower than prime, but more than the T-bill
rate, must be \line \up0 \expndtw-8\charscalex100 available. \par\pard\ql \li
89\sb144\sl-230\slmult0\tx2589 \up0 \expndtw-3\charscalex100 7. \tab \up0 \expnd
tw-8\charscalex93 The commercial paper market is not available to all f
irms.
Also, \par\pard\ql \li2589\sb0\sl-230\slmult0 \par\pard\ql\li2589\sb40\
sl-230\slmult0 \up0 \expndtw-3\charscalex100 the market is very impersonal compa
red to a bank. \par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb0\sl-230\sl
mult0\par\pard\li1989\sb207\sl-230\slmult0\fi0\tx2589 \up0 \expndtw-9\charscalex
100 8.\tab \up0 \expndtw-8\charscalex100 For the most part, commercial pape
r is restricted to large, high\par\pard\li1989\sb0\sl-230\slmult0\par\pard\
li1989\sb40\sl-230\slmult0\fi599 \up0 \expndtw-9\charscalex100 quality industri
al companies, finance companies, and utilities.\par\pard\li1989\sb0\sl-230\
slmult0\par\pard\li1989\sb40\sl-230\slmult0\fi599 \up0 \expndtw-8\charscalex100
Whereas the purpose originally was to support seasonal borrowings,\par\p
osupersub\cf15\f16\fs18 151\par\pard\sect\sectd\fs24\paperw11900\paperh16840\par
d\sb0\sl-240{\bkmkstart Pg154}{\bkmkend Pg154}\par\pard\li1989\sb0\sl-207\slmult
845 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 11: Shor
t-Term Financing\tab \up0 \expndtw-2\charscalex100 Pearson Education Limited 200
5\par\pard\qj \li2589\ri1051\sb465\sl-500\slmult0 \up0 \expndtw-8\charscalex96 \
ul0\nosupersub\cf28\f29\fs20 and this still remains an important purpose,
a good deal of the \up0 \expndtw-8\charscalex97 commercial paper issued
today represents permanent financing.
It \up0 \expndtw-9\charscalex97 is s
imply rolled over at maturity. \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard
\ql\li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb144\sl-230\slmult0\tx2589 \u
p0 \expndtw-3\charscalex100 9. \tab \up0 \expndtw-8\charscalex100 While both
represent money-market, short-term instruments, a \par\pard\qj \li2589\
ri1050\sb47\sl-500\slmult0 \up0 \expndtw-6\charscalex100 bankers' acceptance
has a viable secondary market whereas \line \up0 \expndtw-8\charscale
x100 commercial paper does not.
Bankers' acceptances are associated \l
ine \up0 \expndtw-8\charscalex92 with a specific shipment of goods or sto
rage of goods.
With this \line \up0 \expndtw-8\charscalex94 instrument, t
he acceptance of the draft by a bank substitutes the \line \up0 \expndt

w-8\charscalex97 bank's credit for that of the parties involved.
Simi
larly, if \line \up0 \expndtw-8\charscalex94 commercial paper is "bank supp
orted," a bank provides a letter of \line \up0 \expndtw-8\charscalex96 cre
dit guaranteeing the obligation.
With "stand alone" commercial \line \u
p0 \expndtw-8\charscalex100 paper, the company often must have backup lin
es of credit from \line \up0 \expndtw-8\charscalex96 banks.
Both instrum
ents are rated as to quality by independent \line \up0 \expndtw-9\charsca
lex96 rating agencies. \par\pard\ql \li1989\ri1050\sb380\sl-500\slmult0\tx2589\t
x2589\tx2589\tx2589\tx2589\tx2589 \up0 \expndtw-8\charscalex95 10. A line of
credit is an informal lending arrangement, usually for \line\tab \up0 \
expndtw-3\charscalex100 one year, where the bank expresses a willingness to lend
up to some \line \tab \up0 \expndtw-8\charscalex92 specified amount of funds
at an interest rate related to the prime \line \tab \up0 \expndtw-8\cha
rscalex91 rate or to the bank's cost of funds.
A revolving credit a
greement \line \tab \up0 \expndtw-8\charscalex94 is a legal commitment to e
xtend credit up to some maximum amount \line \tab \up0 \expndtw-8\charscal
ex92 anytime a company wishes to borrow.
Usually the commitment is f
or \line \tab \up0 \expndtw-9\charscalex92 multiple years, often three. \up0
\expndtw-9\charscalex92 Also, the company must satisfy \par\pard\ql \li2589\
sb224\sl-230\slmult0 \up0 \expndtw-4\charscalex100 certain restrictions (called
protective covenants) specified in the \par\pard\li2589\sb0\sl-230\slmult0\par\
pard\li2589\sb57\sl-230\slmult0\fi0\tx4216 \up0 \expndtw-8\charscalex100 agreeme
nt.\tab \up0 \expndtw-8\charscalex100 If satisfied, however, the loan canno
t be denied\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb40\sl-230\slm
ult0\fi0 \up0 \expndtw-7\charscalex100 whereas it can be legally denied un
der a line of credit should the\par\pard\li2589\sb0\sl-230\slmult0\par\par
d\li2589\sb40\sl-230\slmult0\fi0 \up0 \expndtw-8\charscalex100 company evolve it
self into financial difficulty.\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li19
18 12e\tab \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf15\f16\fs18 152\par\
pard\sect\sectd\fs24\paperw11900\paperh16840\pard\sb0\sl-240{\bkmkstart Pg155}{\
bkmkend Pg155}\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slm
0 \ul0\nosupersub\cf13\f14\fs18 Chapter 11: Short-Term Financing\tab \up0 \expnd
tw-2\charscalex100 Pearson Education Limited 2005\par\pard\ql \li1989\ri1050\sb4
65\sl-500\slmult0\tx2589\tx2589 \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf
28\f29\fs20 11. Because interest is subtracted from the amount advanced, a dis
count \line\tab \up0 \expndtw-8\charscalex97 note has a higher effective ra
te of interest than a note where \line \tab \up0 \expndtw-9\charscalex97 i
nterest is collected at the end \up0 \expndtw-9\charscalex97 (everything e
lse being equal). \par\pard\qj \li2589\ri1051\sb0\sl-500\slmult0 \up0 \expndtw
-8\charscalex93 Therefore, a borrower will prefer a collect note and th
e lender a \up0 \expndtw-9\charscalex93 discount note, all other things the sa
me. \par\pard\ql \li1989\ri1051\sb500\sl-500\slmult0\tx2589\tx2589\tx2589\tx2589
\up0 \expndtw-8\charscalex94 12. The quality of the borrower and its c
ash flow ability to service \line\tab \up0 \expndtw-6\charscalex100 debt la
rgely determine whether a lender is willing to make an \line \tab \up0
\expndtw-8\charscalex89 unsecured loan.
If the lender does not have a
very high degree of \line \tab \up0 \expndtw-8\charscalex92 confidence in
the ability of the borrower to repay, it will insist \line \tab \up0 \e
xpndtw-9\charscalex92 on some type of secured lending arrangement. \par\pard\ql
\li1989\ri1051\sb500\sl-500\slmult0\tx2589\tx2589\tx2589 \up0 \expndtw-8\charsca
lex94 13. The percentage advanced depends on the marketability o
f the \line\tab \up0 \expndtw-8\charscalex93 collateral, the synchronization
of its life with that of the loan, \line \tab \up0 \expndtw-8\charscale
x96 and the basic riskiness of the collateral.
With respect to the \
line \tab \up0 \expndtw-9\charscalex96 latter, the lender is concerned with fluc
tuations in market price. \par\pard\ql \li1989\ri1050\sb500\sl-500\slmult0\tx258
9\tx2589\tx2589\tx2589\tx2589\tx2589\tx2589 \up0 \expndtw-4\charscalex100 14.
The analysis should be on the basis of costs and benefits. \line\tab \
up0 \expndtw-6\charscalex100 Typically, the factoring arrangement will be
more costly as a \line \tab \up0 \expndtw-8\charscalex96 method of financin
g.
However, the sale of receivables eliminates \line \tab \up0 \expndtw3\charscalex100 clerical and credit costs the company would otherwise have to be
ar. \line \tab \up0 \expndtw-3\charscalex100 For the small company, these can be
significant on a relative basis \line \tab \up0 \expndtw-8\charscalex97 and mo
re than offset the difference in financing costs.
Also, \line \tab \u
p0 \expndtw-8\charscalex97 because of economies of scale, the factor may
be able to do a \line \tab \up0 \expndtw-9\charscalex97 better job of credi
t analysis and record keeping. \par\pard\li1989\sb0\sl-207\slmult0\par\pard\li19
\li1989\sb93\sl-207\slmult0\fi0\tx10330 \up0 \expndtw-2\charscalex100 \ul0\nosup
ndtw-2\charscalex100 \ul0\nosupersub\cf15\f16\fs18 153\par\pard\sect\sectd\fs24\
paperw11900\paperh16840\pard\sb0\sl-240{\bkmkstart Pg156}{\bkmkend Pg156}\par\pa
3\f14\fs18 Chapter 11: Short-Term Financing\tab \up0 \expndtw-2\charscalex100 Pe
arson Education Limited 2005\par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql
\li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb228\sl-230\slmult0 \up0 \expndt
w-6\charscalex100 \ul0\nosupersub\cf28\f29\fs20 15. No answer suggested. \par\
ard\ql\li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb80\sl-230\slmult0 \up0 \e
xpndtw-5\charscalex100 16. a)
Industries whose products are relatively
standard, easily \par\pard\qj \li3189\ri1051\sb47\sl-500\slmult0 \up0 \expndtw
-8\charscalex100 disposed of, and physically suitable for storage are of
ten \up0 \expndtw-8\charscalex100 financed by terminal or field warehousing. \pa
r\pard\ql \li2589\ri1050\sb0\sl-500\slmult0\tx3189\tx3189\tx3189 \up0 \expndtw-8
\charscalex97 b)
Smaller, undercapitalized firms frequently resort to a
ccounts \line\tab \up0 \expndtw-8\charscalex100 receivable assignment or to
factoring, depending upon their \line \tab \up0 \expndtw-9\charscalex94 abili
ty to, and the relative costs of, maintaining an \line \tab \up0
\expndtw-9\charscalex95 independent credit analysis department. \par\pard\ql \l
i2589\ri1050\sb0\sl-500\slmult0\tx3189\tx3189\tx3189 \up0 \expndtw-6\charscalex1
00 c)
Due to capital market restrictions, international companies \line
\tab \up0 \expndtw-6\charscalex100 may seek to raise funds outside their
domestic countries. \line \tab \up0 \expndtw-9\charscalex94 Eurodollar loans
may be an attractive source for such \line \tab \up0 \expndtw-9\ch
arscalex95 companies. \par\pard\ql \li2589\ri1050\sb0\sl-500\slmult0\tx3189\tx31
89\tx3189 \up0 \expndtw-6\charscalex100 d)
Trust receipt loans are used
frequently in the automotive \line\tab \up0 \expndtw-3\charscalex100 industry
because it relieves the dealer of extensive inventory \line \tab \up0 \expndtw9\charscalex97 carrying costs, and affords the manufacturer greater produ
ct \line \tab \up0 \expndtw-9\charscalex98 exposure. \par\pard\ql \li1989\ri1051
\sb500\sl-500\slmult0\tx2589\tx2589\tx2589\tx2589\tx2589\tx2589\tx2589 \up0 \exp
ndtw-8\charscalex96 17. In determining an appropriate composition of sho
rt-term financing, \line\tab \up0 \expndtw-8\charscalex100 such things as th
e relative cost of funds, the availability of \line \tab \up0 \expndtw-8\
charscalex93 different types of financing, whether or not the type of
financing \line \tab \up0 \expndtw-8\charscalex93 requires security, the timi
ng of the borrowing in the money market \line \tab \up0 \expndtw-8\charsc
alex94 or from a private lender, and the flexibility associated with t
he \line \tab \up0 \expndtw-8\charscalex93 various types of potential financ
ing should be considered.

All of \line \tab \up0 \expndtw-8\charscalex97
these things can change over time with changing financial market \line
\tab \up0 \expndtw-9\charscalex97 conditions. \par\pard\li1989\sb0\sl-207\slmult
charscalex100 \ul0\nosupersub\cf13\f14\fs18 Van Horne and Wachowicz: \ul0\nosupe
rsub\cf14\f15\fs18 Fundamentals of Financial Management,\ul0\nosupersub\cf13\f14
\fs18 12e\tab \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf15\f16\fs18 154\p
ar\pard\sect\sectd\fs24\paperw11900\paperh16840\pard\sb0\sl-240{\bkmkstart Pg157
}{\bkmkend Pg157}\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\
x100 \ul0\nosupersub\cf13\f14\fs18 Chapter 11: Short-Term Financing\tab \up0 \ex
pndtw-2\charscalex100 Pearson Education Limited 2005\par\pard\ql \li1989\sb0\sl230\slmult0 \par\pard\ql\li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb0\sl-23
slmult0 \par\pard\ql\li1989\sb18\sl-230\slmult0 \up0 \expndtw-3\charscalex100 \u
l0\nosupersub\cf27\f28\fs20 SOLUTIONS TO PROBLEMS \par\pard\ql \li1989\sb0\sl-23
0\slmult0\tx2589 \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf28\f29\fs20 1.
\tab \up0 \expndtw-8\charscalex96 a)
Mr. Blunder is confusing the percen
tage cost of using funds \par\pard\qj \li3189\ri1051\sb47\sl-500\slmult0 \up
0 \expndtw-8\charscalex88 for five days with the cost of using funds fo
r a year.
These \up0 \expndtw-9\charscalex94 costs are clearly not comp
arable.
One must be converted to \up0 \expndtw-9\charscalex95 the time sc
ale of the other. \par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb11\sl-23
0\slmult0\fi0\tx3189 \up0 \expndtw-9\charscalex97 b)\tab \up0 \expndtw-9\charsca
lex97 (2/98)(365/5) = 149.0%\par\pard\ql \li2589\ri1051\sb30\sl-500\slmult0\tx
3189\tx3189\tx3189 \up0 \expndtw-8\charscalex92 c)
Assuming the firm has
made the decision not to take the cash \line\tab \up0 \expndtw-8\charscal
ex92 discount, it makes no sense to pay before the due date.
In \li
ne \tab \up0 \expndtw-4\charscalex100 this case, payment 30 days after purchase
s are received rather \line \tab \up0 \expndtw-6\charscalex100 than 15 would re
duce the annual interest cost to 36.7%. \par\pard\li1989\sb0\sl-230\slmult0\par
\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb82\sl-230\slmult0\fi0\tx3309\t
x7149\tx7869 \up0 \expndtw-7\charscalex100 2.\tab \up0 \expndtw-7\charscalex100
Alt. #1: Discount in $\tab \up0 \expndtw-7\charscalex100 or\tab \up0 \expndtw7\charscalex100 Alt. #2: Discount as %\par\pard\li1989\sb0\sl-230\slmult0\par\
pard\li1989\sb17\sl-230\slmult0\fi599\tx5829\tx6189\tx7749\tx9909 \up0 \expndtw7\charscalex100 a) ($5/$495)(365/10)\tab \up0 \expndtw-7\charscalex100 =\tab \u
p0 \expndtw-7\charscalex100 36.9%\tab \up0 \expndtw-7\charscalex100 (1/99)(365/1
0) =\tab \up0 \expndtw-7\charscalex100 36.9%\par\pard\li1989\sb0\sl-230\slmult0
ndtw-7\charscalex100 b) ($20/$980)(365/30)\tab \up0 \expndtw-7\charscalex100 =\
tab \up0 \expndtw-7\charscalex100 24.8%\tab \up0 \expndtw-7\charscalex100 (2/98)
(365/30) =\tab \up0 \expndtw-7\charscalex100 24.8%\par\pard\li1989\sb0\sl-230\s
lmult0\par\pard\li1989\sb40\sl-230\slmult0\fi599\tx5829\tx7749\tx9549 \up0 \expn
dtw-7\charscalex100 c) ($2/$98)(365/5)\tab \up0 \expndtw-7\charscalex100 = 149
.0%\tab \up0 \expndtw-7\charscalex100 (2/98)(365/5)\tab \up0 \expndtw-7\charscal
ex100 = 149.0%\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb41\sl-230\s
lmult0\fi599\tx6189\tx7749\tx9909 \up0 \expndtw-7\charscalex100 d) ($7.50/$242.
50)(365/20) =\tab \up0 \expndtw-7\charscalex100 56.4%\tab \up0 \expndtw-7\chars
calex100 (3/97)(365/20) =\tab \up0 \expndtw-7\charscalex100 56.4%\par\pard\li19
t0\fi0\tx2589 \up0 \expndtw-9\charscalex95 3.\tab \up0 \expndtw-8\charscalex96 N
o.
Assume credit terms of "2/10, net 30."
For a $100 invoice,\par
expndtw-9\charscalex95 the annual interest cost would be:\par\pard\li2589\sb0\sl
-230\slmult0\par\pard\li2589\sb39\sl-230\slmult0\fi2039 \up0 \expndtw-6\charscal
ex100 ($2/$98)(365/20) = 37.2%\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2

589\sb40\sl-230\slmult0\fi0 \up0 \expndtw-6\charscalex100 For a $500 invoice, t
he annual cost would be the same:\par\pard\ql \li4509\sb0\sl-230\slmult0 \par\pa
rd\ql\li4509\sb27\sl-230\slmult0 \up0 \expndtw-9\charscalex100 ($10/$490)(365/20
) = 37.2% \par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmul
15\f16\fs18 155\par\pard\sect\sectd\fs24\paperw11900\paperh16840\pard\sb0\sl-240
{\bkmkstart Pg158}{\bkmkend Pg158}\par\pard\sect\sectd\sbknone\cols2\colno1\colw
6029\colsr160\colno2\colw5571\colsr160\ql \li1989\sb0\sl-207\slmult0 \par\pard\q
dtw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 11: Short-Term Financi
ng\par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql \li1989\sb0\sl-230\slmult
\ul0\nosupersub\cf28\f29\fs20 4.\tab \up0 \expndtw-9\charscalex96 Alt. #1: Disc
ount in $\par\pard\ql \li2589\sb0\sl-230\slmult0 \par\pard\ql \li2589\sb216\sl230\slmult0\tx5824 \up0 \expndtw-7\charscalex100 a) ($5/$495)(365/20)\tab \up0
\expndtw-3\charscalex100 =\par\pard\ql \li2589\sb0\sl-230\slmult0 \par\pard\ql \
li2589\sb39\sl-230\slmult0\tx5824 \up0 \expndtw-6\charscalex100 b) ($20/$980)(3
65/40)\tab \up0 \expndtw-3\charscalex100 =\par\pard\ql \li2589\sb0\sl-230\slmult
c) ($2/$98)(365/15)\tab \up0 \expndtw-3\charscalex100 =\par\pard\ql \li2589\sb0
lex100 d) ($7.50/$242.50)(365/30) =\par\pard\column \ql \li6189\sb0\sl-207\slm
ult0 \par\pard\ql \li6189\sb0\sl-207\slmult0 \par\pard\ql \li1676\sb53\sl-207\sl
ion Limited 2005\par\pard\ql \li6189\sb0\sl-230\slmult0 \par\pard\ql \li6189\sb0
\sl-230\slmult0 \par\pard\ql \li980\sb46\sl-230\slmult0\tx1705 \up0 \expndtw-3\c
harscalex100 \ul0\nosupersub\cf28\f29\fs20 or\tab \up0 \expndtw-9\charscalex96 A
lt. #2: Discount as %\par\pard\ql \li6189\sb0\sl-230\slmult0 \par\pard\ql \li2
0\sb216\sl-230\slmult0\tx1585\tx3745 \up0 \expndtw-3\charscalex100 18.4%\tab \up
0 \expndtw-7\charscalex100 (1/99)(365/20) =\tab \up0 \expndtw-3\charscalex100 1
8.4%\par\pard\ql \li6189\sb0\sl-230\slmult0 \par\pard\ql \li20\sb39\sl-230\slmul
t0\tx1585\tx3745 \up0 \expndtw-3\charscalex100 18.6%\tab \up0 \expndtw-7\charsca
lex100 (2/98)(365/40) =\tab \up0 \expndtw-3\charscalex100 18.6%\par\pard\ql \li
6189\sb0\sl-230\slmult0 \par\pard\ql \li20\sb40\sl-230\slmult0\tx1585\tx3745 \up
0 \expndtw-3\charscalex100 49.7%\tab \up0 \expndtw-7\charscalex100 (2/98)(365/15
) =\tab \up0 \expndtw-3\charscalex100 49.7%\par\pard\ql \li6189\sb0\sl-230\slmu
lt0 \par\pard\ql \li20\sb41\sl-230\slmult0\tx1585\tx3745 \up0 \expndtw-3\charsca
lex100 37.6%\tab \up0 \expndtw-7\charscalex100 (3/97)(365/30) =\tab \up0 \expnd
tw-3\charscalex100 37.6% \par\pard\sect\sectd\sbknone \ql \li2589\ri1317\sb33\sl
-500\slmult0\tx2949 \up0 \expndtw-5\charscalex100 \ul0\nosupersub\cf42\f43\fs16
\u9632?\ul0\nosupersub\cf28\f29\fs20
The major advantage of stretching is th
e substantial reduction \line\tab \up0 \expndtw-5\charscalex100 effected in annu
al interest cost. \par\pard\ql \li2589\ri1317\sb0\sl-500\slmult0\tx2949\tx2949 \
up0 \expndtw-5\charscalex100 \ul0\nosupersub\cf42\f43\fs16 \u9632?\ul0\nosupersu
b\cf28\f29\fs20
The major disadvantages of stretching are the cost of the ca
sh \line\tab \up0 \expndtw-3\charscalex100 discount foregone and the possible de
terioration in credit \line \tab \up0 \expndtw-3\charscalex100 rating. \par\pard
\slmult0\fi0\tx2589\tx3189\tx6069 \up0 \expndtw-6\charscalex100 5.\tab \up0 \exp
ndtw-6\charscalex100 i)\tab \up0 \expndtw-9\charscalex96 ($5,000,000) (.60)\t \u
p0 \expndtw-6\charscalex100 (.10)\tab \up0 \expndtw-6\charscalex100 = $300,000
in interest\par\pard\ql \li3189\sb0\sl-230\slmult0 \par\pard\ql\li3189\sb26\sl-2

30\slmult0\tx6549 \up0 \expndtw-7\charscalex100 ($5,000,000) (.40) \up0 \expndtw
-9\charscalex93 (.005) = \tab \up0 \expndtw-3\charscalex100 10,000 in commitmen
t fees \par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb31\sl-230\slmult0\f
i3719 \up0 \expndtw-3\charscalex100 $310,000 in annual dollar cost\par\pard\li25
tw-3\charscalex100 ii)\tab \up0 \expndtw-3\charscalex100 $310,000 in annual doll
ar cost\par\pard\li2589\sb20\sl-230\slmult0\fi4440\tx7389 \up0 \expndtw-5\charsc
alex100 =\tab \up0 \expndtw-5\charscalex100 10.33%\par\pard\li2589\sb20\sl-230\s
lmult0\fi839 \up0 \expndtw-5\charscalex100 $3,000,000 in useable funds\par\pard\
li2589\sb0\sl-230\slmult0\par\pard\li2589\sb40\sl-230\slmult0\fi0 \up0 \expndtw5\charscalex100 iii) With 20 percent utilization we have:\par\pard\li2589\sb0\s
l-230\slmult0\par\pard\li2589\sb40\sl-230\slmult0\fi599\tx6069 \up0 \expndtw-9\c
harscalex96 ($5,000,000) (.20)\t \up0 \expndtw-5\charscalex100 (.10)\tab \up0 \e
xpndtw-5\charscalex100 = $100,000 in interest\par\pard\li2589\sb0\sl-230\slmult
($5,000,000) (.80)\t \up0 \expndtw-5\charscalex100 (.005) =\tab \up0 \expndtw-5
\charscalex100 20,000 in commitment fees\par\pard\li3189\sb0\sl-230\slmult0\par\
pard\li3189\sb16\sl-230\slmult0\fi3119 \up0 \expndtw-3\charscalex100 $120,000 in
annual dollar cost\par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\sb40\sl-2
30\slmult0\fi0 \up0 \expndtw-3\charscalex100 $120,000 in annual dollar cost\par\
pard\li3429\sb20\sl-230\slmult0\fi3600\tx7389 \up0 \expndtw-3\charscalex100 =\ta
b \up0 \expndtw-3\charscalex100 12%\par\pard\li3429\sb21\sl-230\slmult0\fi0 \up0
\expndtw-3\charscalex100 $1,000,000 in useable funds\par\pard\li1989\sb0\sl-207
sb149\sl-207\slmult0\fi0\tx10330 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\c
charscalex100 \ul0\nosupersub\cf15\f16\fs18 156\par\pard\sect\sectd\fs24\paperw1
-207\slmult0\fi0\tx7845 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf13\f14\f
s18 Chapter 11: Short-Term Financing\tab \up0 \expndtw-2\charscalex100 Pearson E
ducation Limited 2005\par\pard\qj \li3189\ri1050\sb465\sl-500\slmult0 \up0 \expn
dtw-9\charscalex93 \ul0\nosupersub\cf28\f29\fs20 The annual dollar cost goes
down, while the annual percentage \line \up0 \expndtw-9\charscalex93 cost
goes up as less of the total revolving credit agreement \line \up0 \ex
pndtw-6\charscalex100 is utilized.
Declining interest costs, rising com
mitment \line \up0 \expndtw-6\charscalex100 fees, and declining useable fund
s combine to produce this \line \up0 \expndtw-6\charscalex100 result. \par\p
\sb82\sl-230\slmult0\fi0\tx2589\tx4149 \up0 \expndtw-5\charscalex100 6.\tab \up0
\expndtw-5\charscalex100 a)\tab \up0 \expndtw-5\charscalex100 ($100,000 x .08)
in interest\par\pard\li3189\sb20\sl-230\slmult0\fi5759\tx9309 \up0 \expndtw-9\c
harscalex100 =\tab \up0 \expndtw-9\charscalex100 11.1%\par\pard\li3189\sb19\sl-2
30\slmult0\fi0 \up0 \expndtw-9\charscalex100 ($100,000 - $8,000 - $10,000) i
n useable funds\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb0\sl-230\sl
mult0\par\pard\li2589\sb60\sl-230\slmult0\fi0\tx4149 \up0 \expndtw-5\charscalex1
00 b)\tab \up0 \expndtw-5\charscalex100 ($100,000 x .09) in interest\par\pard\l
i3189\sb21\sl-230\slmult0\fi5759\tx9309 \up0 \expndtw-9\charscalex100 =\tab \up0
\expndtw-9\charscalex100 11.1%\par\pard\li3189\sb20\sl-230\slmult0\fi0 \up0 \ex
pndtw-9\charscalex100 ($100,000 - $9,000 - $10,000) in useable funds\par\par
d\ql \li2589\sb0\sl-230\slmult0 \par\pard\ql\li2589\sb0\sl-230\slmult0 \par\pard
\ql\li2589\sb42\sl-230\slmult0\tx3189 \up0 \expndtw-3\charscalex100 c) \tab \up0
\expndtw-5\charscalex100 ($100,000 x .105) in interest \par\pard\li3429\sb37\s
l-230\slmult0\fi3480\tx7269 \up0 \expndtw-3\charscalex100 =\tab \up0 \expndtw-3\

charscalex100 10.50%\par\pard\li3429\sb21\sl-230\slmult0\fi0 \up0 \expndtw-3\cha
rscalex100 $100,000 in useable funds\par\pard\li1989\sb0\sl-230\slmult0\par\pard
\expndtw-6\charscalex100 Alternative\tab \up0 \expndtw-6\charscalex100 (c) is
best because it has the lowest effective\par\pard\li1989\sb0\sl-230\slmult
0\par\pard\li1989\sb40\sl-230\slmult0\fi599 \up0 \expndtw-6\charscalex100 intere
st cost.\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb0\sl-230\slmult0\p
ar\pard\li1989\sb110\sl-230\slmult0\fi0\tx2589\tx7989 \up0 \expndtw-6\charscalex
100 7.\tab \up0 \expndtw-6\charscalex100 a)
Interest cost ($200,000 x .10)(
90/365)\tab \up0 \expndtw-6\charscalex100 = $ 4,932\par\pard\li2589\sb0\sl-230
\slmult0\par\pard\li2589\sb41\sl-230\slmult0\fi600\tx7989\tx8469 \up0 \expndtw-5
\charscalex100 Warehousing cost\tab \up0 \expndtw-5\charscalex100 =\tab \up0 \ex
pndtw-5\charscalex100 3,000\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\s
b40\sl-230\slmult0\fi600\tx7989\tx8469 \up0 \expndtw-5\charscalex100 Efficiency
cost\tab \up0 \expndtw-5\charscalex100 =\tab \up0 \expndtw-5\charscalex100 4,000
\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb17\sl-230\slmult0\fi1199\t
x8228 \up0 \expndtw-5\charscalex100 Total 90-day cost\tab \up0 \expndtw-5\chars
calex100 $11,932\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb0\sl-230\s
100 b)
Interest cost ($200,000 x .23)(90/365)\tab \up0 \expndtw-5\charscale
x100 = $11,342\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb0\sl-230\sl
mult0\par\pard\li2589\sb163\sl-230\slmult0\fi599 \up0 \expndtw-5\charscalex100 A
lternative (b), the floating lien loan, is preferred.\par\pard\li1989\sb0\sl-20
ard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb206\sl-207\slmult0\fi0\tx10330 \
\f16\fs18 157
}
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}
calex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 11: Short-Term Financing\tab \up0
\expndtw-3\charscalex100 Pearson Education Limited 2005\par\pard\li1989\sb0\sl230\slmult0\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb46\sl-230\slmul
t0\fi0\tx2619 \up0 \expndtw-4\charscalex100 \ul0\nosupersub\cf28\f29\fs20 8.\tab
\up0 \expndtw-4\charscalex100 Factoring costs (monthly):\par\pard\ql \li2709\s
b0\sl-230\slmult0 \par\pard\ql\li2709\sb2\sl-230\slmult0 \up0 \expndtw-3\charsca
lex100 \ul0\nosupersub\cf42\f43\fs16 \u9632?\ul0\nosupersub\cf28\f29\fs20 Purch
ase of receivables \par\pard\li2709\sb34\sl-230\slmult0\fi599\tx5949\tx6669 \up0
\expndtw-9\charscalex92 (.02) (.70)\t \up0 \expndtw-4\charscalex100 ($500,000)\
tab \up0 \expndtw-4\charscalex100 =\tab \up0 \expndtw-4\charscalex100 $7,000\par
pndtw-4\charscalex100 \ul0\nosupersub\cf42\f43\fs16 \u9632?\ul0\nosupersub\cf28\
f29\fs20 Lending arrangement\par\pard\li2709\sb20\sl-230\slmult0\fi600\tx5949\t

x6789 \up0 \expndtw-4\charscalex100 (.015)($100,000)\tab \up0 \expndtw-4\charsca
lex100 =\tab \up0 \expndtw-4\charscalex100 1,500\par\pard\li2589\sb0\sl-230\slmu
lt0\par\pard\li2589\sb40\sl-230\slmult0\fi4079 \up0 \expndtw-4\charscalex100 $8,
500\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb40\sl-230\slmult0\fi0 \
up0 \expndtw-4\charscalex100 Banking financing costs (monthly):\par\pard\li2589
\sb0\sl-230\slmult0\par\pard\li2589\sb40\sl-230\slmult0\fi599\tx7989\tx8349 \up0
\expndtw-4\charscalex100 Interest (.15/12)($100,000)\tab \up0 \expndtw-4\chars
calex100 =\tab \up0 \expndtw-4\charscalex100 $1,250\par\pard\li2589\sb0\sl-230\s
lmult0\par\pard\li2589\sb40\sl-230\slmult0\fi599\tx7989\tx8469 \up0 \expndtw-4\c
harscalex100 Processing (.02)($100,000)\tab \up0 \expndtw-4\charscalex100 =\tab
\up0 \expndtw-4\charscalex100 2,000\par\pard\li2589\sb0\sl-230\slmult0\par\pard
\li2589\sb40\sl-230\slmult0\fi599\tx7989\tx8469 \up0 \expndtw-4\charscalex100 Cr
edit department expense\tab \up0 \expndtw-4\charscalex100 =\tab \up0 \expndtw-4\
charscalex100 2,000\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb40\sl-2
30\slmult0\fi599\tx7989\tx8469 \up0 \expndtw-4\charscalex100 Bad-debt expense (
.01)(.70)($500,000)\tab \up0 \expndtw-4\charscalex100 =\tab \up0 \expndtw-4\char
scalex100 3,500\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl-230\s
lmult0\fi6359 \up0 \expndtw-6\charscalex100 $8,750\par\pard\li1989\sb0\sl-230\sl
pard\li1989\sb29\sl-230\slmult0\fi599 \up0 \expndtw-6\charscalex100 The firm sho
uld continue its factoring arrangement -- it's cheaper.\par\pard\li1989\sb0\sl230\slmult0\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb0\sl-230\slmult
0\par\pard\li1989\sb81\sl-230\slmult0\fi0\tx2589 \up0 \expndtw-6\charscalex100 9
.\tab \up0 \expndtw-6\charscalex100 Differential interest cost (Finance company
minus Bank) =\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb39\sl-230\s
lmult0\fi599 \up0 \expndtw-5\charscalex100 7.5 percent - 2.5 percent = 5 per
cent.
Quarterly differential =\par\pard\li1989\sb0\sl-230\slmult0\par\pard\l
i1989\sb40\sl-230\slmult0\fi599 \up0 \expndtw-6\charscalex100 5 percent/4 = 1.
25 percent.\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb41\sl-230\slmul
t0\fi599 \up0 \expndtw-6\charscalex100 Interest cost savings:\par\pard\li1989\sb
0\sl-230\slmult0\par\pard\li1989\sb39\sl-230\slmult0\fi1199\tx5229\tx7749 \up0 \
expndtw-6\charscalex100 Quarter\tab \up0 \expndtw-6\charscalex100 Inventories\ta
b \up0 \expndtw-6\charscalex100 Inventories x 1.25%\par\pard\li1989\sb0\sl-230\
slmult0\par\pard\li1989\sb40\sl-230\slmult0\fi1559\tx5229\tx8349 \up0 \expndtw-6
\charscalex100 1\tab \up0 \expndtw-6\charscalex100 $1,600,000\tab \up0 \expndtw6\charscalex100 $ 20,000\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb4
1\sl-230\slmult0\fi1559\tx5349\tx8589 \up0 \expndtw-6\charscalex100 2\tab \up0 \
expndtw-6\charscalex100 2,100,000\tab \up0 \expndtw-6\charscalex100 26,250\par\p
ard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb39\sl-230\slmult0\fi1559\tx5349\
tx8589 \up0 \expndtw-6\charscalex100 3\tab \up0 \expndtw-6\charscalex100 1,500,0
00\tab \up0 \expndtw-6\charscalex100 18,750\par\pard\li1989\sb0\sl-230\slmult0\p
ar\pard\li1989\sb40\sl-230\slmult0\fi1559\tx5349\tx8589 \up0 \expndtw-6\charscal
ex100 4\tab \up0 \expndtw-6\charscalex100 3,200,000\tab \up0 \expndtw-6\charscal
ex100 40,000\par\pard\li2589\sb71\sl-230\slmult0\fi3239\tx8349 \up0 \expndtw-5\c
harscalex100 Annual savings\tab \up0 \expndtw-5\charscalex100 $105,000\par\pard\
\sl-230\slmult0\fi0 \up0 \expndtw-5\charscalex100 Annual servicing costs of the
trust receipt loan =\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb40\sl
-230\slmult0\fi0 \up0 \expndtw-4\charscalex100 $20,000 x 4 = $80,000.
As t
he savings exceed the increased costs,\par\pard\li2589\sb31\sl-230\slmult0\fi0 \
up0 \expndtw-5\charscalex100 the company should utilize the trust receipt financ
ing arrangement.\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\s
ls of Financial Management,\ul0\nosupersub\cf13\f14\fs18 12e\tab \up0 \expndtw2\charscalex100 \ul0\nosupersub\cf15\f16\fs18 158
}
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lex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 11: Short-Term Financing\par\pard\q
l \li1989\sb46\sl-230\slmult0 \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf27
\f28\fs20 SOLUTIONS TO SELF-CORRECTION PROBLEMS\par\pard\ql \li1989\sb0\sl-230\s
lmult0 \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql \li1989\sb0\sl-230\s
lmult0 \par\pard\ql \li1989\sb19\sl-230\slmult0\tx2584\tx3184\tx5344 \up0 \expnd
tw-3\charscalex100 \ul0\nosupersub\cf28\f29\fs20 1.\tab \up0 \expndtw-3\charscal
ex100 a.\tab \up0 \expndtw-3\charscalex100 1/10, net/30\tab \up0 \expndtw-3\char
scalex100 (1/99)(365/20)\par\pard\ql \li2589\sb0\sl-230\slmult0 \par\pard\ql \li
2589\sb40\sl-230\slmult0\tx3184\tx5344 \up0 \expndtw-3\charscalex100 b.\tab \up0
\expndtw-3\charscalex100 2/10, net/30\tab \up0 \expndtw-3\charscalex100 (2/98)(
365/20)\par\pard\ql \li2589\sb0\sl-230\slmult0 \par\pard\ql \li2589\sb40\sl-230\
slmult0\tx3184\tx5344 \up0 \expndtw-3\charscalex100 c.\tab \up0 \expndtw-3\chars
calex100 3/10, net/30\tab \up0 \expndtw-3\charscalex100 (3/97)(365/20)\par\pard\
column \ql \li7845\sb0\sl-207\slmult0 \par\pard\ql \li7845\sb0\sl-207\slmult0 \p
ar\pard\ql \li596\sb53\sl-207\slmult0 \up0 \expndtw-2\charscalex100 \ul0\nosuper
sub\cf13\f14\fs18 Pearson Education Limited 2005\par\pard\ql \li1989\sb0\sl-230\
slmult0 \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql \li1989\sb0\sl-230\
slmult0 \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql \li20\sb65\sl-230\s
lmult0\tx385 \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf28\f29\fs20 =\tab \
up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf27\f28\fs20 18.4%\par\pard\ql \li
tw-3\charscalex100 \ul0\nosupersub\cf28\f29\fs20 =\tab \up0 \expndtw-3\charscale
x100 \ul0\nosupersub\cf27\f28\fs20 37.2%\par\pard\ql \li1989\sb0\sl-230\slmult0
\par\pard\ql \li20\sb40\sl-230\slmult0\tx385 \up0 \expndtw-3\charscalex100 \ul0\
nosupersub\cf28\f29\fs20 =\tab \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf2
7\f28\fs20 56.4% \par\pard\sect\sectd\sbknone \li1989\sb0\sl-230\slmult0\par\par
d\li1989\sb40\sl-230\slmult0\fi599\tx3189\tx5349 \up0 \expndtw-3\charscalex100 \
ul0\nosupersub\cf28\f29\fs20 d.\tab \up0 \expndtw-3\charscalex100 10/30, net/60\
tab \up0 \expndtw-3\charscalex100 (10/90)(365/30) = \ul0\nosupersub\cf27\f28\fs

20 135.2%\par\pard\sect\sectd\sbknone \li1989\sb0\sl-230\slmult0\par\pard\li198
ex100 \ul0\nosupersub\cf28\f29\fs20 e.\tab \up0 \expndtw-3\charscalex100 3/10, n
et/60\tab \up0 \expndtw-3\charscalex100 (3/97)(365/50)\tab \up0 \expndtw-3\chars
calex100 =\tab \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf27\f28\fs20 22.6%
\par\pard\sect\sectd\sbknone \li1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl230\slmult0\fi599\tx3189\tx5349\tx7269\tx7749 \up0 \expndtw-3\charscalex100 \ul0
\nosupersub\cf28\f29\fs20 f.\tab \up0 \expndtw-3\charscalex100 2/10, net/90\tab
\up0 \expndtw-3\charscalex100 (2/98)(365/80)\tab \up0 \expndtw-3\charscalex100 =
\tab \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf27\f28\fs20 9.3%\par\pard\s
ect\sectd\sbknone \li1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl-230\slmult0
\fi599\tx3189\tx5349\tx7269\tx7629 \up0 \expndtw-3\charscalex100 \ul0\nosupersub
\cf28\f29\fs20 g.\tab \up0 \expndtw-3\charscalex100 3/10, net/90\tab \up0 \expnd
tw-3\charscalex100 (3/97)(365/80)\tab \up0 \expndtw-3\charscalex100 =\tab \up0 \
expndtw-3\charscalex100 \ul0\nosupersub\cf27\f28\fs20 14.1%\par\pard\sect\sectd\
sbknone \li1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl-230\slmult0\fi599\tx3
189\tx5349\tx7269\tx7629 \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf28\f29\
fs20 h.\tab \up0 \expndtw-3\charscalex100 5/10, net/100\tab \up0 \expndtw-3\char
scalex100 (5/95)(365/90)\tab \up0 \expndtw-3\charscalex100 =\tab \up0 \expndtw-3
\charscalex100 \ul0\nosupersub\cf27\f28\fs20 21.3%\par\pard\sect\sectd\sbknone \
harscalex100 \ul0\nosupersub\cf28\f29\fs20 2.\tab \up0 \expndtw-3\charscalex100
Annualized costs are as follows:\par\pard\ql \li2589\sb0\sl-230\slmult0 \par\par
d\ql\li2589\sb23\sl-230\slmult0 \up0 \expndtw-9\charscalex95 a.
Trade credit:
(3/97)(365/20) = \ul0\nosupersub\cf27\f28\fs20 56.47% \par\pard\ql \li2589\s
alex94 \ul0\nosupersub\cf28\f29\fs20 b.
Bank financing: ($5,000,000 x .15
)/($4,400,000) = \ul0\nosupersub\cf27\f28\fs20 17.05% \par\pard\ql \li2589\sb0
ex93 \ul0\nosupersub\cf28\f29\fs20 c.
Commercial paper: ($300,000/$4,400,0
00) x 2 = \ul0\nosupersub\cf27\f28\fs20 13.64% \par\pard\qj \li2589\ri1051\sb
47\sl-500\slmult0 \up0 \expndtw-4\charscalex100 \ul0\nosupersub\cf28\f29\fs20 Th
e bank financing is approximately 3.4 percent more expensive than \line \up0 \e
xpndtw-4\charscalex100 the commercial paper; therefore, commercial paper should
be issued. \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb0\sl-23
100 Annualized costs are as follows: \par\pard\ql \li2589\ri1051\sb47\sl-500\slm
ult0\tx3189\tx3189 \up0 \expndtw-6\charscalex100 a.
Trade credit: If discount
s are not taken, up to $97,000 (i.e., \line\tab \up0 \expndtw-8\charscalex92 9
7% x $50,000 per month x 2 months) can be raised after the \line \ta
b \up0 \expndtw-9\charscalex92 second month.
The cost would be \par\pard\ql \
li4749\sb224\sl-230\slmult0 \up0 \expndtw-9\charscalex96 (3/97)(365/60) = \ul0\
nosupersub\cf27\f28\fs20 18.8% \par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1
8 Chapter 11: Short-Term Financing\tab \up0 \expndtw-2\charscalex100 Pearson Edu
cation Limited 2005\par\pard\ql \li2589\ri1050\sb465\sl-500\slmult0\tx3189 \up0
\expndtw-8\charscalex97 \ul0\nosupersub\cf28\f29\fs20 b.
Bank loan: Assumin
g that the compensating balance would not \line\tab \up0 \expndtw-9\charsc

alex97 otherwise be maintained, the cost would be \par\pard\ql \li4029\sb224\sl230\slmult0 \up0 \expndtw-9\charscalex95 ($106,000 x .13)/($106,000 x .90) =
\ul0\nosupersub\cf27\f28\fs20 14.4% \par\pard\ql \li2589\sb0\sl-230\slmult0 \pa
r\pard\ql\li2589\sb40\sl-230\slmult0 \up0 \expndtw-4\charscalex100 \ul0\nosupers
ub\cf28\f29\fs20 c.
Factoring: Factor fee for the year would be \par\pard\li3
189\tx6525\tx7917 \up0 \expndtw-4\charscalex100 2% x\tab \up0 \expndtw-4\charsc
alex100 ($150,000 x\tab \up0 \expndtw-4\charscalex100 12)\tab \up0 \expndtw-4\c
harscalex100 =\tab \up0 \expndtw-4\charscalex100 $36,000.\tab \up0 \expndtw-4\ch
arscalex100 The savings effected,\par\pard\ql \li3189\sb0\sl-230\slmult0 \par\
pard\ql\li3189\sb23\sl-230\slmult0\tx5549 \up0 \expndtw-6\charscalex100 however,
would be \tab \up0 \expndtw-8\charscalex100 $30,000, giving a net factori
ng cost of \par\pard\qj \li3189\ri1051\sb47\sl-500\slmult0 \up0 \expndtw-9\cha
rscalex93 $6,000.
Borrowing $95,000 on the receivables would thus cost
\up0 \expndtw-9\charscalex94 approximately \par\pard\ql \li4269\sb224\sl-230\sl
mult0 \up0 \expndtw-9\charscalex93 ([.12 x $95,000] + $6,000)/$95,000 = \ul0
\nosupersub\cf27\f28\fs20 18.3% \par\pard\ql \li2589\sb0\sl-230\slmult0 \par\pa
f28\f29\fs20 Bank borrowing would thus be the cheapest source of funds. \par\par
b77\sl-230\slmult0\fi0\tx2589\tx3189\tx9669 \up0 \expndtw-7\charscalex100 4.\tab
\up0 \expndtw-7\charscalex100 a.\tab \up0 \expndtw-7\charscalex100 12% of 80 p
ercent of $400,000 for 6 months\tab \up0 \expndtw-7\charscalex100 $19,200\par\
\up0 \expndtw-5\charscalex100 Terminal warehousing cost for 6 months\tab \up0 \
expndtw-5\charscalex100 7,000\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589
\sb40\sl-230\slmult0\fi600 \up0 \expndtw-5\charscalex100 Six-month cost of cash
discount foregone to extend\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\s
b40\sl-230\slmult0\fi840 \up0 \expndtw-5\charscalex100 payables from 10 days to
40 days:\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb40\sl-230\slmult
0\fi1080 \up0 \expndtw-5\charscalex100 (2/98)(365/30)($80,000)(1/2 year)\par\par
d\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb40\sl-230\slmult0\fi1080\tx9909 \u
p0 \expndtw-5\charscalex100 = .2483 x $80,000 x .5\tab \up0 \expndtw-5\charsc
alex100 9,932\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb40\sl-230\slm
ult0\fi600\tx9669 \up0 \expndtw-5\charscalex100 Total six-month cost\tab \up0 \e
xpndtw-5\charscalex100 \ul0\nosupersub\cf27\f28\fs20 $36,132\par\pard\li2589\sb0
\sl-230\slmult0\par\pard\li2589\sb40\sl-230\slmult0\fi0\tx3189\tx9669 \up0 \expn
dtw-5\charscalex100 \ul0\nosupersub\cf28\f29\fs20 b.\tab \up0 \expndtw-5\charsca
lex100 $400,000 x 20% x 1/2 year\tab \up0 \expndtw-5\charscalex100 \ul0\nosupe
rsub\cf27\f28\fs20 $40,000\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb
40\sl-230\slmult0\fi0\tx3189\tx9669 \up0 \expndtw-5\charscalex100 \ul0\nosupersu
b\cf28\f29\fs20 c.\tab \up0 \expndtw-5\charscalex100 10% of 70 percent of $400
,000 for 6 months\tab \up0 \expndtw-5\charscalex100 $14,000\par\pard\li2589\sb0
\sl-230\slmult0\par\pard\li2589\sb40\sl-230\slmult0\fi599\tx9789 \up0 \expndtw-5
\charscalex100 Field warehousing cost for 6 months\tab \up0 \expndtw-5\charscal
ex100 10,000\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb40\sl-230\slmu
lt0\fi599 \up0 \expndtw-5\charscalex100 Six-month cost of cash discount forgone
to extend\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb40\sl-230\slmult0
\fi839 \up0 \expndtw-5\charscalex100 payables from 10 days to 40 days:\par\par
d\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb40\sl-230\slmult0\fi1079 \up0 \exp
ndtw-5\charscalex100 (2/98)(365/30)($120,000)(1/2 year)\par\pard\li2589\sb0\sl-2
rscalex100 = .2483 x $120,000 x .5\tab \up0 \expndtw-5\charscalex100 14,898\p
69 \up0 \expndtw-5\charscalex100 Total six-month cost\tab \up0 \expndtw-5\charsc
alex100 \ul0\nosupersub\cf27\f28\fs20 $38,898\par\pard\li2589\sb0\sl-230\slmult0
\par\pard\li2589\sb40\sl-230\slmult0\fi0 \up0 \expndtw-5\charscalex100 \ul0\nosu
persub\cf28\f29\fs20 The terminal warehouse receipt loan results in the lowest c
ost.\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmult0\par\p
\sb200\sl-207\slmult0\fi0\tx10330 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\
}
}}
}
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e3fe8da70a7fe1db37ff00e47d7fa5a9ff0012f5937fd14399ff00e12e17fccff2e0ff00868ffd9e
3fe8bcfc18ff00c3a3e07ffe5e51ff000d1ffb3c7fd179f831ff008747c0ff00fcbcaff51fa28ff8
a9471c7fd1b4e14ffc3b66ff00fc8faff4b53fe25eb26ffa28733ffc25c2ff0099fe5c1ff0d1ff00
b3c7fd179f831ff8747c0fff00cbca3fe1a3ff00678ffa2f3f063ff0e8f81fff009795fea3f451ff
001528e38ffa369c29ff00876cdfff0091f5fe96a7fc4bd64dff00450e67ff0084b85ff33fcb83fe
1a3ff678ff00a2f3f063ff000e8f81ff00f97947fc347fecf1ff0045e7e0c7fe1d1f03ff00f2f2bf
d47e8a3fe2a51c71ff0046d3853ff0ed9bff00f23ebfd2d4ff00897ac9bfe8a1ccff00f0970bfe67
f9707fc347fecf1ff45e7e0c7fe1d1f03fff002f28ff00868ffd9e3fe8bcfc18ff00c3a3e07ffe5e
57fa8fd147fc54a38e3fe8da70a7fe1db37ffe47d7fa5a9ff12f5937fd14399ffe12e17fccff002e
0ff868ff00d9e3fe8bcfc18ffc3a3e07ff00e5e51ff0d1ff00b3c7fd179f831ff8747c0fff00cbca
ff0051fa28ff008a9471c7fd1b4e14ff00c3b66fff00c8faff004b53fe25eb26ff00a28733ff00c2
5c2ff99fe5c1ff000d1ffb3c7fd179f831ff008747c0ff00fcbca3fe1a3ff678ff00a2f3f063ff00
0e8f81ff00f9795fea3f451ff1528e38ff00a369c29ff876cdff00f91f5fe96a7fc4bd64dff450e6
7ff84b85ff0033fcb83fe1a3ff00678ffa2f3f063ff0e8f81fff0097947fc347fecf1ff45e7e0c7f
e1d1f03fff002f2bfd47e8a3fe2a51c71ff46d3853ff000ed9bfff0023ebfd2d4ff897ac9bfe8a1c
cfff000970bfe67f9707fc347fecf1ff0045e7e0c7fe1d1f03ff00f2f28ff868ff00d9e3fe8bcfc1
8ffc3a3e07ff00e5e57fa8fd147fc54a38e3fe8da70a7fe1db37ff00e47d7fa5a9ff0012f5937fd1
4399ff00e12e17fccff2e0ff00868ffd9e3fe8bcfc18ff00c3a3e07ffe5e51ff000d1ffb3c7fd179
f831ff008747c0ff00fcbcaff51fa28ff8a9471c7fd1b4e14ffc3b66ff00fc8faff4b53fe25eb26f
fa28733ffc25c2ff0099fe5c1ff0d1ff00b3c7fd179f831ff8747c0fff00cbca3fe1a3ff00678ffa
2f3f063ff0e8f81fff009795fea3f451ff001528e38ffa369c29ff00876cdfff0091f5fe96a7fc4b
d64dff00450e67ff0084b85ff33fcb83fe1a3ff678ff00a2f3f063ff000e8f81ff00f9795fd6effc
1b25e20d07c55fb25fed77e21f0c6b7a4788f40d4ff6faf1849a6eb9a0ea567ac68fa8476ffb29fe
c876570f63a9e9f35c595da41796d7369335bcf22c5736f3c0e5658a445fe90a8afc3fc7bfa5cf11
78f7c2197708e71c2192e4187cbb8830bc414f1996e3f1d89ad52be172fccb2f5879d3c54791529c
332a951ca2d4d4e9c12ba72bfd9704785980e08cd6be6b84cd7198ea988c055c04a96228d1a708c2
ad7c3577514a9be6e652c346293d2d27d520a28a2bf914fd4c28a28a0028a28a0028a28a0028a28a
0028a28a0028a28a0028a28a0028a28a0028a28a00ffd9}}}}}\pard\sb0\sl-240{\bkmkstart P
g163}{\bkmkend Pg163}\par\pard\ql \li7854\sb0\sl-207\slmult0 \par\pard\ql\li7854
scalex100 \ul0\nosupersub\cf13\f14\fs18 Pearson Education Limited 2005 \par\pard

pndtw0\charscalex97 \ul0\nosupersub\cf26\f27\fs36 Part 5 \par\pard\ql \li2275\ri
3662\sb402\sl-420\slmult0 \up0 \expndtw0\charscalex97 Investment in \line \up0 \
expndtw0\charscalex98 Capital Assets \par\pard\ql \li4149\sb0\sl-690\slmult0 \pa
r\pard\ql\li4149\sb0\sl-690\slmult0 \par\pard\ql\li4149\sb137\sl-690\slmult0 \up
0 \expndtw0\charscalex97 \ul0\nosupersub\cf22\f23\fs60 12 \par\pard\ql \li4149\s
b5\sl-575\slmult0 \up0 \expndtw0\charscalex97 \ul0\nosupersub\cf23\f24\fs50 Capi
tal Budgeting \par\pard\ql \li4149\sb1\sl-556\slmult0 \up0 \expndtw0\charscalex9
7 and Estimating Cash Flows \par\pard\qj \li3367\sb0\sl-400\slmult0 \par\pard\qj
sl-400\slmult0 \par\pard\qj\li3367\ri1014\sb113\sl-400\slmult0 \up0 \expndtw0\ch
arscalex99 \ul0\nosupersub\cf25\f26\fs32 \u8220?Data! data! data!\u8221? he crie
d impatiently. \u8220?I can\u8217?t make \up0 \expndtw0\charscalex97 bricks with
out clay.\u8221? \par\pard\qj \li6843\ri920\sb217\sl-380\slmult0\fi793 \up0 \exp
ndtw0\charscalex95 SHERLOCK HOLMES \line \up0 \expndtw0\charscalex96 IN THE COPP
ER BEECHES \par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmult
4\fs18 12e\tab \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf15\f16\fs18 161\
par\pard\sect\sectd\fs24\paperw11900\paperh16840\pard\sb0\sl-240{\bkmkstart Pg16
\slmult0\par\pard\li1989\sb81\sl-207\slmult0\fi0\tx7845 \up0 \expndtw-2\charscal
ex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 12: Capital Budgeting and Estimating
Cash Flows\tab \up0 \expndtw-2\charscalex100 Pearson Education Limited 2005\par
f27\f28\fs20 ANSWERS TO QUESTIONS \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\p
d\ql\li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb210\sl-230\slmult0\tx2589 \
up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf28\f29\fs20 1. \tab \up0 \expndtw
-8\charscalex94 Tax depreciation is a noncash charge against operating i
ncome that \par\pard\qj \li2589\ri1051\sb47\sl-500\slmult0 \up0 \expndtw-5\char
scalex100 lowers taxable income.
So we need to deduct it as we determine the
\up0 \expndtw-3\charscalex100 incremental effect that the project has on taxable
income. However, \up0 \expndtw-8\charscalex92 we ultimately add it back to
the net change in income after taxes \up0 \expndtw-9\charscalex92 so as
not to understate the project's effect on cash flow. \par\pard\li1989\sb0\sl-230
fi0\tx6549 \up0 \expndtw-3\charscalex100 2.\tab \up0 \expndtw-3\charscalex100 In
itial\par\pard\li6549\sb20\sl-230\slmult0\fi119\tx8949 \up0 \expndtw-3\charscale
x100 Cash\tab \up0 \expndtw-3\charscalex100 Depreciable\par\pard\li6549\sb20\sl230\slmult0\fi0\tx9309 \up0 \expndtw-3\charscalex100 Outflow\tab \up0 \expndtw-3
\charscalex100 Basis\par\pard\ql \li2589\sb0\sl-230\slmult0 \par\pard\ql\li2589\
sb229\sl-230\slmult0 \up0 \expndtw-9\charscalex95 a)
Market value of \par\par
d\li3189\sb34\sl-230\slmult0\fi0\tx6068\tx9188 \up0 \expndtw-5\charscalex100 old
machine\tab \up0 \expndtw-5\charscalex100 Subtract (if sold);\tab \up0 \expndt
w-5\charscalex100 Ignore\par\pard\qj \li6068\ri3147\sb0\sl-250\slmult0 \up0 \exp
ndtw-3\charscalex100 any taxes due to sale \up0 \expndtw-3\charscalex100 of old
machine would \up0 \expndtw-3\charscalex100 be added \par\pard\ql \li2589\sb0\sl
7 b)
Additional investment \par\pard\li2589\sb34\sl-230\slmult0\fi599\tx6069\
tx9189 \up0 \expndtw-6\charscalex100 in inventory\tab \up0 \expndtw-6\charscalex

100 Add\tab \up0 \expndtw-6\charscalex100 Ignore\par\pard\li2589\sb0\sl-230\slmu
lt0\par\pard\li2589\sb41\sl-230\slmult0\fi0\tx6069\tx9189 \up0 \expndtw-6\charsc
alex100 c)
Shipping\tab \up0 \expndtw-6\charscalex100 Add\tab \up0 \expndtw-6
\charscalex100 Add\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb39\sl-23
0\slmult0\fi0\tx6069\tx9189 \up0 \expndtw-6\charscalex100 d)
Concrete foundat
ion\tab \up0 \expndtw-6\charscalex100 Add\tab \up0 \expndtw-6\charscalex100 Add\
\expndtw-6\charscalex100 e)
Training of machine\par\pard\li2589\sb20\sl-230\s
lmult0\fi599\tx6069\tx9189 \up0 \expndtw-6\charscalex100 operators\tab \up0 \exp
ndtw-6\charscalex100 Add after-tax cost\tab \up0 \expndtw-6\charscalex100 Ignore
29\sl-230\slmult0\fi0\tx2589 \up0 \expndtw-9\charscalex94 3.\tab \up0 \expndtw-8
\charscalex95 Sunk costs must be ignored because they do not affect in
cremental\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl-230\slmult0
\fi599 \up0 \expndtw-8\charscalex95 cash flows.
With capital budgeting, o
ne is concerned with the net\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li
1989\sb40\sl-230\slmult0\fi599 \up0 \expndtw-8\charscalex95 cash flows that o
ccur presently and in the future.
The occurrence\par\pard\li1989\sb0\sl
x94 of past costs
should not enter into the decision process.\par\pard\li1989
i1989\sb0\sl-207\slmult0\par\pard\li1989\sb126\sl-207\slmult0\fi0\tx10330 \up0 \
tart Pg165}{\bkmkend Pg165}\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\s
b0\sl-207\slmult0\par\pard\li1989\sb81\sl-207\slmult0\fi0\tx7845 \up0 \expndtw-2
\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 12: Capital Budgeting and E
stimating Cash Flows\tab \up0 \expndtw-2\charscalex100 Pearson Education Limited
\charscalex100 If the required return is the cost of capital where the expectati
on\par\pard\qj \li2589\ri1051\sb30\sl-500\slmult0 \up0 \expndtw-6\charscalex100
of investors includes an increment for protection of purchasing \line \u
p0 \expndtw-6\charscalex100 power, then the benefits to be generated by
a project should \line \up0 \expndtw-8\charscalex93 include the higher pric
e of the product over time as a result of \line \up0 \expndtw-9\charsca
lex93 inflation. \up0 \expndtw-9\charscalex93 Otherwise, a bias would be
introduced into the \par\pard\ql \li2589\sb224\sl-230\slmult0 \up0 \expnd
tw-3\charscalex100 decision-making process. \par\pard\ql \li1989\sb0\sl-230\slmu
0 \par\pard\ql\li1989\sb80\sl-230\slmult0\tx2589 \up0 \expndtw-3\charscalex100 5
. \tab \up0 \expndtw-3\charscalex100 Implied is that a project is regarded as mo
re important, the larger \par\pard\qj \li2589\ri1051\sb47\sl-500\slmult0 \up0 \e
xpndtw-8\charscalex94 it is.
As a result, increasing levels of approva
l are necessary \line \up0 \expndtw-8\charscalex96 and more information fre
quently is required as well.
This pro-\line \up0 \expndtw-3\charscalex1
00 cedure is used by many companies under the implicit assumption that \line \up
0 \expndtw-8\charscalex97 management time is valuable and must be ratione
d.
Consequently, \line \up0 \expndtw-3\charscalex100 smaller projects frequen
tly are approved at a low level with little \line \up0 \expndtw-6\charscalex100
scrutiny.
Whether this is appropriate or not depends on the \line \u
p0 \expndtw-7\charscalex100 situation. \up0 \expndtw-9\charscalex92 There is
a trade-off between the efficiency of \par\pard\qj \li2589\ri1050\sb0
\sl-500\slmult0 \up0 \expndtw-8\charscalex100 reviewing projects and the eco

nomic gains of more sophisticated, \up0 \expndtw-8\charscalex100 and time co
nsuming, analysis. \par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb0\sl-23
\fi0\tx2589 \up0 \expndtw-7\charscalex100 6.\tab \up0 \expndtw-7\charscalex100 T
he product expansion project will produce new future cash revenues\par\pard\li19
charscalex100 but will also involve higher future cash operating costs.
An\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl-230\slmult0\fi
599 \up0 \expndtw-6\charscalex100 equipment replacement project usually invo
lves only a reduction in\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\
sb40\sl-230\slmult0\fi599 \up0 \expndtw-7\charscalex100 costs.
Both projects
require an investment.\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl
w-2\charscalex100 \ul0\nosupersub\cf15\f16\fs18 163\par\pard\sect\sectd\fs24\pap
erw11900\paperh16840\pard\sb0\sl-240{\bkmkstart Pg166}{\bkmkend Pg166}\par\pard\
1\sl-207\slmult0\fi0\tx7845 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf13\f
14\fs18 Chapter 12: Capital Budgeting and Estimating Cash Flows\tab \up0 \expndt
w-2\charscalex100 Pearson Education Limited 2005\par\pard\ql \li1989\sb0\sl-230\
lt0 \par\pard\ql\li1989\sb18\sl-230\slmult0 \up0 \expndtw-3\charscalex100 \ul0\n
osupersub\cf27\f28\fs20 SOLUTIONS TO PROBLEMS \par\pard\ql \li1989\sb0\sl-230\sl
lt0 \par\pard\ql\li1989\sb200\sl-230\slmult0 \up0 \expndtw-4\charscalex100 \ul0\
nosupersub\cf28\f29\fs20 1.\ul0\nosupersub\cf2\f3\fs20 \ul0\nosupersub\cf28\f29
\fs20 Relevant cash flows: \par\pard\ql \li4749\sb0\sl-230\slmult0 \par\pard\q
w-3\charscalex100 0 \par\pard\ql \li1989\sb10\sl-230\slmult0 \up0 \expndtw-9\cha
rscalex93 a.
Initial cash \par\pard\li2589\sb37\sl-230\slmult0\fi0\tx4269 \up
0 \expndtw-3\charscalex100 outflow\tab \up0 \expndtw-3\charscalex100 \ul0\nosupe
rsub\cf27\f28\fs20 ($60,000)\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\
sb41\sl-230\slmult0\fi2759\tx6069\tx7389\tx8709\tx10029 \up0 \expndtw-6\charscal
ex100 \ul0\nosupersub\cf28\f29\fs20 1\tab \up0 \expndtw-6\charscalex100 2\tab \u
p0 \expndtw-6\charscalex100 3\tab \up0 \expndtw-6\charscalex100 4\tab \up0 \expn
dtw-6\charscalex100 5\par\pard\li1989\sb220\sl-230\slmult0\fi0\tx4389\tx5709\tx7
029\tx8349\tx9669 \up0 \expndtw-6\charscalex100 b.
Savings\tab \up0 \expndtw6\charscalex100 $20,000\tab \up0 \expndtw-6\charscalex100 $20,000\tab \up0 \expn
dtw-6\charscalex100 $20,000\tab \up0 \expndtw-6\charscalex100 $20,000\tab \up0 \
expndtw-6\charscalex100 $20,000\par\pard\ql \li1989\sb12\sl-230\slmult0 \up0 \ex
pndtw-9\charscalex94 c.
Depreciation, \par\pard\li2589\sb28\sl-230\slmult0\fi
0\tx4509\tx5829\tx7269\tx8589\tx10389 \up0 \expndtw-3\charscalex100 new\tab \up0
\expndtw-3\charscalex100 19,998\tab \up0 \expndtw-3\charscalex100 26,670\tab \u
p0 \expndtw-3\charscalex100 8,886\tab \up0 \expndtw-3\charscalex100 4,446\tab \u
p0 \expndtw-3\charscalex100 0\par\pard\ql \li1989\ri3935\sb204\sl-240\slmult0\tx
2589 \up0 \expndtw-9\charscalex94 d.
Profit change \line\tab \up0 \expndtw-9\
charscalex95 before tax \par\pard\li2589\sb36\sl-230\slmult0\fi0\tx5109\tx5829\t
x7149\tx8469\tx9789 \up0 \expndtw-7\charscalex100 (b) - (c)\tab \up0 \expndtw7\charscalex100 2\tab \up0 \expndtw-7\charscalex100 (6,670)\tab \up0 \expndtw-7\
charscalex100 11,114\tab \up0 \expndtw-7\charscalex100 15,554\tab \up0 \expndtw7\charscalex100 20,000\par\pard\ql \li1989\sb3\sl-230\slmult0 \up0 \expndtw-9\ch
arscalex85 e.
Taxes \par\pard\li1989\sb38\sl-230\slmult0\fi599\tx5109\tx5829\
tx7269\tx8589\tx9909 \up0 \expndtw-8\charscalex100 (d) x (38%)\tab \up0 \expndt
w-8\charscalex100 1\tab \up0 \expndtw-8\charscalex100 (2,535)\tab \up0 \expndtw8\charscalex100 4,223\tab \up0 \expndtw-8\charscalex100 5,911\tab \up0 \expndtw8\charscalex100 7,600\par\pard\li1989\sb220\sl-230\slmult0\fi0 \up0 \expndtw-8\c
harscalex100 f.
Profit change\par\pard\li1989\sb19\sl-230\slmult0\fi599 \up0
\expndtw-8\charscalex100 after tax\par\pard\li1989\sb21\sl-230\slmult0\fi599\tx5
109\tx5829\tx7269\tx8589\tx9789 \up0 \expndtw-8\charscalex100 (d) - (e)\tab \u
p0 \expndtw-8\charscalex100 1\tab \up0 \expndtw-8\charscalex100 (4,135)\tab \up0
\expndtw-8\charscalex100 6,891\tab \up0 \expndtw-8\charscalex100 9,643\tab \up0
\expndtw-8\charscalex100 12,400\par\pard\li1989\sb20\sl-230\slmult0\fi0 \up0 \e
xpndtw-8\charscalex100 g.
Net cash flow\par\pard\li1989\sb19\sl-230\slmult0\f
i599 \up0 \expndtw-8\charscalex100 (f) + (c)\par\pard\li1989\sb21\sl-230\slmul
t0\fi119\tx2589\tx4389\tx5709\tx7029\tx8349\tx9669 \up0 \expndtw-8\charscalex100
or\tab \up0 \expndtw-8\charscalex100 (b) - (e)\tab \up0 \expndtw-8\charscalex
100 \ul0\nosupersub\cf27\f28\fs20 $19,999\tab \up0 \expndtw-8\charscalex100 $22,
535\tab \up0 \expndtw-8\charscalex100 $15,777\tab \up0 \expndtw-8\charscalex100
$14,089\tab \up0 \expndtw-8\charscalex100 $12,400\par\pard\li1989\sb0\sl-207\slm
Chapter 12: Capital Budgeting and Estimating Cash Flows\tab \up0 \expndtw-5\char
ndtw-6\charscalex100 \ul0\nosupersub\cf28\f29\fs20 2.
a)
Relevant cash flo
ws:\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb39\sl-230\slmult0\fi275
9 \up0 \expndtw-7\charscalex100 0\par\pard\li1989\sb21\sl-230\slmult0\fi0 \up0 \
expndtw-7\charscalex100 a.
Initial cash\par\pard\li1989\sb20\sl-230\slmult0\f
i599\tx4269 \up0 \expndtw-7\charscalex100 outflow\tab \up0 \expndtw-7\charscalex
100 \ul0\nosupersub\cf27\f28\fs20 ($60,000)\par\pard\li1989\sb0\sl-230\slmult0\p
ar\pard\li1989\sb40\sl-230\slmult0\fi2759\tx6069\tx7389\tx8709\tx10029 \up0 \exp
ndtw-6\charscalex100 \ul0\nosupersub\cf28\f29\fs20 1\tab \up0 \expndtw-6\charsca
lex100 2\tab \up0 \expndtw-6\charscalex100 3\tab \up0 \expndtw-6\charscalex100 4
\tab \up0 \expndtw-6\charscalex100 5\par\pard\li1989\sb220\sl-230\slmult0\fi0\tx
4389\tx5709\tx7029\tx8349\tx9669 \up0 \expndtw-6\charscalex100 b.
Savings\tab
\up0 \expndtw-6\charscalex100 $20,000\tab \up0 \expndtw-6\charscalex100 $21,200
\tab \up0 \expndtw-6\charscalex100 $22,472\tab \up0 \expndtw-6\charscalex100 $23
,820\tab \up0 \expndtw-6\charscalex100 $25,250\par\pard\ql \li1989\sb2\sl-230\sl
mult0 \up0 \expndtw-9\charscalex94 c.
Depreciation, \par\pard\li2589\sb37\sl230\slmult0\fi0\tx4509\tx5829\tx7269\tx8589\tx10389 \up0 \expndtw-3\charscalex10
0 new\tab \up0 \expndtw-3\charscalex100 19,998\tab \up0 \expndtw-3\charscalex100
0 4,446\tab \up0 \expndtw-3\charscalex100 0\par\pard\ql \li1989\ri3935\sb179\sl-
260\slmult0\tx2589 \up0 \expndtw-9\charscalex94 d.

Profit change \line\tab \u
p0 \expndtw-9\charscalex95 before tax \par\pard\li2589\sb23\sl-230\slmult0\fi0\t
x5109\tx5829\tx7149\tx8469\tx9789 \up0 \expndtw-7\charscalex100 (b) - (c)\tab
\up0 \expndtw-7\charscalex100 2\tab \up0 \expndtw-7\charscalex100 (5,470)\tab \u
\up0 \expndtw-7\charscalex100 25,250\par\pard\ql \li1989\sb12\sl-230\slmult0 \up
0 \expndtw-9\charscalex85 e.
Taxes \par\pard\li2589\sb28\sl-230\slmult0\fi0\t
x5109\tx5829\tx7269\tx8589\tx9909 \up0 \expndtw-5\charscalex100 (d) x (38%)\tab
\up0 \expndtw-5\charscalex100 1\tab \up0 \expndtw-5\charscalex100 (2,079)\tab \
up0 \expndtw-5\charscalex100 9,595\par\pard\ql \li1989\ri3935\sb204\sl-240\slmul
t0\tx2589 \up0 \expndtw-9\charscalex94 f.
Profit change \line\tab \up0 \expnd
tw-9\charscalex95 after tax \par\pard\li1989\sb36\sl-230\slmult0\fi599\tx5109\tx
5829\tx7269\tx8469\tx9789 \up0 \expndtw-8\charscalex100 (d) - (e)\tab \up0 \ex
pndtw-8\charscalex100 1\tab \up0 \expndtw-8\charscalex100 (3,391)\tab \up0 \expn
dtw-8\charscalex100 8,423\tab \up0 \expndtw-8\charscalex100 12,012\tab \up0 \exp
ndtw-8\charscalex100 15,655\par\pard\li1989\sb21\sl-230\slmult0\fi0 \up0 \expndt
w-8\charscalex100 g.
Net cash flow\par\pard\li1989\sb20\sl-230\slmult0\fi599
\up0 \expndtw-8\charscalex100 (f) + (c)\par\pard\li1989\sb19\sl-230\slmult0\fi
119\tx2589\tx4389\tx5709\tx7029\tx8349\tx9669 \up0 \expndtw-8\charscalex100 or\t
ab \up0 \expndtw-8\charscalex100 (b) - (e)\tab \up0 \expndtw-8\charscalex100 \
ul0\nosupersub\cf27\f28\fs20 $19,999\tab \up0 \expndtw-8\charscalex100 $23,279\t
ab \up0 \expndtw-8\charscalex100 $17,309\tab \up0 \expndtw-8\charscalex100 $16,4
58\tab \up0 \expndtw-8\charscalex100 $15,655\par\pard\li1989\sb0\sl-230\slmult0\
i1989\sb81\sl-230\slmult0\fi0 \up0 \expndtw-5\charscalex100 \ul0\nosupersub\cf28
\f29\fs20 b)
Relevant cash flows: (Note: net cash flows for years 1-4 remai
n the\par\pard\li1989\sb20\sl-230\slmult0\fi479 \up0 \expndtw-6\charscalex100 sa
me as in part a) above.)\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb40
\sl-230\slmult0\fi2759\tx10029 \up0 \expndtw-9\charscalex95 0\tab \up0 \expndtw9\charscalex95 5\par\pard\li1989\sb220\sl-230\slmult0\fi0\tx4389\tx6789 \up0 \ex
pndtw-9\charscalex95 a.
Cost\tab \up0 \expndtw-9\charscalex95 $60,000\tab \up
0 \expndtw-9\charscalex95 a.
Net cash flow for\par\pard\li1989\sb20\sl-230\sl
mult0\fi5399 \up0 \expndtw-5\charscalex100 terminal year\par\pard\li1989\sb19\sl
-230\slmult0\fi0\tx7389 \up0 \expndtw-5\charscalex100 b.
Working\tab \up0 \ex
pndtw-5\charscalex100 before project\par\pard\li1989\sb21\sl-230\slmult0\fi599\t
x4509\tx7389 \up0 \expndtw-5\charscalex100 capital\tab \up0 \expndtw-5\charscale
x100 10,000\tab \up0 \expndtw-5\charscalex100 wind-up\par\pard\li1989\sb20\sl-23
0\slmult0\fi5399\tx9669 \up0 \expndtw-9\charscalex97 considerations\tab \up0 \ex
pndtw-9\charscalex97 $15,655\par\pard\li1989\sb19\sl-230\slmult0\fi0\tx6789 \up0
\expndtw-9\charscalex97 c.
Initial cash\tab \up0 \expndtw-9\charscalex97 b.
Working capital\par\pard\li1989\sb21\sl-230\slmult0\fi599\tx7389\tx9789 \up0
\expndtw-9\charscalex97 outflow\tab \up0 \expndtw-9\charscalex97 recovered\tab \
up0 \expndtw-9\charscalex97 10,000\par\pard\li1989\sb20\sl-230\slmult0\fi599 \up
0 \expndtw-9\charscalex97 - [(a) + (b)] \ul0\nosupersub\cf27\f28\fs20 ($70,0
00)\par\pard\li6789\sb19\sl-230\slmult0\fi0 \up0 \expndtw-9\charscalex96 \ul0\no
supersub\cf28\f29\fs20 c.
Terminal year\par\pard\li6789\sb21\sl-230\slmult0\f
i599 \up0 \expndtw-9\charscalex96 net cash flow\par\pard\li6789\sb20\sl-230\slmu
lt0\fi599\tx9669 \up0 \expndtw-9\charscalex96 (a) + (b)\tab \up0 \expndtw-9\ch
arscalex96 \ul0\nosupersub\cf27\f28\fs20 $25,000\par\pard\li1989\sb0\sl-207\slmu
tab \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf15\f16\fs18 165\par\pard\sec

t\sectd\fs24\paperw11900\paperh16840\pard\sb0\sl-240{\bkmkstart Pg168}{\bkmkend
Pg168}\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmult0\par
\pard\li1989\sb81\sl-207\slmult0\fi0\tx7845 \up0 \expndtw-2\charscalex100 \ul0\n
osupersub\cf13\f14\fs18 Chapter 12: Capital Budgeting and Estimating Cash Flows\
30\slmult0\fi0\tx2589\tx8229 \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf28\
f29\fs20 3.\tab \up0 \expndtw-3\charscalex100 a)\tab \up0 \expndtw-3\charscalex1
00 b)\par\pard\li2589\sb20\sl-230\slmult0\fi2159\tx8589 \up0 \expndtw-3\charscal
ex100 Amount of cash outflow:\tab \up0 \expndtw-3\charscalex100 Net cost savings
Time of\tab \up0 \expndtw-3\charscalex100 of Rockbuilt over\par\pard\li2589\sb21
\sl-230\slmult0\fi0\tx4629\tx6549\tx8589 \up0 \expndtw-3\charscalex100 cash outf
low\tab \up0 \expndtw-3\charscalex100 Rockbuilt\tab \up0 \expndtw-3\charscalex10
0 Bulldog\tab \up0 \expndtw-3\charscalex100 Bulldog truck\par\pard\li2589\sb0\sl
ult0\fi599\tx4629\tx6429\tx9069 \up0 \expndtw-3\charscalex100 0\tab \up0 \expndt
w-3\charscalex100 ($74,000)\tab \up0 \expndtw-3\charscalex100 ($59,000)\tab \up0
\expndtw-3\charscalex100 ($15,000)\par\pard\li2589\sb0\sl-230\slmult0\par\pard\
li2589\sb40\sl-230\slmult0\fi599\tx4869\tx6669\tx9429 \up0 \expndtw-3\charscalex
100 1\tab \up0 \expndtw-3\charscalex100 (2,000)\tab \up0 \expndtw-3\charscalex10
0 (3,000)\tab \up0 \expndtw-3\charscalex100 1,000\par\pard\li2589\sb0\sl-230\slm
ult0\par\pard\li2589\sb41\sl-230\slmult0\fi599\tx4869\tx6669\tx9429 \up0 \expndt
w-3\charscalex100 2\tab \up0 \expndtw-3\charscalex100 (2,000)\tab \up0 \expndtw3\charscalex100 (4,500)\tab \up0 \expndtw-3\charscalex100 2,500\par\pard\li2589\
9 \up0 \expndtw-3\charscalex100 3\tab \up0 \expndtw-3\charscalex100 (2,000)\tab
\up0 \expndtw-3\charscalex100 (6,000)\tab \up0 \expndtw-3\charscalex100 4,000\pa
0 (2,000)\tab \up0 \expndtw-3\charscalex100 (22,500)\tab \up0 \expndtw-3\charsca
lex100 20,500\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb41\sl-230\slm
ult0\fi599\tx4749\tx6669\tx9309 \up0 \expndtw-3\charscalex100 5\tab \up0 \expndt
w-3\charscalex100 (13,000)\tab \up0 \expndtw-3\charscalex100 (9,000)\tab \up0 \e
xpndtw-3\charscalex100 (4,000)\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li258
9\sb39\sl-230\slmult0\fi599\tx4869\tx6549\tx9429 \up0 \expndtw-3\charscalex100 6
\tab \up0 \expndtw-3\charscalex100 (4,000)\tab \up0 \expndtw-3\charscalex100 (10
,500)\tab \up0 \expndtw-3\charscalex100 6,500\par\pard\li2589\sb0\sl-230\slmult0
\par\pard\li2589\sb40\sl-230\slmult0\fi599\tx4869\tx6549\tx9429 \up0 \expndtw-3\
charscalex100 7\tab \up0 \expndtw-3\charscalex100 (4,000)\tab \up0 \expndtw-3\ch
arscalex100 (12,000)\tab \up0 \expndtw-3\charscalex100 8,000\par\pard\li2589\sb7
2\sl-230\slmult0\fi599\tx4989\tx6669\tx9309 \up0 \expndtw-3\charscalex100 8\tab
\up0 \expndtw-3\charscalex100 5,000*\tab \up0 \expndtw-3\charscalex100 (8,500)**
\tab \up0 \expndtw-3\charscalex100 13,500\par\pard\li2589\sb220\sl-230\slmult0\f
i0\tx3069 \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf27\f28\fs20 *\tab \up0
\expndtw-3\charscalex100 \ul0\nosupersub\cf28\f29\fs20 $4,000 maintenance cost
plus salvage\par\pard\li2589\sb19\sl-230\slmult0\fi479 \up0 \expndtw-3\charscale
x100 value of $9,000.\par\pard\li2589\sb20\sl-230\slmult0\fi0\tx3069 \up0 \expn
dtw-3\charscalex100 \ul0\nosupersub\cf27\f28\fs20 **\tab \up0 \expndtw-3\charsca
lex100 \ul0\nosupersub\cf28\f29\fs20 $13,500 maintenance cost plus salvage\par\p
ard\li2589\sb21\sl-230\slmult0\fi479 \up0 \expndtw-3\charscalex100 value of $5,
000.\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmult0\par\p
\f16\fs18 166\par\pard\sect\sectd\fs24\paperw11900\paperh16840\pard\sb0\sl-240{\
bkmkstart Pg169}{\bkmkend Pg169}\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1
dtw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 12: Capital Budgeting
and Estimating Cash Flows\tab \up0 \expndtw-2\charscalex100 Pearson Education Li
mited 2005\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb0\sl-230\slmult0
l0\nosupersub\cf28\f29\fs20 4.\tab \up0 \expndtw-3\charscalex100 Incremental cas
h inflows:\par\pard\li4629\sb220\sl-230\slmult0\fi2400 \up0 \expndtw-3\charscale
x100 END OF YEAR\par\pard\li4629\sb0\sl-230\slmult0\par\pard\li4629\sb39\sl-230\
slmult0\fi0\tx6549\tx8349\tx10029 \up0 \expndtw-3\charscalex100 1\tab \up0 \expn
arscalex100 4\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb0\sl-230\slmu
lt0\par\pard\li1989\sb11\sl-230\slmult0\fi0\tx4269\tx6189\tx7989\tx9669 \up0 \ex
pndtw-7\charscalex100 a.
Savings\tab \up0 \expndtw-7\charscalex100 $12,000\ta
b \up0 \expndtw-7\charscalex100 $12,000\tab \up0 \expndtw-7\charscalex100 $12,00
0\tab \up0 \expndtw-7\charscalex100 $12,000\par\pard\ql \li1989\sb2\sl-230\slmul
t0 \up0 \expndtw-9\charscalex94 b.
Depreciation, \par\pard\li2589\sb37\sl-230
\slmult0\fi0\tx4389\tx6309\tx8229\tx9909 \up0 \expndtw-3\charscalex100 new\tab \
up0 \expndtw-3\charscalex100 19,998\tab \up0 \expndtw-3\charscalex100 26,670\tab
\up0 \expndtw-3\charscalex100 8,886\tab \up0 \expndtw-3\charscalex100 4,446\par
\pard\ql \li1989\sb3\sl-230\slmult0 \up0 \expndtw-9\charscalex94 c.
Depreciat
ion, \par\pard\li2589\sb38\sl-230\slmult0\fi0\tx4509\tx6909\tx8709\tx10389 \up0
\expndtw-3\charscalex100 old\tab \up0 \expndtw-3\charscalex100 4,520\tab \up0 \e
xpndtw-3\charscalex100 0\tab \up0 \expndtw-3\charscalex100 0\tab \up0 \expndtw-3
\charscalex100 0\par\pard\ql \li1989\sb202\sl-230\slmult0 \up0 \expndtw-9\charsc
alex92 d.
Incremental \par\pard\ql \li2589\sb30\sl-230\slmult0 \up0 \expndtw3\charscalex100 depreciation \par\pard\li2589\sb28\sl-230\slmult0\fi0\tx4389\tx6
309\tx8229\tx9909 \up0 \expndtw-8\charscalex100 (b) - (c)\tab \up0 \expndtw-8\
charscalex100 15,478\tab \up0 \expndtw-8\charscalex100 26,670\tab \up0 \expndtw8\charscalex100 8,886\tab \up0 \expndtw-8\charscalex100 4,446\par\pard\ql \li198
9\ri3935\sb4\sl-240\slmult0\tx2589 \up0 \expndtw-9\charscalex94 e.
Profit cha
nge \line\tab \up0 \expndtw-9\charscalex95 before tax \par\pard\li2589\sb37\sl-2
30\slmult0\fi0\tx4389\tx6189\tx8229\tx9909 \up0 \expndtw-7\charscalex100 (a) (d)\tab \up0 \expndtw-7\charscalex100 (3,478)\tab \up0 \expndtw-7\charscalex100
(14,670)\tab \up0 \expndtw-7\charscalex100 3,114\tab \up0 \expndtw-7\charscalex
100 7,554\par\pard\ql \li1989\sb2\sl-230\slmult0 \up0 \expndtw-9\charscalex85 f.
Taxes \par\pard\li2589\sb37\sl-230\slmult0\fi0\tx4389\tx6309\tx8229\tx9909 \
up0 \expndtw-5\charscalex100 (e) x (40%)\tab \up0 \expndtw-5\charscalex100 (1,3
91)\tab \up0 \expndtw-5\charscalex100 (5,868)\tab \up0 \expndtw-5\charscalex100
1,246\tab \up0 \expndtw-5\charscalex100 3,022\par\pard\ql \li1989\ri3935\sb179\s
l-260\slmult0\tx2589 \up0 \expndtw-9\charscalex94 g.
Profit change \line\tab
\up0 \expndtw-9\charscalex95 after tax \par\pard\li2589\sb23\sl-230\slmult0\fi0\
tx4389\tx6309\tx8229\tx9909 \up0 \expndtw-7\charscalex100 (e) - (f)\tab \up0 \
expndtw-7\charscalex100 (2,087)\tab \up0 \expndtw-7\charscalex100 (8,802)\tab \u
p0 \expndtw-7\charscalex100 1,868\tab \up0 \expndtw-7\charscalex100 4,532\par\pa
rd\ql \li1989\ri3875\sb4\sl-240\slmult0\tx2589 \up0 \expndtw-9\charscalex94 h.
Operating cash \line\tab \up0 \expndtw-9\charscalex95 flow change \par\pard\ql
\li2589\sb29\sl-230\slmult0 \up0 \expndtw-9\charscalex85 (g) + (d) \par\pard\

calex96 \ul0\nosupersub\cf27\f28\fs20 or\ul0\nosupersub\cf28\f29\fs20 (a) (f)\tab \up0 \expndtw-9\charscalex96 13,391\tab \up0 \expndtw-9\charscalex96 17,
868\tab \up0 \expndtw-9\charscalex96 10,754\tab \up0 \expndtw-9\charscalex96 8,9
78\par\pard\ql \li1989\sb13\sl-230\slmult0 \up0 \expndtw-9\charscalex92 i.
In
cremental \par\pard\ql \li2589\sb10\sl-230\slmult0 \up0 \expndtw-3\charscalex100
salvage value* \par\pard\li2589\sb37\sl-230\slmult0\fi0\tx4989\tx6909\tx8829\tx
9909 \up0 \expndtw-9\charscalex90 x (1 - .40)\tab \up0 \expndtw-9\charscalex9
0 0\tab \up0 \expndtw-9\charscalex90 0\tab \up0 \expndtw-9\charscalex90 0\tab \u
p0 \expndtw-9\charscalex90 7,800\par\pard\ql \li1989\sb203\sl-230\slmult0 \up0 \
expndtw-3\charscalex100 j. Net cash flow \par\pard\li2589\sb38\sl-230\slmult0\fi
0\tx4269\tx6189\tx8109\tx9669 \up0 \expndtw-7\charscalex100 (h) + (i)\tab \up0
\expndtw-7\charscalex100 \ul0\nosupersub\cf27\f28\fs20 $13,391\tab \up0 \expndt
w-7\charscalex100 $17,868\tab \up0 \expndtw-7\charscalex100 $10,754\tab \up0 \ex
pndtw-7\charscalex100 $16,778\par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\q
l\li1989\sb212\sl-230\slmult0 \up0 \expndtw-9\charscalex89 \ul0\nosupersub\cf28\
f29\fs20 * ($15,000 - $2,000) = $13,000 \par\pard\li3069\sb0\sl-230\slmult0
7029 \up0 \expndtw-6\charscalex100 Cost of "new" machine\tab \up0 \expndtw-6\cha
rscalex100 $60,000\par\pard\li3069\sb21\sl-230\slmult0\fi0 \up0 \expndtw-6\chars
calex100 Current salvage value\par\pard\li3069\sb19\sl-230\slmult0\fi480\tx
7149 \up0 \expndtw-6\charscalex100 of "old" machine\tab \up0 \expndtw-6\charscal
ex100 (8,000)\par\pard\li3069\sb20\sl-230\slmult0\fi0 \up0 \expndtw-6\charscalex
100 +
Taxes due to sale of\par\pard\li3069\sb21\sl-230\slmult0\fi480 \up0 \ex
pndtw-6\charscalex100 "old" machine\par\pard\li3069\sb19\sl-230\slmult0\fi480\tx
7269 \up0 \expndtw-6\charscalex100 ($8,000 - $4,520)(.40)\tab \up0 \expndtw-6\
30\slmult0\fi0\tx7029 \up0 \expndtw-6\charscalex100 =
Initial cash outflow\ta
b \up0 \expndtw-6\charscalex100 \ul0\nosupersub\cf27\f28\fs20 $53,392\par\pard\l
}
}}
calex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 12: Capital Budgeting and Estimat
ing Cash Flows\tab \up0 \expndtw-2\charscalex100 Pearson Education Limited 2005\
i1989\sb46\sl-230\slmult0\fi0\tx2589 \up0 \expndtw-3\charscalex100 \ul0\nosupers

ub\cf28\f29\fs20 5.\tab \up0 \expndtw-3\charscalex100 Incremental cash inflows:\
par\pard\li4749\sb220\sl-230\slmult0\fi1560 \up0 \expndtw-3\charscalex100 END OF
YEAR\par\pard\li4749\sb0\sl-230\slmult0\par\pard\li4749\sb39\sl-230\slmult0\fi0
\tx6669\tx8469\tx10149 \up0 \expndtw-3\charscalex100 1\tab \up0 \expndtw-3\chars
calex100 2\tab \up0 \expndtw-3\charscalex100 3\tab \up0 \expndtw-3\charscalex100
x4269\tx6189\tx7989\tx9669 \up0 \expndtw-7\charscalex100 a.
Savings\tab \up0
\expndtw-7\charscalex100 $12,000\tab \up0 \expndtw-7\charscalex100 $12,000\tab \
up0 \expndtw-7\charscalex100 $12,000\tab \up0 \expndtw-7\charscalex100 $12,000\p
ar\pard\ql \li1989\sb6\sl-230\slmult0 \up0 \expndtw-9\charscalex94 b.
Depreci
ation, \par\pard\li2589\sb35\sl-230\slmult0\fi0\tx4389\tx6309\tx8229\tx9909 \up0
\expndtw-3\charscalex100 new\tab \up0 \expndtw-3\charscalex100 20,665\tab \up0
\expndtw-3\charscalex100 4,594\par\pard\ql \li1989\sb5\sl-230\slmult0 \up0 \exp
ndtw-9\charscalex94 c.
Depreciation, \par\pard\li2589\sb34\sl-230\slmult0\fi0
\tx4509\tx6909\tx8709\tx10389 \up0 \expndtw-3\charscalex100 old\tab \up0 \expndt
w-3\charscalex100 4,520\tab \up0 \expndtw-3\charscalex100 0\tab \up0 \expndtw-3\
charscalex100 0\tab \up0 \expndtw-3\charscalex100 0\par\pard\ql \li1989\sb206\sl
-230\slmult0 \up0 \expndtw-3\charscalex100 \u8212? \par\pard\ql \li1989\sb30\sl230\slmult0 \up0 \expndtw-9\charscalex92 d.
Incremental \par\pard\ql \li2589\
sb10\sl-230\slmult0 \up0 \expndtw-3\charscalex100 depreciation \par\pard\li2589\
0 (b) - (c)\tab \up0 \expndtw-8\charscalex100 16,145\tab \up0 \expndtw-8\chars
calex100 27,559\tab \up0 \expndtw-8\charscalex100 9,182\tab \up0 \expndtw-8\char
scalex100 4,594\par\pard\ql \li1989\ri3935\sb0\sl-260\slmult0\tx2589 \up0 \expnd
tw-9\charscalex94 e.
Profit change \line\tab \up0 \expndtw-9\charscalex95 bef
ore tax \par\pard\li2589\sb1\sl-230\slmult0\fi0\tx4389\tx6189\tx8229\tx9909 \up0
\expndtw-7\charscalex100 (a) - (d)\tab \up0 \expndtw-7\charscalex100 (4,145)\
tab \up0 \expndtw-7\charscalex100 (15,559)\tab \up0 \expndtw-7\charscalex100 2,8
18\tab \up0 \expndtw-7\charscalex100 7,406\par\pard\ql \li1989\sb13\sl-230\slmul
t0 \up0 \expndtw-9\charscalex85 f.
Taxes \par\pard\li2589\sb28\sl-230\slmult0
\fi0\tx4389\tx6309\tx8229\tx9909 \up0 \expndtw-5\charscalex100 (e) x (40%)\tab
\up0 \expndtw-5\charscalex100 (1,658)\tab \up0 \expndtw-5\charscalex100 (6,224)\
tab \up0 \expndtw-5\charscalex100 1,127\tab \up0 \expndtw-5\charscalex100 2,962\
par\pard\ql \li1989\ri3935\sb204\sl-240\slmult0\tx2589 \up0 \expndtw-9\charscale
x94 g.
Profit change \line\tab \up0 \expndtw-9\charscalex95 after tax \par\pa
rd\li2589\sb36\sl-230\slmult0\fi0\tx4389\tx6309\tx8229\tx9909 \up0 \expndtw-7\ch
arscalex100 (e) - (f)\tab \up0 \expndtw-7\charscalex100 (2,487)\tab \up0 \expn
dtw-7\charscalex100 (9,335)\tab \up0 \expndtw-7\charscalex100 1,691\tab \up0 \ex
pndtw-7\charscalex100 4,444\par\pard\ql \li1989\ri3875\sb0\sl-260\slmult0\tx2589
\up0 \expndtw-9\charscalex94 h.
Operating cash \line\tab \up0 \expndtw-9\cha
rscalex95 flow change \par\pard\ql \li2589\sb1\sl-210\slmult0 \up0 \expndtw-9\ch
arscalex85 (g) + (d) \par\pard\li2229\sb42\sl-230\slmult0\fi0\tx4389\tx6309\tx
8109\tx9909 \up0 \expndtw-9\charscalex96 \ul0\nosupersub\cf27\f28\fs20 or\ul0\no
supersub\cf28\f29\fs20 (a) - (f)\tab \up0 \expndtw-9\charscalex96 13,658\tab
\up0 \expndtw-9\charscalex96 18,224\tab \up0 \expndtw-9\charscalex96 10,873\tab
\up0 \expndtw-9\charscalex96 9,038\par\pard\ql \li1989\sb2\sl-230\slmult0 \up0
\expndtw-9\charscalex92 i.
Incremental \par\pard\ql \li2589\sb30\sl-230\slmul
t0 \up0 \expndtw-3\charscalex100 salvage value* \par\pard\li2589\sb28\sl-230\slm
ult0\fi0\tx4989\tx6909\tx8709\tx9909 \up0 \expndtw-9\charscalex90 x (1 - .40)
\tab \up0 \expndtw-9\charscalex90 0\tab \up0 \expndtw-9\charscalex90 0\tab \up0
\expndtw-9\charscalex90 0\tab \up0 \expndtw-9\charscalex90 7,800\par\pard\ql \li
harscalex100 j. Net cash flow \par\pard\li2589\sb34\sl-230\slmult0\fi0\tx4269\tx
6189\tx7989\tx9669 \up0 \expndtw-7\charscalex100 (h) + (i)\tab \up0 \expndtw-7
\charscalex100 \ul0\nosupersub\cf27\f28\fs20 $13,658\tab \up0 \expndtw-7\charsca
lex100 $18,224\tab \up0 \expndtw-7\charscalex100 $10,873\tab \up0 \expndtw-7\cha
rscalex100 $16,838\par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb
216\sl-230\slmult0 \up0 \expndtw-9\charscalex89 \ul0\nosupersub\cf28\f29\fs20 *
($15,000 - $2,000) = $13,000 \par\pard\li3069\sb0\sl-230\slmult0\par\pard\l

expndtw-6\charscalex100 Cost of "new" machine\tab \up0 \expndtw-6\charscalex100
$60,000\par\pard\li3069\sb19\sl-230\slmult0\fi0 \up0 \expndtw-6\charscalex100 Current salvage value\par\pard\li3069\sb21\sl-230\slmult0\fi480\tx7149 \up0 \
expndtw-6\charscalex100 of "old" machine\tab \up0 \expndtw-6\charscalex100 (3,00
0)\par\pard\li3069\sb20\sl-230\slmult0\fi0 \up0 \expndtw-6\charscalex100 +
Ta
xes due to sale of\par\pard\li3069\sb19\sl-230\slmult0\fi480 \up0 \expndtw-6\cha
rscalex100 "old" machine\par\pard\li3069\sb21\sl-230\slmult0\fi480\tx7389 \up0 \
expndtw-6\charscalex100 ($4,520 - $3,000)(.40)\tab \up0 \expndtw-6\charscalex1
00 (600)\par\pard\li3069\sb0\sl-230\slmult0\par\pard\li3069\sb16\sl-230\slmult0\
fi0\tx7029 \up0 \expndtw-6\charscalex100 =
Initial cash outflow\tab \up0 \exp
ndtw-6\charscalex100 \ul0\nosupersub\cf27\f28\fs20 $56,400\par\pard\li1989\sb0\s
}
}}
\sl-230\slmult0\fi0 \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf27\f28\fs20
SOLUTIONS TO SELF-CORRECTION PROBLEMS\par\pard\li1989\sb0\sl-230\slmult0\par\par
b6\sl-230\slmult0\fi0\tx2589 \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf28\
f29\fs20 1.\tab \up0 \expndtw-3\charscalex100 Incremental cash inflows:\par\pard
\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb217\sl-230\slmult0\fi5040 \up0 \exp
ndtw-5\charscalex100 \ul0\nosupersub\cf27\f28\fs20 END OF YEAR\par\pard\li1989\s
49 \up0 \expndtw-5\charscalex100 1\tab \up0 \expndtw-5\charscalex100 2\tab \up0
\expndtw-5\charscalex100 3\tab \up0 \expndtw-5\charscalex100 4\par\pard\li1989\s
b0\sl-230\slmult0\par\pard\li1989\sb216\sl-230\slmult0\fi0\tx4149\tx6069\tx7869\
tx9669 \up0 \expndtw-5\charscalex100 \ul0\nosupersub\cf28\f29\fs20 1.
Savings
\tab \up0 \expndtw-5\charscalex100 $100,000\tab \up0 \expndtw-5\charscalex100 $1
00,000\tab \up0 \expndtw-5\charscalex100 $100,000\tab \up0 \expndtw-5\charscalex
100 $100,000\par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb23\sl-
230\slmult0 \up0 \expndtw-9\charscalex94 2.

Depreciation, \par\pard\li2709\sb
new\tab \up0 \expndtw-3\charscalex100 96,000\tab \up0 \expndtw-3\charscalex100 1
0 55,296\par\pard\ql \li1989\sb3\sl-230\slmult0 \up0 \expndtw-9\charscalex94 3.
Depreciation, \par\pard\li2829\sb37\sl-230\slmult0\fi0\tx4389\tx6309\tx8109\t
x10509 \up0 \expndtw-3\charscalex100 old\tab \up0 \expndtw-3\charscalex100 34,56
0\tab \up0 \expndtw-3\charscalex100 34,560\tab \up0 \expndtw-3\charscalex100 17,
280\tab \up0 \expndtw-3\charscalex100 0\par\pard\ql \li1989\sb203\sl-230\slmult0
\up0 \expndtw-9\charscalex92 4.
Incremental \par\pard\ql \li2589\sb30\sl-230
\slmult0 \up0 \expndtw-3\charscalex100 depreciation \par\pard\li2589\sb28\sl-230
\slmult0\fi0\tx4389\tx6189\tx8109\tx9909 \up0 \expndtw-7\charscalex100 (2) - (
3)\tab \up0 \expndtw-7\charscalex100 61,440\tab \up0 \expndtw-7\charscalex100 11
55,296\par\pard\ql \li1989\ri3935\sb228\sl-260\slmult0\tx2589 \up0 \expndtw-9\c
harscalex94 5.
Profit change \line\tab \up0 \expndtw-9\charscalex95 before ta
x \par\pard\li2589\sb22\sl-230\slmult0\fi0\tx4389\tx6189\tx8109\tx9909 \up0 \exp
ndtw-7\charscalex100 (1) - (4)\tab \up0 \expndtw-7\charscalex100 38,560\tab \u
p0 \expndtw-7\charscalex100 (19,040)\tab \up0 \expndtw-7\charscalex100 25,120\ta
b \up0 \expndtw-7\charscalex100 44,704\par\pard\ql \li1989\sb13\sl-230\slmult0 \
up0 \expndtw-9\charscalex85 6.
Taxes \par\pard\li2589\sb28\sl-230\slmult0\fi0
\tx4389\tx6309\tx8109\tx9909 \up0 \expndtw-5\charscalex100 (5) x (40%)\tab \up0
\expndtw-5\charscalex100 15,424\tab \up0 \expndtw-5\charscalex100 (7,616)\tab \
up0 \expndtw-5\charscalex100 10,048\tab \up0 \expndtw-5\charscalex100 17,882\par
\pard\ql \li1989\ri3935\sb204\sl-240\slmult0\tx2589 \up0 \expndtw-9\charscalex94
7.
Profit change \line\tab \up0 \expndtw-9\charscalex95 after tax \par\pard\
calex100 (5) - (6)\tab \up0 \expndtw-7\charscalex100 23,136\tab \up0 \expndtw7\charscalex100 (11,424)\tab \up0 \expndtw-7\charscalex100 15,072\tab \up0 \expn
dtw-7\charscalex100 26,822\par\pard\ql \li1989\sb0\sl-240\slmult0 \par\pard\ql\l
i1989\ri3875\sb15\sl-240\slmult0\tx2589 \up0 \expndtw-9\charscalex94 8.
Opera
ting cash \line\tab \up0 \expndtw-9\charscalex95 flow change \par\pard\ql \li258
9\sb29\sl-230\slmult0 \up0 \expndtw-9\charscalex89 (7) + (4) \ul0\nosupersub\c
f27\f28\fs20 or \par\pard\li1989\sb27\sl-230\slmult0\fi599\tx4389\tx6189\tx8229\
tx9909 \up0 \expndtw-9\charscalex95 \ul0\nosupersub\cf28\f29\fs20 (1) - (6)\ta
b \up0 \expndtw-9\charscalex95 84,576\tab \up0 \expndtw-9\charscalex95 107,616\t
ab \up0 \expndtw-9\charscalex95 89,952\tab \up0 \expndtw-9\charscalex95 82,118\p
ar\pard\li1989\sb20\sl-230\slmult0\fi0 \up0 \expndtw-9\charscalex95 9.
Salvag
e value\par\pard\li1989\sb21\sl-230\slmult0\fi599\tx4989\tx6909\tx8829\tx10509 \
up0 \expndtw-9\charscalex95 x (1 - .40)\tab \up0 \expndtw-9\charscalex95 0\ta
b \up0 \expndtw-9\charscalex95 0\tab \up0 \expndtw-9\charscalex95 0\tab \up0 \ex
pndtw-9\charscalex95 0\par\pard\li1989\sb220\sl-230\slmult0\fi0 \up0 \expndtw-9\
charscalex95 10. Net cash flow\par\pard\li1989\sb19\sl-230\slmult0\fi599\tx4149\
tx6069\tx7989\tx9669 \up0 \expndtw-9\charscalex95 (8) + (9)\tab \up0 \expndtw9\charscalex95 \ul0\nosupersub\cf27\f28\fs20 $ 84,576\tab \up0 \expndtw-9\chars
calex95 $107,616\tab \up0 \expndtw-9\charscalex95 $ 89,952\tab \up0 \expndtw-9\
charscalex95 $ 82,118\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl
alex100 \ul0\nosupersub\cf15\f16\fs18 169

w-5\charscalex100 \ul0\nosupersub\cf27\f28\fs20 END OF YEAR\par\pard\li1989\sb0\
sl-230\slmult0\par\pard\li1989\sb41\sl-230\slmult0\fi2640\tx6549\tx8349\tx10149
\up0 \expndtw-5\charscalex100 5\tab \up0 \expndtw-5\charscalex100 6\tab \up0 \ex
pndtw-5\charscalex100 7\tab \up0 \expndtw-5\charscalex100 8\par\pard\li1989\sb0\
ult0\fi0\tx4149\tx6069\tx7869\tx9669 \up0 \expndtw-5\charscalex100 \ul0\nosupers
ub\cf28\f29\fs20 1.
Savings\tab \up0 \expndtw-5\charscalex100 $100,000\tab \u
p0 \expndtw-5\charscalex100 $100,000\tab \up0 \expndtw-5\charscalex100 $100,000\
tab \up0 \expndtw-5\charscalex100 $100,000\par\pard\ql \li1989\sb0\sl-230\slmult
0 \par\pard\ql\li1989\sb23\sl-230\slmult0 \up0 \expndtw-9\charscalex94 2.
Dep
reciation, \par\pard\li2709\sb37\sl-230\slmult0\fi0\tx4389\tx6309\tx8709\tx10509
\up0 \expndtw-3\charscalex100 new\tab \up0 \expndtw-3\charscalex100 55,296\tab
\up0 \expndtw-3\charscalex100 27,648\tab \up0 \expndtw-3\charscalex100 0\tab \up
0 \expndtw-3\charscalex100 0\par\pard\ql \li1989\sb3\sl-230\slmult0 \up0 \expndt
w-9\charscalex94 3.
Depreciation, \par\pard\li2829\sb38\sl-230\slmult0\fi0\tx
4989\tx6909\tx8709\tx10509 \up0 \expndtw-3\charscalex100 old\tab \up0 \expndtw-3
\charscalex100 0\tab \up0 \expndtw-3\charscalex100 0\tab \up0 \expndtw-3\charsca
lex100 0\tab \up0 \expndtw-3\charscalex100 0\par\pard\ql \li1989\sb202\sl-230\sl
mult0 \up0 \expndtw-9\charscalex92 4.
Incremental \par\pard\ql \li2589\sb30\s
l-230\slmult0 \up0 \expndtw-3\charscalex100 depreciation \par\pard\li2589\sb28\s
l-230\slmult0\fi0\tx4389\tx6309\tx8709\tx10509 \up0 \expndtw-9\charscalex96 (2)
- (3)\tab \up0 \expndtw-9\charscalex96 55,296\tab \up0 \expndtw-9\charscalex96
27,648\tab \up0 \expndtw-9\charscalex96 0\tab \up0 \expndtw-9\charscalex96 0\pa
r\pard\ql \li1989\ri3935\sb228\sl-260\slmult0\tx2589 \up0 \expndtw-9\charscalex9
4 5.
Profit change \line\tab \up0 \expndtw-9\charscalex95 before tax \par\par
d\li2589\sb23\sl-230\slmult0\fi0\tx4389\tx6309\tx7989\tx9789 \up0 \expndtw-7\cha
rscalex100 (1) - (4)\tab \up0 \expndtw-7\charscalex100 44,704\tab \up0 \expndt
w-7\charscalex100 72,352\tab \up0 \expndtw-7\charscalex100 100,000\tab \up0 \exp
ndtw-7\charscalex100 100,000\par\pard\ql \li1989\sb12\sl-230\slmult0 \up0 \expnd
tw-9\charscalex85 6.
Taxes \par\pard\li2589\sb28\sl-230\slmult0\fi0\tx4389\tx
6309\tx8109\tx9909 \up0 \expndtw-5\charscalex100 (5) x (40%)\tab \up0 \expndtw5\charscalex100 17,882\tab \up0 \expndtw-5\charscalex100 28,941\tab \up0 \expndt
w-5\charscalex100 40,000\tab \up0 \expndtw-5\charscalex100 40,000\par\pard\ql \l
i1989\ri3935\sb204\sl-240\slmult0\tx2589 \up0 \expndtw-9\charscalex94 7.
Prof
it change \line\tab \up0 \expndtw-9\charscalex95 after tax \par\pard\li2589\sb36
\sl-230\slmult0\fi0\tx4389\tx6309\tx8109\tx9909 \up0 \expndtw-7\charscalex100 (5
) - (6)\tab \up0 \expndtw-7\charscalex100 26,822\tab \up0 \expndtw-7\charscale
x100 43,411\tab \up0 \expndtw-7\charscalex100 60,000\tab \up0 \expndtw-7\charsca
lex100 60,000\par\pard\ql \li1989\sb0\sl-240\slmult0 \par\pard\ql\li1989\ri3875\
sb15\sl-240\slmult0\tx2589 \up0 \expndtw-9\charscalex94 8.
Operating cash \li
ne\tab \up0 \expndtw-9\charscalex95 flow change \par\pard\ql \li2589\sb29\sl-230
\slmult0 \up0 \expndtw-9\charscalex89 (7) + (4) \ul0\nosupersub\cf27\f28\fs20
or \par\pard\li2589\sb28\sl-230\slmult0\fi0\tx4389\tx6309\tx8109\tx9909 \up0 \ex
pndtw-7\charscalex100 \ul0\nosupersub\cf28\f29\fs20 (1) - (6)\tab \up0 \expndt
w-7\charscalex100 82,118\tab \up0 \expndtw-7\charscalex100 71,059\tab \up0 \expn
dtw-7\charscalex100 60,000\tab \up0 \expndtw-7\charscalex100 60,000\par\pard\ql
\li1989\sb12\sl-230\slmult0 \up0 \expndtw-9\charscalex94 9.
Salvage value \pa
r\pard\li1989\sb28\sl-230\slmult0\fi599\tx4989\tx6909\tx8709\tx9909 \up0 \expndt
w-9\charscalex94 x (1 - .40)\tab \up0 \expndtw-9\charscalex94 0\tab \up0 \exp
ndtw-9\charscalex94 0\tab \up0 \expndtw-9\charscalex94 0\tab \up0 \expndtw-9\cha
rscalex94 24,000\par\pard\li1989\sb220\sl-230\slmult0\fi0 \up0 \expndtw-9\charsc
alex94 10. Net cash flow\par\pard\li1989\sb20\sl-230\slmult0\fi599\tx4149\tx6069

\tx7989\tx9669 \up0 \expndtw-9\charscalex94 (8) + (9)\tab \up0 \expndtw-9\char
scalex94 \ul0\nosupersub\cf27\f28\fs20 $ 82,118\tab \up0 \expndtw-9\charscalex9
4 $ 71,059\tab \up0 \expndtw-9\charscalex94 $ 60,000\tab \up0 \expndtw-9\chars
calex94 $ 84,000\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb0\sl-230\
slmult0\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb183\sl-230\slmult0\
fi0 \up0 \expndtw-8\charscalex100 \ul0\nosupersub\cf28\f29\fs20 Incremental cash
outflow at time 0 (i.e., initial cash outflow):\par\pard\li2589\sb0\sl-230\sl
mult0\par\pard\li2589\sb39\sl-230\slmult0\fi599 \up0 \expndtw-8\charscalex100 Co
st - Sale of old machines - Tax savings on book loss\par\pard\li2589\sb0\sl-23
0 $480,000 - $70,000 - (.40)($86,400 - $70,000) = \ul0\nosupersub\cf27\f2
8\fs20 $403,440\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\s
i1989\sb0\sl-230\slmult0\par\pard\li1989\sb15\sl-230\slmult0\fi0\tx2589 \up0 \ex
pndtw-3\charscalex100 \ul0\nosupersub\cf28\f29\fs20 2.\tab \up0 \expndtw-3\chars
calex100 Incremental cash inflows:\par\pard\ql \li7029\sb0\sl-230\slmult0 \par\p
ard\ql\li7029\sb23\sl-230\slmult0 \up0 \expndtw-3\charscalex100 \ul0\nosupersub\
cf27\f28\fs20 END OF YEAR \par\pard\li4749\sb0\sl-230\slmult0\par\pard\li4749\sb
58\sl-230\slmult0\fi0\tx6669\tx8469\tx10149 \up0 \expndtw-3\charscalex100 1\tab
\up0 \expndtw-3\charscalex100 2\tab \up0 \expndtw-3\charscalex100 3\tab \up0 \ex
pndtw-3\charscalex100 4\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb0\s
100 \ul0\nosupersub\cf28\f29\fs20 1.
Labor\par\pard\li1989\sb19\sl-230\slmult
0\fi599\tx4149\tx6069\tx7869\tx9549 \up0 \expndtw-6\charscalex100 savings\tab \u
p0 \expndtw-6\charscalex100 $150,000\tab \up0 \expndtw-6\charscalex100 $150,000\
tab \up0 \expndtw-6\charscalex100 $150,000\tab \up0 \expndtw-6\charscalex100 $15
0,000\par\pard\li1989\sb21\sl-230\slmult0\fi0 \up0 \expndtw-6\charscalex100 2.
Incremental\par\pard\li1989\sb20\sl-230\slmult0\fi599\tx4509\tx6429\tx8229\tx9
909 \up0 \expndtw-6\charscalex100 maintenance\tab \up0 \expndtw-6\charscalex100
6,000\tab \up0 \expndtw-6\charscalex100 6,000\par\pard\li1989\sb19\sl-230\slmult
0\fi0\tx4269\tx6189\tx8109\tx9789 \up0 \expndtw-6\charscalex100 3.
Depreciati
on\tab \up0 \expndtw-6\charscalex100 166,650\tab \up0 \expndtw-6\charscalex100 2
0 37,050\par\pard\ql \li1989\ri3935\sb205\sl-240\slmult0\tx2589 \up0 \expndtw-9\
charscalex94 4.
Profit change \line\tab \up0 \expndtw-9\charscalex95 before t
ax \par\pard\li2229\sb37\sl-230\slmult0\fi0\tx4269\tx6189\tx8109\tx9669 \up0 \ex
pndtw-9\charscalex82 (1) - (2) - (3)\tab \up0 \expndtw-9\charscalex96 (22,65
0)\tab \up0 \expndtw-9\charscalex96 (78,250)\tab \up0 \expndtw-9\charscalex96 69
,950\tab \up0 \expndtw-9\charscalex96 106,950\par\pard\ql \li1989\sb2\sl-230\slm
ult0 \up0 \expndtw-9\charscalex85 5.

Taxes \par\pard\li2589\sb38\sl-230\slmul
t0\fi0\tx4389\tx6189\tx8109\tx9789 \up0 \expndtw-5\charscalex100 (4) x (40%)\ta
b \up0 \expndtw-5\charscalex100 (9,060)\tab \up0 \expndtw-5\charscalex100 (31,30
0)\tab \up0 \expndtw-5\charscalex100 27,980\tab \up0 \expndtw-5\charscalex100 42
,780\par\pard\ql \li1989\ri3935\sb178\sl-260\slmult0\tx2589 \up0 \expndtw-9\char
scalex94 6.
Profit change \line\tab \up0 \expndtw-9\charscalex95 after tax \p
ar\pard\li2589\sb22\sl-230\slmult0\fi0\tx4269\tx6189\tx8109\tx9789 \up0 \expndtw
-7\charscalex100 (4) - (5)\tab \up0 \expndtw-7\charscalex100 (13,590)\tab \up0
\expndtw-7\charscalex100 (46,950)\tab \up0 \expndtw-7\charscalex100 41,970\tab
\up0 \expndtw-7\charscalex100 64,170\par\pard\ql \li1989\ri3875\sb5\sl-240\slmul
t0\tx2589 \up0 \expndtw-9\charscalex94 7.
Operating cash \line\tab \up0 \expn
dtw-9\charscalex95 flow change \par\pard\ql \li2589\sb29\sl-230\slmult0 \up0 \ex
pndtw-9\charscalex89 (6) + (3) \ul0\nosupersub\cf27\f28\fs20 or \par\pard\li23
49\sb28\sl-230\slmult0\fi0\tx6189\tx8109\tx9669 \up0 \expndtw-9\charscalex94 \ul
0\nosupersub\cf28\f29\fs20 (1) - (2) - (5) 153,060\tab \up0 \expndtw-9\char
scalex94 175,300\tab \up0 \expndtw-9\charscalex94 116,020\tab \up0 \expndtw-9\ch
arscalex94 101,220\par\pard\ql \li1989\sb12\sl-230\slmult0 \up0 \expndtw-9\chars
calex94 8.
Salvage value \par\pard\li1989\sb27\sl-230\slmult0\fi599\tx4989\tx
6909\tx8829\tx9789 \up0 \expndtw-8\charscalex100 x (1 - .40)\tab \up0 \expndt
w-8\charscalex100 0\tab \up0 \expndtw-8\charscalex100 0\tab \up0 \expndtw-8\char
scalex100 0\tab \up0 \expndtw-8\charscalex100 30,000\par\pard\li1989\sb0\sl-230\
slmult0\par\pard\li1989\sb17\sl-230\slmult0\fi0 \up0 \expndtw-8\charscalex100 9.
Net cash flow\par\pard\li1989\sb21\sl-230\slmult0\fi599\tx4149\tx6069\tx7989\tx
9549 \up0 \expndtw-8\charscalex100 (7) + (8)\tab \up0 \expndtw-8\charscalex100
\ul0\nosupersub\cf27\f28\fs20 $153,060\tab \up0 \expndtw-8\charscalex100 $175,3
00\tab \up0 \expndtw-8\charscalex100 $116,020\tab \up0 \expndtw-8\charscalex100
$131,220\par\pard\li2769\sb0\sl-230\slmult0\par\pard\li2769\sb0\sl-230\slmult0\p
ar\pard\li2769\sb0\sl-230\slmult0\par\pard\li2769\sb6\sl-230\slmult0\fi0 \up0 \e
xpndtw-5\charscalex100 \ul0\nosupersub\cf28\f29\fs20 Incremental cash outflow at
time 0 (i.e., initial cash outflow):\par\pard\li2769\sb0\sl-230\slmult0\par\p
ard\li2769\sb40\sl-230\slmult0\fi239 \up0 \expndtw-5\charscalex100 \ul0\nosupers
ub\cf27\f28\fs20 $500,000\ul0\nosupersub\cf28\f29\fs20 (in this case, simply t
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harscalex100 \ul0\nosupersub\cf15\f16\fs18 171
z-10000\shplid173
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8a28a00fffd9}}}}}\pard\sb0\sl-240{\bkmkstart Pg174}{\bkmkend Pg174}\par\pard\ql
\fs18 Pearson Education Limited 2005 \par\pard\ql \li4149\sb0\sl-690\slmult0 \pa
rd\ql\li4149\sb464\sl-690\slmult0 \up0 \expndtw0\charscalex97 \ul0\nosupersub\cf
22\f23\fs60 13 \par\pard\ql \li4149\ri3400\sb18\sl-560\slmult0 \up0 \expndtw0\ch
arscalex97 \ul0\nosupersub\cf23\f24\fs50 Capital Budgeting \line \up0 \expndtw0\
charscalex98 Techniques \par\pard\qj \li2073\sb0\sl-380\slmult0 \par\pard\qj\li2
-380\slmult0 \par\pard\qj\li2073\sb0\sl-380\slmult0 \par\pard\qj\li2073\ri1058\s
b69\sl-380\slmult0\fi0 \up0 \expndtw0\charscalex98 \ul0\nosupersub\cf25\f26\fs32
\u8220?These hieroglyphics have evidently a meaning. If it is a purely \up0 \
expndtw0\charscalex99 arbitrary one, it may be impossible for us to solve it.
If, on the \up0 \expndtw0\charscalex101 other hand, it is systematic, I have no
doubt that we shall yet \up0 \expndtw0\charscalex102 get to the bottom of it.\u8
221? \par\pard\ql \li7586\sb250\sl-368\slmult0 \up0 \expndtw0\charscalex95 SHERL
OCK HOLMES \par\pard\ql \li4238\sb12\sl-368\slmult0 \up0 \expndtw0\charscalex93
IN THE ADVENTURE OF THE DANCING MEN \par\pard\li1989\sb0\sl-207\slmult0\par\pard
lmult0\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb2\sl-207\slmult0\fi0
ersub\cf15\f16\fs18 172\par\pard\sect\sectd\fs24\paperw11900\paperh16840\pard\sb
0\sl-240{\bkmkstart Pg175}{\bkmkend Pg175}\par\pard\li1989\sb0\sl-207\slmult0\pa
\up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 13: Capital
Budgeting Techniques\tab \up0 \expndtw-2\charscalex100 Pearson Education Limited
2005\par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb0\sl-230\slmu
0 \par\pard\ql\li1989\sb28\sl-230\slmult0 \up0 \expndtw-3\charscalex100 \ul0\nos
upersub\cf27\f28\fs20 ANSWERS TO QUESTIONS \par\pard\ql \li1989\sb0\sl-230\slmul
t0\tx2589 \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf28\f29\fs20 1. \tab \u
p0 \expndtw-8\charscalex100 The time value of money refers to the fact
that money has an \par\pard\qj \li2589\ri1050\sb47\sl-500\slmult0 \up0 \expnd
tw-8\charscalex97 opportunity cost, i.e., its reinvestment rate.

Given
a positive \line \up0 \expndtw-8\charscalex97 interest rate, a dollar inves
ted today will yield more that one \line \up0 \expndtw-8\charscalex97 doll
ar in the future.
Thus, capital budgeting systems such as \line \up0
\expndtw-8\charscalex94 payback, which equate the bird in the hand with
one in the bush \line \up0 \expndtw-8\charscalex96 (rather than more tha
n one) do not accurately reflect either the \line \up0 \expndtw-6\charsca
lex100 investment opportunities of society, or a shareholder preference \
line \up0 \expndtw-8\charscalex96 for current, rather than future, consumpt
ion.
As such, they are \line \up0 \expndtw-9\charscalex96 nonoptimal. \par
\up0 \expndtw-3\charscalex100 2. \tab \up0 \expndtw-6\charscalex100 If the pa
yback period is used as the criterion for assigning \par\pard\qj \li2589
\ri1050\sb47\sl-500\slmult0 \up0 \expndtw-6\charscalex100 priorities to invest
ment projects, the highest priority will be \up0 \expndtw-6\charscalex100
assigned to projects with the shortest payback period.
Funds \up0 \ex
pndtw-8\charscalex96 available for investment may be unavailable for long
-term projects \up0 \expndtw-9\charscalex96 if short-term projects are acquired
first. \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb0\sl-230\s
mult0\tx2589 \up0 \expndtw-3\charscalex100 3. \tab \up0 \expndtw-8\charscalex100
It is often the case that larger projects will provide greater \par\p
ard\qj \li2589\ri1050\sb47\sl-500\slmult0 \up0 \expndtw-8\charscalex97 absolute
dollar increases in the value of the firm than smaller \up0 \expndtw-8
\charscalex91 projects simply because of the scale of the projects.
T
his is not \up0 \expndtw-8\charscalex91 a problem for ranking projects un
less the firm may be faced with a \up0 \expndtw-6\charscalex100 capital
rationing constraint.
For example, when faced with a \up0 \expndtw-6\c
harscalex100 single-period constraint, profitability index rankings will p
rove \up0 \expndtw-7\charscalex100 more useful in project selection. \par\pard\l
ard\li1989\sb140\sl-207\slmult0\fi0\tx10330 \up0 \expndtw-2\charscalex100 \ul0\n
}
}}
}

}}
}
calex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 13: Capital Budgeting Techniques\
lex100 \ul0\nosupersub\cf28\f29\fs20 4.\tab \up0 \expndtw-7\charscalex100 The i
nternal rate of return (IRR) is the discount rate that makes\par\pard\
qj \li2589\ri1051\sb30\sl-500\slmult0 \up0 \expndtw-8\charscalex93 the present
value of the benefits generated by a project equal to \line \up0 \expn
dtw-9\charscalex93 the investment.
The net present value \up0 \expndtw-9
\charscalex93 (NPV) is the difference \par\pard\qj \li2589\ri1050\sb0\sl-500\
slmult0 \up0 \expndtw-4\charscalex100 between the present value of the ben
efits discounted at the \line \up0 \expndtw-5\charscalex100 required return
\up0 \expndtw-9\charscalex96 (or cost of capital) and the investment.
One \par\pard\qj \li2589\ri1050\sb0\sl-500\slmult0 \up0 \expndtw-3\charscalex100
essential difference between the two approaches is the implied rate \line \up0
\expndtw-8\charscalex92 of return on the reinvestment of the cash flows.
The IRR assumes \line \up0 \expndtw-3\charscalex100 that the cash flows ar
e reinvested at the IRR while the NPV assumes \line \up0 \expndtw-8\charscalex94
reinvestment at the required rate of return.
Under conditions of \li
ne \up0 \expndtw-8\charscalex97 capital rationing, or mutually exclusive pr
ojects, and of sharply \line \up0 \expndtw-8\charscalex100 rising cost of
capital, this difference is very important since \line \up0 \expndtw-8\cha
rscalex93 only one assumption is correct.
In addition, problems in ra
nkings \line \up0 \expndtw-8\charscalex97 can occur because of differences
in the scale of investment and \line \up0 \expndtw-9\charscalex97 project l
ife. \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb0\sl-230\slmu
lt0 \par\pard\ql\li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb34\sl-230\slmul
t0\tx2589 \up0 \expndtw-3\charscalex100 5. \tab \up0 \expndtw-8\charscalex94 The
payback period is unsound because the time value of money is \par\pa
rd\qj \li2589\ri1050\sb47\sl-500\slmult0 \up0 \expndtw-6\charscalex100 ignored.
Also, the cash flows after payback are ignored.
Finally, \line \up0 \expnd
tw-8\charscalex91 the payback period of, say, three years may or may n
ot be adequate \line \up0 \expndtw-8\charscalex88 to satisfy a cost of ca
pital of, say, 10 percent.
It is a popular \line \up0 \expndtw-8\chars
calex100 profitability measure because of its simplicity and practicality
. \line \up0 \expndtw-8\charscalex97 In a
limited sense, the payback is
a measure of risk.
It \line \up0 \expndtw-5\charscalex100 emphasizes s
hort-term cash flows that are important for small \line \up0 \expndtw-8\c
harscalex100 growing concerns.
It emphasizes those cash flows that ca
n be \line \up0 \expndtw-8\charscalex97 predicted with greatest accuracy.
When used in conjunction with \line \up0 \expndtw-8\charscalex94 the NPV
method, the payback can improve the decision-making \line \up0 \ex
pndtw-9\charscalex94 process. \par\pard\li1989\sb0\sl-207\slmult0\par\pard\li198
up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf15\f16\fs18 174\par\pard\sect\sec
td\fs24\paperw11900\paperh16840\pard\sb0\sl-240{\bkmkstart Pg177}{\bkmkend Pg177
}\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmult0\par\pard
\li1989\sb81\sl-207\slmult0\fi0\tx7847 \up0 \expndtw-7\charscalex100 \ul0\nosupe
rsub\cf13\f14\fs18 Chapter 13: Capital Budgeting Techniques\tab \up0 \expndtw-7\
charscalex100 Pearson Education Limited 2005\par\pard\li1989\sb0\sl-230\slmult0\
ub\cf28\f29\fs20 6.\tab \up0 \expndtw-7\charscalex100 A project is mutually
exclusive with another if acceptance of one\par\pard\qj \li2589\ri1051\sb3
0\sl-500\slmult0 \up0 \expndtw-8\charscalex100 rules out acceptance of the
other.
A dependent or contingent \up0 \expndtw-8\charscalex93 project de
pends on the acceptance of another project before it can \up0 \expndtw9\charscalex93 be accepted. \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql
i1989\sb34\sl-230\slmult0\tx2589 \up0 \expndtw-3\charscalex100 7. \tab \up0 \exp
ndtw-8\charscalex96 If the use of capital budgeting techniques is widesp
read, capital \par\pard\qj \li2589\ri1050\sb47\sl-500\slmult0 \up0 \expndtw-8\c
harscalex93 will be allocated to the most efficient uses in society.
Savings \up0 \expndtw-8\charscalex94 in the economy will be channeled to
the most promising investment \up0 \expndtw-8\charscalex94 opportunities.
As a result, economic growth and want satisfaction \up0 \expndtw-5\chars
calex100 will be maximized.
All of this depends on the accurate measurement \
up0 \expndtw-5\charscalex100 of the benefits to be realized from an investment.
2589 \up0 \expndtw-3\charscalex100 8. \tab \up0 \expndtw-8\charscalex96 Capital
rationing is done to facilitate the approval process.
A \par\pard\qj
\li2589\ri1051\sb47\sl-500\slmult0 \up0 \expndtw-8\charscalex94 division may b
e given an annual budget for smaller projects, with \line \up0 \expndtw5\charscalex100 larger projects having to be approved on a project-by-pr
oject \line \up0 \expndtw-8\charscalex96 basis.
In other words, capital
rationing may not apply to all \line \up0 \expndtw-9\charscalex93 projects,
but only to smaller ones. \up0 \expndtw-9\charscalex92 Beyond the
desire to \par\pard\qj \li2589\ri1050\sb0\sl-500\slmult0 \up0 \expndtw-8\char
scalex97 facilitate the administration of capital budgeting, many compani
es \line \up0 \expndtw-8\charscalex100 ration capital because they do not
want to go to the external \line \up0 \expndtw-8\charscalex96 market for
financing.
While this is suboptimal if projects are \line \up0 \expndt
w-6\charscalex100 available that provide returns in excess of those requ
ired, we \line \up0 \expndtw-8\charscalex96 should recognize that this reas
on for capital rationing frequently \line \up0 \expndtw-9\charscalex96 preva
ils. \par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb0\sl-230\slmult0\par\
p0 \expndtw-8\charscalex100 9.\tab \up0 \expndtw-8\charscalex100 Problems may
result if the reinvestment rate available to the\par\pard\li1989\sb0\sl-2
00 company differs sharply from the internal rate of return (usually\pa
lt0\fi0\tx10330 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Van
Horne and Wachowicz: \ul0\nosupersub\cf14\f15\fs18 Fundamentals of Financial Man
agement,\ul0\nosupersub\cf13\f14\fs18 12e\tab \up0 \expndtw-2\charscalex100 \ul
0\nosupersub\cf15\f16\fs18 175
}
}}
}
}}
}
tab \up0 \expndtw-2\charscalex100 Pearson Education Limited 2005\par\pard\qj \li
2589\ri1051\sb465\sl-500\slmult0 \up0 \expndtw-8\charscalex92 \ul0\nosupersub\cf
28\f29\fs20 it is lower then the IRR), and the life of the project i
s fairly \line \up0 \expndtw-5\charscalex100 long.
For example, we should no
t be overly concerned with a three-\line \up0 \expndtw-8\charscalex92 year proj
ect where the IRR is 16 percent but the reinvestment rate \line \up0 \
expndtw-8\charscalex89 is only 13 percent.
However, we should be conce
rned if the IRR of \line \up0 \expndtw-8\charscalex93 a 20-year project i
s 32 percent but the reinvestment rate is only \line \up0 \expndtw-9\cha
rscalex93 13 percent. \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li198
sb34\sl-230\slmult0\tx2589\tx9626 \up0 \expndtw-3\charscalex100 10. \tab \up0 \e
xpndtw-9\charscalex95 Yes, it should bother you.
For a conventional pr
oject \tab \up0 \expndtw-8\charscalex100 (i.e., a \par\pard\qj \li2589\ri1050\s
b47\sl-500\slmult0 \up0 \expndtw-8\charscalex100 project whose cash-flow stre
am changes signs only once), if the \line \up0 \expndtw-8\charscalex97 dis
counted payback period is less than the projects useful life, \line \up
0 \expndtw-9\charscalex97 the project will have a positive net present v
alue \up0 \expndtw-9\charscalex89 (NPV).
The \par\pard\qj \li2589\ri1050\sb0
\sl-500\slmult0 \up0 \expndtw-8\charscalex89 projects NPV would, in fact,
be equal to the present value of all \line \up0 \expndtw-8\charscalex96
cash flows occurring after the projects discounted payback period. \line
\up0 \expndtw-8\charscalex94 If we reject this independent project, we w

ould not be maximizing \line \up0 \expndtw-8\charscalex93 the value of the
firm.
Thus, if a firm not subject to capital \line \up0 \expndtw-6\
charscalex100 rationing sets a single maximum discounted payback period
as a \line \up0 \expndtw-6\charscalex100 cutoff for all independent project
s, it runs the real risk of \line \up0 \expndtw-7\charscalex100 rejecting
long-lived, but still positive-NPV projects. \par\pard\qj \li2589\ri1051\sb0\sl500\slmult0\fi599 \up0 \expndtw-3\charscalex100 The discounted payback period me
thod overcomes one shortcoming \line \up0 \expndtw-8\charscalex93 of the tradi
tional payback period method.
It
accounts for
the \line \up0 \expnd
tw-9\charscalex93 time value of money \up0 \expndtw-9\charscalex93 (and risk
) by discounting cash flows at the \par\pard\ql \li2589\sb224\sl-230\slmul
t0\tx5181 \up0 \expndtw-4\charscalex100 cost of capital. \tab \up0 \expndtw-4\
charscalex100 However, it fails to consider cash flows \par\pard\qj \li258
9\ri1050\sb47\sl-500\slmult0 \up0 \expndtw-8\charscalex100 occurring after the
expiration of the discounted payback period; \line \up0 \expndtw-8\charsc
alex94 consequently, we cannot
regard it as a measure of profitabilit
y. \line \up0 \expndtw-5\charscalex100 In addition, the maximum acceptable
discounted payback period, \line \up0 \expndtw-5\charscalex100 which serves as
the cutoff standard, is a purely subjective choice. \par\pard\li1989\sb0\sl-207
8 176\par\pard\sect\sectd\fs24\paperw11900\paperh16840\pard\sb0\sl-240{\bkmkstar
t Pg179}{\bkmkend Pg179}\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\
arscalex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 13: Capital Budgeting Techniqu
es\tab \up0 \expndtw-2\charscalex100 Pearson Education Limited 2005\par\pard\qj
\li2589\ri1050\sb465\sl-500\slmult0\fi599 \up0 \expndtw-9\charscalex97 \ul0\nosu
persub\cf28\f29\fs20 The NPV method holds several advantages over the di
scounted \up0 \expndtw-8\charscalex94 payback period method.
For example,
the NPV method considers all \up0 \expndtw-8\charscalex94 cash flows for
a project, reveals the absolute dollar value added \up0 \expndtw-6\chars
calex100 to the firm by project acceptance, and handles correctly even
\up0 \expndtw-6\charscalex100 unconventional cash-flow patterns. \par\pard\ql \l
4\sl-230\slmult0 \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf27\f28\fs20 SOL
UTIONS TO PROBLEMS \par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb191\sl230\slmult0\fi0\tx2589 \up0 \expndtw-6\charscalex100 \ul0\nosupersub\cf28\f29\fs
20 1.\tab \up0 \expndtw-6\charscalex100 Payback period (PBP):\par\pard\li3909\s
\slmult0\fi3359 \up0 \expndtw-8\charscalex100 PROJECT A\par\pard\li3909\sb0\sl-2
\charscalex100 YEAR\tab \up0 \expndtw-8\charscalex100 Cash Flows\tab \up0 \expnd
tw-8\charscalex100 Cumulative Inflows\par\pard\li3909\sb0\sl-230\slmult0\par\par
d\li3909\sb16\sl-230\slmult0\fi119\tx5229\tx7868 \up0 \expndtw-8\charscalex100 0
\tab \up0 \expndtw-8\charscalex100 ($9,000)(-b)\tab \up0 \expndtw-8\charscalex10
0 --\par\pard\li3909\sb21\sl-230\slmult0\fi119\tx5469\tx7508 \up0 \expndtw-8\cha
rscalex100 1\tab \up0 \expndtw-8\charscalex100 5,000\tab \up0 \expndtw-8\charsca
lex100 $ 5,000\par\pard\li3909\sb20\sl-230\slmult0\fi119\tx5469\tx7748 \up0 \ex
pndtw-8\charscalex100 2(a)\tab \up0 \expndtw-8\charscalex100 4,000\tab \up0 \exp
ndtw-8\charscalex100 9,000(c)\par\pard\li3909\sb19\sl-230\slmult0\fi119\tx5469\t
x7628 \up0 \expndtw-8\charscalex100 3\tab \up0 \expndtw-8\charscalex100 3,000(d)
\tab \up0 \expndtw-8\charscalex100 12,000\par\pard\li3909\sb0\sl-230\slmult0\par

\pard\li3909\sb18\sl-230\slmult0\fi0 \up0 \expndtw-8\charscalex100 PBP = a +
(b - c)/d\par\pard\li3909\sb20\sl-230\slmult0\fi479 \up0 \expndtw-8\charscalex1
00 = 2 + ($9,000 - $9,000)/$3,000 = \ul0\nosupersub\cf27\f28\fs20 2 years
li3909\sb0\sl-230\slmult0\par\pard\li3909\sb32\sl-230\slmult0\fi3359 \up0 \expnd
tw-8\charscalex100 \ul0\nosupersub\cf28\f29\fs20 PROJECT B\par\pard\li3909\sb0\s
l-230\slmult0\par\pard\li3909\sb17\sl-230\slmult0\fi0\tx5229\tx7028 \up0 \expndt
w-8\charscalex100 YEAR\tab \up0 \expndtw-8\charscalex100 Cash Flows\tab \up0 \ex
pndtw-8\charscalex100 Cumulative Inflows\par\pard\li3909\sb0\sl-230\slmult0\par\
0 0\tab \up0 \expndtw-8\charscalex100 ($12,000)(-b)\tab \up0 \expndtw-8\charscal
ex100 --\par\pard\li3909\sb21\sl-230\slmult0\fi119\tx5588\tx7628 \up0 \expndtw-8
\charscalex100 1\tab \up0 \expndtw-8\charscalex100 5,000\tab \up0 \expndtw-8\cha
rscalex100 $ 5,000\par\pard\li3909\sb20\sl-230\slmult0\fi119\tx5588\tx7748 \up0
\expndtw-8\charscalex100 2(a)\tab \up0 \expndtw-8\charscalex100 5,000\tab \up0
\expndtw-8\charscalex100 10,000(c)\par\pard\li3909\sb19\sl-230\slmult0\fi119\tx5
00(d)\tab \up0 \expndtw-8\charscalex100 18,000\par\pard\li3909\sb0\sl-230\slmult
0\par\pard\li3909\sb18\sl-230\slmult0\fi0 \up0 \expndtw-8\charscalex100 PBP = a
+ (b - c)/d\par\pard\li3909\sb19\sl-230\slmult0\fi479 \up0 \expndtw-8\charsc
alex100 = 2 + ($12,000 - $10,000)/$8,000 = \ul0\nosupersub\cf27\f28\fs20
2.25 years\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmult0
840\pard\sb0\sl-240{\bkmkstart Pg180}{\bkmkend Pg180}\par\pard\li1989\sb0\sl-207
fi0\tx7847 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 1
3: Capital Budgeting Techniques\tab \up0 \expndtw-2\charscalex100 Pearson Educat
ion Limited 2005\par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\sb0\sl-230\s
3839 \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf28\f29\fs20 PROJECT A\par\p
ard\li3189\sb220\sl-230\slmult0\fi3599 \up0 \expndtw-3\charscalex100 Present Val
ue\par\pard\li3189\sb21\sl-230\slmult0\fi3479\tx9189 \up0 \expndtw-3\charscalex1
00 Discount Factor\tab \up0 \expndtw-3\charscalex100 Present\par\pard\li3189\sb2
0\sl-230\slmult0\fi0\tx4749\tx7269\tx9309 \up0 \expndtw-3\charscalex100 YEAR\tab
\up0 \expndtw-3\charscalex100 Cash Flow\tab \up0 \expndtw-3\charscalex100 (15%)
\tab \up0 \expndtw-3\charscalex100 Value\par\pard\li3309\sb0\sl-230\slmult0\par\
pard\li3309\sb0\sl-230\slmult0\par\pard\li3309\sb9\sl-230\slmult0\fi0\tx4749\tx7
269\tx9069 \up0 \expndtw-5\charscalex100 0\tab \up0 \expndtw-5\charscalex100 $(
9,000)\tab \up0 \expndtw-5\charscalex100 1.000\tab \up0 \expndtw-5\charscalex10
0 $( 9,000)\par\pard\li3309\sb0\sl-230\slmult0\par\pard\li3309\sb41\sl-230\slmu
lt0\fi0\tx5109\tx7389\tx9429 \up0 \expndtw-5\charscalex100 1\tab \up0 \expndtw-5
\charscalex100 5,000\tab \up0 \expndtw-5\charscalex100 .870\tab \up0 \expndtw-5\
30\slmult0\fi0\tx5109\tx7389\tx9429 \up0 \expndtw-5\charscalex100 2\tab \up0 \ex
pndtw-5\charscalex100 4,000\tab \up0 \expndtw-5\charscalex100 .756\tab \up0 \exp
ndtw-5\charscalex100 3,024\par\pard\li3309\sb0\sl-230\slmult0\par\pard\li3309\sb
39\sl-230\slmult0\fi0\tx5109\tx7389\tx9429 \up0 \expndtw-5\charscalex100 3\tab \
up0 \expndtw-5\charscalex100 3,000\tab \up0 \expndtw-5\charscalex100 .658\tab \u
p0 \expndtw-5\charscalex100 1,974\par\pard\li6669\sb0\sl-230\slmult0\par\pard\li
6669\sb17\sl-230\slmult0\fi0\tx9669 \up0 \expndtw-9\charscalex97 Net present val
ue = \ul0\nosupersub\cf27\f28\fs20 $\tab \up0 \expndtw-9\charscalex97 348*\par
\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb147\sl-230\slmult0\fi0 \up2 \e
xpndtw-3\charscalex100 *\t \dn4 \expndtw-3\charscalex100 \ul0\nosupersub\cf28\f2
9\fs20 (Note: using a computer, rather than a present value table, we get\par\pa
rd\li2589\sb90\sl-230\slmult0\fi239 \up0 \expndtw-3\charscalex100 \ul0\nosupersu
b\cf27\f28\fs20 $346\ul0\nosupersub\cf28\f29\fs20 .)\par\pard\li3189\sb0\sl-230\
r\pard\li3189\sb210\sl-230\slmult0\fi3839 \up0 \expndtw-3\charscalex100 PROJECT
B\par\pard\li3189\sb220\sl-230\slmult0\fi3599 \up0 \expndtw-3\charscalex100 Pres
ent Value\par\pard\li3189\sb19\sl-230\slmult0\fi3479\tx9189 \up0 \expndtw-3\char
scalex100 Discount Factor\tab \up0 \expndtw-3\charscalex100 Present\par\pard\li3
189\sb21\sl-230\slmult0\fi0\tx4749\tx7269\tx9309 \up0 \expndtw-3\charscalex100 Y
EAR\tab \up0 \expndtw-3\charscalex100 Cash Flow\tab \up0 \expndtw-3\charscalex10
0 (15%)\tab \up0 \expndtw-3\charscalex100 Value\par\pard\li3309\sb0\sl-230\slmul
t0\par\pard\li3309\sb216\sl-230\slmult0\fi0\tx4749\tx7269\tx9069 \up0 \expndtw-3
\charscalex100 0\tab \up0 \expndtw-3\charscalex100 $(12,000)\tab \up0 \expndtw-3
\charscalex100 1.000\tab \up0 \expndtw-3\charscalex100 $(12,000)\par\pard\li3309
\up0 \expndtw-3\charscalex100 1\tab \up0 \expndtw-3\charscalex100 5,000\tab \up
0 \expndtw-3\charscalex100 .870\tab \up0 \expndtw-3\charscalex100 4,350\par\pard
\tx9429 \up0 \expndtw-3\charscalex100 2\tab \up0 \expndtw-3\charscalex100 5,000\
tab \up0 \expndtw-3\charscalex100 .756\tab \up0 \expndtw-3\charscalex100 3,780\p
5,264\par\pard\ql \li6669\sb0\sl-230\slmult0 \par\pard\ql\li6669\sb13\sl-230\slm
ult0\tx9429 \up0 \expndtw-9\charscalex95 Net present value = \ul0\nosupersub\cf
27\f28\fs20 $ \tab \up0 \expndtw-3\charscalex100 1,394* \par\pard\li2589\sb0\sl
-230\slmult0\par\pard\li2589\sb150\sl-230\slmult0\fi0 \up2 \expndtw-3\charscalex
100 *\t \dn4 \expndtw-3\charscalex100 \ul0\nosupersub\cf28\f29\fs20 (Note: using
a computer, rather than a present value table, we get\par\pard\li2589\sb91\sl-2
30\slmult0\fi239 \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf27\f28\fs20 $1,
389\ul0\nosupersub\cf28\f29\fs20 .)\par\pard\li2589\sb0\sl-230\slmult0\par\pard\
li2589\sb0\sl-230\slmult0\par\pard\li2589\sb13\sl-230\slmult0\fi0 \up0 \expndtw9\charscalex93 Profitability index:\par\pard\li2589\sb0\sl-230\slmult0\par\pard\
li2589\sb39\sl-230\slmult0\fi599 \up0 \expndtw-9\charscalex93 Project A = ($4,
350 + $3,024 + $1,974)/$9,000 = 1.039\par\pard\li2589\sb0\sl-230\slmult0\p
ar\pard\li2589\sb40\sl-230\slmult0\fi599 \up0 \expndtw-9\charscalex93 Project B
= ($4,350 + $3,780 + $5,264)/$12,000 = 1.116\par\pard\li1989\sb0\sl-207\
s18 12e\tab \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf15\f16\fs18 178\par
\pard\sect\sectd\fs24\paperw11900\paperh16840\pard\sb0\sl-240{\bkmkstart Pg181}{
\bkmkend Pg181}\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\sl
mult0\par\pard\li1989\sb81\sl-207\slmult0\fi0\tx7847 \up0 \expndtw-4\charscalex1
00 \ul0\nosupersub\cf13\f14\fs18 Chapter 13: Capital Budgeting Techniques\tab \u
p0 \expndtw-4\charscalex100 Pearson Education Limited 2005\par\pard\li1989\sb0\s
lt0\par\pard\li1989\sb15\sl-230\slmult0\fi0\tx2589\tx5110 \up0 \expndtw-5\charsc
alex100 \ul0\nosupersub\cf28\f29\fs20 2.\tab \up0 \expndtw-5\charscalex100 The
payback method\tab \up0 \expndtw-5\charscalex100 (1) ignores cash flows occ
urring after the\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl-23
0\slmult0\fi599\tx6909 \up0 \expndtw-8\charscalex100 expiration of the paybac
k period,\tab \up0 \expndtw-5\charscalex100 (2) ignores the time value of\
0 \expndtw-5\charscalex100 money, and (3) makes use of a crude acceptance crite
rion, namely, a\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl-230\s
lmult0\fi599 \up0 \expndtw-5\charscalex100 subjectively determined cutoff point.
li1989\sb111\sl-230\slmult0\fi0\tx2589\tx3189 \up0 \expndtw-5\charscalex100 3.\t
ab \up0 \expndtw-5\charscalex100 a)\tab \up0 \expndtw-5\charscalex100 7.18 perce
nt\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl-230\slmult0\fi599\
tx3189 \up0 \expndtw-5\charscalex100 b)\tab \up0 \expndtw-5\charscalex100 23.38
percent\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb39\sl-230\slmult0\f
i599\tx3189 \up0 \expndtw-5\charscalex100 c)\tab \up0 \expndtw-5\charscalex100 3
3.18 percent\par\pard\ql \li2589\sb0\sl-230\slmult0 \par\pard\ql\li2589\sb23\sl230\slmult0 \up0 \expndtw-9\charscalex93 d)
IRR = $130/$1,000 = 13 percen
t (a perpetuity) \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb
0\sl-230\slmult0 \par\pard\ql\li1989\sb70\sl-230\slmult0\tx2589 \up0 \expndtw-3\
charscalex100 4. \tab \up0 \expndtw-6\charscalex100 a)
The IRR for project A
is 34.90 percent. \par\pard\ql \li3189\sb0\sl-230\slmult0 \par\pard\ql\li3189\s
b40\sl-230\slmult0 \up0 \expndtw-5\charscalex100 The IRR for project B is 31.61
percent. \par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb47\sl-230\slmult
0\fi0\tx6189\tx7989 \up0 \expndtw-6\charscalex100 b)
Required return\tab \up0
\expndtw-5\charscalex100 NPV\ul0\sub\cf36\f37\fs19 A\tab \up0 \expndtw-5\charsc
alex100 \ul0\nosupersub\cf28\f29\fs20 NPV\ul0\sub\cf36\f37\fs19 B\par\pard\li366
\cf28\f29\fs20 \u8212?\u8212?\u8212?\u8212?\tab \up0 \expndtw-3\charscalex100 \u
8212?\u8212?\u8212?\u8212?\par\pard\li3669\sb0\sl-230\slmult0\par\pard\li3669\sb
49\sl-230\slmult0\fi119\tx6069\tx7869 \up0 \expndtw-3\charscalex100 0%\tab \up0
\expndtw-3\charscalex100 $2,000\tab \up0 \expndtw-3\charscalex100 $4,000\par\par
\tab \up0 \expndtw-3\charscalex100 1,546\tab \up0 \expndtw-3\charscalex100 2,936
\par\pard\li3669\sb20\sl-230\slmult0\fi0\tx6189\tx7989 \up0 \expndtw-3\charscale
0 2,098\par\pard\li3669\sb21\sl-230\slmult0\fi0\tx6429\tx8229 \up0 \expndtw-3\ch
arscalex100 20\tab \up0 \expndtw-3\charscalex100 589\tab \up0 \expndtw-3\charsca
lex100 894\par\pard\li3669\sb19\sl-230\slmult0\fi0\tx6429\tx8229 \up0 \expndtw-3
\charscalex100 30\tab \up0 \expndtw-3\charscalex100 166\tab \up0 \expndtw-3\char
scalex100 101\par\pard\li3669\sb219\sl-230\slmult0\fi0\tx6549\tx8109 \up0 \expnd
tw-3\charscalex100 35\tab \up0 \expndtw-3\charscalex100 -3\tab \up0 \expndtw-3\c
harscalex100 -194\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb40\sl-230
\slmult0\fi0\tx3353 \up0 \expndtw-3\charscalex100 c)\tab \dn2 \expndtw-2\charsca
lex100 \ul0\nosupersub\cf39\f40\fs14 NPV\par\pard\ql \li3212\sb4\sl-161\slmult0
\up0 \expndtw-2\charscalex100 $4,000 \par\pard\li3290\sb0\sl-161\slmult0\par\par
b136\sl-161\slmult0\fi0\tx4559 \dn2 \expndtw-2\charscalex100 3,000\tab \up2 \exp
ndtw-2\charscalex100 B\par\pard\ql \li3290\sb0\sl-161\slmult0 \par\pard\ql\li329
calex100 2,000 \par\pard\ql \li4470\sb0\sl-126\slmult0 \up0 \expndtw-2\charscale
x100 A \par\pard\ql \li3290\sb0\sl-161\slmult0 \par\pard\ql\li3290\sb0\sl-161\sl
ult0 \up0 \expndtw-2\charscalex100 1,000 \par\pard\li3825\sb0\sl-161\slmult0\par
l-161\slmult0\fi0\tx4543\tx5161\tx5805\tx6421\tx7065\tx7695\tx8339\tx8961 \up0 \
expndtw-2\charscalex100 0\tab \up0 \expndtw-2\charscalex100 5\tab \up0 \expndtw2\charscalex100 10\tab \up0 \expndtw-2\charscalex100 15\tab \up0 \expndtw-2\char
scalex100 20\tab \up0 \expndtw-2\charscalex100 25\tab \up0 \expndtw-2\charscalex
\par\pard\li1989\sb0\sl-161\slmult0\fi4239 \up0 \expndtw-2\charscalex100 Percent

}
{\sp{\sn pVerticies}{\sv 8;3;(0,0);(0,3240);(5199,3240)}}
{\sp{\sn pSegmentInfo}{\sv 2;7;16384;45824;1;45824;1;45824;32768}}
}}
}}
}}
}}
}}
}
{\sp{\sn pVerticies}{\sv 8;7;(0,0);(594,807);(1314,1497);(2350,2231);(2634,2457)
;(3250,2757);(4254,3237)}}
824;1;45824;32768}}
}}
}
{\sp{\sn pVerticies}{\sv 8;8;(0,0);(774,447);(1314,671);(1824,851);(2260,987);(2
620,1121);(3324,1301);(4570,1677)}}
824;1;45824;1;45824;32768}}

}}
}}
}}
}}
}}
}}
}}
}}
tab \up0 \expndtw-2\charscalex100 Pearson Education Limited 2005\par\pard\ql \li
8\f29\fs20 d) \tab \up0 \expndtw-9\charscalex91 The superior project will be
the one having the highest NPV \par\pard\qj \li3429\ri1051\sb27\sl-380\sl
mult0 \up0 \expndtw-9\charscalex91 at the required rate of return.
Below
about 28 percent, B \line \up0 \expndtw-9\charscalex92 dominates; at abou
t 28 percent and above, A dominates.
We \line \up0 \expndtw-9\charscale
x94 are assuming that the required rate of return is the same \line \u
p0 \expndtw-9\charscalex95 for each project and that there is no capital rationi
ng. \par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb0\sl-230\slmult0\par\p
ard\li1989\sb11\sl-230\slmult0\fi0\tx2589 \up0 \expndtw-3\charscalex100 5.\tab \
up0 \expndtw-3\charscalex100 Cash Flows:\par\pard\li1989\sb0\sl-230\slmult0\par\
pard\li1989\sb40\sl-230\slmult0\fi119 \up0 \expndtw-3\charscalex100 Project A\pa
r\pard\li1989\sb71\sl-230\slmult0\fi120\tx3309\tx4389\tx5469\tx6549\tx7629\tx870
9\tx9789 \up0 \expndtw-3\charscalex100 Savings\tab \up0 \expndtw-3\charscalex100

$8,000\tab \up0 \expndtw-3\charscalex100 $8,000\tab \up0 \expndtw-3\charscalex1
00 $8,000\tab \up0 \expndtw-3\charscalex100 $8,000\tab \up0 \expndtw-3\charscale
x100 $8,000\tab \up0 \expndtw-3\charscalex100 $8,000\tab \up0 \expndtw-3\charsca
lex100 $8,000\par\pard\li1989\sb20\sl-230\slmult0\fi120\tx3309\tx4389\tx5469\tx6
549\tx7629\tx8709\tx10389 \up0 \expndtw-3\charscalex100 Depr.\tab \up0 \expndtw3\charscalex100 (5,600)\tab \up0 \expndtw-3\charscalex100 (8,960)\tab \up0 \expn
dtw-3\charscalex100 (5,376)\tab \up0 \expndtw-3\charscalex100 (3,226)\tab \up0 \
expndtw-3\charscalex100 (3,225)\tab \up0 \expndtw-3\charscalex100 (1,613)\tab \u
p0 \expndtw-3\charscalex100 0\par\pard\li1989\sb19\sl-230\slmult0\fi119\tx3429\t
x4629\tx5589\tx6669\tx7749\tx8829\tx9909 \up0 \expndtw-3\charscalex100 PBT\tab \
up0 \expndtw-3\charscalex100 2,400\tab \up0 \expndtw-3\charscalex100 (960)\tab \
up0 \expndtw-3\charscalex100 8,000\par\pard\li1989\sb0\sl-230\slmult0\par\pard\l
i1989\sb41\sl-230\slmult0\fi119\tx3669\tx4629\tx5829\tx6669\tx7749\tx8829\tx9909
\up0 \expndtw-3\charscalex100 Taxes (34%)\tab \up0 \expndtw-3\charscalex100 81
6\tab \up0 \expndtw-3\charscalex100 (326)\tab \up0 \expndtw-3\charscalex100 892\
par\pard\li1989\sb19\sl-230\slmult0\fi119 \up0 \expndtw-3\charscalex100 Cash flo
w\par\pard\li1989\sb21\sl-230\slmult0\fi239 \up0 \expndtw-3\charscalex100 (Savin
gs\par\pard\li1989\sb20\sl-230\slmult0\fi359\tx4509\tx5589\tx6669\tx7749\tx8829\
tx9909 \up0 \expndtw-3\charscalex100 - Taxes) 7,184\tab \up0 \expndtw-3\charsca
lex100 8,326\tab \up0 \expndtw-3\charscalex100 7,108\tab \up0 \expndtw-3\charsca
lex100 6,377\tab \up0 \expndtw-3\charscalex100 6,376\tab \up0 \expndtw-3\charsca
lex100 5,828\tab \up0 \expndtw-3\charscalex100 5,280\par\pard\li2109\sb0\sl-230\
i0 \up0 \expndtw-3\charscalex100 Project B\par\pard\li2109\sb0\sl-230\slmult0\pa
r\pard\li2109\sb40\sl-230\slmult0\fi0\tx3309\tx4389\tx5469\tx6549\tx7629\tx8709\
tx9789 \up0 \expndtw-3\charscalex100 Savings\tab \up0 \expndtw-3\charscalex100 $
5,000\tab \up0 \expndtw-3\charscalex100 $5,000\tab \up0 \expndtw-3\charscalex100
$6,000\tab \up0 \expndtw-3\charscalex100 $6,000\tab \up0 \expndtw-3\charscalex1
00 $7,000\tab \up0 \expndtw-3\charscalex100 $7,000\tab \up0 \expndtw-3\charscale
x100 $7,000\par\pard\li2109\sb20\sl-230\slmult0\fi0\tx3309\tx4389\tx5469\tx6549\
tx7629\tx8709\tx10389 \up0 \expndtw-3\charscalex100 Depr.\tab \up0 \expndtw-3\ch
arscalex100 (4,000)\tab \up0 \expndtw-3\charscalex100 (6,400)\tab \up0 \expndtw3\charscalex100 (3,840)\tab \up0 \expndtw-3\charscalex100 (2,304)\tab \up0 \expn
dtw-3\charscalex100 (2,304)\tab \up0 \expndtw-3\charscalex100 (1,152)\tab \up0 \
expndtw-3\charscalex100 0\par\pard\li2109\sb19\sl-230\slmult0\fi0\tx3429\tx4389\
tx5589\tx6669\tx7749\tx8829\tx9909 \up0 \expndtw-3\charscalex100 PBT\tab \up0 \e
xpndtw-3\charscalex100 1,000\tab \up0 \expndtw-3\charscalex100 (1,400)\tab \up0
\expndtw-3\charscalex100 7,000\par\pard\li2109\sb0\sl-230\slmult0\par\pard\li210
9\sb41\sl-230\slmult0\fi0\tx3669\tx4629\tx5829\tx6669\tx7749\tx8829\tx9909 \up0
\expndtw-3\charscalex100 Taxes (34%)\tab \up0 \expndtw-3\charscalex100 340\tab
\up0 \expndtw-3\charscalex100 (476)\tab \up0 \expndtw-3\charscalex100 734\tab \u
p0 \expndtw-3\charscalex100 1,988\tab \up0 \expndtw-3\charscalex100 2,380\par\pa
rd\ql \li2109\ri4355\sb0\sl-260\slmult0 \up0 \expndtw-3\charscalex100 Cash flow
\line \up0 \expndtw-3\charscalex100 (Savings \par\pard\li2349\sb200\sl-230\slmul
t0\fi0\tx4509\tx5589\tx6669\tx7749\tx8829\tx9909 \up0 \expndtw-4\charscalex100 Taxes) 4,660\tab \up0 \expndtw-4\charscalex100 5,476\tab \up0 \expndtw-4\chars
calex100 5,266\tab \up0 \expndtw-4\charscalex100 4,743\tab \up0 \expndtw-4\chars
calex100 5,403\tab \up0 \expndtw-4\charscalex100 5,012\tab \up0 \expndtw-4\chars
calex100 4,620\par\pard\ql \li3189\sb0\sl-230\slmult0 \par\pard\ql\li3189\sb0\sl
00 a) \par\pard\li3909\sb34\sl-230\slmult0\fi3359 \up0 \expndtw-8\charscalex100
PROJECT A\par\pard\li3909\sb0\sl-230\slmult0\par\pard\li3909\sb17\sl-230\slmult0
\fi0\tx5229\tx7029 \up0 \expndtw-8\charscalex100 YEAR\tab \up0 \expndtw-8\charsc

alex100 Cash Flows\tab \up0 \expndtw-8\charscalex100 Cumulative Inflows\par\pard
89 \up0 \expndtw-8\charscalex100 0\tab \up0 \expndtw-8\charscalex100 ($28,000)(b)\tab \up0 \expndtw-8\charscalex100 --\par\pard\li3909\sb21\sl-230\slmult0\fi11
0 7,184\tab \up0 \expndtw-8\charscalex100 $ 7,184\par\pard\li3909\sb19\sl-230\s
lmult0\fi119\tx5589\tx7749 \up0 \expndtw-8\charscalex100 2\tab \up0 \expndtw-8\c
harscalex100 8,326\tab \up0 \expndtw-8\charscalex100 15,510\par\pard\li3909\sb20
\sl-230\slmult0\fi119\tx5589\tx7749 \up0 \expndtw-8\charscalex100 3(a)\tab \up0
\expndtw-8\charscalex100 7,108\tab \up0 \expndtw-8\charscalex100 22,618(c)\par\p
ard\li3909\sb21\sl-230\slmult0\fi119\tx5589\tx7749 \up0 \expndtw-8\charscalex100
4\tab \up0 \expndtw-8\charscalex100 6,377(d)\tab \up0 \expndtw-8\charscalex100
22,995\par\pard\li3909\sb0\sl-230\slmult0\par\pard\li3909\sb16\sl-230\slmult0\fi
0 \up0 \expndtw-8\charscalex100 PBP = a + (b - c)/d\par\pard\li3909\sb20\sl230\slmult0\fi479 \up0 \expndtw-8\charscalex100 = 3 + ($28,000 - $22,618)/$
6,377 = \ul0\nosupersub\cf27\f28\fs20 3.84 years\par\pard\li1989\sb0\sl-207\sl
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
00 \ul0\nosupersub\cf28\f29\fs20 PROJECT B\par\pard\li3909\sb0\sl-230\slmult0\pa
r\pard\li3909\sb17\sl-230\slmult0\fi0\tx5229\tx7028 \up0 \expndtw-3\charscalex10
0 YEAR\tab \up0 \expndtw-3\charscalex100 Cash Flows\tab \up0 \expndtw-3\charscal
ex100 Cumulative Inflows\par\pard\li3909\sb0\sl-230\slmult0\par\pard\li3909\sb17
\sl-230\slmult0\fi119\tx5229\tx7988 \up0 \expndtw-3\charscalex100 0\tab \up0 \ex
pndtw-3\charscalex100 ($20,000)(-b)\tab \up0 \expndtw-3\charscalex100 --\par\par
\tab \up0 \expndtw-3\charscalex100 4,660\tab \up0 \expndtw-3\charscalex100 $ 4,
660\par\pard\li3909\sb20\sl-230\slmult0\fi119\tx5588\tx7748 \up0 \expndtw-3\char
scalex100 2\tab \up0 \expndtw-3\charscalex100 5,476\tab \up0 \expndtw-3\charscal
ex100 10,136\par\pard\li3909\sb21\sl-230\slmult0\fi119\tx5588\tx7748 \up0 \expnd
tw-3\charscalex100 3(a)\tab \up0 \expndtw-3\charscalex100 5,266\tab \up0 \expndt
w-3\charscalex100 15,402(c)\par\pard\li3909\sb19\sl-230\slmult0\fi119\tx5588\tx7
748 \up0 \expndtw-3\charscalex100 4\tab \up0 \expndtw-3\charscalex100 4,743(d)\t
ab \up0 \expndtw-3\charscalex100 20,145\par\pard\ql \li3909\sb0\sl-230\slmult0 \
par\pard\ql\li3909\sb3\sl-230\slmult0 \up0 \expndtw-9\charscalex86 PBP = a +
(b - c)/d \par\pard\ql \li4389\sb30\sl-230\slmult0 \up0 \expndtw-9\charscalex90
= 3 + ($20,000 - $15,402)/$4,743 = \ul0\nosupersub\cf27\f28\fs20 3.97 ye

ars \par\pard\ql \li3189\sb0\sl-230\slmult0 \par\pard\ql\li3189\sb0\sl-230\slmul
0 \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf28\f29\fs20 b) \par\pard\ql \l
i7029\sb210\sl-230\slmult0 \up0 \expndtw-3\charscalex100 PROJECT A \par\pard\ql
\li6789\sb230\sl-230\slmult0 \up0 \expndtw-3\charscalex100 Present Value \par\pa
rd\li3189\sb24\sl-230\slmult0\fi3479\tx9189 \up0 \expndtw-3\charscalex100 Discou
nt Factor\tab \up0 \expndtw-3\charscalex100 Present\par\pard\li3189\sb21\sl-230\
slmult0\fi0\tx4749\tx7269\tx9309 \up0 \expndtw-3\charscalex100 YEAR\tab \up0 \ex
pndtw-3\charscalex100 Cash Flow\tab \up0 \expndtw-3\charscalex100 (14%)\tab \up0
\expndtw-3\charscalex100 Value\par\pard\li3309\sb0\sl-230\slmult0\par\pard\li33
9 \up0 \expndtw-3\charscalex100 0\tab \up0 \expndtw-3\charscalex100 $(28,000)\ta
b \up0 \expndtw-3\charscalex100 1.000\tab \up0 \expndtw-3\charscalex100 $(28,000
)\par\pard\li3309\sb0\sl-230\slmult0\par\pard\li3309\sb41\sl-230\slmult0\fi0\tx5
00 6,300\par\pard\li3309\sb0\sl-230\slmult0\par\pard\li3309\sb39\sl-230\slmult0\
fi0\tx5109\tx7389\tx9429 \up0 \expndtw-3\charscalex100 2\tab \up0 \expndtw-3\cha
rscalex100 8,326\tab \up0 \expndtw-3\charscalex100 .769\tab \up0 \expndtw-3\char
lmult0\fi0\tx5109\tx7389\tx9429 \up0 \expndtw-3\charscalex100 3\tab \up0 \expndt
w-3\charscalex100 7,108\tab \up0 \expndtw-3\charscalex100 .675\tab \up0 \expndtw
-3\charscalex100 4,798\par\pard\li3309\sb0\sl-230\slmult0\par\pard\li3309\sb41\s
l-230\slmult0\fi0\tx5109\tx7389\tx9429 \up0 \expndtw-3\charscalex100 4\tab \up0
\expndtw-3\charscalex100 6,377\tab \up0 \expndtw-3\charscalex100 .592\tab \up0 \
expndtw-3\charscalex100 3,775\par\pard\li3309\sb0\sl-230\slmult0\par\pard\li3309
\sb39\sl-230\slmult0\fi0\tx5109\tx7389\tx9429 \up0 \expndtw-3\charscalex100 5\ta
\up0 \expndtw-3\charscalex100 3,309\par\pard\li3309\sb0\sl-230\slmult0\par\pard
00 6\tab \up0 \expndtw-3\charscalex100 5,828\tab \up0 \expndtw-3\charscalex100 .
456\tab \up0 \expndtw-3\charscalex100 2,658\par\pard\li3309\sb0\sl-230\slmult0\p
ar\pard\li3309\sb41\sl-230\slmult0\fi0\tx5109\tx7389\tx9429 \up0 \expndtw-3\char
scalex100 7\tab \up0 \expndtw-3\charscalex100 5,280\tab \up0 \expndtw-3\charscal
ex100 .400\tab \up0 \expndtw-3\charscalex100 2,112\par\pard\li2589\sb0\sl-230\sl
mult0\par\pard\li2589\sb16\sl-230\slmult0\fi4080\tx9429 \up0 \expndtw-9\charscal
ex95 Net present value = \ul0\nosupersub\cf27\f28\fs20 $\tab \up0 \expndtw-4\c
harscalex100 1,355*\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb146\sl230\slmult0\fi0 \up0 \expndtw-4\charscalex100 *\t \dn4 \expndtw-4\charscalex100
\ul0\nosupersub\cf28\f29\fs20 (Note: using a computer, rather than a present val
ue table, we get\par\pard\li2589\sb90\sl-230\slmult0\fi239 \up0 \expndtw-4\chars
calex100 \ul0\nosupersub\cf27\f28\fs20 $1,358.51\ul0\nosupersub\cf28\f29\fs20 .)
ard\sect\sectd\fs24\paperw11900\paperh16840\pard\sb0\sl-240{\bkmkstart Pg184}{\b
kmkend Pg184}\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmu
\ul0\nosupersub\cf13\f14\fs18 Chapter 13: Capital Budgeting Techniques\tab \up0
\expndtw-2\charscalex100 Pearson Education Limited 2005\par\pard\li3189\sb0\sl230\slmult0\par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\sb0\sl-230\slmult
0\par\pard\li3189\sb15\sl-230\slmult0\fi3839 \up0 \expndtw-3\charscalex100 \ul0\
nosupersub\cf28\f29\fs20 PROJECT B\par\pard\li3189\sb220\sl-230\slmult0\fi3599 \

up0 \expndtw-3\charscalex100 Present Value\par\pard\li3189\sb21\sl-230\slmult0\f
i3479\tx9189 \up0 \expndtw-3\charscalex100 Discount Factor\tab \up0 \expndtw-3\c
harscalex100 Present\par\pard\li3189\sb20\sl-230\slmult0\fi0\tx4749\tx7269\tx930
9 \up0 \expndtw-3\charscalex100 YEAR\tab \up0 \expndtw-3\charscalex100 Cash Flow
\tab \up0 \expndtw-3\charscalex100 (14%)\tab \up0 \expndtw-3\charscalex100 Value
li3309\sb9\sl-230\slmult0\fi0\tx4749\tx7269\tx9069 \up0 \expndtw-3\charscalex100
0\tab \up0 \expndtw-3\charscalex100 $(20,000)\tab \up0 \expndtw-3\charscalex100
1.000\tab \up0 \expndtw-3\charscalex100 $(20,000)\par\pard\li3309\sb0\sl-230\sl
mult0\par\pard\li3309\sb41\sl-230\slmult0\fi0\tx5109\tx7389\tx9429 \up0 \expndtw
-3\charscalex100 1\tab \up0 \expndtw-3\charscalex100 4,660\tab \up0 \expndtw-3\c
harscalex100 .877\tab \up0 \expndtw-3\charscalex100 4,087\par\pard\li3309\sb0\sl
dtw-3\charscalex100 .769\tab \up0 \expndtw-3\charscalex100 4,211\par\pard\li3309
0 \expndtw-3\charscalex100 .675\tab \up0 \expndtw-3\charscalex100 3,555\par\pard
\tx9429 \up0 \expndtw-3\charscalex100 4\tab \up0 \expndtw-3\charscalex100 4,743\
tab \up0 \expndtw-3\charscalex100 .592\tab \up0 \expndtw-3\charscalex100 2,808\p
2,804\par\pard\li3309\sb0\sl-230\slmult0\par\pard\li3309\sb39\sl-230\slmult0\fi0
alex100 5,012\tab \up0 \expndtw-3\charscalex100 .456\tab \up0 \expndtw-3\charsca
lex100 2,285\par\pard\li3309\sb0\sl-230\slmult0\par\pard\li3309\sb41\sl-230\slmu
\charscalex100 4,620\tab \up0 \expndtw-3\charscalex100 .400\tab \up0 \expndtw-3\
charscalex100 1,848\par\pard\ql \li6668\sb0\sl-230\slmult0 \par\pard\ql\li6668\s
b12\sl-230\slmult0\tx9429 \up0 \expndtw-9\charscalex96 Net present value = \ul0
\nosupersub\cf27\f28\fs20 $ \tab \up0 \expndtw-3\charscalex100 1,598* \par\pard
\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb151\sl-230\slmult0\fi0 \up2 \expndt
w-3\charscalex100 \ul0\nosupersub\cf28\f29\fs20 *\t \dn4 \expndtw-3\charscalex10
0 (Note: using a computer, rather than a present value table, we get\par\pard\li
7\f28\fs20 $1,599.83\ul0\nosupersub\cf28\f29\fs20 .)\par\pard\ql \li3189\sb0\sl500\slmult0 \par\pard\ql\li3189\ri3452\sb36\sl-500\slmult0\tx3789 \up0 \expndtw9\charscalex93 c)
PI project A = $29,355/$28,000 = 1.05 \line\tab \up0 \e
xpndtw-9\charscalex94 PI project B = $21,598/$20,000 = 1.08 \par\pard\ql \li
3189\ri4412\sb260\sl-500\slmult0\tx3789 \up0 \expndtw-9\charscalex96 d)
IRR p
roject A = 15.68 percent \line\tab \up0 \expndtw-9\charscalex97 IRR project B
= 16.58 percent \par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207
0 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Van Horne and Wach
owicz: \ul0\nosupersub\cf14\f15\fs18 Fundamentals of Financial Management,\ul0\n
osupersub\cf13\f14\fs18 12e\tab \up0 \expndtw-2\charscalex100 \ul0\nosupersub\c
f15\f16\fs18 182\par\pard\sect\sectd\fs24\paperw11900\paperh16840\pard\sb0\sl-24
0{\bkmkstart Pg185}{\bkmkend Pg185}\par\pard\li1989\sb0\sl-207\slmult0\par\pard\
xpndtw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 13: Capital Budgeti

ng Techniques\tab \up0 \expndtw-2\charscalex100 Pearson Education Limited 2005\p
r\pard\ql\li1989\sb28\sl-230\slmult0 \up0 \expndtw-9\charscalex97 \ul0\nosupersu
b\cf28\f29\fs20 6.
Relevant cash flows: \par\pard\ql \li4749\sb0\sl-230\slmul
t0 \par\pard\ql\li4749\sb40\sl-230\slmult0 \up0 \expndtw-3\charscalex100 0 \par\
\expndtw-9\charscalex93 a.
Initial cash \par\pard\li2589\sb35\sl-230\slmult0\
fi0\tx4269 \up0 \expndtw-3\charscalex100 outflow\tab \up0 \expndtw-3\charscalex1
00 \ul0\nosupersub\cf27\f28\fs20 ($60,000)\par\pard\li1989\sb0\sl-230\slmult0\pa
r\pard\li1989\sb39\sl-230\slmult0\fi2759\tx6069\tx7389\tx8709\tx10029 \up0 \expn
dtw-6\charscalex100 \ul0\nosupersub\cf28\f29\fs20 1\tab \up0 \expndtw-6\charscal
ex100 2\tab \up0 \expndtw-6\charscalex100 3\tab \up0 \expndtw-6\charscalex100 4\
tab \up0 \expndtw-6\charscalex100 5\par\pard\li1989\sb220\sl-230\slmult0\fi0\tx4
389\tx5709\tx7029\tx8349\tx9669 \up0 \expndtw-6\charscalex100 b.
Savings\tab
\up0 \expndtw-6\charscalex100 $20,000\tab \up0 \expndtw-6\charscalex100 $20,000\
tab \up0 \expndtw-6\charscalex100 $20,000\tab \up0 \expndtw-6\charscalex100 $20,
000\tab \up0 \expndtw-6\charscalex100 $20,000\par\pard\ql \li1989\sb16\sl-230\sl
mult0 \up0 \expndtw-9\charscalex94 c.
Depreciation, \par\pard\li2589\sb24\sl230\slmult0\fi0\tx4509\tx5829\tx7269\tx8589\tx10389 \up0 \expndtw-3\charscalex10
0 new\tab \up0 \expndtw-3\charscalex100 19,998\tab \up0 \expndtw-3\charscalex100
0 4,446\tab \up0 \expndtw-3\charscalex100 0\par\pard\ql \li1989\ri3935\sb208\sl240\slmult0\tx2589 \up0 \expndtw-9\charscalex94 d.
Profit change \line\tab \u
p0 \expndtw-9\charscalex95 before tax \par\pard\li2589\sb34\sl-230\slmult0\fi0\t
x5109\tx5829\tx7149\tx8469\tx9789 \up0 \expndtw-7\charscalex100 (b) - (c)\tab
\up0 \expndtw-7\charscalex100 20,000\par\pard\ql \li1989\sb5\sl-230\slmult0 \up0
\expndtw-9\charscalex85 e.
Taxes \par\pard\li2589\sb34\sl-230\slmult0\fi0\tx
5109\tx5829\tx7269\tx8589\tx9909 \up0 \expndtw-5\charscalex100 (d) x (38%)\tab
p0 \expndtw-5\charscalex100 7,600\par\pard\ql \li1989\ri3935\sb182\sl-260\slmult
0\tx2589 \up0 \expndtw-9\charscalex94 f.
Profit change \line\tab \up0 \expndt
w-9\charscalex95 after tax \par\pard\li1989\sb19\sl-230\slmult0\fi599\tx5109\tx5
829\tx7269\tx8589\tx9789 \up0 \expndtw-8\charscalex100 (d) - (e)\tab \up0 \exp
ndtw-8\charscalex100 1\tab \up0 \expndtw-8\charscalex100 (4,135)\tab \up0 \expnd
tw-8\charscalex100 6,891\tab \up0 \expndtw-8\charscalex100 9,643\tab \up0 \expnd
tw-8\charscalex100 12,400\par\pard\li1989\sb20\sl-230\slmult0\fi0 \up0 \expndtw8\charscalex100 g.
Net cash flow\par\pard\li1989\sb21\sl-230\slmult0\fi599 \u
p0 \expndtw-8\charscalex100 (f) + (c)\par\pard\li1989\sb19\sl-230\slmult0\fi11
9\tx2589\tx4389\tx5709\tx7029\tx8349\tx9669 \up0 \expndtw-8\charscalex100 or\tab
\up0 \expndtw-8\charscalex100 (b) - (e)\tab \up0 \expndtw-8\charscalex100 \ul
0\nosupersub\cf27\f28\fs20 $19,999\tab \up0 \expndtw-8\charscalex100 $22,535\tab
\up0 \expndtw-8\charscalex100 $15,777\tab \up0 \expndtw-8\charscalex100 $14,089
\tab \up0 \expndtw-8\charscalex100 $12,400\par\pard\li2829\sb0\sl-230\slmult0\pa
829\sb0\sl-230\slmult0\par\pard\li2829\sb50\sl-230\slmult0\fi3719 \up0 \expndtw3\charscalex100 \ul0\nosupersub\cf28\f29\fs20 PRESENT VALUE\par\pard\li2829\sb20
\sl-230\slmult0\fi3599\tx9069 \up0 \expndtw-3\charscalex100 DISCOUNT FACTOR\tab
\up0 \expndtw-3\charscalex100 PRESENT\par\pard\li2829\sb21\sl-230\slmult0\fi0\tx
4269\tx7029\tx9189 \up0 \expndtw-3\charscalex100 YEAR\tab \up0 \expndtw-3\charsc
alex100 CASH FLOW\tab \up0 \expndtw-3\charscalex100 (15%)\tab \up0 \expndtw-3\ch
arscalex100 VALUE\par\pard\li2949\sb0\sl-230\slmult0\par\pard\li2949\sb0\sl-230\
slmult0\par\pard\li2949\sb9\sl-230\slmult0\fi0\tx4269\tx6909\tx8949 \up0 \expndt
w-3\charscalex100 0\tab \up0 \expndtw-3\charscalex100 $(60,000)\tab \up0 \expndt
w-3\charscalex100 1.000\tab \up0 \expndtw-3\charscalex100 $(60,000)\par\pard\li2
189 \up0 \expndtw-3\charscalex100 1\tab \up0 \expndtw-3\charscalex100 19,999\tab
\up0 \expndtw-3\charscalex100 .870\tab \up0 \expndtw-3\charscalex100 17,399\par

\pard\li2949\sb0\sl-230\slmult0\par\pard\li2949\sb39\sl-230\slmult0\fi0\tx4509\t
x7029\tx9189 \up0 \expndtw-3\charscalex100 2\tab \up0 \expndtw-3\charscalex100 2
2,535\tab \up0 \expndtw-3\charscalex100 .756\tab \up0 \expndtw-3\charscalex100 1
alex100 15,777\tab \up0 \expndtw-3\charscalex100 .658\tab \up0 \expndtw-3\charsc
alex100 10,381\par\pard\li2949\sb0\sl-230\slmult0\par\pard\li2949\sb41\sl-230\sl
mult0\fi0\tx4509\tx7029\tx9309 \up0 \expndtw-3\charscalex100 4\tab \up0 \expndtw
-3\charscalex100 14,089\tab \up0 \expndtw-3\charscalex100 .572\tab \up0 \expndtw
\expndtw-3\charscalex100 12,400\tab \up0 \expndtw-3\charscalex100 .497\tab \up0
9\sb17\sl-230\slmult0\fi0\tx8949\tx9429 \up0 \expndtw-6\charscalex100 Net presen
t value =\tab \up0 \expndtw-6\charscalex100 \ul0\nosupersub\cf27\f28\fs20 $\tab
\up0 \expndtw-6\charscalex100 (962)\par\pard\li2589\sb0\sl-230\slmult0\par\pard
0\sl-230\slmult0\par\pard\li2589\sb203\sl-230\slmult0\fi0 \up0 \expndtw-7\charsc
alex100 \ul0\nosupersub\cf28\f29\fs20 The net present value of the project at 1
5 percent = - $962.
The\par\pard\li2589\sb70\sl-230\slmult0\fi0 \up0 \expn
dtw-8\charscalex100 project is not acceptable.\par\pard\li1989\sb0\sl-207\slmult
rscalex100 \ul0\nosupersub\cf15\f16\fs18 183\par\pard\sect\sectd\fs24\paperw1190
0\paperh16840\pard\sb0\sl-240{\bkmkstart Pg186}{\bkmkend Pg186}\par\pard\li1989\
Chapter 13: Capital Budgeting Techniques\tab \up0 \expndtw-2\charscalex100 Pear
son Education Limited 2005\par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\l
\charscalex91 \ul0\nosupersub\cf28\f29\fs20 7.
a)
Relevant cash flows: \pa
0 \expndtw-3\charscalex100 0 \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\q
l\li1989\sb20\sl-230\slmult0 \up0 \expndtw-9\charscalex93 a.
Initial cash \pa
r\pard\li2589\sb35\sl-230\slmult0\fi0\tx4269 \up0 \expndtw-3\charscalex100 outfl
ow\tab \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf27\f28\fs20 ($60,000)\par
9\tx7389\tx8709\tx10029 \up0 \expndtw-6\charscalex100 \ul0\nosupersub\cf28\f29\f
s20 1\tab \up0 \expndtw-6\charscalex100 2\tab \up0 \expndtw-6\charscalex100 3\ta
b \up0 \expndtw-6\charscalex100 4\tab \up0 \expndtw-6\charscalex100 5\par\pard\l
i1989\sb220\sl-230\slmult0\fi0\tx4389\tx5709\tx7029\tx8349\tx9669 \up0 \expndtw6\charscalex100 b.
Savings\tab \up0 \expndtw-6\charscalex100 $20,000\tab \up0
\expndtw-6\charscalex100 $21,200\tab \up0 \expndtw-6\charscalex100 $22,472\tab
\up0 \expndtw-6\charscalex100 $23,820\tab \up0 \expndtw-6\charscalex100 $25,250\
par\pard\ql \li1989\sb16\sl-230\slmult0 \up0 \expndtw-9\charscalex94 c.
Depre
ciation, \par\pard\li2589\sb24\sl-230\slmult0\fi0\tx4509\tx5829\tx7269\tx8589\tx
10389 \up0 \expndtw-3\charscalex100 new\tab \up0 \expndtw-3\charscalex100 19,998
\tab \up0 \expndtw-3\charscalex100 26,670\tab \up0 \expndtw-3\charscalex100 8,88
6\tab \up0 \expndtw-3\charscalex100 4,446\tab \up0 \expndtw-3\charscalex100 0\pa
4 d.
Profit change \line\tab \up0 \expndtw-9\charscalex95 before tax \par\par
d\li2589\sb34\sl-230\slmult0\fi0\tx5109\tx5829\tx7149\tx8469\tx9789 \up0 \expndt
w-7\charscalex100 (b) - (c)\tab \up0 \expndtw-7\charscalex100 2\tab \up0 \expn
dtw-7\charscalex100 (5,470)\tab \up0 \expndtw-7\charscalex100 13,586\tab \up0 \e
xpndtw-7\charscalex100 19,374\tab \up0 \expndtw-7\charscalex100 25,250\par\pard\
ql \li1989\sb5\sl-230\slmult0 \up0 \expndtw-9\charscalex85 e.
Taxes \par\pard
\li2589\sb34\sl-230\slmult0\fi0\tx5109\tx5829\tx7269\tx8589\tx9909 \up0 \expndtw

-5\charscalex100 (d) x (38%)\tab \up0 \expndtw-5\charscalex100 1\tab \up0 \expn
dtw-5\charscalex100 (2,079)\tab \up0 \expndtw-5\charscalex100 5,163\tab \up0 \ex
pndtw-5\charscalex100 7,362\tab \up0 \expndtw-5\charscalex100 9,595\par\pard\ql
\li1989\ri3935\sb182\sl-260\slmult0\tx2589 \up0 \expndtw-9\charscalex94 f.
Pr
ofit change \line\tab \up0 \expndtw-9\charscalex95 after tax \par\pard\li1989\sb
19\sl-230\slmult0\fi599\tx5109\tx5829\tx7269\tx8469\tx9789 \up0 \expndtw-8\chars
calex100 (d) - (e)\tab \up0 \expndtw-8\charscalex100 1\tab \up0 \expndtw-8\cha
rscalex100 (3,391)\tab \up0 \expndtw-8\charscalex100 8,423\tab \up0 \expndtw-8\c
harscalex100 12,012\tab \up0 \expndtw-8\charscalex100 15,655\par\pard\li1989\sb2
0\sl-230\slmult0\fi0 \up0 \expndtw-8\charscalex100 g.
Net cash flow\par\pard\
li1989\sb21\sl-230\slmult0\fi599 \up0 \expndtw-8\charscalex100 (f) + (c)\par\p
ard\li1989\sb19\sl-230\slmult0\fi119\tx2589\tx4389\tx5709\tx7029\tx8349\tx9669 \
up0 \expndtw-8\charscalex100 or\tab \up0 \expndtw-8\charscalex100 (b) - (e)\ta
b \up0 \expndtw-8\charscalex100 \ul0\nosupersub\cf27\f28\fs20 $19,999\tab \up0 \
expndtw-8\charscalex100 $23,279\tab \up0 \expndtw-8\charscalex100 $17,309\tab \u
p0 \expndtw-8\charscalex100 $16,458\tab \up0 \expndtw-8\charscalex100 $15,655\pa
r\pard\li2829\sb0\sl-230\slmult0\par\pard\li2829\sb217\sl-230\slmult0\fi3719 \up
0 \expndtw-3\charscalex100 \ul0\nosupersub\cf28\f29\fs20 PRESENT VALUE\par\pard\
li2829\sb20\sl-230\slmult0\fi3599\tx9069 \up0 \expndtw-3\charscalex100 DISCOUNT
FACTOR\tab \up0 \expndtw-3\charscalex100 PRESENT\par\pard\li2829\sb20\sl-230\slm
ult0\fi0\tx4269\tx7029\tx9189 \up0 \expndtw-3\charscalex100 YEAR\tab \up0 \expnd
tw-3\charscalex100 CASH FLOW\tab \up0 \expndtw-3\charscalex100 (15%)\tab \up0 \e
xpndtw-3\charscalex100 VALUE\par\pard\li2949\sb0\sl-230\slmult0\par\pard\li2949\
sb216\sl-230\slmult0\fi0\tx4269\tx6909\tx8949 \up0 \expndtw-3\charscalex100 0\ta
b \up0 \expndtw-3\charscalex100 $(60,000)\tab \up0 \expndtw-3\charscalex100 1.00
0\tab \up0 \expndtw-3\charscalex100 $(60,000)\par\pard\li2949\sb0\sl-230\slmult0
\par\pard\li2949\sb40\sl-230\slmult0\fi0\tx4509\tx7029\tx9189 \up0 \expndtw-3\ch
arscalex100 1\tab \up0 \expndtw-3\charscalex100 19,999\tab \up0 \expndtw-3\chars
calex100 .870\tab \up0 \expndtw-3\charscalex100 17,399\par\pard\li2949\sb0\sl-23
0\slmult0\par\pard\li2949\sb41\sl-230\slmult0\fi0\tx4509\tx7029\tx9189 \up0 \exp
ndtw-3\charscalex100 2\tab \up0 \expndtw-3\charscalex100 23,279\tab \up0 \expndt
w-3\charscalex100 .756\tab \up0 \expndtw-3\charscalex100 17,599\par\pard\li2949\
0 \expndtw-3\charscalex100 .658\tab \up0 \expndtw-3\charscalex100 11,389\par\par
8\tab \up0 \expndtw-3\charscalex100 .572\tab \up0 \expndtw-3\charscalex100 9,414
fi0\tx8949\tx9309 \up0 \expndtw-6\charscalex100 Net present value =\tab \up0 \e
xpndtw-6\charscalex100 \ul0\nosupersub\cf27\f28\fs20 $\tab \up0 \expndtw-6\chars
calex100 3,582\par\pard\ql \li3189\sb0\sl-230\slmult0 \par\pard\ql\li3189\sb206\
sl-230\slmult0 \up0 \expndtw-7\charscalex100 \ul0\nosupersub\cf28\f29\fs20 Net p
resent value of project at 15 percent = $3,582 \par\pard\qj \li3189\ri1051\sb
247\sl-500\slmult0 \up0 \expndtw-8\charscalex92 The project is now acceptabl
e where before it was not.
This \up0 \expndtw-9\charscalex93 assumes th
e discount rate is the same as before, 15 percent, \up0 \expndtw-9\char
scalex94 and does not vary with inflation. \par\pard\li1989\sb0\sl-207\slmult0\p
1989\sb0\sl-207\slmult0\par\pard\li1989\sb81\sl-207\slmult0\fi0\tx10330 \up0 \ex
pndtw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Van Horne and Wachowicz: \ul
0\nosupersub\cf14\f15\fs18 Fundamentals of Financial Management,\ul0\nosupersub\
cf13\f14\fs18 12e\tab \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf15\f16\fs
18 184\par\pard\sect\sectd\fs24\paperw11900\paperh16840\pard\sb0\sl-240{\bkmksta
rt Pg187}{\bkmkend Pg187}\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0
harscalex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 13: Capital Budgeting Techniq

ues\tab \up0 \expndtw-6\charscalex100 Pearson Education Limited 2005\par\pard\li
9\fs20 b)
Cash outflow at time 0 = $60,000 + $10,000\tab \up0 \expndtw-7
\charscalex100 = $ -70,000\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\
sb39\sl-230\slmult0\fi1199\tx8649\tx9249 \up0 \expndtw-7\charscalex100 Present v
alue of cash inflows from Part (7a)\tab \up0 \expndtw-7\charscalex100 =\tab \up
0 \expndtw-7\charscalex100 63,582\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li
1989\sb41\sl-230\slmult0\fi1199 \up0 \expndtw-7\charscalex100 Present value of
$10,000 received at the\par\pard\li1989\sb19\sl-230\slmult0\fi1319 \up0 \expndtw
-7\charscalex100 end of year 5 (working capital recovered)\par\pard\li1989\sb2
1\sl-230\slmult0\fi1319\tx8649\tx9249 \up0 \expndtw-6\charscalex100 $10,000(PVIF
\ul0\nosupersub\cf36\f37\fs13 15%,5\ul0\nosupersub\cf28\f29\fs20 ) = $10,000(.
497)\tab \up0 \expndtw-7\charscalex100 =\tab \up0 \expndtw-7\charscalex100 4,970
\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb39\sl-230\slmult0\fi1199\t
x8829 \up0 \expndtw-7\charscalex100 Net present value\tab \up0 \expndtw-7\charsc
alex100 $ - 1,448\par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\s
sl-230\slmult0\tx2589 \up0 \expndtw-3\charscalex100 8. \tab \up0 \expndtw-8\char
scalex96 a)
Selecting those projects with the highest profitability in
dex \par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\sb41\sl-230\slmult0\fi0
\up0 \expndtw-3\charscalex100 values would indicate\par\pard\li3189\sb0\sl-230\s
lmult0\par\pard\li3189\sb90\sl-230\slmult0\fi0\tx5109\tx6909\tx7989 \up0 \expndt
w-3\charscalex100 Project\tab \up0 \expndtw-3\charscalex100 Amount\tab \up0 \exp
ndtw-3\charscalex100 PI\tab \up0 \expndtw-3\charscalex100 Net Present Value\par\
pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\sb17\sl-230\slmult0\fi359\tx4989\
$500,000\tab \up0 \expndtw-3\charscalex100 1.22\tab \up0 \expndtw-3\charscalex10
0 $110,000\par\pard\li3189\sb19\sl-230\slmult0\fi359\tx5109\tx6789\tx8829 \up0 \
expndtw-3\charscalex100 3\tab \up0 \expndtw-3\charscalex100 350,000\tab \up0 \ex
pndtw-3\charscalex100 1.20\tab \up0 \expndtw-3\charscalex100 70,000\par\pard\li4
dtw-3\charscalex100 $850,000\tab \up0 \expndtw-3\charscalex100 $180,000\par\pard
lex100 However, utilizing "close to" full budgeting will be better.\par\pard\li3
989 \up0 \expndtw-3\charscalex100 Project\tab \up0 \expndtw-3\charscalex100 Amou
nt\tab \up0 \expndtw-3\charscalex100 PI\tab \up0 \expndtw-3\charscalex100 Net Pr
esent Value\par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\sb16\sl-230\slmul
t0\fi360\tx4869\tx6789\tx8589 \up0 \expndtw-3\charscalex100 1\tab \up0 \expndtw3\charscalex100 $ 500,000\tab \up0 \expndtw-3\charscalex100 1.22\tab \up0 \expn
dtw-3\charscalex100 $110,000\par\pard\li3189\sb21\sl-230\slmult0\fi360\tx5109\tx
0,000\tab \up0 \expndtw-3\charscalex100 1.18\tab \up0 \expndtw-3\charscalex100 8
\tx8589 \up0 \expndtw-7\charscalex100 $ 950,000\tab \up0 \expndtw-7\charscalex1
00 $191,000\par\pard\ql \li2589\ri1050\sb490\sl-500\slmult0\tx3189\tx3189\tx3189
No.
The resort should accept all pr
ojects with a positive \line\tab \up0 \expndtw-9\charscalex95 NPV.
If ca
pital is not available to finance them at the \line \tab \up0 \expndtw-3
\charscalex100 discount rate used, a higher discount rate should be used that \l
ine \tab \up0 \expndtw-3\charscalex100 more adequately reflects the costs of fin
ancing. \par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmult0\p
}
}}
}
}}
}
}}
}
}}

}
}}
}
}}
}
}}
}
}}
}
}}

}
}}
}
}}
}
}}
}
}}
}
}}

}
}}
}
}}
}
}}
}
}}
}
0 9.\tab \up0 \expndtw-3\charscalex100 a)\par\pard\li2589\sb20\sl-230\slmult0\fi

6239 \up0 \expndtw-5\charscalex100 Incremental\par\pard\li2589\sb19\sl-230\slmul
t0\fi120\tx4149\tx5109\tx8949 \up0 \expndtw-5\charscalex100 Time\tab \up0 \expnd
tw-5\charscalex100 8%\tab \up0 \expndtw-5\charscalex100 Amount of cash outflow:\
tab \up0 \expndtw-5\charscalex100 savings of\par\pard\li2589\sb21\sl-230\slmult0
\fi0\tx8829 \up0 \expndtw-5\charscalex100 of cash
discount\tab \up0 \expndt
w-5\charscalex100 Rockbuilt over\par\pard\li2589\sb20\sl-230\slmult0\fi0\tx3909\
tx5109\tx7029\tx8829 \up0 \expndtw-5\charscalex100 outflow\tab \up0 \expndtw-5\c
harscalex100 factor\tab \up0 \expndtw-5\charscalex100 Rockbuilt\tab \up0 \expndt
w-5\charscalex100 Bulldog\tab \up0 \expndtw-5\charscalex100 Bulldog truck\par\pa
sb13\sl-230\slmult0\fi599\tx3909\tx5109\tx6789\tx9069 \up0 \expndtw-3\charscalex
$(74,000)\tab \up0 \expndtw-3\charscalex100 $ (59,000)\tab \up0 \expndtw-3\char
scalex100 $(15,000)\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb40\sl-2
30\slmult0\fi599\tx4029\tx5349\tx7149\tx9429 \up0 \expndtw-3\charscalex100 1\tab
\up0 \expndtw-3\charscalex100 .926\tab \up0 \expndtw-3\charscalex100 (2,000)\ta
b \up0 \expndtw-3\charscalex100 (3,000)\tab \up0 \expndtw-3\charscalex100 1,000\
rscalex100 .857\tab \up0 \expndtw-3\charscalex100 (2,000)\tab \up0 \expndtw-3\ch
arscalex100 (4,500)\tab \up0 \expndtw-3\charscalex100 2,500\par\pard\li2589\sb0\
9429 \up0 \expndtw-3\charscalex100 3\tab \up0 \expndtw-3\charscalex100 .794\tab
\up0 \expndtw-3\charscalex100 (2,000)\tab \up0 \expndtw-3\charscalex100 (6,000)\
tab \up0 \expndtw-3\charscalex100 4,000\par\pard\li2589\sb0\sl-230\slmult0\par\p
ard\li2589\sb40\sl-230\slmult0\fi599\tx4029\tx5349\tx7029\tx9309 \up0 \expndtw-3
\charscalex100 4\tab \up0 \expndtw-3\charscalex100 .735\tab \up0 \expndtw-3\char
scalex100 (2,000)\tab \up0 \expndtw-3\charscalex100 (22,500)\tab \up0 \expndtw-3
-230\slmult0\fi599\tx4029\tx5229\tx7149\tx9309 \up0 \expndtw-3\charscalex100 5\t
ab \up0 \expndtw-3\charscalex100 .681\tab \up0 \expndtw-3\charscalex100 (13,000)
\tab \up0 \expndtw-3\charscalex100 (9,000)\tab \up0 \expndtw-3\charscalex100 (4,
9\tx4029\tx5349\tx7029\tx9429 \up0 \expndtw-3\charscalex100 6\tab \up0 \expndtw3\charscalex100 .630\tab \up0 \expndtw-3\charscalex100 (4,000)\tab \up0 \expndtw
-3\charscalex100 (10,500)\tab \up0 \expndtw-3\charscalex100 6,500\par\pard\li258
029\tx9429 \up0 \expndtw-3\charscalex100 7\tab \up0 \expndtw-3\charscalex100 .58
3\tab \up0 \expndtw-3\charscalex100 (4,000)\tab \up0 \expndtw-3\charscalex100 (1
2,000)\tab \up0 \expndtw-3\charscalex100 8,000\par\pard\li2589\sb0\sl-230\slmult
0\par\pard\li2589\sb40\sl-230\slmult0\fi599\tx4029\tx5469\tx7149\tx9309 \up0 \ex
pndtw-3\charscalex100 8\tab \up0 \expndtw-3\charscalex100 .540\tab \up0 \expndtw
-3\charscalex100 5,000*\tab \up0 \expndtw-3\charscalex100 (8,500)\ul0\nosupersub
\cf27\f28\fs20 **\tab \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf28\f29\fs2
fi0 \up0 \expndtw-3\charscalex100 Present value of\par\pard\li2589\sb21\sl-230\s
lmult0\fi0\tx5109\tx6789\tx9069 \up0 \expndtw-3\charscalex100 cash flows at 8%\
tab \up0 \expndtw-3\charscalex100 $(91,626)\tab \up0 \expndtw-3\charscalex100 $(
111,266)\tab \up0 \expndtw-3\charscalex100 $ 19,637\par\pard\li2589\sb0\sl-230\
i0\tx3069 \up0 \expndtw-4\charscalex100 \ul0\nosupersub\cf27\f28\fs20 *\tab \up0
\expndtw-4\charscalex100 \ul0\nosupersub\cf28\f29\fs20 $4,000 maintenance cost
plus salvage value of $9,000.\par\pard\li2589\sb20\sl-230\slmult0\fi0\tx3069 \u
p0 \expndtw-4\charscalex100 \ul0\nosupersub\cf27\f28\fs20 **\tab \up0 \expndtw-4
\charscalex100 \ul0\nosupersub\cf28\f29\fs20 $13,500 maintenance cost plus salva
ge value of $5,000.\par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\sb0\sl-2
\fi0 \up0 \expndtw-8\charscalex100 The Rockbuilt bid should be accepted as
the lower maintenance\par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\sb4
0\sl-230\slmult0\fi0 \up0 \expndtw-8\charscalex100 and rebuilding expenses more

than offset its higher cost.\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\
1989\sb201\sl-207\slmult0\fi0\tx10330 \up0 \expndtw-2\charscalex100 \ul0\nosuper
tw-2\charscalex100 \ul0\nosupersub\cf15\f16\fs18 186\par\pard\sect\sectd\fs24\pa
perw11900\paperh16840\pard\sb0\sl-240{\bkmkstart Pg189}{\bkmkend Pg189}\par\pard
f14\fs18 Chapter 13: Capital Budgeting Techniques\tab \up0 \expndtw-2\charscalex
100 Pearson Education Limited 2005\par\pard\ql \li2589\sb0\sl-230\slmult0 \par\p
ard\ql\li2589\sb0\sl-230\slmult0 \par\pard\ql\li2589\sb28\sl-230\slmult0 \up0 \e
xpndtw-3\charscalex100 \ul0\nosupersub\cf28\f29\fs20 b) \par\pard\li2589\sb38\sl
-230\slmult0\fi6239 \up0 \expndtw-5\charscalex100 Incremental\par\pard\li2589\sb
19\sl-230\slmult0\fi120\tx4029\tx5109\tx8949 \up0 \expndtw-5\charscalex100 Time\
tab \up0 \expndtw-5\charscalex100 15%\tab \up0 \expndtw-5\charscalex100 Amount o
f cash outflow:\tab \up0 \expndtw-5\charscalex100 savings of\par\pard\li2589\sb2
1\sl-230\slmult0\fi0\tx8829 \up0 \expndtw-5\charscalex100 of cash
discount\
tab \up0 \expndtw-5\charscalex100 Rockbuilt over\par\pard\li2589\sb20\sl-230\slm
ult0\fi0\tx3909\tx5109\tx7029\tx8829 \up0 \expndtw-5\charscalex100 outflow\tab \
up0 \expndtw-5\charscalex100 factor\tab \up0 \expndtw-5\charscalex100 Rockbuilt\
tab \up0 \expndtw-5\charscalex100 Bulldog\tab \up0 \expndtw-5\charscalex100 Bull
dog truck\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb0\sl-230\slmult0\
par\pard\li2589\sb13\sl-230\slmult0\fi599\tx3909\tx5109\tx6789\tx9069 \up0 \expn
dtw-3\charscalex100 0\tab \up0 \expndtw-3\charscalex100 1.000\tab \up0 \expndtw3\charscalex100 $(74,000)\tab \up0 \expndtw-3\charscalex100 $ (59,000)\tab \up0
\expndtw-3\charscalex100 $(15,000)\par\pard\li2589\sb0\sl-230\slmult0\par\pard\
li2589\sb40\sl-230\slmult0\fi599\tx4029\tx5349\tx7149\tx9429 \up0 \expndtw-3\cha
rscalex100 1\tab \up0 \expndtw-3\charscalex100 .870\tab \up0 \expndtw-3\charscal
ex100 (2,000)\tab \up0 \expndtw-3\charscalex100 (3,000)\tab \up0 \expndtw-3\char
lmult0\fi599\tx4029\tx5349\tx7149\tx9429 \up0 \expndtw-3\charscalex100 2\tab \up
0 \expndtw-3\charscalex100 .756\tab \up0 \expndtw-3\charscalex100 (2,000)\tab \u
p0 \expndtw-3\charscalex100 (4,500)\tab \up0 \expndtw-3\charscalex100 2,500\par\
tx5349\tx7149\tx9429 \up0 \expndtw-3\charscalex100 3\tab \up0 \expndtw-3\charsca
lex100 .658\tab \up0 \expndtw-3\charscalex100 (2,000)\tab \up0 \expndtw-3\charsc
alex100 (6,000)\tab \up0 \expndtw-3\charscalex100 4,000\par\pard\li2589\sb0\sl-2
30\slmult0\par\pard\li2589\sb40\sl-230\slmult0\fi599\tx4029\tx5349\tx7029\tx9309
\up0 \expndtw-3\charscalex100 4\tab \up0 \expndtw-3\charscalex100 .572\tab \up0
\expndtw-3\charscalex100 (2,000)\tab \up0 \expndtw-3\charscalex100 (22,500)\tab
\up0 \expndtw-3\charscalex100 20,500\par\pard\li2589\sb0\sl-230\slmult0\par\par
d\li2589\sb40\sl-230\slmult0\fi599\tx4029\tx5229\tx7149\tx9309 \up0 \expndtw-3\c
harscalex100 5\tab \up0 \expndtw-3\charscalex100 .497\tab \up0 \expndtw-3\charsc
alex100 (13,000)\tab \up0 \expndtw-3\charscalex100 (9,000)\tab \up0 \expndtw-3\c
harscalex100 (4,000)\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb40\sl230\slmult0\fi599\tx4029\tx5349\tx7029\tx9429 \up0 \expndtw-3\charscalex100 6\ta
b \up0 \expndtw-3\charscalex100 .432\tab \up0 \expndtw-3\charscalex100 (4,000)\t
ab \up0 \expndtw-3\charscalex100 (10,500)\tab \up0 \expndtw-3\charscalex100 6,50
x4029\tx5349\tx7029\tx9429 \up0 \expndtw-3\charscalex100 7\tab \up0 \expndtw-3\c

harscalex100 .376\tab \up0 \expndtw-3\charscalex100 (4,000)\tab \up0 \expndtw-3\
charscalex100 (12,000)\tab \up0 \expndtw-3\charscalex100 8,000\par\pard\li2589\s
\tx9309 \up0 \expndtw-3\charscalex100 8\tab \up0 \expndtw-3\charscalex100 .327\t
ab \up0 \expndtw-3\charscalex100 5,000*\tab \up0 \expndtw-3\charscalex100 (8,500
)\ul0\nosupersub\cf27\f28\fs20 **\tab \up0 \expndtw-3\charscalex100 \ul0\nosuper
sub\cf28\f29\fs20 13,500\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb16
\sl-230\slmult0\fi0 \up0 \expndtw-3\charscalex100 Present value of\par\pard\li25
89\sb21\sl-230\slmult0\fi0\tx5109\tx6789\tx9069 \up0 \expndtw-3\charscalex100 ca
sh flows at 15%\tab \up0 \expndtw-3\charscalex100 $(87,770)\tab \up0 \expndtw-3
\charscalex100 $(98,130.5)\tab \up0 \expndtw-3\charscalex100 $ 10,360.5\par\par
\f28\fs20 *\tab \up0 \expndtw-4\charscalex100 \ul0\nosupersub\cf28\f29\fs20 $4,0
00 maintenance cost plus salvage value of $9,000.\par\pard\li2589\sb21\sl-230\s
lmult0\fi0\tx3069 \up0 \expndtw-4\charscalex100 \ul0\nosupersub\cf27\f28\fs20 **
\tab \up0 \expndtw-4\charscalex100 \ul0\nosupersub\cf28\f29\fs20 $13,500 mainten
ance cost plus salvage value of $5,000.\par\pard\qj \li3189\ri1051\sb442\sl-500
\slmult0 \up0 \expndtw-9\charscalex93 No.
With a higher discount rate, m
ore distant cash outflows \line \up0 \expndtw-9\charscalex95 become less im
portant relative to the initial outlay.
But, \line \up0 \expndtw-9\chars
calex95 the lower maintenance and rebuilding expenses related to the \li
ne \up0 \expndtw-9\charscalex96 Rockbuilt bid continue to more than offset its h
igher cost. \par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmul
x10330 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Van Horne and
Wachowicz: \ul0\nosupersub\cf14\f15\fs18 Fundamentals of Financial Management,\
ul0\nosupersub\cf13\f14\fs18 12e\tab \up0 \expndtw-2\charscalex100 \ul0\nosuper
sub\cf15\f16\fs18 187\par\pard\sect\sectd\fs24\paperw11900\paperh16840\pard\sb0\
sl-240{\bkmkstart Pg190}{\bkmkend Pg190}\par\pard\li1989\sb0\sl-207\slmult0\par\
p0 \expndtw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 13: Capital Bu
dgeting Techniques\tab \up0 \expndtw-2\charscalex100 Pearson Education Limited 2
005\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb0\sl-230\slmult0\par\pa
sb46\sl-230\slmult0\fi0 \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf27\f28\f
s20 SOLUTIONS TO SELF-CORRECTION PROBLEMS\par\pard\li1989\sb0\sl-230\slmult0\par
89\sb0\sl-230\slmult0\par\pard\li1989\sb3\sl-230\slmult0\fi0\tx2589 \up0 \expndt
w-3\charscalex100 \ul0\nosupersub\cf28\f29\fs20 1.\tab \up0 \expndtw-3\charscale
x100 a.\par\pard\li3189\sb20\sl-230\slmult0\fi3719 \up0 \expndtw-3\charscalex100
PRESENT VALUE\par\pard\li3189\sb20\sl-230\slmult0\fi3599\tx9429 \up0 \expndtw-3
\charscalex100 DISCOUNT FACTOR\tab \up0 \expndtw-3\charscalex100 PRESENT\par\par
100 YEAR\tab \up0 \expndtw-3\charscalex100 CASH FLOW\tab \up0 \expndtw-3\charsca
lex100 (15%)\tab \up0 \expndtw-3\charscalex100 VALUE\par\pard\li3309\sb0\sl-230\
tw-3\charscalex100 $\tab \up0 \expndtw-3\charscalex100 (700,000)\tab \up0 \expnd
tw-3\charscalex100 1.000\tab \up0 \expndtw-3\charscalex100 $(700,000)\par\pard\l
i3309\sb0\sl-230\slmult0\par\pard\li3309\sb40\sl-230\slmult0\fi119\tx4509\tx7509
\tx9429 \up0 \expndtw-3\charscalex100 1\tab \up0 \expndtw-3\charscalex100 (1,000
,000)\tab \up0 \expndtw-3\charscalex100 .870\tab \up0 \expndtw-3\charscalex100 (

870,000)\par\pard\li3309\sb0\sl-230\slmult0\par\pard\li3309\sb40\sl-230\slmult0\
fi119\tx4869\tx7509\tx9549 \up0 \expndtw-3\charscalex100 2\tab \up0 \expndtw-3\c
harscalex100 250,000\tab \up0 \expndtw-3\charscalex100 .756\tab \up0 \expndtw-3\
charscalex100 189,000\par\pard\li3309\sb0\sl-230\slmult0\par\pard\li3309\sb40\sl
\expndtw-3\charscalex100 300,000\tab \up0 \expndtw-3\charscalex100 .658\tab \up
0 \expndtw-3\charscalex100 197,400\par\pard\li3309\sb0\sl-230\slmult0\par\pard\l
00 4\tab \up0 \expndtw-3\charscalex100 350,000\tab \up0 \expndtw-3\charscalex100
.572\tab \up0 \expndtw-3\charscalex100 200,200\par\pard\li3309\sb0\sl-230\slmul
charscalex100 5-10\tab \up0 \expndtw-3\charscalex100 400,000\tab \up0 \expndtw-3
\charscalex100 2.164\ul0\nosupersub\cf27\f28\fs20 *\tab \up0 \expndtw-3\charscal
ex100 \ul0\nosupersub\cf28\f29\fs20 865,600\ul0\nosupersub\cf27\f28\fs20 **\par\
pard\ql \li6908\sb0\sl-230\slmult0 \par\pard\ql\li6908\sb3\sl-230\slmult0 \up0 \
expndtw-8\charscalex100 \ul0\nosupersub\cf28\f29\fs20 Net present value = \ul0\
nosupersub\cf27\f28\fs20 $(117,800) \par\pard\ql \li3309\sb0\sl-260\slmult0 \pa
r\pard\ql\li3309\ri1652\sb186\sl-260\slmult0\tx3549 \up0 \expndtw-8\charscalex10
0 *\ul0\nosupersub\cf28\f29\fs20 PVIFA of 5.019 for 10 years minus PVIFA of
2.855 for 4 \line\tab \up0 \expndtw-8\charscalex100 years. \par\pard\ql \li3189
**\ul0\nosupersub\cf28\f29\fs20 Total for years 5-10. \par\pard\qj \li3249\ri1
050\sb247\sl-500\slmult0 \up0 \expndtw-9\charscalex92 As the net present
value is negative, the project is \up0 \expndtw-9\charscalex93 \ul0\n
osupersub\cf27\f28\fs20 unacceptable\ul0\nosupersub\cf28\f29\fs20 . \par\pard\li
88\par\pard\sect\sectd\fs24\paperw11900\paperh16840\pard\sb0\sl-240{\bkmkstart P
0 \ul0\nosupersub\cf28\f29\fs20 b.
The internal rate of return is \ul0\n
osupersub\cf27\f28\fs20 13.21 percent\ul0\nosupersub\cf28\f29\fs20 .
If th
e trial-\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl-230\slmult0
\fi1199 \up0 \expndtw-7\charscalex100 and-error method were used, we would have
the following:\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb41\sl-230\sl
mult0\fi3239\tx6909\tx8469\tx9789 \up0 \expndtw-6\charscalex100 14%\tab \up0 \ex
pndtw-6\charscalex100 14%\tab \up0 \expndtw-6\charscalex100 13%\tab \up0 \expndt
w-6\charscalex100 13%\par\pard\li1989\sb20\sl-230\slmult0\fi2879\tx6549\tx8109 \
up0 \expndtw-6\charscalex100 DISCOUNT\tab \up0 \expndtw-6\charscalex100 PRESENT\
tab \up0 \expndtw-6\charscalex100 DISCOUNT
PRESENT\par\pard\li1989\sb19\sl230\slmult0\fi0\tx3069\tx4989\tx6669\tx8229\tx9549 \up0 \expndtw-6\charscalex100
YEAR\tab \up0 \expndtw-6\charscalex100 CASH FLOW\tab \up0 \expndtw-6\charscalex
100 FACTOR\tab \up0 \expndtw-6\charscalex100 VALUE\tab \up0 \expndtw-6\charscale

x100 FACTOR\tab \up0 \expndtw-6\charscalex100 VALUE\par\pard\li1989\sb0\sl-230\s
lmult0\par\pard\li1989\sb217\sl-230\slmult0\fi119\tx2709\tx3069\tx4989\tx6309\tx
8229\tx9309 \up0 \expndtw-3\charscalex100 0\tab \up0 \expndtw-3\charscalex100 $\
tab \up0 \expndtw-3\charscalex100 (700,000)\tab \up0 \expndtw-3\charscalex100 1.
000\tab \up0 \expndtw-3\charscalex100 $(700,000)\tab \up0 \expndtw-3\charscalex1
00 1.000\tab \up0 \expndtw-3\charscalex100 $(700,000)\par\pard\li1989\sb0\sl-230
\slmult0\par\pard\li1989\sb41\sl-230\slmult0\fi119\tx2829\tx5109\tx6429\tx8349\t
x9429 \up0 \expndtw-3\charscalex100 1\tab \up0 \expndtw-3\charscalex100 (1,000,0
00)\tab \up0 \expndtw-3\charscalex100 .877\tab \up0 \expndtw-3\charscalex100 (87
7,000)\tab \up0 \expndtw-3\charscalex100 .885\tab \up0 \expndtw-3\charscalex100
(885,000)\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb39\sl-230\slmult0
\fi119\tx3189\tx5109\tx6549\tx8349\tx9549 \up0 \expndtw-3\charscalex100 2\tab \u
p0 \expndtw-3\charscalex100 250,000\tab \up0 \expndtw-3\charscalex100 .769\tab \
up0 \expndtw-3\charscalex100 192,250\tab \up0 \expndtw-3\charscalex100 .783\tab
d\li1989\sb40\sl-230\slmult0\fi119\tx3189\tx5109\tx6549\tx8349\tx9549 \up0 \expn
dtw-3\charscalex100 3\tab \up0 \expndtw-3\charscalex100 300,000\tab \up0 \expndt
w-3\charscalex100 .675\tab \up0 \expndtw-3\charscalex100 202,500\tab \up0 \expnd
tw-3\charscalex100 .693\tab \up0 \expndtw-3\charscalex100 207,900\par\pard\li198
100 350,000\tab \up0 \expndtw-3\charscalex100 .592\tab \up0 \expndtw-3\charscale
x100 207,200\tab \up0 \expndtw-3\charscalex100 .613\tab \up0 \expndtw-3\charscal
ex100 214,550\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb16\sl-230\slm
ult0\fi0\tx3189\tx4989\tx6549\tx8229\tx9549 \up0 \expndtw-3\charscalex100 5-10\t
ab \up0 \expndtw-3\charscalex100 400,000\tab \up0 \expndtw-3\charscalex100 2.302
\ul0\nosupersub\cf27\f28\fs20 *\tab \up0 \expndtw-3\charscalex100 \ul0\nosupersu
b\cf28\f29\fs20 920,800\ul0\nosupersub\cf27\f28\fs20 **\tab \up0 \expndtw-3\char
scalex100 \ul0\nosupersub\cf28\f29\fs20 2.452\ul0\nosupersub\cf27\f28\fs20 *\tab
\up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf28\f29\fs20 980,800\ul0\nosuper
sub\cf27\f28\fs20 **\par\pard\li4029\sb0\sl-230\slmult0\par\pard\li4029\sb16\sl230\slmult0\fi0\tx6308\tx9308\tx9668 \up0 \expndtw-5\charscalex100 \ul0\nosupers
ub\cf28\f29\fs20 Net present value\tab \up0 \expndtw-5\charscalex100 $ (54,250)
\tab \up0 \expndtw-5\charscalex100 $\tab \up0 \expndtw-5\charscalex100 14,000\pa
r\pard\qj \li1989\sb0\sl-240\slmult0 \par\pard\qj\li1989\ri4172\sb215\sl-240\slm
ult0\fi119 \up0 \expndtw-6\charscalex100 \ul0\nosupersub\cf27\f28\fs20 * \ul0\no
supersub\cf28\f29\fs20 PVIFA for 10 years minus PVIFA for 4 years. \up0 \expnd
tw-6\charscalex100 \ul0\nosupersub\cf27\f28\fs20 **\ul0\nosupersub\cf28\f29\fs20
Total for years 5-10. \par\pard\ql \li3189\sb0\sl-230\slmult0 \par\pard\ql\li
3189\sb0\sl-230\slmult0 \par\pard\ql\li3189\sb229\sl-230\slmult0 \up0 \expndtw-9
\charscalex93 To approximate the actual rate, we \ul0\nosupersub\cf27\f28\f
s20 interpolate\ul0\nosupersub\cf28\f29\fs20 between 13 and \par\pard\ql \l
\charscalex100 14 percent as follows: \par\pard\li3429\sb0\sl-230\slmult0\par\pa
rd\li3429\sb87\sl-230\slmult0\fi480\tx4509\tx5829\tx7029\tx8589 \up0 \expndtw-9\
charscalex96 \u9484?\u8212?\tab \up0 \expndtw-9\charscalex96 \u9484?\u8212? .13
\tab \up0 \expndtw-9\charscalex96 $ 14,000\tab \up0 \expndtw-9\charscalex96 \u8
212?\u9488?\tab \up0 \expndtw-9\charscalex96 \u8212?\u9488?\par\pard\li3429\sb20
\sl-230\slmult0\fi480\tx7149\tx8709 \up0 \expndtw-9\charscalex96 \u9474?
X \
u9474?\tab \up0 \expndtw-9\charscalex96 \u9474? $14,000\tab \up0 \expndtw-9\cha
rscalex96 \u9474?\par\pard\li3429\sb20\sl-230\slmult0\fi0\tx4509\tx6669\tx7029\t
x8709\tx9069 \up0 \expndtw-9\charscalex96 .01 \u9474?\tab \up0 \expndtw-9\chars
calex96 \u9492?\u8212? IRR\tab \up0 \expndtw-9\charscalex96 0\tab \up0 \expndtw9\charscalex96 \u8212?\u9496?\tab \up0 \expndtw-9\charscalex96 \u9474?\tab \up0
\expndtw-9\charscalex96 $68,250\par\pard\li3429\sb1\sl-217\slmult0\fi479\tx8709
\up0 \expndtw-9\charscalex96 \u9474?\tab \up0 \expndtw-9\charscalex96 \u9474?\pa
r\pard\li3429\sb30\sl-230\slmult0\fi479\tx4869\tx5829\tx8588 \up0 \expndtw-9\cha
rscalex96 \u9492?\u8212?\tab \up0 \expndtw-9\charscalex96 .14\tab \up0 \expndtw9\charscalex96 $(54,240)\tab \up0 \expndtw-9\charscalex96 \u8212?\u9496?\par\par
b13\sl-230\slmult0\fi119\tx4029\tx7269 \up0 \expndtw-8\charscalex100 X\tab \up0
\expndtw-8\charscalex100 $14,000\tab \up0 \expndtw-8\charscalex100 (.01) x ($14
,000)\par\pard\li3309\sb20\sl-230\slmult0\fi0\tx5469 \up0 \expndtw-8\charscalex1
00 \u8212?\u8212?\u8212? = \u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\t
ab \up0 \expndtw-8\charscalex100 Therefore, X = \u8212?\u8212?\u8212?\u8212?\u
8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u821
2?\u8212?\u8212?\u8212? = .0021\par\pard\li3309\sb20\sl-230\slmult0\fi0\tx4029
\tx7869 \up0 \expndtw-8\charscalex100 .01\tab \up0 \expndtw-8\charscalex100 $68,
250\tab \up0 \expndtw-8\charscalex100 $68,250\par\pard\li3189\sb0\sl-230\slmult0
li3189\sb29\sl-230\slmult0\fi0 \up0 \expndtw-8\charscalex93 and IRR = .13 + X
= .13 + .0021 = .1321, or \ul0\nosupersub\cf27\f28\fs20 13.21 percent\ul
0\nosupersub\cf28\f29\fs20 .
As\par\pard\li3189\sb0\sl-230\slmult0\par\pard\l
i3189\sb40\sl-230\slmult0\fi0 \up0 \expndtw-8\charscalex93 the internal rate
of return is less than the required rate of\par\pard\li3189\sb0\sl-230\s
lmult0\par\pard\li3189\sb41\sl-230\slmult0\fi0 \up0 \expndtw-9\charscalex92 retu
rn, the project would not be acceptable.\par\pard\li1989\sb0\sl-207\slmult0\par\
x7847 \up0 \expndtw-8\charscalex97 \ul0\nosupersub\cf13\f14\fs18 Chapter 13: Cap
ital Budgeting Techniques\tab \up0 \expndtw-8\charscalex97 Pearson Education Lim
ited 2005\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb0\sl-230\slmult0\
0 \expndtw-9\charscalex97 \ul0\nosupersub\cf28\f29\fs20 c.
The project would
be \ul0\nosupersub\cf27\f28\fs20 acceptable\ul0\nosupersub\cf28\f29\fs20 .\par\p
up0 \expndtw-9\charscalex97 d.
Payback period = \ul0\nosupersub\cf27\f28\fs2
0 6 years\ul0\nosupersub\cf28\f29\fs20 .\tab \up0 \expndtw-9\charscalex97 (-$70
0,000 - $1,000,000 + $250,000\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li
1989\sb40\sl-230\slmult0\fi1199 \up0 \expndtw-9\charscalex97 + $300,000 + $35
0,000 + $400,000 + $400,000 = 0)\par\pard\li1989\sb0\sl-230\slmult0\par\pa
sb80\sl-230\slmult0\fi0 \up0 \expndtw-9\charscalex97 2.\par\pard\li2829\sb0\sl-2
30\slmult0\par\pard\li2829\sb41\sl-230\slmult0\fi3719 \up0 \expndtw-3\charscalex
100 PRESENT VALUE\par\pard\li2829\sb20\sl-230\slmult0\fi3599\tx9069 \up0 \expndt
w-3\charscalex100 DISCOUNT FACTOR\tab \up0 \expndtw-3\charscalex100 PRESENT\par\
pard\li2829\sb19\sl-230\slmult0\fi0\tx4269\tx7029\tx9189 \up0 \expndtw-3\charsca
lex100 YEAR\tab \up0 \expndtw-3\charscalex100 CASH FLOW\tab \up0 \expndtw-3\char
scalex100 (14%)\tab \up0 \expndtw-3\charscalex100 VALUE\par\pard\li2949\sb0\sl-2
0\fi0\tx4149\tx6909\tx8829 \up0 \expndtw-3\charscalex100 0\tab \up0 \expndtw-3\c
harscalex100 $(404,424)\tab \up0 \expndtw-3\charscalex100 1.000\tab \up0 \expndt
w-3\charscalex100 $(404,424)\par\pard\li2949\sb0\sl-230\slmult0\par\pard\li2949\
sb39\sl-230\slmult0\fi0\tx4509\tx7029\tx9189 \up0 \expndtw-3\charscalex100 1\tab
\up0 \expndtw-3\charscalex100 86,890\tab \up0 \expndtw-3\charscalex100 .877\tab
0 .769\tab \up0 \expndtw-3\charscalex100 81,879\par\pard\li2949\sb0\sl-230\slmul
charscalex100 3\tab \up0 \expndtw-3\charscalex100 91,612\tab \up0 \expndtw-3\cha
rscalex100 .675\tab \up0 \expndtw-3\charscalex100 61,838\par\pard\li2949\sb0\sl-
230\slmult0\par\pard\li2949\sb39\sl-230\slmult0\fi0\tx4509\tx7029\tx9189 \up0 \e
xpndtw-3\charscalex100 4\tab \up0 \expndtw-3\charscalex100 84,801\tab \up0 \expn
dtw-3\charscalex100 .592\tab \up0 \expndtw-3\charscalex100 50,202\par\pard\li294
9 \up0 \expndtw-3\charscalex100 5\tab \up0 \expndtw-3\charscalex100 84,801\tab \
up0 \expndtw-3\charscalex100 .519\tab \up0 \expndtw-3\charscalex100 44,012\par\p
029\tx9189 \up0 \expndtw-3\charscalex100 6\tab \up0 \expndtw-3\charscalex100 75,
400\tab \up0 \expndtw-3\charscalex100 .456\tab \up0 \expndtw-3\charscalex100 34,
x4509\tx7029\tx9189 \up0 \expndtw-3\charscalex100 7\tab \up0 \expndtw-3\charscal
ex100 66,000\tab \up0 \expndtw-3\charscalex100 .400\tab \up0 \expndtw-3\charscal
ex100 26,400\par\pard\li2949\sb0\sl-230\slmult0\par\pard\li2949\sb41\sl-230\slmu
\charscalex100 92,400\tab \up0 \expndtw-3\charscalex100 .351\tab \up0 \expndtw-3
-230\slmult0\fi3840\tx9309 \up0 \expndtw-4\charscalex100 Net present value = \u
l0\nosupersub\cf27\f28\fs20 $\tab \up0 \expndtw-4\charscalex100 2,924\par\pard\
\sl-230\slmult0\par\pard\li2589\sb183\sl-230\slmult0\fi0 \up0 \expndtw-4\charsca
lex100 \ul0\nosupersub\cf28\f29\fs20 As the net present value is positive, the p
roject is \ul0\nosupersub\cf27\f28\fs20 acceptable\ul0\nosupersub\cf28\f29\fs20
.\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmult0\par\pard
lex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 13: Capital Budgeting Techniques\ta
slmult0\par\pard\li1989\sb15\sl-230\slmult0\fi0 \up0 \expndtw-2\charscalex100 \u
l0\nosupersub\cf28\f29\fs20 3.\par\pard\li2229\sb0\sl-230\slmult0\par\pard\li222
9\sb41\sl-230\slmult0\fi1919\tx6549\tx9549 \up0 \expndtw-6\charscalex100 INVESTM
ENT\tab \up0 \expndtw-6\charscalex100 PRESENT VALUE OF\tab \up0 \expndtw-6\chars
calex100 NET\par\pard\li2229\sb19\sl-230\slmult0\fi0\tx4269\tx6549 \up0 \expndtw
-6\charscalex100 PROJECT\tab \up0 \expndtw-6\charscalex100 REQUIRED\tab \up0 \ex
pndtw-6\charscalex100 FUTURE CASH FLOWS
PRESENT VALUE\par\pard\li2469\sb0\s
l-230\slmult0\par\pard\li2469\sb217\sl-230\slmult0\fi0\tx4269\tx7029\tx9189\tx95
49 \up0 \expndtw-6\charscalex100 1\tab \up0 \expndtw-6\charscalex100 $200,000\ta
b \up0 \expndtw-6\charscalex100 $290,000\tab \up0 \expndtw-6\charscalex100 $\tab
0 185,000\tab \up0 \expndtw-6\charscalex100 70,000\par\pard\li2469\sb0\sl-230\sl
mult0\par\pard\li2469\sb39\sl-230\slmult0\fi0\tx4389\tx7149\tx9429 \up0 \expndtw
-6\charscalex100 3\tab \up0 \expndtw-6\charscalex100 270,000\tab \up0 \expndtw-6
\charscalex100 400,000\tab \up0 \expndtw-6\charscalex100 130,000\par\pard\li2469
\up0 \expndtw-6\charscalex100 1,2\tab \up0 \expndtw-6\charscalex100 315,000\tab
\up0 \expndtw-6\charscalex100 475,000\tab \up0 \expndtw-6\charscalex100 160,000

89\tx7149\tx9429 \up0 \expndtw-6\charscalex100 \ul0\nosupersub\cf27\f28\fs20 1,3
\tab \up0 \expndtw-6\charscalex100 440,000\tab \up0 \expndtw-6\charscalex100 690
,000\tab \up0 \expndtw-6\charscalex100 250,000\par\pard\li2469\sb0\sl-230\slmult
harscalex100 \ul0\nosupersub\cf28\f29\fs20 2,3\tab \up0 \expndtw-6\charscalex100
385,000\tab \up0 \expndtw-6\charscalex100 620,000\tab \up0 \expndtw-6\charscale
x100 235,000\par\pard\li2469\sb0\sl-230\slmult0\par\pard\li2469\sb40\sl-230\slmu
lt0\fi0\tx4389\tx7149\tx9429 \up0 \expndtw-6\charscalex100 1,2,3\tab \up0 \expnd
tw-6\charscalex100 680,000\tab \up0 \expndtw-6\charscalex100 910,000\tab \up0 \e
xpndtw-6\charscalex100 230,000\par\pard\li2469\sb0\sl-230\slmult0\par\pard\li246
-230\slmult0\fi119 \up0 \expndtw-5\charscalex100 \ul0\nosupersub\cf27\f28\fs20 P
rojects 1 and 3 should be chosen\ul0\nosupersub\cf28\f29\fs20 as they
provide the highest net\par\pard\li2469\sb0\sl-230\slmult0\par\pard\li2469\sb
39\sl-230\slmult0\fi119 \up0 \expndtw-6\charscalex100 present value.\par\pard\li
ab \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf15\f16\fs18 191\par\pard\sect
\sectd\fs24\paperw11900\paperh16840{\shp
z-10000\shplid193
ffd8ffe000104a46494600010101006000600000ffdb004300010101010101010101010101010101
01010101010101010101010101010101010101010101010101010101010101010101010101010101
010101010101010101ffdb0043010101010101010101010101010101010101010101010101010101
0101010101010101010101010101010101010101010101010101010101010101010101010101ffc0
00110803e702c203012200021101031101ffc4001f00000105010101010101000000000000000001
02030405060708090a0bffc400b5100002010303020403050504040000017d010203000411051221
31410613516107227114328191a1082342b1c11552d1f02433627282090a161718191a2526272829
2a3435363738393a434445464748494a535455565758595a636465666768696a737475767778797a
0101010101010101010000000000000102030405060708090a0bffc400b511000201020404030407
05040400010277000102031104052131061241510761711322328108144291a1b1c109233352f015
6272d10a162434e125f11718191a262728292a35363738393a434445464748494a53545556575859
5a636465666768696a737475767778797a82838485868788898a92939495969798999aa2a3a4a5a6
0028a28a0028a28a0028a28a0028a28a0028a28a002bf37bfe0abffb597c4ffd8a3f62ff001bfed0
1f082d7c237be39f0f78b7e1be87a7dbf8e34cbed5fc3af69e2df19e93e1ed49aeacf4ed6342b932
c7657d2bdb4c3518a3826559254923565afd21afc45ff8386137ff00c12ffe2be02b15f883f055f6
b0ddbb6fc4cf0f9daaa39690f48c0e926d27806ba7074d55c5e1a9b8a9aa95a9c1c5ed2e6925cbf3
bdbfc8e8c2c633c4e1e1349c655a9c64a5b34e6934fd53b5baf43f9f9d13fe0e4bff008284ea5733
db49e16fd9b3cc4d3aeeea003e1ef8ca333cb0b078d5777c4ac6c7b7248c7fac7d9b1809063a987f
e0e37fdbd6686de65f0cfecec16583cc6cf803c5fc39453ff45146046db8b0246635dc5911d243fc
e6785d09d66cd4ec6f3525b70ce7248fb139b7f9a4545cee89645e63f2cb6ef990b16f46d3a3314b
7f66cc77c13b5f40a7242452c8a66485501658e191c8277ba289642ebb76ad7f52f03f0970a66394
61b158ec932dc4cebd5950739d15cf1a9ec68382bb6afcd3755fc11de2aefdd8be2e3072cbf1b4be
a538c3d9e070398cb0b4d4a2aa52955ab84c5aa9ca9de9a952a155251734e5887769a93fdd26ff00
8391ff006feb28eeee353f0b7ece09025dc1656a89f0ff00c6292492ccad22cc5dfe24f96f6e5368
6087cd5e4a090f03713fe0e2eff8281c8934b1f857f6739638cc67317807c5afb37ab65491f12374
837e14b22020e10a86604ff3c7e384b83fd9997730c61b7471ab4f19b963234923468188256248a1
bac721de40eb1b2e7a5f08788e1834b85a6884afb2286540cc4c93db46c8a1c32ab8136e02464521
9b1e63b15766eeca7853839e6f9ae4d5b8732faf5f051a5529c711878c6a4e9d493aae7169b4e12a
55a11a5cadbe4a2e55142527139b3f589fec0cbf3ecbe694abd79d3c4d1a09d3a7c93a74fea93a70
938f2b92c2e25d457947dad5719a5cb29bfdf1ff00888dbf6fecb13e13fd9e635273fbcf873e3656
8c2b9de323e21b236d8be6392a4386551210032c3ff071a7fc140e409237837f67b8d258e422193e
1ef8be375750c30246f88edb983e3e4689701487652ea57f0f62f1059c9b5e43386ce577961148dc
bb10e0160bc29794a3992590c45378265bd1df584c09965c10a372b992300ae15629181924915014
7508d1845252249634735f433e04e0dd7fe314cba31e569b5874da6dc6d28c94775cba269df99ad6
e7c2c788733a1253a94aa54519a95aa54938ca295e5174e0a1292778ae653b46cd26e578bfdaa4ff
00838e3fe0a165dd5bc11fb3b8cc8be56df01f8b98b425222db07fc2c5f9e685d9fce8fe5c281e59
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00c1047fe5287e27ff00b308f8cbff00ad0dfb2ed7f29fd363fe51b3c41ff170d7feb55931fa6f83
dff270723f4cc3ff0055d8a3fb53a28a2bfc033fb8c28a28a0028a28a0028a28a0028a28a00fe087
fe0aabff002962fdb97febb7ecd5ff00accdf0cebe25afb6bfe0aabff2962fdb97febb7ecd5ffacc
df0cebe25aff00a23fa28ffca3b7851ff64d7fef471c7f05789dff0025ef13ff00d8c5ff00e98a21
451457f429f081451450014514500145145001451450014514500145145001451450014514500145
14500145145001451450015fdcbffc11e3fe5157ff0004f2ff00b340f80dff00aaf743afe1a2bfb9
7ff823c7fca2affe09e5ff006681f01bff0055ee875fe5afed31ff0072f06ffec2b8f7ff004cf079
fd29f476fe2f16ff00d7bc8fff004acd8fd21a28a2bfca13fa7028a28a0028a28a0028a28a0028a2
8a0028a28a0028a28a0028a28a0028a28a0028a28a0028a28a0028a28a00fc47ff008384bfe51a5e
2cff00b38afd8dbff5aa3e1357f1ff005fd807fc1c25ff0028d2f167fd9c57ec6dff00ad51f09abf
8ffaff00627f66e7fc9bdf103fecabc07feaad9fca1f482ff91ee45ff62cafff00a92828a28aff00
47cfe7e0a28a2800a28a2800a28a2800a28a2800a28a2800a28a2800a28a2800a28a2800a28a2800
a28a2800a28a2800afd65ff8208ffca50fc4ff00f6611f197ff5a1bf65dafc9aafd65ff8208ffca5
0fc4ff00f6611f197ff5a1bf65dafe53fa6c7fca367883fe2e1aff00d6ab263f4df07bfe4e0e47e9
987feabb147f6a7451457f8067f71851451400514514005145140051451401fc10ff00c1557fe52c
5fb72ffd76fd9abff599be19d7c4b5f6d7fc1557fe52c5fb72ff00d76fd9abff00599be19d7c4b5f
f447f451ff009476f0a3fec9affde8e38fe0af13bfe4bde27ffb18bffd314428a28afe853e1028a2
8a002bfb97ff00823c7fca2aff00e09e5ff6681f01bff55ee875fc3457f72fff000478ff009455ff
00c13cbfecd03e037feabdd0ebfcb5fda63fee5e0dff00d8571eff00e99e0f3fa53e8edfc5e2dffa
f791ff00e959b1fa43451457f9427f4e051451400514514005145140051451400514514005145140
05145140051451400514514005145140051451401f88ff00f07097fca34bc59ff6715fb1b7feb547
c26afe3febfb00ff008384bfe51a5e2cff00b38afd8dbff5aa3e1357f1ff005fec4fecdcff00937b
e207fd95780ffd55b3f943e905ff0023dc8bfec595ff00f5250514515fe8f9fcfc14514500145145
0014514500145145001451450014514500145145001451450014514500145145001451450015facb
ff000411ff0094a1f89ffecc23e32ffeb437ecbb5f9355facbff000411ff0094a1f89ffecc23e32f
feb437ecbb5fca7f4d8ff946cf107fc5c35ffad564c7e9be0f7fc9c1c8fd330ffd57628fed4e8a28
aff00cfee30a28a2800a28a2800a28a2800a28a2803f821ff82aaffca58bf6e5ff00aedfb357feb3
37c33af896bedaff0082aaff00ca58bf6e5ffaedfb357feb337c33af896bfe88fe8a3ff28ede147f
d935ff00bd1c71fc15e277fc97bc4fff006317ff00a6288514515fd0a7c205145140051451400514
51400514514005145140051451400514514005145140051451400514514005145140057f72ff00f0
478ff9455ffc13cbfecd03e037feabdd0ebf868afee5ff00e08f1ff28abff82797fd9a07c06ffd57
ba1d7f96bfb4c7fdcbc1bffb0ae3dffd33c1e7f4a7d1dbf8bc5bff005ef23ffd2b363f4868a28aff
00284fe9c0a28a2800a28a2800a28a2800a28a2800a28a2800a28a2800a28a2800a28a2800a28a28
00a28a2800a28a2803f14bfe0e0ad3b54beff8265fc41b8d3348d67585d0fe37fec9be24d5e2d0f4
7d4f5cbbb0d0341fda6fe15ea5ad6b13d8e91697b7a34fd2ac209af2fee56068adade37965654526
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f28e7799d1ccebd7cdeb6614ead1a9470eb0f1a546382af461c8e37949cf9a4e4d5ac93bfe6bc6fe
19e5dc718dc1e331b98e37052c161e7878430b0a128ce33a9ed1ca4eb424ef7d12565d5dcff306ff
00859fe11fef7897ff00083f1dff00f33747fc2cff0008ff007bc4bff841f8efff0099baff004f9a
2bf79ff8a92f88dff46f7827ff000a73dffe6df5fe96bf11ff0012f9907fd0fb38ff00c1582ffe55
ebfd2d7fcc1bfe167f847fbde25ffc20fc77ff00ccdd1ff0b3fc23fdef12ff00e107e3bffe66ebfd
3e68a3fe2a4be237fd1bde09ff00c29cf7ff009b7d7fa5a9ff0012f9907fd0fb38ff00c1582ffe55
ebfd2d7fcc1bfe167f847fbde25ffc20fc77ff00ccdd7eceff00c1be13cfe29ff829278f3c55a2e8
fe279bc31a1fec41f13bc3fabf886f3c25e27d2344b0d7bc41f1e7f677d4b43d1ae354d6348b0b25
d5356d3fc3bafdf69f60263757769a2eab710c4f1585cbc5fdae515f9bf8b5f4dbe34f1778073cf0
ff0037e0de18cab019e7d41d6c765b88cd658ca0f2fcc7099952f651c5626ad16a757090a7514e0d
fb39cb95c64948fa1e16f07728e15cf3079e61737cc7135f07edf928e229e19529fb7a1530f2e674
e9c66ad1a92946cf74af757b9451457f141fb0051451400514514005145140051451401fe7cfff00
0583f8a1f0d3e1ff00fc15b3f6d8b2f1e7c44f02f826f3528ff66cbed3ad3c5de2dd03c37757f649
fb367c37b67bcb28359d42ca5bab55b9865b76b8812489678a488b8911947e7c7fc347fecf1ff45e
7e0c7fe1d1f03fff002f2bfd47e8afef0f0cfe9dfc59e19f01f0cf01e0380b87733c1f0ce5cb2fa1
8fc66679952c4e2a3edead7756ad3a30f65093956925185d28a8ddb69b7f89f11782995f1167798e
775f3bc7e1eae63887889d0a587c3ca9d36e11828c6537ccd5a09ddeedbd12d0ff002e0ff868ff00
d9e3fe8bcfc18ffc3a3e07ff00e5e51ff0d1ff00b3c7fd179f831ff8747c0fff00cbcaff0051fa2b
eebfe2a51c71ff0046d3853ff0ed9bff00f23ebfd2d7c6ff00897ac9bfe8a1ccff00f0970bfe67f9
707fc347fecf1ff45e7e0c7fe1d1f03fff002f28ff00868ffd9e3fe8bcfc18ff00c3a3e07ffe5e57
fa8fd147fc54a38e3fe8da70a7fe1db37ffe47d7fa5a9ff12f5937fd14399ffe12e17fccff002e0f
f868ff00d9e3fe8bcfc18ffc3a3e07ff00e5e51ff0d1ff00b3c7fd179f831ff8747c0fff00cbcaff
0051fa28ff008a9471c7fd1b4e14ff00c3b66fff00c8faff004b53fe25eb26ff00a28733ff00c25c
2ff99fe5c1ff000d1ffb3c7fd179f831ff008747c0ff00fcbca3fe1a3ff678ff00a2f3f063ff000e
8f81ff00f9795fea3f451ff1528e38ff00a369c29ff876cdff00f91f5fe96a7fc4bd64dff450e67f
f84b85ff0033fcb83fe1a3ff00678ffa2f3f063ff0e8f81fff0097947fc347fecf1ff45e7e0c7fe1
d1f03fff002f2bfd47e8a3fe2a51c71ff46d3853ff000ed9bfff0023ebfd2d4ff897ac9bfe8a1ccf
ff000970bfe67f9707fc347fecf1ff0045e7e0c7fe1d1f03ff00f2f28ff868ff00d9e3fe8bcfc18f
fc3a3e07ff00e5e57fa8fd147fc54a38e3fe8da70a7fe1db37ff00e47d7fa5a9ff0012f5937fd143
99ff00e12e17fccff2e0ff00868ffd9e3fe8bcfc18ff00c3a3e07ffe5e51ff000d1ffb3c7fd179f8
31ff008747c0ff00fcbcaff51fa28ff8a9471c7fd1b4e14ffc3b66ff00fc8faff4b53fe25eb26ffa
28733ffc25c2ff0099fe5c1ff0d1ff00b3c7fd179f831ff8747c0fff00cbca3fe1a3ff00678ffa2f
3f063ff0e8f81fff009795fea3f451ff001528e38ffa369c29ff00876cdfff0091f5fe96a7fc4bd6
4dff00450e67ff0084b85ff33fcb83fe1a3ff678ff00a2f3f063ff000e8f81ff00f97947fc347fec
f1ff0045e7e0c7fe1d1f03ff00f2f2bfd47e8a3fe2a51c71ff0046d3853ff0ed9bff00f23ebfd2d4
ff00897ac9bfe8a1ccff00f0970bfe67f9707fc347fecf1ff45e7e0c7fe1d1f03fff002f28ff0086
8ffd9e3fe8bcfc18ff00c3a3e07ffe5e57fa8fd147fc54a38e3fe8da70a7fe1db37ffe47d7fa5a9f
f12f5937fd14399ffe12e17fccff002e0ff868ff00d9e3fe8bcfc18ffc3a3e07ff00e5e51ff0d1ff
00b3c7fd179f831ff8747c0fff00cbcaff0051fa28ff008a9471c7fd1b4e14ff00c3b66fff00c8fa
ff004b53fe25eb26ff00a28733ff00c25c2ff99fe5c1ff000d1ffb3c7fd179f831ff008747c0ff00
fcbca3fe1a3ff678ff00a2f3f063ff000e8f81ff00f9795fea3f451ff1528e38ff00a369c29ff876
cdff00f91f5fe96a7fc4bd64dff450e67ff84b85ff0033fcb83fe1a3ff00678ffa2f3f063ff0e8f8
1fff009795fdff007fc11e3fe5155ff04f03d9ff0063df807221ecd1c9f0eb42923753d19248d95d
18655d195949520d7e90d15fcddf486fa4ce79f485a3c274739e18ca7875709d5ceaa61e59663319
8afadbcea19542aaacb1515c9ec7fb2a9ba6e9bf7bdacd4b68b3f41e03f0ef05c073cd2584cc7158
ff00ed48e0e351626952a7ecbea6f12e2e1ec9ebcff59973736dcb1b6ec28a28afe663f440a28a28
00a28a2800a28a2800a28a2800a28a2800a28a2800a28a2800a28a2800a28a2803ffd9}}}}}\pard
\sb0\sl-240{\bkmkstart Pg194}{\bkmkend Pg194}\par\pard\ql \li7854\sb0\sl-207\slm
ult0 \par\pard\ql\li7854\sb0\sl-207\slmult0 \par\pard\ql\li7854\sb75\sl-207\slmu
lt0 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Pearson Educatio
n Limited 2005 \par\pard\ql \li4149\sb0\sl-690\slmult0 \par\pard\ql\li4149\sb0\s
l-690\slmult0 \par\pard\ql\li4149\sb0\sl-690\slmult0 \par\pard\ql\li4149\sb0\sl690\slmult0 \par\pard\ql\li4149\sb0\sl-690\slmult0 \par\pard\ql\li4149\sb464\sl690\slmult0 \up0 \expndtw0\charscalex97 \ul0\nosupersub\cf22\f23\fs60 14 \par\pa
rd\ql \li4149\ri1008\sb18\sl-560\slmult0 \up0 \expndtw0\charscalex97 \ul0\nosupe
rsub\cf23\f24\fs50 Risk and Managerial (Real) \line \up0 \expndtw0\charscalex98
Options in Capital Budgeting \par\pard\qj \li3475\sb0\sl-400\slmult0 \par\pard\q
j\li3475\sb0\sl-400\slmult0 \par\pard\qj\li3475\sb0\sl-400\slmult0 \par\pard\qj\
li3475\sb0\sl-400\slmult0 \par\pard\qj\li3475\sb0\sl-400\slmult0 \par\pard\qj\li
\sb0\sl-400\slmult0 \par\pard\qj\li3475\sb0\sl-400\slmult0 \par\pard\qj\li3475\s
b0\sl-400\slmult0 \par\pard\qj\li3475\sb0\sl-400\slmult0 \par\pard\qj\li3475\sb0
\sl-400\slmult0 \par\pard\qj\li3475\ri1017\sb113\sl-400\slmult0 \up0 \expndtw0\c

harscalex98 \ul0\nosupersub\cf25\f26\fs32 \u8220?Risk? Risk is our business. T
hat\u8217?s what this starship \up0 \expndtw0\charscalex97 is all about. That\
u8217?s why we\u8217?re aboard her!\u8221? \par\pard\ql \li8498\sb247\sl-368\slm
ult0 \up0 \expndtw0\charscalex93 JAMES T. KIRK, \par\pard\ql \li4717\sb12\sl-368
\slmult0 \up0 \expndtw0\charscalex95 CAPTAIN OF THE STARSHIP ENTERPRISE \par\par
0 \expndtw-2\charscalex100 \ul0\nosupersub\cf15\f16\fs18 192\par\pard\sect\sectd
\fs24\paperw11900\paperh16840\pard\sb0\sl-240{\bkmkstart Pg195}{\bkmkend Pg195}\
ub\cf13\f14\fs18 Chapter 14: Risk and Managerial (Real) Options in Capital Budge
ting\tab \up0 \expndtw-2\charscalex100 Pearson Education Limited 2005\par\pard\q
l \li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb0\sl-230\slmult0 \par\pard\ql
\fs20 ANSWERS TO QUESTIONS \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\
li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb210\sl-230\slmult0\tx2589 \up0 \
expndtw-3\charscalex100 \ul0\nosupersub\cf28\f29\fs20 1. \tab \up0 \expndtw-8\ch
arscalex97 Investment projects with different risks can affect the valua
tion \par\pard\qj \li2589\ri1050\sb47\sl-500\slmult0 \up0 \expndtw-8\charscalex8
9 of the firm by suppliers of capital.
A project that provides a 2
0 \line \up0 \expndtw-3\charscalex100 percent expected return may add so much ri
sk as to more than offset \line \up0 \expndtw-3\charscalex100 the expected ret
urn. \up0 \expndtw-4\charscalex100 In other words, the company's overall \p
ar\pard\qj \li2589\ri1050\sb0\sl-500\slmult0 \up0 \expndtw-6\charscalex100 capit
alization rate rises sufficiently to more than offset the \up0 \expndtw5\charscalex100 incremental expected return.
Either the cash flows or the req
uired \up0 \expndtw-5\charscalex100 rate must be evaluated to bring the r
isk level of different \up0 \expndtw-8\charscalex89 projects into the anal
ysis.
The focus of the chapter is on how to \up0 \expndtw-9\charscale
x89 develop information on project risk. \par\pard\ql \li1989\sb0\sl-230\slmult0
2589 \up0 \expndtw-3\charscalex100 2. \tab \up0 \expndtw-8\charscalex94 The sta
ndard deviation is a measure of the absolute dispersion of \par\pard\qj
\li2589\ri1050\sb47\sl-500\slmult0 \up0 \expndtw-5\charscalex100 the probabilit
y distribution.
It is an appropriate measure of risk \up0 \expndtw-5\charscal
ex100 for a relatively symmetrical distribution, provided the person \up0
\expndtw-5\charscalex100 using the measure associates risk with dispersion. \pa
r\pard\qj \li2589\sb0\sl-500\slmult0 \par\pard\qj\li2589\ri1051\sb240\sl-500\slm
ult0 \up0 \expndtw-6\charscalex100 (To the extent that a distribution is
skewed and a person is \line \up0 \expndtw-6\charscalex100 concerned with
skewness, a between measure might be the semi-\line \up0 \expndtw-8\chars
calex93 variance.
The semivariance is the variance of the distribution
to \line \up0 \expndtw-8\charscalex92 the left of the expected value
and may be thought of as \line \up0 \expndtw-8\charscalex92 represe
nting a measure of downside risk.
If a person is concerned \line \up
0 \expndtw-8\charscalex94 with risk in a particular state of the world,
a state preference \line \up0 \expndtw-5\charscalex100 approach may be best.
However, the standard deviation continues as \line \up0 \expndtw-5\charscalex
100 the most widely used measure of risk.
One reason is that it can be \par\p

}
}}
}
calex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 14: Risk and Managerial (Real) Op
tions in Capital Budgeting\tab \up0 \expndtw-2\charscalex100 Pearson Education L
imited 2005\par\pard\qj \li2589\ri1050\sb465\sl-500\slmult0 \up0 \expndtw-6\char
scalex100 \ul0\nosupersub\cf28\f29\fs20 calculated mathematically in a relat
ively easy manner.
Higher \up0 \expndtw-5\charscalex100 moments of a pr
obability distribution cannot be determined so \up0 \expndtw-5\charscalex10
0 easily.) \par\pard\qj \li2589\ri1051\sb500\sl-500\slmult0 \up0 \expndtw-8\char
scalex93 One alternative measure that is easy to use is the coefficien
t of \up0 \expndtw-8\charscalex92 variation (CV).
Mathematically, it is
defined as the ratio of the \up0 \expndtw-8\charscalex94 standard deviatio
n of a distribution to the expected value of the \up0 \expndtw-8\charsc
alex94 distribution.
This measure of relative dispersion is an index
of \up0 \expndtw-9\charscalex94 risk per unit of expected value. \par\pard\li198
alex100 3.\tab \up0 \expndtw-7\charscalex100 To standardize the dispersion o
f a probability distribution, one\par\pard\li1989\sb0\sl-230\slmult0\par\par
d\li1989\sb40\sl-230\slmult0\fi599\tx8709 \up0 \expndtw-8\charscalex100 takes
differences from the expected value\tab \up0 \expndtw-8\charscalex100 (m
ean) of the\par\pard\qj \li2589\ri1050\sb30\sl-500\slmult0 \up0 \expndtw-6\c
harscalex100 distribution and divides them by the standard deviation.
The \line \up0 \expndtw-8\charscalex91 difference could be associated with
the NPV of zero or less or any \line \up0 \expndtw-8\charscalex93 other
stated NPV or IRR.
The standardized value obtained is then \line \up
0 \expndtw-8\charscalex97 used to determine the probability of greater (l
esser) differences \line \up0 \expndtw-5\charscalex100 occurring or not occurri
ng.
These probabilities are found in Table \line \up0 \expndtw-8\charscalex88
V at the end of the textbook.
They are based on the normal, bell
-\line \up0 \expndtw-8\charscalex93 shaped distribution.
As long as the
distribution is unimodal, the \line \up0 \expndtw-8\charscalex97 probabilitie
s are reasonably accurate even though the distribution \line \up0 \expndt
w-8\charscalex94 may not be normal.

By determining the probabilities t
hat various \line \up0 \expndtw-8\charscalex92 NPVs or IRRs will occur, on
e obtains a better understanding of the \line \up0 \expndtw-9\charscalex92
risk of the project. \par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl
}
}}
}
589 \up0 \expndtw-5\charscalex100 \ul0\nosupersub\cf28\f29\fs20 4.\tab \up0 \exp
ndtw-5\charscalex100 For the riskless project the probability distribution would
have no\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl-230\slmult0\
fi599\tx4389 \up0 \expndtw-5\charscalex100 dispersion.\tab \up0 \expndtw-5\chars
calex100 It would be a straight line that touched the\par\pard\l
i1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl-230\slmult0\fi599 \up0 \expndtw
-5\charscalex100 horizontal axis at the expected value of return for th
e project.\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl-230\slmul
t0\fi599 \up0 \expndtw-5\charscalex100 The extremely risky project would be char
acterized by a probability\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb
40\sl-230\slmult0\fi599 \up0 \expndtw-5\charscalex100 distribution that was quit
e wide.\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb0\sl-230\slmult0\pa
\up0 \expndtw-5\charscalex100 5.\tab \up0 \expndtw-5\charscalex100 The coefficie
nts of variation for the two projects are:\par\pard\li1989\sb0\sl-230\slmult0\pa
r\pard\li1989\sb40\sl-230\slmult0\fi1199 \up0 \expndtw-9\charscalex100 CV\ul0\su
b\cf36\f37\fs19 A\ul0\nosupersub\cf28\f29\fs20 = $400/$200 = 2.00; and CV\u
l0\sub\cf36\f37\fs19 B\ul0\nosupersub\cf28\f29\fs20 = $300/$140 = 2.14.\par

expndtw-8\charscalex100 On the basis of relative risk alone, we would s
ay that project B\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl230\slmult0\fi599 \up0 \expndtw-9\charscalex100 was the more risky.\par\pard\li1
scalex100 6.\tab \up0 \expndtw-9\charscalex100 The initial probabilities are
those for outcomes in the first\par\pard\li1989\sb0\sl-230\slmult0\par\par
d\li1989\sb40\sl-230\slmult0\fi599\tx3880 \up0 \expndtw-9\charscalex100 period.\
tab \up0 \expndtw-9\charscalex100 Conditional probabilities are those for o
utcomes in\par\pard\qj \li2589\ri1050\sb30\sl-500\slmult0 \up0 \expndtw-8\chars
calex100 subsequent periods conditional on the outcome(s) in the previou
s \line \up0 \expndtw-8\charscalex96 period(s).
For a particular branch,
the conditional probabilities \line \up0 \expndtw-8\charscalex94 for the nex
t period associated with the various sub branches must \line \up0 \expnd
tw-9\charscalex94 total \up0 \expndtw-9\charscalex94 1.00. \up0 \expndtw-9\chars
calex94 A joint probability is the joint product of \par\pard\qj \
li2589\ri1051\sb0\sl-500\slmult0 \up0 \expndtw-8\charscalex97 multiplying the
initial probability and all subsequent conditional \up0 \expndtw-5\charscal
ex100 probabilities for a particular branch times each other.
This gives \up0
\expndtw-5\charscalex100 the probability of the overall (complete) branch occu
rring. \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb0\sl-230\sl
ult0\tx2589 \up0 \expndtw-3\charscalex100 7. \tab \up0 \expndtw-8\charscalex91 T
he risk-free rate is used to discount future cash flows so as not \p
ar\pard\qj \li2589\ri1051\sb47\sl-500\slmult0 \up0 \expndtw-8\charscalex93 to d
ouble count for risk.
If a premium for risk, particularly a \line \u
p0 \expndtw-8\charscalex93 large premium, is included in the discount rat
e, a risk adjustment \line \up0 \expndtw-8\charscalex96 occurs in the disc
ounting process.
The larger the premium, the \line \up0 \expndtw-9\char
scalex96 narrower the distribution of NPVs \up0 \expndtw-9\charscalex96 -that is, the lower the \par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\s
}
}}
}

}}
}
scalex96 \ul0\nosupersub\cf28\f29\fs20 standard deviation of the probability
distribution of NPVs.
Risk \up0 \expndtw-8\charscalex94 would then be
evaluated in a comparison of the standard deviation \up0 \expndtw-5\chars
calex100 with the expected value.
To avoid the double evaluation of risk, a \
up0 \expndtw-5\charscalex100 risk-free rate should be used in discounting. \par\
\up0 \expndtw-3\charscalex100 8. \tab \up0 \expndtw-8\charscalex96 Simulation g
ives the analyst an idea of the dispersion of likely \par\pard\qj \li25
89\ri1050\sb47\sl-500\slmult0 \up0 \expndtw-8\charscalex94 returns from a pro
ject as well as the shape of the distribution. \line \up0 \expndtw-8\cha
rscalex94 However, the results are only as good as the assumptions use
d in \line \up0 \expndtw-8\charscalex96 the model.
In other words, the
results follow from assumptions \line \up0 \expndtw-3\charscalex100 regardin
g cash flows, probabilities, and interrelationships between \line \up0 \expndtw3\charscalex100 cash flows. \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql
i1989\sb34\sl-230\slmult0\tx2589 \up0 \expndtw-3\charscalex100 9. \tab \up0 \exp
ndtw-8\charscalex96 The greater the correlation of net present values am
ong projects, \par\pard\qj \li2589\ri1051\sb47\sl-500\slmult0 \up0 \expndtw-8\c
harscalex97 the greater the standard deviation of the portfolio of proj
ects, \line \up0 \expndtw-5\charscalex100 all other things the same.
By acqui
ring assets with low degrees of \line \up0 \expndtw-8\charscalex96 correlation
with each other, the standard deviation of risk of a \line \up0 \expndt
w-9\charscalex93 portfolio can be reduced relative to its expected value
. \up0 \expndtw-9\charscalex96 (Whether \par\pard\qj \li2589\ri1050\sb0\sl-500\s
lmult0\fi0 \up0 \expndtw-4\charscalex100 this company-provided diversification
is a thing of value to \line \up0 \expndtw-5\charscalex100 investors in t
he
company's stock is questionable, as we take up in \line \up0 \expndtw-5\ch
arscalex100 Chapter \up0 \expndtw-5\charscalex100 15.) \up0 \expndtw-8\charscale
x100 The effect of the correlation coefficient on the \par\pard\qj \li258
9\ri1051\sb0\sl-500\slmult0 \up0 \expndtw-3\charscalex100 standard deviation of
a portfolio of projects is shown in Equations \up0 \expndtw-5\charscalex100 (146) and (14-7) in the chapter. \par\pard\qj \li1989\ri1051\sb500\sl-500\slmult0\
tx2589 \up0 \expndtw-3\charscalex100 10. A portfolio of assets dominates anoth
er if it has a higher expected \line\tab \up0 \expndtw-4\charscalex100 return a
nd the same or lower level of risk \up0 \expndtw-4\charscalex100 (e.g.,
standard \par\pard\ql \li2589\sb224\sl-230\slmult0 \up0 \expndtw-8\charscalex97
deviation), or a lower level of risk and the same or a higher \par\p
}
}}
}
scalex94 \ul0\nosupersub\cf28\f29\fs20 expected value.
Using the concept
of dominance, some combinations \up0 \expndtw-8\charscalex96 of assets can
be dismissed because they are dominated by one or \up0 \expndtw-9\chars
calex96 more others. \par\pard\ql \li1989\ri1050\sb500\sl-500\slmult0\tx2589\tx2
589 \up0 \expndtw-6\charscalex100 11. When a decision maker decides on a
portfolio of assets, that \line\tab \up0 \expndtw-3\charscalex100 determine
s the acceptance or rejection of investment projects under \line \tab \up0 \expn
dtw-3\charscalex100 consideration. \up0 \expndtw-9\charscalex94 New projects
included in the portfolio are \par\pard\ql \li2589\sb224\sl-230\slmult0
\up0 \expndtw-3\charscalex100 accepted; those excluded are rejected. \par\pard\
ql \li1989\sb0\sl-500\slmult0 \par\pard\ql\li1989\ri1050\sb47\sl-500\slmult0\tx2
589\tx2589\tx2589 \up0 \expndtw-3\charscalex100 12. A managerial option has to
do with management's flexibility to make \line\tab \up0 \expndtw-4\charscalex10
0 a decision after a project is accepted that will alter the \line \ta
b \up0 \expndtw-8\charscalex93 project's subsequent expected cash flows and
/or its life.
It also \line \tab \up0 \expndtw-9\charscalex93 includes th
e option to postpone. \up0 \expndtw-9\charscalex93 With uncertainty about
the \par\pard\ql \li2589\sb224\sl-230\slmult0\tx7957 \up0 \expndtw-9\charscalex9
7 future, the presence of managerial options \tab \up0 \expndtw-5\charscale
x100 (flexibility) enhances \par\pard\qj \li2589\ri1051\sb47\sl-500\slmult0 \up
0 \expndtw-5\charscalex100 the worth of an investment project.
This worth is
equal to the net \up0 \expndtw-8\charscalex97 present value of the project,
determined in the traditional way, \up0 \expndtw-9\charscalex97 plus the va
lue of any option(s). \par\pard\ql \li1989\ri1050\sb500\sl-500\slmult0\tx2589\tx
2589 \up0 \expndtw-7\charscalex100 13. The present value of a managerial
option is determined by the \line\tab \up0 \expndtw-6\charscalex100 likelih

ood that it will be exercised and the magnitude of the \line \tab \up0
\expndtw-7\charscalex100 resulting cash-flow benefit. \up0 \expndtw-7\charsca
lex100 The greater the uncertainty or \par\pard\qj \li2589\ri1051\sb0\sl-500
\slmult0 \up0 \expndtw-6\charscalex100 volatility of possible outcomes, the
greater the value of the \up0 \expndtw-8\charscalex91 option.
It is th
e same as with a financial option -- the driving \up0 \expndtw-6\charsc
alex100 force to option valuation is the volatility of the associated \
up0 \expndtw-6\charscalex100 asset's price. \par\pard\li1989\sb0\sl-207\slmult0\
}
0\slmult0 \par\pard\ql\li1989\sb228\sl-230\slmult0\tx5949 \up0 \expndtw-8\charsc
alex100 \ul0\nosupersub\cf28\f29\fs20 14. Managerial options include \tab \u
p0 \expndtw-9\charscalex95 1) the option to expand production in \par\pard
\qj \li2589\ri1050\sb47\sl-500\slmult0 \up0 \expndtw-4\charscalex100 the future
if things turn out well (or to contract if conditions do \line \up0 \expndtw-8\
charscalex90 not turn out well), 2) the option to abandon a project,
and 3) the \line \up0 \expndtw-6\charscalex100 option to postpone a project's
acceptance or launch.
Options 1 and \line \up0 \expndtw-3\charscalex100 2 re
quire that the project must first be accepted before the option \line \up0 \expn
dtw-9\charscalex100 becomes available.
Options \up0 \expndtw-8\charscalex10
0 1 and \up0 \expndtw-9\charscalex96 2 are related in that if a \par\pard
\qj \li2589\ri1050\sb0\sl-500\slmult0 \up0 \expndtw-6\charscalex100 project tur
ns sour, management will want to contract production \line \up0 \expndtw8\charscalex100 and/or abandon the project entirely if the abandonment v
alue is \line \up0 \expndtw-8\charscalex92 sufficient.
For option 3, the
option would most likely consist of \line \up0 \expndtw-6\charscalex100 in
vesting now or waiting, although in some cases a firm might \line \up0
\expndtw-6\charscalex100 invest now and still have the option to
defer actual \line \up0 \expndtw-6\charscalex100 implementation.
Option v
alue enhances the worth of a project. \par\pard\ql \li1989\sb0\sl-230\slmult0 \p
27\f28\fs20 SOLUTIONS TO PROBLEMS \par\pard\li1989\sb0\sl-230\slmult0\par\pard\l
8\sl-230\slmult0\fi0\tx2589 \up0 \expndtw-8\charscalex100 \ul0\nosupersub\cf28\f
29\fs20 1.\tab \up0 \expndtw-8\charscalex100 a)

Simply by looking, project B
looks less risky.\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl-230
\slmult0\fi599 \up2 \expndtw-9\charscalex91 b)
E(CF\t \dn4 \expndtw-8\charsca
lex100 A) = (.2)($2,000) + (.3)($4,000)\par\pard\li3189\sb59\sl-230\slmult0\
fi1079 \up0 \expndtw-9\charscalex94 + (.3)($6,000) + (.2)($8,000) = $5,000\
1 \dn2 \expndtw-9\charscalex94 \ul0\nosupersub\cf37\f38\fs22 \u963?\ul0\nosupers
ub\cf28\f29\fs20 A\tab \up0 \expndtw-9\charscalex94 = [(.2)($3,000)2 + (.3)($
1,000)2 + (.3)($1,000)2\par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\sb2
3\sl-230\slmult0\fi1200 \up0 \expndtw-9\charscalex94 + (.2)($3,000)2].5 = (4,
200,000).5 = $2,049\par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\sb53\sl
-230\slmult0\fi0\tx4029 \dn2 \expndtw-9\charscalex94 CVA\tab \up0 \expndtw-9\cha
rscalex94 = $2,049/$5,000 = .410\par\pard\li1989\sb0\sl-207\slmult0\par\pard\
ard\sect\sectd\fs24\paperw11900\paperh16840\pard\sb0\sl-240{\bkmkstart Pg201}{\b
kmkend Pg201}\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmu
\ul0\nosupersub\cf13\f14\fs18 Chapter 14: Risk and Managerial (Real) Options in
Capital Budgeting\tab \up0 \expndtw-2\charscalex100 Pearson Education Limited 2
005\par\pard\ql \li3189\sb0\sl-230\slmult0 \par\pard\ql\li3189\sb0\sl-230\slmult
0 \par\pard\ql\li3189\sb108\sl-230\slmult0 \up0 \expndtw-9\charscalex94 \ul0\nos
upersub\cf28\f29\fs20 E(CFB) = (.1)($2,000) + (.4)($4,000) \par\pard\ql \li4
269\sb1\sl-217\slmult0 \up0 \expndtw-9\charscalex92 + (.4)($6,000) + (.1)($8,
000) = $5,000 \par\pard\ql \li3189\sb0\sl-241\slmult0 \par\pard\ql\li3189\sb43
\sl-241\slmult0\tx4041 \dn2 \expndtw0\charscalex101 \ul0\nosupersub\cf37\f38\fs2
2 \u963?\ul0\nosupersub\cf28\f29\fs20 B \tab \up0 \expndtw-9\charscalex95 = [(.
1)($3,000)2 + (.4)($1,000)2 + (.4)($1,000)2 \par\pard\ql \li4389\sb0\sl-230\
slmult0 \par\pard\ql\li4389\sb19\sl-230\slmult0 \up0 \expndtw-9\charscalex94 +
(.1)($3,000)2].5 = (2,600,000).5 = $1,612 \par\pard\li1989\sb0\sl-230\slmult
0\par\pard\li1989\sb60\sl-230\slmult0\fi1199\tx4029 \dn2 \expndtw-9\charscalex95
CVB\tab \up0 \expndtw-9\charscalex95 = $1,612/$5,000 = .322\par\pard\li1989\
B clearly dominates A since it has lower risk for the same\par\pard\
li1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl-230\slmult0\fi1199 \up0 \expnd
tw-9\charscalex95 level of return.\par\pard\sect\sectd\sbknone\cols3\colno1\colw
4829\colsr160\colno2\colw3449\colsr160\colno3\colw3172\colsr160\ql \li1989\sb0\s
l-230\slmult0 \par\pard\ql \li1989\sb91\sl-230\slmult0\tx2584 \up0 \expndtw-3\ch
arscalex100 2.\tab \up0 \expndtw-9\charscalex97 a)
Project\par\pard\ql \li354
arscalex100 A\par\pard\ql \li3549\sb20\sl-230\slmult0 \up0 \expndtw-3\charscalex
100 B\par\pard\ql \li3549\sb19\sl-230\slmult0 \up0 \expndtw-3\charscalex100 C\pa
r\pard\ql \li3549\sb21\sl-230\slmult0 \up0 \expndtw-3\charscalex100 D\par\pard\q
l \li3549\sb20\sl-230\slmult0 \up0 \expndtw-3\charscalex100 E\par\pard\column \q
l \li5109\sb0\sl-230\slmult0 \par\pard\ql \li140\sb91\sl-230\slmult0\tx1945 \up0
\expndtw-3\charscalex100 E(NPV)\tab \up0 \expndtw0\charscalex100 \ul0\nosupersu
b\cf37\f38\fs22 \u963?\ul0\nosupersub\cf28\f29\fs20 NPV\par\pard\ql \li4989\sb0\
sl-230\slmult0 \par\pard\ql \li20\sb16\sl-230\slmult0\tx1704 \up0 \expndtw-3\cha
rscalex100 $10,000\tab \up0 \expndtw-3\charscalex100 $20,000\par\pard\ql \li140\
sb20\sl-230\slmult0\tx1825 \up0 \expndtw-3\charscalex100 10,000\tab \up0 \expndt
w-3\charscalex100 30,000\par\pard\ql \li140\sb19\sl-230\slmult0\tx1824 \up0 \exp
ndtw-3\charscalex100 25,000\tab \up0 \expndtw-3\charscalex100 10,000\par\pard\ql
\li260\sb21\sl-230\slmult0\tx1825 \up0 \expndtw-3\charscalex100 5,000\tab \up0

\expndtw-3\charscalex100 10,000\par\pard\ql \li140\sb20\sl-230\slmult0\tx1825 \u
p0 \expndtw-3\charscalex100 75,000\tab \up0 \expndtw-3\charscalex100 75,000\par\
pard\column \ql \li8589\sb0\sl-230\slmult0 \par\pard\ql \li21\sb132\sl-230\slmul
t0 \up0 \expndtw-3\charscalex100 CVNPV\par\pard\qj \li20\ri2513\sb0\sl-259\slmul
t0 \up0 \expndtw-3\charscalex100 \u8212?\u8212?\u8212?\u8212?\u8212? \line \up0
\expndtw-3\charscalex100 2.00 \line \up0 \expndtw-3\charscalex100 3.00 \line \up
0 \expndtw-3\charscalex100 0.40 \line \up0 \expndtw-3\charscalex100 2.00 \line \
up0 \expndtw-3\charscalex100 1.00 \par\pard\sect\sectd\sbknone \qj \li3189\ri165
2\sb164\sl-500\slmult0 \up0 \expndtw-4\charscalex100 On the basis of E(NPV) and
standard deviation of NPV, ... \up0 \expndtw-4\charscalex100 -- C dominates A,
B, and D; \par\pard\ql \li3189\sb224\sl-230\slmult0 \up0 \expndtw-3\charscalex10
0 -- A dominates B and D; and \par\pard\ql \li3189\sb0\sl-230\slmult0 \par\pard\
ql\li3189\sb40\sl-230\slmult0 \up0 \expndtw-3\charscalex100 -- E neither dominat
es nor is dominated by any project. \par\pard\qj \li3189\ri2012\sb307\sl-500\slm
ult0 \up0 \expndtw-3\charscalex100 On the basis of E(NPV) and coefficient of var
iation of \up0 \expndtw-9\charscalex93 NPV, ... \par\pard\ql \li3189\sb224\sl-2
30\slmult0 \up0 \expndtw-3\charscalex100 -- C dominates A, B, and D; \par\pard\q
j \li3189\ri4823\sb47\sl-500\slmult0 \up0 \expndtw-3\charscalex100 -- E dominate
s A, B, and D; and \up0 \expndtw-3\charscalex100 -- A dominates B and D. \par\pa
rd\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb128\sl-230\slmult0\fi0\tx4989 \up
0 \expndtw-8\charscalex100 b)\tab \up0 \expndtw-8\charscalex100 Z-score\par\pard
\li2589\sb20\sl-230\slmult0\fi599\tx4389 \up0 \expndtw-8\charscalex100 Project\t
ab \up0 \expndtw-8\charscalex100 (0 - E(NPV))/\ul0\nosupersub\cf37\f38\fs22 \u
963?\ul0\sub\cf28\f29\fs30 NPV
Probability (NPV < 0)\par\pard\li2589\sb0\s
l-230\slmult0\par\pard\li2589\sb16\sl-230\slmult0\fi959\tx4989\tx7629 \up0 \expn
dtw-8\charscalex100 A\tab \up0 \expndtw-8\charscalex100 - .50\tab \up0 \expndtw
-8\charscalex100 .3085\par\pard\li2589\sb21\sl-230\slmult0\fi959\tx4989\tx7629 \
up0 \expndtw-8\charscalex100 B\tab \up0 \expndtw-8\charscalex100 - .33\tab \up0
\expndtw-8\charscalex100 .3707\par\pard\li2589\sb20\sl-230\slmult0\fi959\tx4989
\tx7628 \up0 \expndtw-8\charscalex100 C\tab \up0 \expndtw-8\charscalex100 -2.50\
tab \up0 \expndtw-8\charscalex100 .0062\par\pard\li2589\sb19\sl-230\slmult0\fi95
9\tx4989\tx7629 \up0 \expndtw-8\charscalex100 D\tab \up0 \expndtw-8\charscalex10
0 - .50\tab \up0 \expndtw-8\charscalex100 .3085\par\pard\li2589\sb21\sl-230\slm
ult0\fi959\tx4989\tx7629 \up0 \expndtw-8\charscalex100 E\tab \up0 \expndtw-8\cha
rscalex100 -1.00\tab \up0 \expndtw-8\charscalex100 .1577\par\pard\li1989\sb0\sl207\slmult0\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmult
6\fs18 199\par\pard\sect\sectd\fs24\paperw11900\paperh16840\pard\sb0\sl-240{\bkm
kstart Pg202}{\bkmkend Pg202}\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989
-2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 14: Risk and Managerial (
Real) Options in Capital Budgeting\tab \up0 \expndtw-2\charscalex100 Pearson Edu
cation Limited 2005\par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\s
\charscalex100 \ul0\nosupersub\cf28\f29\fs20 3. \tab \up0 \expndtw-3\charscalex1
00 The general formula to use is: \par\pard\li2589\sb37\sl-230\slmult0\fi4319 \u
p0 \expndtw-9\charscalex94 ___\par\pard\li2589\sb4\sl-250\slmult0\fi1199 \up0 \e
xpndtw-9\charscalex94 Z (the Z-score) = (NPV* - NPV)/\ul0\nosupersub\cf37\f3
8\fs22 \u963?\ul0\sub\cf28\f29\fs30 NPV\par\pard\li2589\sb0\sl-230\slmult0\par\
pard\li2589\sb37\sl-230\slmult0\fi0\tx3189 \up0 \expndtw-9\charscalex94 o\tab \u
p0 \expndtw-9\charscalex94 For zero or less, Z = (0 - $20,000)/$10,000 = 2.0\par\pard\li2589\sb20\sl-230\slmult0\fi0\tx3189 \up0 \expndtw-9\charscalex94
o\tab \up0 \expndtw-9\charscalex94 For $30,000 or more, Z = ($30,000 - $20,
000)/$10,000 = 1.0\par\pard\li2589\sb21\sl-230\slmult0\fi0\tx3189 \up0 \expndt
w-9\charscalex94 o\tab \up0 \expndtw-9\charscalex94 For $5,000 or less, Z = (
$5,000 - $20,000)/$10,000 = -1.5\par\pard\qj \li2589\ri1050\sb229\sl-500\slm

ult0 \up0 \expndtw-8\charscalex93 From a normal distribution table found i
n most any statistics text \up0 \expndtw-8\charscalex89 (or from Table V
at the end of the textbook), one finds that these \up0 \expndtw-8\char
scalex100 Z-scores (standardized differences) correspond to probabilities
of \up0 \expndtw-8\charscalex100 .0228, .1577, and .0668 respectively. \par\pa
sb82\sl-230\slmult0\fi0\tx2589 \up0 \expndtw-5\charscalex100 4.\tab \up0 \expndt
w-5\charscalex100 a)\par\pard\li1989\sb220\sl-230\slmult0\fi479\tx4989\tx7389\tx
9309 \up0 \expndtw-5\charscalex100 Year 1\tab \up0 \expndtw-5\charscalex100 Yea
r 2\tab \up0 \expndtw-5\charscalex100 Year 3\tab \up0 \expndtw-5\charscalex100
Overall\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb16\sl-230\slmult0\
fi1319\tx5709\tx8109 \up0 \expndtw-5\charscalex100 Net\tab \up0 \expndtw-5\chars
calex100 Net\tab \up0 \expndtw-5\charscalex100 Net\par\pard\li1989\sb20\sl-230\s
lmult0\fi0\tx3309\tx4629\tx5709\tx7029\tx8109\tx9429 \up0 \expndtw-5\charscalex1
00 Initial\tab \up0 \expndtw-5\charscalex100 Cash\tab \up0 \expndtw-5\charscalex
100 Cond.\tab \up0 \expndtw-5\charscalex100 Cash\tab \up0 \expndtw-5\charscalex1
00 Cond.\tab \up0 \expndtw-5\charscalex100 Cash\tab \up0 \expndtw-5\charscalex10
0 Joint\par\pard\li1989\sb19\sl-230\slmult0\fi0\tx3309\tx4629\tx5709\tx7029\tx81
09\tx9429 \up0 \expndtw-5\charscalex100 Prob.\tab \up0 \expndtw-5\charscalex100
Flow\tab \up0 \expndtw-5\charscalex100 Prob.\tab \up0 \expndtw-5\charscalex100 F
low\tab \up0 \expndtw-5\charscalex100 Prob.\tab \up0 \expndtw-5\charscalex100 Fl
ow\tab \up0 \expndtw-5\charscalex100 Prob.\par\pard\li2109\sb0\sl-180\slmult0\fi
2520\tx7029\tx9429 \up0 \expndtw-8\charscalex100 \u8212?\u8212?\u8212?\u8212?\u8
212?\tab \up0 \expndtw-8\charscalex100 \u8212?\u8212?\u8212?\u8212?\u8212?\tab \
up0 \expndtw-8\charscalex100 \u8212?\u8212?\u8212?\u8212?\u8212?\par\pard\li2109
989\tx8589\tx9549 \up0 \expndtw-8\charscalex100 \u9484?\u8212?\u8212?\u8212? 0.
4\tab \up0 \expndtw-8\charscalex100 -$\tab \up0 \expndtw-8\charscalex100 300 \u
8212?\u8212?\u8212?\u8212?\u8212? 1.0\tab \up0 \expndtw-8\charscalex100 $\tab \
up0 \expndtw-8\charscalex100 0\tab \up0 \expndtw-8\charscalex100 0.20\par\pard\l
i2109\sb20\sl-230\slmult0\fi0\tx3069\tx3669 \up0 \expndtw-8\charscalex100 0.5\ta
b \up0 \expndtw-8\charscalex100 $\tab \up0 \expndtw-8\charscalex100 0 \u8212?\u
8212?\u9508?\par\pard\li4149\sb20\sl-230\slmult0\fi0\tx5589\tx6189\tx7989\tx8589
\tx9549 \up0 \expndtw-9\charscalex96 \u9492?\u8212?\u8212?\u8212? 0.6\tab \up0
\expndtw-9\charscalex96 $\tab \up0 \expndtw-9\charscalex96 0 \u8212?\u8212?\u82
12?\u8212?\u8212? 1.0\tab \up0 \expndtw-9\charscalex96 $\tab \up0 \expndtw-9\ch
arscalex96 0\tab \up0 \expndtw-9\charscalex96 0.30\par\pard\li4149\sb0\sl-180\sl
mult0\fi599 \up0 \expndtw-9\charscalex96 \u8212?\u8212?\u8212?\par\pard\li4149\s
b67\sl-230\slmult0\fi599 \up0 \expndtw-9\charscalex96 1.0\par\pard\li4149\sb0\sl
-230\slmult0\par\pard\li4149\sb17\sl-230\slmult0\fi2520\tx7989\tx8349\tx9549 \up
0 \expndtw-8\charscalex100 \u9484?\u8212?\u8212? 0.5\tab \up0 \expndtw-8\charsc
alex100 $\tab \up0 \expndtw-8\charscalex100 800\tab \up0 \expndtw-8\charscalex10
0 0.05\par\pard\li4149\sb21\sl-230\slmult0\fi0\tx5589 \up0 \expndtw-8\charscalex
100 \u9484?\u8212?\u8212?\u8212? 0.2\tab \up0 \expndtw-8\charscalex100 $1,000
\u8212?\u8212?\u9508?\par\pard\li4149\sb19\sl-230\slmult0\fi0\tx6669\tx7989\tx95
49 \up0 \expndtw-8\charscalex100 \u9474?\tab \up0 \expndtw-8\charscalex100 \u949
2?\u8212?\u8212? 0.5\tab \up0 \expndtw-8\charscalex100 $1,200\tab \up0 \expndtw
-8\charscalex100 0.05\par\pard\li4149\sb0\sl-180\slmult0\fi0\tx7149 \up0 \expndt
w-8\charscalex100 \u9474?\tab \up0 \expndtw-8\charscalex100 \u8212?\u8212?\u8212
?\par\pard\li4149\sb68\sl-230\slmult0\fi0\tx7149 \up0 \expndtw-8\charscalex100 \
u9474?\tab \up0 \expndtw-8\charscalex100 1.0\par\pard\ql \li4149\sb0\sl-180\slmu
lt0 \up0 \expndtw-3\charscalex100 \u9474? \par\pard\ql \li4149\sb14\sl-206\slmul
t0 \up0 \expndtw-3\charscalex100 \u9474? \par\pard\li2109\sb75\sl-230\slmult0\fi
2040\tx6669\tx7989\tx9549 \up0 \expndtw-9\charscalex97 \u9474?\tab \up0 \expndtw
-9\charscalex97 \u9484?\u8212?\u8212? 0.5\tab \up0 \expndtw-9\charscalex97 $1,2
\tx3069\tx5589 \up0 \expndtw-9\charscalex97 0.5\tab \up0 \expndtw-9\charscalex97
$1,000 \u8212?\u8212?\u9532?\u8212?\u8212?\u8212? 0.6\tab \up0 \expndtw-9\cha
rscalex97 $1,400 \u8212?\u8212?\u9508?\par\pard\li4149\sb21\sl-230\slmult0\fi0\
tx6669\tx7989\tx9549 \up0 \expndtw-6\charscalex100 \u9474?\tab \up0 \expndtw-6\c

harscalex100 \u9492?\u8212?\u8212? 0.5\tab \up0 \expndtw-6\charscalex100 $1,600
\tab \up0 \expndtw-6\charscalex100 0.15\par\pard\li4149\sb0\sl-180\slmult0\fi0\t
x7148 \up0 \expndtw-6\charscalex100 \u9474?\tab \up0 \expndtw-6\charscalex100 \u
-6\charscalex100 \u9474?\tab \up0 \expndtw-6\charscalex100 1.0\par\pard\ql \li41
49\sb0\sl-180\slmult0 \up0 \expndtw-3\charscalex100 \u9474? \par\pard\ql \li4149
\sb14\sl-206\slmult0 \up0 \expndtw-3\charscalex100 \u9474? \par\pard\li4149\sb75
\sl-230\slmult0\fi0\tx6669\tx7989\tx9549 \up0 \expndtw-9\charscalex97 \u9474?\ta
b \up0 \expndtw-9\charscalex97 \u9484?\u8212?\u8212? 0.5\tab \up0 \expndtw-9\ch
arscalex97 $1,600\tab \up0 \expndtw-9\charscalex97 0.05\par\pard\li4149\sb19\sl230\slmult0\fi0\tx5589 \up0 \expndtw-9\charscalex97 \u9492?\u8212?\u8212?\u8212?
0.2\tab \up0 \expndtw-9\charscalex97 $1,800 \u8212?\u8212?\u9508?\par\pard\li
1989\sb20\sl-230\slmult0\fi4680\tx7989\tx9549 \up0 \expndtw-7\charscalex100 \u94
92?\u8212?\u8212? 0.5\tab \up0 \expndtw-7\charscalex100 $2,000\tab \up0 \expndt
w-7\charscalex100 0.05\par\pard\li1989\sb0\sl-180\slmult0\fi2759\tx7148\tx9548 \
up0 \expndtw-7\charscalex100 \u8212?\u8212?\u8212?\tab \up0 \expndtw-7\charscale
x100 \u8212?\u8212?\u8212?\tab \up0 \expndtw-7\charscalex100 \u8212?\u8212?\u821
2?\u8212?\par\pard\li1989\sb69\sl-230\slmult0\fi2760\tx7149\tx9548 \up0 \expndtw
-7\charscalex100 1.0\tab \up0 \expndtw-7\charscalex100 1.0\tab \up0 \expndtw-7\c
harscalex100 1.00\par\pard\li1989\sb220\sl-230\slmult0\fi0 \up0 \expndtw-7\chars
calex100 NOTE: Initial investment at time 0 = $1,000.\par\pard\li1989\sb0\sl207\slmult0\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmult
3\f14\fs18 Chapter 14: Risk and Managerial (Real) Options in Capital Budgeting\t
ab \up0 \expndtw-4\charscalex100 Pearson Education Limited 2005\par\pard\li1989\
0\slmult0\fi599 \up0 \expndtw-5\charscalex100 \ul0\nosupersub\cf28\f29\fs20 b)\p
ar\pard\li1989\sb220\sl-230\slmult0\fi839\tx4869\tx6909\tx8949 \up0 \expndtw-5\c
harscalex100 (1)\tab \up0 \expndtw-5\charscalex100 (2)\tab \up0 \expndtw-5\chars
calex100 (3)\tab \up0 \expndtw-5\charscalex100 (4)\par\pard\li1989\sb19\sl-230\s
lmult0\fi719\tx4389 \up0 \expndtw-5\charscalex100 CASH\tab \up0 \expndtw-5\chars
calex100 NET PRESENT
JOINT PROBABILITY\par\pard\li1989\sb20\sl-230\slmult0\
fi360\tx4749\tx6309\tx8589 \up0 \expndtw-5\charscalex100 FLOW SERIES\tab \up0 \e
xpndtw-5\charscalex100 VALUE\tab \up0 \expndtw-5\charscalex100 OF OCCURRENCE\tab
\up0 \expndtw-5\charscalex100 (2) X (3)\par\pard\li2829\sb0\sl-230\slmult0\par
\pard\li2829\sb217\sl-230\slmult0\fi0\tx4629\tx6909\tx8709 \up0 \expndtw-7\chars
calex100 1\tab \up0 \expndtw-7\charscalex100 -$1,272\tab \up0 \expndtw-7\charsca
lex100 .20\tab \up0 \expndtw-7\charscalex100 -$254.40\par\pard\li2829\sb0\sl-230
dtw-7\charscalex100 2\tab \up0 \expndtw-7\charscalex100 - 1,000\tab \up0 \expnd
tw-7\charscalex100 .30\tab \up0 \expndtw-7\charscalex100 - 300.00\par\pard\li28
-230\slmult0\fi0\tx4869\tx6909\tx9069 \up0 \expndtw-3\charscalex100 3\tab \up0 \
expndtw-3\charscalex100 1,550\tab \up0 \expndtw-3\charscalex100 .05\tab \up0 \ex
pndtw-3\charscalex100 77.50\par\pard\li2829\sb20\sl-230\slmult0\fi0\tx4869\tx690
\tab \up0 \expndtw-3\charscalex100 .05\tab \up0 \expndtw-3\charscalex100 94.80\p
2,259\tab \up0 \expndtw-3\charscalex100 .15\tab \up0 \expndtw-3\charscalex100 3
38.85\par\pard\li2829\sb20\sl-230\slmult0\fi0\tx4869\tx6909\tx8949 \up0 \expndtw
harscalex100 .15\tab \up0 \expndtw-3\charscalex100 390.60\par\pard\li2829\sb0\sl

dtw-3\charscalex100 .05\tab \up0 \expndtw-3\charscalex100 148.35\par\pard\li2829
\sb20\sl-230\slmult0\fi0\tx4869\tx6909\tx8949 \up0 \expndtw-3\charscalex100 8\ta
\up0 \expndtw-3\charscalex100 165.65\par\pard\ql \li10149\sb0\sl-180\slmult0 \up
0 \expndtw-3\charscalex100 \ul0\nosupersub\cf27\f28\fs20 ___ \par\pard\li6309\sb
67\sl-230\slmult0\fi0\tx8469\tx8829\tx9909 \up0 \expndtw-3\charscalex100 Weighte
d average\tab \up0 \expndtw-3\charscalex100 =\tab \up0 \expndtw-3\charscalex100
$661.35\tab \up0 \expndtw-3\charscalex100 = NPV\par\pard\ql \li2589\sb0\sl-510\s
lmult0 \par\pard\ql\li2589\ri1050\sb389\sl-510\slmult0\tx3189\tx3189 \up0 \expnd
tw-8\charscalex97 \ul0\nosupersub\cf28\f29\fs20 c)
The expected value of
net present value of the project is \line\tab \up0 \expndtw-9\charscalex94
found by multiplying together the last two columns above and \line \ta
b \up0 \expndtw-9\charscalex95 totaling them.
This is found to be $661 (aft
er rounding). \par\pard\ql \li2589\sb202\sl-230\slmult0 \up0 \expndtw-5\charscal
ex100 d)
The standard deviation is: \par\pard\qj \li3789\ri2612\sb47\sl-500\s
lmult0 \up0 \expndtw-9\charscalex92 [.20(-$1,272 - $661)2 + .30(-$1,000 $661)2 \line \up0 \expndtw-9\charscalex90 + .05($1,550 - $661)2 + .05($1,89
6 - $661)2 \line \up0 \expndtw-9\charscalex91 + .15($2,259 - $661)2 + .15
($2,604 - $661)2 \par\pard\ql \li3789\sb224\sl-230\slmult0 \up0 \expndtw-9\cha
rscalex90 + .05($2,967 - $661)2 + .05($3,313 - $661)2].5 = $1,805 \par\
pard\qj \li3189\ri1051\sb76\sl-490\slmult0 \up0 \expndtw-9\charscalex94 Thus,
the dispersion of the probability distribution of \line \up0 \expndt
w-8\charscalex91 possible net present values is very wide.
In addition
to the \line \up0 \expndtw-9\charscalex91 distribution being very wide, t
here is also a \up0 \expndtw-9\charscalex91 50 percent \par\pard\ql \li3189\
calex100 probability of NPV being less than zero. \par\pard\li1989\sb0\sl-207\sl
0\fi0\tx10330 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Van Ho
ement,\ul0\nosupersub\cf13\f14\fs18 12e\tab \up0 \expndtw-2\charscalex100 \ul0\
nosupersub\cf15\f16\fs18 201
}
}}
}

lex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 14: Risk and Managerial (Real) Opti
ons in Capital Budgeting\par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql \li
1989\sb0\sl-230\slmult0 \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql \li
28\f29\fs20 5.\tab \up0 \expndtw-3\charscalex100 Expected net present value:\par
\pard\ql \li3189\sb0\sl-230\slmult0 \par\pard\ql \li3189\sb39\sl-230\slmult0 \up
0 \expndtw-9\charscalex87 1 and 2 = $10,000 + $8,000 = $18,000\par\pard\q
l \li3189\sb0\sl-230\slmult0 \par\pard\ql \li3189\sb41\sl-230\slmult0\tx4504\tx5
704\tx6784 \up0 \expndtw-9\charscalex85 1 and 3 =\tab \up0 \expndtw-9\charscal
ex93 10,000 +\tab \up0 \expndtw-9\charscalex91 6,000 =\tab \up0 \expndtw-3\cha
rscalex100 16,000\par\pard\ql \li3189\sb0\sl-230\slmult0 \par\pard\ql \li3189\sb
40\sl-230\slmult0\tx4624\tx5704\tx6784 \up0 \expndtw-9\charscalex85 2 and 3 =\
tab \up0 \expndtw-9\charscalex91 8,000 +\tab \up0 \expndtw-9\charscalex91 6,000
=\tab \up0 \expndtw-3\charscalex100 14,000\par\pard\ql \li2589\sb0\sl-230\slmu
lt0 \par\pard\ql \li2589\sb39\sl-230\slmult0 \up0 \expndtw-3\charscalex100 Stand
ard deviation of net present value:\par\pard\column \ql \li7846\sb0\sl-207\slmul
t0 \par\pard\ql \li7846\sb0\sl-207\slmult0 \par\pard\ql \li20\sb53\sl-207\slmult
Limited 2005 \par\pard\sect\sectd\sbknone \ql \li3189\sb0\sl-230\slmult0 \par\pa
rd\ql\li3189\sb28\sl-230\slmult0 \up0 \expndtw-9\charscalex94 \ul0\nosupersub\cf
28\f29\fs20 1 and 2 = [($4,000)2 + (2)(.6)($4,000)($3,000) \par\pard\ql \li
charscalex92 + ($3,000)2].5 = $6,277 \par\pard\ql \li3189\sb0\sl-230\slmult0
\par\pard\ql\li3189\sb40\sl-230\slmult0 \up0 \expndtw-9\charscalex94 1 and 3 =
[($4,000)2 + (2)(.4)($4,000)($4,000) \par\pard\ql \li4389\sb0\sl-230\slmult0
\par\pard\ql\li4389\sb40\sl-230\slmult0 \up0 \expndtw-9\charscalex92 + ($4,000
)2].5 = $6,693 \par\pard\ql \li3189\sb0\sl-230\slmult0 \par\pard\ql\li3189\sb4
0\sl-230\slmult0 \up0 \expndtw-9\charscalex94 2 and 3 = [($3,000)2 + (2)(.5
)($4,000)($3,000) \par\pard\ql \li4389\sb0\sl-230\slmult0 \par\pard\ql\li4389\sb
40\sl-230\slmult0 \up0 \expndtw-9\charscalex92 + ($4,000)2].5 = $6,083 \par\p
ard\ql \li2589\ri3572\sb47\sl-500\slmult0\tx3189 \up0 \expndtw-3\charscalex100 C
oefficient of variation of net present value: \line\tab \up0 \expndtw-9\charscal
ex90 1 and 2 = $6,277/$18,000 = 0.35 \par\pard\qj \li3189\ri4772\sb0\sl-500
\slmult0 \up0 \expndtw-9\charscalex90 1 and 3 = $6,693/$16,000 = 0.42 \line
\up0 \expndtw-9\charscalex91 2 and 3 = $6,083/$14,000 = 0.43 \par\pard\li2
0 \expndtw-5\charscalex100 Combination\tab \up0 \expndtw-5\charscalex100 1 and\
tab \up0 \expndtw-5\charscalex100 2 dominates the other two combinations o
n the\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb39\sl-230\slmult0\fi
0 \up0 \expndtw-5\charscalex100 basis of expected net present value and coeffici
ent of variation of\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb41\sl-2
30\slmult0\fi0 \up0 \expndtw-5\charscalex100 net present value.\par\pard\li1989\

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4005145140051451401fffd9}}}}}\pard\sb0\sl-240{\bkmkstart Pg205}{\bkmkend Pg205}\
ub\cf13\f14\fs18 Chapter 14: Risk and Managerial (Real) Options in Capital Budge
ting\tab \up0 \expndtw-2\charscalex100 Pearson Education Limited 2005\par\pard\l
9\fs20 6.\tab \up0 \expndtw-2\charscalex100 a)\par\pard\li2881\sb0\sl-161\slmult
38\sl-161\slmult0\fi0\tx5793\tx8208 \dn2 \expndtw-2\charscalex100 \ul0\nosupersu
b\cf39\f40\fs14 120\tab \dn2 \expndtw-2\charscalex100 G\tab \up0 \expndtw-2\char
scalex100 G\par\pard\li2881\sb0\sl-161\slmult0\par\pard\li2881\sb98\sl-161\slmul
t0\fi0 \up0 \expndtw-2\charscalex100 110\par\pard\li2881\sb0\sl-161\slmult0\par\
pard\li2881\sb99\sl-161\slmult0\fi0\tx6176\tx8631 \dn2 \expndtw-2\charscalex100
100\tab \dn2 \expndtw-2\charscalex100 A\tab \up0 \expndtw-2\charscalex100 A\par\
tx7728 \dn2 \expndtw-2\charscalex100 90\tab \dn2 \expndtw-2\charscalex100 H\tab
\up0 \expndtw-2\charscalex100 H\par\pard\ql \li2959\sb0\sl-161\slmult0 \par\pard
\ql\li2959\sb81\sl-161\slmult0 \up0 \expndtw-2\charscalex100 80 \par\pard\li3824
\sb33\sl-161\slmult0\fi0\tx4800\tx7449\tx8119 \up0 \expndtw-2\charscalex100 J\ta
b \up0 \expndtw-2\charscalex100 G\tab \up0 \expndtw-2\charscalex100 J\tab \up0 \
expndtw-2\charscalex100 G\par\pard\ql \li2959\sb65\sl-161\slmult0 \up0 \expndtw2\charscalex100 70 \par\pard\li2959\sb0\sl-161\slmult0\par\pard\li2959\sb117\sl161\slmult0\fi0\tx5487\tx8877 \dn2 \expndtw-2\charscalex100 60\tab \dn2 \expndtw
-2\charscalex100 D\tab \up0 \expndtw-2\charscalex100 D\par\pard\li2959\sb0\sl-16
1\slmult0\par\pard\li2959\sb99\sl-161\slmult0\fi0\tx3696\tx4822\tx7448\tx8543 \d
n2 \expndtw-2\charscalex100 50\tab \up0 \expndtw-2\charscalex100 E\tab \dn2 \exp
ndtw-2\charscalex100 I\tab \dn2 \expndtw-2\charscalex100 E\tab \dn2 \expndtw-2\c
harscalex100 I\par\pard\li2959\sb0\sl-161\slmult0\par\pard\li2959\sb58\sl-161\sl
mult0\fi0\tx4189\tx8205 \dn2 \expndtw-2\charscalex100 40\tab \up0 \expndtw-2\cha
rscalex100 F\tab \up0 \expndtw-2\charscalex100 F\par\pard\ql \li2959\sb0\sl-161\
slmult0 \par\pard\ql\li2959\sb138\sl-161\slmult0 \up0 \expndtw-2\charscalex100 3
0 \par\pard\li2959\sb0\sl-161\slmult0\par\pard\li2959\sb101\sl-161\slmult0\fi0\t
x4447\tx9968 \dn2 \expndtw-2\charscalex100 20\tab \up0 \expndtw-2\charscalex100
B\tab \up0 \expndtw-2\charscalex100 B\par\pard\ql \li2959\sb0\sl-161\slmult0 \pa
r\pard\ql\li2959\sb95\sl-161\slmult0 \up0 \expndtw-2\charscalex100 10 \par\pard\

ql \li3037\sb0\sl-161\slmult0 \par\pard\ql\li3037\sb98\sl-161\slmult0 \up0 \expn
dtw-2\charscalex100 0 \par\pard\li3244\sb34\sl-161\slmult0\fi0\tx3908\tx4556\tx5
270\tx5969\tx6683\tx7774\tx8461\tx9175\tx9874\tx10588 \up0 \expndtw-2\charscalex
\tab \up0 \expndtw-2\charscalex100 150\tab \up0 \expndtw-2\charscalex100 200\tab
\up0 \expndtw-2\charscalex100 250\tab \dn2 \expndtw-2\charscalex100 1\tab \dn2
\expndtw-2\charscalex100 2\tab \dn2 \expndtw-2\charscalex100 3\tab \dn2 \expndtw
-2\charscalex100 4\tab \dn2 \expndtw-2\charscalex100 5\par\pard\li4516\sb1\sl-15
9\slmult0\fi0\tx8234 \up0 \expndtw-2\charscalex100 Standard Deviation\tab \dn2 \
expndtw-2\charscalex100 Coefficient of Variation\par\pard\ql \li4874\sb1\sl-142\
slmult0 \up0 \expndtw-2\charscalex100 ($000s) \par\pard\qj \li2589\sb0\sl-500\sl
mult0 \par\pard\qj\li2589\ri1050\sb443\sl-500\slmult0 \up0 \expndtw-8\charscalex
94 \ul0\nosupersub\cf28\f29\fs20 b)
Projects E, J, H, and G dominate t
he rest on the basis of \up0 \expndtw-9\charscalex94 mean-standard deviati
on. \up0 \expndtw-9\charscalex94 On the basis of mean-coefficent of \par\pa
rd\qj \li2589\ri1050\sb0\sl-500\slmult0 \up0 \expndtw-5\charscalex100 variation,
projects J, H, and G dominate the rest.
Unless one were \line \up0 \expndtw8\charscalex96 extremely risk averse, it would seem the H and G domina
te in a \par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb1\sl-230\slmult0
\fi0\tx4828 \up0 \expndtw-9\charscalex97 practical sense.\tab \up0 \expndtw-9\c
harscalex97 [As an aside, the mean-coefficient of variation\par\pard\li258
rscalex98 (MCV) efficient set will always be a subset of the mean-stan
dard\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb41\sl-230\slmult0\fi0
\up0 \expndtw-9\charscalex97 deviation (MSD) efficient set.]\par\pard\li1989\sb
paperw11900\paperh16840{\shp
z-10000\shplid205
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ff00a488f803ff0011cbc45ffcf7abebbf8d3ff069c7ed13f1bbf65efd8c7f656d7ff6eaf82da478
43f627d1fe3be8be02f11e8ffb3978e7fe124f165bfc7cf8b377f17bc472f8bfedbf1baeb4b3368b
ae5ecda6e8a746b1d313fb2846b7c97778ad74e01fe71193ea7f33464fa9fccd7f68bfb4ff00fc19
cbf123f668fd9ebe307c7ebefdbbfc11e2eb3f849e04d73c7173e19b4f809af68f73ae45a25b1b97
d3a0d526f8a5a8456325c01b16e64b2ba58cf2617e95eeff00f103afc52ffa488f803ff11cbc45ff
00cf7a803f2d24ff008288feda5fb09ffc113bfe096f6bfb24fed01e31f82117c50f8f5ff050e3e3
b6f09c3a14971e204f01f89be024be14b79af358d2353bcb3b3d2a7f1f78bae7ec5a6cf67697d77a
c3dd6a30dddc5ad8c96bf107fc441dff000598ff00a3fef8d7ff007df857ff0099bafeb57e267fc1
a4ff00b41fc4ff00d947f65ffd92756fdbb7e0de9fe0dfd963c61fb40f8cfc23e26d3bf673f1b7fc
24de22bffda1f50f8797fe27b5f11fda7e364fa57d8f447f86da3c7a08d32c2c660b7ba936a12de9
7b516bf9f7f1f3fe0cc9f897f02be05fc69f8dd77fb7c781bc476bf073e137c46f8a973e1eb7f801
afe9b71af5bfc3df07eb3e2e9b45835197e2ade47a7cdaa47a4358c57b259dd25abceb3bdb4eb198
9803f0bbfe220eff0082cc7fd1ff007c6bff00befc2bff00ccdd7f745ff0694fed27f1cbf6b5fd95
ff006bef8e3fb467c46d77e2bfc58f12fed55a7e9faef8dfc482c46b1a9d9f873e077c2ed0b4382e
9b4eb3b1b775d3748b1b3d3eddbc8120b6b6891ddf6035f8d3e15ff83247e2878a3c31e1cf12c7ff
000509f0159a788b41d1f5d4b47fd9dfc4333daa6ada7dbea0b6cd32fc5b8c4ad00b81134a238c48
54b0450768feaa7fe086bff0492d77fe08fdfb3a7c54f81de22f8e1a4fc75bff00893f192e7e28c7
e20d17c0979e02b3d1ed24f06f857c2d168cf617de29f154d7f73e7681717b25eadcda4422ba86dd
6d99a279a400fdb0a28a2800a28a2800a28a2800a28a2800a28a2800a28a2800a28a2800a28a2800
a28a2800a28a2800a28a2800a28a2800a28a2800a28a28032f4ed0f45d1e7d5ee748d234bd2ee3c4
1aa1d735eb8d3b4fb4b19f5bd69b4fd3f496d5f5796da18a4d4b543a5e93a5e9a750bd69aece9fa6
e9f6666fb3d9dbc71ea514500159761a268ba5de6b5a8e99a4697a76a1e24d420d5bc457d61a7da5
a5e6bfaadae93a6e816ba9eb5756f0c73eaba85b685a368fa2c1797cf3dcc3a4e95a6e9d1c8b6763
6b0c5a945001451450065da687a2d86a7ab6b563a3e9765ac6bdf60fedcd5ad34fb4b7d4f5afecbb
76b4d33fb5afe1852eb51feceb577b6b0fb64b37d92ddda1b7f2e362a7528a2800acb8b44d16df5a
d43c490691a5c3e22d5b4bd2344d535e8b4fb48f5ad4b45f0fddeb77fa0e91a86a890adf5e697a25
f789bc497ba469f713c969a6ddf8835bb8b28619b56bf7b8d4a2800a28a28032d743d1575a97c48b
a3e96be229f4b83439b5f5d3ed06b5368b6b77717f6da3cbaa8845f49a5dbdf5e5ddec1a7bce6d21
bbbab8b98e159a795db528a2800acb9344d166d6acfc493691a5cbe22d3b4bd4f44d3f5e934fb47d
6ac345d6aef49bfd6348b3d51a137d6ba5ead7da0e857ba9e9f04e9697f77a2e9371750cb369d66f
0ea51400514514019771a1e8b77abe9be20bad234bb9d7b46b3d534ed1f5bb8d3ed26d5f4ad3f5c7
d3a5d6ac74dd4a485af2c6cf579347d224d52dad668a1d41f4bd39eed266b1b6316a51450015977d
a1e8ba9df68da9ea5a4697a86a5e1cbcb9d47c3da85f69f69777da0ea17ba65ee8b797da35dcf0c9
71a5de5de8fa96a3a4dcdcd8c904d3e997f7b612bbdadd4f149a945001451450065ea1a268bab5de
897faa691a5ea57de19d526d6fc377ba869f697977e1fd6ae345d5fc373eafa25c5c4324da4ea937
877c41af68336a160f6f77268badeafa5bccd63a95ec136a5145001597aae87a2eba96516b7a3e97
ac47a6ea9a7eb9a747aae9f69a8269fad69370b77a56b1649770ccb6baa699748973a7ea1008eeec
ae1566b69a291430d4a2800a28a28032f57d1345f105a4561af691a5eb7636faa689adc165abe9f6
9a95a43ad78675ad3fc49e1bd5e2b7bd866863d53c3fe22d274bd7b44d41116ef49d6b4dd3f54b09
adefacede78f528a2800acbd6743d17c47a7cba4788747d2f5dd2a79acae26d3359d3ed354d3e6b8
d3af6df52d3e796cafa19eda49ac351b3b4d42ca5788bdadedadbdd40d1cf04522ea514005145140
197ade87a2f89748d4bc3fe23d234bd7f41d62ce7d3b57d135bd3ed355d2355d3ee90c57363a969b
7f0cf677d67711b3473db5d432c33231491194915a9451400564ebda0e87e2ad0f5af0c789f45d27
c49e1af12693a8e83e21f0f6bda759eb1a1ebda1eb167369fab68bad693a8437161aa693aa585c5c
58ea3a75f5bcf677b673cd6d730cb0cae8dad4500436f6f6f676f05a5a410dadadac315bdb5b5bc4
905bdbdbc08b1430410c4ab1c30c31aac71451aaa468aa88a140026a28a0028a28a0028a28a0028a
28a0028a28a0028a28a0028a28a0028a28a0028a28a0028a28a0028a28a00fffd9}}}}}\pard\sb0
\sl-240{\bkmkstart Pg206}{\bkmkend Pg206}\par\pard\li1989\sb0\sl-207\slmult0\par
up0 \expndtw-5\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 14: Risk and
Managerial (Real) Options in Capital Budgeting\tab \up0 \expndtw-5\charscalex100
s20 7.\tab \up0 \expndtw-5\charscalex100 a)
Each simulation will differ s
omewhat, so there is no exact\par\pard\ql \li3189\sb0\sl-230\slmult0 \par\p
ard\ql\li3189\sb23\sl-230\slmult0\tx9590 \up0 \expndtw-8\charscalex100 answer t
o this problem.
A simulation involving \tab \up0 \expndtw-6\charscalex10
0 100 runs \par\pard\ql \li3189\sb0\sl-230\slmult0 \par\pard\ql\li3189\sb40\sl230\slmult0 \up0 \expndtw-3\charscalex100 resulted in the following IRR distribu
tion: \par\pard\ql \li3295\sb0\sl-161\slmult0 \par\pard\ql\li3295\sb0\sl-161\slm
\par\pard\ql\li3295\sb141\sl-161\slmult0 \up0 \expndtw-2\charscalex100 \ul0\nos
upersub\cf39\f40\fs14 17 \par\pard\qj \li3295\ri8337\sb22\sl-230\slmult0 \up0 \e
xpndtw-2\charscalex100 16 \line \up0 \expndtw-2\charscalex100 15 \line \up0 \exp
ndtw-2\charscalex100 14 \line \up0 \expndtw-2\charscalex100 13 \line \up0 \expnd
tw-2\charscalex100 12 \line \up0 \expndtw-2\charscalex100 11 \line \up0 \expndtw
-2\charscalex100 10 \par\pard\ql \li3373\sb67\sl-161\slmult0 \up0 \expndtw-2\cha
rscalex100 9 \par\pard\qj \li3373\ri8338\sb1\sl-232\slmult0 \up0 \expndtw-2\char
scalex100 8 \line \up0 \expndtw-2\charscalex100 7 \line \up0 \expndtw-2\charscal
ex100 6 \line \up0 \expndtw-2\charscalex100 5 \line \up0 \expndtw-2\charscalex10
0 4 \line \up0 \expndtw-2\charscalex100 3 \line \up0 \expndtw-2\charscalex100 2
\line \up0 \expndtw-2\charscalex100 1 \line \up0 \expndtw-2\charscalex100 0 \par
\pard\li3688\sb20\sl-161\slmult0\fi0\tx4149\tx4595\tx5001\tx5407\tx5827\tx6193\t
x6600\tx7020\tx7440\tx7845\tx8265\tx8657\tx9035 \up0 \expndtw0\charscalex101 <-6
\tab \up0 \expndtw0\charscalex101 -3\tab \up0 \expndtw0\charscalex101 0\tab \up0
\expndtw0\charscalex101 3\tab \up0 \expndtw0\charscalex101 6\tab \up0 \expndtw0
\charscalex101 9\tab \up0 \expndtw0\charscalex101 12\tab \up0 \expndtw0\charscal
ex101 15\tab \up0 \expndtw0\charscalex101 18\tab \up0 \expndtw0\charscalex101 21
\tab \up0 \expndtw0\charscalex101 24\tab \up0 \expndtw0\charscalex101 27\tab \up
0 \expndtw0\charscalex101 30\tab \up0 \expndtw0\charscalex101 >30\par\pard\ql \l
i5538\sb1\sl-144\slmult0 \up0 \expndtw-2\charscalex100 Internal rate of return (
%) \par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb0\sl-230\slmult0\par\pa
\up0 \expndtw-7\charscalex100 \ul0\nosupersub\cf28\f29\fs20 b)\ul0\nosupersub\c
f2\f3\fs20 \ul0\nosupersub\cf28\f29\fs20 The most likely IRR was in the\t
ab \up0 \expndtw-7\charscalex100 7 to\tab \up0 \expndtw-7\charscalex100 9 perc
ent range\tab \up0 \expndtw-7\charscalex100 -- a\par\pard\li2589\sb0\sl-230\sl
mult0\par\pard\li2589\sb41\sl-230\slmult0\fi359 \up0 \expndtw-7\charscalex100 re
latively modest return.
As can be seen, the distribution\par\pard\li2
pndtw-7\charscalex100 shows a high probability of relatively low\tab \up0

\expndtw-7\charscalex100 (even negative)\par\pard\li2589\sb0\sl-230\slmult0\par
\pard\li2589\sb39\sl-230\slmult0\fi359 \up0 \expndtw-7\charscalex100 returns.\pa
lex100 \ul0\nosupersub\cf15\f16\fs18 204\par\pard\sect\sectd\fs24\paperw11900\pa
perh16840\pard\sb0\sl-240{\bkmkstart Pg207}{\bkmkend Pg207}\par\pard\li1989\sb0\
mult0\fi0\tx7846 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Cha
pter 14: Risk and Managerial (Real) Options in Capital Budgeting\tab \up0 \expnd
tw-2\charscalex100 Pearson Education Limited 2005\par\pard\ql \li1989\sb0\sl-230
\slmult0 \par\pard\ql\li1989\sb218\sl-230\slmult0 \up0 \expndtw-3\charscalex100
\ul0\nosupersub\cf28\f29\fs20 8. \par\pard\li4149\sb67\sl-230\slmult0\fi0\tx6909
\tx7989\tx9189\tx10149 \up0 \expndtw-5\charscalex100 with 2nd-stage\tab \up0 \e
xpndtw-5\charscalex100 \ul0\nosupersub\cf33\f34\fs20 \u8226?\u8212?\u8212?\u8212
?\u8226?\tab \up0 \expndtw-5\charscalex100 \u8226?\u8212?\u8212?\u8226?\tab \up0
\expndtw-5\charscalex100 \u8226?\u8212?\u8212?\u8226?\tab \up0 \expndtw-5\chars
calex100 \u8226?\u8212?\u8212?\u8226?\par\pard\li4149\sb21\sl-230\slmult0\fi240\
tx6909\tx7989\tx9189\tx10149 \up0 \expndtw-5\charscalex100 \ul0\nosupersub\cf28\
f29\fs20 expansion\tab \up0 \expndtw-5\charscalex100 \ul0\nosupersub\cf33\f34\fs
20 \u8226?\ul0\nosupersub\cf28\f29\fs20 -20\ul0\nosupersub\cf33\f34\fs20 \u8226?
\tab \up0 \expndtw-5\charscalex100 \u8226?\ul0\nosupersub\cf28\f29\fs20 17\ul0\n
osupersub\cf33\f34\fs20 \u8226?\tab \up0 \expndtw-5\charscalex100 \u8226?\ul0\no
supersub\cf28\f29\fs20 17\ul0\nosupersub\cf33\f34\fs20 \u8226?\tab \up0 \expndtw
-5\charscalex100 \u8226?\ul0\nosupersub\cf28\f29\fs20 17\ul0\nosupersub\cf33\f34
\fs20 \u8226?\par\pard\li4149\sb19\sl-230\slmult0\fi0\tx6669 \up0 \expndtw-5\cha
rscalex100 \ul0\nosupersub\cf28\f29\fs20 (.50 probability)\tab \up0 \expndtw-5\c
harscalex100 \ul0\nosupersub\cf33\f34\fs20 \u8226?\u8212?\u8226?\u8212?\u8212?\u
8212?\u8226?\u8212?\u8212?\u8212?\u8212?\u8226?\u8212?\u8212?\u8226?\u8212?\ul0\
nosupersub\cf28\f29\fs20 -- \ul0\nosupersub\cf33\f34\fs20 \u8212?\u8226?\u821
2?\u8212?\u8226?\u8212?\u8212?\u8212?\u8212?\u8226?\u8212?\u8212?\u8226?\par\par
d\li3069\sb20\sl-230\slmult0\fi3600\tx7989\tx9189\tx10149 \up0 \expndtw-6\charsc
alex100 \u8226?\ul0\nosupersub\cf28\f29\fs20 \ul0\nosupersub\cf33\f34\fs20 \u8
226?\ul0\nosupersub\cf28\f29\fs20 17\ul0\nosupersub\cf33\f34\fs20 \u8226?\tab
\up0 \expndtw-6\charscalex100 \u8226?\ul0\nosupersub\cf28\f29\fs20 17\ul0\nosupe
rsub\cf33\f34\fs20 \u8226?\tab \up0 \expndtw-6\charscalex100 \u8226?\ul0\nosuper
sub\cf28\f29\fs20 17\ul0\nosupersub\cf33\f34\fs20 \u8226?\tab \up0 \expndtw-6\ch
arscalex100 \u8226?\ul0\nosupersub\cf28\f29\fs20 17\ul0\nosupersub\cf33\f34\fs20
\u8226?\par\pard\li3069\sb0\sl-180\slmult0\fi0\tx4149\tx5109\tx6069\tx7989\tx91
89\tx10149 \up0 \expndtw-6\charscalex100 \u8226?\u8212?\u8212?\u8212?\u8212?\u82
26?\tab \up0 \expndtw-6\charscalex100 \u8226?\u8212?\u8212?\u8226?\tab \up0 \exp
ndtw-6\charscalex100 \u8226?\u8212?\u8212?\u8226?\tab \up0 \expndtw-6\charscalex
100 \u8226?\u8212?\u8212?\u8226?\ul0\nosupersub\cf28\f29\fs20 \ul0\nosupersub\c
f33\f34\fs20 \u8226?\ul0\nosupersub\cf28\f29\fs20 \ul0\nosupersub\cf33\f34\fs2
0 \u8226?\u8212?\u8212?\u8212?\u8226?\tab \up0 \expndtw-6\charscalex100 \u8226?
\u8212?\u8212?\u8226?\tab \up0 \expndtw-6\charscalex100 \u8226?\u8212?\u8212?\u8
226?\tab \up0 \expndtw-6\charscalex100 \u8226?\u8212?\u8212?\u8226?\par\pard\li3
069\sb41\sl-230\slmult0\fi0 \up0 \expndtw-6\charscalex100 \u8226?\ul0\nosupersub
\cf28\f29\fs20 -100\ul0\nosupersub\cf33\f34\fs20 \u8226?\u8212?\u8212?\u8212?\u8
226?\ul0\nosupersub\cf28\f29\fs20 17\ul0\nosupersub\cf33\f34\fs20 \u8226?\u8212?
\u8212?\u8212?\u8212?\u8226?\ul0\nosupersub\cf28\f29\fs20 17\ul0\nosupersub\cf33
\f34\fs20 \u8226?\u8212?\u8212?\u8212?\u8212?\u8226?\ul0\nosupersub\cf28\f29\fs2
0 17\ul0\nosupersub\cf33\f34\fs20 \u8226?\u8212?\u8226?\par\pard\li3069\sb0\sl-1
80\slmult0\fi0\tx4149\tx5109\tx6069 \up0 \expndtw-6\charscalex100 \u8226?\u8212?
\u8212?\u8212?\u8212?\u8226?\tab \up0 \expndtw-6\charscalex100 \u8226?\u8212?\u8
212?\u8226?\tab \up0 \expndtw-6\charscalex100 \u8226?\u8212?\u8212?\u8226?\tab \
up0 \expndtw-6\charscalex100 \u8226?\u8212?\u8212?\u8226?\ul0\nosupersub\cf28\f2
9\fs20 \ul0\nosupersub\cf33\f34\fs20 \u8226?\par\pard\li2709\sb1\sl-182\slmult
0\fi3960\tx7029\tx7989\tx9189\tx10149 \up0 \expndtw-4\charscalex100 \u8226?\tab
\up0 \expndtw-4\charscalex100 \u8226?\u8212?\u8212?\u8226?\tab \up0 \expndtw-4\c
harscalex100 \u8226?\u8212?\u8212?\u8226?\tab \up0 \expndtw-4\charscalex100 \u82
\u8226?\par\pard\li2709\sb59\sl-230\slmult0\fi1440\tx6669 \up0 \expndtw-4\charsc
alex100 \ul0\nosupersub\cf28\f29\fs20 without 2nd-stage\tab \up0 \expndtw-4\cha
rscalex100 \ul0\nosupersub\cf33\f34\fs20 \u8226?\u8212?\u8212?\u8226?\ul0\nosupe
rsub\cf28\f29\fs20 17\ul0\nosupersub\cf33\f34\fs20 \u8226?\u8212?\u8212?\u8212?\
u8212?\u8226?\ul0\nosupersub\cf28\f29\fs20 17\ul0\nosupersub\cf33\f34\fs20 \u822
6?\u8212?\ul0\nosupersub\cf28\f29\fs20 -- \ul0\nosupersub\cf33\f34\fs20 \u821
2?\u8226?\ul0\nosupersub\cf28\f29\fs20 17\ul0\nosupersub\cf33\f34\fs20 \u8226?\u
8212?\u8212?\u8212?\u8212?\u8226?\ul0\nosupersub\cf28\f29\fs20 17\ul0\nosupersub
\cf33\f34\fs20 \u8226?\par\pard\li2709\sb20\sl-230\slmult0\fi1800\tx7029\tx7989\
tx9189\tx10149 \up0 \expndtw-4\charscalex100 \ul0\nosupersub\cf28\f29\fs20 expan
sion\tab \up0 \expndtw-4\charscalex100 \ul0\nosupersub\cf33\f34\fs20 \u8226?\u82
12?\u8212?\u8226?\tab \up0 \expndtw-4\charscalex100 \u8226?\u8212?\u8212?\u8226?
\tab \up0 \expndtw-4\charscalex100 \u8226?\u8212?\u8212?\u8226?\tab \up0 \expndt
w-4\charscalex100 \u8226?\u8212?\u8212?\u8226?\par\pard\li2709\sb21\sl-230\slmul
t0\fi1440 \up0 \expndtw-4\charscalex100 \ul0\nosupersub\cf28\f29\fs20 (.50 proba
bility)\par\pard\li2709\sb139\sl-230\slmult0\fi720\tx8709\tx9309 \up0 \expndtw-4
\charscalex100 \ul0\nosupersub\cf33\f34\fs20 \u8226?\u8212?\u8212?\u8212?\u8212?
\u8212?\u8212?\u8212?\u8226?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8
226?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8226?\u8212?\u8212?\u8212
?\u8212?\u8212?\u8212?\u8212?\u8226?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u
8212?\u8226?\u8212?\tab \up0 \expndtw-4\charscalex100 \ul0\nosupersub\cf28\f29\f
s20 ---\tab \up0 \expndtw-4\charscalex100 \ul0\nosupersub\cf33\f34\fs20 \u8212?\
u8226?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8226?\par\pard\li2709\s
b50\sl-230\slmult0\fi0\tx3909\tx4869\tx5829\tx6789\tx7749\tx9789 \up0 \expndtw-4
\charscalex100 \ul0\nosupersub\cf28\f29\fs20 Year\tab \up0 \expndtw-4\charscalex
100 1\tab \up0 \expndtw-4\charscalex100 2\tab \up0 \expndtw-4\charscalex100 3\ta
b \up0 \expndtw-4\charscalex100 4\tab \up0 \expndtw-4\charscalex100 5\tab \up0 \
expndtw-4\charscalex100 15\par\pard\li2709\sb190\sl-230\slmult0\fi599 \up0 \expn
dtw-4\charscalex100 \ul0\nosupersub\cf33\f34\fs20 \u8226?\u8212?\u8212?\u8226?\p
ar\pard\li2709\sb51\sl-230\slmult0\fi0\tx3669 \up0 \expndtw-4\charscalex100 \ul0
\nosupersub\cf28\f29\fs20 Key: \ul0\nosupersub\cf33\f34\fs20 \u8226?\tab \up0 \
expndtw-4\charscalex100 \u8226?\ul0\nosupersub\cf28\f29\fs20 expected cash flow
s in $000s\par\pard\li2709\sb0\sl-180\slmult0\fi599 \up0 \expndtw-4\charscalex1
00 \ul0\nosupersub\cf33\f34\fs20 \u8226?\u8212?\u8212?\u8226?\par\pard\ql \li258
9\ri1051\sb210\sl-500\slmult0\tx3189 \up0 \expndtw-8\charscalex93 \ul0\nosupersu
b\cf28\f29\fs20 a.
NPV of initial project at 18 percent required rate
of return \line\tab \up0 \expndtw-9\charscalex93 equals \par\pard\ql \li4389\
calex96 (PVIFA18%,15)($17,000) - $100,000 = \ul0\nosupersub\cf27\f28\fs20 -$
13,436\ul0\nosupersub\cf28\f29\fs20 . \par\pard\qj \li3189\ri1050\sb7\sl-500\slm
ult0 \up0 \expndtw-4\charscalex100 The initial project is not acceptable b
ecause it has a \up0 \expndtw-4\charscalex100 negative net present value. \pa
b.
If the location proves favorable, the NPV of the second-stage \li
ne\tab \up0 \expndtw-9\charscalex93 (expansion) investment at the end of year 4
will be \par\pard\ql \li4389\sb0\sl-230\slmult0 \par\pard\ql\li4389\sb34\sl-230
\slmult0 \up0 \expndtw-9\charscalex96 (PVIFA18%,11)($17,000) - $20,000 = $59
,152. \par\pard\ql \li3189\sb230\sl-230\slmult0\tx9273 \up0 \expndtw-9\charscale
x94 When this value is discounted to the present at \tab \up0 \expndtw-7
\charscalex100 18 percent, \par\pard\qj \li3189\ri1051\sb104\sl-480\slmult0 \up
0 \expndtw-9\charscalex95 the NPV at time 0 is (PVIF18%,4)($59,152) = $30,52
2.
The mean \up0 \expndtw-5\charscalex100 of the distribution of possible
NPVs associated with the \up0 \expndtw-9\charscalex95 option is (0.5)($30,
522) + (0.5)($0) = \ul0\nosupersub\cf27\f28\fs20 $15,261\ul0\nosupersub\cf28
\f29\fs20 . \par\pard\ql \li4389\sb227\sl-230\slmult0 \up0 \expndtw-9\charscalex
92 Project worth = -$13,436 + $15,261 = \ul0\nosupersub\cf27\f28\fs20 $1,8
25 \par\pard\qj \li3189\ri1051\sb47\sl-500\slmult0 \up0 \expndtw-9\charscalex94
\ul0\nosupersub\cf28\f29\fs20 The value of the option enhances the projec
t sufficiently to \up0 \expndtw-9\charscalex95 make it acceptable. \par\pard\l
\sb0\sl-207\slmult0\par\pard\li1989\sb79\sl-207\slmult0\fi0\tx10330 \up0 \expndt
05
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\li1989\sb46\sl-230\slmult0\fi0 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf
27\f28\fs20 SOLUTIONS TO SELF-CORRECTION PROBLEMS\par\pard\li1989\sb0\sl-230\slm
0 \expndtw-3\charscalex100 \ul0\nosupersub\cf28\f29\fs20 1.\tab \up0 \expndtw-3\
charscalex100 a.\par\pard\li1989\sb220\sl-230\slmult0\fi4439 \up0 \expndtw-3\cha
rscalex100 BRANCH\par\pard\li1989\sb178\sl-230\slmult0\fi0 \up0 \expndtw-3\chars
calex100 \u8212?\par\pard\li3909\sb66\sl-230\slmult0\fi0\tx4869\tx5829\tx6789\tx
x100 2\tab \up0 \expndtw-3\charscalex100 3\tab \up0 \expndtw-3\charscalex100 4\t
ab \up0 \expndtw-3\charscalex100 5\tab \up0 \expndtw-3\charscalex100 6\tab \up0
\expndtw-3\charscalex100 Total\par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\
ql\li1989\sb213\sl-230\slmult0 \up0 \expndtw-3\charscalex100 Joint \par\pard\li2
229\sb24\sl-230\slmult0\fi0\tx4629\tx5589\tx6549\tx7509\tx8469\tx9669 \up0 \expn
dtw-5\charscalex100 probability \ul0\nosupersub\cf27\f28\fs20 .12\tab \up0 \exp
ndtw-5\charscalex100 .16\tab \up0 \expndtw-5\charscalex100 .12\tab \up0 \expndtw
-5\charscalex100 .24\tab \up0 \expndtw-5\charscalex100 .24\tab \up0 \expndtw-5\c
harscalex100 .12\tab \up0 \expndtw-5\charscalex100 \ul0\nosupersub\cf28\f29\fs20
1.00\par\pard\ql \li2589\sb0\sl-500\slmult0 \par\pard\ql\li2589\ri1292\sb133\sl
-500\slmult0\tx2949\tx2949\tx2949 \up0 \expndtw-4\charscalex100 b.\ul0\nosupersu
b\cf2\f3\fs20 \ul0\nosupersub\cf28\f29\fs20 At a risk-free rate of 10 percent
(i) the net present value of \line\tab \up0 \expndtw-4\charscalex100 each of th
e six complete branches and (ii) the expected value \line \tab \up0 \expndtw-3\
charscalex100 and standard deviation of the probability distribution of \line \t
ab \up0 \expndtw-4\charscalex100 possible net present values are as follows (wi
th rounding): \par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb0\sl-230\slm
ult0\par\pard\li2589\sb27\sl-230\slmult0\fi0\tx4389\tx6189\tx7989\tx9789 \up0 \e
xpndtw-9\charscalex94 YEAR 0\tab \up0 \expndtw-9\charscalex94 YEAR 1\tab \up0
\expndtw-9\charscalex94 YEAR 2\tab \up0 \expndtw-9\charscalex94 BRANCH\tab \up0
\expndtw-9\charscalex94 NPV\par\pard\li2469\sb0\sl-230\slmult0\par\pard\li2469\
sb217\sl-230\slmult0\fi2880\tx6429\tx8349\tx9549 \up0 \expndtw-7\charscalex100 \
u9484?\u8212?\u8212?\u8212?\u8212? $\tab \up0 \expndtw-7\charscalex100 826\tab
\up0 \expndtw-7\charscalex100 1\tab \up0 \expndtw-7\charscalex100 -$ 810\par\pa
rd\li2469\sb20\sl-230\slmult0\fi1080\tx4269\tx6189\tx8349\tx9549\tx9909 \up0 \ex
pndtw-7\charscalex100 \u9484?\u8212?\u8212?\u8212?\tab \up0 \expndtw-7\charscale
x100 $1,364 \u8212?\u8212?\u9532?\u8212?\u8212?\u8212?\u8212?\tab \up0 \expndtw
-7\charscalex100 1,240\tab \up0 \expndtw-7\charscalex100 2\tab \up0 \expndtw-7\c
harscalex100 -\tab \up0 \expndtw-7\charscalex100 396\par\pard\li2469\sb21\sl-230
\slmult0\fi1080\tx5349\tx6189\tx8349\tx10029 \up0 \expndtw-7\charscalex100 \u947
4?\tab \up0 \expndtw-7\charscalex100 \u9492?\u8212?\u8212?\u8212?\u8212?\tab \up
0 \expndtw-7\charscalex100 1,653\tab \up0 \expndtw-7\charscalex100 3\tab \up0 \e
xpndtw-7\charscalex100 17\par\pard\li2469\sb19\sl-230\slmult0\fi0 \up0 \expndtw7\charscalex100 -$3,000 \u8212?\u9508?\par\pard\li3549\sb20\sl-230\slmult0\fi0\
tx5349\tx6189\tx8349\tx9909 \up0 \expndtw-4\charscalex100 \u9474?\tab \up0 \expn
dtw-4\charscalex100 \u9484?\u8212?\u8212?\u8212?\u8212?\tab \up0 \expndtw-4\char
scalex100 1,653\tab \up0 \expndtw-4\charscalex100 4\tab \up0 \expndtw-4\charscal
ex100 926\par\pard\li3549\sb21\sl-230\slmult0\fi0\tx4389\tx6189\tx8349\tx9668 \u
p0 \expndtw-4\charscalex100 \u9492?\u8212?\u8212?\u8212?\tab \up0 \expndtw-4\cha
rscalex100 2,273 \u8212?\u8212?\u9532?\u8212?\u8212?\u8212?\u8212?\tab \up0 \ex
pndtw-4\charscalex100 2,066\tab \up0 \expndtw-4\charscalex100 5\tab \up0 \expndt
w-4\charscalex100 1,339\par\pard\li5349\sb19\sl-230\slmult0\fi0\tx6189\tx8349\tx
9669 \up0 \expndtw-3\charscalex100 \u9492?\u8212?\u8212?\u8212?\u8212?\tab \up0
\expndtw-3\charscalex100 2,479\tab \up0 \expndtw-3\charscalex100 6\tab \up0 \exp

ndtw-3\charscalex100 1,752\par\pard\ql \li1989\sb162\sl-240\slmult0 \up0 \expndt
w-3\charscalex100 ___ \par\pard\qj \li1989\ri1773\sb60\sl-240\slmult0\tx2709 \up
0 \expndtw-8\charscalex92 NPV = .12(-$810 +.16(-$396) + .12($17) + .24($9
26) + .24($1,339) + \line\tab \up0 \expndtw-9\charscalex92 .12($1,752) = \ul
0\nosupersub\cf27\f28\fs20 $595 \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pa
\ql\li1989\sb39\sl-230\slmult0 \up0 \expndtw-8\charscalex89 \ul0\nosupersub\cf28
\f29\fs20 S.D. = [.12(-$810 - $595)2 + .16(-$396 - $595)2 + .12($17 $595)2 + \par\pard\ql \li2829\sb0\sl-230\slmult0 \par\pard\ql\li2829\sb40\sl230\slmult0 \up0 \expndtw-8\charscalex91 .24($926 - $595)2 + .24($1,339 $595)2 + .12($1,752 - $595)2].5 \par\pard\ql \li2589\sb70\sl-230\slmult0 \up
0 \expndtw-9\charscalex89 \ul0\nosupersub\cf27\f28\fs20 = $868 \par\pard\li1989
Chapter 14: Risk and Managerial (Real) Options in Capital Budgeting\tab \up0 \ex
pndtw-6\charscalex100 Pearson Education Limited 2005\par\pard\li1989\sb0\sl-230\
r\pard\li1989\sb55\sl-230\slmult0\fi599 \up0 \expndtw-6\charscalex100 \ul0\nosup
ersub\cf28\f29\fs20 c.
Standardizing the difference from zero, we have -$595
/$868 = -\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb39\sl-230\slmul
t0\fi1199 \up0 \expndtw-6\charscalex100 .685.
Looking in Table V in the
Appendix at the end of the\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1
989\sb41\sl-230\slmult0\fi1199\tx6376 \up0 \expndtw-7\charscalex100 textbook, w
e find that\tab \up0 \expndtw-7\charscalex100 -.685 corresponds to an are
a of\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl-230\slmult0\fi1
199\tx4955 \up0 \expndtw-7\charscalex100 approximately\tab \up0 \expndtw-7\chars
calex100 .25.
Therefore, there is approximately one\par\pard\qj \li3189\
ri1051\sb30\sl-500\slmult0 \up0 \expndtw-8\charscalex90 chance out of four t
hat the net present value will be zero or \up0 \expndtw-9\charscalex90 l
ess. \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb0\sl-230\slmu
t0\tx2589 \up0 \expndtw-3\charscalex100 2. \tab \up0 \expndtw-9\charscalex94 a.
Expected net present value = $16,000 + $20,000 + $10,000 \par\pard\ql \
li3189\sb0\sl-230\slmult0 \par\pard\ql\li3189\sb40\sl-230\slmult0 \up0 \expndtw9\charscalex94 = \ul0\nosupersub\cf27\f28\fs20 $46,000 \par\pard\ql \li3189\sb0
ex96 \ul0\nosupersub\cf28\f29\fs20 Standard deviation = [($8,000)2 + (2)(.9)
($8,000)($7,000) + \par\pard\qj \li3189\ri1051\sb47\sl-500\slmult0 \up0 \expndt
w-9\charscalex91 (2) (.8) \up0 \expndtw-8\charscalex100 ($8,000)($4,000) + ($7
,000)2 + (2)(.84)($7,000)($4,000) \up0 \expndtw-9\charscalex94 + ($4,000)2]1/
2 = [$328,040,000].5 = \ul0\nosupersub\cf27\f28\fs20 $18,112 \par\pard\ql \l
i2589\ri1772\sb0\sl-500\slmult0\tx3189 \up0 \expndtw-9\charscalex94 \ul0\nosuper
sub\cf28\f29\fs20 b.
Expected net present value = $46,000 + $12,000 = \u
l0\nosupersub\cf27\f28\fs20 $58,000 \line\tab \up0 \expndtw-9\charscalex95 \ul0
\nosupersub\cf28\f29\fs20 Standard deviation = [$328,040,000 + ($9,000)2 +
\par\pard\ql \li3189\sb224\sl-230\slmult0 \up0 \expndtw-9\charscalex91 (2) (.4)
\up0 \expndtw-8\charscalex100 ($9,000)($8,000) + (2)(.2)($9,000)($7,000) + \p
p0 \expndtw-9\charscalex91 (2) (.3) \up0 \expndtw-9\charscalex97 ($9,000)($4,000
)]1/2 = [$513,440,000].5 = \ul0\nosupersub\cf27\f28\fs20 $22,659 \par\pard\q

tw-3\charscalex100 \ul0\nosupersub\cf28\f29\fs20 ___ \par\pard\ql \li2590\sb69\s
l-230\slmult0 \up0 \expndtw-5\charscalex100 The coefficient of variation for exi
sting projects (\ul0\nosupersub\cf11\f12\fs20 \u963?\ul0\nosupersub\cf28\f29\fs
20 /NPV) = \par\pard\qj \li2589\ri1052\sb7\sl-500\slmult0 \up0 \expndtw-8\chars
calex96 $18,112/$46,000 = .39.
The coefficient of variation for existi
ng \line \up0 \expndtw-8\charscalex93 projects plus puddings = $22,659/$58,0
00 = .39.
While the pudding \line \up0 \expndtw-8\charscalex96 line has
a higher coefficient of variation ($9,000/$12,000 = .75) \line \up0 \exp
ndtw-8\charscalex100 than existing projects, indicating a higher degree o
f risk, the \line \up0 \expndtw-6\charscalex100 correlation of this prod
uct line with existing lines is \line \up0 \expndtw-8\charscalex94 suf
ficiently low as to bring the coefficient of variation for all \line \
up0 \expndtw-8\charscalex100 products including puddings in line with that
for only existing \line \up0 \expndtw-8\charscalex100 products. \par\pard\li
rsub\cf15\f16\fs18 207\par\pard\sect\sectd\fs24\paperw11900\paperh16840\pard\sb0
up0 \expndtw-4\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 14: Risk and
Managerial (Real) Options in Capital Budgeting\tab \up0 \expndtw-4\charscalex100
tw-5\charscalex100 \ul0\nosupersub\cf28\f29\fs20 3.\tab \up0 \expndtw-5\charscal
ex100 a.\par\pard\li1989\sb220\sl-230\slmult0\fi599\tx4389\tx6189\tx7989\tx9789
\up0 \expndtw-5\charscalex100 YEAR 0\tab \up0 \expndtw-5\charscalex100 YEAR 1\
tab \up0 \expndtw-5\charscalex100 YEAR 2\tab \up0 \expndtw-5\charscalex100 BRAN
CH\tab \up0 \expndtw-5\charscalex100 NPV\par\pard\li3549\sb0\sl-230\slmult0\par\
pard\li3549\sb216\sl-230\slmult0\fi1800\tx8349\tx9429 \up0 \expndtw-6\charscalex
100 \u9484?\u8212?\u8212?\u8212?\u8212? $20,000\tab \up0 \expndtw-6\charscalex1
00 1\tab \up0 \expndtw-6\charscalex100 -$17,298\par\pard\li3549\sb20\sl-230\slmu
lt0\fi0\tx6189\tx8349\tx9429\tx9789 \up0 \expndtw-6\charscalex100 \u9484?\u8212?
\u8212?\u8212? $60,000 \u8212?\u8212?\u9532?\u8212?\u8212?\u8212?\u8212?\tab \
up0 \expndtw-6\charscalex100 30,000\tab \up0 \expndtw-6\charscalex100 2\tab \up0
\expndtw-6\charscalex100 -\tab \up0 \expndtw-6\charscalex100 8,724\par\pard\li3
549\sb20\sl-230\slmult0\fi0\tx5349\tx6189\tx8349\tx9429\tx10029 \up0 \expndtw-6\
charscalex100 \u9474?\tab \up0 \expndtw-6\charscalex100 \u9492?\u8212?\u8212?\u8
212?\u8212?\tab \up0 \expndtw-6\charscalex100 40,000\tab \up0 \expndtw-6\charsca
lex100 3\tab \up0 \expndtw-6\charscalex100 -\tab \up0 \expndtw-6\charscalex100 1
51\par\pard\ql \li3549\sb0\sl-180\slmult0 \up0 \expndtw-3\charscalex100 \u9474?
\par\pard\li2349\sb67\sl-230\slmult0\fi1200\tx5349\tx6189\tx8349\tx9789 \up0 \ex
pndtw-5\charscalex100 \u9474?\tab \up0 \expndtw-5\charscalex100 \u9484?\u8212?\u
8212?\u8212?\u8212?\tab \up0 \expndtw-5\charscalex100 40,000\tab \up0 \expndtw-5
\charscalex100 4\tab \up0 \expndtw-5\charscalex100 9,108\par\pard\li2349\sb21\sl
-230\slmult0\fi0\tx4269\tx6189\tx8349\tx9668 \up0 \expndtw-5\charscalex100 -$90,
000 \u8212?\u9532?\u8212?\u8212?\u8212?\tab \up0 \expndtw-5\charscalex100 70,00
0 \u8212?\u8212?\u9532?\u8212?\u8212?\u8212?\u8212?\tab \up0 \expndtw-5\charsca
lex100 50,000\tab \up0 \expndtw-5\charscalex100 5\tab \up0 \expndtw-5\charscalex
100 17,682\par\pard\li3549\sb20\sl-230\slmult0\fi0\tx5349\tx6189\tx8349\tx9668 \
up0 \expndtw-3\charscalex100 \u9474?\tab \up0 \expndtw-3\charscalex100 \u9492?\u
8212?\u8212?\u8212?\u8212?\tab \up0 \expndtw-3\charscalex100 60,000\tab \up0 \ex
pndtw-3\charscalex100 6\tab \up0 \expndtw-3\charscalex100 26,255\par\pard\ql \li
3549\sb0\sl-180\slmult0 \up0 \expndtw-3\charscalex100 \u9474? \par\pard\li3549\s
\u9474?\tab \up0 \expndtw-4\charscalex100 \u9484?\u8212?\u8212?\u8212?\u8212?\t
ab \up0 \expndtw-4\charscalex100 60,000\tab \up0 \expndtw-4\charscalex100 7\tab

\up0 \expndtw-4\charscalex100 35,514\par\pard\li3549\sb20\sl-230\slmult0\fi0\tx4
269\tx6189\tx8349\tx9668 \up0 \expndtw-4\charscalex100 \u9492?\u8212?\u8212?\u82
12?\tab \up0 \expndtw-4\charscalex100 80,000 \u8212?\u8212?\u9532?\u8212?\u8212
?\u8212?\u8212?\tab \up0 \expndtw-4\charscalex100 70,000\tab \up0 \expndtw-4\cha
rscalex100 8\tab \up0 \expndtw-4\charscalex100 44,088\par\pard\li5349\sb20\sl-23
0\slmult0\fi0\tx6189\tx8349\tx9668 \up0 \expndtw-3\charscalex100 \u9492?\u8212?\
u8212?\u8212?\u8212?\tab \up0 \expndtw-3\charscalex100 80,000\tab \up0 \expndtw3\charscalex100 9\tab \up0 \expndtw-3\charscalex100 52,661\par\pard\li2589\sb0\s
lt0\par\pard\li2589\sb33\sl-230\slmult0\fi0\tx4468\tx4869\tx7549\tx7948\tx10509
\up0 \expndtw-7\charscalex100 Expected NPV\tab \up0 \expndtw-7\charscalex100 =
\tab \up0 \expndtw-9\charscalex92 (.30) (.30)\t \up0 \expndtw-7\charscalex100 ($17,298)\tab \up0 \expndtw-7\charscalex100 +\tab \up0 \expndtw-9\charscalex92 (.
30) (.50)\t \up0 \expndtw-7\charscalex100 (-$8,724)\tab \up0 \expndtw-7\charscal
ex100 +\par\pard\li2589\sb20\sl-230\slmult0\fi0\tx4869\tx5229\tx7629\tx7989\tx10
509 \up0 \expndtw-9\charscalex92 (.30) (.20)\t \up0 \expndtw-7\charscalex100 (-$
151)\tab \up0 \expndtw-7\charscalex100 +\tab \up0 \expndtw-9\charscalex92 (.40)
(.30)\t \up0 \expndtw-7\charscalex100 ($9,108)\tab \up0 \expndtw-7\charscalex100
+\tab \up0 \expndtw-9\charscalex92 (.40) (.40)\t \up0 \expndtw-7\charscalex100
($17,682)\tab \up0 \expndtw-7\charscalex100 +\par\pard\li2589\sb21\sl-230\slmult
0\fi0\tx5037\tx5325\tx7773\tx8061\tx10509 \up0 \expndtw-9\charscalex92 (.40) (.3
0)\t \up0 \expndtw-7\charscalex100 ($26,255)\tab \up0 \expndtw-7\charscalex100 +
\tab \up0 \expndtw-9\charscalex92 (.30) (.20)\t \up0 \expndtw-7\charscalex100 ($
35,514)\tab \up0 \expndtw-7\charscalex100 +\tab \up0 \expndtw-9\charscalex92 (.3
0) (.50)\t \up0 \expndtw-7\charscalex100 ($44,088)\tab \up0 \expndtw-7\charscale
x100 +\par\pard\ql \li2589\sb19\sl-230\slmult0 \up0 \expndtw-9\charscalex95 (.30
) (.30) \up0 \expndtw-9\charscalex95 ($52,661) = \ul0\nosupersub\cf27\f28\fs20
$17,682 \par\pard\ql \li2589\sb0\sl-500\slmult0 \par\pard\ql\li2589\ri1050\sb16
7\sl-500\slmult0\tx3189 \up0 \expndtw-8\charscalex90 \ul0\nosupersub\cf28\f29\fs
20 b.
We should abandon the project at the end of the first year
if \line\tab \up0 \expndtw-9\charscalex90 the cash flow in that year turns
out to be \up0 \expndtw-9\charscalex90 $60,000. \up0 \expndtw-9\charscalex90
The \par\pard\ql \li3189\sb224\sl-230\slmult0\tx6350 \up0 \expndtw-7\charscalex
100 reason is that given a \tab \up0 \expndtw-6\charscalex100 $60,000 first
-year cash flow, the \par\pard\ql \li3189\sb0\sl-230\slmult0 \par\pard\ql\li3
189\sb40\sl-230\slmult0 \up0 \expndtw-5\charscalex100 $29,000 expected value
of possible second-year cash flows \par\pard\li3189\sb0\sl-230\slmult0\par\p
ard\li3189\sb46\sl-230\slmult0\fi0\tx4129\tx6028\tx6368\tx8269\tx8608\tx10509 \u
p0 \expndtw-9\charscalex96 (i.e.,\tab \up0 \expndtw-9\charscalex96 (.30)($20,000
)\tab \up0 \expndtw-9\charscalex96 +\tab \up0 \expndtw-9\charscalex96 (.50)($30,
000)\tab \up0 \expndtw-9\charscalex96 +\tab \up0 \expndtw-9\charscalex96 (.20)($
40,000)\tab \up0 \expndtw-9\charscalex96 =\par\pard\li3189\sb0\sl-230\slmult0\pa
r\pard\li3189\sb39\sl-230\slmult0\fi0\tx8973 \up0 \expndtw-9\charscalex96 $29,00
0), when discounted to the end of year\tab \up0 \expndtw-9\charscalex96 1
only yields\par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\sb41\sl-230\sl
mult0\fi0 \up0 \expndtw-9\charscalex96 $26,854, and this value is less tha
n the $45,000 abandonment\par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\
sb40\sl-230\slmult0\fi0 \up0 \expndtw-8\charscalex97 value at the end of yea
r 1.
If the cash flow in year 1 turns\par\pard\li3189\sb0\sl-230\slmul
t0\par\pard\li3189\sb39\sl-230\slmult0\fi0\tx5530\tx7001 \up0 \expndtw-9\charsca
lex96 out to be either\tab \up0 \expndtw-9\charscalex96 $70,000 or\tab \up0
\expndtw-9\charscalex96 $80,000, however, abandonment\par\pard\li3189\sb0\sl-2
would not be worthwhile because in both instances the expected\par\pard\li3189\s
alex97 values of possible cash flows in year 2 discounted to the end\
\expndtw-9\charscalex96 of year 1 exceed $45,000.\par\pard\li1989\sb0\sl-207\s
89\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl207\slmult0\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb167\sl-207\slmu
0\nosupersub\cf15\f16\fs18 208\par\pard\sect\sectd\fs24\paperw11900\paperh16840\
pard\sb0\sl-240{\bkmkstart Pg211}{\bkmkend Pg211}\par\pard\li1989\sb0\sl-207\slm
tx7846 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 14: R
isk and Managerial (Real) Options in Capital Budgeting\tab \up0 \expndtw-2\chars
\sb55\sl-230\slmult0\fi599 \up0 \expndtw-9\charscalex96 \ul0\nosupersub\cf28\f29
\fs20 When we allow for abandonment, the original projected\par\pard\li31
arscalex97 cash flows for branches 1, 2, and 3 are replaced by a sin
gle\par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\sb41\sl-230\slmult0\fi0\t
x6909\tx8029\tx9788 \up0 \expndtw-9\charscalex94 branch having a cash flow
of\tab \up0 \expndtw-9\charscalex96 $105,000\tab \up0 \expndtw-9\charscalex96 ($
60,000 plus\tab \up0 \expndtw-9\charscalex96 $45,000\par\pard\li3189\sb0\sl-230
\slmult0\par\pard\li3189\sb40\sl-230\slmult0\fi0\tx6697\tx9790 \up0 \expndtw-9\c
harscalex96 abandonment value) in year\tab \up0 \expndtw-9\charscalex96 1 an
d resulting NPV of\tab \up0 \expndtw-9\charscalex96 $7,230.\par\pard\ql \li31
89\ri1051\sb30\sl-500\slmult0\tx3789 \up0 \expndtw-3\charscalex100 Recalculating
the expected net present value for the proposal, \line \up0 \expndtw-3\charscal
ex100 based upon revised information, we find it to be \line \tab \up0 \expndtw7\charscalex100 (.30)($7,230) + (.40)(.30)($9,108) + (.40)(.40)($17,682) \pa
tx7149\tx7749\tx10509 \up0 \expndtw-6\charscalex100 +\tab \up0 \expndtw-9\charsc
alex92 (.40) (.30)\t \up0 \expndtw-6\charscalex100 ($26,255)\tab \up0 \expndtw-6
\charscalex100 +\tab \up0 \expndtw-9\charscalex92 (.30) (.20)\t \up0 \expndtw-6\
charscalex100 ($35,514)\tab \up0 \expndtw-6\charscalex100 +\par\pard\ql \li3789\
calex95 (.30) (.50) \up0 \expndtw-9\charscalex95 ($44,088) + (.30)(.30)($52,66
1) = \ul0\nosupersub\cf27\f28\fs20 $22,725\ul0\nosupersub\cf28\f29\fs20 . \par
\pard\qj \li3189\ri1050\sb47\sl-500\slmult0 \up0 \expndtw-9\charscalex97 Thus,
the expected net present value is increased when the \up0 \expndtw-8\cha
rscalex100 possibility of abandonment is considered in the evaluation. \u
p0 \expndtw-4\charscalex100 Part of the downside risk is eliminated becau
se of the \up0 \expndtw-4\charscalex100 abandonment option. \par\pard\li1989\s
0 \expndtw-2\charscalex100 \ul0\nosupersub\cf15\f16\fs18 209\par\pard\sect\sectd

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cdfcbfea17cff07d83fe20e71f7fd0a697fe16e17ff967f567e57fc7ba2bf613fe21fbff00828d7f
d167fd89ff00eff7c75ffe63a8ff00887eff00e0a35ff459ff00627ffbfdf1d7ff0098ea3fe277be
8e7ff45962ff00f0c19bf97fd42f9fe0fb07fc41ce3eff00a14d2ffc2dc2ff00f2cfeacfcaff008f
7457ec27fc43f7ff00051aff00a2cffb13ff00dfef8ebffcc751ff0010fdff00c146bfe8b3fec4ff
00f7fbe3afff0031d47fc4ef7d1cff00e8b2c5ff00e18337f2ff00a85f3fc1f60ff8839c7dff0042
9a5ff85b85ff00e59fd59f95ff001ee8afd84ff887effe0a35ff00459ff627ff00bfdf1d7ff98ea3
fe21fbff00828d7fd167fd89ff00eff7c75ffe63a8ff0089defa39ff00d1658bff00c3066fe5ff00
50be7f83ec1ff10738fbfe8534bff0b70bff00cb3fab3f2bfe3dd15fb09ff10fdffc146bfe8b3fec
4fff007fbe3aff00f31d47fc43f7ff00051aff00a2cffb13ff00dfef8ebffcc751ff0013bdf473ff
00a2cb17ff00860cdfcbfea17cff0007d83fe20e71f7fd0a697fe16e17ff00967f567e57fc7ba2bf
613fe21fbff828d7fd167fd89ffeff007c75ff00e63a8ff887effe0a35ff00459ff627ff00bfdf1d
7ff98ea3fe277be8e7ff0045962fff000c19bf97fd42f9fe0fb07fc41ce3effa14d2ff00c2dc2fff
002cfeacfcaff9a3fb337fc9ecfec07ff67b1f00ff00f5219ebfd18abf92cfd9bbfe0839fb6a780b
f69bfd9b3e2dfc59f8d5fb2e9f017c12f8d9e0cf8c1add8fc3bb4f8b1aa78bf5aff84164bbd4ac74
1d2adfc4ba2e87a343fdb1a81b5b1bbd42ef515feccb29ae35086d3529eda3d36eff00ad3aff0030
3e98fe27f06f8b1e27e0389381f329e6994d1e19c065d52bd4c26270728e2a86231752a5374b134e
9ceca3560d492b3d7caffd1fe12f0de6fc31c3988cbf39c3ac362a79956c44611ab4eaa74a74a8c6
32e6a7292de2d5bc828a28afe4b3f510a28a2800a28a2800a28a2800a28a2800a28a2800a28a2800
a28a2800a28a2800a28a2800a28a2800a28a2800a28a2800a28a2800a28a2803ffd9}}}}}\pard\s
b0\sl-240{\bkmkstart Pg212}{\bkmkend Pg212}\par\pard\ql \li7854\sb0\sl-207\slmul
Limited 2005 \par\pard\ql \li2275\sb0\sl-414\slmult0 \par\pard\ql\li2275\sb208\s
l-414\slmult0 \up0 \expndtw0\charscalex97 \ul0\nosupersub\cf26\f27\fs36 Part 6 \
par\pard\ql \li2275\sb406\sl-414\slmult0 \up0 \expndtw0\charscalex97 The Cost of
\par\pard\ql \li2275\ri3582\sb2\sl-420\slmult0 \up0 \expndtw0\charscalex97 Capi
tal, Capital \line \up0 \expndtw0\charscalex97 Structure, and \line \up0 \expndt
w0\charscalex98 Dividend Policy \par\pard\ql \li4149\sb0\sl-690\slmult0 \par\par
d\ql\li4149\sb87\sl-690\slmult0 \up0 \expndtw0\charscalex97 \ul0\nosupersub\cf22
\f23\fs60 15 \par\pard\ql \li4149\sb1\sl-556\slmult0 \up0 \expndtw0\charscalex97
\ul0\nosupersub\cf23\f24\fs50 Required Returns \par\pard\ql \li4149\sb9\sl-575\
slmult0 \up0 \expndtw0\charscalex97 and the Cost of Capital \par\pard\ql \li3927
l-368\slmult0 \par\pard\ql\li3927\sb0\sl-368\slmult0 \par\pard\ql\li3927\sb0\sl368\slmult0 \par\pard\ql\li3927\sb0\sl-368\slmult0 \par\pard\ql\li3927\sb0\sl-36
lt0 \par\pard\ql\li3927\sb220\sl-368\slmult0 \up0 \expndtw0\charscalex102 \ul0\n
osupersub\cf25\f26\fs32 To guess is cheap. To guess wrong is expensive. \par\p
ard\ql \li7768\sb152\sl-368\slmult0 \up0 \expndtw0\charscalex94 CHINESE PROVERB
e\tab \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf15\f16\fs18 210\par\pard\s
ect\sectd\fs24\paperw11900\paperh16840\pard\sb0\sl-240{\bkmkstart Pg213}{\bkmken
d Pg213}\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmult0\p
\nosupersub\cf13\f14\fs18 Chapter 15: Required Returns and the Cost of Capital\t
ANSWERS TO QUESTIONS \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989
b0\sl-230\slmult0 \par\pard\ql\li1989\sb210\sl-230\slmult0\tx2589 \up0 \expndtw3\charscalex100 \ul0\nosupersub\cf28\f29\fs20 1. \tab \up0 \expndtw-8\charscalex
94 If the weights used in the calculations do not correspond to the \
par\pard\qj \li2589\ri1051\sb47\sl-500\slmult0 \up0 \expndtw-6\charscalex100 pro
portions of financing the firm intends to use, the computed \up0 \expnd
tw-3\charscalex100 weighted-average cost will be a biased estimate of the real c
ost of \up0 \expndtw-3\charscalex100 capital of the firm. \par\pard\ql \li1989\s
\sl-230\slmult0 \par\pard\ql\li1989\sb34\sl-230\slmult0\tx2589 \up0 \expndtw-3\c
harscalex100 2. \tab \up0 \expndtw-8\charscalex92 The principal qualification
to its use is that existing as well as \par\pard\qj \li2589\ri1051\sb47
\sl-500\slmult0 \up0 \expndtw-8\charscalex92 new investment proposals are al
ike with respect to risk.
In other \line \up0 \expndtw-8\charscalex93 wo
rds, the proposal being judged should not alter the risk \line
\up0 \expndtw-8\charscalex96 complexion of the firm as perceived by the
suppliers of capital. \line \up0 \expndtw-8\charscalex94 Also, the costs o
f the individual components of financing must be \line \up0 \expndtw-8\ch
arscalex94 measured accurately and the weights must be marginal in the
sense \line \up0 \expndtw-8\charscalex93 of corresponding to the proportion
s with which the firm intends to \line \up0 \expndtw-9\charscalex93 financ
e. \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb0\sl-230\slmult
\tx2589 \up0 \expndtw-3\charscalex100 3. \tab \up0 \expndtw-8\charscalex89 Yes,
these funds have a cost.
In most cases, however, the cost is \par\
pard\qj \li2589\ri1051\sb47\sl-500\slmult0 \up0 \expndtw-6\charscalex100 ignored
because these sources represent "built-in" financing of \up0 \expndtw-5\
charscalex100 current assets.
As current assets grow, payables and accruals t
end \up0 \expndtw-5\charscalex100 to grow as well. \par\pard\li1989\sb0\sl-230\s
\pard\li1989\sb45\sl-230\slmult0\fi0\tx2589 \up0 \expndtw-9\charscalex96 4.\tab
\up0 \expndtw-9\charscalex96 The tax shield associated with the use of debt fund
s would be lost,\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb39\sl-230\
slmult0\fi599 \up0 \expndtw-8\charscalex97 at least until profits were rest
ored.
As a result, we would no\par\pard\li1989\sb0\sl-230\slmult0\par\pa
rd\li1989\sb40\sl-230\slmult0\fi599 \up0 \expndtw-8\charscalex97 longer multipl
y the before-tax cost of debt by one minus the tax\par\pard\li1989\sb0
alex97 rate.
The explicit cost of debt would be the before-tax cost
or\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmult0\par\pa

calex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 15: Required Returns and the Cost
of Capital\tab \up0 \expndtw-2\charscalex100 Pearson Education Limited 2005\par
nosupersub\cf28\f29\fs20 yield on the debt instrument, which is considerably hig
her than the \line \up0 \expndtw-4\charscalex100 after-tax cost. \up0 \expndtw5\charscalex100 Without the tax advantage, other methods of \par\pard\qj \
li2589\ri1051\sb0\sl-500\slmult0 \up0 \expndtw-8\charscalex94 financing like
leasing and preferred stock will become more \up0 \expndtw-9\charsc
alex94 attractive in a relative sense. \par\pard\ql \li1989\sb0\sl-230\slmult0 \
b \up0 \expndtw-8\charscalex96 Dividends per share are estimated out into
the future, preferably \par\pard\qj \li2589\ri1051\sb47\sl-500\slmult0 \up0 \
expndtw-5\charscalex100 out to infinity.
The discount rate necessary to equat
e the present \up0 \expndtw-8\charscalex94 value of the expected future str
eam of dividends with the present \up0 \expndtw-8\charscalex89 share price
is determined.
This is taken to be the cost of equity \up0 \expndt
w-8\charscalex93 capital.
The critical factor in the model is the gro
wth rate of \up0 \expndtw-8\charscalex94 future dividends.
The pattern o
f growth specified must correspond \up0 \expndtw-8\charscalex92 to the pat
tern expected by investors at the margin that leads them \up0 \expndtw9\charscalex92 to pay so many dollars for a share of stock. \par\pard\ql \li1989
\charscalex100 6. \tab \up0 \expndtw-8\charscalex100 The critical assumption
is that capital markets are perfect and \par\pard\qj \li2619\ri1050\sb47\s
l-500\slmult0 \up0 \expndtw-8\charscalex97 that only the systematic risk of
the firm is important.
With \line \up0 \expndtw-8\charscalex95 market
imperfections, such as bankruptcy costs, the total risk of \line \up0 \e
xpndtw-8\charscalex94 the firm may take on a degree of importance.
F
or example, the \line \up0 \expndtw-4\charscalex100 possibility of bankruptc
y would be important to equityholders \line \up0 \expndtw-7\charscalex100 b
ecause the external drain of bankruptcy costs should the firm \par\pard
expndtw-8\charscalex100 become insolvent would adversely affect them.\tab \
up0 \expndtw-8\charscalex100 As a result,\par\pard\li2619\sb0\sl-230\slmult0\p
ar\pard\li2619\sb40\sl-230\slmult0\fi0 \up0 \expndtw-7\charscalex100 investors
would be concerned with both systematic and unsystematic\par\pard\li2619\
sb0\sl-230\slmult0\par\pard\li2619\sb40\sl-230\slmult0\fi0 \up0 \expndtw-7\chars
calex100 risk.
The greater the importance of total risk the less rel
evant\par\pard\li2619\sb0\sl-230\slmult0\par\pard\li2619\sb40\sl-230\slmult0\fi0
\up0 \expndtw-8\charscalex100 is the capital-asset pricing model approach.\par\
calex100 \ul0\nosupersub\cf15\f16\fs18 212\par\pard\sect\sectd\fs24\paperw11900\
paperh16840\pard\sb0\sl-240{\bkmkstart Pg215}{\bkmkend Pg215}\par\pard\li1989\sb
hapter 15: Required Returns and the Cost of Capital\tab \up0 \expndtw-7\charscal
ex100 Pearson Education Limited 2005\par\pard\li1989\sb0\sl-230\slmult0\par\pard
f29\fs20 7.\tab \up0 \expndtw-7\charscalex100 The firm's before-tax cost of
debt is used as a base to which a\par\pard\qj \li2589\ri1050\sb30\sl-50
0\slmult0 \up0 \expndtw-8\charscalex97 risk premium is added.
The risk
premium is the difference in \line \up0 \expndtw-8\charscalex96 required re
turn between stocks and bonds.
For companies overall, \line \up0 \expnd
tw-9\charscalex96 this premium averages about \up0 \expndtw-9\charscalex92 3
percent.
However, it will vary by \par\pard\ql \li2589\sb224\sl-230\slmu
lt0\tx8200 \up0 \expndtw-9\charscalex93 the company.
If a company could
borrow at \tab \up0 \expndtw-9\charscalex96 13 percent, and the \par\pard\q
j \li2589\ri1050\sb47\sl-500\slmult0 \up0 \expndtw-8\charscalex93 premium were
3 percent, the required return on equity would be 16 \line \up0 \expnd
tw-8\charscalex93 percent.
The before-tax cost of debt funds will exce
ed the risk-\line \up0 \expndtw-8\charscalex100 free rate due to the pres
ence of risk of default in corporate \line \up0 \expndtw-8\charscalex100 b
onds. \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb0\sl-230\slm
00 8. \tab \up0 \expndtw-6\charscalex100 Proxy companies are used in place
of the project or group of \par\pard\qj \li2589\ri1050\sb47\sl-500\slmult0
\up0 \expndtw-5\charscalex100 projects under consideration.
The idea is to f
ind a group of proxy \up0 \expndtw-6\charscalex100 companies that closely par
allel the business represented by the \up0 \expndtw-8\charscalex97 project
or group.
These companies must be publicly traded and \up0 \expndtw8\charscalex91 stand alone in the sense that they do not carry
on other \up0 \expndtw-8\charscalex91 activities.
One then takes some
type of average of their betas (a \up0 \expndtw-3\charscalex100 median o
r modal value is perhaps best), and this average is used as \up0 \expndtw-8\char
scalex90 a proxy for the beta of the project or group.
The required
return \up0 \expndtw-8\charscalex93 on equity is then solved for in the
usual way when employing the \up0 \expndtw-5\charscalex100 capital-asset p
ricing model.
If debt is involved, it is blended in \up0 \expndtw-5\charscale
x100 through a weighted-average cost approach. \par\pard\ql \li1989\sb0\sl-230\s
lmult0 \par\pard\ql\li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb144\sl-230\s
lmult0\tx2589 \up0 \expndtw-3\charscalex100 9. \tab \up0 \expndtw-8\charscalex93
A project-specific required return refers to the hurdle rate for a \p
ar\pard\qj \li2589\ri1050\sb47\sl-500\slmult0 \up0 \expndtw-8\charscalex100 spec
ific project as derived with the capital-asset pricing model \up0 \expnd
tw-8\charscalex96 approach.
A group-specific required return is for a
division or \up0 \expndtw-8\charscalex94 some other subgroup of the firm
where there is an aggregation of \up0 \expndtw-9\charscalex94 assets of rou
ghly the same risk. \par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-2
\up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf15\f16\fs18 213\par\pard\sect\s
ectd\fs24\paperw11900\paperh16840\pard\sb0\sl-240{\bkmkstart Pg216}{\bkmkend Pg2
persub\cf13\f14\fs18 Chapter 15: Required Returns and the Cost of Capital\tab \u
p0 \expndtw-2\charscalex100 Pearson Education Limited 2005\par\pard\ql \li1989\r
i1050\sb465\sl-500\slmult0\tx2589\tx2589\tx2589\tx2589\tx2589\tx2589\tx2589 \up0
\expndtw-3\charscalex100 \ul0\nosupersub\cf28\f29\fs20 10. Management determi
nes the acceptability of the project on the basis \line\tab \up0 \expndtw-8\char
scalex100 of the project's expected return in relation to the probabili
ty \line \tab \up0 \expndtw-8\charscalex97 distribution of possible returns.
The usual information is the \line \tab \up0 \expndtw-8\charscalex100 me
an and the standard deviation of the probability distribution. \line \ta
b \up0 \expndtw-3\charscalex100 On the basis of this information and management'
s risk preferences, \line \tab \up0 \expndtw-8\charscalex89 a decision is rea

ched.
The link with share price is indirect.
It \line \tab \up0 \exp
ndtw-8\charscalex96 depends on how perceptive management is in determinin
g the trade-\line \tab \up0 \expndtw-9\charscalex96 off of investors bet
ween profitability and risk. \up0 \expndtw-9\charscalex96 Moreover, \par\p
ard\qj \li2589\ri1051\sb0\sl-500\slmult0 \up0 \expndtw-6\charscalex100 systemati
c risk as opposed to total risk is likely to be the \up0 \expndtw-7\c
harscalex100 important thing, and this is not brought into play. \par\pard\qj \l
i1989\ri1051\sb380\sl-500\slmult0\tx2589 \up0 \expndtw-8\charscalex96 11. The
RADR approach to project selection calls for "adjusting" the \line\tab
\up0 \expndtw-9\charscalex96 required return, or discount rate, upward \up0
\expndtw-9\charscalex96 (downward) from the \par\pard\qj \li2589\ri1050\sb0\s
l-500\slmult0 \up0 \expndtw-6\charscalex100 firm's overall cost of capital
for projects or groups showing \line \up0 \expndtw-3\charscalex100 greater \
up0 \expndtw-9\charscalex94 (less) than "average" risk.
The CAPM approa
ch could be \line \up0 \expndtw-8\charscalex97 considered as a special typ
e of "risk-adjusted" method, but with \line \up0 \expndtw-8\charscalex97 an
y adjustment taking place relative to a risk-free return base. \line \u
p0 \expndtw-8\charscalex97 The RADR approach, unlike the CAPM approach, g
enerally relies on \line \up0 \expndtw-6\charscalex100 relatively informal,
subjective ways of determining the required \line \up0 \expndtw-7\charscale
x100 risk adjustment. \par\pard\qj \li1989\ri1050\sb380\sl-500\slmult0\tx2589 \u
p0 \expndtw-8\charscalex96 12. For a group of projects, the correlation
between returns of the \line\tab \up0 \expndtw-8\charscalex96 various proje
cts must be taken into account when computing the \par\pard\li2589\sb0\s
l-230\slmult0\par\pard\li2589\sb11\sl-230\slmult0\fi0\tx5397\tx7149\tx8061 \up0
\expndtw-8\charscalex100 standard deviation.\tab \up0 \expndtw-8\charscalex100
(See Chapter\tab \up0 \expndtw-8\charscalex100 14.)\tab \up0 \expndtw-8\charsca
lex100 In other words, the\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589
\sb40\sl-230\slmult0\fi0 \up0 \expndtw-7\charscalex100 diversification effect
of projects is recognized.
In the absence\par\pard\li2589\sb0\sl-230\slm
ult0\par\pard\li2589\sb40\sl-230\slmult0\fi0 \up0 \expndtw-7\charscalex100 of p
erfect correlation, the total risk of the group will be less\par\pard\
li2589\sb0\sl-230\slmult0\par\pard\li2589\sb40\sl-230\slmult0\fi0 \up0 \expndtw8\charscalex100 than the sum of the parts.\par\pard\li1989\sb0\sl-207\slmult0\pa
pndtw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Van Horne and Wachowicz: \ul
0\nosupersub\cf14\f15\fs18 Fundamentals of Financial Management,\ul0\nosupersub\
cf13\f14\fs18 12e\tab \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf15\f16\fs
18 214\par\pard\sect\sectd\fs24\paperw11900\paperh16840\pard\sb0\sl-240{\bkmksta
rt Pg217}{\bkmkend Pg217}\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0
harscalex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 15: Required Returns and the
Cost of Capital\tab \up0 \expndtw-2\charscalex100 Pearson Education Limited 2005
\par\pard\ql \li1989\ri1050\sb465\sl-500\slmult0\tx2589\tx2589\tx2589\tx2589\tx2
589\tx2589\tx2589\tx2589\tx2589 \up0 \expndtw-8\charscalex96 \ul0\nosupersub\cf2
8\f29\fs20 13. Empirically, companies in the same industry tend to hav
e similar \line\tab \up0 \expndtw-6\charscalex100 betas and required rates
of return.
However, there are many \line \tab \up0 \expndtw-5\charscalex
100 exceptions.
It depends on how similar the industry definition, the \line
\tab \up0 \expndtw-3\charscalex100 diversity of product lines of companies class
ified in the industry, \line \tab \up0 \expndtw-8\charscalex94 and the variati
on in financial risk of companies in the industry. \line \tab \up0 \expn
dtw-6\charscalex100 One difficulty is with classifying a multiproduct com
pany like \line \tab \up0 \expndtw-8\charscalex96 General Electric.
Aluminu
m companies, on the other hand, all do \line \tab \up0 \expndtw-5\charsca
lex100 about the same thing so industry comparisons are very valid. \li
ne \tab \up0 \expndtw-8\charscalex97 Again, the key is the similarity of
business and financial risk \line \tab \up0 \expndtw-9\charscalex97 among com
panies, particularly the former. \par\pard\ql \li1989\ri1050\sb380\sl-500\slmult

0\tx2589\tx2589\tx2589\tx2589\tx2589 \up0 \expndtw-8\charscalex93 14. No.
E
ventually the equity base will need to be rebuilt and this \line\tab \
up0 \expndtw-8\charscalex96 will require retained earnings or common stock
financing, both of \line \tab \up0 \expndtw-8\charscalex88 which have a h
igher cost than debt funds.
To use the cost of debt \line \tab \up0
\expndtw-8\charscalex93 funds as the required return ignores this eventua
l need and in so \line \tab \up0 \expndtw-6\charscalex100 doing makes no
provision for a premium for the business risk \line \tab \up0 \expndtw-6\
charscalex100 associated with the project. \par\pard\qj \li1989\ri1050\sb380\sl500\slmult0\tx2589 \up0 \expndtw-3\charscalex100 15. An increase in bankruptcy
costs would increase the required rate of \line\tab \up0 \expndtw-4\charscalex1
00 return for companies. \up0 \expndtw-5\charscalex100 The change should ma
ke companies more \par\pard\qj \li2589\ri1050\sb0\sl-500\slmult0 \up0 \expndtw
-8\charscalex96 conscious of avoiding bankruptcy and analyzing the risk
associated \line \up0 \expndtw-8\charscalex100 with the particular project.
In a capital-asset pricing model \line \up0 \expndtw-5\charscalex100 cont
ext, it will work to make unsystematic risk more important.
In \line \up0 \ex
pndtw-8\charscalex100 other words, companies would need to pay some atte
ntion to the \line \up0 \expndtw-8\charscalex94 effect of a project on th
e overall or total risk of the company \line \up0 \expndtw-8\charscalex97
(systematic plus unsystematic), not just the impact on systematic \line
\up0 \expndtw-9\charscalex97 risk. \par\pard\li1989\sb0\sl-207\slmult0\par\pard
lex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 15: Required Returns and the Cost o
f Capital\tab \up0 \expndtw-2\charscalex100 Pearson Education Limited 2005\par\p
ard\ql \li1989\ri1050\sb465\sl-500\slmult0\tx2589\tx2589\tx2589\tx2589\tx2589\tx
2589\tx2589\tx2589 \up0 \expndtw-6\charscalex100 \ul0\nosupersub\cf28\f29\fs20 1
6. If the divisions have significantly different risks, a company \lin
e\tab \up0 \expndtw-8\charscalex94 should use different costs of capital f
or them.
One approach is \line \tab \up0 \expndtw-8\charscalex96 the capi
tal-asset pricing model context using outside companies in \line \tab \up
0 \expndtw-8\charscalex93 about the same types of businesses as proxies
for risk.
Required \line \tab \up0 \expndtw-8\charscalex93 rates of return
are determined for these proxy companies (based on \line \tab \up0 \exp
ndtw-3\charscalex100 stock-return data) and these rates are used as costs of cap
ital for \line \tab \up0 \expndtw-8\charscalex97 the divisions.
In many, p
erhaps most, situations, multi-division \line \tab \up0 \expndtw-8\charscalex
96 companies have multiple risks.
Therefore, the use of a company-\li
ne \tab \up0 \expndtw-9\charscalex96 wide cost of capital is inappropriate as an
acceptance criterion. \par\pard\ql \li1989\ri1050\sb500\sl-500\slmult0\tx2589\t
x2589\tx2589\tx2589 \up0 \expndtw-8\charscalex94 17. Value is created when
projects are accepted whose expected returns \line\tab \up0 \expndtw-8\cha
rscalex97 exceed the required returns established by the financial marke
ts. \line \tab \up0 \expndtw-4\charscalex100 Returns in excess of what the
financial markets expect, and \line \tab \up0 \expndtw-4\charscalex100 requi
re, are economic rents and will lead to a share price \line \tab \up0
\expndtw-4\charscalex100 increase, all other things the same. \par\pard\ql \li19
18. Through investment in assets, value is created by industr
y \line\tab \up0 \expndtw-8\charscalex97 attractiveness and competitive advan
tage.
These are largely the \line \tab \up0 \expndtw-8\charscalex96 sourc
es of value and allow a company to earn excess returns, at \line \tab
\up0 \expndtw-9\charscalex96 least for a while. \par\pard\li1989\sb0\sl-207\slm

\f16\fs18 216\par\pard\sect\sectd\fs24\paperw11900\paperh16840\pard\sb0\sl-240{\
bkmkstart Pg219}{\bkmkend Pg219}\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1
dtw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 15: Required Returns a
nd the Cost of Capital\tab \up0 \expndtw-2\charscalex100 Pearson Education Limit
ed 2005\par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb0\sl-230\sl
t0 \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf27\f28\fs20 SOLUTIONS TO PROB
LEMS \par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb0\sl-230\slmult0\par\
09 \up0 \expndtw-7\charscalex100 \ul0\nosupersub\cf28\f29\fs20 1.\tab \up0 \expn
dtw-7\charscalex100 (1)\tab \up0 \expndtw-7\charscalex100 (2)\tab \up0 \expndtw7\charscalex100 (1) x (2)\par\pard\ql \li4149\sb1\sl-213\slmult0 \up0 \expndtw3\charscalex100 \u8212?\u8212?\u8212?\u8212? \par\pard\li4149\sb33\sl-230\slmult
0\fi1319\tx8709 \up0 \expndtw-3\charscalex100 Proportion of\tab \up0 \expndtw-3\
charscalex100 Weighted\par\pard\li4149\sb21\sl-230\slmult0\fi0\tx5349\tx8949 \up
0 \expndtw-3\charscalex100 Cost\tab \up0 \expndtw-3\charscalex100 Total Financin
g\tab \up0 \expndtw-3\charscalex100 Cost\par\pard\li1989\sb0\sl-230\slmult0\par\
pard\li1989\sb216\sl-230\slmult0\fi0\tx4269\tx5829\tx8589 \up0 \expndtw-3\charsc
alex100 Bonds\tab \dn2 \expndtw-3\charscalex100 ki\tab \up0 \expndtw-3\charscale
x100 B/(B+S)\tab \dn2 \expndtw-3\charscalex100 ki[B/(B+S)]\par\pard\li1989\sb0\s
l-230\slmult0\par\pard\li1989\sb40\sl-230\slmult0\fi0\tx4269\tx5829\tx8589 \up0
\expndtw-3\charscalex100 Common Stock\tab \dn2 \expndtw-3\charscalex100 ke\tab \
up0 \expndtw-3\charscalex100 S/(B+S)\tab \dn2 \expndtw-3\charscalex100 ke[S/(B+S
)]\par\pard\li1989\sb220\sl-230\slmult0\fi0\tx6069\tx7869 \up0 \expndtw-3\charsc
alex100 Totals\tab \up0 \expndtw-3\charscalex100 100%\tab \dn4 \expndtw-3\charsc
alex100 ki[B/(B+S)]+ke[S/(B+S)]\par\pard\qj \li2589\ri4651\sb163\sl-460\slmult0\
fi0 \up0 \expndtw-9\charscalex94 Thus,
ko = ki[B/(B+S)] + ke[S/(B+S)] \up0
\expndtw-9\charscalex95 or alternatively written \par\pard\ql \li4869\sb0\sl-230
\slmult0 \par\pard\ql\li4869\sb20\sl-230\slmult0 \up0 \expndtw-9\charscalex100 k
i(B) + ke(S) \par\pard\li3789\sb1\sl-217\slmult0\fi0\tx4269 \dn3 \expndtw-3\cha
rscalex100 ko\tab \up0 \expndtw-3\charscalex100 =\par\pard\ql \li5349\sb13\sl-23
0\slmult0 \up0 \expndtw-3\charscalex100 (B+S) \par\pard\ql \li1989\sb0\sl-230\sl
2. \tab \dn3 \expndtw-9\charscalex89 ki = (kd)(1 - t) = (.14)(.6) = 8.4
percent \par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\sb0\sl-230\slmult0\p
ar\pard\li3189\sb93\sl-230\slmult0\fi0\tx4269 \up0 \expndtw-3\charscalex100 D1\t
ab \up0 \expndtw-3\charscalex100 (# of shares)(D1)\par\pard\ql \li2589\sb7\sl-23
0\slmult0 \up0 \expndtw-9\charscalex89 ke = \u8212?\u8212? + g = \u8212?\u8
212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212
?\u8212?\u8212?\u8212?\u8212? + g \par\pard\li3189\sb33\sl-230\slmult0\fi0\tx42
69 \up0 \expndtw-3\charscalex100 P0\tab \up0 \expndtw-3\charscalex100 (# of shar
es)(P0)\par\pard\ql \li3309\sb227\sl-230\slmult0 \up0 \expndtw-3\charscalex100 $
500,000 \par\pard\ql \li2949\ri2972\sb0\sl-260\slmult0\tx3189 \up0 \expndtw-9\ch
arscalex88 = \u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8
212? + .11 = .0714 + .11 = 18.14 percent \line\tab \up0 \expndtw-9\chars
calex89 $7,000,000 \par\pard\ql \li2589\sb0\sl-230\slmult0 \par\pard\ql\li2589\s
alex100 ko = ki[B/(B+S)] + ke[S/(B+S)] \par\pard\ql \li2949\sb230\sl-230\slmul
t0 \up0 \expndtw-9\charscalex97 = (.084)($3M/$10M) + (.1814)($7M/$10M) \par\p
ard\ql \li2949\sb0\sl-230\slmult0 \par\pard\ql\li2949\sb40\sl-230\slmult0 \up0 \
expndtw-9\charscalex93 = (.084)(.3) + (.1814)(.7) = 15.22 percent \par\pard
lex100 \ul0\nosupersub\cf15\f16\fs18 217
}}
}}
}}
}}
}}
89\sb46\sl-230\slmult0\fi0\tx2589\tx5229\tx6429 \up0 \expndtw-7\charscalex100 \u
l0\nosupersub\cf28\f29\fs20 3.\tab \up0 \expndtw-7\charscalex100 (January 20X1)
\tab \dn4 \expndtw-7\charscalex100 D1\tab \up0 \expndtw-7\charscalex100 $3\par\p
ard\li2589\sb59\sl-230\slmult0\fi2040 \up0 \expndtw-9\charscalex90 ke = \u8212
?\u8212? + g = \u8212?\u8212?\u8212?\u8212? + .20 = 21 percent\par\pard\l
i2589\sb1\sl-209\slmult0\fi2640\tx6309 \dn3 \expndtw-9\charscalex90 P0\tab \up0
\expndtw-9\charscalex90 $300\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\
sb18\sl-230\slmult0\fi0\tx5589\tx6909 \up0 \expndtw-9\charscalex90 (January 20X
2)\tab \dn4 \expndtw-9\charscalex90 D1\tab \up0 \expndtw-9\charscalex90 $3.45\pa

r\pard\li1989\sb60\sl-230\slmult0\fi2640 \up0 \expndtw-7\charscalex100 P0 = \u
8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212? = \u8212?\u8212?\u8212?
\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212? = $57.50\par\pard\li1
989\sb45\sl-200\slmult0\fi3240\tx6549\tx7149 \dn4 \expndtw-7\charscalex100 (ke
- g)\tab \up0 \expndtw-7\charscalex100 (.21\tab \up0 \expndtw-7\charscalex100 .15)\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb7\sl-230\slmult0\fi0\
tx4389\tx6189\tx8589 \up0 \expndtw-7\charscalex100 4.\tab \up0 \expndtw-7\charsc
alex100 Dividend\tab \up0 \expndtw-7\charscalex100 Present Value\tab \up0 \expnd
tw-7\charscalex100 Present Value\par\pard\li1989\sb19\sl-230\slmult0\fi599\tx438
9\tx6189\tx8589 \up0 \expndtw-7\charscalex100 End of Year\tab \up0 \expndtw-7\ch
arscalex100 Per Share\tab \up0 \expndtw-7\charscalex100 at 12 Percent\tab \up0
\expndtw-7\charscalex100 at 13 Percent\par\pard\li1989\sb0\sl-230\slmult0\par\p
ard\li1989\sb17\sl-230\slmult0\fi1199\tx4389\tx6549\tx8949 \up0 \expndtw-7\chars
calex100 1\tab \up0 \expndtw-7\charscalex100 $2.240\tab \up0 \expndtw-7\charscal
ex100 $ 2.000\tab \up0 \expndtw-7\charscalex100 $ 1.982\par\pard\li1989\sb20\s
l-230\slmult0\fi1199\tx4509\tx6789\tx9189 \up0 \expndtw-7\charscalex100 2\tab \u
p0 \expndtw-7\charscalex100 2.509\tab \up0 \expndtw-7\charscalex100 2.000\tab \u
p0 \expndtw-7\charscalex100 1.965\par\pard\li1989\sb20\sl-230\slmult0\fi1199\tx4
100 2.810\tab \up0 \expndtw-7\charscalex100 2.000\tab \up0 \expndtw-7\charscalex
100 1.947\par\pard\li1989\sb20\sl-230\slmult0\fi1199\tx4509\tx6789\tx9189 \up0 \
expndtw-7\charscalex100 4\tab \up0 \expndtw-7\charscalex100 2.979\tab \up0 \expn
dtw-7\charscalex100 1.893\tab \up0 \expndtw-7\charscalex100 1.827\par\pard\li198
5\tab \up0 \expndtw-7\charscalex100 3.158\tab \up0 \expndtw-7\charscalex100 1.79
199\tx4509\tx6669\tx9069 \up0 \expndtw-7\charscalex100 6 to \ul0\nosupersub\cf51
\f52\fs24 \u8734?\tab \up0 \expndtw-7\charscalex100 \ul0\nosupersub\cf28\f29\fs
20 3.347\tab \up0 \expndtw-7\charscalex100 15.826*\tab \up0 \expndtw-7\charscale
x100 13.976\ul0\nosupersub\cf27\f28\fs20 **\par\pard\li6549\sb0\sl-230\slmult0\p
\nosupersub\cf28\f29\fs20 $25.511\tab \up0 \expndtw-3\charscalex100 $23.411\par\
\tx5229\tx6309\tx7509 \up0 \expndtw-4\charscalex100 \u9484?\u8212?\tab \up0 \exp
ndtw-4\charscalex100 \u9484?\u8212?.12\tab \up0 \expndtw-4\charscalex100 $25.511
\tab \up0 \expndtw-4\charscalex100 \u8212?\u9488?\tab \up0 \expndtw-4\charscalex
100 \u8212?\u9488?\par\pard\li2589\sb19\sl-230\slmult0\fi599\tx3789\tx6429\tx678
9 \up0 \expndtw-4\charscalex100 \u9474? X\tab \up0 \expndtw-4\charscalex100 \u94
74?\tab \up0 \expndtw-4\charscalex100 \u9474?\tab \up0 \expndtw-4\charscalex100
$0.511 \u9474?\par\pard\li2589\sb20\sl-230\slmult0\fi0\tx3189\tx3789\tx5229\tx6
309\tx7629\tx7989 \up0 \expndtw-4\charscalex100 .01\tab \up0 \expndtw-4\charscal
ex100 \u9474?\tab \dn4 \expndtw-4\charscalex100 \u9492?\u8212? ke\tab \up0 \expn
dtw-4\charscalex100 $25\tab \up0 \expndtw-4\charscalex100 \u8212?\u9496?\tab \up
0 \expndtw-4\charscalex100 \u9474?\tab \up0 \expndtw-4\charscalex100 $2.10\par\p
ard\li2589\sb1\sl-219\slmult0\fi599\tx7629 \up0 \expndtw-4\charscalex100 \u9474?
\tab \up0 \expndtw-4\charscalex100 \u9474?\par\pard\li2589\sb27\sl-230\slmult0\f
i599\tx4029\tx5229\tx7509 \up0 \expndtw-4\charscalex100 \u9492?\u8212?\tab \up0
\expndtw-4\charscalex100 .13\tab \up0 \expndtw-4\charscalex100 $23.411\tab \up0
\expndtw-4\charscalex100 \u8212?\u9496?\par\pard\li2589\sb0\sl-230\slmult0\par\p
ard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb14\sl-230\slmult0\fi119\tx3309\t
x6309 \up0 \expndtw-9\charscalex96 X\tab \up0 \expndtw-9\charscalex96 $0.511\tab
\up0 \expndtw-9\charscalex96 (.01)($0.511)\par\pard\li2589\sb20\sl-230\slmult0\
fi0\tx4509 \up0 \expndtw-9\charscalex96 \u8212?\u8212?\u8212? = \u8212?\u8212?
\u8212?\u8212?\u8212?\u8212?\tab \up0 \expndtw-9\charscalex96 Therefore, x = \
u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u82
12?\u8212? = .0024\par\pard\li2589\sb20\sl-230\slmult0\fi0\tx3309\tx6788 \up0
\expndtw-9\charscalex96 .01\tab \up0 \expndtw-9\charscalex96 $2.10\tab \up0 \exp
ndtw-9\charscalex96 $2.10\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb8
0\sl-230\slmult0\fi0\tx3069\tx3429 \dn4 \expndtw-9\charscalex96 ke\tab \up0 \exp
ndtw-9\charscalex96 =\tab \up0 \expndtw-9\charscalex96 .12 + X = .12 + .002

4 = 12.24 percent\par\pard\li2589\sb207\sl-230\slmult0\fi0\tx6309\tx7509 \up0
\expndtw-9\charscalex96 \ul0\nosupersub\cf27\f28\fs20 *\ul0\nosupersub\cf28\f29\
fs20 Implied Value of Stock\tab \dn4 \expndtw-9\charscalex96 D6\tab \up0 \expnd
tw-9\charscalex96 $3.347\par\pard\li2589\sb19\sl-230\slmult0\fi599\tx5589 \up0 \
expndtw-9\charscalex96 at End of Year 5\tab \up0 \expndtw-9\charscalex96 = \u8
212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212? = \u8212?\u8212?\
u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212? = $27.89\par\pard\li5829\sb20
\sl-230\slmult0\fi0\tx7269 \up0 \expndtw-9\charscalex89 (.12 - g)\tab \up0 \exp
ndtw-9\charscalex89 (.12 - 0)\par\pard\ql \li2829\sb0\sl-230\slmult0 \par\pard
\ql\li2829\sb27\sl-230\slmult0 \up0 \expndtw-6\charscalex100 Present Value of $
27.89 \par\pard\li3189\sb33\sl-230\slmult0\fi0\tx5709 \up0 \expndtw-7\charscalex
100 at End of Year 5\tab \dn2 \expndtw-7\charscalex100 = ($27.89)(PVIF12%,5)\p
p0 \expndtw-9\charscalex94 = ($27.89)(.56743) = $15.826 \par\pard\li2589\sb0\
mult0\fi0\tx6308\tx7509 \up0 \expndtw-8\charscalex100 \ul0\nosupersub\cf27\f28\f
s20 **\ul0\nosupersub\cf28\f29\fs20 Implied Value of Stock\tab \dn4 \expndtw-8\c
harscalex100 D6\tab \up0 \expndtw-8\charscalex100 $3.347\par\pard\li2589\sb20\sl
-230\slmult0\fi599\tx5589 \up0 \expndtw-8\charscalex100 at End of Year 5\tab \u
p0 \expndtw-8\charscalex100 = \u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?
\u8212?\u8212? = \u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u821
2? = $25.75\par\pard\li5829\sb21\sl-230\slmult0\fi0\tx7269 \up0 \expndtw-9\cha
rscalex89 (.13 - g)\tab \up0 \expndtw-9\charscalex89 (.13 - 0)\par\pard\ql \l
\charscalex100 Present Value of $25.75 \par\pard\li3189\sb34\sl-230\slmult0\fi0
\tx5709 \up0 \expndtw-7\charscalex100 at end of Year 5\tab \dn2 \expndtw-7\char
scalex100 = ($25.75)(PVIF13%,5)\par\pard\ql \li5709\sb0\sl-230\slmult0 \par\par
d\ql\li5709\sb36\sl-230\slmult0 \up0 \expndtw-9\charscalex94 = ($25.75)(.54276)
= $13.976 \par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmu
18
}
}}
}
}}
}
}}
}
89\sb46\sl-230\slmult0\fi0\tx4509\tx6549\tx8829 \up0 \expndtw-4\charscalex100 \u
l0\nosupersub\cf28\f29\fs20 5.\tab \up0 \expndtw-4\charscalex100 (1)\tab \up0 \e
xpndtw-4\charscalex100 (2)\tab \up0 \expndtw-4\charscalex100 (1) x (2)\par\pard
\up0 \expndtw-3\charscalex100 After-tax\tab \up0 \expndtw-3\charscalex100 Propo
rtion of\tab \up0 \expndtw-3\charscalex100 Weighted\par\pard\li4149\sb19\sl-230\
slmult0\fi240\tx5949\tx9069 \up0 \expndtw-3\charscalex100 Cost\tab \up0 \expndtw
-3\charscalex100 Total Financing\tab \up0 \expndtw-3\charscalex100 Cost\par\pard
9\tx9069 \up0 \expndtw-3\charscalex100 Debentures\tab \up0 \expndtw-3\charscalex
100 7.8%\tab \up0 \expndtw-3\charscalex100 37.5%\tab \up0 \expndtw-3\charscalex1
00 2.93%\par\pard\li1989\sb20\sl-230\slmult0\fi0\tx4389\tx6429\tx9069 \up0 \expn
dtw-3\charscalex100 Preferred Stock\tab \up0 \expndtw-3\charscalex100 12.0\tab \
up0 \expndtw-3\charscalex100 12.5\tab \up0 \expndtw-3\charscalex100 1.50\par\par
100 Common Stock\tab \up0 \expndtw-3\charscalex100 17.0\tab \up0 \expndtw-3\char
scalex100 50.0%\tab \up0 \expndtw-3\charscalex100 8.50\par\pard\li6309\sb0\sl-23
lex100 100.0%\tab \dn3 \expndtw-7\charscalex100 12.93% = ko\par\pard\li1989\sb0
\tx2589\tx5589\tx5949\tx7869 \up0 \expndtw-7\charscalex100 6.\tab \up0 \expndtw7\charscalex100 Flotation costs of debt\tab \up0 \expndtw-7\charscalex100 =\tab
\up0 \expndtw-7\charscalex100 $200,000 x .02\tab \up0 \expndtw-7\charscalex100
= $ 4,000\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl-230\slmul
t0\fi599\tx5949\tx7869\tx8229 \up0 \expndtw-7\charscalex100 Flotation costs of s
tock =\tab \up0 \expndtw-7\charscalex100 $200,000 x .15\tab \up0 \expndtw-7\ch
arscalex100 =\tab \up0 \expndtw-7\charscalex100 30,000\par\pard\ql \li8109\sb0\s
l-230\slmult0 \par\pard\ql\li8109\sb6\sl-230\slmult0 \up0 \expndtw-3\charscalex1
00 $34,000 \par\pard\ql \li3309\sb0\sl-230\slmult0 \par\pard\ql\li3309\sb40\sl-2
30\slmult0 \up0 \expndtw-3\charscalex100 $90,000 \par\pard\ql \li2589\ri3692\sb2

2\sl-240\slmult0\tx3429 \up0 \expndtw-9\charscalex89 NPV = \u8212?\u8212?\u821
2?\u8212?\u8212?\u8212?\u8212? - $600,000 - $34,000 = -$13,310 \line\tab \
up0 \expndtw-9\charscalex90 .145 \par\pard\qj \li2589\ri1051\sb477\sl-510\slmult
0 \up0 \expndtw-5\charscalex100 The proposal should be rejected.
Without flot
ation costs, however, \up0 \expndtw-8\charscalex97 the net present value wou
ld have been positive and the proposal \up0 \expndtw-9\charscalex97 accept
able. \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb0\sl-230\slm
0 7. \tab \up0 \expndtw-9\charscalex91 a)
Cost of equity = .12 + (.18 .12)1.28 = 19.68 percent \par\pard\ql \li3189\sb0\sl-230\slmult0 \par\pard\ql
\li3189\sb40\sl-230\slmult0 \up0 \expndtw-9\charscalex96 Cost of debt = 8 perc
ent (given) \par\pard\ql \li3189\sb0\sl-240\slmult0 \par\pard\ql\li3189\ri2732\
sb22\sl-240\slmult0\tx3789 \up0 \expndtw-3\charscalex100 Weighted-average requir
ed return for the project \line\tab \up0 \expndtw-9\charscalex91 = .4(8%) + .
6(19.68%) = 15 percent. \par\pard\ql \li2589\ri1050\sb246\sl-500\slmult0\tx318
9\tx3189\tx3189\tx3189\tx3189 \up0 \expndtw-4\charscalex100 b)
The approach a
ssumes that unsystematic risk is not a factor of \line\tab \up0 \expndtw-5\chars
calex100 importance, which may or may not be the case.
It assumes also \line
\tab \up0 \expndtw-3\charscalex100 that the average beta for the oil drilling eq
uipment companies \line \tab \up0 \expndtw-9\charscalex93 is a good surrogate
for the systematic risk of the prospect. \line \tab \up0 \expndtw-6\char
scalex100 Finally, the estimates of the likely return on stocks in \lin
e \tab \up0 \expndtw-8\charscalex91 general and of the risk-free rate must
be accurate.
If these \par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989
nosupersub\cf15\f16\fs18 219\par\pard\sect\sectd\fs24\paperw11900\paperh16840\pa
rd\sb0\sl-240{\bkmkstart Pg222}{\bkmkend Pg222}\par\pard\li1989\sb0\sl-207\slmul
t0\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb81\sl-207\slmult0\fi0\tx
7846 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 15: Req
uired Returns and the Cost of Capital\tab \up0 \expndtw-2\charscalex100 Pearson
Education Limited 2005\par\pard\qj \li3189\ri1050\sb465\sl-500\slmult0 \up0 \exp
ndtw-6\charscalex100 \ul0\nosupersub\cf28\f29\fs20 assumptions hold, the figu
re obtained will be a realistic \up0 \expndtw-6\charscalex100 estimate of t
he project's required rate of return. \par\pard\ql \li1989\sb0\sl-230\slmult0 \p
ar\pard\ql\li1989\sb174\sl-230\slmult0\tx2589 \up0 \expndtw-3\charscalex100 8. \
tab \up0 \expndtw-9\charscalex91 a)
Required Return = .10 + (.15 - .10)
(1.10) = 15.5 percent \par\pard\ql \li2589\ri1052\sb307\sl-500\slmult0\tx3189
Minimum Required Return = .10 + (.15 .10)(1.00) = 15 percent \line\tab \up0 \expndtw-9\charscalex93 Maximum Require
d Return = .10 + (.15 - .10)(1.40) = 17 percent \par\pard\ql \li2589\sb0
l-230\slmult0 \up0 \expndtw-7\charscalex100 c)
Required Return \par\pard\ql \
li3789\sb30\sl-230\slmult0 \up0 \expndtw-9\charscalex90 for beta of 1.20 = .1
0 + (.15 - .10)(1.20) = 16 percent \par\pard\ql \li3189\sb0\sl-230\slmult0
\par\pard\ql\li3189\sb40\sl-230\slmult0 \up0 \expndtw-3\charscalex100 Required
Return \par\pard\ql \li3789\sb10\sl-230\slmult0 \up0 \expndtw-9\charscalex90 for
beta of 1.30 = .10 + (.15 - .10)(1.30) = 16.5 percent \par\pard\ql \li
89\sb70\sl-230\slmult0 \up0 \expndtw-3\charscalex100 Expected value of required
rate of return \par\pard\ql \li3189\sb10\sl-230\slmult0 \up0 \expndtw-9\charscal
ex91 = (.2)(.15) + (.3)(.155) + (.2)(.16) + (.2)(.165) + (.1)(.17) \par
\pard\li3189\sb37\sl-230\slmult0\fi0\tx3549 \up0 \expndtw-3\charscalex100 =\tab
\up0 \expndtw-3\charscalex100 15.85 percent\par\pard\li1989\sb0\sl-230\slmult0\p
1989\sb30\sl-230\slmult0\fi599\tx3189 \up0 \expndtw-6\charscalex100 9.\tab \up0
\expndtw-6\charscalex100 Using the RADR approach we would calculate the

project's net\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl-230\sl
mult0\fi1199 \up0 \expndtw-6\charscalex100 present value at the manageme
nt-determined risk-adjusted\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989
\sb40\sl-230\slmult0\fi1199 \up0 \expndtw-6\charscalex100 discount rate:\par\par
d\li1989\sb70\sl-230\slmult0\fi1799\tx6789\tx8829 \up0 \expndtw-6\charscalex100
(1)\tab \up0 \expndtw-6\charscalex100 (2)\tab \up0 \expndtw-6\charscalex100 (1)
x (2)\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb17\sl-230\slmult0\fi
0\tx2949\tx5589 \up0 \expndtw-6\charscalex100 Year\tab \up0 \expndtw-6\charscale
x100 Expected Cash Flow\tab \up0 \expndtw-6\charscalex100 Discount Factor at 15
%
Present Value\par\pard\li1989\sb1\sl-219\slmult0\fi0 \up0 \expndtw-6\charsc
alex100 \u8212?\u8212?\u8212?\u8212?\par\pard\li1989\sb28\sl-230\slmult0\fi119\t
x3309\tx6549\tx8829 \up0 \expndtw-6\charscalex100 0\tab \up0 \expndtw-6\charscal
ex100 $-400,000\tab \up0 \expndtw-6\charscalex100 1.0000\tab \up0 \expndtw-6\cha
rscalex100 $-400,000\par\pard\li1989\sb20\sl-230\slmult0\fi119\tx3669\tx6669\tx9
189 \up0 \expndtw-6\charscalex100 1\tab \up0 \expndtw-6\charscalex100 50,000\tab
\up0 \expndtw-6\charscalex100 .8695\tab \up0 \expndtw-6\charscalex100 43,480\pa
r\pard\li1989\sb20\sl-230\slmult0\fi119\tx3669\tx6669\tx9189 \up0 \expndtw-6\cha
rscalex100 2\tab \up0 \expndtw-6\charscalex100 50,000\tab \up0 \expndtw-6\charsc
alex100 .7561\tab \up0 \expndtw-6\charscalex100 37,805\par\pard\li1989\sb20\sl-2
30\slmult0\fi119\tx3549\tx6669\tx9189 \up0 \expndtw-6\charscalex100 3\tab \up0 \
expndtw-6\charscalex100 150,000\tab \up0 \expndtw-6\charscalex100 .6575\tab \up0
\expndtw-6\charscalex100 98,625\par\pard\li1989\sb20\sl-230\slmult0\fi119\tx354
0 350,000\tab \up0 \expndtw-6\charscalex100 .5718\tab \up0 \expndtw-6\charscalex
100 200,130\par\pard\ql \li8829\sb0\sl-230\slmult0 \par\pard\ql\li8829\sb9\sl-23
0\slmult0 \up0 \expndtw-9\charscalex94 $ -19,960 \par\pard\qj \li2589\ri1051\sb
247\sl-500\slmult0 \up0 \expndtw-8\charscalex94 Since the NPV is negative (
$-19,960) we would reject the project. \line \up0 \expndtw-8\charscalex94 A
lternatively, we could calculate the project's IRR and compare it \line
\up0 \expndtw-8\charscalex91 to the RADR, which we would use as a hurd
le rate.
In this case, \par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589
\sb1\sl-230\slmult0\fi0\tx5309\tx10389 \up0 \expndtw-9\charscalex97 the project
's IRR of\tab \up0 \expndtw-9\charscalex95 13.17 percent is less than the
RADR of\tab \up0 \expndtw-7\charscalex100 15\par\pard\li2589\sb0\sl-230\slmul
t0\par\pard\li2589\sb39\sl-230\slmult0\fi0 \up0 \expndtw-7\charscalex100 percent
, so we would, once again, reject the project.\par\pard\li1989\sb0\sl-207\slmult
6\fs18 220\par\pard\sect\sectd\fs24\paperw11900\paperh16840{\shp
z-10000\shplid222
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2785fc2fff000b7347f8b1349e1e860d253fe12a9bc4faeb699e7eb936a1a87d4fff000e9fff0082
59ff00d2353f601ffc437fd9d7ff009dcd007dfd457c03ff000e9fff008259ff00d2353f601ffc43
7fd9d7ff009dcd1ff0e9ff00f8259ffd2353f601ff00c437fd9d7ff9dcd007dfd5f3a7ec9bf1c350
fda3ff0067ef007c67d5340b3f0bdff8cbfe12af3f42b0bd9f51b4b1ff008477c6be24f0a45e55e5
c436f34df6987428ef24df0a7972dc3c4bb91159bc33fe1d3fff0004b3ff00a46a7ec03ff886ff00
b3afff003b9aea3fe09d7f087c45f013f633f827f083c53e0db7f87dabf8174ff17e93ff0008559c
5a44165e1bd2a4f887e2ed43c3da6585b68334fa3da69f1787ef34b6b0b2d3e416d6766f0daa4709
84c31807dad451450014514500145145001451450014514500145145001451450014514500145145
0014514500145145001451450014514500145145001451450014514500145145001451450065c5a2
68b6facdff0088e0d234b87c43aa69ba5e8da9ebb169f691eb3a8e91a1dcead79a2e957faa242b7d
77a6e8f79afebb75a5d8dc4f25ae9f73ad6ad3da450cba8de3cc58689a2e9779ad6a3a6691a5e9da
87893508356f115f5869f696979afeab6ba4e9ba05aea7ad5d5bc31cfaaea16da168da3e8b05e5f3
cf730e93a569ba74722d9d8dac316a51400514514005145140051451400514514005145140051451
400514514005145140051451400514514005145140051451400514514005727a7f817c1fa578cbc4
bf10b4ff000ee976be38f18e8fe19f0f789fc5496ea75bd6740f064baf5c785343bbbf72d31d1fc3
f75e29f135ee97a646d1d95a5f78875bbe8e0177aa5f4d3f594500727e1cf02f83fc23aa78d35cf0
d78774bd1b59f88be2487c5fe3ad56cadd5350f15f89adbc3ba17846d759d6eed8b4f7d7967e16f0
bf877c3d66d2b94b3d1f45d3b4fb648adad638d7aca28a0028a28a0028a28a0028a28a0028a28a00
28a28a0028a28a0028a28a00ffd9}}}}}\pard\sb0\sl-240{\bkmkstart Pg223}{\bkmkend Pg2
persub\cf13\f14\fs18 Chapter 15: Required Returns and the Cost of Capital\tab \u
p0 \expndtw-2\charscalex100 Pearson Education Limited 2005\par\pard\ql \li1989\s
28\sl-230\slmult0 \up0 \expndtw-8\charscalex96 \ul0\nosupersub\cf28\f29\fs20 10.
\ul0\nosupersub\cf2\f3\fs20 \ul0\nosupersub\cf28\f29\fs20 The selection w
ill depend on the risk preferences of the \par\pard\li2619\sb0\sl230\slmult0\par\pard\li2619\sb57\sl-230\slmult0\fi0\tx4371\tx9694 \up0 \expndtw5\charscalex100 individual.\tab \up0 \expndtw-5\charscalex100 Graphs of the p
lots are shown below.\tab \up0 \expndtw-5\charscalex100 For the\par\pard\qj
\li2619\ri1050\sb30\sl-500\slmult0 \up0 \expndtw-5\charscalex100 reasonable ri
sk averter, the selection will probably be \line \up0 \expndtw-8\cha
rscalex94 combination E13, which has an expected value of net present
value \line \up0 \expndtw-9\charscalex94 of $7,500 and a standard deviation
of $5,600. \up0 \expndtw-9\charscalex92 (The E(NPV) vs. CV \par\pard\qj \l
i2619\ri1050\sb0\sl-500\slmult0 \up0 \expndtw-8\charscalex93 of NPV graph rei
nforces the implied preference for E13.)
In this \up0 \expndtw-8\charsc
alex93 case, proposals #1 and #3 would be accepted and proposal #2 wo
uld \up0 \expndtw-8\charscalex93 be rejected.
It should be noted that t
he combination of proposal \up0 \expndtw-8\charscalex94 #1 with existing i
nvestment projects results in an actual lowering \up0 \expndtw-6\charscale
x100 of the standard deviation.
This implies negative correlation \up0
\expndtw-6\charscalex100 between the proposal and existing projects. \par\pard\
charscalex100 \ul0\nosupersub\cf39\f40\fs14 9 \par\pard\ql \li2949\sb0\sl-161\sl
lt0 \par\pard\ql\li2949\sb0\sl-161\slmult0 \par\pard\ql\li2949\sb115\sl-161\slmu
lt0 \up0 \expndtw-2\charscalex100 8 \par\pard\li3818\sb0\sl-161\slmult0\par\pard
expndtw-2\charscalex100 E13\tab \dn2 \expndtw-2\charscalex100 E13\par\pard\ql \l
i2949\sb0\sl-161\slmult0 \par\pard\ql\li2949\sb103\sl-161\slmult0 \up0 \expndtw2\charscalex100 7 \par\pard\li3459\sb43\sl-161\slmult0\fi0\tx7599 \up0 \expndtw2\charscalex100 E1\tab \up0 \expndtw-2\charscalex100 E1\par\pard\li3459\sb115\sl
-161\slmult0\fi679\tx8507 \up0 \expndtw-2\charscalex100 E\tab \dn2 \expndtw-2\ch
arscalex100 E\par\pard\ql \li2949\sb0\sl-161\slmult0 \par\pard\ql\li2949\sb118\s
l-161\slmult0 \up0 \expndtw-2\charscalex100 6 \par\pard\ql \li2949\sb0\sl-161\sl
lt0 \up0 \expndtw-2\charscalex100 5 \par\pard\li3110\sb0\sl-161\slmult0\par\pard
lmult0\par\pard\li3110\sb6\sl-161\slmult0\fi0\tx3781\tx4490\tx5157\tx5844\tx6488
\tx7572\tx8280\tx8947\tx9692\tx10278 \up0 \expndtw-2\charscalex100 0\tab \up0 \e
xpndtw-2\charscalex100 5\tab \up0 \expndtw-2\charscalex100 6\tab \up0 \expndtw-2
\charscalex100 7\tab \up0 \expndtw-2\charscalex100 8\tab \up0 \expndtw-2\charsca
lex100 9\tab \dn2 \expndtw-2\charscalex100 0.7\tab \dn2 \expndtw-2\charscalex100
0.8\tab \dn2 \expndtw-2\charscalex100 0.9\tab \dn2 \expndtw-2\charscalex100 1\t
ab \dn2 \expndtw-2\charscalex100 1.1\par\pard\li1989\sb0\sl-161\slmult0\fi2404\t
x8134 \up0 \expndtw-2\charscalex100 Standard Deviation\tab \dn2 \expndtw-2\chars
calex100 Coefficient of Variation\par\pard\li1989\sb0\sl-161\slmult0\fi2661\tx81
93 \up0 \expndtw-2\charscalex100 ($ Millions)\tab \dn2 \expndtw-2\charscalex100
of Net Present Value\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-2
5: Required Returns and the Cost of Capital\tab \up0 \expndtw-2\charscalex100 Pe
w-3\charscalex100 \ul0\nosupersub\cf27\f28\fs20 Solution to Appendix A Problem:
li1989\sb128\sl-230\slmult0\fi0\tx7269 \up0 \expndtw-3\charscalex100 \ul0\nosupe
rsub\cf28\f29\fs20 11. a)\tab \dn3 \expndtw-3\charscalex100 j\par\pard\ql \li3189
\sb12\sl-230\slmult0 \up0 \expndtw-6\charscalex100 Peerless unlevered beta = \
u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u82
12?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212? \par\pard\ql \li6309\sb50\s
l-230\slmult0 \up0 \expndtw-9\charscalex90 [1 + (B/S)(1 - Tc)] \par\pard\li72
tw-3\charscalex100 1.15\tab \up0 \expndtw-3\charscalex100 1.15\par\pard\ql \li60
69\sb13\sl-230\slmult0 \up0 \expndtw-9\charscalex91 = \u8212?\u8212?\u8212?\u82
12?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?
\u8212?\u8212?\u8212?\u8212? = \u8212?\u8212?\u8212?\u8212? = 1.00 \par\pard
\li6309\sb28\sl-230\slmult0\fi0\tx8949 \up0 \expndtw-9\charscalex89 [1 + (.25)
(1 - .4)]\tab \up0 \expndtw-9\charscalex89 1.15\par\pard\ql \li3189\sb0\sl-230
\slmult0 \par\pard\ql\li3189\sb22\sl-230\slmult0 \up0 \expndtw-3\charscalex100 A
djusted beta for Willie Sutton \par\pard\ql \li3189\sb50\sl-230\slmult0\tx7149 \
up0 \expndtw-3\charscalex100 using its debt-to-equity ratio \tab \dn2 \expndtw-9
\charscalex90 = ju [1 + (B/S)(1 - Tc)] \par\pard\ql \li4509\sb1\sl-217\slmult
0 \up0 \expndtw-9\charscalex89 of .75 \par\pard\ql \li7149\sb33\sl-230\slmult0
\up0 \expndtw-9\charscalex87 = 1.00[1 + (.75)(1 - .4)] \par\pard\ql \li7149
scalex90 = 1.00[1.45] = 1.45 \par\pard\qj \li3189\ri1050\sb247\sl-500\slmult0
\up0 \expndtw-4\charscalex100 An adjusted beta of 1.45 is appropriate for the
new venture if \up0 \expndtw-4\charscalex100 the assumptions of the capitalasset pricing model hold, \up0 \expndtw-4\charscalex100 except for corporate
taxes. \par\pard\li2469\sb0\sl-230\slmult0\par\pard\li2469\sb0\sl-230\slmult0\pa
r\pard\li2469\sb72\sl-230\slmult0\fi0\tx3189 \up0 \expndtw-9\charscalex86 b)\tab
\dn2 \expndtw-9\charscalex86 ki = kd(1 - Tc) = .15(1 - .4) = .09\par\pa
rd\ql \li4509\sb1\sl-232\slmult0 \up0 \expndtw-3\charscalex100 _ \par\pard\ql \l
i3189\sb70\sl-230\slmult0 \up0 \expndtw-9\charscalex84 ke = Rf + (Rm - Rf) =
.13 + (.17 - .13)1.45 = .188 \par\pard\ql \li3189\sb230\sl-230\slmult0 \
up0 \expndtw-9\charscalex92 Since B/S = .75 and (B+S) = 1.00, then \par\par
d\ql \li3189\ri3572\sb47\sl-500\slmult0\tx3789 \up0 \expndtw-9\charscalex95 B/(B

+S) = (.75)S/(1.75)S = (.75/1.75) and \line\tab \up0 \expndtw-9\charscalex96
S/(B+S) = S/(1.75)S = (1.00/1.75) \par\pard\ql \li3189\sb0\sl-230\slmult0 \p
ar\pard\ql\li3189\sb34\sl-230\slmult0 \up0 \expndtw-9\charscalex96 Therefore, ko
= (ki)(B/(B+S)) + (ke)(S/(B+S)) \par\pard\qj \li4869\ri2372\sb7\sl-500\slmu
lt0 \up0 \expndtw-9\charscalex97 = (.09)(.75/1.75) + (.188)(1.00/1.75) \up0 \
expndtw-9\charscalex98 = 14.6 percent \par\pard\li1989\sb0\sl-207\slmult0\par\p
ard\li1989\sb170\sl-207\slmult0\fi0\tx10330 \up0 \expndtw-2\charscalex100 \ul0\n
\expndtw-2\charscalex100 \ul0\nosupersub\cf15\f16\fs18 222\par\pard\sect\sectd\f
s24\paperw11900\paperh16840\pard\sb0\sl-240{\bkmkstart Pg225}{\bkmkend Pg225}\pa
\cf13\f14\fs18 Chapter 15: Required Returns and the Cost of Capital\tab \up0 \ex
pndtw-2\charscalex100 Pearson Education Limited 2005\par\pard\ql \li1989\sb0\sl230\slmult0 \par\pard\ql\li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb28\sl-2
30\slmult0 \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf27\f28\fs20 Solution
to Appendix B Problem: \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li19
arscalex91 \ul0\nosupersub\cf28\f29\fs20 12. a) \par\pard\qj \li1989\ri1051\sb
247\sl-500\slmult0 \up0 \expndtw-8\charscalex98 Schedule for determining the
present value of the interest tax-shield \up0 \expndtw-9\charscalex98 bene
fits related to the new snow plow truck \par\pard\li1989\sb0\sl-230\slmult0\par\
pard\li1989\sb1\sl-230\slmult0\fi1919\tx5949\tx8109\tx9669 \up0 \expndtw-6\chars
calex100 (1)\tab \up0 \expndtw-6\charscalex100 (2)\tab \up0 \expndtw-6\charscale
x100 (3)\tab \up0 \expndtw-6\charscalex100 (4)\par\pard\li1989\sb21\sl-230\slmul
t0\fi1559\tx5829\tx7629\tx9549 \up0 \expndtw-6\charscalex100 DEBT OWED\tab \up0
\expndtw-6\charscalex100 ANNUAL\tab \up0 \expndtw-6\charscalex100 TAX-SHIELD\tab
\up0 \expndtw-6\charscalex100 PV OF\par\pard\li1989\sb20\sl-230\slmult0\fi0\tx3
429\tx5709\tx7749\tx9429 \up0 \expndtw-6\charscalex100 END OF\tab \up0 \expndtw6\charscalex100 AT YEAR END\tab \up0 \expndtw-6\charscalex100 INTEREST\tab \up0
\expndtw-6\charscalex100 BENEFITS\tab \up0 \expndtw-6\charscalex100 BENEFITS\par
-6\charscalex100 YEAR\tab \dn4 \expndtw-6\charscalex100 (1)t-1 - $3,000\tab \d
n4 \expndtw-6\charscalex100 (1)t-1 x .12\tab \up0 \expndtw-6\charscalex100 (2)
x .30\tab \up0 \expndtw-6\charscalex100 AT 12%\par\pard\li2349\sb0\sl-230\slmu
x3549\tx6069\tx8229\tx9789 \up0 \expndtw-3\charscalex100 0\tab \up0 \expndtw-3\c
harscalex100 $18,000\tab \up0 \expndtw-3\charscalex100 --\tab \up0 \expndtw-3\ch
arscalex100 --\tab \up0 \expndtw-3\charscalex100 --\par\pard\li2349\sb20\sl-230\
slmult0\fi0\tx3669\tx5709\tx7989\tx9309\tx9669 \up0 \expndtw-3\charscalex100 1\t
ab \up0 \expndtw-3\charscalex100 15,000\tab \up0 \expndtw-3\charscalex100 $2,160
\tab \up0 \expndtw-3\charscalex100 $648\tab \up0 \expndtw-3\charscalex100 $\tab
\up0 \expndtw-3\charscalex100 579\par\pard\li2349\sb19\sl-230\slmult0\fi0\tx3669
alex100 12,000\tab \up0 \expndtw-3\charscalex100 1,800\tab \up0 \expndtw-3\chars
calex100 540\tab \up0 \expndtw-3\charscalex100 430\par\pard\li2349\sb21\sl-230\s
lmult0\fi0\tx3789\tx5829\tx8109\tx9669 \up0 \expndtw-3\charscalex100 3\tab \up0
\expndtw-3\charscalex100 432\tab \up0 \expndtw-3\charscalex100 308\par\pard\li23
49\sb20\sl-230\slmult0\fi0\tx3789\tx5829\tx8109\tx9669 \up0 \expndtw-3\charscale
1,080\tab \up0 \expndtw-3\charscalex100 324\tab \up0 \expndtw-3\charscalex100 2

06\par\pard\li2349\sb19\sl-230\slmult0\fi0\tx3789\tx6069\tx8109\tx9669 \up0 \exp
ndtw-3\charscalex100 5\tab \up0 \expndtw-3\charscalex100 3,000\tab \up0 \expndtw
harscalex100 122\par\pard\li2349\sb21\sl-230\slmult0\fi0\tx4269\tx6069\tx8109\tx
9789 \up0 \expndtw-3\charscalex100 6\tab \up0 \expndtw-3\charscalex100 0\tab \up
0 \expndtw-3\charscalex100 360\tab \up0 \expndtw-3\charscalex100 108\tab \up0 \e
xpndtw-3\charscalex100 55\par\pard\ql \li9309\sb0\sl-230\slmult0 \par\pard\ql\li
9309\sb2\sl-230\slmult0 \up0 \expndtw-3\charscalex100 $1,700 \par\pard\li3189\sb
0 \up0 \expndtw-8\charscalex100 To an all-equity financed firm, the net p
resent value of the\par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\sb41\s
l-230\slmult0\fi0 \up0 \expndtw-8\charscalex100 project's after-tax operating ca
sh flows would be\par\pard\li3909\sb70\sl-230\slmult0\fi839\tx5349 \up0 \expndtw
-9\charscalex92 6\tab \up0 \expndtw-9\charscalex92 $10,000\par\pard\li3909\sb4\s
l-251\slmult0\fi0\tx5131 \up0 \expndtw-9\charscalex92 NPV = \ul0\nosupersub\cf
51\f52\fs24 \u931?\tab \up0 \expndtw-9\charscalex92 \ul0\nosupersub\cf28\f29\f
s20 \u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212? - $
30,000 = $6,850\par\pard\ql \li4629\sb2\sl-230\slmult0 \up0 \expndtw-9\charsca
lex86 t=1 (1 + .16)t \par\pard\ql \li3189\sb0\sl-230\slmult0 \par\pard\ql\li3
189\sb40\sl-230\slmult0 \up0 \expndtw-3\charscalex100 while the adjusted present
value would be \par\pard\qj \li3189\ri3092\sb47\sl-500\slmult0\fi719 \up0 \expn
dtw-9\charscalex87 APV = $6,850 + $1,700 - $1,000 = $7,550 \up0 \expndtw
-9\charscalex88 The project is acceptable. \par\pard\ql \li2589\ri1050\sb200\sl500\slmult0\tx3189\tx3189\tx3909 \up0 \expndtw-8\charscalex91 b)
If the cas
h flows are $8,000 per year instead of $10,000, the \line\tab \up0 \exp
ndtw-9\charscalex97 net present value of the project's after-tax operatin
g cash \line \tab \up0 \expndtw-4\charscalex100 flows becomes -$520, while the
adjusted present value becomes \line \tab \up0 \expndtw-9\charscalex87 APV =
-$520 + $1,700 -$1,000 = $180 \par\pard\ql \li3189\sb224\sl-230\slmult0 \up
0 \expndtw-4\charscalex100 The project is still acceptable -- but, barely. \par
89\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl207\slmult0\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb173\sl-207\slmu
0\nosupersub\cf15\f16\fs18 223
}
}}
}

f27\f28\fs20 SOLUTIONS TO SELF-CORRECTION PROBLEMS \par\pard\li1989\sb0\sl-230\s
\ul0\nosupersub\cf28\f29\fs20 1.\tab \dn2 \expndtw-9\charscalex91 a.
ke = D1
/P0 + g\tab \dn2 \expndtw-9\charscalex91 D1 = D0(1.12) = $1(1.12) = $1.12\
0 \expndtw-9\charscalex97 ke = $1.12/$20 + 12% = \ul0\nosupersub\cf27\f28\f
s20 17.6%\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb199\sl-230\slmul
t0\fi0 \up0 \expndtw-9\charscalex97 \ul0\nosupersub\cf28\f29\fs20 b.
Through
the trial-and-error approach illustrated in Chapters 3\par\pard\li2589\sb0\sl-2
scalex97 and\tab \up0 \expndtw-9\charscalex97 4, one ends up determining
that the discount rate\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li25
89\sb41\sl-230\slmult0\fi599\tx9616 \up0 \expndtw-9\charscalex97 necessary to
discount the cash dividend stream to\tab \up0 \expndtw-9\charscalex97 $20
must\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb39\sl-230\slmult0\fi59
9 \up0 \expndtw-9\charscalex97 fall somewhere between 18 and 19 percent as fol
lows:\par\pard\li2109\sb0\sl-230\slmult0\par\pard\li2109\sb0\sl-230\slmult0\par\
00 DIVIDEND\tab \up0 \expndtw-5\charscalex100 PRESENT VALUE\tab \up0 \expndtw-5\
charscalex100 PRESENT VALUE\par\pard\li2109\sb20\sl-230\slmult0\fi0\tx3909\tx654
9\tx9189 \up0 \expndtw-5\charscalex100 END OF YEAR\tab \up0 \expndtw-5\charscale
x100 PER SHARE\tab \up0 \expndtw-5\charscalex100 AT 18%\tab \up0 \expndtw-5\cha
rscalex100 AT 19%\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb0\sl-230
dtw-3\charscalex100 1\tab \up0 \expndtw-3\charscalex100 $1.20\tab \up0 \expndtw3\charscalex100 $1.02\tab \up0 \expndtw-3\charscalex100 $1.01\par\pard\li2589\sb
19\sl-230\slmult0\fi0\tx4149\tx6669\tx9309 \up0 \expndtw-3\charscalex100 2\tab \
up0 \expndtw-3\charscalex100 1.44\tab \up0 \expndtw-3\charscalex100 1.03\tab \up
0 \expndtw-3\charscalex100 1.02\par\pard\li2589\sb20\sl-230\slmult0\fi0\tx4149\t
x6669\tx9309 \up0 \expndtw-3\charscalex100 3\tab \up0 \expndtw-3\charscalex100 1
.73\tab \up0 \expndtw-3\charscalex100 1.05\tab \up0 \expndtw-3\charscalex100 1.0
harscalex100 4\tab \up0 \expndtw-3\charscalex100 2.07\tab \up0 \expndtw-3\charsc
alex100 1.07\tab \up0 \expndtw-3\charscalex100 1.03\par\pard\li2589\sb19\sl-230\
slmult0\fi0\tx4149\tx6669\tx9309 \up0 \expndtw-3\charscalex100 5\tab \up0 \expnd
tw-3\charscalex100 2.49\tab \up0 \expndtw-3\charscalex100 1.09\tab \up0 \expndtw
-3\charscalex100 1.04\par\pard\li2589\sb1\sl-217\slmult0\fi3959\tx9189 \up0 \exp
ndtw-4\charscalex100 \u8212?\u8212?\u8212?\u8212?\u8212?\tab \up0 \expndtw-4\cha
rscalex100 \u8212?\u8212?\u8212?\u8212?\u8212?\par\pard\li2589\sb30\sl-230\slmul
t0\fi0\tx6549\tx9189 \up0 \expndtw-4\charscalex100 Present value, years 1-5\tab
\up0 \expndtw-4\charscalex100 $5.26\tab \up0 \expndtw-4\charscalex100 $5.13\par
pard\ql\li2589\sb0\sl-230\slmult0 \par\pard\ql\li2589\sb219\sl-230\slmult0 \up0
\expndtw-9\charscalex92 Year 6 dividend = $2.49(1.10) = $2.74 \par\pard\li2
l-230\slmult0\fi0 \up0 \expndtw-5\charscalex100 Market prices at the end of year
5 using a constant growth dividend\par\pard\li2589\sb60\sl-230\slmult0\fi0 \up
0 \expndtw-5\charscalex100 valuation model: P5 = D6/(ke - g)\par\pard\li2589\s
\slmult0\fi0\tx6909 \up0 \expndtw-9\charscalex94 P5 = $2.74/(.18 - .10) =

$34.25,\tab \up0 \expndtw-9\charscalex94 P5 = $2.74/(.19 - .10) = $30.44\p
2589\sb21\sl-230\slmult0\fi0 \up0 \expndtw-9\charscalex94 Present value at time
0 for amounts received at end of year 5:\par\pard\li2589\sb0\sl-230\slmult0\pa
r\pard\li2589\sb39\sl-230\slmult0\fi0\tx6909 \up0 \expndtw-9\charscalex94 $34.25
at 18% = $14.97,\tab \up0 \expndtw-9\charscalex94 $30.44 at 19% = $12.76\
\sb0\sl-207\slmult0\par\pard\li1989\sb77\sl-207\slmult0\fi0\tx10330 \up0 \expndt
lex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 15: Required Returns and the Cost o
f Capital\par\pard\ql \li2589\sb0\sl-230\slmult0 \par\pard\ql \li2589\sb0\sl-230
\slmult0 \up0 \expndtw-6\charscalex100 \ul0\nosupersub\cf28\f29\fs20 Present val
ue of years 1-5\par\pard\ql \li2589\sb5\sl-250\slmult0 \up0 \expndtw-6\charscal
ex100 Present value of years 6-\ul0\nosupersub\cf51\f52\fs24 \u8734?\par\pard\q
dtw-3\charscalex100 \ul0\nosupersub\cf28\f29\fs20 Present value of all dividends
\par\pard\column \ql \li7846\sb0\sl-207\slmult0 \par\pard\ql \li7846\sb0\sl-207\
slmult0 \par\pard\ql \li1318\sb53\sl-207\slmult0 \up0 \expndtw-2\charscalex100 \
ul0\nosupersub\cf13\f14\fs18 Pearson Education Limited 2005\par\pard\ql \li6548\
sb0\sl-230\slmult0 \par\pard\ql \li6548\sb0\sl-230\slmult0 \par\pard\ql \li6548\
sb0\sl-230\slmult0 \par\pard\ql \li261\sb15\sl-230\slmult0\tx2426 \up0 \expndtw3\charscalex100 \ul0\nosupersub\cf28\f29\fs20 18%\tab \up0 \expndtw-3\charscalex
100 19%\par\pard\ql \li21\sb220\sl-230\slmult0\tx386\tx2186\tx2546 \up0 \expndtw
-3\charscalex100 $\tab \up0 \expndtw-3\charscalex100 5.26\tab \up0 \expndtw-3\ch
arscalex100 $\tab \up0 \expndtw-3\charscalex100 5.13\par\pard\ql \li277\sb21\sl230\slmult0\tx2441 \up0 \expndtw-3\charscalex100 14.97\tab \up0 \expndtw-3\chars
calex100 12.76\par\pard\ql \li6548\sb0\sl-230\slmult0 \par\pard\ql \li20\sb17\sl
-230\slmult0\tx2185 \up0 \expndtw-9\charscalex91 $ 20.23\tab \up0 \expndtw-9\ch
arscalex91 $ 17.89 \par\pard\sect\sectd\sbknone \li2589\sb0\sl-230\slmult0\par\
pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb208\sl-230\slmult0\fi0 \up0 \ex
pndtw-5\charscalex100 Therefore, the discount rate is closer to 18 percent than
it is to\par\pard\sect\sectd\sbknone \li2589\sb72\sl-230\slmult0\fi0 \up0 \expn
dtw-5\charscalex100 19 percent.
Interpolating, we get\par\pard\li3429\sb0\sl230\slmult0\par\pard\li3429\sb16\sl-230\slmult0\fi599\tx4749\tx6069\tx8109 \up0
\expndtw-8\charscalex100 \u8226?\u8212?\tab \up0 \expndtw-8\charscalex100 \u8226
?\u8212? .18\tab \up0 \expndtw-8\charscalex100 $20.23 \u8212?\u8226?\tab \up0
\expndtw-8\charscalex100 \u8212?\u8226?\par\pard\li3429\sb20\sl-230\slmult0\fi59
9\tx4749\tx7029\tx7389\tx8229 \up0 \expndtw0\charscalex64 \u8226?
X\tab \up0
\expndtw-8\charscalex100 \u8226?\tab \up0 \expndtw-8\charscalex100 \u8226?\tab \
up0 \expndtw-8\charscalex100 $0.23\tab \up0 \expndtw-8\charscalex100 \u8226?\par
\pard\li3429\sb20\sl-230\slmult0\fi0\tx4029\tx4749\tx6069\tx8229\tx8589 \up0 \ex
pndtw-8\charscalex100 .01\tab \up0 \expndtw-8\charscalex100 \u8226?\tab \dn4 \ex
pndtw-8\charscalex100 \u8226?\u8212? ke\tab \up0 \expndtw-8\charscalex100 $20.00
\u8212?\u8226?\tab \up0 \expndtw-8\charscalex100 \u8226?\tab \up0 \expndtw-8\c
harscalex100 $2.34\par\pard\li3429\sb1\sl-204\slmult0\fi599\tx8229 \up0 \expndtw
-8\charscalex100 \u8226?\tab \up0 \expndtw-8\charscalex100 \u8226?\par\pard\li34
\u8226?\u8212?\tab \up0 \expndtw-8\charscalex100 .19\tab \up0 \expndtw-8\charsca

lex100 $17.89\tab \up0 \expndtw-8\charscalex100 \u8212?\u8226?\par\pard\li3189\s
\slmult0\fi120\tx3909\tx6669 \up0 \expndtw-9\charscalex95 X\tab \up0 \expndtw-9\
charscalex95 $0.23\tab \up0 \expndtw-9\charscalex95 (.01)($0.23)\par\pard\li3189
\sb19\sl-230\slmult0\fi0\tx8348 \up0 \expndtw-9\charscalex89 \u8212?\u8212?\u821
2? = \u8212?\u8212?\u8212?\u8212?\u8212?
Therefore, X = \u8212?\u8212?\
u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\tab \up0 \
expndtw-9\charscalex95 = .0010\par\pard\li3189\sb20\sl-230\slmult0\fi0\tx3909\t
x7028 \up0 \expndtw-9\charscalex95 .01\tab \up0 \expndtw-9\charscalex95 $2.34\ta
b \up0 \expndtw-9\charscalex95 $2.34\par\pard\li1989\sb0\sl-230\slmult0\par\pard
37\tx4373\tx4965\tx5261\tx5798\tx6093\tx6869\tx7165 \dn4 \expndtw-5\charscalex10
0 and ke\tab \up0 \expndtw-5\charscalex100 =\tab \up0 \expndtw-5\charscalex100
.18\tab \up0 \expndtw-5\charscalex100 + X\tab \up0 \expndtw-5\charscalex100 =\t
ab \up0 \expndtw-5\charscalex100 .18\tab \up0 \expndtw-5\charscalex100 +\tab \up
0 \expndtw-5\charscalex100 .0010\tab \up0 \expndtw-5\charscalex100 =\tab \up0 \e
xpndtw-5\charscalex100 \ul0\nosupersub\cf27\f28\fs20 18.10 percent\ul0\nosupers
ub\cf28\f29\fs20 , which is the\par\pard\li1989\sb0\sl-230\slmult0\par\pard\l
i1989\sb1\sl-230\slmult0\fi599 \up0 \expndtw-5\charscalex100 estimated return on
equity that the market requires.\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li
\charscalex100 2.\par\pard\li2589\sb220\sl-230\slmult0\fi4199\tx9189 \up0 \expnd
tw-7\charscalex100 _\tab \up0 \expndtw-7\charscalex100 REQUIRED\par\pard\li2589\
sb20\sl-230\slmult0\fi0\tx4869\tx9309 \up0 \expndtw-7\charscalex100 SITUATION\ta
b \dn4 \expndtw-7\charscalex100 EQUATION: Rf + (Rm - Rf)\tab \up0 \expndtw-7\c
harscalex100 RETURN\par\pard\li3069\sb0\sl-230\slmult0\par\pard\li3069\sb217\sl230\slmult0\fi0\tx5109\tx9429 \up0 \expndtw-9\charscalex91 1\tab \up0 \expndtw-9
\charscalex91 10% + (15% - 10%)1.00\tab \up0 \expndtw-9\charscalex91 \ul0\no
supersub\cf27\f28\fs20 15.0%\par\pard\li3069\sb19\sl-230\slmult0\fi0\tx5109\tx94
29 \up0 \expndtw-9\charscalex91 \ul0\nosupersub\cf28\f29\fs20 2\tab \up0 \expndt
w-9\charscalex91 14% + (18% - 14%)0.70\tab \up0 \expndtw-9\charscalex91 \ul0
\nosupersub\cf27\f28\fs20 16.8\par\pard\li3069\sb21\sl-230\slmult0\fi0\tx5229\tx
6789\tx9429 \up0 \expndtw-9\charscalex91 \ul0\nosupersub\cf28\f29\fs20 3\tab \up
0 \expndtw-9\charscalex82 8% + (15% -\tab \up0 \expndtw-9\charscalex91 8%)1.2
0\tab \up0 \expndtw-9\charscalex91 \ul0\nosupersub\cf27\f28\fs20 16.4\par\pard\l
i3069\sb20\sl-230\slmult0\fi0\tx5109\tx9429 \up0 \expndtw-9\charscalex91 \ul0\no
supersub\cf28\f29\fs20 4\tab \up0 \expndtw-9\charscalex91 11% + (17% - 11%)0
.80\tab \up0 \expndtw-9\charscalex91 \ul0\nosupersub\cf27\f28\fs20 15.8\par\pard
\li3069\sb19\sl-230\slmult0\fi0\tx5109\tx9429 \up0 \expndtw-9\charscalex91 \ul0\
nosupersub\cf28\f29\fs20 5\tab \up0 \expndtw-9\charscalex91 10% + (16% - 10%
)1.90\tab \up0 \expndtw-9\charscalex91 \ul0\nosupersub\cf27\f28\fs20 21.4\par\pa
rd\qj \li2589\ri1051\sb187\sl-500\slmult0 \up0 \expndtw-8\charscalex93 \ul0\nosu
persub\cf28\f29\fs20 The greater the risk-free rate, the greater the exp
ected return on \line \up0 \expndtw-9\charscalex93 the market portfolio, and t
he greater the beta, the greater will be \par\pard\ql \li2590\sb224\sl-230\slmul
t0 \up0 \expndtw-5\charscalex100 the required return on equity, all other things
being the same.
In \par\pard\ql \li8781\sb62\sl-240\slmult0 \up0 \expndtw-3\
charscalex100 _ \par\pard\li2590\sb30\sl-230\slmult0\fi0\tx8698\tx9262 \up0 \exp
ndtw-4\charscalex100 addition, the greater the market risk premium\tab \dn
2 \expndtw-4\charscalex100 (Rm\tab \dn2 \expndtw-4\charscalex100 - Rf), the\pa
xpndtw-4\charscalex100 greater the required return, all other things being the s
ame.\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmult0\par\p
d\sb0\sl-240{\bkmkstart Pg228}{\bkmkend Pg228}\par\pard\sect\sectd\sbknone\cols2
\colno1\colw7686\colsr160\colno2\colw3914\colsr160\ql \li1989\sb0\sl-207\slmult0
\par\pard\ql \li1989\sb0\sl-207\slmult0 \par\pard\ql \li1989\sb53\sl-207\slmult
0 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 15: Requir
ed Returns and the Cost of Capital\par\pard\ql \li1989\sb0\sl-230\slmult0 \par\p
ard\ql \li1989\sb15\sl-230\slmult0\tx2584 \up0 \expndtw-3\charscalex100 \ul0\nos
upersub\cf28\f29\fs20 3.\tab \up0 \expndtw-9\charscalex87 Cost of debt = 15%(1
- .4) = 9%\par\pard\ql \li2589\sb70\sl-230\slmult0 \up0 \expndtw-8\charscal
ex100 Cost of preferred stock = 13%\par\pard\ql \li2589\sb0\sl-230\slmult0 \pa
r\pard\ql \li2589\sb41\sl-230\slmult0 \up0 \expndtw-3\charscalex100 Cost of equi
ty for Health Foods division\par\pard\ql \li3189\sb19\sl-230\slmult0 \up0 \expnd
tw-9\charscalex84 = .12 + (.17 - .12).90 = 16.5%\par\pard\column \ql \li7
0\sb53\sl-207\slmult0 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs1
8 Pearson Education Limited 2005 \par\pard\sect\sectd\sbknone \ql \li2589\sb0\sl
-240\slmult0 \par\pard\ql\li2589\ri3812\sb19\sl-240\slmult0\tx3189 \up0 \expndtw
-3\charscalex100 \ul0\nosupersub\cf28\f29\fs20 Cost of equity for Specialty Meta
ls division \line\tab \up0 \expndtw-9\charscalex85 = .12 + (.17 - .12)1.30
= 18.5% \par\pard\ql \li2589\ri2132\sb244\sl-260\slmult0\tx3189 \up0 \expndtw3\charscalex100 Weighted-average required return for Health Foods division \line
\tab \up0 \expndtw-9\charscalex88 = 9%(.3) + 13%(.1) + 16.5%(.6) = \ul0\no
supersub\cf27\f28\fs20 13.9% \par\pard\ql \li2589\sb0\sl-240\slmult0 \par\pard\
ql\li2589\ri1652\sb17\sl-240\slmult0\tx3189 \up0 \expndtw-3\charscalex100 \ul0\n
osupersub\cf28\f29\fs20 Weighted average required return for Specialty Metals di
vision \line\tab \up0 \expndtw-9\charscalex88 = 9%(.3) + 13%(.1) + 18.5%(.6
) = \ul0\nosupersub\cf27\f28\fs20 15.1% \par\pard\qj \li2589\sb0\sl-500\slmult
0 \par\pard\qj\li2589\ri1050\sb6\sl-500\slmult0 \up0 \expndtw-6\charscalex100 \u
l0\nosupersub\cf28\f29\fs20 As mentioned in the text, a conceptual case
can be made for \line \up0 \expndtw-6\charscalex100 adjusting the nonequity c
osts of financing of the two divisions for \par\pard\ql \li2589\sb224\sl-230\slm
ult0 \up0 \expndtw-5\charscalex100 differences in systematic risks.
However,
we have not done so. \par\pard\ql \li9189\sb62\sl-240\slmult0 \up0 \expndtw-3\ch
arscalex100 ___ \par\pard\ql \li1989\sb9\sl-230\slmult0\tx2589 \up0 \expndtw-3\c
harscalex100 4. \tab \up0 \expndtw-5\charscalex100 a.
The coefficients of var
iation (standard deviation/NPV) for the \par\pard\ql \li3189\sb30\sl-230\slmult
0 \up0 \expndtw-3\charscalex100 alternatives are as follows: \par\pard\li3789\sb
\slmult0\fi0\tx7389 \up0 \expndtw-9\charscalex97 Existing projects (E)\tab \up0
\expndtw-9\charscalex97 .50\par\pard\li3789\sb19\sl-230\slmult0\fi0\tx7389 \up0
\expndtw-9\charscalex97 Plus project 1 (E1)\tab \up0 \expndtw-9\charscalex97
.60\par\pard\li3789\sb21\sl-230\slmult0\fi0\tx7389 \up0 \expndtw-9\charscalex97
Plus project 2 (E2)\tab \up0 \expndtw-9\charscalex97 .43\par\pard\li3789\sb20\
sl-230\slmult0\fi0\tx7389 \up0 \expndtw-9\charscalex97 Plus project 1 and 2 (
E12)\tab \up0 \expndtw-9\charscalex97 .49\par\pard\qj \li3189\sb0\sl-500\slmult0
\par\pard\qj\li3189\ri1050\sb109\sl-500\slmult0 \up0 \expndtw-9\charscalex94 Gr
aphs of risk versus return are shown below.
A moderately \line \up0 \
expndtw-9\charscalex97 risk-averse decision maker will probably prefer the
existing \line \up0 \expndtw-9\charscalex97 projects plus both new project
s to any of the other three \line \up0 \expndtw-5\charscalex100 possible c
ombinations.
If this is the case, both new projects \line \up0 \expndtw-9\cha
rscalex94 will be accepted.
The actual decision will depend on your
\line \up0 \expndtw-9\charscalex94 risk preferences.
A very risk-averse i
ndividual might prefer \line \up0 \expndtw-9\charscalex93 the existing proje
cts plus only project 2.
Presumably, these \line \up0 \expndtw-9\charsca
lex95 preferences will be influenced by the presence of bankruptcy \line
\up0 \expndtw-9\charscalex96 costs. \par\pard\li1989\sb0\sl-207\slmult0\par\par
b0\sl-207\slmult0\par\pard\li1989\sb141\sl-207\slmult0\fi0\tx10330 \up0 \expndtw
-2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Van Horne and Wachowicz: \ul0\nos

upersub\cf14\f15\fs18 Fundamentals of Financial Management,\ul0\nosupersub\cf13\
f14\fs18 12e\tab \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf15\f16\fs18 22
6\par\pard\sect\sectd\fs24\paperw11900\paperh16840{\shp
z-10000\shplid228
ffd8ffe000104a46494600010101006000600000ffdb004300010101010101010101010101010101
01010101010101010101010101010101010101010101010101010101010101010101010101010101
010101010101010101ffdb0043010101010101010101010101010101010101010101010101010101
0101010101010101010101010101010101010101010101010101010101010101010101010101ffc0
00110803e702c203012200021101031101ffc4001f00000105010101010101000000000000000001
02030405060708090a0bffc400b5100002010303020403050504040000017d010203000411051221
31410613516107227114328191a1082342b1c11552d1f02433627282090a161718191a2526272829
2a3435363738393a434445464748494a535455565758595a636465666768696a737475767778797a
0101010101010101010000000000000102030405060708090a0bffc400b511000201020404030407
05040400010277000102031104052131061241510761711322328108144291a1b1c109233352f015
6272d10a162434e125f11718191a262728292a35363738393a434445464748494a53545556575859
5a636465666768696a737475767778797a82838485868788898a92939495969798999aa2a3a4a5a6
0028a28a002bf19ffe0a17fb31dbf823e18ea3f187c15fb46fedb3e0ff001678b3f6a7fd913c3f7b
67e19fdb33f689d1bc29a6f87fe39fedabf033e1a7c40d0bc3be11b2f1f45a0f87b46baf05f8fbc4
9a268da6e95656d67e1eb6b9b51a3c569f60b4117ecc57c03ff0532ff935dd1ffecefbfe09c9ff00
af11fd966803e8bf81ff0000bc3ff01b4fd7f4fd07c7ff001cfc7c9e22bcb2bcb9baf8e1f1c7e26f
c6dd434f6b0866822b7d02f7e24f893c433e816730b8792f6d7496b48afe65865bc599edadcc5ee7
45140051451400514514005145140051451400514514005145140051451400515ccf8d3c65e15f87
3e0ef167c41f1d6bda6f85bc13e04f0cebde32f18f89f59b85b4d23c39e15f0c69775adf8875ed56
e9fe4b6d3748d22c6f350beb86f961b5b79646e14d7f35ff00b0c7fc1d41fb11fedcdfb68685fb1f
f86be157c67f86127c4ad724f0cfc15f8a1f1067f0247a0f8d3c416fa26a9ab7f6478a746d2bc4b7
777e0abed76f34c4d03c1706977fe397f116b5a9e976b78342fb4b34401fd3b51451400514514005
145140051451400572fe36f07e87f107c23e23f03f8946b07c3de2bd1efb41d69340f137897c1bac
c9a66a503db5e45a7f8a7c1dabe83e29d0ee2581de21a8685ace9ba842aede45d464935d451401f8
77e29fd83ff67bb0ff008281fc0af8436971fb4343f0e3c55fb1c7ed5ff123c41e175fdb37f6c86b
5d4bc6de00f8d9fb18f863c1fafcb76ff1e9b528ae344d0be25f8e34e82dedef61b19e3f105c4979
6b73716f632dafecc7817c15a07c38f07f877c09e161ad2f877c2ba5dbe8da32788bc53e29f1b6b5
1e9f68a56de2d43c57e35d67c43e2ad6e689088d6f35cd6b51bd312c7135c18e38d57e2df1affca5
33f66aff00b301fdb83ff5a2bfe09ef5f7f500145145001451450014514500145145001451450014
57f3ddf177fe0e72ff0082587c12fdb1f5dfd8c3c75e33f8af6fe28f0878e2f7e19f8efe30587c3b
b5bbf817e06f1f693aec9e1bd77c35e21f1149e26b7f1c48da06b30dc5a6b1aee85f0f35bf0adb7d
9ae264d7a58217907f4200860194865600ab0208208c8208e08239047045002d1451400514514005
14514005145140051451400514514005145140051451400514514005145140051451400514514005
14514005145140051451400514514005145140051451400514514005145140051451400514514005
145140057c03ff000532ff00935dd1ff00ecefbfe09c9ffaf11fd966befeaf807fe0a65ff26bba3f
fd9df7fc1393ff005e23fb2cd007dfd4514500145145001451450014514500145145001451450014
51450014514500733e34f06f857e23783bc59f0fbc75a0e9be29f04f8efc33af7837c63e18d66dd6
ef48f11f857c4fa5dd689e21d0755b57f92e74dd5f48bebcd3efaddbe59ad6e258db8635fcd5fec2
dff06af7ec53fb0cfeda7a27ed83e1df8b1f18be28ff00c2b5d725f137c12f85be3eb3f039d13c13
e20b8d1354d246afe2bd774cd02deebc717da15dea6baff8327d2b4bf01bf87b5bd334bbbbb3ae0b
6749bfa7aa2800a28a2800a28a2800a28a2800a28a2800a28a2803e01f1aff00ca533f66affb301f
db83ff005a2bfe09ef5f7f57c03e35ff0094a67ecd5ff6603fb707feb457fc13debefea0028a28a0
028a28a0028a28a0028a28a0028a28a00fe22bf68eff00833af45f8e7fb7af8fbf684d27f6bab6f0
67ece9f163e2e7893e31f8b3e1b45f0caeef3e2378624f1378ba3f14eb3f0dbc1dad47e2bb5d02ef
44bdfb5eb7a6e8be36d516d353f09da5c6926e7c27e32b8d32eae355fedaac2c2cf4bb1b2d334eb6
8acf4fd3ad2dac2c6d205d905ad9d9c296f6b6d0a0e1228208d228d47dd4503b55ba2800a28a2800
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d9}}}}}\pard\sb0\sl-240{\bkmkstart Pg229}{\bkmkend Pg229}\par\pard\li1989\sb0\sl
er 15: Required Returns and the Cost of Capital\tab \up0 \expndtw-2\charscalex10
0 Pearson Education Limited 2005\par\pard\ql \li2644\sb0\sl-161\slmult0 \par\par
ql\li2644\sb0\sl-161\slmult0 \par\pard\ql\li2644\sb0\sl-161\slmult0 \par\pard\ql
\li2644\sb100\sl-161\slmult0 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf39\
f40\fs14 10 \par\pard\li5391\sb72\sl-161\slmult0\fi0\tx8541 \up0 \expndtw-2\char
scalex100 E12\tab \dn2 \expndtw-2\charscalex100 E12\par\pard\ql \li2722\sb0\sl-1
1\slmult0 \up0 \expndtw-2\charscalex100 9 \par\pard\li4291\sb0\sl-161\slmult0\pa
\up0 \expndtw-2\charscalex100 E2\tab \up0 \expndtw-2\charscalex100 E2\par\pard\
ql \li2722\sb0\sl-119\slmult0 \up0 \expndtw-2\charscalex100 8 \par\pard\li5121\s
\charscalex100 E1\tab \dn2 \expndtw-2\charscalex100 E1\par\pard\ql \li2722\sb0\s
100 7 \par\pard\li2722\sb0\sl-161\slmult0\par\pard\li2722\sb0\sl-161\slmult0\par
\pard\li2722\sb0\sl-161\slmult0\par\pard\li2722\sb133\sl-161\slmult0\fi0\tx3901\
tx8551 \up0 \expndtw-2\charscalex100 6\tab \up0 \expndtw-2\charscalex100 E\tab \
dn2 \expndtw-2\charscalex100 E\par\pard\ql \li2722\sb0\sl-161\slmult0 \par\pard\
\li2722\sb99\sl-161\slmult0 \up0 \expndtw-2\charscalex100 5 \par\pard\li2881\sb0
pard\li2881\sb47\sl-161\slmult0\fi0\tx3739\tx4550\tx5377\tx6188\tx6730\tx7557\tx
8370\tx9180\tx10020 \up0 \expndtw-2\charscalex100 0\tab \up0 \expndtw-2\charscal
ex100 3\tab \up0 \expndtw-2\charscalex100 4\tab \up0 \expndtw-2\charscalex100 5\
tab \up0 \expndtw-2\charscalex100 6\tab \dn2 \expndtw-2\charscalex100 0\tab \dn2
\expndtw-2\charscalex100 0.4\tab \dn2 \expndtw-2\charscalex100 0.5\tab \dn2 \ex
pndtw-2\charscalex100 0.6\tab \dn2 \expndtw-2\charscalex100 0.7\par\pard\li4165\
sb0\sl-161\slmult0\fi0\tx7905 \up0 \expndtw-2\charscalex100 Standard Deviation\t
ab \dn2 \expndtw-2\charscalex100 Coefficient of Variation\par\pard\ql \li4165\sb
1\sl-142\slmult0 \up0 \expndtw-2\charscalex100 (Millions of Dollars) \par\pard\q
j \li2589\sb0\sl-500\slmult0 \par\pard\qj\li2589\sb0\sl-500\slmult0 \par\pard\qj
\li2589\ri1050\sb283\sl-500\slmult0\tx3429 \up0 \expndtw-3\charscalex100 \ul0\no
supersub\cf28\f29\fs20 b. \tab \up0 \expndtw-9\charscalex91 If the CAPM appro
ach leads to a different decision, the key \line\up0 \expndtw-8\charscale
x93 to
deciding would be the importance of market imperfections.
As
\line \up0 \expndtw-6\charscalex100 indicated earlier, if a company's stoc
k is traded in imperfect \line \up0 \expndtw-8\charscalex97 markets, if th
e possibility of insolvency is substantive, and if \line \up0 \expndtw-3\
charscalex100 bankruptcy costs are significant, more reliance should be placed o
n \line \up0 \expndtw-6\charscalex100 a total variability approach because
it recognizes unsystematic \par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589
\sb11\sl-230\slmult0\fi0\tx5935 \up0 \expndtw-6\charscalex100 plus systematic
risk.\tab \up0 \expndtw-6\charscalex100 If things point to minimal m
arket\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb40\sl-230\slmult0\fi0
\up0 \expndtw-6\charscalex100 imperfections, more reliance should be placed on
the CAPM results.\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\
b173\sl-207\slmult0\fi0\tx10330 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf
harscalex100 \ul0\nosupersub\cf15\f16\fs18 227\par\pard\sect\sectd\fs24\paperw11
z-10000\shplid229
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ff000d58cf2ffa98f93fbfc83fe203707ffd04e71ff85347ff00947f577e56ff0039dff8666fdb67
fe8c0ff6d8ff00c307e21ffe3f47fc3337edb3ff004607fb6c7fe183f10fff001faff462a28ff8a8
7f8dbff42be0affc35633cbfea63e4feff0020ff00880dc1ff00f4139c7fe14d1ffe51fd5df95bfc
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1fff004139c7fe14d1ff00e51fd5df95bfce77fe199bf6d9ff00a303fdb63ff0c1f887ff008fd1ff
000ccdfb6cff00d181fedb1ff860fc43ff00c7ebfd18a8a3fe2a1fe36ffd0af82bff000d58cf2ffa
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14d1ff00e51fd5df95bfce77fe199bf6d9ff00a303fdb63ff0c1f887ff008fd1ff000ccdfb6cff00
d181fedb1ff860fc43ff00c7ebfd18a8a3fe2a1fe36ffd0af82bff000d58cf2ffa98f93fbfc83fe2
03707ffd04e71ff85347ff00947f577e56ff0039dff8666fdb67fe8c0ff6d8ff00c307e21ffe3f47
fc3337edb3ff004607fb6c7fe183f10fff001faff462a28ff8a87f8dbff42be0affc35633cbfea63
e4feff0020ff00880dc1ff00f4139c7fe14d1ffe51fd5df95bfce77fe199bf6d9ffa303fdb63ff00
0c1f887ff8fd7f457ff06f5fc0cf8f3f09347fdb47c43f1b3e077c53f8210fc44f89df09a7f06699
f167c2b3f83b5dd7ecfc2df0d5b4ad6b51b2d1ef2692f1b4eb5d42e62b54bd744b7b89bcd8a07924
b7b858bfa37a2bf2ef17be969e23f8d3c24b8378af03c39432b8e6982cde3532ac16230d8a58bc0d
3c452a49ceae2ebc5d270c556e787226db8b525cb67f4bc29e17f0ff0008668f36cb2be613c4bc2d
6c238e26b53a94dd2ad2a5293e58d2835252a5169dedab56d558a28a2bf970fd2428a28a0028a28a
0028a28a0028a28a0028a28a0028a28a0028a28a0028a28a0028a28a00ffd9}}}}}\pard\sb0\sl240{\bkmkstart Pg230}{\bkmkend Pg230}\par\pard\ql \li7854\sb0\sl-207\slmult0 \pa
\expndtw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Pearson Education Limite
d 2005 \par\pard\ql \li4149\sb0\sl-690\slmult0 \par\pard\ql\li4149\sb0\sl-690\sl
lt0 \up0 \expndtw0\charscalex97 \ul0\nosupersub\cf22\f23\fs60 16 \par\pard\ql \l
i4149\sb1\sl-556\slmult0 \up0 \expndtw0\charscalex97 \ul0\nosupersub\cf23\f24\fs
50 Operating and \par\pard\ql \li4149\sb9\sl-575\slmult0 \up0 \expndtw0\charscal
ex97 Financial Leverage \par\pard\qj \li4187\sb0\sl-380\slmult0 \par\pard\qj\li4

-380\slmult0 \par\pard\qj\li4187\sb0\sl-380\slmult0 \par\pard\qj\li4187\sb0\sl-3
80\slmult0 \par\pard\qj\li4187\sb0\sl-380\slmult0 \par\pard\qj\li4187\ri1016\sb2
7\sl-380\slmult0\fi0 \up0 \expndtw0\charscalex103 \ul0\nosupersub\cf25\f26\fs32
It does not do to leave a live dragon out of your \up0 \expndtw0\charscalex100 c
alculations, if you live near him. \par\pard\ql \li6335\sb0\sl-368\slmult0 \par\
pard\ql\li6335\sb22\sl-368\slmult0 \up0 \expndtw0\charscalex97 J.R.R. TOLKIEN, T
HE HOBBIT \par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmult0
lmult0\fi0\tx10330 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 V
an Horne and Wachowicz: \ul0\nosupersub\cf14\f15\fs18 Fundamentals of Financial
40\pard\sb0\sl-240{\bkmkstart Pg231}{\bkmkend Pg231}\par\pard\li1989\sb0\sl-207\
i0\tx7846 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 16
: Operating and Financial Leverage\tab \up0 \expndtw-2\charscalex100 Pearson Edu
ex100 \ul0\nosupersub\cf27\f28\fs20 ANSWERS TO QUESTIONS \par\pard\ql \li1989\sb
-230\slmult0\tx2589 \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf28\f29\fs20
1. \tab \up0 \expndtw-8\charscalex96 Operating Leverage is the use of fixe
d operating costs associated \par\pard\qj \li2589\ri1050\sb47\sl-500\slmult0
\up0 \expndtw-8\charscalex92 with the production of goods or services.
The degree of operating \line \up0 \expndtw-3\charscalex100 leverage \up0 \ex
pndtw-6\charscalex100 (DOL) is the percentage change in a firm's operati
ng \line \up0 \expndtw-8\charscalex93 profit (EBIT) resulting from a 1 per
cent change in output (sales). \line \up0 \expndtw-8\charscalex91 DOL is u
sed to study the sensitivity of the variability in EBIT to \line \up0
\expndtw-8\charscalex93 the variability in sales.
The DOL provides a q
uantitative measure \line \up0 \expndtw-8\charscalex97 of this sensitivity t
hat is caused by the presence of operating \line \up0 \expndtw-9\charscal
ex97 leverage. \par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb0\sl-230\sl
\tx2589\tx4389\tx6789 \up0 \expndtw-8\charscalex100 2.\tab \up0 \expndtw-8\chars
calex100 a)
Fixed;\tab \up0 \expndtw-8\charscalex100 b)
Variable;\tab \up0
\expndtw-8\charscalex100 c)
Variable;\par\pard\ql \li2589\sb0\sl-230\slmult0
\par\pard\ql\li2589\sb36\sl-230\slmult0 \up0 \expndtw-6\charscalex100 d)
Fix
ed -- but, variable at management's discretion; \par\pard\ql \li2589\sb0\sl-230
\slmult0 \par\pard\ql\li2589\sb40\sl-230\slmult0 \up0 \expndtw-6\charscalex100 e
)
Fixed -- but, variable at management's discretion; \par\pard\ql \li2589\sb
0\sl-230\slmult0 \par\pard\ql\li2589\sb40\sl-230\slmult0 \up0 \expndtw-9\charsca
lex85 f)
Variable;
g)
Variable; \par\pard\ql \li2589\sb0\sl-230\slm
ult0 \par\pard\ql\li2589\sb40\sl-230\slmult0 \up0 \expndtw-5\charscalex100 h)
Fixed -- but, somewhat variable at management's discretion; \par\pard\ql \li25
arscalex100 i)
Fixed -- but, variable at management's discretion; \par\pard\
w-3\charscalex100 All costs are variable in the long run. \par\pard\li1989\sb0\s
l-207\slmult0\par\pard\li1989\sb196\sl-207\slmult0\fi0\tx10330 \up0 \expndtw-2\c
harscalex100 \ul0\nosupersub\cf13\f14\fs18 Van Horne and Wachowicz: \ul0\nosuper
sub\cf14\f15\fs18 Fundamentals of Financial Management,\ul0\nosupersub\cf13\f14\
fs18 12e\tab \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf15\f16\fs18 229
}
}}
}
}}
}
calex97 \ul0\nosupersub\cf13\f14\fs18 Chapter 16: Operating and Financial Levera
ge\tab \up0 \expndtw-8\charscalex97 Pearson Education Limited 2005\par\pard\li19
89\sb0\sl-230\slmult0\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb0\sl230\slmult0\par\pard\li1989\sb15\sl-230\slmult0\fi0\tx2589 \up0 \expndtw-9\chars
calex97 \ul0\nosupersub\cf28\f29\fs20 3.\tab \up0 \expndtw-8\charscalex98 Studen
ts may find Eqs. (16-3) and (16-4) of help in explaining the\par\pard
\qj \li2589\ri1050\sb30\sl-500\slmult0 \up0 \expndtw-8\charscalex94 probable ef
fect of a change in a firm's operations on the break\up0 \expndtw-8\ch
arscalex94 even point.
Of course, an increase in any cost will rais
e the \up0 \expndtw-9\charscalex94 break-even point. \par\pard\ql \li2589\sb224
\sl-230\slmult0 \up0 \expndtw-5\charscalex100 a)
Lower the break-even point.
Raise the break-even point. \par\pard\ql \li
charscalex100 c)
Raise the break-even point. \par\pard\ql \li2589\sb0\sl-230\
slmult0 \par\pard\ql\li2589\sb40\sl-230\slmult0 \up0 \expndtw-5\charscalex100 d)
Will not affect the break-even point. \par\pard\ql \li2589\ri1051\sb47\sl-50
0\slmult0\tx3189\tx3189\tx3189 \up0 \expndtw-8\charscalex93 e)
The break-eve
n point would not be affected unless the quality \line\tab \up0 \expndtw
-8\charscalex92 of A/R deteriorates.
If the quality of A/R deteriorate
s, the \line \tab \up0 \expndtw-8\charscalex92 total cost curve would shift
up, resulting in a higher break-\line \tab \up0 \expndtw-9\charscalex92 e
ven point. \par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb0\sl-230\slmult
0\par\pard\li1989\sb161\sl-230\slmult0\fi0\tx2589 \up0 \expndtw-9\charscalex95 4
.\tab \up0 \expndtw-8\charscalex96 All businesses have at least some busin
ess risk even if they have\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li19
89\sb40\sl-230\slmult0\fi599 \up0 \expndtw-9\charscalex95 no financial risk.\par
pard\ql\li1989\sb173\sl-230\slmult0\tx2589 \up0 \expndtw-3\charscalex100 5. \tab
\up0 \expndtw-8\charscalex90 No, this is not always the case.
It is
true that the presence of \par\pard\qj \li2589\ri1050\sb47\sl-500\slmult0 \u
p0 \expndtw-3\charscalex100 fixed operating costs will cause a change in the vol
ume of sales to \line \up0 \expndtw-8\charscalex100 result in a more than p
roportional change in operating profits. \line \up0 \expndtw-8\charscalex92
But, even firms with large fixed costs will have a low sensitivity \l
ine \up0 \expndtw-9\charscalex92 to changes in sales \up0 \expndtw-9\charscal
ex92 (i.e., a low DOL) if they operate well-above \par\pard\ql \li2589\sb
224\sl-230\slmult0 \up0 \expndtw-3\charscalex100 their respective break-even poi
nts. \par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb0\sl-230\slmult0\par\
pard\li1989\sb207\sl-230\slmult0\fi0\tx2589 \up0 \expndtw-9\charscalex94 6.\tab
\up0 \expndtw-8\charscalex95 You can have a high DOL and still have low
business risk if sales\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\s
b40\sl-230\slmult0\fi599 \up0 \expndtw-8\charscalex95 and the production cost
structure are stable.
You can have a low\par\pard\li1989\sb0\sl-230\s
lmult0\par\pard\li1989\sb40\sl-230\slmult0\fi599 \up0 \expndtw-8\charscalex95 DO
L and high business risk if sales and/or the production cost\par\pard\
li1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl-230\slmult0\fi599 \up0 \expndt
w-9\charscalex94 structure are/is volatile.\par\pard\li1989\sb0\sl-207\slmult0\p
calex100 \ul0\nosupersub\cf15\f16\fs18 230\par\pard\sect\sectd\fs24\paperw11900\
paperh16840\pard\sb0\sl-240{\bkmkstart Pg233}{\bkmkend Pg233}\par\pard\li1989\sb
hapter 16: Operating and Financial Leverage\tab \up0 \expndtw-7\charscalex100 Pe
arson Education Limited 2005\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\
7.\tab \up0 \expndtw-7\charscalex100 Financial leverage is the use of fix
ed-cost financing.
The degree\par\pard\qj \li2589\ri1051\sb30\sl-500\slmult
0 \up0 \expndtw-8\charscalex93 of financial leverage (DFL) is the percenta
ge change in the firm's \line \up0 \expndtw-9\charscalex93 earnings per sh
are \up0 \expndtw-9\charscalex93 (EPS) resulting from a \up0 \expndtw-9\chars
calex93 1 percent change in \par\pard\qj \li2589\ri1050\sb0\sl-500\slmult0 \u
p0 \expndtw-8\charscalex93 operating profit (EBIT).
DFL is used to stud
y the sensitivity of \up0 \expndtw-6\charscalex100 the variability in EPS
to the variability in EBIT.
The DFL \up0 \expndtw-8\charscalex96 provi
des a quantitative measure of this sensitivity caused by the \up0 \expn
dtw-9\charscalex96 presence of financial leverage. \par\pard\ql \li1989\sb0\sl-2

\slmult0 \par\pard\ql\li1989\sb34\sl-230\slmult0\tx2589 \up0 \expndtw-3\charscal
ex100 8. \tab \up0 \expndtw-6\charscalex100 Both operating and financial lev
erage involve the use of fixed \par\pard\qj \li2589\ri1050\sb47\sl-500\slmu
lt0 \up0 \expndtw-8\charscalex92 costs.
The former is due to fixed oper
ating costs associated with \line \up0 \expndtw-3\charscalex100 the productio
n of goods or services, while the latter is due to the \line \up0 \expndtw-8\cha
rscalex93 existence of fixed financing costs.
Both types of leverage
affect \line \up0 \expndtw-8\charscalex100 the level and variability of the
firm's after-tax earnings and, \line \up0 \expndtw-9\charscalex93 hence,
the firm's overall risk and return. \up0 \expndtw-8\charscalex100 Howe
ver, while \par\pard\qj \li2589\ri1050\sb0\sl-500\slmult0 \up0 \expndtw-8\char
scalex96 financial leverage is acquired by choice, operating leverage of
ten \up0 \expndtw-8\charscalex100 is not.
Operating leverage is often d
ictated by the physical \up0 \expndtw-8\charscalex100 requirements of the fir
m's operations. \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb0\
l-230\slmult0\tx2589 \up0 \expndtw-3\charscalex100 9. \tab \up0 \expndtw-8\chars
calex91 Yes.
Eq. (16-14) shows that the degree of financial leverage
is a \par\pard\ql \li2589\sb0\sl-230\slmult0 \par\pard\ql\li2589\sb40\sl-230\s
lmult0 \up0 \expndtw-3\charscalex100 function of the level of EBIT and the fixed
charges of financing. \par\pard\ql \li1989\sb0\sl-500\slmult0 \par\pard\ql\li19
10. The objective of business firms is not to maximize EPS.
It is
to \line\tab \up0 \expndtw-8\charscalex96 maximize shareholder wealth.
A
high EPS often requires incurring \line \tab \up0 \expndtw-8\charscalex89 h
igh risk.
Stock price may decrease as a result of the high level \
line \tab \up0 \expndtw-9\charscalex89 of financial risks required to increase E
PS. \par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmult0\par\p
}
}}
}
}}
}
calex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 16: Operating and Financial Lever
age\tab \up0 \expndtw-2\charscalex100 Pearson Education Limited 2005\par\pard\ql
\li1989\ri1050\sb465\sl-500\slmult0\tx2589\tx2589\tx2589\tx2589\tx2589\tx2589 \
up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf28\f29\fs20 11. An electric uti
lity has much higher fixed costs in a relative sense \line\tab \up0 \expndtw-8\c
harscalex97 than does the typical manufacturing company.
Also, its rev
enues \line \tab \up0 \expndtw-8\charscalex96 are much more stable and pred
ictable.
Despite a high amount of \line \tab \up0 \expndtw-8\charscalex93
operating leverage, overall business risk is relatively low.
As a \l
ine \tab \up0 \expndtw-8\charscalex96 result, electric utilities are abl
e to take on significant \line \tab \up0 \expndtw-6\charscalex100 financ
ial risk.
The typical manufacturing company has higher \line \tab \up0
\expndtw-6\charscalex100 business risk and balances this with lower financial r
isk. \par\pard\ql \li1989\ri1050\sb380\sl-500\slmult0\tx2589\tx2589\tx2589\tx258
9\tx2589\tx2589\tx2589\tx2589\tx2589\tx2589 \up0 \expndtw-8\charscalex95 12. W
hether or not the debt-to-equity ratio is a good proxy for the \line\
tab \up0 \expndtw-6\charscalex100 cash flow ability of the firm to servic
e debt depends on the \line \tab \up0 \expndtw-5\charscalex100 situation.
There should be a rough correspondence between the two. \line \tab \up0 \expndt
w-8\charscalex94 However, the debt-to-equity ratio tells us nothing about
the level \line \tab \up0 \expndtw-8\charscalex96 or variability of cash
flows.
While there is certainly a close \line \tab \up0 \expndtw-8\chars
calex97 association between the debt-to-equity ratio and the magnitude o
f \line \tab \up0 \expndtw-8\charscalex94 debt payments, differences in matu
rity and times in the past when \line \tab \up0 \expndtw-3\charscalex100 v
arious debt instruments were issued make the relationship not one-\line \tab \up
0 \expndtw-8\charscalex92 to-one.
As a result, the debt-to-equity ratio
must be regarded as \line \tab \up0 \expndtw-8\charscalex93 an index appro
ximation of financial risk.
Still, it is frequently \line \tab \up0 \ex
pndtw-9\charscalex93 used. \par\pard\ql \li1989\ri1050\sb380\sl-500\slmult0\tx25
89\tx2589\tx2589\tx2589\tx2589 \up0 \expndtw-3\charscalex100 13. The chapter h
as provided analytical tools to evaluate the financial \line\tab \up0 \expndtw-8
\charscalex92 structure of the firm.
The EBIT-EPS chart, cash flow av
ailable to \line \tab \up0 \expndtw-6\charscalex100 service debt, comparison
of debt ratios to industry norms, the \line \tab \up0 \expndtw-8\charscal
ex94 evaluation of the attitudes of creditors and stockholders, and the
\line \tab \up0 \expndtw-8\charscalex96 effect on security ratings can be
used to determine the debt-to-\line \tab \up0 \expndtw-9\charscalex96 equit
y ratio that will maximize the value of the firm. \par\pard\li1989\sb0\sl-207\sl
9\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb40\sl207\slmult0\fi0\tx10330 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf13\f14\f
x100 \ul0\nosupersub\cf15\f16\fs18 232\par\pard\sect\sectd\fs24\paperw11900\pape
rh16840\pard\sb0\sl-240{\bkmkstart Pg235}{\bkmkend Pg235}\par\pard\li1989\sb0\sl

er 16: Operating and Financial Leverage\tab \up0 \expndtw-2\charscalex100 Pearso
n Education Limited 2005\par\pard\ql \li1989\ri1050\sb465\sl-500\slmult0\tx2589\
tx2589\tx2589\tx2589\tx2589\tx2589 \up0 \expndtw-3\charscalex100 \ul0\nosupersub
\cf28\f29\fs20 14. Coverage ratios should be compared with those of other comp
anies in \line\tab \up0 \expndtw-5\charscalex100 similar lines of business.
W
here significant deviations occur, the \line \tab \up0 \expndtw-8\charscalex100
reasons should be carefully explored.
If the average coverage \line \
tab \up0 \expndtw-5\charscalex100 ratio for the industry is used as a ta
rget, the firm could \line \tab \up0 \expndtw-8\charscalex94 determine the
amount of debt to employ by applying this ratio to \line \tab \up0 \exp
ndtw-8\charscalex96 the firm's earnings.
However, it is important to
determine the \line \tab \up0 \expndtw-9\charscalex96 appropriateness of the
industry average to the situation. \up0 \expndtw-9\charscalex96 A \par\pard
\qj \li2589\ri1050\sb0\sl-500\slmult0 \up0 \expndtw-8\charscalex96 coverage rat
io is based on expected earnings or cash flow.
It \line \up0 \expndt
w-5\charscalex100 tells nothing about the probability of earnings or cas
h flow \line \up0 \expndtw-8\charscalex93 falling.
The probability of cas
h insolvency should be analyzed as \line \up0 \expndtw-9\charscalex93 well.
\par\pard\ql \li1989\ri1051\sb380\sl-500\slmult0\tx2589\tx2589\tx2589\tx2589\tx
2589\tx2589 \up0 \expndtw-8\charscalex90 15. While earnings per share will
increase as long as the firm is able \line\tab \up0 \expndtw-8\charscal
ex91 to earn more on the employment of the funds than their interest
or \line \tab \up0 \expndtw-8\charscalex97 preferred-dividend cost, risk to
the common shareholders increases \line \tab \up0 \expndtw-8\charscalex92 as
well.
After a point, the increased risk more than offsets the \lin
e \tab \up0 \expndtw-8\charscalex96 increase in expected earnings per share
.
At that point, market \line \tab \up0 \expndtw-8\charscalex93 price pe
r share declines with financial leverage.
Clearly this is \line \tab \
up0 \expndtw-9\charscalex93 undesirable. \par\pard\ql \li1989\ri1050\sb380\sl-50
0\slmult0\tx2589\tx2589 \up0 \expndtw-8\charscalex93 16. An increase in the
debt of a company will increase the amount of \line\tab \up0 \expndtw6\charscalex100 periodic interest and principal payments.
The additiona
l cash \line \tab \up0 \expndtw-8\charscalex96 obligation for each increment
in debt can be determined for each \par\pard\li2589\sb0\sl-230\slmult0\p
ar\pard\li2589\sb11\sl-230\slmult0\fi0\tx4797 \up0 \expndtw-9\charscalex95 futur
e period.\tab \up0 \expndtw-9\charscalex95 The next step is to determine
a probability\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb40\sl-230\sl
mult0\fi0 \up0 \expndtw-8\charscalex96 distribution of possible ending cash
balances for various future\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li25
89\sb40\sl-230\slmult0\fi0 \up0 \expndtw-8\charscalex96 periods.
Such distri
butions are based on cash flows together with\par\pard\li2589\sb0\sl-230\
slmult0\par\pard\li2589\sb40\sl-230\slmult0\fi0 \up0 \expndtw-8\charscalex96 the
beginning cash balance.
It is then an easy matter to see at\par\p
rh16840\pard\sb0\sl-240{\bkmkstart Pg236}{\bkmkend Pg236}\par\pard\li1989\sb0\sl
er 16: Operating and Financial Leverage\tab \up0 \expndtw-2\charscalex100 Pearso
n Education Limited 2005\par\pard\qj \li2589\ri1051\sb465\sl-500\slmult0 \up0 \e
xpndtw-8\charscalex93 \ul0\nosupersub\cf28\f29\fs20 what point further increm
ents in debt result in the probability of \line \up0 \expndtw-9\charscale
x93 running out of cash exceeding some limit tolerance, such as \up0 \e
xpndtw-9\charscalex93 5 \par\pard\ql \li2589\sb224\sl-230\slmult0 \up0 \expndtw3\charscalex100 percent. \par\pard\ql \li1989\ri1050\sb427\sl-500\slmult0\tx2589

\tx2589\tx2589\tx2589\tx2589\tx2589\tx2589\tx2589\tx2589\tx2589\tx2589\tx2589 \u
p0 \expndtw-8\charscalex94 17. Most companies are concerned with the eff
ect a debt decision will \line\tab \up0 \expndtw-8\charscalex92 have on it
s bond ratings, both for prestige reasons and because of \line \tab \up
0 \expndtw-8\charscalex93 the interest rate they will have to pay on bo
rrowings.
Moreover, \line \tab \up0 \expndtw-3\charscalex100 if a rating is l
owered below Baa, the company's bonds no longer are \line \tab \up0 \expndtw-3\c
harscalex100 considered "investment grade" and no longer appeal to institutional
\line \tab \up0 \expndtw-8\charscalex96 investors.
The rating agencies l
ook at the debt ratio and the \line \tab \up0 \expndtw-5\charscalex100 cas
h-flow coverage ratios.
If these ratios deteriorate, the rating \line \tab \u
p0 \expndtw-8\charscalex100 agencies may well lower the company's rating
in the credit and \line \tab \up0 \expndtw-8\charscalex92 capital markets.
Some companies will not issue further debt if by \line \tab \up0 \expn
dtw-8\charscalex91 so doing the bond rating is lowered.
While this is
not sufficient \line \tab \up0 \expndtw-3\charscalex100 grounds to stop issui
ng debt, as other things should be considered, \line \tab \up0 \expndtw-3\charsc
alex100 a company cannot ignore the effect of a financial leverage decision \lin
e \tab \up0 \expndtw-3\charscalex100 on its security ratings. \par\pard\li1989\s
\ul0\nosupersub\cf13\f14\fs18 Van Horne and Wachowicz: \ul0\nosupersub\cf14\f15
\fs18 Fundamentals of Financial Management,\ul0\nosupersub\cf13\f14\fs18 12e\ta
b \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf15\f16\fs18 234\par\pard\sect\
sectd\fs24\paperw11900\paperh16840{\shp
z-10000\shplid236
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Pg237}{\bkmkend Pg237}\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\s
rscalex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 16: Operating and Financial Lev
erage\tab \up0 \expndtw-2\charscalex100 Pearson Education Limited 2005\par\pard\
li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb18\sl-230\slmult0 \up0 \expndtw3\charscalex100 \ul0\nosupersub\cf27\f28\fs20 SOLUTIONS TO PROBLEMS \par\pard\ql

1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb60\sl-230\slmult0\tx2589 \up0 \exp
ndtw-3\charscalex100 \ul0\nosupersub\cf28\f29\fs20 1. \tab \up0 \expndtw-9\chars
calex92 a)
Q = $880,000/$200 = 4,400 units \par\pard\ql \li3189\sb150\sl230\slmult0 \up0 \expndtw-9\charscalex90 $24,000 = [Q(P - V) - FC](1 - t) \
par\pard\qj \li3189\ri3692\sb27\sl-380\slmult0 \up0 \expndtw-9\charscalex93 $24,
000 = [4,400($200 - $150) - FC](.60) \up0 \expndtw-9\charscalex94 $24,000
= $132,000 - FC(.60) \par\pard\ql \li3189\sb124\sl-230\slmult0 \up0 \expndtw-9
\charscalex90 FC = $180,000 \par\pard\ql \li2589\sb0\sl-230\slmult0 \par\pard\
ql\li2589\sb0\sl-230\slmult0 \par\pard\ql\li2589\sb110\sl-230\slmult0 \up0 \expn
dtw-9\charscalex92 b)
QBE = $180,000/($200 -$150) = 3,600 units \par\par
d\li2589\sb130\sl-230\slmult0\fi599\tx6789 \dn2 \expndtw-9\charscalex93 SBE =
3,600($200) = $720,000\tab \up0 \expndtw-9\charscalex93 -- or, alternatively
--\par\pard\li2589\sb173\sl-230\slmult0\fi599 \up0 \expndtw-9\charscalex93 SBE
= $180,000/[1 - ($150/$200)] = $720,000\par\pard\li2589\sb0\sl-230\slmult0\
\expndtw-9\charscalex93 c)
DOL4,000 units = 4,000/(4,000 - 3,600) = 10.
DOL4,400 units = 4,400/(4,400 - 3,600) =\tab \up0 \expndtw-9\charscalex93
5.5\par\pard\li2589\sb150\sl-230\slmult0\fi599\tx8229 \dn2 \expndtw-9\charscalex
93 DOL4,800 units = 4,800/(4,800 - 3,600) =\tab \up0 \expndtw-9\charscalex9
3 4.0\par\pard\li2589\sb150\sl-230\slmult0\fi599\tx8229 \dn2 \expndtw-9\charscal
ex93 DOL5,200 units = 5,200/(5,200 - 3,600) =\tab \up0 \expndtw-9\charscale
x93 3.25\par\pard\li2589\sb150\sl-230\slmult0\fi599\tx8229 \dn2 \expndtw-9\chars
calex93 DOL5,600 units = 5,600/(5,600 - 3,600) =\tab \up0 \expndtw-9\charsc
alex93 2.8\par\pard\li2589\sb50\sl-230\slmult0\fi599\tx8229 \dn2 \expndtw-9\char
scalex93 DOL6,000 units = 6,000/(6,000 - 3,600) =\tab \up0 \expndtw-9\chars
calex93 2.5\par\pard\ql \li3577\sb0\sl-161\slmult0 \par\pard\ql\li3577\sb0\sl-16
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pndtw-2\charscalex100 9 \par\pard\ql \li3655\sb0\sl-161\slmult0 \par\pard\ql\li3
655\sb118\sl-161\slmult0 \up0 \expndtw-2\charscalex100 8 \par\pard\ql \li3655\sb
alex100 7 \par\pard\ql \li3655\sb0\sl-161\slmult0 \par\pard\ql\li3655\sb98\sl-16
1\slmult0 \up0 \expndtw-2\charscalex100 6 \par\pard\ql \li3655\sb0\sl-161\slmult
0 \par\pard\ql\li3655\sb118\sl-161\slmult0 \up0 \expndtw-2\charscalex100 5 \par\
\expndtw-2\charscalex100 4 \par\pard\ql \li3655\sb0\sl-161\slmult0 \par\pard\ql\
li3655\sb118\sl-161\slmult0 \up0 \expndtw-2\charscalex100 3 \par\pard\ql \li3655
scalex100 2 \par\pard\ql \li3655\sb0\sl-161\slmult0 \par\pard\ql\li3655\sb118\sl
-161\slmult0 \up0 \expndtw-2\charscalex100 1 \par\pard\ql \li3655\sb0\sl-161\slm
ult0 \par\pard\ql\li3655\sb98\sl-161\slmult0 \up0 \expndtw-2\charscalex100 0 \pa
r\pard\li1989\sb97\sl-161\slmult0\fi2440\tx5004\tx5564\tx6138\tx6712\tx7258 \up0
\expndtw-2\charscalex100 1\tab \up0 \expndtw-2\charscalex100 2\tab \up0 \expndt
w-2\charscalex100 3\tab \up0 \expndtw-2\charscalex100 4\tab \up0 \expndtw-2\char
scalex100 5\tab \up0 \expndtw-2\charscalex100 6\par\pard\li1989\sb0\sl-161\slmul
t0\fi2697 \up0 \expndtw-2\charscalex100 Units Produced and Sold (000s)\par\pard\
cation Limited 2005\par\pard\ql \li2589\ri1050\sb465\sl-500\slmult0\tx3189\tx318

9\tx3189\tx3189 \up0 \expndtw-8\charscalex97 \ul0\nosupersub\cf28\f29\fs20 d)
The graph shows that the sensitivity of a firm's operating \line\tab \
up0 \expndtw-3\charscalex100 profit to changes in sales decreases the further th
at the firm \line \tab \up0 \expndtw-5\charscalex100 operates above its break-ev
en point.
The company is operating \line \tab \up0 \expndtw-9\charscalex97 cl
ose to its break-even point.
Therefore, at its current \line \tab \up
0 \expndtw-9\charscalex98 monthly sales level of \up0 \expndtw-9\charscalex98
4,400 units its sensitivity to sales \par\pard\ql \li3189\sb224\sl-230\slm
ult0\tx7869\tx9849\tx10389 \up0 \expndtw-9\charscalex93 changes is quite high
.
Its DOL at \tab \up0 \expndtw-8\charscalex100 4,400 units is \tab \up0
\expndtw-3\charscalex100 5.5 \tab \up0 \expndtw-3\charscalex100 --\par\pard\ql
\li3189\sb0\sl-230\slmult0 \par\pard\ql\li3189\sb40\sl-230\slmult0\tx10268 \up0
\expndtw-9\charscalex96 meaning any percent change in operating profits w
ill be \tab \up0 \expndtw-2\charscalex100 5.5 \par\pard\ql \li3189\sb0\sl-230\s
lmult0 \par\pard\ql\li3189\sb40\sl-230\slmult0 \up0 \expndtw-3\charscalex100 tim
es as large as the percent change in sales that causes it. \par\pard\ql \li1989\
10\sl-230\slmult0\tx2589 \up0 \expndtw-3\charscalex100 2. \tab \dn3 \expndtw-9\c
harscalex91 a)
QBE = $180,000/($250 - $150) = 1,800 units \par\pard\ql
-9\charscalex91 b)
QBE = $160,000/($200 - $150) = 3,200 units \par\pard
\qj \li1989\ri3452\sb214\sl-540\slmult0\fi599 \up0 \expndtw-9\charscalex91 c)
QBE = $240,000/(4200 - $140) = 4,000 units \up0 \expndtw-9\charscalex92 3
. \dn2 \expndtw-9\charscalex89 a)
QBE = $1,200/($100 - $20) = 15 horses
\par\pard\ql \li2589\sb197\sl-230\slmult0 \up0 \expndtw-9\charscalex87 b)
EB
IT = 40($100 - $20) - $1,200 = $2,000 \par\pard\ql \li1989\sb0\sl-230\sl
4. \tab \up0 \expndtw-5\charscalex100 a)
Using an expected level of EBIT of
$1 million, the earnings \par\pard\ql \li3189\sb0\sl-230\slmult0 \par\pard\ql\l
i3189\sb40\sl-230\slmult0 \up0 \expndtw-3\charscalex100 per share are: \par\pard
\li1989\sb88\sl-230\slmult0\fi5399 \up0 \expndtw-5\charscalex100 Plan\par\pard\l
i1989\sb220\sl-230\slmult0\fi2879\tx6669\tx8469\tx9909 \up0 \expndtw-5\charscale
x100 1\tab \up0 \expndtw-5\charscalex100 2\tab \up0 \expndtw-5\charscalex100 3\t
ab \up0 \expndtw-5\charscalex100 4\par\pard\li1989\sb0\sl-230\slmult0\par\pard\l
alex100 EBIT (in thousands)\tab \up0 \expndtw-5\charscalex100 $ 1,000\tab \up0
\expndtw-5\charscalex100 $ 1,000\tab \up0 \expndtw-5\charscalex100 $ 1,000\ta
b \up0 \expndtw-5\charscalex100 $ 1,000\par\pard\li1989\sb20\sl-230\slmult0\fi0
\tx5109\tx6669\tx8469\tx9909 \up0 \expndtw-5\charscalex100 Interest\tab \up0 \ex
pndtw-5\charscalex100 0\tab \up0 \expndtw-5\charscalex100 240\tab \up0 \expndtw5\charscalex100 400\tab \up0 \expndtw-5\charscalex100 400\par\pard\li1989\sb0\sl
\tx8469\tx9429\tx9909 \up0 \expndtw-5\charscalex100 EBT\tab \up0 \expndtw-5\char
scalex100 $ 1,000\tab \up0 \expndtw-5\charscalex100 $\tab \up0 \expndtw-5\chars
calex100 760\tab \up0 \expndtw-5\charscalex100 $\tab \up0 \expndtw-5\charscalex1
00 600\tab \up0 \expndtw-5\charscalex100 $\tab \up0 \expndtw-5\charscalex100 600
\par\pard\li1989\sb20\sl-230\slmult0\fi0\tx4869\tx6669\tx8469\tx9909 \up0 \expnd
tw-5\charscalex100 Taxes\tab \up0 \expndtw-5\charscalex100 500\tab \up0 \expndtw
harscalex100 300\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb16\sl-230\
slmult0\fi0\tx4389\tx4869\tx6189\tx6669\tx7989\tx8469\tx9429\tx9909 \up0 \expndt
w-5\charscalex100 EAT\tab \up0 \expndtw-5\charscalex100 $\tab \up0 \expndtw-5\ch
arscalex100 500\tab \up0 \expndtw-5\charscalex100 $\tab \up0 \expndtw-5\charscal
ex100 380\tab \up0 \expndtw-5\charscalex100 $\tab \up0 \expndtw-5\charscalex100
300\tab \up0 \expndtw-5\charscalex100 $\tab \up0 \expndtw-5\charscalex100 300\pa
r\pard\li1989\sb20\sl-230\slmult0\fi0\tx5109\tx6909\tx8709\tx9909 \up0 \expndtw5\charscalex100 Preferred dividends\tab \up0 \expndtw-5\charscalex100 0\tab \up0
\expndtw-5\charscalex100 0\tab \up0 \expndtw-5\charscalex100 0\tab \up0 \expndt
w-5\charscalex100 150\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb18\sl
-230\slmult0\fi0\tx4389\tx4869\tx6189\tx6669\tx7989\tx8469\tx9429\tx9909 \up0 \e
xpndtw-5\charscalex100 EACS\tab \up0 \expndtw-5\charscalex100 $\tab \up0 \expndt
w-5\charscalex100 500\tab \up0 \expndtw-5\charscalex100 $\tab \up0 \expndtw-5\ch
arscalex100 380\tab \up0 \expndtw-5\charscalex100 $\tab \up0 \expndtw-5\charscal
ex100 300\tab \up0 \expndtw-5\charscalex100 $\tab \up0 \expndtw-5\charscalex100
x4869\tx6669\tx8469\tx10029 \up0 \expndtw-5\charscalex100 Number of shares\tab \
up0 \expndtw-5\charscalex100 250\tab \up0 \expndtw-5\charscalex100 175\tab \up0
9\sb21\sl-230\slmult0\fi0\tx4389\tx4749\tx6189\tx6549\tx7989\tx8349\tx9429\tx978
9 \up0 \expndtw-5\charscalex100 EPS\tab \up0 \expndtw-5\charscalex100 $\tab \up0
\expndtw-5\charscalex100 2.00\tab \up0 \expndtw-5\charscalex100 $\tab \up0 \exp
ndtw-5\charscalex100 2.17\tab \up0 \expndtw-5\charscalex100 $\tab \up0 \expndtw5\charscalex100 2.40\tab \up0 \expndtw-5\charscalex100 $\tab \up0 \expndtw-5\cha
rscalex100 2.00\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\sl
9\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb84\sl207\slmult0\fi0\tx10330 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf13\f14\f
rh16840{\shp
z-10000\shplid238
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50014514500145145001451450014514500145145007ffd9}}}}}\pard\sb0\sl-240{\bkmkstart
Pg239}{\bkmkend Pg239}\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\s
rscalex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 16: Operating and Financial Lev
erage\tab \up0 \expndtw-2\charscalex100 Pearson Education Limited 2005\par\pard\
qj \li3189\sb0\sl-380\slmult0 \par\pard\qj\li3189\ri1050\sb105\sl-380\slmult0 \u
p0 \expndtw-9\charscalex93 \ul0\nosupersub\cf28\f29\fs20 The intercepts on th
e horizontal axis for the four plans are \up0 \expndtw-9\charscalex94 $0,
$240,000, $400,000, and $700,000 respectively.
With this \up0 \expndtw
-9\charscalex95 information, the EBIT-EPS indifference chart is: \par\pard\ql \l
rscalex100 \ul0\nosupersub\cf39\f40\fs14 5 \par\pard\li3411\sb130\sl-161\slmult0
\fi4196 \up0 \expndtw-2\charscalex100 3\par\pard\li3411\sb31\sl-161\slmult0\fi36
19 \up0 \expndtw-2\charscalex100 4\par\pard\li3411\sb1\sl-128\slmult0\fi0 \up0 \
expndtw-2\charscalex100 4\par\pard\ql \li7609\sb108\sl-161\slmult0 \up0 \expndtw
-2\charscalex100 3 \par\pard\li3411\sb0\sl-161\slmult0\par\pard\li3411\sb21\sl-1
61\slmult0\fi0\tx7610 \up0 \expndtw-2\charscalex100 3\tab \up0 \expndtw-2\charsc
alex100 1\par\pard\ql \li3411\sb0\sl-161\slmult0 \par\pard\ql\li3411\sb0\sl-161\
\par\pard\ql\li3411\sb117\sl-161\slmult0 \up0 \expndtw-2\charscalex100 1 \par\pa
d\ql\li3411\sb137\sl-161\slmult0 \up0 \expndtw-2\charscalex100 0 \par\pard\li362
1\sb102\sl-161\slmult0\fi0\tx4868\tx6243\tx7472 \up0 \expndtw-2\charscalex100 0\
tab \up0 \expndtw-2\charscalex100 0.5\tab \up0 \expndtw-2\charscalex100 1\tab \u
p0 \expndtw-2\charscalex100 1.5\par\pard\ql \li4847\sb0\sl-157\slmult0 \up0 \exp
ndtw-2\charscalex100 EBIT (in millions of dollars) \par\pard\li2589\sb0\sl-230\s
\pard\li2589\sb50\sl-230\slmult0\fi0 \up0 \expndtw-8\charscalex100 \ul0\nosupers
ub\cf28\f29\fs20 b)
The "dominant" financing plans are #1, #3, and #4.
For the\par\pard\li2589\sb71\sl-230\slmult0\fi599 \up0 \expndtw-8\charscalex100
EBIT indifference point between Plans #1 and #3, we have:\par\pard\li2589\sb0\
sl-230\slmult0\par\pard\li2589\sb80\sl-230\slmult0\fi599 \up0 \expndtw-8\charsca
lex100 (EBIT1,3 - 0)(.5)/250,000 = (EBIT1,3 - $400,000)(.5)/125,000\par\pa
sb20\sl-230\slmult0\fi599 \up0 \expndtw-8\charscalex100 (.5)\t \dn2 \expndtw-8\c
harscalex100 (EBIT1,3)(125,000) =\par\pard\li3189\sb0\sl-230\slmult0\par\pard\l
i3189\sb143\sl-230\slmult0\fi1439 \up0 \expndtw-8\charscalex100 (.5)\t \dn3 \exp
ndtw-8\charscalex100 (EBIT1,3)(250,000) - (.5)($400,000)(250,000)\par\pard\li3
charscalex92 - (62,500)\t \dn2 \expndtw-8\charscalex100 (EBIT1,3) = - $50,00
0,000,000\par\pard\ql \li4629\sb0\sl-230\slmult0 \par\pard\ql\li4629\sb99\sl-230
\slmult0 \up0 \expndtw-9\charscalex94 EBIT1,3 = $800,000 \par\pard\qj \li3189\
ri1292\sb214\sl-540\slmult0 \up0 \expndtw-5\charscalex100 For the indifference p
oint between Plans #3 and #4, we have: \up0 \expndtw-9\charscalex96 (EBIT3,4
- $400,000)(.5)/125,000 = \par\pard\ql \li5109\sb217\sl-230\slmult0 \up0 \expn
dtw-9\charscalex96 [(EBIT3,4 - $400,000)(.5) - $150,000]/75,000 \par\pard\ql
w-3\charscalex100 (.5) \dn3 \expndtw-8\charscalex100 (EBIT3,4)(75,000) - (.5)(
$400,000)(75,000) = \par\pard\li4629\sb0\sl-230\slmult0\par\pard\li4629\sb0\sl230\slmult0\par\pard\li4629\sb7\sl-230\slmult0\fi0 \up0 \expndtw-6\charscalex100
(.5)\t \dn3 \expndtw-6\charscalex100 (EBIT3,4)(125,000) - (.5)($400,000)(125,
000)\par\pard\li4629\sb71\sl-230\slmult0\fi0 \up0 \expndtw-6\charscalex100 - ($
150,000)(125,000)\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\
{\bkmkstart Pg240}{\bkmkend Pg240}\par\pard\li1989\sb0\sl-207\slmult0\par\pard\l
pndtw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 16: Operating and Fi
nancial Leverage\tab \up0 \expndtw-2\charscalex100 Pearson Education Limited 200
5\par\pard\ql \li3189\sb0\sl-230\slmult0 \par\pard\ql\li3189\sb0\sl-230\slmult0
\par\pard\ql\li3189\sb48\sl-230\slmult0 \up0 \expndtw-3\charscalex100 \ul0\nosup
ersub\cf28\f29\fs20 (37,500) \dn3 \expndtw-9\charscalex95 (EBIT3,4) - $15,000,
000,000 = \par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\sb37\sl-230\slmul
t0\fi2999 \up0 \expndtw-9\charscalex97 (62,500)\t \dn3 \expndtw-9\charscalex97 (
EBIT3,4) - $43,750,000,000\par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\
sb0\sl-230\slmult0\par\pard\li3189\sb60\sl-230\slmult0\fi0 \up0 \expndtw-9\chars
calex92 - (25,000)\t \dn2 \expndtw-9\charscalex97 (EBIT3,4) = - $28,750,000,
000\par\pard\ql \li4629\sb0\sl-230\slmult0 \par\pard\ql\li4629\sb0\sl-230\slmult
0 \par\pard\ql\li4629\sb83\sl-230\slmult0 \up0 \expndtw-9\charscalex95 EBIT3,4
= $1,150,000 \par\pard\ql \li2589\ri1051\sb467\sl-500\slmult0\tx3189\tx3189\tx3
189\tx3189 \up0 \expndtw-8\charscalex100 c)
Plan #1 (all equity) dominates
up to $800,000 in EBIT, Plan #3 \line\tab \up0 \expndtw-9\charscalex93 (half
debt, half equity) from $800,000 to $1,150,000 in EBIT, \line \tab \up0
\expndtw-9\charscalex93 and Plan #4 (debt, preferred, and equity) after
$1,150,000 in \line \tab \up0 \expndtw-5\charscalex100 EBIT.
The best plan d
epends upon the likely level of EBIT and \line \tab \up0 \expndtw-5\charscalex10
0 the likelihood of falling below an indifference point. \par\pard\li1989\sb0\sl
lex100 5.\tab \up0 \expndtw-3\charscalex100 a)\tab \up0 \expndtw-3\charscalex100
(000s omitted)\par\pard\li2589\sb71\sl-230\slmult0\fi3839 \up0 \expndtw-5\chars
calex100 Additional-financing Plans\par\pard\li2589\sb0\sl-230\slmult0\par\pard\
li2589\sb16\sl-230\slmult0\fi3239\tx7028\tx8228\tx9668 \up0 \expndtw-5\charscale

x100 (1)\tab \up0 \expndtw-5\charscalex100 (2)\tab \up0 \expndtw-5\charscalex100
(3)\tab \up0 \expndtw-5\charscalex100 (4)\par\pard\li2589\sb0\sl-230\slmult0\pa
r\pard\li2589\sb17\sl-230\slmult0\fi1799\tx9548 \up0 \expndtw-5\charscalex100 Pr
esent\tab \up0 \expndtw-5\charscalex100 Half\par\pard\li2589\sb20\sl-230\slmult0
\fi1799\tx5829\tx7029\tx8228\tx9188 \up0 \expndtw-5\charscalex100 Capital\tab \u
p0 \expndtw-5\charscalex100 All\tab \up0 \expndtw-5\charscalex100 All\tab \up0 \
expndtw-5\charscalex100 All\tab \up0 \expndtw-5\charscalex100 Common and\par\par
d\li2589\sb20\sl-230\slmult0\fi1679\tx6668 \up0 \expndtw-5\charscalex100 Structu
re
Common\tab \up0 \expndtw-5\charscalex100 8% Bonds
Preferred
Half Bon
ds\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb16\sl-230\slmult0\fi0\tx
4389\tx5589\tx6788\tx7988\tx9428 \up0 \expndtw-5\charscalex100 EBIT\tab \up0 \ex
pndtw-5\charscalex100 $1,000\tab \up0 \expndtw-5\charscalex100 $1,000\tab \up0 \
expndtw-5\charscalex100 $1,000\tab \up0 \expndtw-5\charscalex100 $1,000\tab \up0
\expndtw-5\charscalex100 $1,000\par\pard\li2589\sb20\sl-230\slmult0\fi239\tx474
9\tx5949\tx7148\tx8348\tx9788 \up0 \expndtw-5\charscalex100 Interest\tab \up0 \e
xpndtw-5\charscalex100 120\tab \up0 \expndtw-5\charscalex100 120\tab \up0 \expnd
tw-5\charscalex100 360\tab \up0 \expndtw-5\charscalex100 120\tab \up0 \expndtw-5
\charscalex100 240\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb18\sl-23
0\slmult0\fi0\tx4389\tx4749\tx5589\tx5949\tx6789\tx7149\tx7988\tx8348\tx9428\tx9
788 \up0 \expndtw-5\charscalex100 EBT\tab \up0 \expndtw-5\charscalex100 $\tab \u
p0 \expndtw-5\charscalex100 880\tab \up0 \expndtw-5\charscalex100 $\tab \up0 \ex
pndtw-5\charscalex100 880\tab \up0 \expndtw-5\charscalex100 $\tab \up0 \expndtw5\charscalex100 640\tab \up0 \expndtw-5\charscalex100 $\tab \up0 \expndtw-5\char
scalex100 880\tab \up0 \expndtw-5\charscalex100 $\tab \up0 \expndtw-5\charscalex
100 760\par\pard\li2589\sb19\sl-230\slmult0\fi239\tx4749\tx5949\tx7149\tx8348\tx
9788 \up0 \expndtw-5\charscalex100 Taxes\tab \up0 \expndtw-5\charscalex100 440\t
ab \up0 \expndtw-5\charscalex100 440\tab \up0 \expndtw-5\charscalex100 320\tab \
up0 \expndtw-5\charscalex100 440\tab \up0 \expndtw-5\charscalex100 380\par\pard\
tx5589\tx5949\tx6789\tx7149\tx7989\tx8348\tx9428\tx9788 \up0 \expndtw-5\charscal
ex100 EAT\tab \up0 \expndtw-5\charscalex100 $\tab \up0 \expndtw-5\charscalex100
440\tab \up0 \expndtw-5\charscalex100 $\tab \up0 \expndtw-5\charscalex100 440\ta
b \up0 \expndtw-5\charscalex100 $\tab \up0 \expndtw-5\charscalex100 320\tab \up0
\expndtw-5\charscalex100 $\tab \up0 \expndtw-5\charscalex100 440\tab \up0 \expn
dtw-5\charscalex100 $\tab \up0 \expndtw-5\charscalex100 380\par\pard\li2589\sb19
\sl-230\slmult0\fi239 \up0 \expndtw-5\charscalex100 Pref. Stk.\par\pard\li2589\s
b21\sl-230\slmult0\fi359\tx4749\tx5948\tx7148\tx8348\tx9788 \up0 \expndtw-5\char
scalex100 Dividend\tab \up0 \expndtw-5\charscalex100 ---\tab \up0 \expndtw-5\cha
rscalex100 ---\tab \up0 \expndtw-5\charscalex100 ---\tab \up0 \expndtw-5\charsca
lex100 210\tab \up0 \expndtw-5\charscalex100 ---\par\pard\li2589\sb0\sl-230\slmu
lt0\par\pard\li2589\sb16\sl-230\slmult0\fi0\tx4389\tx4749\tx5589\tx5949\tx6789\t
x7149\tx7989\tx8348\tx9428\tx9788 \up0 \expndtw-5\charscalex100 EACS\tab \up0 \e
xpndtw-5\charscalex100 $\tab \up0 \expndtw-5\charscalex100 440\tab \up0 \expndtw
-5\charscalex100 $\tab \up0 \expndtw-5\charscalex100 440\tab \up0 \expndtw-5\cha
rscalex100 $\tab \up0 \expndtw-5\charscalex100 320\tab \up0 \expndtw-5\charscale
x100 $\tab \up0 \expndtw-5\charscalex100 230\tab \up0 \expndtw-5\charscalex100 $
\tab \up0 \expndtw-5\charscalex100 380\par\pard\li2589\sb0\sl-230\slmult0\par\pa
rd\li2589\sb40\sl-230\slmult0\fi0 \up0 \expndtw-5\charscalex100 Shares\par\pard\
li2589\sb20\sl-230\slmult0\fi239\tx4749\tx5949\tx7149\tx8349\tx9789 \up0 \expndt
w-5\charscalex100 outstanding\tab \up0 \expndtw-5\charscalex100 100\tab \up0 \ex
pndtw-5\charscalex100 150\tab \up0 \expndtw-5\charscalex100 100\tab \up0 \expndt
w-5\charscalex100 100\tab \up0 \expndtw-5\charscalex100 125\par\pard\li2589\sb20
\sl-230\slmult0\fi0\tx4389\tx5589\tx6789\tx7989\tx9429 \up0 \expndtw-5\charscale
x100 EPS\tab \up0 \expndtw-5\charscalex100 $ 4.40\tab \up0 \expndtw-5\charscale
x100 $ 2.93\tab \up0 \expndtw-5\charscalex100 $ 3.20\tab \up0 \expndtw-5\chars
calex100 $ 2.30\tab \up0 \expndtw-5\charscalex100 $ 3.04\par\pard\li1989\sb0\s
46 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 16: Opera
ting and Financial Leverage\tab \up0 \expndtw-2\charscalex100 Pearson Education
Limited 2005\par\pard\ql \li2589\ri1051\sb465\sl-500\slmult0\tx3189\tx3189 \up0
\expndtw-4\charscalex100 \ul0\nosupersub\cf28\f29\fs20 b)
The important thing
in graphing the alternatives is to include \line\tab \up0 \expndtw-3\charscalex
100 the \up0 \expndtw-8\charscalex100 $120,000 in interest on existing bond
s in all of the \line \tab \up0 \expndtw-8\charscalex100 additional-financin
g plans. \up0 \expndtw-8\charscalex100 The mathematical formula for \par\par
d\ql \li3189\sb224\sl-230\slmult0 \up0 \expndtw-3\charscalex100 determining the
indifference point is: \par\pard\ql \li3189\sb0\sl-230\slmult0 \par\pard\ql\li31
89\sb140\sl-230\slmult0\tx6789 \up0 \expndtw-9\charscalex94 (EBIT1,2 - I1)(1 t) - PD1 \tab \up0 \expndtw-9\charscalex94 (EBIT1,2 - I2)(1 - t) - PD2 \par
\pard\ql \li3189\sb0\sl-180\slmult0 \up0 \expndtw-5\charscalex100 \u8212?\u8212?
\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8
212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212
?\u8212?\u8212? = \u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u82
12?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?
\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212? \par\pard\li4629\sb75\sl-230\s
lmult0\fi0\tx8229 \up0 \expndtw-3\charscalex100 NS1\tab \up0 \expndtw-3\charscal
ex100 NS2\par\pard\ql \li3189\sb0\sl-200\slmult0 \par\pard\ql\li3189\ri1292\sb91
\sl-200\slmult0\tx4029 \up0 \expndtw-7\charscalex100 where
EBIT1,2 = the EBI
T indifference point between the two \line\tab \up0 \expndtw-7\charscalex100 alt
ernative financing methods that we are \par\pard\qj \li4029\ri2732\sb27\sl-240\s
lmult0 \up0 \expndtw-6\charscalex100 concerned with -- in this case, methods 1
\up0 \expndtw-9\charscalex89 and 2; \par\pard\ql \li4149\sb0\sl-230\slmult0 \p
ar\pard\ql\li4149\sb79\sl-230\slmult0 \up0 \expndtw-4\charscalex100 I1, I2 = an
nual interest paid under financing methods \par\pard\ql \li5229\sb1\sl-217\slmul
t0 \up0 \expndtw-9\charscalex93 1 and 2; \par\pard\ql \li3909\sb0\sl-230\slmult
0 \par\pard\ql\li3909\sb83\sl-230\slmult0 \up0 \expndtw-4\charscalex100 PD1, PD2
= annual preferred stock dividend paid under \par\pard\ql \li5229\sb1\sl-193\s
lmult0 \up0 \expndtw-9\charscalex100 financing methods 1 and 2; \par\pard\ql \
li4749\sb0\sl-230\slmult0 \par\pard\ql\li4749\sb47\sl-230\slmult0 \up0 \expndtw6\charscalex100 t = corporate tax rate; \par\pard\ql \li3909\sb0\sl-230\slmult0
\par\pard\ql\li3909\sb80\sl-230\slmult0 \up0 \expndtw-4\charscalex100 NS1, NS2
= number of shares of common stock to be \par\pard\ql \li5229\sb1\sl-217\slmult
0 \up0 \expndtw-6\charscalex100 outstanding under financing methods 1 and 2; \
par\pard\qj \li3189\sb0\sl-260\slmult0 \par\pard\qj\li3189\ri1412\sb228\sl-260\s
lmult0 \up0 \expndtw-8\charscalex100 Comparing Plan #1 (all common) with Plan
#2 (all bonds), we \up0 \expndtw-8\charscalex100 have: \par\pard\ql \li3189\sb
\sl-230\slmult0\tx6429 \up0 \expndtw-9\charscalex97 (EBIT1,2 - $120,000)(.5) \
tab \up0 \expndtw-9\charscalex97 (EBIT1,2 - $360,000)(.5) \par\pard\ql \li3189
\sb0\sl-180\slmult0 \up0 \expndtw-6\charscalex100 \u8212?\u8212?\u8212?\u8212?\u
8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u821
2?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212? = \u8212?\u8212?\u8
212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212
?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212? \par\par
d\li3189\sb42\sl-230\slmult0\fi1079\tx7509 \up0 \expndtw-6\charscalex100 150,000
\tab \up0 \expndtw-6\charscalex100 100,000\par\pard\li3189\sb0\sl-230\slmult0\pa
xpndtw-6\charscalex100 (.5)\t \dn2 \expndtw-6\charscalex100 (EBIT1,2)(100,000)
- (.5)($120,000)(100,000) =\par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189
\sb40\sl-230\slmult0\fi1439 \up0 \expndtw-7\charscalex100 (.5)\t \dn2 \expndtw-7

\charscalex100 (EBIT1,2)(150,000) - (.5)($360,000)(150,000)\par\pard\li3189\sb
lex100 (50,000)\t \dn2 \expndtw-7\charscalex100 (EBIT1,2) - (75,000)(EBIT1,2)
=\par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\sb40\sl-230\slmult0\fi3359
\up0 \expndtw-9\charscalex96 $6,000,000,000 - $27,000,000,000\par\pard\li3189
scalex92 - (25,000)\t \dn2 \expndtw-9\charscalex96 (EBIT1,2) = - $21,000,000
,000\par\pard\ql \li4629\sb0\sl-230\slmult0 \par\pard\ql\li4629\sb79\sl-230\slmu
lt0 \up0 \expndtw-9\charscalex94 EBIT1,2 = $840,000 \par\pard\li1989\sb0\sl-20
sl-207\slmult0\par\pard\li1989\sb79\sl-207\slmult0\fi0\tx10330 \up0 \expndtw-2\c
fs18 12e\tab \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf15\f16\fs18 239\pa
r\pard\sect\sectd\fs24\paperw11900\paperh16840\pard\sb0\sl-240{\bkmkstart Pg242}
{\bkmkend Pg242}\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\s
100 \ul0\nosupersub\cf13\f14\fs18 Chapter 16: Operating and Financial Leverage\t
9\sb228\sl-230\slmult0\tx3945\tx9117 \up0 \expndtw-3\charscalex100 \ul0\nosupers
ub\cf28\f29\fs20 Above \tab \up0 \expndtw-9\charscalex95 $840,000 in EBIT, de
bt is more favorable \tab \up0 \expndtw-9\charscalex94 (in terms of \par\pa
rd\ql \li3189\sb0\sl-230\slmult0 \par\pard\ql\li3189\sb40\sl-230\slmult0 \up0 \e
xpndtw-4\charscalex100 EPS); below $840,000 in EBIT, common is more favorable.
\up0 \expndtw-9\charscalex94 Comparing Plan #1 (all common) with Plan #3
(all preferred), \par\pard\ql \li3189\sb0\sl-230\slmult0 \par\pard\ql\li3189\s
b40\sl-230\slmult0 \up0 \expndtw-3\charscalex100 we have: \par\pard\ql \li3189\s
b110\sl-230\slmult0\tx6429 \up0 \expndtw-9\charscalex97 (EBIT1,3 - $120,000)(.
5) \tab \up0 \expndtw-9\charscalex94 (EBIT1,3 - $120,000)(.5) - $210,000 \pa
r\pard\ql \li3189\sb0\sl-180\slmult0 \up0 \expndtw-5\charscalex100 \u8212?\u8212
?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u
8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212? =
\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8
212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212
?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u
8212? \par\pard\li3189\sb18\sl-230\slmult0\fi1079\tx7989 \up0 \expndtw-6\charsca
lex100 150,000\tab \up0 \expndtw-6\charscalex100 100,000\par\pard\li3189\sb0\sl230\slmult0\par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\sb60\sl-230\slmul
t0\fi0 \up0 \expndtw-6\charscalex100 (.5)\t \dn3 \expndtw-6\charscalex100 (EBIT1
,3)(100,000) - (.5)($120,000)(100,000) =\par\pard\li3189\sb0\sl-230\slmult0\p
ar\pard\li3189\sb41\sl-230\slmult0\fi1439 \up0 \expndtw-7\charscalex100 (.5)\t \
dn3 \expndtw-7\charscalex100 (EBIT1,3)(150,000) - (.5)($120,000)(150,000)\par\
pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\sb40\sl-230\slmult0\fi1439 \up0 \
expndtw-7\charscalex100 - ($210,000)(150,000)\par\pard\li3189\sb0\sl-230\slmult
0\par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\sb60\sl-230\slmult0\fi0 \up
0 \expndtw-7\charscalex100 (50,000)\t \dn2 \expndtw-7\charscalex100 (EBIT1,3) (75,000)(EBIT1,3) =\par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\sb39\s
l-230\slmult0\fi1559 \up0 \expndtw-9\charscalex96 $6,000,000,000 - $9,000,000,
000 - $31,500,000,000\par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\sb0\s
92 - (25,000)\t \dn3 \expndtw-9\charscalex96 (EBIT1,3) = - $34,500,000,000\p
3189\sb100\sl-230\slmult0\fi1439 \up0 \expndtw-6\charscalex100 EBIT1,3 = $1,38
0,000\par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\sb0\sl-230\slmult0\par\
pard\li3189\sb220\sl-230\slmult0\fi0\tx3976\tx7244\tx7671 \up0 \expndtw-6\charsc
alex100 Above\tab \up0 \expndtw-6\charscalex100 $1,380,000 in EBIT, Plan\tab

\up0 \expndtw-6\charscalex100 #3\tab \up0 \expndtw-6\charscalex100 (all preferr
ed) is more\par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\sb40\sl-230\slm
ult0\fi0 \up0 \expndtw-6\charscalex100 favorable (in terms of EPS); below $1,3
80,000 in EBIT, Plan #1\par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\sb40
\sl-230\slmult0\fi0 \up0 \expndtw-6\charscalex100 (all common) is more favorable
.\par\pard\ql \li3189\sb0\sl-230\slmult0 \par\pard\ql\li3189\sb0\sl-230\slmult0
up0 \expndtw-8\charscalex100 Comparing Plan #1 (all common) with Plan #4 (ha
lf common, half \par\pard\ql \li3189\sb0\sl-230\slmult0 \par\pard\ql\li3189\sb40
\sl-230\slmult0 \up0 \expndtw-3\charscalex100 bonds) we have: \par\pard\ql \li31
89\sb110\sl-230\slmult0\tx6429 \up0 \expndtw-9\charscalex97 (EBIT1,4 - $120,00
0)(.5) \tab \up0 \expndtw-9\charscalex97 (EBIT1,4 - $240,000)(.5) \par\pard\ql
\li3189\sb0\sl-180\slmult0 \up0 \expndtw-6\charscalex100 \u8212?\u8212?\u8212?\
u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u82
12?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212? = \u8212?\u
8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u821
2?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?
150,000\tab \up0 \expndtw-6\charscalex100 125,000\par\pard\li3189\sb0\sl-230\sl
\up0 \expndtw-6\charscalex100 (.5)\t \dn2 \expndtw-6\charscalex100 (EBIT1,4)(12
5,000) - (.5)($120,000)(125,000) =\par\pard\ql \li4629\sb0\sl-230\slmult0 \pa
r\pard\ql\li4629\sb56\sl-230\slmult0 \up0 \expndtw-3\charscalex100 (.5) \dn2 \ex
pndtw-6\charscalex100 (EBIT1,4)(150,000) - (.5)($240,000)(150,000) \par\pard\l
ard\li1989\sb86\sl-207\slmult0\fi0\tx10330 \up0 \expndtw-2\charscalex100 \ul0\no
expndtw-2\charscalex100 \ul0\nosupersub\cf15\f16\fs18 240\par\pard\sect\sectd\fs
24\paperw11900\paperh16840\pard\sb0\sl-240{\bkmkstart Pg243}{\bkmkend Pg243}\par
cf13\f14\fs18 Chapter 16: Operating and Financial Leverage\tab \up0 \expndtw-2\c
0 \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf28\f29\fs20 (62,500) \dn3 \exp
ndtw-9\charscalex95 (EBIT1,4) - (75,000)(EBIT1,4) = \par\pard\li3189\sb0\sl-2
30\slmult0\par\pard\li3189\sb141\sl-230\slmult0\fi3359 \up0 \expndtw-9\charscale
x96 $7,500,000,000 - $18,000,000,000\par\pard\li3189\sb0\sl-230\slmult0\par\pa
rd\li3189\sb170\sl-230\slmult0\fi0 \up0 \expndtw-9\charscalex92 - (12,500)\t \d
n3 \expndtw-9\charscalex96 (EBIT1,4) = - $10,500,000,000\par\pard\ql \li4629\
calex100 EBIT1,4 = $840,000 (the same figure as under the \par\pard\ql \li690
9\sb1\sl-217\slmult0 \up0 \expndtw-8\charscalex100 Plan #1 vs. Plan #2 compari
son) \par\pard\qj \li3189\ri1051\sb490\sl-500\slmult0 \up0 \expndtw-9\charscalex
93 Above $840,000 in EBIT, Plan #4 (half common, half bonds) is \up0 \
expndtw-5\charscalex100 more favorable (in terms of EPS); below $840,000 in EB
IT, Plan \up0 \expndtw-5\charscalex100 #1 (all common) is more favorable. \par\
100 For the Plan\tab \up0 \expndtw-7\charscalex100 #2\tab \up0 \expndtw-7\char
scalex100 (all bonds) versus Plan\tab \up0 \expndtw-7\charscalex100 #3\tab \u
p0 \expndtw-7\charscalex100 (all preferred)\par\pard\li3189\sb0\sl-230\slmult0\
par\pard\li3189\sb40\sl-230\slmult0\fi0 \up0 \expndtw-7\charscalex100 comparison
, the bond alternative dominates the preferred\par\pard\li3189\sb0\s
100 alternative by $0.90 per share throughout all levels of EBIT.\par\pard\qj \
li3189\ri1051\sb280\sl-500\slmult0 \up0 \expndtw-8\charscalex91 For the Plan

#2 (all bonds) versus Plan #4 (half common, half \line \up0 \expndtw-4\c
harscalex100 bonds) comparison, the indifference point is again $840,000 in \li
ne \up0 \expndtw-4\charscalex100 EBIT. \par\pard\ql \li3189\sb0\sl-230\slmult0 \
par\pard\ql\li3189\sb0\sl-230\slmult0 \par\pard\ql\li3189\sb24\sl-230\slmult0 \u
p0 \expndtw-9\charscalex93 For the Plan #3 (all preferred) versus Plan #
4 (half common, \par\pard\ql \li3189\sb0\sl-230\slmult0 \par\pard\ql\li3189\sb
40\sl-230\slmult0 \up0 \expndtw-3\charscalex100 half bonds) comparison, we have:
\par\pard\ql \li3189\sb110\sl-230\slmult0\tx7749 \up0 \expndtw-9\charscalex94 (
EBIT3,4 - $120,000)(.5) - $210,000 \tab \up0 \expndtw-9\charscalex97 (EBIT3,
4 - $240,000)(.5) \par\pard\ql \li3189\sb0\sl-180\slmult0 \up0 \expndtw-5\char
scalex100 \u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?
\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8
212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212
?\u8212?\u8212? = \u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u82
12?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?
\u8212?\u8212?\u8212?\u8212? \par\pard\li3189\sb9\sl-230\slmult0\fi1560\tx8709 \
up0 \expndtw-6\charscalex100 100,000\tab \up0 \expndtw-6\charscalex100 125,000\p
3189\sb60\sl-230\slmult0\fi0 \up0 \expndtw-6\charscalex100 (.5)\t \dn2 \expndtw6\charscalex100 (EBIT3,4)(125,000) - (.5)($120,000)(125,000)\par\pard\li3189\s
alex100 - ($210,000)(125,000) =\par\pard\li3189\sb0\sl-230\slmult0\par\pard\li
3189\sb39\sl-230\slmult0\fi1679 \up0 \expndtw-7\charscalex100 (.5)\t \dn2 \expnd
tw-7\charscalex100 (EBIT3,4)(100,000) - (.5)($240,000)(100,000)\par\pard\li318
9\sb0\sl-230\slmult0\par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\sb60\sl230\slmult0\fi0 \up0 \expndtw-7\charscalex100 (62,500)\t \dn3 \expndtw-7\charsca
lex100 (EBIT3,4) - (50,000)(EBIT3,4) =\par\pard\ql \li4629\sb0\sl-230\slmult0
\par\pard\ql\li4629\sb23\sl-230\slmult0 \up0 \expndtw-9\charscalex97 $7,500,000
,000 + $26,250,000,000 - $12,000,000,000 \par\pard\li1989\sb0\sl-207\slmult0
alex100 \ul0\nosupersub\cf28\f29\fs20 (12,500) \dn3 \expndtw-8\charscalex100 (EB
IT3,4) = $21,750,000,000 \par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\s
b77\sl-230\slmult0\fi1199 \up0 \expndtw-9\charscalex97 EBIT3,4 = $1,740,000\pa
\tx10271 \up0 \expndtw-9\charscalex97 Above\tab \up0 \expndtw-9\charscalex97 $1,
740,000 in EBIT, preferred is more favorable\tab \up0 \expndtw-9\charscale
x97 (in\par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\sb40\sl-230\slmult0\f
i0 \up0 \expndtw-8\charscalex98 terms of EPS); below $1,740,000 in EBIT,
half common and half\par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\sb40\
sl-230\slmult0\fi0 \up0 \expndtw-9\charscalex97 bonds is more favorable.\par\par
d\qj \li3189\ri1050\sb410\sl-500\slmult0 \up0 \expndtw-9\charscalex97 These exa
ct indifference points can be used to check graph \up0 \expndtw-9\charsc
alex98 approximations. \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li19
\sb34\sl-230\slmult0\tx2589 \up0 \expndtw-3\charscalex100 6. \tab \up0 \expndtw6\charscalex100 a)
The level of expected EBIT is only moderately abov
e the \par\pard\ql \li3189\sb0\sl-230\slmult0 \par\pard\ql\li3189\sb40\sl-230\s
lmult0\tx6009\tx7449 \up0 \expndtw-6\charscalex100 indifference point of \tab

\up0 \expndtw-3\charscalex100 $840,000. \tab \up0 \expndtw-7\charscalex100 Moreo
ver, the variance of \par\pard\qj \li3189\ri1050\sb47\sl-500\slmult0 \up0 \ex
pndtw-8\charscalex100 possible outcomes is great and there is cons
iderable \line \up0 \expndtw-8\charscalex100 probability that the actual
EBIT will be below the \line \up0 \expndtw-9\charscalex97 indifference
point.
A two-thirds probability corresponds to \line \up0 \expndtw-8\cha
rscalex91 one standard deviation on either side of the mean of a norm
al \line \up0 \expndtw-9\charscalex91 distribution.
If the distribution is ap
proximately normal,
F \par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\sb1
1\sl-230\slmult0\fi0\tx3565\tx5020\tx5396\tx6610\tx6986\tx8577 \up0 \expndtw-4\c
harscalex100 =\tab \up0 \expndtw-4\charscalex100 $1,000,000\tab \up0 \expndtw-4\
charscalex100 -\tab \up0 \expndtw-4\charscalex100 $600,000\tab \up0 \expndtw-4\c
harscalex100 =\tab \up0 \expndtw-4\charscalex100 $400,000.\tab \up0 \expndtw-4\c
harscalex100 The standardized\par\pard\ql \li3189\sb0\sl-230\slmult0 \par\pard
\ql\li3189\sb23\sl-230\slmult0 \up0 \expndtw-3\charscalex100 difference from the
mean to the indifference point is: \par\pard\ql \li4509\sb0\sl-230\slmult0 \par
\pard\ql\li4509\sb40\sl-230\slmult0 \up0 \expndtw-9\charscalex93 ($840,000 - $
1,000,000)/$400,000 = - 0.4 \par\pard\qj \li3189\ri1050\sb47\sl-500\slmult0 \
up0 \expndtw-6\charscalex100 Looking at a normal distribution table found
in most any \line \up0 \expndtw-6\charscalex100 statistics text, we find
that this corresponds to a \up0 \expndtw-6\charscalex100 34.5 \par\pard\qj \
li3189\ri1051\sb0\sl-500\slmult0 \up0 \expndtw-9\charscalex93 percent probabil
ity that the actual EBIT will be below \up0 \expndtw-5\charscalex1
00 $840,000.
While the choice of alternatives depends upon one's \up0 \expndt
w-9\charscalex94 risk preferences, the level and variability of EBIT poi
nt to \up0 \expndtw-9\charscalex95 the "all-common stock" alternative. \par\par
ls of Financial Management,\ul0\nosupersub\cf13\f14\fs18 12e\tab \up0 \expndtw2\charscalex100 \ul0\nosupersub\cf15\f16\fs18 242\par\pard\sect\sectd\fs24\paper
w11900\paperh16840\pard\sb0\sl-240{\bkmkstart Pg245}{\bkmkend Pg245}\par\pard\li
\fs18 Chapter 16: Operating and Financial Leverage\tab \up0 \expndtw-5\charscale
x100 Pearson Education Limited 2005\par\pard\li1989\sb0\sl-230\slmult0\par\pard\
5\sl-230\slmult0\fi599 \up0 \expndtw-4\charscalex100 \ul0\nosupersub\cf28\f29\fs
20 b)
Here the level of expected EBIT is significantly above the\par
8 \up0 \expndtw-5\charscalex100 indifference point and the variability is
less.\tab \up0 \expndtw-5\charscalex100 If the\par\pard\li1989\sb0\sl-230\slmul
t0\par\pard\li1989\sb40\sl-230\slmult0\fi1199\tx8396\tx8741\tx9085\tx10510 \up0
\expndtw-5\charscalex100 distribution is approximately normal,\tab \up0 \expn
dtw-5\charscalex100 s\tab \up0 \expndtw-5\charscalex100 =\tab \up0 \expndtw-5\ch
arscalex100 $1,500,000\tab \up0 \expndtw-5\charscalex100 -\par\pard\qj \li3189\r
i1051\sb30\sl-500\slmult0 \up0 \expndtw-9\charscalex95 $1,300,000 = $200,000.
The standardized difference from the \up0 \expndtw-9\charscalex96 mean to
the indifference point is: \par\pard\ql \li4509\sb224\sl-230\slmult0 \up0 \expn
dtw-9\charscalex93 ($840,000 - $1,500,000)/$200,000 = - 3.3 \par\pard\qj \l
i3189\ri1050\sb47\sl-500\slmult0 \up0 \expndtw-9\charscalex94 The probability
of actual EBIT falling below the indifference \up0 \expndtw-9\charscalex94
point is negligible.
The situation in this case favors the \up0 \exp
ndtw-9\charscalex95 "all bond" alternative.\par\pard\sect\sectd\sbknone\cols2\co
lno1\colw4829\colsr160\colno2\colw6771\colsr160\ql \li1989\sb0\sl-230\slmult0 \p
ar\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql \li1989\sb0\sl-230\slmult0 \p
ar\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql \li1989\sb122\sl-230\slmult0\

tx2584 \up0 \expndtw-3\charscalex100 7.\tab \up0 \expndtw-3\charscalex100 a)\par
\pard\qj \li1989\sb0\sl-249\slmult0 \par\pard\qj \li1989\sb0\sl-249\slmult0 \par
\pard\qj \li1989\ri391\sb157\sl-249\slmult0 \up0 \expndtw-7\charscalex100 EBIT
(000s omitted) \line \up0 \expndtw-3\charscalex100 Interest on existing\par\pard
\ql \li2589\sb18\sl-230\slmult0 \up0 \expndtw-3\charscalex100 debt\par\pard\ql \
li1989\sb20\sl-230\slmult0 \up0 \expndtw-3\charscalex100 Interest on new debt\pa
r\pard\qj \li1989\ri271\sb231\sl-249\slmult0 \up0 \expndtw-3\charscalex100 Earni
ngs before taxes \up0 \expndtw-3\charscalex100 Taxes\par\pard\qj \li1989\ri271\s
b228\sl-249\slmult0 \up0 \expndtw-3\charscalex100 Earnings after taxes \line \up
0 \expndtw-3\charscalex100 Dividends on existing\par\pard\ql \li2589\sb17\sl-230
\slmult0 \up0 \expndtw-3\charscalex100 preferred stock\par\pard\ql \li1989\sb20\
sl-230\slmult0 \up0 \expndtw-3\charscalex100 Dividends on new\par\pard\ql \li258
9\sb20\sl-230\slmult0 \up0 \expndtw-3\charscalex100 preferred stock\par\pard\ql
w-3\charscalex100 Earnings available to\par\pard\column \ql \li5589\sb0\sl-230\s
lmult0 \par\pard\ql \li5589\sb0\sl-230\slmult0 \par\pard\ql \li620\sb122\sl-230\
slmult0 \up0 \expndtw-3\charscalex100 Additional-financing Alternatives\par\pard
\ql \li20\sb220\sl-230\slmult0\tx2665\tx4345 \up0 \expndtw-3\charscalex100 Commo
n\tab \up0 \expndtw-3\charscalex100 Debt\tab \up0 \expndtw-3\charscalex100 Prefe
rred\par\pard\ql \li20\sb220\sl-230\slmult0\tx2545\tx4465 \up0 \expndtw-3\charsc
alex100 $6,000\tab \up0 \expndtw-3\charscalex100 $6,000.0\tab \up0 \expndtw-3\ch
arscalex100 $6,000\par\pard\ql \li5109\sb0\sl-230\slmult0 \par\pard\ql \li380\sb
40\sl-230\slmult0\tx2905\tx4825 \up0 \expndtw-3\charscalex100 800\tab \up0 \expn
dtw-3\charscalex100 800.0\tab \up0 \expndtw-3\charscalex100 800\par\pard\ql \li6
20\sb20\sl-230\slmult0\tx2905\tx5065 \up0 \expndtw-3\charscalex100 0\tab \up0 \e
xpndtw-3\charscalex100 550.0\tab \up0 \expndtw-3\charscalex100 0\par\pard\ql \li
5109\sb0\sl-230\slmult0 \par\pard\ql \li140\sb16\sl-230\slmult0\tx2665\tx4585 \u
p0 \expndtw-3\charscalex100 5,200\tab \up0 \expndtw-3\charscalex100 4,650.0\tab
\up0 \expndtw-3\charscalex100 5,200\par\pard\ql \li140\sb20\sl-230\slmult0\tx266
5\tx4585 \up0 \expndtw-3\charscalex100 1,820\tab \up0 \expndtw-3\charscalex100 1
,627.5\tab \up0 \expndtw-3\charscalex100 1,820\par\pard\ql \li5109\sb0\sl-230\sl
mult0 \par\pard\ql \li140\sb17\sl-230\slmult0\tx2665\tx4585 \up0 \expndtw-3\char
scalex100 3,380\tab \up0 \expndtw-3\charscalex100 3,022.5\tab \up0 \expndtw-3\ch
arscalex100 3,380\par\pard\ql \li5589\sb0\sl-230\slmult0 \par\pard\ql \li620\sb4
0\sl-230\slmult0\tx3145\tx5065 \up0 \expndtw-3\charscalex100 0\tab \up0 \expndtw
-3\charscalex100 0.0\tab \up0 \expndtw-3\charscalex100 0\par\pard\ql \li1989\sb0
\sl-230\slmult0 \par\pard\ql \li620\sb40\sl-230\slmult0\tx3145\tx4825 \up0 \expn
dtw-3\charscalex100 0\tab \up0 \expndtw-3\charscalex100 0.0\tab \up0 \expndtw-3\
charscalex100 500 \par\pard\sect\sectd\sbknone \li1989\sb20\sl-230\slmult0\fi599
\tx7509\tx9429 \up0 \expndtw-6\charscalex100 common shareholders $3,380\tab \up
0 \expndtw-6\charscalex100 $3,022.5\tab \up0 \expndtw-6\charscalex100 $2,880\par
\pard\sect\sectd\sbknone \li1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl-230\
slmult0\fi0 \up0 \expndtw-6\charscalex100 Number of common shares\par\pard\sect\
sectd\sbknone \li1989\sb20\sl-230\slmult0\fi599\tx5109\tx7629\tx9549 \up0 \expnd
tw-6\charscalex100 outstanding\tab \up0 \expndtw-6\charscalex100 1,350\tab \up0
\expndtw-6\charscalex100 1,100.0\tab \up0 \expndtw-6\charscalex100 1,100\par\par
d\sect\sectd\sbknone \li1989\sb21\sl-230\slmult0\fi0\tx4989\tx7749\tx9429 \up0 \
expndtw-6\charscalex100 Earnings per share (EPS)\tab \up0 \expndtw-6\charscalex
100 $ 2.50\tab \up0 \expndtw-6\charscalex100 $ 2.75\tab \up0 \expndtw-6\charsc
alex100 $ 2.62\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\sl

3\f14\fs18 Chapter 16: Operating and Financial Leverage\tab \up0 \expndtw-2\char
scalex100 Pearson Education Limited 2005\par\pard\sect\sectd\sbknone\cols2\colno
1\colw4829\colsr160\colno2\colw6771\colsr160\ql \li2589\sb0\sl-230\slmult0 \par\
pard\ql \li2589\sb0\sl-230\slmult0 \par\pard\ql \li2589\sb0\sl-230\slmult0 \par\
pard\ql \li2589\sb66\sl-230\slmult0\tx3064 \up0 \expndtw-3\charscalex100 \ul0\no
supersub\cf28\f29\fs20 b)\tab \up0 \expndtw-3\charscalex100 (1)\par\pard\qj \li1
989\sb0\sl-249\slmult0 \par\pard\qj \li1989\sb0\sl-249\slmult0 \par\pard\qj \li1
989\ri391\sb157\sl-249\slmult0 \up0 \expndtw-7\charscalex100 EBIT (000s omitted
) \line \up0 \expndtw-3\charscalex100 Interest on existing\par\pard\ql \li2589\s
b18\sl-230\slmult0 \up0 \expndtw-3\charscalex100 debt\par\pard\ql \li1989\sb20\s
l-230\slmult0 \up0 \expndtw-3\charscalex100 Interest on new debt\par\pard\qj \li
1989\ri271\sb231\sl-249\slmult0 \up0 \expndtw-3\charscalex100 Earnings before ta
xes \up0 \expndtw-3\charscalex100 Taxes\par\pard\qj \li1989\ri271\sb228\sl-249\s
lmult0 \up0 \expndtw-3\charscalex100 Earnings after taxes \line \up0 \expndtw-3\
charscalex100 Dividends on existing\par\pard\ql \li2589\sb17\sl-230\slmult0 \up0
\expndtw-3\charscalex100 preferred stock\par\pard\ql \li1989\sb20\sl-230\slmult
0 \up0 \expndtw-3\charscalex100 Dividends on new\par\pard\ql \li2589\sb20\sl-230
\slmult0 \up0 \expndtw-3\charscalex100 preferred stock\par\pard\ql \li1989\sb0\s
l-230\slmult0 \par\pard\ql \li1989\sb16\sl-230\slmult0 \up0 \expndtw-3\charscale
x100 Earnings available to\par\pard\column \ql \li5589\sb0\sl-230\slmult0 \par\p
ard\ql \li620\sb66\sl-230\slmult0 \up0 \expndtw-3\charscalex100 Additional-finan
cing Alternatives\par\pard\ql \li20\sb220\sl-230\slmult0\tx2665\tx4345 \up0 \exp
ndtw-3\charscalex100 Common\tab \up0 \expndtw-3\charscalex100 Debt\tab \up0 \exp
ndtw-3\charscalex100 Preferred\par\pard\ql \li20\sb220\sl-230\slmult0\tx2545\tx4
465 \up0 \expndtw-3\charscalex100 $3,000\tab \up0 \expndtw-3\charscalex100 $3,00
0.0\tab \up0 \expndtw-3\charscalex100 $3,000\par\pard\ql \li5109\sb0\sl-230\slmu
lt0 \par\pard\ql \li380\sb40\sl-230\slmult0\tx2905\tx4825 \up0 \expndtw-3\charsc
ex100 800\par\pard\ql \li620\sb20\sl-230\slmult0\tx2905\tx5065 \up0 \expndtw-3\c
harscalex100 0\tab \up0 \expndtw-3\charscalex100 550.0\tab \up0 \expndtw-3\chars
calex100 0\par\pard\ql \li5109\sb0\sl-230\slmult0 \par\pard\ql \li140\sb16\sl-23
0\slmult0\tx2665\tx4585 \up0 \expndtw-3\charscalex100 2,200\tab \up0 \expndtw-3\
charscalex100 1,650.0\tab \up0 \expndtw-3\charscalex100 2,200\par\pard\ql \li380
\sb20\sl-230\slmult0\tx2905\tx4825 \up0 \expndtw-3\charscalex100 770\tab \up0 \e
xpndtw-3\charscalex100 577.5\tab \up0 \expndtw-3\charscalex100 770\par\pard\ql \
li5109\sb0\sl-230\slmult0 \par\pard\ql \li140\sb17\sl-230\slmult0\tx2665\tx4585
\up0 \expndtw-3\charscalex100 1,430\tab \up0 \expndtw-3\charscalex100 1,072.5\ta
b \up0 \expndtw-3\charscalex100 1,430\par\pard\ql \li5589\sb0\sl-230\slmult0 \pa
r\pard\ql \li620\sb40\sl-230\slmult0\tx3145\tx5065 \up0 \expndtw-3\charscalex100
0\tab \up0 \expndtw-3\charscalex100 0.0\tab \up0 \expndtw-3\charscalex100 0\par
\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql \li620\sb40\sl-230\slmult0\tx31
45\tx4825 \up0 \expndtw-3\charscalex100 0\tab \up0 \expndtw-3\charscalex100 0.0\
tab \up0 \expndtw-3\charscalex100 500 \par\pard\sect\sectd\sbknone \li1989\sb20\
sl-230\slmult0\fi599\tx7508\tx9428\tx9788 \up0 \expndtw-6\charscalex100 common s
hareholders $1,430\tab \up0 \expndtw-6\charscalex100 $1,072.5\tab \up0 \expndtw
-6\charscalex100 $\tab \up0 \expndtw-6\charscalex100 930\par\pard\sect\sectd\sbk
none \li1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl-230\slmult0\fi0 \up0 \ex
pndtw-6\charscalex100 Number of common shares\par\pard\sect\sectd\sbknone \li198
9\sb20\sl-230\slmult0\fi599\tx5109\tx7629\tx9549 \up0 \expndtw-6\charscalex100 o
utstanding\tab \up0 \expndtw-6\charscalex100 1,350\tab \up0 \expndtw-6\charscale
x100 1,100.0\tab \up0 \expndtw-6\charscalex100 1,100\par\pard\sect\sectd\sbknone
\li1989\sb21\sl-230\slmult0\fi0\tx4989\tx7749\tx9429 \up0 \expndtw-6\charscalex
100 Earnings per share (EPS)\tab \up0 \expndtw-6\charscalex100 $ 1.06\tab \up0
\expndtw-6\charscalex100 $ 0.98\tab \up0 \expndtw-6\charscalex100 $ 0.85\par\
9\sb0\sl-230\slmult0\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb99\sl230\slmult0\fi0\tx3069\tx5589 \up0 \expndtw-3\charscalex100 b)\tab \up0 \expndtw

-3\charscalex100 (2)\tab \up0 \expndtw-3\charscalex100 Additional-financing Alte
rnatives\par\pard\li1989\sb220\sl-230\slmult0\fi3000\tx7629\tx9309 \up0 \expndtw
-3\charscalex100 Common\tab \up0 \expndtw-3\charscalex100 Debt\tab \up0 \expndtw
-3\charscalex100 Preferred\par\pard\li1989\sb220\sl-230\slmult0\fi0\tx4989\tx750
9\tx9429 \up0 \expndtw-3\charscalex100 EBIT (000s omitted)\tab \up0 \expndtw-3\
charscalex100 $4,000\tab \up0 \expndtw-3\charscalex100 $4,000.0\tab \up0 \expndt
w-3\charscalex100 $4,000\par\pard\li1989\sb21\sl-230\slmult0\fi0 \up0 \expndtw-3
\charscalex100 Interest on existing\par\pard\li1989\sb19\sl-230\slmult0\fi599\tx
5349\tx7869\tx9789 \up0 \expndtw-3\charscalex100 debt\tab \up0 \expndtw-3\charsc
ex100 800\par\pard\li1989\sb20\sl-230\slmult0\fi0\tx5589\tx7869\tx10029 \up0 \ex
pndtw-3\charscalex100 Interest on new debt\tab \up0 \expndtw-3\charscalex100 0\t
ab \up0 \expndtw-3\charscalex100 550.0\tab \up0 \expndtw-3\charscalex100 0\par\p
629\tx9549 \up0 \expndtw-3\charscalex100 Earnings before taxes\tab \up0 \expndtw
-3\charscalex100 3,200\tab \up0 \expndtw-3\charscalex100 2,650.0\tab \up0 \expnd
tw-3\charscalex100 3,200\par\pard\li1989\sb19\sl-230\slmult0\fi0\tx5109\tx7869\t
x9549 \up0 \expndtw-3\charscalex100 Taxes\tab \up0 \expndtw-3\charscalex100 1,12
109\tx7629\tx9549 \up0 \expndtw-3\charscalex100 Earnings after taxes\tab \up0 \e
xpndtw-3\charscalex100 2,080\tab \up0 \expndtw-3\charscalex100 1,772.5\tab \up0
\expndtw-3\charscalex100 2,080\par\pard\ql \li1989\sb19\sl-230\slmult0 \up0 \exp
ndtw-3\charscalex100 Dividends on existing \par\pard\li2589\sb21\sl-230\slmult0\
fi0\tx5589\tx8109\tx10029 \up0 \expndtw-3\charscalex100 preferred stock\tab \up0
\expndtw-3\charscalex100 0\tab \up0 \expndtw-3\charscalex100 0.0\tab \up0 \expn
dtw-3\charscalex100 0\par\pard\ql \li1989\sb19\sl-230\slmult0 \up0 \expndtw-3\ch
arscalex100 Dividends on new \par\pard\li1989\sb20\sl-230\slmult0\fi599\tx5589\t
x8109\tx9789 \up0 \expndtw-4\charscalex100 preferred stock\tab \up0 \expndtw-4\c
harscalex100 0\tab \up0 \expndtw-4\charscalex100 0.0\tab \up0 \expndtw-4\charsca
lex100 500\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb17\sl-230\slmult
0\fi0 \up0 \expndtw-4\charscalex100 Earnings available to\par\pard\li1989\sb20\s
l-230\slmult0\fi599\tx7509\tx9429 \up0 \expndtw-4\charscalex100 common sharehold
ers $2,080\tab \up0 \expndtw-4\charscalex100 $1,722.5\tab \up0 \expndtw-4\chars
calex100 $1,580\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl-230\s
lmult0\fi0 \up0 \expndtw-4\charscalex100 Number of common shares\par\pard\li1989
\sb20\sl-230\slmult0\fi599\tx5109\tx7629\tx9549 \up0 \expndtw-4\charscalex100 ou
tstanding\tab \up0 \expndtw-4\charscalex100 1,350\tab \up0 \expndtw-4\charscalex
100 1,100.0\tab \up0 \expndtw-4\charscalex100 1,100\par\pard\li1989\sb20\sl-230\
slmult0\fi0\tx4989\tx7869\tx9429 \up0 \expndtw-6\charscalex100 Earnings per shar
e (EPS)\tab \up0 \expndtw-4\charscalex100 $ 1.54\tab \up0 \expndtw-4\charscale
x100 $1.57\tab \up0 \expndtw-4\charscalex100 $ 1.44\par\pard\li1989\sb0\sl-207\
8 244\par\pard\sect\sectd\fs24\paperw11900\paperh16840\pard\sb0\sl-240{\bkmkstar
t Pg247}{\bkmkend Pg247}\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\
arscalex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 16: Operating and Financial Le
verage\tab \up0 \expndtw-2\charscalex100 Pearson Education Limited 2005\par\pard
\sect\sectd\sbknone\cols2\colno1\colw4829\colsr160\colno2\colw6771\colsr160\ql \
li2589\sb0\sl-230\slmult0 \par\pard\ql \li2589\sb66\sl-230\slmult0\tx3064 \up0 \
expndtw-3\charscalex100 \ul0\nosupersub\cf28\f29\fs20 b)\tab \up0 \expndtw-3\cha
rscalex100 (3)\par\pard\qj \li1989\sb0\sl-249\slmult0 \par\pard\qj \li1989\sb0\s
l-249\slmult0 \par\pard\qj \li1989\ri391\sb157\sl-249\slmult0 \up0 \expndtw-7\ch

arscalex100 EBIT (000s omitted) \line \up0 \expndtw-3\charscalex100 Interest on
existing\par\pard\ql \li2589\sb18\sl-230\slmult0 \up0 \expndtw-3\charscalex100
debt\par\pard\ql \li1989\sb20\sl-230\slmult0 \up0 \expndtw-3\charscalex100 Inter
est on new debt\par\pard\qj \li1989\ri271\sb231\sl-249\slmult0 \up0 \expndtw-3\c
harscalex100 Earnings before taxes \up0 \expndtw-3\charscalex100 Taxes\par\pard\
qj \li1989\ri271\sb228\sl-249\slmult0 \up0 \expndtw-3\charscalex100 Earnings aft
er taxes \line \up0 \expndtw-3\charscalex100 Dividends on existing\par\pard\ql \
li2589\sb17\sl-230\slmult0 \up0 \expndtw-3\charscalex100 preferred stock\par\par
d\ql \li1989\sb20\sl-230\slmult0 \up0 \expndtw-3\charscalex100 Dividends on new\
par\pard\ql \li2589\sb20\sl-230\slmult0 \up0 \expndtw-3\charscalex100 preferred
stock\par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql \li1989\sb16\sl-230\sl
mult0 \up0 \expndtw-3\charscalex100 Earnings available to\par\pard\column \ql \l
i5589\sb0\sl-230\slmult0 \par\pard\ql \li620\sb66\sl-230\slmult0 \up0 \expndtw-3
\charscalex100 Additional-financing Alternatives\par\pard\ql \li20\sb220\sl-230\
slmult0\tx2665\tx4345 \up0 \expndtw-3\charscalex100 Common\tab \up0 \expndtw-3\c
harscalex100 Debt\tab \up0 \expndtw-3\charscalex100 Preferred\par\pard\ql \li20\
sb220\sl-230\slmult0\tx2545\tx4465 \up0 \expndtw-3\charscalex100 $8,000\tab \up0
\expndtw-3\charscalex100 $8,000.0\tab \up0 \expndtw-3\charscalex100 $8,000\par\
pard\ql \li5109\sb0\sl-230\slmult0 \par\pard\ql \li380\sb40\sl-230\slmult0\tx290
.0\tab \up0 \expndtw-3\charscalex100 800\par\pard\ql \li620\sb20\sl-230\slmult0\
550.0\tab \up0 \expndtw-3\charscalex100 0\par\pard\ql \li5109\sb0\sl-230\slmult0
x100 7,200\tab \up0 \expndtw-3\charscalex100 6,650.0\tab \up0 \expndtw-3\charsca
lex100 7,200\par\pard\ql \li140\sb20\sl-230\slmult0\tx2665\tx4585 \up0 \expndtw3\charscalex100 2,520\tab \up0 \expndtw-3\charscalex100 2,327.5\tab \up0 \expndt
w-3\charscalex100 2,520\par\pard\ql \li5109\sb0\sl-230\slmult0 \par\pard\ql \li1
40\sb17\sl-230\slmult0\tx2665\tx4585 \up0 \expndtw-3\charscalex100 4,680\tab \up
0 \expndtw-3\charscalex100 4,322.5\tab \up0 \expndtw-3\charscalex100 4,680\par\p
\tx5065 \up0 \expndtw-3\charscalex100 0\tab \up0 \expndtw-3\charscalex100 0.0\ta
b \up0 \expndtw-3\charscalex100 0\par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pa
rd\ql \li620\sb40\sl-230\slmult0\tx3145\tx4825 \up0 \expndtw-3\charscalex100 0\t
ab \up0 \expndtw-3\charscalex100 0.0\tab \up0 \expndtw-3\charscalex100 500 \par\
pard\sect\sectd\sbknone \li1989\sb20\sl-230\slmult0\fi599\tx7509\tx9429 \up0 \ex
pndtw-6\charscalex100 common shareholders $4,680\tab \up0 \expndtw-6\charscalex
100 $4,322.5\tab \up0 \expndtw-6\charscalex100 $4,180\par\pard\sect\sectd\sbknon
e \li1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl-230\slmult0\fi0 \up0 \expnd
tw-6\charscalex100 Number of common shares\par\pard\sect\sectd\sbknone \li1989\s
b20\sl-230\slmult0\fi599\tx5109\tx7629\tx9549 \up0 \expndtw-6\charscalex100 outs
tanding\tab \up0 \expndtw-6\charscalex100 1,350\tab \up0 \expndtw-6\charscalex10
0 1,100.0\tab \up0 \expndtw-6\charscalex100 1,100\par\pard\sect\sectd\sbknone \l
Earnings per share (EPS)\tab \up0 \expndtw-6\charscalex100 $ 3.47\tab \up0 \e
xpndtw-6\charscalex100 $ 3.93\tab \up0 \expndtw-6\charscalex100 $ 3.80\par\par
\slmult0\fi0\tx3069\tx5589 \up0 \expndtw-3\charscalex100 c)\tab \up0 \expndtw-3\
charscalex100 (1)\tab \up0 \expndtw-3\charscalex100 Additional-financing Alterna
tives\par\pard\li1989\sb220\sl-230\slmult0\fi3000\tx7629\tx9309 \up0 \expndtw-3\
charscalex100 Common\tab \up0 \expndtw-3\charscalex100 Debt\tab \up0 \expndtw-3\
charscalex100 Preferred\par\pard\li1989\sb220\sl-230\slmult0\fi0\tx4989\tx7509\t
x9429 \up0 \expndtw-3\charscalex100 EBIT (000s omitted)\tab \up0 \expndtw-3\cha
rscalex100 $6,000\tab \up0 \expndtw-3\charscalex100 $6,000\tab \up0 \expndtw-3\c
harscalex100 $6,000\par\pard\li1989\sb21\sl-230\slmult0\fi0 \up0 \expndtw-3\char
scalex100 Interest on existing\par\pard\li1989\sb19\sl-230\slmult0\fi599\tx5349\
tx7869\tx9789 \up0 \expndtw-3\charscalex100 debt\tab \up0 \expndtw-3\charscalex1

\charscalex100 Interest on new debt\tab \up0 \expndtw-3\charscalex100 0\tab \up0
9 \up0 \expndtw-3\charscalex100 Earnings before taxes\tab \up0 \expndtw-3\charsc
alex100 5,200\tab \up0 \expndtw-3\charscalex100 4,650\tab \up0 \expndtw-3\charsc
alex100 5,200\par\pard\li1989\sb19\sl-230\slmult0\fi0\tx5109\tx7629\tx9549 \up0
\expndtw-3\charscalex100 Taxes\tab \up0 \expndtw-3\charscalex100 2,392\tab \up0
\expndtw-3\charscalex100 2,139\tab \up0 \expndtw-3\charscalex100 2,392\par\pard\
tx9549 \up0 \expndtw-3\charscalex100 Earnings after taxes\tab \up0 \expndtw-3\ch
arscalex100 2,808\tab \up0 \expndtw-3\charscalex100 2,511\tab \up0 \expndtw-3\ch
arscalex100 2,808\par\pard\ql \li1989\sb19\sl-230\slmult0 \up0 \expndtw-3\charsc
alex100 Dividends on existing \par\pard\li2589\sb21\sl-230\slmult0\fi0\tx5589\tx
8109\tx10029 \up0 \expndtw-3\charscalex100 preferred stock\tab \up0 \expndtw-3\c
harscalex100 0\tab \up0 \expndtw-3\charscalex100 0\tab \up0 \expndtw-3\charscale
x100 0\par\pard\ql \li1989\sb19\sl-230\slmult0 \up0 \expndtw-3\charscalex100 Div
idends on new \par\pard\li1989\sb20\sl-230\slmult0\fi599\tx5589\tx8109\tx9789 \u
p0 \expndtw-5\charscalex100 preferred stock\tab \up0 \expndtw-5\charscalex100 0\
tab \up0 \expndtw-5\charscalex100 0\tab \up0 \expndtw-5\charscalex100 500\par\pa
tw-5\charscalex100 Earnings available to\par\pard\li1989\sb20\sl-230\slmult0\fi5
99\tx7509\tx9429 \up0 \expndtw-5\charscalex100 common shareholders $2,808\tab \
up0 \expndtw-5\charscalex100 $2,511\tab \up0 \expndtw-5\charscalex100 $2,308\par
pndtw-5\charscalex100 Number of common shares\par\pard\li1989\sb20\sl-230\slmult
0\fi599\tx5109\tx7629\tx9549 \up0 \expndtw-5\charscalex100 outstanding\tab \up0
\expndtw-5\charscalex100 1,100\par\pard\li1989\sb20\sl-230\slmult0\fi0\tx4989\tx
7509\tx9429 \up0 \expndtw-6\charscalex100 Earnings per share (EPS)\tab \up0 \ex
pndtw-5\charscalex100 $ 2.08\tab \up0 \expndtw-5\charscalex100 $ 2.28\tab \up0
\expndtw-5\charscalex100 $ 2.10\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li
\sectd\fs24\paperw11900\paperh16840\pard\sb0\sl-240{\bkmkstart Pg248}{\bkmkend P
g248}\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmult0\par\
pard\li1989\sb81\sl-207\slmult0\fi0\tx7846 \up0 \expndtw-2\charscalex100 \ul0\no
supersub\cf13\f14\fs18 Chapter 16: Operating and Financial Leverage\tab \up0 \ex
pndtw-2\charscalex100 Pearson Education Limited 2005\par\pard\sect\sectd\sbknone
\cols2\colno1\colw4829\colsr160\colno2\colw6771\colsr160\ql \li2589\sb0\sl-230\s
lmult0 \par\pard\ql \li2589\sb66\sl-230\slmult0\tx3064 \up0 \expndtw-3\charscale
x100 \ul0\nosupersub\cf28\f29\fs20 c)\tab \up0 \expndtw-3\charscalex100 (2)\par\
pard\qj \li1989\sb0\sl-249\slmult0 \par\pard\qj \li1989\sb0\sl-249\slmult0 \par\
pard\qj \li1989\ri391\sb157\sl-249\slmult0 \up0 \expndtw-7\charscalex100 EBIT (
000s omitted) \line \up0 \expndtw-3\charscalex100 Interest on existing\par\pard\
ql \li2589\sb18\sl-230\slmult0 \up0 \expndtw-3\charscalex100 debt\par\pard\ql \l
i1989\sb20\sl-230\slmult0 \up0 \expndtw-3\charscalex100 Interest on new debt\par
\pard\qj \li1989\ri271\sb231\sl-249\slmult0 \up0 \expndtw-3\charscalex100 Earnin
gs before taxes \up0 \expndtw-3\charscalex100 Taxes\par\pard\qj \li1989\ri271\sb
228\sl-249\slmult0 \up0 \expndtw-3\charscalex100 Earnings after taxes \line \up0
\expndtw-3\charscalex100 Dividends on existing\par\pard\ql \li2589\sb17\sl-230\
slmult0 \up0 \expndtw-3\charscalex100 preferred stock\par\pard\ql \li1989\sb20\s
l-230\slmult0 \up0 \expndtw-3\charscalex100 Dividends on new\par\pard\ql \li2589
\sb20\sl-230\slmult0 \up0 \expndtw-3\charscalex100 preferred stock\par\pard\ql \
li1989\sb0\sl-230\slmult0 \par\pard\ql \li1989\sb16\sl-230\slmult0 \up0 \expndtw

-3\charscalex100 Earnings available to\par\pard\column \ql \li5589\sb0\sl-230\sl
mult0 \par\pard\ql \li5589\sb0\sl-230\slmult0 \par\pard\ql \li5589\sb0\sl-230\sl
mult0 \par\pard\ql \li620\sb66\sl-230\slmult0 \up0 \expndtw-3\charscalex100 Addi
tional-financing Alternatives\par\pard\ql \li20\sb220\sl-230\slmult0\tx2665\tx43
45 \up0 \expndtw-3\charscalex100 Common\tab \up0 \expndtw-3\charscalex100 Debt\t
ab \up0 \expndtw-3\charscalex100 Preferred\par\pard\ql \li20\sb220\sl-230\slmult
0\tx2545\tx4465 \up0 \expndtw-3\charscalex100 $6,000\tab \up0 \expndtw-3\charsca
lex100 $6,000\tab \up0 \expndtw-3\charscalex100 $6,000\par\pard\ql \li5109\sb0\s
l-230\slmult0 \par\pard\ql \li380\sb40\sl-230\slmult0\tx2905\tx4825 \up0 \expndt
w-3\charscalex100 800\tab \up0 \expndtw-3\charscalex100 800\tab \up0 \expndtw-3\
charscalex100 800\par\pard\ql \li620\sb20\sl-230\slmult0\tx2905\tx5065 \up0 \exp
ndtw-3\charscalex100 0\tab \up0 \expndtw-3\charscalex100 400\tab \up0 \expndtw-3
\charscalex100 0\par\pard\ql \li5109\sb0\sl-230\slmult0 \par\pard\ql \li140\sb16
\sl-230\slmult0\tx2665\tx4585 \up0 \expndtw-3\charscalex100 5,200\tab \up0 \expn
dtw-3\charscalex100 4,800\tab \up0 \expndtw-3\charscalex100 5,200\par\pard\ql \l
i140\sb20\sl-230\slmult0\tx2665\tx4585 \up0 \expndtw-3\charscalex100 1,820\tab \
up0 \expndtw-3\charscalex100 1,680\tab \up0 \expndtw-3\charscalex100 1,820\par\p
\tx4585 \up0 \expndtw-3\charscalex100 3,380\tab \up0 \expndtw-3\charscalex100 3,
120\tab \up0 \expndtw-3\charscalex100 3,380\par\pard\ql \li5589\sb0\sl-230\slmul
t0 \par\pard\ql \li620\sb40\sl-230\slmult0\tx3145\tx5065 \up0 \expndtw-3\charsca
lex100 0\tab \up0 \expndtw-3\charscalex100 0\tab \up0 \expndtw-3\charscalex100 0
\par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql \li620\sb40\sl-230\slmult0\
0\tab \up0 \expndtw-3\charscalex100 350 \par\pard\sect\sectd\sbknone \li1989\sb2
0\sl-230\slmult0\fi599\tx7509\tx9429 \up0 \expndtw-6\charscalex100 common shareh
olders $3,380\tab \up0 \expndtw-6\charscalex100 $3,120\tab \up0 \expndtw-6\char
scalex100 $3,030\par\pard\sect\sectd\sbknone \li1989\sb0\sl-230\slmult0\par\pard
\li1989\sb40\sl-230\slmult0\fi0 \up0 \expndtw-6\charscalex100 Number of common s
hares\par\pard\sect\sectd\sbknone \li1989\sb20\sl-230\slmult0\fi599\tx5109\tx762
9\tx9549 \up0 \expndtw-6\charscalex100 outstanding\tab \up0 \expndtw-6\charscale
x100 1,350\tab \up0 \expndtw-6\charscalex100 1,100\tab \up0 \expndtw-6\charscale
x100 1,100\par\pard\sect\sectd\sbknone \li1989\sb21\sl-230\slmult0\fi0\tx4989\tx
7509\tx9429 \up0 \expndtw-6\charscalex100 Earnings per share (EPS)\tab \up0 \ex
pndtw-6\charscalex100 $ 2.50\tab \up0 \expndtw-6\charscalex100 $ 2.84\tab \up0
\expndtw-6\charscalex100 $ 2.75\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li
l-230\slmult0\par\pard\li2589\sb99\sl-230\slmult0\fi0\tx3069\tx5589 \up0 \expndt
w-3\charscalex100 c)\tab \up0 \expndtw-3\charscalex100 (3)\tab \up0 \expndtw-3\c
harscalex100 Additional-financing Alternatives\par\pard\li1989\sb220\sl-230\slmu
lt0\fi3000\tx7629\tx9309 \up0 \expndtw-3\charscalex100 Common\tab \up0 \expndtw3\charscalex100 Debt\tab \up0 \expndtw-3\charscalex100 Preferred\par\pard\li1989
\sb220\sl-230\slmult0\fi0\tx4989\tx7509\tx9429 \up0 \expndtw-3\charscalex100 EBI
T (000s omitted)\tab \up0 \expndtw-3\charscalex100 $6,000\tab \up0 \expndtw-3\c
harscalex100 $6,000.0\tab \up0 \expndtw-3\charscalex100 $6,000\par\pard\li1989\s
b21\sl-230\slmult0\fi0 \up0 \expndtw-3\charscalex100 Interest on existing\par\pa
rd\li1989\sb19\sl-230\slmult0\fi599\tx5349\tx7869\tx9789 \up0 \expndtw-3\charsca
lex100 debt\tab \up0 \expndtw-3\charscalex100 800\tab \up0 \expndtw-3\charscalex
100 800.0\tab \up0 \expndtw-3\charscalex100 800\par\pard\li1989\sb20\sl-230\slmu
lt0\fi0\tx5589\tx7869\tx10029 \up0 \expndtw-3\charscalex100 Interest on new debt
\tab \up0 \expndtw-3\charscalex100 0\tab \up0 \expndtw-3\charscalex100 550.0\tab
989\sb18\sl-230\slmult0\fi0\tx5109\tx7629\tx9549 \up0 \expndtw-3\charscalex100 E
arnings before taxes\tab \up0 \expndtw-3\charscalex100 5,200\tab \up0 \expndtw-3
\charscalex100 4,650.0\tab \up0 \expndtw-3\charscalex100 5,200\par\pard\li1989\s
b19\sl-230\slmult0\fi0\tx5109\tx7629\tx9549 \up0 \expndtw-3\charscalex100 Taxes\
tab \up0 \expndtw-3\charscalex100 1,820\tab \up0 \expndtw-3\charscalex100 1,627.
5\tab \up0 \expndtw-3\charscalex100 1,820\par\pard\li1989\sb0\sl-230\slmult0\par
\pard\li1989\sb17\sl-230\slmult0\fi0\tx5109\tx7629\tx9549 \up0 \expndtw-3\charsc
alex100 Earnings after taxes\tab \up0 \expndtw-3\charscalex100 3,380\tab \up0 \e

xpndtw-3\charscalex100 3,022.5\tab \up0 \expndtw-3\charscalex100 3,380\par\pard\
ql \li1989\sb19\sl-230\slmult0 \up0 \expndtw-3\charscalex100 Dividends on existi
ng \par\pard\li2589\sb21\sl-230\slmult0\fi0\tx5589\tx8109\tx10029 \up0 \expndtw3\charscalex100 preferred stock\tab \up0 \expndtw-3\charscalex100 0\tab \up0 \ex
pndtw-3\charscalex100 0.0\tab \up0 \expndtw-3\charscalex100 0\par\pard\ql \li198
9\sb19\sl-230\slmult0 \up0 \expndtw-3\charscalex100 Dividends on new \par\pard\l
00 preferred stock\tab \up0 \expndtw-5\charscalex100 0\tab \up0 \expndtw-5\chars
calex100 0.0\tab \up0 \expndtw-5\charscalex100 500\par\pard\li1989\sb0\sl-230\sl
mult0\par\pard\li1989\sb17\sl-230\slmult0\fi0 \up0 \expndtw-5\charscalex100 Earn
ings available to\par\pard\li1989\sb20\sl-230\slmult0\fi599\tx7509\tx9429 \up0 \
expndtw-5\charscalex100 common shareholders $3,380\tab \up0 \expndtw-5\charscal
ex100 $3,022.5\tab \up0 \expndtw-5\charscalex100 $2,880\par\pard\li1989\sb0\sl-2
Number of common shares\par\pard\li1989\sb20\sl-230\slmult0\fi599\tx5109\tx7629
\tx9549 \up0 \expndtw-5\charscalex100 outstanding\tab \up0 \expndtw-5\charscalex
100 1,225\tab \up0 \expndtw-5\charscalex100 1,100.0\tab \up0 \expndtw-5\charscal
ex100 1,100\par\pard\li1989\sb20\sl-230\slmult0\fi0\tx4989\tx7749\tx9429 \up0 \e
xpndtw-6\charscalex100 Earnings per share (EPS)\tab \up0 \expndtw-5\charscalex1
00 $ 2.76\tab \up0 \expndtw-5\charscalex100 $ 2.75\tab \up0 \expndtw-5\charsca
lex100 $ 2.62\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slm
\sb76\sl-207\slmult0\fi0\tx10330 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\c
s18 Chapter 16: Operating and Financial Leverage\tab \up0 \expndtw-6\charscalex1
00 Pearson Education Limited 2005\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li
ndtw-6\charscalex100 \ul0\nosupersub\cf28\f29\fs20 8.\tab \up0 \expndtw-6\charsc
alex100 (000s omitted)\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb39\s
l-230\slmult0\fi599 \up0 \expndtw-6\charscalex100 Boehm-Gau:
Interest Coverag
e = $5,000/$1,600 = 3.13\par\pard\li4029\sb0\sl-230\slmult0\par\pard\li4029\
sb43\sl-230\slmult0\fi0\tx6549 \dn3 \expndtw-7\charscalex100 Debt-service\tab \u
p0 \expndtw-7\charscalex100 $5,000\par\pard\li4029\sb30\sl-230\slmult0\fi239\tx5
589 \dn2 \expndtw-7\charscalex100 Coverage\tab \up0 \expndtw-7\charscalex100 =
\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8
212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212? = 1.01\par\pard\ql \li7029\sb1\
sl-217\slmult0 \up0 \expndtw-3\charscalex100 $2,000 \par\pard\ql \li5829\sb33\sl
-230\slmult0 \up0 \expndtw-9\charscalex94 $1,600 + \u8212?\u8212?\u8212?\u8212
?\u8212?\u8212?\u8212?\u8212?\u8212? \par\pard\ql \li6909\sb10\sl-230\slmult0 \u
p0 \expndtw-9\charscalex85 (1 - .40) \par\pard\ql \li2589\sb0\sl-230\slmult0 \
par\pard\ql\li2589\sb0\sl-230\slmult0 \par\pard\ql\li2589\sb70\sl-230\slmult0 \u
p0 \expndtw-8\charscalex97 Northern California:
Interest Coverage = $100,00
0/$45,000 = 2.22 \par\pard\li5229\sb0\sl-230\slmult0\par\pard\li5229\sb60\sl-2
30\slmult0\fi0\tx7629 \dn2 \expndtw-7\charscalex100 Debt-service\tab \up0 \expnd
tw-7\charscalex100 $100,000\par\pard\li5229\sb10\sl-230\slmult0\fi239\tx6789 \dn
3 \expndtw-7\charscalex100 Coverage\tab \up0 \expndtw-7\charscalex100 = \u8212?
\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8
212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212? = 1.00\par\pard\ql \li8349\sb10
\sl-230\slmult0 \up0 \expndtw-3\charscalex100 $35,000 \par\pard\ql \li7029\sb10\
sl-230\slmult0 \up0 \expndtw-9\charscalex95 $45,000 + \u8212?\u8212?\u8212?\u8
212?\u8212?\u8212?\u8212?\u8212?\u8212? \par\pard\ql \li8229\sb30\sl-230\slmult0
\up0 \expndtw-9\charscalex85 (1 - .36) \par\pard\qj \li2589\ri1050\sb487\sl-5
00\slmult0 \up0 \expndtw-6\charscalex100 The question of with which company
one feels more comfortable \up0 \expndtw-8\charscalex92 depends on the b

usiness risk.
Inasmuch as an electric utility has \up0 \expndtw-8\chars
calex92 stable cash flows and Northern California is large, it is no
doubt \up0 \expndtw-8\charscalex94 the safer loan despite the lower covera
ge ratios.
The fact that \up0 \expndtw-8\charscalex91 the debt service
coverage ratio is 1.0 means that some of the debt \up0 \expndtw-8\chars
calex100 will probably have to be renewed or "rolled over" at maturity
. \up0 \expndtw-8\charscalex100 However, this is typical for an electric utility
\expndtw-3\charscalex100 9.\tab \up0 \expndtw-3\charscalex100 Matching, we get\p
tx8589 \up0 \expndtw-3\charscalex100 Company\tab \up0 \expndtw-3\charscalex100 T
D/TA\tab \up0 \expndtw-3\charscalex100 LTD/Total Cap.\tab \up0 \expndtw-3\charsc
alex100 Industry\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl-230\
slmult0\fi960\tx4509\tx6789\tx8589 \up0 \expndtw-3\charscalex100 A\tab \up0 \exp
ndtw-3\charscalex100 .56\tab \up0 \expndtw-3\charscalex100 .43\tab \up0 \expndtw
-3\charscalex100 Chemical\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb4
0\sl-230\slmult0\fi960\tx4509\tx6789\tx8589 \up0 \expndtw-3\charscalex100 B\tab
\up0 \expndtw-3\charscalex100 .64\tab \up0 \expndtw-3\charscalex100 .66\tab \up0
\expndtw-3\charscalex100 Airline\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li
0 C\tab \up0 \expndtw-3\charscalex100 .47\tab \up0 \expndtw-3\charscalex100 .08\
tab \up0 \expndtw-3\charscalex100 Supermarket\par\pard\li1989\sb0\sl-230\slmult0
\par\pard\li1989\sb40\sl-230\slmult0\fi960\tx4509\tx6789\tx8589 \up0 \expndtw-3\
charscalex100 D\tab \up0 \expndtw-3\charscalex100 .42\tab \up0 \expndtw-3\charsc
alex100 .26\tab \up0 \expndtw-3\charscalex100 Apparel Maker\par\pard\li1989\sb0\
\sb0\sl-207\slmult0\par\pard\li1989\sb122\sl-207\slmult0\fi0\tx10330 \up0 \expnd
tw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Van Horne and Wachowicz: \ul0\n
osupersub\cf14\f15\fs18 Fundamentals of Financial Management,\ul0\nosupersub\cf1
247
}
}}
}
}}
}
}}
}
}}
}
}}
}
age\tab \up0 \expndtw-2\charscalex100 Pearson Education Limited 2005\par\pard\qj
\li2589\ri1050\sb465\sl-500\slmult0 \up0 \expndtw-3\charscalex100 \ul0\nosupers
ub\cf28\f29\fs20 The supermarket is likely to have the highest portion of total
debt \up0 \expndtw-8\charscalex97 in the form of accounts payable, a shor
t-term liability, because \up0 \expndtw-8\charscalex94 purchases make up a
large portion of total costs.
Therefore, we \up0 \expndtw-3\charscalex1
00 would expect it to have the greatest disparity between the two debt \up0 \exp
ndtw-8\charscalex96 ratios.
The airline would be expected to have the
highest debt \up0 \expndtw-8\charscalex96 ratio, most of which is long-te
rm debt used to finance aircraft. \up0 \expndtw-8\charscalex91 Here the r

atio of total debt to total assets is slightly less than \up0 \expndtw
-8\charscalex96 the ratio of long-term debt to total capitalization.
A
n apparel \up0 \expndtw-8\charscalex97 maker will have a sizeable amount
of accounts payable, but will \up0 \expndtw-4\charscalex100 also have some
long-term debt used to finance fixed assets. \up0 \expndtw-3\charscalex1
00 Finally, the chemical company is determined largely by elimination. \up0 \exp
ndtw-3\charscalex100 Such a company has current liabilities, but relies heavily
on long\up0 \expndtw-3\charscalex100 term debt to finance fixed assets. \par\par
slmult0\par\pard\li1989\sb90\sl-207\slmult0\fi0\tx10330 \up0 \expndtw-2\charscal
ex100 \ul0\nosupersub\cf13\f14\fs18 Van Horne and Wachowicz: \ul0\nosupersub\cf1
4\f15\fs18 Fundamentals of Financial Management,\ul0\nosupersub\cf13\f14\fs18 1
2e\tab \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf15\f16\fs18 248\par\pard\
sect\sectd\fs24\paperw11900\paperh16840\pard\sb0\sl-240{\bkmkstart Pg251}{\bkmke
nd Pg251}\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmult0\
0\nosupersub\cf13\f14\fs18 Chapter 16: Operating and Financial Leverage\tab \up0
\expndtw-2\charscalex100 Pearson Education Limited 2005\par\pard\li1989\sb0\sl230\slmult0\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb0\sl-230\slmult
0\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb46\sl-230\slmult0\fi0 \up
0 \expndtw-3\charscalex100 \ul0\nosupersub\cf27\f28\fs20 SOLUTIONS TO SELF-CORRE
CTION PROBLEMS\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb0\sl-230\slm
ard\li1989\sb3\sl-230\slmult0\fi0\tx2589\tx4629 \up0 \expndtw-3\charscalex100 \u
l0\nosupersub\cf28\f29\fs20 1.\tab \up0 \expndtw-3\charscalex100 a.\tab \up0 \ex
pndtw-3\charscalex100 $3M\par\pard\li3189\sb39\sl-230\slmult0\fi0\tx6189 \dn2 \e
xpndtw-9\charscalex92 QBE = \u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\
u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212? =\tab \up0 \expndtw-8\c
harscalex100 \ul0\nosupersub\cf27\f28\fs20 12 million half pints\par\pard\li3189
f28\f29\fs20 ($2.00\tab \up0 \expndtw-8\charscalex100 - $1.75)\par\pard\li3189\
sb0\sl-230\slmult0\par\pard\li3189\sb40\sl-230\slmult0\fi1439 \up0 \expndtw-9\ch
arscalex97 $3M\par\pard\li3189\sb60\sl-230\slmult0\fi0 \up0 \expndtw-9\charscale
x97 SBE = \u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u821
2?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212? = \ul0\nosupersub\cf27\f28\
fs20 $24 million in annual sales\par\pard\li3189\sb1\sl-205\slmult0\fi719 \up0
\expndtw-9\charscalex97 \ul0\nosupersub\cf28\f29\fs20 1 - ($1.75/$2.00)\par\pa
rd\sect\sectd\sbknone\cols2\colno1\colw6029\colsr160\colno2\colw5571\colsr160\ql
\li2589\sb65\sl-230\slmult0\tx4624 \up0 \expndtw-3\charscalex100 b.\tab \up0 \e
xpndtw-3\charscalex100 $3M\par\pard\ql \li3189\sb59\sl-230\slmult0 \up0 \expndtw
-9\charscalex92 QBE = \u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?
\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212? =\par\pard\ql \li3909\sb0\sl207\slmult0\tx4744 \up0 \expndtw-3\charscalex100 ($2.00 \tab \up0 \expndtw-9\cha
rscalex93 - $1.68)\par\pard\ql \li2589\sb0\sl-230\slmult0 \par\pard\ql \li2589\

sb0\sl-230\slmult0 \par\pard\ql \li2589\sb64\sl-230\slmult0\tx4384 \up0 \expndtw
-3\charscalex100 c.\tab \up0 \expndtw-3\charscalex100 $3.75M\par\pard\ql \li3189
\sb60\sl-230\slmult0 \up0 \expndtw-9\charscalex92 QBE = \u8212?\u8212?\u8212?\
u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u82
12? =\par\pard\ql \li3909\sb1\sl-205\slmult0\tx4744 \up0 \expndtw-3\charscalex1
00 ($2.00 \tab \up0 \expndtw-9\charscalex93 - $1.75)\par\pard\ql \li2589\sb0\sl
-230\slmult0 \par\pard\ql \li2589\sb0\sl-230\slmult0 \par\pard\ql \li2589\sb65\s
l-230\slmult0 \up0 \expndtw-3\charscalex100 d.\par\pard\column \ql \li6189\sb0\s
l-230\slmult0 \par\pard\ql \li6189\sb0\sl-230\slmult0 \par\pard\ql \li6189\sb0\s
l-230\slmult0 \par\pard\ql \li20\sb85\sl-230\slmult0 \up0 \expndtw-3\charscalex1
00 \ul0\nosupersub\cf27\f28\fs20 9.375 million half pints\par\pard\ql \li6189\sb
0\sl-230\slmult0 \par\pard\ql \li6189\sb0\sl-230\slmult0 \par\pard\ql \li6189\sb
0\sl-230\slmult0 \par\pard\ql \li6189\sb0\sl-230\slmult0 \par\pard\ql \li20\sb10
0\sl-230\slmult0 \up0 \expndtw-3\charscalex100 15 million half pints\par\pard\ql
w-3\charscalex100 \ul0\nosupersub\cf28\f29\fs20 16M \par\pard\sect\sectd\sbknone
\li3189\sb60\sl-230\slmult0\fi0 \up0 \expndtw-9\charscalex94 DOL16 million unit
s = \u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u82
12? = \ul0\nosupersub\cf27\f28\fs20 4\par\pard\ql \li5829\sb1\sl-204\slmult0 \
up0 \expndtw-9\charscalex88 \ul0\nosupersub\cf28\f29\fs20 (16M - 12M) \par\par
b66\sl-230\slmult0\fi599\tx3189 \up0 \expndtw-6\charscalex100 e.\tab \up0 \expnd
tw-6\charscalex100 (15 percent) x 4 = \ul0\nosupersub\cf27\f28\fs20 60% incre
ase in EBIT\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb0\sl-230\slmult
589\tx3189 \up0 \expndtw-6\charscalex100 \ul0\nosupersub\cf28\f29\fs20 2.\tab \u
p0 \expndtw-6\charscalex100 a.\tab \up0 \expndtw-6\charscalex100 (Percent change
in sales) x DOL = Percent change in EBIT\par\pard\qj \li3189\ri3931\sb36\sl-50
0\slmult0 \up0 \expndtw-9\charscalex97 (20 percent) x 2 = 40% change in EBIT
\line \up0 \expndtw-9\charscalex90 Therefore, $1,000 x (1 + .40) = \ul0\nos
upersub\cf27\f28\fs20 $1,400 \par\pard\li2589\sb0\sl-230\slmult0\par\pard\li258
9\sb0\sl-230\slmult0\par\pard\li2589\sb25\sl-230\slmult0\fi0\tx5709 \up0 \expndt
w-3\charscalex100 \ul0\nosupersub\cf28\f29\fs20 b.\tab \up0 \expndtw-3\charscale
x100 10,000\par\pard\ql \li3189\sb49\sl-230\slmult0 \up0 \expndtw-9\charscalex94
DOL10,000 units = \u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8
212?\u8212?\u8212?\u8212? = 2 \par\pard\ql \li5349\sb30\sl-230\slmult0 \up0 \e
xpndtw-9\charscalex97 10,000 - QBE \par\pard\ql \li3189\sb0\sl-230\slmult0 \par
\pard\ql\li3189\sb40\sl-230\slmult0 \up0 \expndtw-5\charscalex100 Therefore, QBE
must equal 5,000 units. \par\pard\ql \li5829\sb230\sl-230\slmult0 \up0 \expndt
w-3\charscalex100 12,000 \par\pard\ql \li3189\sb50\sl-230\slmult0 \up0 \expndtw9\charscalex95 DOL12,000 units = \u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8
212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212? = \ul0\nosupersub\cf27\f2
8\fs20 1.7 \par\pard\ql \li5349\sb1\sl-217\slmult0 \up0 \expndtw-9\charscalex91
\ul0\nosupersub\cf28\f29\fs20 12,000 - 5,000 \par\pard\li1989\sb0\sl-207\slmu
07\slmult0\fi0\tx10330 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs
18 Van Horne and Wachowicz: \ul0\nosupersub\cf14\f15\fs18 Fundamentals of Financ
ial Management,\ul0\nosupersub\cf13\f14\fs18 12e\tab \up0 \expndtw-2\charscalex
100 \ul0\nosupersub\cf15\f16\fs18 249\par\pard\sect\sectd\fs24\paperw11900\paper
h16840{\shp
z-10000\shplid251
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8e1e33f8fb6dff000512baff0084dfc71f0abe19fc1fd619bf64ef84a6c8f857e15f8bbe2cf8d3c3
6b15ab7884db4774357f8c7e2b371711dbc73cd11b58e69a68e0b7483f54e8a00f807fe19e3f6ebf
fa48a7fe6a3fc1effe5dd1ff000cf1fb75ff00d2453ff351fe0f7ff2eebefea2803e01ff008678fd
baff00e9229ff9a8ff0007bff9775f10fecdbf027f6cdbbfda8ffe0a2565a67ede3fd91ab695f1bf
e07dbf8935aff865ef8557ff00f095df5cfec89f026fac351feceb8d616db42fecdd1ae6c342fb25
83c90de7f66ff69cccb7579322feee55582c6cad66bdb9b5b3b5b6b8d4ae23bbd46782de2866d42e
e2b4b6d3e2b9bd963457bab88ec2caceca39a769244b4b4b6b65610c1122007c17ff000cf1fb75ff
00d2453ff351fe0f7ff2eebeb3f849e18f88fe10f05d9e87f157e28c7f18bc5f6f79a84b73e394f0
368df0f1afecae6e5a6b1b39bc35e1fbdbed261934d85bec82eed5e13771471493c3f6812cd37a5d
14005145140051451400514514005145140051451400514514005145140051451400514514005145
14005145140051451400514514005145140051451400514514005145140051451400514514005145
14005145140051451400514514005145140051451400514514005145140051451400514514005145
14005145140051451400514514005145140051451400514514005145140051451400514514005145
14005145140051451400514514005145140051451400514514005145140051451400514514005145
14005145140051451400514514005145140051451400514514005145140051451400514514005145
14005145140051451400514514005145140051451400514514005145140051451400514514005145
14005145140051451400514514005145140051451400514514005145140051451400514514005145
14005145140051451400514514005145140051451400514514005145140051451400514514005145
14005145140051451400514514005145140051451400514514005145140051451400514514005145
14005145140051451400514514005145140051451400514514005145140051451400514514005145
14005145140051451400514514005145140051451400514514005145140051451400514514005145
14005145140051451400514514005145140051451400514514005145140051451400514514005145
14005145140051451400514514005145140051451400514514005145140051451400514514005145
14005145140051451400514514005145140051451400514514005145140051451400514514005145
14005145140051451400514514005145140051451400514514005145140051451400514514005145
14005145140051451400514514005145140051451400514514005145140051451400514514005145
14005145140051451400514514005145140051451400514514005145140051451400514514005145
14005145140051451400514514005145140051451400514514005145140051451400514514005145
14005145140051451400514514005145140051451400514514005145140051451400514514005145
14005145140051451400514514005145140051451400514514005145140051451400514514005145
14005145140051451400514514005145140051451400514514005145140051451400514514005145
14005145140051451400514514005145140051451400514514005145140051451400514514005145
14005145140051451400514514005145140051451400514514005145140051451400514514005145
14005145140051451400514514005145140051451400514514005145140051451400514514005145
14005145140051451400514514005145140051451400514514005145140051451400514514005145
14005145140051451400514514005145140051451400514514005145140051451400514514005145
14005145140051451400514514005145140051451400514514005145140051451400514514005145
14005145140051451400514514005145140051451400514514005145140051451400514514005145
14005145140051451400514514005145140051451400514514005145140051451400514514005145
14005145140051451400514514005145140051451400514514005145140051451400514514005145
14005145140051451400514514005145140051451400514514005145140051451400514514005145
14005145140051451400514514005145140051451400514514005145140051451400514514005145
14005145140051451400514514005145140051451400514514005145140051451400514514005145
14005145140051451400514514005145140051451400514514005145140051451400514514005145
14005145140051451400514514005145140051451400514514005145140051451400514514005145
14005145140051451400514514005145140051451400514514005145140051451400514514005145
14005145140051451400514514005145140051451400514514005145140051451400514514005145
14005145140051451400514514005145140051451400514514005145140051451400514514005145
14005145140051451400514514005145140051451400514514005145140051451400514514005145
14005145140051451400514514005145140051451400514514005145140051451400514514005145
14005145140051451400514514005145140051451400514514005145140051451400514514005145
14005145140051451400514514005145140051451400514514005145140051451400514514005145
14005145140051451400514514005145140051451400514514005145140051451400514514005145
14005145140051451400514514005145140051451400514514005145140051451400514514005145
14005145140051451400514514005145140051451400514514005145140051451400514514005145
14005145140051451400514514005145140051451400514514005145140051451400514514005145
14005145140051451400514514005145140051451400514514005145140051451400514514005145
14005145140051451400514514005145140051451400514514005145140051451400514514005145
14005145140051451400514514005145140051451400514514005145140051451400514514005145
14005145140051451400514514005145140051451400514514005145140051451400514514005145
14005145140051451400514514005145140051451400514514005145140051451400514514005145
14005145140051451400514514005145140051451400514514005145140051451400514514005145
14005145140051451400514514005145140051451400514514005145140051451400514514005145
14005145140051451400514514005145140051451400514514005145140051451400514514005145
14005145140051451400514514005145140051451400514514005145140051451400514514005145
14005145140051451400514514005145140051451400514514005145140051451400514514005145
14005145140051451400514514005145140051451400514514005145140051451400514514005145
14005145140051451400514514005145140051451400514514005145140051451400514514005145
14005145140051451400514514005145140051451400514514005145140051451400514514005145
14005145140051451400514514005145140051451400514514005145140051451400514514005145
14005145140051451400514514005145140051451400514514005145140051451400514514005145
14005145140051451400514514005145140051451400514514005145140051451400514514005145
14005145140051451400514514005145140051451400514514005145140051451401ffd9}}}}}\pa
7846 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 16: Ope
rating and Financial Leverage\tab \up0 \expndtw-2\charscalex100 Pearson Educatio
n Limited 2005\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb0\sl-230\slm
tx2589\tx3189 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf28\f29\fs20 3.\tab
\up0 \expndtw-2\charscalex100 a.\tab \up0 \expndtw-2\charscalex100 (000s omitte
d)\par\pard\li5109\sb0\sl-230\slmult0\par\pard\li5109\sb41\sl-230\slmult0\fi2159
\tx9789 \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf27\f28\fs20 PREFERRED\ta
b \up0 \expndtw-3\charscalex100 COMMON\par\pard\li5109\sb19\sl-230\slmult0\fi0\t
x7509\tx9789 \up0 \expndtw-3\charscalex100 DEBT\tab \up0 \expndtw-3\charscalex10
0 STOCK\tab \up0 \expndtw-3\charscalex100 STOCK\par\pard\li1989\sb0\sl-230\slmul
4989\tx7389\tx9789 \up0 \expndtw-4\charscalex100 \ul0\nosupersub\cf28\f29\fs20 O
perating profit (EBIT)\tab \up0 \expndtw-4\charscalex100 $1,500\tab \up0 \expnd
tw-4\charscalex100 $1,500\tab \up0 \expndtw-4\charscalex100 $1,500\par\pard\li19
89\sb20\sl-230\slmult0\fi0 \up0 \expndtw-4\charscalex100 Interest on existing\pa
r\pard\li1989\sb19\sl-230\slmult0\fi599\tx5349\tx7749\tx10149 \up0 \expndtw-4\ch
arscalex100 debt\tab \up0 \expndtw-4\charscalex100 360\tab \up0 \expndtw-4\chars
calex100 360\tab \up0 \expndtw-4\charscalex100 360\par\pard\li1989\sb21\sl-230\s
lmult0\fi0\tx5349\tx7629\tx10149 \up0 \expndtw-4\charscalex100 Interest on new d
ebt\tab \up0 \expndtw-4\charscalex100 560\tab \up0 \expndtw-4\charscalex100 ---\tab \up0 \expndtw-4\charscalex100 ---\par\pard\li1989\sb0\sl-230\slmult0\par\pa
rd\li1989\sb17\sl-230\slmult0\fi239\tx4989\tx5349\tx7389\tx9789 \up0 \expndtw-4\
charscalex100 Profit before taxes\tab \up0 \expndtw-4\charscalex100 $\tab \up0 \
expndtw-4\charscalex100 580\tab \up0 \expndtw-4\charscalex100 $1,140\tab \up0 \e
xpndtw-4\charscalex100 $1,140\par\pard\li1989\sb19\sl-230\slmult0\fi0\tx5349\tx7
749\tx10149 \up0 \expndtw-4\charscalex100 Taxes\tab \up0 \expndtw-4\charscalex10

x4989\tx5349\tx7389\tx7749\tx9789\tx10149 \up0 \expndtw-4\charscalex100 Profit a
fter taxes\tab \up0 \expndtw-4\charscalex100 $\tab \up0 \expndtw-4\charscalex100
348\tab \up0 \expndtw-4\charscalex100 $\tab \up0 \expndtw-4\charscalex100 684\t
ab \up0 \expndtw-4\charscalex100 $\tab \up0 \expndtw-4\charscalex100 684\par\par
d\li1989\sb20\sl-230\slmult0\fi0\tx5349\tx7749\tx10149 \up0 \expndtw-4\charscale
x100 Preferred stock dividend\tab \up0 \expndtw-4\charscalex100 ---\tab \up0 \ex
pndtw-4\charscalex100 480\tab \up0 \expndtw-4\charscalex100 ---\par\pard\li1989\
sb0\sl-230\slmult0\par\pard\li1989\sb17\sl-230\slmult0\fi239 \up0 \expndtw-4\cha
rscalex100 Earnings available to\par\pard\li1989\sb19\sl-230\slmult0\fi599\tx534
9\tx7389\tx7749\tx9789\tx10149 \up0 \expndtw-4\charscalex100 common shareholders
$\tab \up0 \expndtw-4\charscalex100 348\tab \up0 \expndtw-4\charscalex100 $\ta
b \up0 \expndtw-4\charscalex100 204\tab \up0 \expndtw-4\charscalex100 $\tab \up0
\expndtw-4\charscalex100 684\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989
\sb41\sl-230\slmult0\fi0\tx5349\tx7749\tx9909 \up0 \expndtw-4\charscalex100 Numb
er of shares\tab \up0 \expndtw-4\charscalex100 800\tab \up0 \expndtw-4\charscale
x100 800\tab \up0 \expndtw-4\charscalex100 1,050\par\pard\li1989\sb0\sl-230\slmu
lt0\par\pard\li1989\sb39\sl-230\slmult0\fi0\tx4989\tx7389\tx9789 \up0 \expndtw-4
\charscalex100 \ul0\nosupersub\cf27\f28\fs20 Earnings per share\tab \up0 \expndt
w-4\charscalex100 $ .435\tab \up0 \expndtw-4\charscalex100 $ .255\tab \up0 \ex
pndtw-4\charscalex100 $ .651\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989
0\fi0 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf28\f29\fs20 b.\par\pard\li
1989\sb0\sl-161\slmult0\par\pard\li1989\sb62\sl-161\slmult0\fi588 \up0 \expndtw2\charscalex100 \ul0\nosupersub\cf39\f40\fs14 2.50\par\pard\ql \li2577\sb0\sl-16
.00 \par\pard\li2577\sb102\sl-161\slmult0\fi5493 \up0 \expndtw-2\charscalex100 D
ebt\par\pard\li2577\sb0\sl-161\slmult0\par\pard\li2577\sb0\sl-161\slmult0\par\pa
rd\li2577\sb29\sl-161\slmult0\fi0 \up0 \expndtw-2\charscalex100 1.50\par\pard\ql
li2577\sb0\sl-161\slmult0 \par\pard\ql\li2577\sb101\sl-161\slmult0 \up0 \expndtw
-2\charscalex100 1.00 \par\pard\ql \li5161\sb119\sl-161\slmult0 \up0 \expndtw-2\
charscalex100 Common \par\pard\li2655\sb59\sl-161\slmult0\fi4005 \up0 \expndtw-2
\charscalex100 Preferred\par\pard\li2655\sb116\sl-161\slmult0\fi0 \up0 \expndtw2\charscalex100 .50\par\pard\li2911\sb0\sl-161\slmult0\par\pard\li2911\sb0\sl-16
0 0\tab \up0 \expndtw-2\charscalex100 500\tab \up0 \expndtw-2\charscalex100 1,00
0\par\pard\li1989\sb0\sl-161\slmult0\fi3840 \up0 \expndtw-2\charscalex100 EBIT (
thousands of $)\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\sl
nosupersub\cf15\f16\fs18 250\par\pard\sect\sectd\fs24\paperw11900\paperh16840\pa
7846 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 16: Ope
rating and Financial Leverage\tab \up0 \expndtw-2\charscalex100 Pearson Educatio
n Limited 2005\par\pard\ql \li3189\sb0\sl-230\slmult0 \par\pard\ql\li3189\sb0\sl

-230\slmult0 \par\pard\ql\li3189\sb228\sl-230\slmult0 \up0 \expndtw-3\charscalex
100 \ul0\nosupersub\cf28\f29\fs20 Approximate indifference points: \par\pard\ql
-8\charscalex100 Debt (1) and common (3): \ul0\nosupersub\cf27\f28\fs20 $2.7
million in EBIT \par\pard\ql \li3789\sb0\sl-230\slmult0 \par\pard\ql\li3789\sb40
\sl-230\slmult0 \up0 \expndtw-7\charscalex100 \ul0\nosupersub\cf28\f29\fs20 Pref
erred (2) and common (3): \ul0\nosupersub\cf27\f28\fs20 $3.7 million in EBIT
\par\pard\qj \li3189\ri1051\sb47\sl-500\slmult0 \up0 \expndtw-5\charscalex100 \u
l0\nosupersub\cf28\f29\fs20 Debt dominates preferred by the same margin througho
ut.
There \up0 \expndtw-9\charscalex95 is no indifference point betwe
en these two alternative \up0 \expndtw-9\charscalex96 financing methods. \
0267 \up0 \expndtw-7\charscalex100 Mathematically, the indifference point be
tween debt\tab \up0 \expndtw-7\charscalex100 (1)\par\pard\li3189\sb0\sl-230\slm
ult0\par\pard\li3189\sb40\sl-230\slmult0\fi0 \up0 \expndtw-7\charscalex100 and c
ommon (3), with 000s omitted, is\par\pard\li3189\sb0\sl-230\slmult0\par\pard\l
rsub\cf27\f28\fs20 Debt (1)\tab \up0 \expndtw-9\charscalex89 Common Stock (3)\
9 \up0 \expndtw-9\charscalex89 \ul0\nosupersub\cf28\f29\fs20 (EBIT1,3 - $920)(
1 - .40) - 0\tab \up0 \expndtw-9\charscalex89 (EBIT1,3 - $360)(1 - .40)
- 0\par\pard\ql \li3189\sb0\sl-180\slmult0 \up0 \expndtw-5\charscalex100 \u821
2?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\
u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u82
12?\u8212?\u8212?\u8212?\u8212?\u8212? = \u8212?\u8212?\u8212?\u8212?\u8212?\u
8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u821
2?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\
u8212? \par\pard\li4629\sb28\sl-230\slmult0\fi0\tx8349 \up0 \expndtw-3\charscale
x100 800\tab \up0 \expndtw-3\charscalex100 1,050\par\pard\ql \li3189\sb0\sl-230\
lmult0 \up0 \expndtw-3\charscalex100 Cross-multiplying and rearranging, we obtai
n \par\pard\ql \li3189\sb0\sl-230\slmult0 \par\pard\ql\li3189\sb0\sl-230\slmult0
\par\pard\ql\li3189\sb110\sl-230\slmult0 \up0 \expndtw-6\charscalex100 (EBIT1,3
)(.60)(1,050) - ($920)(.60)(1,050) \par\pard\ql \li5589\sb10\sl-230\slmult0 \u
p0 \expndtw-8\charscalex100 = (EBIT1,3)(.60)(800) - ($360)(.60)(800) \par\par
pndtw-9\charscalex95 (EBIT1,3)(630) - ($579,600) = (EBIT1,3)(480) - ($172,
800) \par\pard\ql \li4749\ri3931\sb47\sl-500\slmult0\tx5349 \up0 \expndtw-9\char
scalex97 (EBIT1,3)(150) = $406,800 \line\tab \up0 \expndtw-9\charscalex93 EBIT
1,3 = \ul0\nosupersub\cf27\f28\fs20 $2,712 \par\pard\qj \li3189\sb0\sl-500\slm
ult0 \par\pard\qj\li3189\ri1050\sb420\sl-500\slmult0 \up0 \expndtw-5\charscalex1
00 \ul0\nosupersub\cf28\f29\fs20 Note that for the debt alternative, the
total before-tax \up0 \expndtw-8\charscalex92 interest is \ul0\nosupersub\cf27
\f28\fs20 $920\ul0\nosupersub\cf28\f29\fs20 , and this is the intercept o
n the horizontal \up0 \expndtw-8\charscalex92 axis.
For the preferred st
ock alternative, we divide $480 by \up0 \expndtw-8\charscalex87 (1 - .4)
to get $800.
When this is added to $360 in interest \up0 \expndtw-9
\charscalex87 on existing debt, the intercept becomes \ul0\nosupersub\cf27\f28\f
s20 $1,160\ul0\nosupersub\cf28\f29\fs20 . \par\pard\li1989\sb0\sl-207\slmult0\p
up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 16: Operating

and Financial Leverage\tab \up0 \expndtw-2\charscalex100 Pearson Education Limi
ted 2005\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb0\sl-230\slmult0\p
ar\pard\li2589\sb46\sl-230\slmult0\fi0\tx3309\tx6189 \up0 \expndtw-6\charscalex1
00 \ul0\nosupersub\cf28\f29\fs20 c.\tab \up0 \expndtw-6\charscalex100 Debt (1):
\tab \up0 \expndtw-6\charscalex100 $1,500,000\par\pard\ql \li3309\sb52\sl-230\sl
mult0 \up0 \expndtw-9\charscalex95 DFLEBIT of $1.5M = \u8212?\u8212?\u8212?\u
8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u821
2?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212? = \ul0\nosupersub\cf27\f28\fs20 2
.59 \par\pard\ql \li5589\sb1\sl-193\slmult0 \up0 \expndtw-9\charscalex95 \ul0\no
supersub\cf28\f29\fs20 $1,500,000 - $920,000 \par\pard\li3309\sb0\sl-230\slmul
Preferred (2):\tab \up0 \expndtw-6\charscalex100 $1,500,000\par\pard\ql \li3309
\sb52\sl-230\slmult0 \up0 \expndtw-6\charscalex100 DFLEBIT of $1.5M = \u8212?
\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8
212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212
?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u
8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212? \par\pard\ql \li5349\sb1\sl-193\
slmult0 \up0 \expndtw-9\charscalex92 $1,500,000 - $360,000 - [$480,000/(1 .40)] \par\pard\ql \li5349\sb0\sl-230\slmult0 \par\pard\ql\li5349\sb47\sl-230\
slmult0 \up0 \expndtw-9\charscalex89 = \ul0\nosupersub\cf27\f28\fs20 4.41 \par\
p0 \expndtw-6\charscalex100 \ul0\nosupersub\cf28\f29\fs20 Common (3):\tab \up0
\expndtw-6\charscalex100 $1,500,000\par\pard\ql \li3309\sb52\sl-230\slmult0 \up0
\expndtw-9\charscalex95 DFLEBIT of $1.5M = \u8212?\u8212?\u8212?\u8212?\u821
2?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\
u8212?\u8212?\u8212?\u8212?\u8212? = \ul0\nosupersub\cf27\f28\fs20 1.32 \par\p
ard\ql \li5589\sb1\sl-193\slmult0 \up0 \expndtw-9\charscalex95 \ul0\nosupersub\c
f28\f29\fs20 $1,500,000 - $360,000 \par\pard\ql \li2589\sb0\sl-230\slmult0 \pa
pard\ql\li2589\sb47\sl-230\slmult0 \up0 \expndtw-6\charscalex100 d.
For the
present EBIT level, common is clearly preferable. \par\pard\li3189\sb0\sl
0 \up0 \expndtw-5\charscalex100 EBIT would need to increase by\tab \up0 \ex
pndtw-5\charscalex100 $2,712,000\tab \up0 \expndtw-5\charscalex100 -\tab \up0 \e
xpndtw-5\charscalex100 $1,500,000\tab \up0 \expndtw-5\charscalex100 =\par\pard\q
j \li3189\ri1050\sb40\sl-500\slmult0 \up0 \expndtw-9\charscalex94 \ul0\nosupersu
b\cf27\f28\fs20 $1,212,000\ul0\nosupersub\cf28\f29\fs20 before an indifferen
ce point with debt is reached. \line \up0 \expndtw-3\charscalex100 One woul
d want to be comfortably above this indifference point \line \up0 \expndtw-8\cha
rscalex91 before a strong case for debt should be made.
The lower t
he \line \up0 \expndtw-9\charscalex94 probability that actual EBIT will fal
l below the indifference \line \up0 \expndtw-9\charscalex93 point, the stro
nger the case that can be made for debt, all \par\pard\ql \li3189\sb224
\sl-230\slmult0 \up0 \expndtw-3\charscalex100 other things the same. \par\pard\l
i1989\sb78\sl-230\slmult0\fi0\tx8109 \up0 \expndtw-9\charscalex97 4.\tab \up0 \e
xpndtw-9\charscalex97 \ul0\nosupersub\cf53\f54\fs28 \u8710?\ul0\nosupersub\cf28\
f29\fs20 Q(P - V)\par\pard\li2589\sb19\sl-230\slmult0\fi1919 \up0 \expndtw-6\c
harscalex100 Percentage change in\par\pard\li2589\sb21\sl-230\slmult0\fi1799\tx7
869 \up0 \expndtw-6\charscalex100 operating profit (EBIT)\tab \up0 \expndtw-6\c
harscalex100 Q(P - V) - FC\par\pard\li2589\sb59\sl-230\slmult0\fi0\tx4029\tx43
89 \dn4 \expndtw-6\charscalex100 DOLQ units\tab \up0 \expndtw-6\charscalex100 =\
tab \up0 \expndtw-6\charscalex100 \u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u82
12?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?
\u8212?\u8212?\u8212?\u8212?\u8212? =\par\pard\li4509\sb1\sl-217\slmult0\fi0\tx
8229 \up0 \expndtw-3\charscalex100 Percentage change in\tab \up0 \expndtw-3\char
scalex100 \ul0\nosupersub\cf53\f54\fs28 \u8710?\ul0\nosupersub\cf28\f29\fs20 Q/
Q\par\pard\ql \li4749\sb4\sl-220\slmult0 \up0 \expndtw-7\charscalex100 output (
or sales) \par\pard\ql \li6669\sb0\sl-230\slmult0 \par\pard\ql\li6669\sb0\sl-230
\slmult0 \par\pard\ql\li6669\sb72\sl-230\slmult0 \up0 \expndtw-9\charscalex93 Q(
P - V) \par\pard\ql \li2589\sb50\sl-230\slmult0 \up0 \expndtw-6\charscalex100 W

hich reduces to: DOLQ units = \u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212
?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212? \par\pard\ql \li6309\sb1\sl-217\slmu
lt0 \up0 \expndtw-9\charscalex90 Q(P - V) - FC \par\pard\ql \li2589\sb0\sl-230
\slmult0 \par\pard\ql\li2589\sb0\sl-230\slmult0 \par\pard\ql\li2589\sb53\sl-230\
slmult0 \up0 \expndtw-5\charscalex100 Dividing both the numerator and denominato
r by (P - V) produces \par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb16
1\sl-230\slmult0\fi2399\tx6789 \up0 \expndtw-9\charscalex95 Q\tab \up0 \expndtw9\charscalex95 Q\par\pard\li2589\sb87\sl-230\slmult0\fi0 \up0 \expndtw-9\charsca
lex95 DOLQ units = \u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8
212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212? = \u8212?\u8212?\u8212?\
u8212?\u8212?\u8212?\u8212?\par\pard\ql \li4149\sb12\sl-230\slmult0 \up0 \expndt
w-9\charscalex82 Q - [FC/(P - V)]
Q - QBE \par\pard\li1989\sb0\sl-207\s
}}
}}
}}
}}
}}
age\tab \up0 \expndtw-3\charscalex100 Pearson Education Limited 2005\par\pard\li
\fs20 5.\tab \up0 \expndtw-3\charscalex100 a.
Total annual interest is determ
ined as follows:\par\pard\li4389\sb0\sl-230\slmult0\par\pard\li4389\sb0\sl-230\s
97 15% of $2.4 million = $\tab \up0 \expndtw-9\charscalex97 360,000\par\pard\
li4389\sb20\sl-230\slmult0\fi0\tx7389 \up0 \expndtw-9\charscalex97 13% of $3.0

million =\tab \up0 \expndtw-9\charscalex97 390,000\par\pard\li4389\sb21\sl-230\
slmult0\fi0\tx7389 \up0 \expndtw-9\charscalex97 18% of $2.0 million =\tab \up0
\expndtw-9\charscalex97 360,000\par\pard\ql \li7029\sb0\sl-230\slmult0 \par\par
d\ql\li7029\sb15\sl-230\slmult0 \up0 \expndtw-3\charscalex100 $1,110,000 \par\pa
d\ql\li3189\sb10\sl-230\slmult0 \up0 \expndtw-8\charscalex100 Interest coverage
ratio = $2,000,000/$1,110,000 = \ul0\nosupersub\cf27\f28\fs20 1.80 \par\pard
64\sl-230\slmult0\fi0\tx7451\tx7797\tx8981\tx9327\tx10511 \up0 \expndtw-3\charsc
alex100 \ul0\nosupersub\cf28\f29\fs20 Total annual principal payments\tab \up
0 \expndtw-3\charscalex100 =\tab \up0 \expndtw-3\charscalex100 $100,000\tab \up0
\expndtw-3\charscalex100 +\tab \up0 \expndtw-3\charscalex100 $150,000\tab \up0
\expndtw-3\charscalex100 =\par\pard\li3189\sb20\sl-230\slmult0\fi0 \up0 \expndtw
-3\charscalex100 $250,000\par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\sb0
\sl-230\slmult0\par\pard\li3189\sb9\sl-230\slmult0\fi0\tx6309 \up0 \expndtw-8\ch
arscalex100 Debt-service\tab \up0 \expndtw-8\charscalex100 $2,000,000\par\pard\l
i3189\sb72\sl-230\slmult0\fi239\tx4749 \up0 \expndtw-8\charscalex100 coverage\ta
b \up0 \expndtw-8\charscalex100 = \u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8
212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212
?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u
8212?\u8212?\u8212?\u8212? = \ul0\nosupersub\cf27\f28\fs20 1.24\par\pard\li318
\cf28\f29\fs20 ratio\tab \up0 \expndtw-8\charscalex100 $1,110,000 + [$250,000/
(1 - .50)]\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb0\sl-230\slmul
t0\par\pard\li2589\sb60\sl-230\slmult0\fi0 \up0 \expndtw-7\charscalex100 b.
R
equired deviation of EBIT from its mean value before ratio in\par\pard\li2589\sb
20\sl-230\slmult0\fi599 \up0 \expndtw-7\charscalex100 question becomes 1 : 1:
5589\tx8589 \up0 \expndtw-7\charscalex100 Interest coverage:\tab \up0 \expndtw-7
\charscalex100 $1,110,000 - $2,000,000\tab \up0 \expndtw-7\charscalex100 = -$
890,000\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb41\sl-230\slmult0\f
i599\tx6069\tx9069 \up0 \expndtw-7\charscalex100 Debt-service coverage:\tab \up0
\expndtw-7\charscalex100 $1,610,000 - $2,000,000\tab \up0 \expndtw-7\charscal
ex100 = -$390,000\par\pard\qj \li3189\sb0\sl-240\slmult0 \par\pard\qj\li3189\sb
0\sl-240\slmult0 \par\pard\qj\li3189\ri1051\sb27\sl-240\slmult0 \up0 \expndtw-9\
charscalex94 Standardizing each deviation from the mean produces t
he \up0 \expndtw-9\charscalex95 following Z-scores: \par\pard\ql \li5589\sb0\sl230\slmult0 \par\pard\ql\li5589\sb39\sl-230\slmult0 \up0 \expndtw-3\charscalex10
0 -$890,000 \par\pard\ql \li3189\sb30\sl-230\slmult0 \up0 \expndtw-7\charscalex1
00 Interest coverage: \u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\
u8212?\u8212? = -.593 standard deviations \par\pard\li3189\sb24\sl-230\slmult0
\fi2279\tx7749 \up0 \expndtw-4\charscalex100 $1,500,000\tab \up0 \expndtw-4\char
scalex100 (left of the mean)\par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\
sb40\sl-230\slmult0\fi0\tx5589 \up0 \expndtw-4\charscalex100 Debt-service\tab \u
p0 \expndtw-4\charscalex100 -$390,000\par\pard\li3189\sb20\sl-230\slmult0\fi599\
tx5469 \up0 \expndtw-4\charscalex100 coverage:\tab \up0 \expndtw-4\charscalex100
\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212? = -.26
0 standard deviations\par\pard\li5469\sb21\sl-230\slmult0\fi0\tx7749 \up0 \expnd
tw-3\charscalex100 $1,500,000\tab \up0 \expndtw-3\charscalex100 (left of the mea
n)\par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\sb0\sl-230\slmult0\par\par
d\li3189\sb0\sl-230\slmult0\par\pard\li3189\sb158\sl-230\slmult0\fi0 \up0 \expnd
tw-8\charscalex94 Table V in the Appendix at the end of the book can
be used to\par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\sb41\sl-230\slm
ult0\fi0 \up0 \expndtw-9\charscalex93 determine the proportion of the area
under the normal curve\par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\sb
39\sl-230\slmult0\fi0\tx10149 \up0 \expndtw-9\charscalex93 that is Z-standar
d deviations left of the mean.\tab \up0 \expndtw-9\charscalex93 This\p
expndtw-9\charscalex93 proportion corresponds to the probability that an
EBIT figure\par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\sb41\sl-230\slmu
lt0\fi0\tx9813\tx10101\tx10389 \up0 \expndtw-9\charscalex93 will occur that p
roduces coverage ratios lower than\tab \up0 \expndtw-9\charscalex93 1\tab \u
p0 \expndtw-9\charscalex93 :\tab \up0 \expndtw-9\charscalex93 1.\par\pard\li1989
\up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf15\f16\fs18 253\par\pard\sect\se
ctd\fs24\paperw11900\paperh16840\pard\sb0\sl-240{\bkmkstart Pg256}{\bkmkend Pg25
6}\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmult0\par\par
d\li1989\sb81\sl-207\slmult0\fi0\tx7846 \up0 \expndtw-2\charscalex100 \ul0\nosup
ersub\cf13\f14\fs18 Chapter 16: Operating and Financial Leverage\tab \up0 \expnd
ard\li3189\sb15\sl-230\slmult0\fi0 \up0 \expndtw-6\charscalex100 \ul0\nosupersub
\cf28\f29\fs20 For interest coverage and debt-service coverage ratios les
s\par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\sb40\sl-230\slmult0\fi0\tx3
829\tx4108\tx4389\tx9389 \up0 \expndtw-6\charscalex100 than\tab \up0 \expndtw-6\
charscalex100 1\tab \up0 \expndtw-6\charscalex100 :\tab \up0 \expndtw-8\charscal
ex100 1 these probabilities are approximately\tab \up0 \expndtw-6\charscalex
100 28 percent\par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\sb40\sl-230\s
lmult0\fi0 \up0 \expndtw-6\charscalex100 and 40 percent, respectively.
These
probabilities assume that\par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\sb
40\sl-230\slmult0\fi0 \up0 \expndtw-6\charscalex100 the distribution of possible
EBITs is normal.\par\pard\ql \li2589\sb0\sl-230\slmult0 \par\pard\ql\li2589\sb0
sl-230\slmult0\tx7959 \up0 \expndtw-6\charscalex100 c.
There is a substant
ial probability, \tab \up0 \expndtw-5\charscalex100 40 percent, that the \pa
r\pard\qj \li3189\ri1050\sb47\sl-500\slmult0 \up0 \expndtw-9\charscalex94 compan
y will fail to cover its interest and principal \line \up0 \expn
dtw-6\charscalex100 payments.
Its debt ratio (using either book or market va
lues) \line \up0 \expndtw-9\charscalex93 is much higher than the industry
norm of \up0 \expndtw-9\charscalex94 .47.
Although the \par\pard\qj \li3189
\ri1051\sb0\sl-500\slmult0 \up0 \expndtw-3\charscalex100 information is limited,
based on what we have, it would appear \up0 \expndtw-9\charscalex95 that Archi
medes has too much debt.
However, other factors, \up0 \expndtw-9\charsc
alex96 such as liquidity, may mitigate against this conclusion. \par\pard\ql \li
tw-3\charscalex100 6. \tab \up0 \expndtw-5\charscalex100 Aberez has a lower debt
ratio than its industry norm.
Vorlas has a \par\pard\qj \li2589\ri1050\sb47\
sl-500\slmult0 \up0 \expndtw-6\charscalex100 higher ratio relative to its i
ndustry.
Both companies exceed \line \up0 \expndtw-8\charscalex100 modestl
y their industry norms with respect to interest coverage. \line \up0 \ex
pndtw-4\charscalex100 The lower debt/equity ratio and higher interest cov
erage for \line \up0 \expndtw-8\charscalex94 Vorlas's industry suggest th
at its industry might have more \line \up0 \expndtw-8\charscalex94 bus
iness risk than the industry of which Aberez is a part.
The \line \
up0 \expndtw-8\charscalex96 liquidity ratio of Aberez is higher than the
industry norm while \line \up0 \expndtw-8\charscalex96 that for Vorlas is
lower than the industry norm.
Although all \line \up0 \expndtw-8\chars
calex97 three financial ratios for Vorlas are better than are those fo
r \line \up0 \expndtw-5\charscalex100 Aberez, they are lower relative to the ind
ustry norm.
Finally, the \line \up0 \expndtw-8\charscalex91 bond rating of
Aberez is much better than is that of Vorlas, being \line \up0 \expndt
w-8\charscalex89 an Aa grade and higher than the industry norm.
The
bond rating of \line \up0 \expndtw-8\charscalex89 Vorlas is one grade belo
w the very lowest grade for investment-\par\pard\li1989\sb0\sl-207\slmult0
fs18 12e\tab \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf15\f16\fs18 254\pa
r\pard\sect\sectd\fs24\paperw11900\paperh16840\pard\sb0\sl-240{\bkmkstart Pg257}
{\bkmkend Pg257}\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\s
100 \ul0\nosupersub\cf13\f14\fs18 Chapter 16: Operating and Financial Leverage\t
ab \up0 \expndtw-2\charscalex100 Pearson Education Limited 2005\par\pard\qj \li2
8\f29\fs20 grade bonds.
It is also lower than the typical company's
bond \up0 \expndtw-8\charscalex100 rating in the industry.
If the indu
stry norms are reasonable \up0 \expndtw-3\charscalex100 representations of un
derlying business and financial risk, we would \up0 \expndtw-3\charscalex100 say
that Vorlas had the greater degree of risk. \par\pard\li1989\sb0\sl-207\slmult0
pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb36\sl-207\slmult0\fi0\tx10330 \
\f16\fs18 255\par\pard\sect\sectd\fs24\paperw11900\paperh16840{\shp
z-10000\shplid257
ffd8ffe000104a46494600010101006000600000ffdb004300010101010101010101010101010101
01010101010101010101010101010101010101010101010101010101010101010101010101010101
010101010101010101ffdb0043010101010101010101010101010101010101010101010101010101
0101010101010101010101010101010101010101010101010101010101010101010101010101ffc0
00110803e702c203012200021101031101ffc4001f00000105010101010101000000000000000001
02030405060708090a0bffc400b5100002010303020403050504040000017d010203000411051221
31410613516107227114328191a1082342b1c11552d1f02433627282090a161718191a2526272829
2a3435363738393a434445464748494a535455565758595a636465666768696a737475767778797a
0101010101010101010000000000000102030405060708090a0bffc400b511000201020404030407
05040400010277000102031104052131061241510761711322328108144291a1b1c109233352f015
6272d10a162434e125f11718191a262728292a35363738393a434445464748494a53545556575859
5a636465666768696a737475767778797a82838485868788898a92939495969798999aa2a3a4a5a6
962510228631144092890853b797f12a4725d68b3e158bcd14624771825da25073b00962da038651
14005145140051451400514514005145140051451400514514005145140051451400514514005145
14005145140051451400514514005145140051451400514514005145140051451400514514005145
45140051451400514514005145140051451400514514005145140051451400514514005145140051
45140051451400514514005145140051451400514514005145140051451400514514005145140051
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14514005145140051451400514514005145140051451400514514005145140051451401f967ff059
5fda37e357ecb1fb0778dbe2bfecfbe338be1e7c513f14bf678f01e8de357f0d7863c5d3787b4df8
97f1dfe1f7813c4b7b63a078cf4ad77c2d7ba83f8775ed4ed6d1b5ad1753b5b696e05d25afda6182
58bf961ff87a2ffc157ffe8ff7c59ff88e5fb1f7ff00384afe8cbfe0e12ff946978b3fece2bf636f
fd6a8f84d5fc7fd7fa7ff414f077c31f1278278cf30e3ae0cc9f89b1b97711e130b82c4e634eb4aa
e1f0f572f55674612a35a95e12a894ed252b3bdad777fe71f1a78b388f87b37ca2864b9be2f2ea38
8cbead5ad4f0f2828d4a91afcb19c94e12d545daeada6fb23eceff0087a2ff00c157ff00e8ff007c
59ff0088e5fb1f7ff384a3fe1e8bff00055fff00a3fdf167fe2397ec7dff00ce12be31a2bfba3fe2
557e8f1ff469f85bff0005633ff9b3cbf3eecfc5ff00e22671effd14f997fe0547ff00951f677fc3
d17fe0abff00f47fbe2cff00c472fd8fbff9c251ff000f45ff0082afff00d1fef8b3ff0011cbf63e
ff00e7095f18d147fc4aafd1e3fe8d3f0b7fe0ac67ff0036797e7dd87fc44ce3dffa29f32ffc0a8f
ff002a3eceff0087a2ff00c157ff00e8ff007c59ff0088e5fb1f7ff384a3fe1e8bff00055fff00a3
fdf167fe2397ec7dff00ce12be31a28ff8955fa3c7fd1a7e16ff00c158cffe6cf2fcfbb0ff008899
c7bff453e65ff8151ffe547d9dff000f45ff0082afff00d1fef8b3ff0011cbf63eff00e70947fc3d
17fe0abfff0047fbe2cffc472fd8fbff009c257c63451ff12abf478ffa34fc2dff0082b19ffcd9e5
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87fc543fc6dffa15f057fe1ab19e5ff531f27f7f91f37ff101b83ffe82738ffc29a3ff00ca3fabbf
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fe73bff0ccdfb6cffd181fedb1ff00860fc43ffc7e8ff8666fdb67fe8c0ff6d8ff00c307e21ffe3f
5fe8c5451ff150ff001b7fe857c15ff86ac6797fd4c7c9fdfe41ff00101b83ff00e82738ff00c29a
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57fe1ab19e5ff531f27f7f907fc406e0ff00fa09ce3ff0a68fff0028feaefcadfe73bff0ccdfb6cf
fd181fedb1ff00860fc43ffc7e8ff8666fdb67fe8c0ff6d8ff00c307e21ffe3f5fe8c5451ff150ff
001b7fe857c15ff86ac6797fd4c7c9fdfe41ff00101b83ff00e82738ff00c29a3ffca3fabbf2b7f9
ceff00c3337edb3ff4607fb6c7fe183f10ff00f1fa3fe199bf6d9ffa303fdb63ff000c1f887ff8fd
7fa315147fc543fc6dff00a15f057fe1ab19e5ff00531f27f7f907fc406e0fff00a09ce3ff000a68
ff00f28feaefcadfe73bff000ccdfb6cff00d181fedb1ff860fc43ff00c7ebfa2bff00837afe067c
79f849a3feda3e21f8d9f03be29fc1087e227c4ef84d3f8334cf8b3e159fc1daeebf67e16f86ada5
6b5a8d968f7934978da75aea17315aa5eba25bdc4de6c503c925bdc2c5fd1bd15f9778bdf4b4f11f
c69e125c1bc5781e1ca195c734c166f1a99560b1186c52c5e069e229524e757175e2e93862ab73c3
9136dc5a92e5b3fa5e14f0bf87f8433479b6595f309e25e16b611c7135a9d4a6e956952949f2c694
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5001451450014514500145145007ffd9}}}}}\pard\sb0\sl-240{\bkmkstart Pg258}{\bkmkend
Pg258}\par\pard\ql \li7854\sb0\sl-207\slmult0 \par\pard\ql\li7854\sb0\sl-207\sl
mult0 \par\pard\ql\li7854\sb75\sl-207\slmult0 \up0 \expndtw-2\charscalex100 \ul0
\nosupersub\cf13\f14\fs18 Pearson Education Limited 2005 \par\pard\ql \li4149\sb
-690\slmult0 \par\pard\ql\li4149\sb444\sl-690\slmult0 \up0 \expndtw0\charscalex9

7 \ul0\nosupersub\cf22\f23\fs60 17 \par\pard\ql \li4149\ri3625\sb0\sl-580\slmult
0 \up0 \expndtw0\charscalex97 \ul0\nosupersub\cf23\f24\fs50 Capital Structure \l
ine \up0 \expndtw0\charscalex98 Determination \par\pard\qj \li3587\sb0\sl-380\sl
d\qj\li3587\ri1015\sb7\sl-380\slmult0 \up0 \expndtw0\charscalex102 \ul0\nosupers
ub\cf25\f26\fs32 When you have eliminated the impossible, whatever \line \up0 \e
xpndtw0\charscalex103 remains, however improbable, must be the truth. \par\pard\
qj \li6616\ri970\sb240\sl-380\slmult0\fi969 \up0 \expndtw0\charscalex95 SHERLOCK
HOLMES \line \up0 \expndtw0\charscalex96 IN THE SIGN OF THE FOUR \par\pard\li19
3\f14\fs18 Chapter 17: Capital Structure Determination\tab \up0 \expndtw-2\chars
calex100 Pearson Education Limited 2005\par\pard\ql \li1989\sb0\sl-230\slmult0 \
\expndtw-3\charscalex100 \ul0\nosupersub\cf27\f28\fs20 ANSWERS TO QUESTIONS \pa
r\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb0\sl-230\slmult0 \par
ard\ql\li1989\sb210\sl-230\slmult0\tx2589 \up0 \expndtw-3\charscalex100 \ul0\nos
upersub\cf28\f29\fs20 1. \tab \up0 \expndtw-8\charscalex97 The net operating
income (NOI) approach and the Modigliani-Miller \par\pard\qj \li2589\ri1050
\sb47\sl-500\slmult0 \up0 \expndtw-8\charscalex97 (M&M) approach, in the abs
ence of taxes, are identical in form. \line \up0 \expndtw-6\charscalex100
The only difference is that M&M specify the behavioral \line \up
0 \expndtw-8\charscalex97 characteristics that cause the average cost of
capital to remain \line \up0 \expndtw-8\charscalex93 constant.
M&M provide
a set of assumptions necessary to show the \line \up0 \expndtw-5\charsc
alex100 mechanism of arbitrage equilibrating returns from similar \l
ine \up0 \expndtw-5\charscalex100 investments. \par\pard\ql \li1989\sb0\sl-230\s
0 2. \tab \up0 \expndtw-8\charscalex100 The optimal capital structure would
differ from one industry to \par\pard\qj \li2589\ri1050\sb47\sl-500\slmult0
\up0 \expndtw-8\charscalex100 another because each industry has a differe
nt level of business \up0 \expndtw-8\charscalex91 risk.
The higher the
level of business risk, the lower the amount \up0 \expndtw-8\charscalex96
of financial risk that might be incurred and vice versa.
Even \up0
\expndtw-8\charscalex93 within an industry, the competitive position of
a firm, the growth \up0 \expndtw-8\charscalex93 potential, and the caliber
of management may cause a higher degree \up0 \expndtw-9\charscalex93 of
business risk. \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb0\s
alex93 Many factors influence the interest rate a firm must pay for d
ebt \par\pard\qj \li2589\ri1049\sb47\sl-500\slmult0 \up0 \expndtw-8\charscalex93
funds.
Some factors are external to the firm.
For example, the \l
ine \up0 \expndtw-6\charscalex100 expected inflation rate, the Federal Rese
rve's activity in the \line \up0 \expndtw-8\charscalex100 capital and money
markets, and the productivity of capital, are \line \up0 \expndtw-8\char
scalex96 external to the firm.
Other factors such as the magnitude
and \line \up0 \expndtw-8\charscalex96 variability of earnings, the stabilit
y of management, the debt-to-\line \up0 \expndtw-9\charscalex96 equity ratio
, type and quality of assets, bond rating, the maturity \par\pard\li1989\sb0\sl207\slmult0\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmult
3\f14\fs18 Chapter 17: Capital Structure Determination\tab \up0 \expndtw-2\chars
calex100 Pearson Education Limited 2005\par\pard\qj \li2589\ri1051\sb465\sl-500\
slmult0 \up0 \expndtw-8\charscalex92 \ul0\nosupersub\cf28\f29\fs20 of the bond
s, etc., are internal factors that affect the rate paid \up0 \expndtw-9
\charscalex92 on debt funds. \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\q
li1989\sb34\sl-230\slmult0\tx2589 \up0 \expndtw-3\charscalex100 4. \tab \up0 \ex
pndtw-8\charscalex97 The total-value principle states that a corporation
is valued on \par\pard\qj \li2589\ri1050\sb47\sl-500\slmult0 \up0 \expndtw-8\c
harscalex96 the basis of its earnings potential and its business risk.
The \up0 \expndtw-3\charscalex100 total "pie" of value stays the same regardl
ess of how it is sliced. \up0 \expndtw-8\charscalex94 Therefore, no matter ho
w the pie is divided between debt, equity, \up0 \expndtw-8\charscalex100
and other claims, the total value of the firm stays the same. \up0 \e
xpndtw-8\charscalex91 There is a conservation of investment value so tha
t the sum of the \up0 \expndtw-8\charscalex93 parts equals the whole and
the whole does not change with changes \up0 \expndtw-9\charscalex93 in f
inancial leverage. \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\s
arscalex94 Arbitrage implies that an identical product cannot sell
for \par\pard\qj \li2589\ri1050\sb47\sl-500\slmult0 \up0 \expndtw-8\charscale
x97 different prices in different markets.
If it does, arbitragers \l
ine \up0 \expndtw-8\charscalex94 will buy in one market and sell in anot
her to earn an arbitrage \line \up0 \expndtw-5\charscalex100 profit with no
risk to them.
These actions will cause the price of \line \up0 \expndtw-6\cha
rscalex100 one asset to rise and the price of the other to fall unti
l \line \up0 \expndtw-8\charscalex97 equilibrium is achieved, at which time
there will be no further \line \up0 \expndtw-5\charscalex100 opportunity f
or arbitrage profit.
As applied to capital structure, \line \up0 \expndtw-8\c
harscalex89 if two companies are said to be the same other than one
is levered \line \up0 \expndtw-8\charscalex93 while the other is not, arbi
trage supposedly would cause the total \line \up0 \expndtw-8\charscalex91 v
alue of the two firms to be the same.
With market imperfections, \l
ine \up0 \expndtw-6\charscalex100 however, this need not be the case, tho
ugh the elimination of \line \up0 \expndtw-3\charscalex100 arbitrage profits
is central to market equilibration as it applies, \line \up0 \expndtw-3\charscal
ex100 among other things, to the issue of capital structure. \par\pard\li1989\sb

258
}
}}
}
calex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 17: Capital Structure Determinati
on\tab \up0 \expndtw-4\charscalex100 Pearson Education Limited 2005\par\pard\li1
scalex100 \ul0\nosupersub\cf28\f29\fs20 6.\tab \up0 \expndtw-5\charscalex100 Wit
hout financial-market imperfections, variation in capital\par\pard\qj
\li2589\ri1050\sb30\sl-500\slmult0 \up0 \expndtw-8\charscalex94 structure would
have no impact on share price.
Capital structure \line \up0 \expndtw8\charscalex100 decisions would be irrelevant, as suggested by Modigliani
-Miller. \line \up0 \expndtw-8\charscalex100 Market imperfections take us aw
ay from a frictionless world and \line \up0 \expndtw-8\charscalex100 reduce
the effectiveness of arbitrage.
As a result, different \line \up0 \e
xpndtw-8\charscalex94 financial liabilities and common stock can have dif
ferent costs on \line \up0 \expndtw-5\charscalex100 a certainty-equivalent bas
is.
The two most important imperfections \line \up0 \expndtw-8\charscalex100
with respect to capital structure are probably income taxes and \line \
up0 \expndtw-8\charscalex92 bankruptcy costs.
Their joint impact was tak
en up in the chapter. \line \up0 \expndtw-8\charscalex96 Other imperfection
s include agency costs, transaction costs on the \line \up0 \expndtw-6\ch
arscalex100 sale of stocks and bonds by investors, flotation costs to
the \line \up0 \expndtw-6\charscalex100 corporation, legal restrictions gover
ning investor behavior, and \line \up0 \expndtw-6\charscalex100 restrictions
on margin loans and short sales. \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pa
l\li1989\sb74\sl-230\slmult0\tx2589 \up0 \expndtw-3\charscalex100 7. \tab \up0 \
expndtw-6\charscalex100 Bankruptcy costs include out-of-pocket expenses
to lawyers, \par\pard\qj \li2589\ri1050\sb47\sl-500\slmult0 \up0 \expndtw-8\
charscalex96 accountants, appraisers, trustees, and others as well as th
e loss \line \up0 \expndtw-4\charscalex100 of economic value that often oc
curs as a company approaches \line \up0 \expndtw-8\charscalex96 bankruptcy
and is not able to operate efficiently.

Agency costs \line \up0 \expnd
tw-8\charscalex96 include costs of shareholders monitoring the actions of
management \line \up0 \expndtw-8\charscalex96 and lenders monitoring the a
ctions of a company.
Auditing fees, \line \up0 \expndtw-8\charscalex94 ap
praiser fees, bonding fees, and the cost of protective covenants \line
\up0 \expndtw-8\charscalex92 are examples of agency costs.
These costs
tend to increase at an \line \up0 \expndtw-6\charscalex100 increasing rate
beyond some point of financial leverage. \line \up0 \expndtw-8\char
scalex100 Therefore, bankruptcy and agency costs eventually offset the n
et \line \up0 \expndtw-8\charscalex97 tax benefit associated with the emplo
yment of debt funds by the \par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1
persub\cf13\f14\fs18 Chapter 17: Capital Structure Determination\tab \up0 \expnd
tw-2\charscalex100 Pearson Education Limited 2005\par\pard\qj \li2589\ri1051\sb4
65\sl-500\slmult0 \up0 \expndtw-8\charscalex93 \ul0\nosupersub\cf28\f29\fs20 cor
poration.
They bound the solution so that there is an optimal \up0 \
expndtw-9\charscalex93 capital structure. \par\pard\ql \li1989\sb0\sl-230\slmult
\par\pard\ql\li1989\sb34\sl-230\slmult0\tx2589 \up0 \expndtw-3\charscalex100 8.
\tab \up0 \expndtw-8\charscalex100 For reasons of prudence as well as leg
al reasons, institutional \par\pard\qj \li2589\ri1050\sb47\sl-500\slmult0 \up0
\expndtw-6\charscalex100 investors will not lend money to a company tha
t has excessive \line \up0 \expndtw-8\charscalex94 financial leverage.
Bot
h under state regulations and ERISA, these \line \up0 \expndtw-8\charscale
x97 investors cannot take excessive risks.
Therefore, there comes a \l
ine \up0 \expndtw-8\charscalex94 point in financial leverage where they wi
ll not extend loans even \line \up0 \expndtw-8\charscalex90 though the fir
m may be willing to pay a higher interest rate.
The \line \up0 \expn
dtw-3\charscalex100 judgment of whether financial leverage is excessive is usual
ly made \line \up0 \expndtw-8\charscalex92 after studying debt ratios as we
ll as the cash-flow ability of the \line \up0 \expndtw-8\charscalex97 comp
any to service debt.
Often, regulators rely on the rating \line \up0
\expndtw-8\charscalex92 agencies to determine whether a company is too
risky when the debt \line \up0 \expndtw-9\charscalex92 is publicly held. \par
\up0 \expndtw-3\charscalex100 9. \tab \up0 \expndtw-8\charscalex93 Without the
payment of taxes, the corporate tax-shield due to debt \par\pard\qj \l
i2589\ri1050\sb47\sl-500\slmult0 \up0 \expndtw-8\charscalex91 disappears
and
so too does the major economic argument to the use \up0 \expndtw-8\cha
rscalex93 of debt.
As a result, the optimal capital structure would
entail \up0 \expndtw-8\charscalex94 much less debt than if a company were
to pay taxes at the full \up0 \expndtw-9\charscalex94 corporate tax rate.
\par\pard\li1899\sb0\sl-230\slmult0\par\pard\li1899\sb0\sl-230\slmult0\par\pard
expndtw-9\charscalex96 10.\tab \up0 \expndtw-9\charscalex96 Debt financing wou
ld decrease on a relative basis, all other\par\pard\li1899\sb0\sl-230\slm
ult0\par\pard\li1899\sb40\sl-230\slmult0\fi719 \up0 \expndtw-8\charscalex97 thin
gs the same.
The tax advantage associated with debt would be\par\par
d\li1899\sb0\sl-230\slmult0\par\pard\li1899\sb40\sl-230\slmult0\fi719 \up0 \expn
dtw-8\charscalex97 reduced.
Equity financing would increase on a relati
ve basis, all\par\pard\li1899\sb0\sl-230\slmult0\par\pard\li1899\sb40\sl-230\s
lmult0\fi719 \up0 \expndtw-9\charscalex96 other things the same.\par\pard\li1989

\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 17: Capital Structure Deter
mination\tab \up0 \expndtw-2\charscalex100 Pearson Education Limited 2005\par\pa
rd\ql \li1989\ri1051\sb465\sl-500\slmult0\tx2589\tx2589\tx2589\tx2589 \up0 \expn
dtw-8\charscalex94 \ul0\nosupersub\cf28\f29\fs20 11. The tax effect associa
ted with debt and equity financing would be \line\tab \up0 \expndtw-3\cha
rscalex100 the same, as opposed to the tax advantage presently enjoyed by debt \
line \tab \up0 \expndtw-8\charscalex96 financing.
As a result, equity fin
ancing would increase relative \line \tab \up0 \expndtw-5\charscalex100 to de
bt financing.
Corporations as a whole would move toward lower \line \tab \up0
\expndtw-5\charscalex100 debt-to-equity ratios. \par\pard\ql \li1989\ri1050\sb5
00\sl-500\slmult0\tx2589\tx2589\tx2589\tx2589\tx2589\tx2589\tx2589\tx2589 \up0 \
expndtw-7\charscalex100 12. If there is asymmetric information betwe
en management and \line\tab \up0 \expndtw-8\charscalex100 investors, the f
ormer might signal via capital structure.
The \line \tab \up0 \expndtw8\charscalex94 implication is that management would not bind itself to
the debt-\line \tab \up0 \expndtw-6\charscalex100 servicing schedule unless
it believed the company had operating \line \tab \up0 \expndtw-8\charscalex
96 cash flows in the future to adequately service such debt.
The \l
ine \tab \up0 \expndtw-5\charscalex100 capital-structure change represents an
explicit statement about \line \tab \up0 \expndtw-5\charscalex100 expected f
uture earnings.
In this context, the issuance of debt is \line \tab \up0 \exp
ndtw-8\charscalex96 "good news," whereas the issuance of equity would be
regarded as \line \tab \up0 \expndtw-9\charscalex96 "bad news" by investors.
persub\cf13\f14\fs18 Chapter 17: Capital Structure Determination\tab \up0 \expnd
\sb19\sl-230\slmult0\fi0 \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf27\f28\
fs20 SOLUTIONS TO PROBLEMS\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb

x100 \ul0\nosupersub\cf28\f29\fs20 1.\tab \up0 \expndtw-3\charscalex100 a)\par\p
\sb63\sl-230\slmult0\fi0\tx3789\tx7389 \up0 \expndtw-5\charscalex100 O\tab \up0
\expndtw-5\charscalex100 Net operating income\tab \up0 \expndtw-5\charscalex100
$10,000,000\par\pard\li3189\sb20\sl-230\slmult0\fi0\tx3789\tx7629 \up0 \expndtw5\charscalex100 I\tab \up0 \expndtw-5\charscalex100 Interest on debt\tab \up0 \e
xpndtw-5\charscalex100 1,400,000\par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3
189\sb16\sl-230\slmult0\fi0\tx3789 \up0 \expndtw-5\charscalex100 E\tab \up0 \exp
ndtw-5\charscalex100 Earnings available to\par\pard\li3189\sb21\sl-230\slmult0\f
i720\tx7388 \up0 \expndtw-5\charscalex100 common shareholders (O - I)\tab \up0
\expndtw-5\charscalex100 $ 8,600,000\par\pard\li3189\sb59\sl-230\slmult0\fi0\t
x7389\tx8229 \dn4 \expndtw-5\charscalex100 ke
Equity capitalization rate\tab
\up0 \expndtw-5\charscalex100 \tab \up0 \expndtw-5\charscalex100 .125\par\pard\l
i3189\sb207\sl-230\slmult0\fi0\tx3789\tx7389 \up0 \expndtw-5\charscalex100 S\tab
\dn4 \expndtw-5\charscalex100 Market value of stock (E/ke)\tab \up0 \expndtw-5
\charscalex100 $68,800,000\par\pard\li3189\sb20\sl-230\slmult0\fi0\tx3789\tx7509
\up0 \expndtw-5\charscalex100 B\tab \up0 \expndtw-5\charscalex100 Market value
of debt\tab \up0 \expndtw-5\charscalex100 20,000,000\par\pard\li3189\sb0\sl-230\
slmult0\par\pard\li3189\sb17\sl-230\slmult0\fi0\tx3789\tx7389 \up0 \expndtw-5\ch
arscalex100 V\tab \up0 \expndtw-5\charscalex100 Total value of firm (B + S)\ta
b \up0 \expndtw-5\charscalex100 $88,800,000\par\pard\ql \li3189\sb0\sl-230\slmul
0 \up0 \expndtw-9\charscalex95 ko
Implied overall \par\pard\ql \li3909\sb1\s
l-193\slmult0 \up0 \expndtw-3\charscalex100 capitalization rate \par\pard\ql \li
3909\sb77\sl-230\slmult0 \up0 \expndtw-7\charscalex100 [ki(B/V) + ke(S/V)] \par
\pard\li3909\sb24\sl-230\slmult0\fi0\tx7749 \up0 \expndtw-5\charscalex100 or alt
ernatively (O/V)\tab \up0 \expndtw-5\charscalex100 .1126126\par\pard\ql \li2589
alex100 b) \par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\sb0\sl-230\slmult
0\par\pard\li3189\sb30\sl-230\slmult0\fi0\tx3789\tx7389 \up0 \expndtw-5\charscal
ex100 O\tab \up0 \expndtw-5\charscalex100 Net operating income\tab \up0 \expndtw
-5\charscalex100 $10,000,000\par\pard\li3189\sb59\sl-230\slmult0\fi0\tx7389\tx77
49 \dn4 \expndtw-5\charscalex100 ko
Overall capitalization rate\tab \up0 \ex
pndtw-5\charscalex100 \tab \up0 \expndtw-5\charscalex100 .1126126\par\pard\li3189
\sb207\sl-230\slmult0\fi0\tx3789\tx7389 \up0 \expndtw-5\charscalex100 V\tab \up0
\expndtw-5\charscalex100 Total value of firm (B + S)\tab \up0 \expndtw-5\char
scalex100 $88,800,000\par\pard\li3189\sb20\sl-230\slmult0\fi0\tx3789\tx7509 \up0
\expndtw-5\charscalex100 B\tab \up0 \expndtw-5\charscalex100 Market value if de
bt\tab \up0 \expndtw-5\charscalex100 30,000,000\par\pard\li3189\sb0\sl-230\slmul
lex100 S\tab \up0 \expndtw-8\charscalex100 Market value of stock (V - B)\tab \
up0 \expndtw-5\charscalex100 $58,800,000\par\pard\li3189\sb0\sl-230\slmult0\par\
7389 \up0 \expndtw-5\charscalex100 O\tab \up0 \expndtw-5\charscalex100 Net opera
ting income\tab \up0 \expndtw-5\charscalex100 $10,000,000\par\pard\li3189\sb20\s
l-230\slmult0\fi0\tx3789\tx7629 \up0 \expndtw-5\charscalex100 I\tab \up0 \expndt
w-5\charscalex100 Interest on debt\tab \up0 \expndtw-5\charscalex100 2,100,000\p
\up0 \expndtw-5\charscalex100 E\tab \up0 \expndtw-5\charscalex100 Earnings avai
lable to\par\pard\li3189\sb20\sl-230\slmult0\fi719\tx7389 \up0 \expndtw-8\charsc
alex100 common shareholders (O - I)\tab \up0 \expndtw-5\charscalex100 $ 7,900
,000\par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\sb0\sl-230\slmult0\par\p
ard\li3189\sb100\sl-230\slmult0\fi0 \up0 \expndtw-7\charscalex100 ke
Implied
equity\par\pard\li3189\sb0\sl-207\slmult0\fi719\tx7989 \up0 \expndtw-7\charscal
ex100 capitalization rate (E/S)\tab \up0 \expndtw-7\charscalex100 .13435\par\pa
846 \up0 \expndtw-4\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 17: Capi
tal Structure Determination\tab \up0 \expndtw-4\charscalex100 Pearson Education
Limited 2005\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb0\sl-230\slmul
2589\tx3189 \up0 \expndtw-5\charscalex100 \ul0\nosupersub\cf28\f29\fs20 2.\tab \
up0 \expndtw-5\charscalex100 a)\tab \up0 \expndtw-5\charscalex100 (1)
Sell yo
ur Gottahave stock for $22,500.\par\pard\ql \li3189\ri1532\sb30\sl-500\slmult0\
tx3789 \up0 \expndtw-9\charscalex96 (2) Borrow $20,000 at 12 percent interes
t.
This personal \line\tab \up0 \expndtw-9\charscalex97 debt is equal to 1 p
ercent of Gottahave debt. \par\pard\ql \li3189\ri1412\sb0\sl-500\slmult0\tx3789\
tx3789 \up0 \expndtw-5\charscalex100 (3) Buy 1 percent of the stock of the Wa
nnabee Company for \line\tab \up0 \expndtw-9\charscalex94 $40,000 and still have
$22,500 + $20,000 - $40,000 = \line \tab \up0 \expndtw-9\charscalex95 $2,
500 left over for other investments. \par\pard\li3189\sb0\sl-230\slmult0\par\par
d\li3189\sb0\sl-230\slmult0\par\pard\li3189\sb181\sl-230\slmult0\fi1199\tx9189 \
up0 \expndtw-6\charscalex100 Return on investment in Wannabee\tab \up0 \expndtw6\charscalex100 $6,000\par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\sb40\s
l-230\slmult0\fi1199\tx9309 \up0 \expndtw-6\charscalex100 Less: interest paid (
$20,000 x .12)\tab \up0 \expndtw-6\charscalex100 2,400\par\pard\li3189\sb0\sl-2
rscalex100 Net return\tab \up0 \expndtw-6\charscalex100 $3,600\par\pard\li3189\s
0\slmult0\fi0 \up0 \expndtw-6\charscalex100 Your net dollar return, $3,600, is
the same as it was for your\par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\s
b40\sl-230\slmult0\fi0 \up0 \expndtw-6\charscalex100 investment in Gottahave.
However, your personal cash outlay\par\pard\li3189\sb0\sl-230\slmult0\par
alex100 of\tab \up0 \expndtw-6\charscalex100 $20,000\tab \up0 \expndtw-8\charsca
lex100 ($40,000 less personal borrowings of\tab \up0 \expndtw-6\charscalex10
0 $20,000) is\par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\sb40\sl-230\sl
mult0\fi0\tx7767 \up0 \expndtw-6\charscalex100 $2,500 less than your pre
vious\tab \up0 \expndtw-6\charscalex100 $22,500 investment in\par\pard\ql \l
\charscalex100 Gottahave. \par\pard\ql \li2589\sb0\sl-500\slmult0 \par\pard\ql\l
i2589\ri1051\sb47\sl-500\slmult0\tx3189\tx3189\tx3189\tx3189 \up0 \expndtw-4\cha
rscalex100 b)
When there is no further opportunity for employing fewer funds
\line\tab \up0 \expndtw-5\charscalex100 and achieving the same total dollar
return the arbitrage \line \tab \up0 \expndtw-5\charscalex100 process will c
ease.
At this point, the total value of the two \line \tab \up0 \expndtw-5\ch
arscalex100 firms must be the same, as must their average costs of \li
ne \tab \up0 \expndtw-5\charscalex100 capital. \par\pard\li1989\sb0\sl-207\slmul
}
calex97 \ul0\nosupersub\cf13\f14\fs18 Chapter 17: Capital Structure Determinatio
n\tab \up0 \expndtw-8\charscalex97 Pearson Education Limited 2005\par\pard\li198
\charscalex97 \ul0\nosupersub\cf28\f29\fs20 3.\tab \up0 \expndtw-9\charscalex97
a)\tab \up0 \expndtw-8\charscalex98 $400,000 in debt.
The market price p
er share of common stock\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\
sb40\sl-230\slmult0\fi599 \up0 \expndtw-3\charscalex100 is highest at this amoun
t of financial leverage.\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb0\
mult0\fi0\tx4989 \up0 \expndtw-3\charscalex100 b)\tab \up0 \expndtw-3\charscalex
100 (000s omitted)\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb0\sl-230
\slmult0\par\pard\li1989\sb38\sl-230\slmult0\fi0\tx3669\tx4989\tx6549\tx7989\tx9
429 \up0 \expndtw-3\charscalex100 # shares\tab \up0 \expndtw-3\charscalex100 B\t
ab \up0 \expndtw-3\charscalex100 EBIT\tab \up0 \expndtw-3\charscalex100 I\tab \u
p0 \expndtw-3\charscalex100 EBT\tab \up0 \expndtw-3\charscalex100 EAT\par\pard\l
i2229\sb1\sl-216\slmult0\fi1079\tx4989\tx6309 \up0 \expndtw-3\charscalex100 \u82
12?\u8212?\u8212?\u8212?\u8212?\tab \up0 \expndtw-3\charscalex100 \u8212?\u8212?
\u8212?\u8212?\tab \up0 \expndtw-3\charscalex100 \u8212?\u8212?\u8212?\u8212?\u8
212?\par\pard\li2229\sb30\sl-230\slmult0\fi0\tx3309\tx3789\tx4989\tx6309\tx7749\
tx9189 \up0 \expndtw-3\charscalex100 100\tab \up0 \expndtw-3\charscalex100 $\tab
\up0 \expndtw-3\charscalex100 0\tab \up0 \expndtw-3\charscalex100 $250\tab \up0
\expndtw-3\charscalex100 $ 0.0\tab \up0 \expndtw-3\charscalex100 $250.0\tab \u
p0 \expndtw-3\charscalex100 $125.00\par\pard\li2229\sb0\sl-230\slmult0\par\pard\
li2229\sb40\sl-230\slmult0\fi119\tx3549\tx5109\tx6429\tx7869\tx9309 \up0 \expndt
w-3\charscalex100 90\tab \up0 \expndtw-3\charscalex100 100\tab \up0 \expndtw-3\c
harscalex100 250\tab \up0 \expndtw-3\charscalex100 10.0\tab \up0 \expndtw-3\char
scalex100 240.0\tab \up0 \expndtw-3\charscalex100 120.00\par\pard\li2229\sb0\sl230\slmult0\par\pard\li2229\sb40\sl-230\slmult0\fi119\tx3549\tx5109\tx6429\tx786
9\tx9309 \up0 \expndtw-3\charscalex100 80\tab \up0 \expndtw-3\charscalex100 200\
tab \up0 \expndtw-3\charscalex100 250\tab \up0 \expndtw-3\charscalex100 20.0\tab
\up0 \expndtw-3\charscalex100 230.0\tab \up0 \expndtw-3\charscalex100 115.00\pa
9\tx5109\tx6429\tx7869\tx9309 \up0 \expndtw-3\charscalex100 70\tab \up0 \expndtw
harscalex100 31.5\tab \up0 \expndtw-3\charscalex100 218.5\tab \up0 \expndtw-3\ch
arscalex100 109.25\par\pard\li2229\sb0\sl-230\slmult0\par\pard\li2229\sb40\sl-23
0\slmult0\fi119\tx3549\tx5109\tx6429\tx7869\tx9309 \up0 \expndtw-3\charscalex100
60\tab \up0 \expndtw-3\charscalex100 400\tab \up0 \expndtw-3\charscalex100 250\
tab \up0 \expndtw-3\charscalex100 44.0\tab \up0 \expndtw-3\charscalex100 206.0\t
ab \up0 \expndtw-3\charscalex100 103.00\par\pard\li2229\sb0\sl-230\slmult0\par\p
ard\li2229\sb40\sl-230\slmult0\fi119\tx3549\tx5109\tx6429\tx7869\tx9429 \up0 \ex
pndtw-3\charscalex100 50\tab \up0 \expndtw-3\charscalex100 500\tab \up0 \expndtw
-3\charscalex100 250\tab \up0 \expndtw-3\charscalex100 60.0\tab \up0 \expndtw-3\
charscalex100 190.0\tab \up0 \expndtw-3\charscalex100 95.00\par\pard\li2229\sb0\

00\tab \up0 \expndtw-3\charscalex100 250\tab \up0 \expndtw-3\charscalex100 84.0\
tab \up0 \expndtw-3\charscalex100 166.0\tab \up0 \expndtw-3\charscalex100 83.00\
sl-230\slmult0\par\pard\li1989\sb179\sl-230\slmult0\fi239\tx3309\tx4389\tx5229 \
dn3 \expndtw-6\charscalex100 ki\tab \up0 \expndtw-6\charscalex100 EPS\tab \up0 \
expndtw-6\charscalex100 P\tab \dn3 \expndtw-6\charscalex100 ke = EPS/P
S
= (# shares) x P
V = B + S\par\pard\li1989\sb1\sl-214\slmult0\fi0\tx3069
\up0 \expndtw-6\charscalex100 \u8212?\u8212?\u8212?\u8212?\u8212?\tab \up0 \exp
ndtw-6\charscalex100 \u8212?\u8212?\u8212?\u8212?\u8212?\par\pard\li1989\sb0\sl230\slmult0\par\pard\li1989\sb226\sl-230\slmult0\fi119\tx3069\tx4029\tx5589\tx72
69\tx9429 \up0 \expndtw-6\charscalex100 ---\tab \up0 \expndtw-6\charscalex100 $1
.25\tab \up0 \expndtw-6\charscalex100 $10.00\tab \up0 \expndtw-6\charscalex100 1
2.5%\tab \up0 \expndtw-6\charscalex100 $1,000.0\tab \up0 \expndtw-6\charscalex10
0 $1000.0\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb39\sl-230\slmult0
\fi0\tx3189\tx4149\tx5589\tx7629\tx9549 \up0 \expndtw-6\charscalex100 5.00%\tab
\up0 \expndtw-6\charscalex100 1.33\tab \up0 \expndtw-6\charscalex100 10.00\tab \
up0 \expndtw-6\charscalex100 13.3\tab \up0 \expndtw-6\charscalex100 900.0\tab \u
i1989\sb40\sl-230\slmult0\fi0\tx3189\tx4149\tx5589\tx7629\tx9549 \up0 \expndtw-6
\charscalex100 5.00\tab \up0 \expndtw-6\charscalex100 1.44\tab \up0 \expndtw-6\c
harscalex100 10.50\tab \up0 \expndtw-6\charscalex100 13.7\tab \up0 \expndtw-6\ch
arscalex100 840.0\tab \up0 \expndtw-6\charscalex100 1040.0\par\pard\li1989\sb0\s
9\tx9549 \up0 \expndtw-6\charscalex100 5.25\tab \up0 \expndtw-6\charscalex100 1.
56\tab \up0 \expndtw-6\charscalex100 10.75\tab \up0 \expndtw-6\charscalex100 14.
.5\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb39\sl-230\slmult0\fi0\tx
3189\tx4149\tx5589\tx7629\tx9549 \up0 \expndtw-6\charscalex100 \ul0\nosupersub\c
f27\f28\fs20 5.50\tab \up0 \expndtw-6\charscalex100 1.72\tab \up0 \expndtw-6\cha
rscalex100 11.00\tab \up0 \expndtw-6\charscalex100 15.6\tab \up0 \expndtw-6\char
scalex100 660.0\tab \up0 \expndtw-6\charscalex100 1060.0\par\pard\li1989\sb0\sl230\slmult0\par\pard\li1989\sb40\sl-230\slmult0\fi0\tx3189\tx4149\tx5589\tx7629\
tx9549 \up0 \expndtw-6\charscalex100 \ul0\nosupersub\cf28\f29\fs20 6.00\tab \up0
\expndtw-6\charscalex100 1.90\tab \up0 \expndtw-6\charscalex100 10.50\tab \up0
\expndtw-6\charscalex100 18.1\tab \up0 \expndtw-6\charscalex100 525.0\tab \up0 \
expndtw-6\charscalex100 1025.0\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li198
9\sb41\sl-230\slmult0\fi0\tx3189\tx4269\tx5589\tx7629\tx9669 \up0 \expndtw-6\cha
rscalex100 7.00\tab \up0 \expndtw-6\charscalex100 2.08\tab \up0 \expndtw-6\chars
calex100 9.50\tab \up0 \expndtw-6\charscalex100 21.8\tab \up0 \expndtw-6\charsca
lex100 380.0\tab \up0 \expndtw-6\charscalex100 980.0\par\pard\li1989\sb0\sl-207\
4\paperw11900\paperh16840\pard\sb0\sl-240{\bkmkstart Pg267}{\bkmkend Pg267}\par\
9\sb81\sl-207\slmult0\fi0\tx7846 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\c
f13\f14\fs18 Chapter 17: Capital Structure Determination\tab \up0 \expndtw-2\cha
rscalex100 Pearson Education Limited 2005\par\pard\li4149\sb0\sl-230\slmult0\par
49\sb18\sl-230\slmult0\fi0\tx5949\tx7149\tx9189 \dn3 \expndtw-9\charscalex91 \ul
0\nosupersub\cf28\f29\fs20 ki(B/V)\tab \up0 \expndtw-9\charscalex91 +\tab \dn3 \
expndtw-9\charscalex91 ke(S/V)\tab \dn3 \expndtw-9\charscalex91 =
ko\par\pa

d\ql\li6189\sb0\sl-230\slmult0 \par\pard\ql\li6189\sb60\sl-230\slmult0 \up0 \exp
ndtw-7\charscalex100 (12.5%)($1,000/$1,000.0) = 12.50% \par\pard\qj \li3189\ri
1651\sb47\sl-500\slmult0 \up0 \expndtw-8\charscalex100 (5.00%)($100/$1,000.0) +
(13.3%)($900.0/$1,000.0) = 12.47 \line \up0 \expndtw-8\charscalex100 (5.00%)
($200/$1,040.0) + (13.7%)($840.0/$1,040.0) = 12.03 \line \up0 \expndtw-8\cha
rscalex100 (5.25%)($300/$1,052.5) + (14.5%)($752.5/$1,052.5) = 11.86 \par\pa
rd\ql \li3189\sb224\sl-230\slmult0 \up0 \expndtw-8\charscalex100 \ul0\nosupersub
\cf27\f28\fs20 (5.50%)($400/$1,060.0) + (15.6%)($660.0/$1,060.0) = 11.79 \pa
0 \expndtw-8\charscalex100 \ul0\nosupersub\cf28\f29\fs20 (6.00%)($500/$1,025.0)
+ (18.1%)($525.0/$1,025.0) = 12.20 \par\pard\li3189\sb0\sl-230\slmult0\par\p
ard\li3189\sb57\sl-230\slmult0\fi0\tx5949\tx9189 \up0 \expndtw-6\charscalex100 (
7.00%)($600/$980.0)\tab \up0 \expndtw-6\charscalex100 + (21.8%)($380/$980.0)\ta
b \up0 \expndtw-6\charscalex100 = 12.74\par\pard\li2589\sb0\sl-230\slmult0\par\
9\sb0\sl-230\slmult0\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb73\sl230\slmult0\fi0 \up0 \expndtw-6\charscalex100 c)
Yes.
The optimal capital
structure -- the one possessing the\par\pard\li2589\sb0\sl-230\slmult0\par\pard
\li2589\sb41\sl-230\slmult0\fi0 \up0 \expndtw-6\charscalex100 lowest overall cos
t of capital -- involves $400,000 in debt.\par\pard\li1989\sb0\sl-230\slmult0\
4.\tab \up0 \expndtw-3\charscalex100 a)\tab \up0 \expndtw-3\charscalex100 All e
quity\tab \up0 \expndtw-3\charscalex100 Debt and Equity\par\pard\li3189\sb71\sl230\slmult0\fi0\tx6789\tx8829 \up0 \expndtw-3\charscalex100 EBIT\tab \up0 \expnd
tw-3\charscalex100 $1,000,000\tab \up0 \expndtw-3\charscalex100 $1,000,000\par\p
ard\li3189\sb20\sl-230\slmult0\fi0\tx7869\tx9189 \up0 \expndtw-3\charscalex100 I
nterest to debtholders\tab \up0 \expndtw-3\charscalex100 0\tab \up0 \expndtw-3\c
harscalex100 450,000\par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\sb16\sl230\slmult0\fi0\tx6789\tx8829\tx9189 \up0 \expndtw-3\charscalex100 EBT\tab \up0
\expndtw-3\charscalex100 $1,000,000\tab \up0 \expndtw-3\charscalex100 $\tab \up0
\expndtw-3\charscalex100 550,000\par\pard\li3189\sb20\sl-230\slmult0\fi0\tx7149
\tx9189 \up0 \expndtw-3\charscalex100 Taxes (.40)\tab \up0 \expndtw-3\charscale
x100 400,000\tab \up0 \expndtw-3\charscalex100 220,000\par\pard\ql \li3189\sb0\s
100 Incomes available to \par\pard\li3309\sb24\sl-230\slmult0\fi0\tx6789\tx7149\
tx8829\tx9189 \up0 \expndtw-3\charscalex100 common shareholders\tab \up0 \expndt
w-3\charscalex100 $\tab \up0 \expndtw-3\charscalex100 600,000\tab \up0 \expndtw3\charscalex100 $\tab \up0 \expndtw-3\charscalex100 330,000\par\pard\ql \li3189\
ri3035\sb232\sl-260\slmult0 \up0 \expndtw-3\charscalex100 Income to debtholders
\line \up0 \expndtw-3\charscalex100 plus income available \par\pard\li3309\sb19\
sl-230\slmult0\fi0\tx6789\tx7149\tx8829\tx9189 \up0 \expndtw-3\charscalex100 to
shareholders\tab \up0 \expndtw-3\charscalex100 $\tab \up0 \expndtw-3\charscalex1
00 600,000\tab \up0 \expndtw-3\charscalex100 $\tab \up0 \expndtw-3\charscalex100
780,000\par\pard\ql \li2589\sb0\sl-230\slmult0 \par\pard\ql\li2589\sb0\sl-230\s
lmult0 \par\pard\ql\li2589\sb56\sl-230\slmult0 \up0 \expndtw-5\charscalex100 b)
Present value of tax-shield benefits \par\pard\ql \li3789\sb50\sl-230\slmult0
\up0 \expndtw-9\charscalex93 = (B)(tc) = ($3,000,000)(.40) = $1,200,000 \p
r\pard\ql\li2589\sb30\sl-230\slmult0 \up0 \expndtw-5\charscalex100 c)
Value o
f all-equity financed firm \par\pard\ql \li3789\sb50\sl-230\slmult0 \up0 \expndt
w-9\charscalex95 = EAT/ke = $600,000/(.20) = $3,000,000 \par\pard\ql \li3189
\sb230\sl-230\slmult0 \up0 \expndtw-3\charscalex100 Value of recapitalized firm
\par\pard\ql \li3789\sb30\sl-230\slmult0 \up0 \expndtw-9\charscalex92 = $3,000,
000 + $1,200,000 = $4,200,000 \par\pard\li1989\sb0\sl-207\slmult0\par\pard\l
mult0\fi0\tx10330 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Va
n Horne and Wachowicz: \ul0\nosupersub\cf14\f15\fs18 Fundamentals of Financial M
anagement,\ul0\nosupersub\cf13\f14\fs18 12e\tab \up0 \expndtw-2\charscalex100 \

ul0\nosupersub\cf15\f16\fs18 265
}
}}
}
fs20 5.\tab \up0 \expndtw-4\charscalex100 (in millions)\par\pard\li1989\sb220\sl
-230\slmult0\fi839\tx3789\tx5709\tx7629\tx9549 \up0 \expndtw-4\charscalex100 (1)
\tab \up0 \expndtw-4\charscalex100 (2)\tab \up0 \expndtw-4\charscalex100 (3)\tab
\up0 \expndtw-4\charscalex100 (4)\tab \up0 \expndtw-4\charscalex100 (5)\par\par
d\li1989\sb20\sl-230\slmult0\fi1559\tx5349\tx7509\tx9189 \up0 \expndtw-4\charsca
lex100 Value of\tab \up0 \expndtw-4\charscalex100 PV of tax-\tab \up0 \expndtw-4
\charscalex100 PV of\tab \up0 \expndtw-4\charscalex100 Value of\par\pard\li1989\
sb19\sl-230\slmult0\fi1559\tx5109\tx9069 \up0 \expndtw-4\charscalex100 Unlevered
\tab \up0 \expndtw-4\charscalex100 shield benefits
Bankruptcy\tab \up0 \exp
ndtw-4\charscalex100 Levered Firm\par\pard\li1989\sb21\sl-230\slmult0\fi719\tx37
89\tx5349\tx7509\tx8829 \up0 \expndtw-4\charscalex100 Debt\tab \up0 \expndtw-4\c
harscalex100 Firm\tab \up0 \expndtw-4\charscalex100 (1) x .22\tab \up0 \expndtw
-4\charscalex100 Costs\tab \up0 \expndtw-4\charscalex100 (2) + (3) - (4)\par
\pard\li1989\sb219\sl-230\slmult0\fi839\tx3789\tx5589\tx7509\tx9309 \up0 \expndt
w-4\charscalex100 $0\tab \up0 \expndtw-4\charscalex100 $10\tab \up0 \expndtw-4\c
harscalex100 $0.00\tab \up0 \expndtw-4\charscalex100 $0.00\tab \up0 \expndtw-4\c
harscalex100 $10.00\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl-2
30\slmult0\fi959\tx3909\tx5709\tx7629\tx9429 \up0 \expndtw-4\charscalex100 1\tab
\up0 \expndtw-4\charscalex100 10\tab \up0 \expndtw-4\charscalex100 0.22\tab \up
0 \expndtw-4\charscalex100 0.00\tab \up0 \expndtw-4\charscalex100 10.22\par\pard
00 10\tab \up0 \expndtw-4\charscalex100 0.44\tab \up0 \expndtw-4\charscalex100 0
.05\tab \up0 \expndtw-4\charscalex100 10.39\par\pard\li1989\sb0\sl-230\slmult0\p
ar\pard\li1989\sb40\sl-230\slmult0\fi959\tx3909\tx5709\tx7629\tx9429 \up0 \expnd
tw-4\charscalex100 3\tab \up0 \expndtw-4\charscalex100 10\tab \up0 \expndtw-4\ch
scalex100 10.56\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl-230\s
lmult0\fi959\tx3909\tx5709\tx7629\tx9429 \up0 \expndtw-4\charscalex100 4\tab \up

0 \expndtw-4\charscalex100 10\tab \up0 \expndtw-4\charscalex100 0.88\tab \up0 \e
xpndtw-4\charscalex100 0.20\tab \up0 \expndtw-4\charscalex100 10.68\par\pard\li1
989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl-230\slmult0\fi959\tx3909\tx5709\t
x7629\tx9429 \up0 \expndtw-4\charscalex100 \ul0\nosupersub\cf27\f28\fs20 5\tab \
up0 \expndtw-4\charscalex100 10\tab \up0 \expndtw-4\charscalex100 1.10\tab \up0
\expndtw-4\charscalex100 0.40\tab \up0 \expndtw-4\charscalex100 10.70*\par\pard\
9\tx7629\tx9429 \up0 \expndtw-4\charscalex100 \ul0\nosupersub\cf28\f29\fs20 6\ta
b \up0 \expndtw-4\charscalex100 10\tab \up0 \expndtw-4\charscalex100 1.32\tab \u
p0 \expndtw-4\charscalex100 0.70\tab \up0 \expndtw-4\charscalex100 10.62\par\par
1.10\tab \up0 \expndtw-4\charscalex100 10.44\par\pard\li1989\sb0\sl-230\slmult0\
par\pard\li1989\sb40\sl-230\slmult0\fi959\tx3909\tx5709\tx7629\tx9429 \up0 \expn
dtw-4\charscalex100 8\tab \up0 \expndtw-4\charscalex100 10\tab \up0 \expndtw-4\c
harscalex100 1.76\tab \up0 \expndtw-4\charscalex100 1.60\tab \up0 \expndtw-4\cha
rscalex100 10.16\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb0\sl-230\s
lmult0\par\pard\li1989\sb10\sl-230\slmult0\fi599 \up0 \expndtw-4\charscalex100 \
ul0\nosupersub\cf27\f28\fs20 *\ul0\nosupersub\cf28\f29\fs20 The optimal amount o
f debt would be $5 million.\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\
sb0\sl-230\slmult0\par\pard\li1989\sb140\sl-230\slmult0\fi0\tx2589 \up0 \expndtw
-4\charscalex100 6.\tab \up0 \expndtw-4\charscalex100 a)
without bankruptcy c
osts\par\pard\li3789\sb214\sl-230\slmult0\fi0\tx5709\tx7389\tx7989 \dn2 \expndtw
-9\charscalex95 [ki x (B/V)] +\tab \dn2 \expndtw-9\charscalex95 [ke x (S/V)]\
tab \up0 \expndtw-9\charscalex95 =\tab \dn2 \expndtw-9\charscalex95 ko\par\pard\
\sl-230\slmult0\par\pard\li3789\sb16\sl-230\slmult0\fi1800 \up0 \expndtw-9\chars
calex95 (10.00%)(1.00) = 10.000%\par\pard\li3789\sb0\sl-230\slmult0\par\pard\l
i3789\sb40\sl-230\slmult0\fi0\tx7748 \up0 \expndtw-9\charscalex95 (4.00%)(.10)
+ (10.50%)( .90) =\tab \up0 \expndtw-9\charscalex95 9.850%\par\pard\li3789\sb
charscalex95 (4.00%)(.20) + (11.00%)( .80) =\tab \up0 \expndtw-9\charscalex9
5 9.600%\par\pard\li3789\sb0\sl-230\slmult0\par\pard\li3789\sb40\sl-230\slmult0\
fi0\tx7748 \up0 \expndtw-9\charscalex95 (4.25%)(.30) + (11.50%)( .70) =\tab
\up0 \expndtw-9\charscalex95 9.325%\par\pard\li3789\sb0\sl-230\slmult0\par\pard\
li3789\sb40\sl-230\slmult0\fi0\tx7748 \up0 \expndtw-9\charscalex95 (4.50%)(.40)
+ (12.25%)( .60) =\tab \up0 \expndtw-9\charscalex95 9.150%\par\pard\li3789\s
\charscalex95 (5.00%)(.50) + (13.25%)( .50) =\tab \up0 \expndtw-9\charscalex
95 9.125%\par\pard\li3789\sb0\sl-230\slmult0\par\pard\li3789\sb40\sl-230\slmult0
\fi0\tx7748 \up0 \expndtw-9\charscalex95 \ul0\nosupersub\cf27\f28\fs20 (5.50%)(.
60) + (14.50%)( .40) =\tab \up0 \expndtw-9\charscalex95 9.100%\par\pard\li37
tw-9\charscalex95 \ul0\nosupersub\cf28\f29\fs20 (6.25%)(.70) + (16.00%)( .30)
=\tab \up0 \expndtw-9\charscalex95 9.175%\par\pard\li3789\sb0\sl-230\slmult0\p
ar\pard\li3789\sb40\sl-230\slmult0\fi0\tx7749 \up0 \expndtw-9\charscalex95 (7.50
%)(.80) + (18.00%)( .20) =\tab \up0 \expndtw-9\charscalex95 9.600%\par\pard\

}
}}
}
}}
}
}}
}
}}
}
x100 \ul0\nosupersub\cf28\f29\fs20 b)
with bankruptcy costs\par\pard\li3789\s
dn3 \expndtw-9\charscalex95 [ki x (B/V)] +\tab \dn3 \expndtw-9\charscalex95 [k
e x (S/V)]\tab \up0 \expndtw-9\charscalex95 =\tab \dn3 \expndtw-9\charscalex95
ko\par\pard\li3789\sb0\sl-230\slmult0\par\pard\li3789\sb0\sl-230\slmult0\par\par
d\li3789\sb0\sl-230\slmult0\par\pard\li3789\sb41\sl-230\slmult0\fi1800 \up0 \exp
ndtw-9\charscalex95 (10.00%)(1.00) = 10.000%\par\pard\li3789\sb0\sl-230\slmult
0\par\pard\li3789\sb40\sl-230\slmult0\fi0\tx7748 \up0 \expndtw-9\charscalex95 (4
.00%)(.10) + (10.50%)( .90) =\tab \up0 \expndtw-9\charscalex95 9.850%\par\pa
\expndtw-9\charscalex95 (4.00%)(.20) + (11.25%)( .80) =\tab \up0 \expndtw-9
\charscalex95 9.800%\par\pard\li3789\sb0\sl-230\slmult0\par\pard\li3789\sb40\sl230\slmult0\fi0\tx7748 \up0 \expndtw-9\charscalex95 (4.25%)(.30) + (12.00%)(
.70) =\tab \up0 \expndtw-9\charscalex95 9.675%\par\pard\li3789\sb0\sl-230\slmul
t0\par\pard\li3789\sb40\sl-230\slmult0\fi0\tx7748 \up0 \expndtw-9\charscalex95 (
4.50%)(.40) + (13.00%)( .60) =\tab \up0 \expndtw-9\charscalex95 9.600%\par\p
0 \expndtw-9\charscalex95 (5.00%)(.50) + (14.50%)( .50) =\tab \up0 \expndtw9\charscalex95 9.750%\par\pard\li3789\sb0\sl-230\slmult0\par\pard\li3789\sb40\sl
-230\slmult0\fi0\tx7748 \up0 \expndtw-9\charscalex95 \ul0\nosupersub\cf27\f28\fs
20 (5.50%)(.60) + (16.25%)( .40) =\tab \up0 \expndtw-9\charscalex95 9.800%\p
\up0 \expndtw-9\charscalex95 \ul0\nosupersub\cf28\f29\fs20 (6.25%)(.70) + (18
.50%)( .30) =\tab \up0 \expndtw-9\charscalex95 9.925%\par\pard\ql \li3789\sb0\
x93 (7.50%)(.80) + (21.00%)( .20) = 10.200% \par\pard\ql \li3189\sb0\sl-230
lmult0 \par\pard\ql\li3189\sb80\sl-230\slmult0\tx10389 \up0 \expndtw-7\charscale
x100 With bankruptcy costs, the optimal capital structure is \tab \up0 \e
xpndtw-3\charscalex100 40 \par\pard\ql \li3189\sb0\sl-230\slmult0 \par\pard\ql\l
i3189\sb40\sl-230\slmult0 \up0 \expndtw-4\charscalex100 percent debt in contrast
to 60 percent bankruptcy costs. \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\p
d\ql\li1989\sb80\sl-230\slmult0\tx2589 \up0 \expndtw-3\charscalex100 7. \tab \up
0 \expndtw-6\charscalex100 According to the notion of asymmetric inf
ormation between \par\pard\qj \li2589\ri1050\sb47\sl-500\slmult0 \up0 \expndtw
-8\charscalex97 management and investors, the company should issue the o
vervalued \line \up0 \expndtw-8\charscalex91 security, or at least the one
that is not undervalued in its mind. \line \up0 \expndtw-6\charscalex100
This would be debt in the situation described in the problem. \line \u
p0 \expndtw-8\charscalex94 Investors would be aware of management's likely
behavior and would \line \up0 \expndtw-8\charscalex94 view the event as
"good news."
The stock price might rise, all \line \up0 \expndtw-5\char
scalex100 other things the same, if this information was not otherwise
\line \up0 \expndtw-5\charscalex100 conveyed. \par\pard\qj \li2589\ri1050\sb0\sl
-500\slmult0\fi599 \up0 \expndtw-9\charscalex93 In contrast, if the comm
on stock were believed to be \line \up0 \expndtw-8\charscalex94 overva
lued, management would want to issue common stock.
This \par\pard\li1
t0\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb7\sl-207\slmult0\fi0\tx1
b\cf15\f16\fs18 267\par\pard\sect\sectd\fs24\paperw11900\paperh16840\pard\sb0\sl
-240{\bkmkstart Pg270}{\bkmkend Pg270}\par\pard\li1989\sb0\sl-207\slmult0\par\pa
\expndtw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 17: Capital Stru
cture Determination\tab \up0 \expndtw-2\charscalex100 Pearson Education Limited

2005\par\pard\qj \li2589\ri1050\sb465\sl-500\slmult0 \up0 \expndtw-8\charscalex9
4 \ul0\nosupersub\cf28\f29\fs20 assumes it wishes to maximize the wealth
of existing stockholders. \up0 \expndtw-8\charscalex100 Investors would rega
rd this announcement as "bad news," and the \up0 \expndtw-8\charscalex97
stock price might decline.
Information effects through financing \up0 \
expndtw-8\charscalex94 assume that the information is not otherwise known
by the market. \up0 \expndtw-8\charscalex92 Management usually has a bia
s in thinking that the common stock of \up0 \expndtw-9\charscalex92 the c
ompany is undervalued. \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li19
alex100 \ul0\nosupersub\cf27\f28\fs20 SOLUTIONS TO SELF-CORRECTION PROBLEMS \par
pard\ql\li1989\sb210\sl-230\slmult0\tx2589 \up0 \expndtw-3\charscalex100 \ul0\no
supersub\cf28\f29\fs20 1. \tab \up0 \expndtw-5\charscalex100 a.
Qwert Typewri
ter Company: \par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb51\sl-230\slm
ult0\fi599\tx3789\tx7989\tx8349 \up0 \expndtw-6\charscalex100 O\tab \up0 \expndt
w-6\charscalex100 Net operating income\tab \up0 \expndtw-6\charscalex100 $\tab \
up0 \expndtw-6\charscalex100 360,000\par\pard\li2589\sb59\sl-230\slmult0\fi599\t
x7989\tx8829 \dn4 \expndtw-6\charscalex100 ko
Overall capitalization rate\tab
\up0 \expndtw-6\charscalex100 \tab \up0 \expndtw-6\charscalex100 .18\par\pard\li
2589\sb207\sl-230\slmult0\fi599\tx3789\tx7989 \up0 \expndtw-6\charscalex100 V\ta
b \up0 \expndtw-6\charscalex100 Total value of the firm (B + S)\tab \up0 \expn
dtw-6\charscalex100 $2,000,000\par\pard\li2589\sb21\sl-230\slmult0\fi599\tx3789\
tx8109 \up0 \expndtw-6\charscalex100 B\tab \up0 \expndtw-6\charscalex100 Market
value of debt (50%)\tab \up0 \expndtw-6\charscalex100 1,000,000\par\pard\li2589
\sb0\sl-230\slmult0\par\pard\li2589\sb16\sl-230\slmult0\fi599\tx3789\tx7988 \up0
\expndtw-6\charscalex100 S\tab \up0 \expndtw-6\charscalex100 Market value of st
ock (50%)\tab \up0 \expndtw-6\charscalex100 $1,000,000\par\pard\li2589\sb0\sl-2
expndtw-6\charscalex100 O\tab \up0 \expndtw-6\charscalex100 Net operating income
\tab \up0 \expndtw-6\charscalex100 $\tab \up0 \expndtw-6\charscalex100 360,000\p
ar\pard\li2589\sb19\sl-230\slmult0\fi599\tx3789\tx8349 \up0 \expndtw-6\charscale
x100 I\tab \up0 \expndtw-6\charscalex100 Interest on debt (13%)\tab \up0 \expnd
tw-6\charscalex100 130,000\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb
17\sl-230\slmult0\fi599\tx3789 \up0 \expndtw-6\charscalex100 E\tab \up0 \expndtw
-6\charscalex100 Earnings available to\par\pard\li2589\sb19\sl-230\slmult0\fi143
9\tx7989\tx8349 \up0 \expndtw-6\charscalex100 common shareholders (O - I)\tab
\up0 \expndtw-6\charscalex100 $\tab \up0 \expndtw-6\charscalex100 230,000\par\pa
rd\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb41\sl-230\slmult0\fi2159 \up0 \ex
pndtw-6\charscalex100 2% of $230,000 = \ul0\nosupersub\cf27\f28\fs20 $4,600\p
\f29\fs20 Implied equity capitalization rate, ke = E/S = $230,000/$1,000,000\
par\pard\ql \li7269\sb220\sl-230\slmult0 \up0 \expndtw-9\charscalex97 = \ul0\nos
upersub\cf27\f28\fs20 23 percent \par\pard\li1989\sb0\sl-207\slmult0\par\pard\l
cf15\f16\fs18 268\par\pard\sect\sectd\fs24\paperw11900\paperh16840\pard\sb0\sl-2
40{\bkmkstart Pg271}{\bkmkend Pg271}\par\pard\li1989\sb0\sl-207\slmult0\par\pard
expndtw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 17: Capital Struct
ure Determination\tab \up0 \expndtw-2\charscalex100 Pearson Education Limited 20
\expndtw-3\charscalex100 \ul0\nosupersub\cf28\f29\fs20 b.\tab \up0 \expndtw-3\ch
arscalex100 Yuiop Typewriters, Inc.:\par\pard\li3189\sb0\sl-230\slmult0\par\pard
00 O\tab \up0 \expndtw-5\charscalex100 Net operating income\tab \up0 \expndtw-5\
charscalex100 $\tab \up0 \expndtw-5\charscalex100 360,000\par\pard\li3189\sb59\s
l-230\slmult0\fi0\tx7989\tx8829 \dn4 \expndtw-5\charscalex100 ko
Overall capi
talization rate\tab \up0 \expndtw-5\charscalex100 \tab \up0 \expndtw-5\charscalex
100 .18\par\pard\li3189\sb207\sl-230\slmult0\fi0\tx3789\tx7989 \up0 \expndtw-5\c
harscalex100 V\tab \up0 \expndtw-5\charscalex100 Total value of the firm (B +
S)\tab \up0 \expndtw-5\charscalex100 $2,000,000\par\pard\li3189\sb21\sl-230\slmu
lt0\fi0\tx3789\tx8349 \up0 \expndtw-5\charscalex100 B\tab \up0 \expndtw-5\charsc
alex100 Market value of debt (20%)\tab \up0 \expndtw-5\charscalex100 400,000\pa
tx7989 \up0 \expndtw-5\charscalex100 S\tab \up0 \expndtw-5\charscalex100 Market
value of stock (80%)\tab \up0 \expndtw-5\charscalex100 $1,600,000\par\pard\li31
49 \up0 \expndtw-5\charscalex100 O\tab \up0 \expndtw-5\charscalex100 Net operati
ng income\tab \up0 \expndtw-5\charscalex100 $\tab \up0 \expndtw-5\charscalex100
360,000\par\pard\li3189\sb20\sl-230\slmult0\fi0\tx3789\tx8469 \up0 \expndtw-5\ch
arscalex100 I\tab \up0 \expndtw-5\charscalex100 Interest on debt (13%)\tab \up0
189\sb16\sl-230\slmult0\fi0\tx3789 \up0 \expndtw-5\charscalex100 E\tab \up0 \exp
ndtw-5\charscalex100 Earnings available to\par\pard\li3189\sb20\sl-230\slmult0\f
i839\tx7989\tx8349 \up0 \expndtw-5\charscalex100 common shareholders (O - I)\t
ab \up0 \expndtw-5\charscalex100 $\tab \up0 \expndtw-5\charscalex100 308,000\par
pard\ql\li2589\sb183\sl-230\slmult0 \up0 \expndtw-6\charscalex100 Implied equity
capitalization rate, ke = E/S = $308,000/$1,600,000 \par\pard\ql \li7269\sb1
50\sl-230\slmult0 \up0 \expndtw-8\charscalex100 = \ul0\nosupersub\cf27\f28\fs20
19.25 percent \par\pard\qj \li2589\sb0\sl-500\slmult0 \par\pard\qj\li2589\ri105
0\sb267\sl-500\slmult0 \up0 \expndtw-8\charscalex100 \ul0\nosupersub\cf28\f29\fs
20 Yuiop has a lower equity capitalization rate than Qwert because \up0
\expndtw-8\charscalex97 Yuiop uses less debt in its capital structure.
As the equity \up0 \expndtw-6\charscalex100 capitalization rate is a li
near function of the debt-to-equity \up0 \expndtw-3\charscalex100 ratio when
we use the net operating income approach, the decline in \up0 \expndtw-8\charsc
alex96 equity capitalization rate exactly offsets the disadvantage of no
t \up0 \expndtw-9\charscalex96 employing so much in the way of "cheaper" debt fu
nds. \par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb0\sl-230\slmult0\par\
p0 \expndtw-3\charscalex100 2.\tab \up0 \expndtw-3\charscalex100 Value of firm i
f unlevered:\par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\sb42\sl-230\slmu
lt0\fi0\tx7989 \up0 \expndtw-4\charscalex100 Earnings before interest and taxes\
tab \up0 \expndtw-4\charscalex100 $ 3,000,000\par\pard\li3189\sb19\sl-230\slmul
t0\fi0\tx9189 \up0 \expndtw-4\charscalex100 Interest\tab \up0 \expndtw-4\charsca
lex100 0\par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\sb17\sl-230\slmult0\
fi0\tx7989 \up0 \expndtw-4\charscalex100 Earnings before taxes\tab \up0 \expndtw
-4\charscalex100 $ 3,000,000\par\pard\li3189\sb21\sl-230\slmult0\fi0\tx8229 \up
0 \expndtw-4\charscalex100 Taxes (40 percent)\tab \up0 \expndtw-4\charscalex100
1,200,000\par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\sb16\sl-230\slmult
0\fi0\tx7989 \up0 \expndtw-4\charscalex100 Earnings after taxes\tab \up0 \expndt
w-4\charscalex100 $ 1,800,000\par\pard\li3189\sb59\sl-230\slmult0\fi0\tx7989\tx
8949 \dn4 \expndtw-4\charscalex100 Equity capitalization rate, ke\tab \up0 \expn
dtw-4\charscalex100 \tab \up0 \expndtw-4\charscalex100 .18\par\pard\li3189\sb207\
sl-230\slmult0\fi0\tx7989 \up0 \expndtw-4\charscalex100 Value of the firm (unle
vered)\tab \up0 \expndtw-4\charscalex100 \ul0\nosupersub\cf27\f28\fs20 $10,000,0

upersub\cf15\f16\fs18 269\par\pard\sect\sectd\fs24\paperw11900\paperh16840\pard\
sb0\sl-240{\bkmkstart Pg272}{\bkmkend Pg272}\par\pard\sect\sectd\sbknone\cols2\c
olno1\colw6849\colsr60\colno2\colw4851\colsr160\ql \li1989\sb0\sl-207\slmult0 \p
ar\pard\ql \li1989\sb0\sl-207\slmult0 \par\pard\ql \li1989\sb53\sl-207\slmult0 \
up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 17: Capital S
tructure Determination\par\pard\ql \li3189\sb0\sl-230\slmult0 \par\pard\ql \li31
89\sb0\sl-230\slmult0 \par\pard\ql \li3189\sb46\sl-230\slmult0 \up0 \expndtw-5\c
harscalex100 \ul0\nosupersub\cf28\f29\fs20 Value with $4 million in debt:\par\p
4 \up0 \expndtw-3\charscalex100 Value of\tab \up0 \expndtw-3\charscalex100 Value
of firm\par\pard\ql \li3189\sb21\sl-230\slmult0\tx6664 \up0 \expndtw-6\charscal
ex100 levered firm = if unlevered\tab \up0 \expndtw-2\charscalex100 +\par\pard\
ql \li4749\sb0\sl-230\slmult0 \par\pard\ql \li4749\sb39\sl-230\slmult0\tx5104\tx
6664 \up0 \expndtw-3\charscalex100 =\tab \up0 \expndtw-3\charscalex100 $10,000,0
00\tab \up0 \expndtw-3\charscalex100 +\par\pard\ql \li3189\sb0\sl-230\slmult0 \p
ar\pard\ql \li4749\sb41\sl-230\slmult0\tx5104 \up0 \expndtw-3\charscalex100 =\ta
b \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf27\f28\fs20 $11,600,000\par\pa
rd\ql \li3189\sb0\sl-230\slmult0 \par\pard\ql \li3189\sb0\sl-230\slmult0 \par\pa
rd\ql \li3189\sb60\sl-230\slmult0 \up0 \expndtw-5\charscalex100 \ul0\nosupersub\
cf28\f29\fs20 Value with $7 million in debt:\par\pard\ql \li4749\sb0\sl-230\slm
ult0 \par\pard\ql \li4749\sb40\sl-230\slmult0\tx5104\tx6664 \up0 \expndtw-3\char
scalex100 =\tab \up0 \expndtw-3\charscalex100 $10,000,000\tab \up0 \expndtw-3\ch
arscalex100 +\par\pard\ql \li4749\sb0\sl-230\slmult0 \par\pard\ql \li4749\sb39\s
l-230\slmult0\tx5104 \up0 \expndtw-3\charscalex100 =\tab \up0 \expndtw-3\charsca
lex100 \ul0\nosupersub\cf27\f28\fs20 $12,800,000\par\pard\column \ql \li7846\sb0
\sl-207\slmult0 \par\pard\ql \li7846\sb0\sl-207\slmult0 \par\pard\ql \li957\sb53
\sl-207\slmult0 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Pear
son Education Limited 2005\par\pard\ql \li6909\sb0\sl-230\slmult0 \par\pard\ql \
li6909\sb0\sl-230\slmult0 \par\pard\ql \li740\sb85\sl-230\slmult0 \up0 \expndtw3\charscalex100 \ul0\nosupersub\cf28\f29\fs20 Present value of\par\pard\ql \li20
\sb21\sl-230\slmult0 \up0 \expndtw-3\charscalex100 tax-shield benefits of debt\p
ar\pard\ql \li7509\sb0\sl-230\slmult0 \par\pard\ql \li620\sb39\sl-230\slmult0 \u
p0 \expndtw-3\charscalex100 ($4,000,000)(.40)\par\pard\ql \li1989\sb0\sl-230\slm
ult0 \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql \li1989\sb0\sl-230\slm
ult0 \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql \li1989\sb0\sl-230\slm
ult0 \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql \li620\sb141\sl-230\sl
mult0 \up0 \expndtw-3\charscalex100 ($7,000,000)(.40) \par\pard\sect\sectd\sbkno
ne \li1989\sb0\sl-230\slmult0\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989
\sb0\sl-230\slmult0\par\pard\li1989\sb30\sl-230\slmult0\fi599 \up0 \expndtw-5\ch
arscalex100 Due to the tax subsidy, the firm is able to increase its value in a\
par\pard\sect\sectd\sbknone \li1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl-2
30\slmult0\fi599 \up0 \expndtw-5\charscalex100 linear manner with more debt.\par
\pard\sect\sectd\sbknone \li1989\sb0\sl-230\slmult0\par\pard\li1989\sb0\sl-230\s
0\tx2589 \up0 \expndtw-5\charscalex100 3.\tab \up0 \expndtw-5\charscalex100 (In
millions):\par\pard\sect\sectd\sbknone \li1989\sb0\sl-230\slmult0\par\pard\li198
9\sb41\sl-230\slmult0\fi239\tx3549\tx5349\tx7749 \up0 \expndtw-5\charscalex100 \
ul0\nosupersub\cf27\f28\fs20 (1)\tab \up0 \expndtw-5\charscalex100 (2)\tab \up0
\expndtw-5\charscalex100 (3)\tab \up0 \expndtw-5\charscalex100 (4)\par\pard\sect
\sectd\sbknone \li1989\sb20\sl-230\slmult0\fi119\tx3549\tx4629\tx7029 \up0 \expn
dtw-5\charscalex100 LEVEL\tab \up0 \expndtw-5\charscalex100 FIRM\tab \up0 \expnd
tw-5\charscalex100 PV OF TAX-SHIELD\tab \up0 \expndtw-5\charscalex100 PV OF BANK

RUPTCY,
VALUE OF\par\pard\sect\sectd\sbknone \li1989\sb19\sl-230\slmult0\fi
359\tx3429\tx4629\tx9669 \up0 \expndtw-5\charscalex100 OF\tab \up0 \expndtw-5\ch
arscalex100 VALUE\tab \up0 \expndtw-5\charscalex100 BENEFITS OF DEBT
AGENCY
& INCREASED\tab \up0 \expndtw-5\charscalex100 FIRM\par\pard\sect\sectd\sbknone
\li1989\sb21\sl-230\slmult0\fi239\tx3189\tx4989\tx7149\tx9309 \up0 \expndtw-5\ch
arscalex100 DEBT\tab \up0 \expndtw-5\charscalex100 UNLEVERED\tab \up0 \expndtw-5
\charscalex100 (1) x .20\tab \up0 \expndtw-5\charscalex100 INTEREST COSTS\tab \
up0 \expndtw-5\charscalex100 (2)+(3)-(4)\par\pard\ql \li1989\sb212\sl-230\slmult
0 \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf28\f29\fs20 \u8212? \par\pard\
tx7629\tx9549 \up0 \expndtw-4\charscalex100 $ 0\tab \up0 \expndtw-4\charscalex1
00 $15\tab \up0 \expndtw-4\charscalex100 $0\tab \up0 \expndtw-4\charscalex100 $0
.0\tab \up0 \expndtw-4\charscalex100 $15.0\par\pard\li2229\sb0\sl-230\slmult0\pa
r\pard\li2229\sb40\sl-230\slmult0\fi239\tx3669\tx5469\tx7749\tx9669 \up0 \expndt
w-4\charscalex100 5\tab \up0 \expndtw-4\charscalex100 15\tab \up0 \expndtw-4\cha
rscalex100 1\tab \up0 \expndtw-4\charscalex100 0.0\tab \up0 \expndtw-4\charscale
x100 16.0\par\pard\li2229\sb0\sl-230\slmult0\par\pard\li2229\sb41\sl-230\slmult0
\fi119\tx3669\tx5469\tx7749\tx9669 \up0 \expndtw-4\charscalex100 10\tab \up0 \ex
pndtw-4\charscalex100 15\tab \up0 \expndtw-4\charscalex100 2\tab \up0 \expndtw-4
\charscalex100 0.6\tab \up0 \expndtw-4\charscalex100 16.4\par\pard\li2229\sb0\sl
69 \up0 \expndtw-4\charscalex100 15\tab \up0 \expndtw-4\charscalex100 15\tab \up
0 \expndtw-4\charscalex100 3\tab \up0 \expndtw-4\charscalex100 1.2\tab \up0 \exp
ndtw-4\charscalex100 16.8\par\pard\li2229\sb0\sl-230\slmult0\par\pard\li2229\sb4
\ul0\nosupersub\cf27\f28\fs20 20*\tab \up0 \expndtw-4\charscalex100 15\tab \up0
\expndtw-4\charscalex100 4\tab \up0 \expndtw-4\charscalex100 2.0\tab \up0 \expn
dtw-4\charscalex100 17.0\par\pard\li2229\sb0\sl-230\slmult0\par\pard\li2229\sb41
\sl-230\slmult0\fi119\tx3669\tx5469\tx7749\tx9669 \up0 \expndtw-4\charscalex100
\ul0\nosupersub\cf28\f29\fs20 25\tab \up0 \expndtw-4\charscalex100 15\tab \up0 \
expndtw-4\charscalex100 5\tab \up0 \expndtw-4\charscalex100 3.2\tab \up0 \expndt
w-4\charscalex100 16.8\par\pard\li2229\sb0\sl-230\slmult0\par\pard\li2229\sb39\s
l-230\slmult0\fi119\tx3669\tx5469\tx7749\tx9669 \up0 \expndtw-4\charscalex100 30
\tab \up0 \expndtw-4\charscalex100 15\tab \up0 \expndtw-4\charscalex100 6\tab \u
p0 \expndtw-4\charscalex100 5.0\tab \up0 \expndtw-4\charscalex100 16.0\par\pard\
li2589\sb0\sl-230\slmult0\par\pard\li2589\sb217\sl-230\slmult0\fi0 \up0 \expndtw
-4\charscalex100 \ul0\nosupersub\cf27\f28\fs20 *\ul0\nosupersub\cf28\f29\fs20 Th
e market value of the firm is maximized with $20 million in\par\pard\li2589\sb2
1\sl-230\slmult0\fi119 \up0 \expndtw-4\charscalex100 debt.\par\pard\li1989\sb0\s
00 \ul0\nosupersub\cf15\f16\fs18 270\par\pard\sect\sectd\fs24\paperw11900\paperh
16840{\shp
z-10000\shplid272
ffd8ffe000104a46494600010101006000600000ffdb004300010101010101010101010101010101
01010101010101010101010101010101010101010101010101010101010101010101010101010101
010101010101010101ffdb0043010101010101010101010101010101010101010101010101010101
0101010101010101010101010101010101010101010101010101010101010101010101010101ffc0
00110803e702c203012200021101031101ffc4001f00000105010101010101000000000000000001
02030405060708090a0bffc400b5100002010303020403050504040000017d010203000411051221
31410613516107227114328191a1082342b1c11552d1f02433627282090a161718191a2526272829
2a3435363738393a434445464748494a535455565758595a636465666768696a737475767778797a
0101010101010101010000000000000102030405060708090a0bffc400b511000201020404030407
05040400010277000102031104052131061241510761711322328108144291a1b1c109233352f015
6272d10a162434e125f11718191a262728292a35363738393a434445464748494a53545556575859
5a636465666768696a737475767778797a82838485868788898a92939495969798999aa2a3a4a5a6
962510228631144092890853b797f12a4725d68b3e158bcd14624771825da25073b00962da038651
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14005145140051451400514514005145140051451400514514005145140051451400514514005145
45140051451400514514005145140051451400514514005145140051451400514514005145140051
45140051451400514514005145140051451400514514005145140051451400514514005145140051
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14514005145140051451400514514005145140051451400514514005145140051451400514514005
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14514005145140051451400514514005145140051451400514514005145140051451400514514005
14514005145140051451400514514005145140051451400514514005145140051451400514514005
14514005145140051451400514514005145140051451400514514005145140051451401fcfdffc17
e3f691fda23e00f807f648d27f67df8d3e34f81f75f147e3978c343f1af88bc0307857fe123d5343
f0dfc1df1a789f4ed1e3bff14f86bc4d0d958b6b767677978b676904f746d608e49fca528dfce9ff
00c36eff00c1437fe9211fb537fe0c3e11ff00f3a3afdc5ff83937fe45afd81bfece17e287feb3f7
8f2bf9b2aff5d3e839e10f867c75e0ce3739e2fe0ac8b88735a5c719e6029e3b32c2fb6c44707432
dc8ab51c3a9a9c7f774eae22bce29a767567ad9d8fe59f1978ab88b25e2ea384cab38c6e030d2c9b
075e5470f57929bad3c463632a8d59fbd28d2a69bed147d11ff0dbbff050dffa4847ed4dff00830f
847ffce8e8ff0086ddff008286ff00d2423f6a6ffc187c23ff00e7475f3bd15fd8ff00f12dde04ff
00d1ade12ffc207ffcb3cbf3eecfc9bfe220f1affd14b9a7fe0ff4feef923e88ff0086ddff008286
ff00d2423f6a6ffc187c23ff00e74747fc36effc1437fe9211fb537fe0c3e11fff003a3af9de8a3f
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dbbff050dffa4847ed4dff00830f847ffce8e8ff0086ddff008286ff00d2423f6a6ffc187c23ff00
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be48fa23fe1b77fe0a1bff004908fda9bff061f08fff009d1d1ff0dbbff050dffa4847ed4dff0083
0f847ffce8ebe77a28ff00896ef027fe8d6f097fe103ff00e59e5f9f761ff11078d7fe8a5cd3ff00
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a9bff061f08fff009d1d7cef451ff12dde04ff00d1ade12ffc207ffcb3cbf3eec3fe220f1aff00d1
4b9a7fe0ff004feef923e88ff86ddff8286ffd2423f6a6ff00c187c23ffe74747fc36eff00c1437f
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d1d1ff000dbbff00050dff00a4847ed4dff830f847ff00ce8ebe77a28ff896ef027fe8d6f097fe10
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1fff003a3a3fe1b77fe0a1bff4908fda9bff00061f08ff00f9d1d7cef451ff0012dde04ffd1ade12
ff00c207ff00cb3cbf3eec3fe220f1affd14b9a7fe0ff4feef923e88ff0086ddff008286ff00d242
3f6a6ffc187c23ff00e74747fc36effc1437fe9211fb537fe0c3e11fff003a3af9de8a3fe25bbc09
ff00a35bc25ff840ff00f96797e7dd87fc441e35ff00a29734ff00c1fe9fddf247d11ff0dbbff050
dffa4847ed4dff00830f847ffce8e8ff0086ddff008286ff00d2423f6a6ffc187c23ff00e7475f3b
d147fc4b77813ff46b784bff00081fff002cf2fcfbb0ff008883c6bff452e69ff83fd3fbbe48fa23
fe1b77fe0a1bff004908fda9bff061f08fff009d1d1ff0dbbff050dffa4847ed4dff00830f847ffc
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a3fe1cc5ff000558ff00a21ffb3d7fe25137ff003a0afee668a3fe27a3e927ff0045a65bff00888f
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a65bff00888f0aff00f3a43fe20bf87bff00428c47fe1d733ffe6a3f866ff87317fc1563fe887fec
f5ff008944dffce828ff0087317fc1563fe887fecf5ff8944dff00ce82bfb99a28ff0089e8fa49ff
00d16996ff00e223c2bffce90ff882fe1eff00d0a311ff00875ccfff009a8fe19bfe1cc5ff000558
ff00a21ffb3d7fe25137ff003a0afdbbff008225fec15fb4ff00ec5cdfb58f887f69ad0be1cf85f5
2f8dbe25f8433f84340f00fc41b9f886d6fa6fc3bf0b78974ad52fb59d4e4f09f85ad6d0df5e7882
04d3ed6dd2ee62b6976f73f674fb335c7eef515f05e23fd277c63f16386e5c27c73c4582cd723963
b0b997d5a8e419265b5163305ed161eaac4e5d81c357b4235aac5d3751d3929de50728c5c7dbe1ff
000e784f85f3059a64d80ad86c62a3570fed278ec66223ecab72ba91f675eb5486ae116a5cbccada
349b4ca28a2bf003ee428a28a0028a28a0028a28a0028a28a00fe7dbfe0bc5fb207ed4ff00b51db7
ec73aefecc5f0435af8e973f083c7ff16f50f1df873c37e39f83de08d6f4cd27c6bf0facf42d1b55
b79be347c49f85fe1ed4ad86a966d6f796f61af5c6a7009629974f960f3648bf05ff00e1d9bff054
ff00fa4747c67ffc3eff00b02fff0046357f7e3457f47f85df4a8f167c1fe175c21c178bc8b0f932
cc7179a3866192d2c7e2258cc6aa31af375ead68be471c3d28c69c6318c545bd6526dfe7fc49e1a7
0bf15e65fdab9bd2c6cf17f57a586bd0c64e85354a8b9b82e48c5abde726e4db6efd9247f01dff00
0ecdff0082a7ff00d23a3e33ff00e1f7fd817ffa31a8ff008766ff00c153ff00e91d1f19ff00f0fb
fec0bffd18d5fdf8d15fa37fc4fdfd21bfe865c29ff88c617ff97ff577e56f03fe207f01ff00d03e
67ff00872a9ffc81fc077fc3b37fe0a9ff00f48e8f8cff00f87dff00605ffe8c6a3fe1d9bff054ff
00fa4747c67ffc3eff00b02fff0046357f7e3451ff0013f7f486ff00a1970a7fe23185ff00e5ff00
d5df958ff881fc07ff0040f99ffe1caa7ff207f01dff000ecdff0082a7ff00d23a3e33ff00e1f7fd
817ffa31a8ff008766ff00c153ff00e91d1f19ff00f0fbfec0bffd18d5fdf8d147fc4fdfd21bfe86
5c29ff0088c617ff0097ff00577e563fe207f01ffd03e67ff872a9ff00c81fc077fc3b37fe0a9fff
0048e8f8cfff0087dff605ff00e8c6a3fe1d9bff00054fff00a4747c67ff00c3effb02ff00f46357
f7e3451ff13f7f486ffa1970a7fe23185ffe5ffd5df958ff00881fc07ff40f99ff00e1caa7ff0020
7f01dff0ecdff82a7ffd23a3e33ffe1f7fd817ff00a31a8ff8766ffc153ffe91d1f19fff000fbfec
0bff00d18d5fdf8d147fc4fdfd21bfe865c29ff88c617ff97ff577e563fe207f01ff00d03e67ff00
872a9ffc81fc077fc3b37fe0a9ff00f48e8f8cff00f87dff00605ffe8c6a3fe1d9bff054ff00fa47
47c67ffc3eff00b02fff0046357f7e3451ff0013f7f486ff00a1970a7fe23185ff00e5ff00d5df95
8ff881fc07ff0040f99ffe1caa7ff207f01dff000ecdff0082a7ff00d23a3e33ff00e1f7fd817ffa
31a8ff008766ff00c153ff00e91d1f19ff00f0fbfec0bffd18d5fdf8d147fc4fdfd21bfe865c29ff
0088c617ff0097ff00577e563fe207f01ffd03e67ff872a9ff00c81fc077fc3b37fe0a9fff0048e8
f8cfff0087dff605ff00e8c6a3fe1d9bff00054fff00a4747c67ff00c3effb02ff00f46357f7e345
1ff13f7f486ffa1970a7fe23185ffe5ffd5df958ff00881fc07ff40f99ff00e1caa7ff00207f01df
f0ecdff82a7ffd23a3e33ffe1f7fd817ff00a31a8ff8766ffc153ffe91d1f19fff000fbfec0bff00
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fc81fc077fc3b37fe0a9ff00f48e8f8cff00f87dff00605ffe8c6a3fe1d9bff054ff00fa4747c67f
fc3eff00b02fff0046357f7e3451ff0013f7f486ff00a1970a7fe23185ff00e5ff00d5df958ff881
fc07ff0040f99ffe1caa7ff207f01dff000ecdff0082a7ff00d23a3e33ff00e1f7fd817ffa31a8ff
008766ff00c153ff00e91d1f19ff00f0fbfec0bffd18d5fdf8d147fc4fdfd21bfe865c29ff0088c6
17ff0097ff00577e563fe207f01ffd03e67ff872a9ff00c81fc077fc3b37fe0a9fff0048e8f8cfff
0087dff605ff00e8c6a3fe1d9bff00054fff00a4747c67ff00c3effb02ff00f46357f7e3451ff13f
7f486ffa1970a7fe23185ffe5ffd5df958ff00881fc07ff40f99ff00e1caa7ff00207f01dff0ecdf
f82a7ffd23a3e33ffe1f7fd817ff00a31abf7c7fe0841fb237ed49fb2f697fb5eeadfb4e7c10d73e
055e7c59f88bf0bb53f037877c49e38f83be36d6754d23c21f0f1f41d5f559e6f82ff12be28787f4
db7fed49becf6b6fa86bb6da9cc239273611c1e5c927f401457e6fe297d29fc59f187861708f1a62
f22af934732c266aa197e4b47018858cc142bd3a12f6f4eac9b828626b2953717197327a38c6df41
c35e1af0bf09e64f35ca2963618b787ab856ebe3275e9ba55a54e535c928a5cd7a506a57bab3eec2
8a28afe723efc28a28a0028a28a0028a28a0028a28a0028a28a0028a28a0028a28a0028a28a0028a
28a00fffd9}}}}}\pard\sb0\sl-240{\bkmkstart Pg273}{\bkmkend Pg273}\par\pard\ql \l
s18 Pearson Education Limited 2005 \par\pard\ql \li4149\sb0\sl-690\slmult0 \par\

\ql\li4149\sb464\sl-690\slmult0 \up0 \expndtw0\charscalex97 \ul0\nosupersub\cf22
\f23\fs60 18 \par\pard\ql \li4149\sb5\sl-575\slmult0 \up0 \expndtw0\charscalex97
\ul0\nosupersub\cf23\f24\fs50 Dividend Policy \par\pard\qj \li3379\sb0\sl-380\s
lmult0 \par\pard\qj\li3379\sb0\sl-380\slmult0 \par\pard\qj\li3379\sb0\sl-380\slm
ult0 \par\pard\qj\li3379\sb0\sl-380\slmult0 \par\pard\qj\li3379\sb0\sl-380\slmul
t0 \par\pard\qj\li3379\sb0\sl-380\slmult0 \par\pard\qj\li3379\sb0\sl-380\slmult0
\par\pard\qj\li3379\sb0\sl-380\slmult0 \par\pard\qj\li3379\sb0\sl-380\slmult0 \
par\pard\qj\li3379\sb0\sl-380\slmult0 \par\pard\qj\li3379\sb0\sl-380\slmult0 \pa
r\pard\qj\li3379\sb0\sl-380\slmult0 \par\pard\qj\li3379\sb0\sl-380\slmult0 \par\
pard\qj\li3379\sb0\sl-380\slmult0 \par\pard\qj\li3379\sb0\sl-380\slmult0 \par\pa
rd\qj\li3379\ri971\sb27\sl-380\slmult0 \up0 \expndtw0\charscalex98 \ul0\nosupers
ub\cf25\f26\fs32 \u8220?Contrariwise,\u8221? continued Tweedledee, \u8220?if it
was so, it \up0 \expndtw0\charscalex100 might be; and if it were so, it would be
; but as it isn\u8217?t, \up0 \expndtw0\charscalex95 it ain\u8217?t. That\u821
7?s logic.\u8221? \par\pard\ql \li8517\sb250\sl-368\slmult0 \up0 \expndtw0\chars
calex93 LEWIS CAROL, \par\pard\ql \li5811\sb12\sl-368\slmult0 \up0 \expndtw0\cha
rscalex96 THROUGH THE LOOKING GLASS \par\pard\li1989\sb0\sl-207\slmult0\par\pard
\pard\li1989\sb15\sl-207\slmult0\fi0\tx10330 \up0 \expndtw-2\charscalex100 \ul0\
\expndtw-2\charscalex100 \ul0\nosupersub\cf15\f16\fs18 271\par\pard\sect\sectd\
fs24\paperw11900\paperh16840\pard\sb0\sl-240{\bkmkstart Pg274}{\bkmkend Pg274}\p
b\cf13\f14\fs18 Chapter 18: Dividend Policy\tab \up0 \expndtw-2\charscalex100 Pe
\charscalex100 \ul0\nosupersub\cf27\f28\fs20 ANSWERS TO QUESTIONS \par\pard\ql \
8\f29\fs20 1. \tab \up0 \expndtw-3\charscalex100 With a passive dividend-payout
policy, the company pays out as cash \par\pard\qj \li2589\ri1051\sb47\sl-500\slm
ult0 \up0 \expndtw-8\charscalex94 dividends any earnings it has left
over after funding all \line \up0 \expndtw-8\charscalex97 worthwhile inv
estment opportunities.
It is passive in the sense \line \up0 \expndtw-8
\charscalex92 that there is an automatic decision rule.
With an activ
e dividend \line \up0 \expndtw-8\charscalex97 policy, a company may pay ou
t more in dividends, or conceivably \line \up0 \expndtw-8\charscalex92 less
, in the belief that dividends are relevant in their effect on \line
\up0 \expndtw-9\charscalex92 share value. \par\pard\ql \li1989\sb0\sl-230\slmult
\par\pard\ql\li1989\sb34\sl-230\slmult0\tx2589 \up0 \expndtw-3\charscalex100 2.
\tab \up0 \expndtw-3\charscalex100 The investor manufactures "homemade" dividend
s by selling shares of \par\pard\qj \li2589\ri1050\sb47\sl-500\slmult0 \up0 \exp
ndtw-8\charscalex93 stock if the dividend paid is less than the investo
r's consumption \line \up0 \expndtw-8\charscalex94 desires and by buying sh
ares if consumption desires are less than \line \up0 \expndtw-5\charscalex
100 the dividend paid.
Imperfections impeding such actions include the \line
\up0 \expndtw-8\charscalex97 problem of divisibility of shares, taxes
to the investor, \line \up0 \expndtw-8\charscalex100 transaction costs,
and inconvenience costs.
In the absence of \line \up0 \expndtw-8\charsc
alex97 these factors, the action of a number of investors manufacturing
\line \up0 \expndtw-8\charscalex96 "homemade" dividends is to make the pe
rcentage of dividend payout \line \up0 \expndtw-9\charscalex96 of a company i
rrelevant from the standpoint of valuation. \par\pard\ql \li1989\sb0\sl-230\slmu

0 \par\pard\ql\li1989\sb34\sl-230\slmult0\tx2589 \up0 \expndtw-3\charscalex100 3
. \tab \up0 \expndtw-6\charscalex100 Taxes affect the after-tax return to
different investors, which \par\pard\qj \li2589\ri1050\sb47\sl-500\slmult0 \up
0 \expndtw-4\charscalex100 range from tax-free pension funds to wealthy i
ndividuals and \line \up0 \expndtw-8\charscalex100 corporations that pay tax
es at the full rate.
As stock-price \par\pard\li2589\sb0\sl-230\slmult0
\par\pard\li2589\sb4\sl-230\slmult0\fi0\tx10269 \up0 \expndtw-9\charscalex94 app
reciation is subject to more favorable tax treatment\tab \up0 \exp
ndtw-9\charscalex96 (in\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb41\
sl-230\slmult0\fi0 \up0 \expndtw-8\charscalex97 present-value terms) than div
idends, taxable investors may prefer\par\pard\li1989\sb0\sl-207\slmult0\par\
ter 18: Dividend Policy\tab \up0 \expndtw-2\charscalex100 Pearson Education Limi
ted 2005\par\pard\qj \li2589\ri1051\sb465\sl-500\slmult0 \up0 \expndtw-8\charsca
lex97 \ul0\nosupersub\cf28\f29\fs20 the company to retain earnings as oppo
sed to pursuing an active \up0 \expndtw-5\charscalex100 dividend-payout poli
cy.
However, there are arguments for a neutral \up0 \expndtw-8\charscalex93 e
ffect as well.
The empirical evidence is mixed as to whether a \up0
\expndtw-5\charscalex100 tax effect exists.
Some evidence supports this noti
on, while other \up0 \expndtw-5\charscalex100 evidence is consistent with a neut
ral effect. \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb0\sl-2
0\slmult0\tx2589 \up0 \expndtw-3\charscalex100 4. \tab \up0 \expndtw-3\charscale
x100 For a company whose growth in assets is great, there typically is a \par\pa
rd\qj \li2589\ri1050\sb47\sl-500\slmult0 \up0 \expndtw-8\charscalex93 need to
finance externally.
In addition to debt, the equity base \line \up0 \e
xpndtw-9\charscalex93 must be built up \up0 \expndtw-9\charscalex93 -- eithe
r through retention of earnings or the \par\pard\qj \li2589\ri1051\sb0\sl500\slmult0 \up0 \expndtw-8\charscalex94 sale of common stock.
With flota
tion costs, retention is usually \up0 \expndtw-8\charscalex96 "cheaper," wh
ich argues for a low dividend-payout ratio.
For a \up0 \expndtw-8\cha
rscalex94 slow growing firm, there frequently is a lack of sui
table \up0 \expndtw-5\charscalex100 investments, so external financing needs are
relatively low.
Given \up0 \expndtw-4\charscalex100 this situation, the f
irm is justified in paying out a high \up0 \expndtw-4\charscalex100 propo
rtion of its earnings. \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li19
\sb34\sl-230\slmult0\tx2589 \up0 \expndtw-3\charscalex100 5. \tab \up0 \expndtw5\charscalex100 Financial signaling implies that concrete actions like a
cash \par\pard\qj \li2589\ri1050\sb47\sl-500\slmult0 \up0 \expndtw-4\charscalex
100 dividend increase, a stock dividend or stock split, and the \line \
up0 \expndtw-3\charscalex100 repurchase of common stock convey positive informat
ion to investors \line \up0 \expndtw-8\charscalex97 about management's belief
that the company is undervalued in the \line \up0 \expndtw-8\charscalex93
marketplace.
These actions are said to be more convincing than a \l
ine \up0 \expndtw-8\charscalex97 press announcement of the favorable earnin
gs picture.
Empirical \line \up0 \expndtw-8\charscalex96 evidence is cons
istent with a financial signaling or informational \line \up0 \expndtw-9\c
harscalex96 effect. \par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-2
: Dividend Policy\tab \up0 \expndtw-8\charscalex97 Pearson Education Limited 200
expndtw-9\charscalex97 \ul0\nosupersub\cf28\f29\fs20 6.\tab \up0 \expndtw-8\char
scalex98 A company with high liquidity and ready access to lines of c
redit\par\pard\qj \li2589\ri1050\sb30\sl-500\slmult0 \up0 \expndtw-8\charscalex9
6 or the public marketplace for new securities offerings has \up
0 \expndtw-8\charscalex92 financial flexibility.
It is likely to be mor
e inclined to pay a \up0 \expndtw-8\charscalex91 dividend, all other thin
gs the same.
There is far less risk of a \up0 \expndtw-8\charscalex96
cash shortfall should things turn bad in contrast to the company \up0
\expndtw-9\charscalex96 with little liquidity or ability to borrow. \par\pard\l
1\sl-230\slmult0\fi0\tx2589 \up0 \expndtw-6\charscalex100 7.\tab \up0 \expndtw-5
\charscalex100 Neither policy, if strictly interpreted, recognizes variati
ons in\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl-230\slmult0\f
i599\tx9683 \up0 \expndtw-6\charscalex100 the firm's investment opportunities
or cash flows.\tab \up0 \expndtw-6\charscalex100 While a\par\pard\qj \li258
9\ri1050\sb30\sl-500\slmult0 \up0 \expndtw-8\charscalex100 constant dollar pay
out gives some recognition to those investors \up0 \expndtw-8\charscalex94
seeking a stable income, it ignores the wishes of those investors \up
0 \expndtw-6\charscalex100 who would prefer 100-percent retention.
This same
criticism can be \up0 \expndtw-8\charscalex94 made of the constant dividend
-payout ratio policy only in reverse. \up0 \expndtw-3\charscalex100 A polic
y of a constant regular dividend supplemented when funds for \up0 \expndtw-8\cha
rscalex94 investments are unneeded would appear to combine the b
etter \up0 \expndtw-8\charscalex96 features of both policies.
Investors w
ould have a fairly stable \up0 \expndtw-8\charscalex93 minimum amount of
income, and the corporation would retain most of \up0 \expndtw-9\charscal
ex93 its investment flexibility. \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pa
rd\ql\li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb144\sl-230\slmult0\tx2589
\up0 \expndtw-3\charscalex100 8. \tab \up0 \expndtw-3\charscalex100 A target div
idend-payout ratio is a percent of earnings the company \par\pard\qj \li2589\ri1
050\sb47\sl-500\slmult0 \up0 \expndtw-8\charscalex92 pays out over time.
T
he target might be 30 percent, for example, \up0 \expndtw-3\charscalex100
and the company would endeavor to pay out this ratio not every year \up0 \expnd
tw-8\charscalex93 but, say, over several years.
The actual dividend is
raised only \up0 \expndtw-8\charscalex92 when the firm feels confident t
hat it can maintain the new, higher \up0 \expndtw-8\charscalex93 level.
An extra dividend is over and above the regular quarterly \up0 \expndt
w-6\charscalex100 dividend, typically in a good earnings period.
It i
s not a \up0 \expndtw-7\charscalex100 permanent increase. \par\pard\li1989\sb0
}
}}
}
calex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 18: Dividend Policy\tab \up0 \exp
ndtw-6\charscalex100 Pearson Education Limited 2005\par\pard\li1989\sb0\sl-230\s
osupersub\cf28\f29\fs20 9.\tab \up0 \expndtw-6\charscalex100 A stock dividend
is a payment of additional shares of stock to\par\pard\qj \li2589\ri105
0\sb30\sl-500\slmult0\fi0 \up0 \expndtw-8\charscalex93 shareholders.
It is
often used in place of or in addition to a \line \up0 \expndtw-8\charsc
alex96 cash dividend.
A stock split is an increase in the number o
f \line \up0 \expndtw-5\charscalex100 shares outstanding by reducing the par val
ue of the stock.
In both \line \up0 \expndtw-8\charscalex96 cases, the shar
eholder simply receives more certificates.
His or \line \up0 \expndtw-5\
charscalex100 her proportional ownership of the corporation stays the sa
me. \line \up0 \expndtw-8\charscalex100 Theoretically, nothing of value occu
rs.
In fact, the cost of \line \up0 \expndtw-6\charscalex100 administrat
ion is a cash outflow from the standpoint of \line \up0 \expndtw
-8\charscalex94 shareholders.
However, there may be a favorable signali
ng effect, \line \up0 \expndtw-8\charscalex97 and indeed empirical evidence
suggests such an effect.
However, \line \up0 \expndtw-6\charscalex100 the
underlying cause for the share-price improvement is better \line \up0 \
expndtw-6\charscalex100 earnings, not the stock dividend or stock split. \par\pa
rd\ql \li1989\ri1050\sb500\sl-500\slmult0\tx2589\tx2589 \up0 \expndtw-8\charscal
ex94 10. In theory, stock dividends are not a thing of value.
Whil
e the \line\tab \up0 \expndtw-6\charscalex100 stock may respond favorably t
o their announcement, it must be \line \tab \up0 \expndtw-6\charscalex100 r
emembered that there is an information effect. \up0 \expndtw-6\charscalex1
00 Usually the \par\pard\qj \li2589\ri1051\sb0\sl-500\slmult0 \up0 \expndtw-6\c
harscalex100 information is a confirmation of an upward trend in earnin
gs. \up0 \expndtw-8\charscalex94 Otherwise the firm supposedly would not p
ay a stock dividend that \up0 \expndtw-5\charscalex100 causes dilution.
I
n "practice," the stock dividend itself may have \up0 \expndtw-3\charscalex100 s
ome "psychological" value to shareholders and some value in making \up0 \expndtw
-8\charscalex92 the sale of a small number of shares easier.
However,
the effect \up0 \expndtw-5\charscalex100 of these factors will be slight if a
t all.
We are inclined to feel \up0 \expndtw-5\charscalex100 that they have n
o effect.
Empirical tests are not sensitive enough \up0 \expndtw-5\charscalex
100 to pick up a slight effect. \par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1

b179\sl-207\slmult0\fi0\tx10330 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf
harscalex100 \ul0\nosupersub\cf15\f16\fs18 275
}
}}
}
}}
}
ndtw-2\charscalex100 Pearson Education Limited 2005\par\pard\ql \li1989\sb0\sl-5
00\slmult0 \par\pard\ql\li1989\ri1050\sb345\sl-500\slmult0\tx2589\tx2589\tx2589\
tx2589 \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf28\f29\fs20 11. The rev
erse stock split will raise share price, but like a straight \line\tab \up0 \exp
ndtw-5\charscalex100 split the shareholder maintains his/her proportional
ownership. \line \tab \up0 \expndtw-6\charscalex100 Reverse splits may have
a negative information effect, as most \line \tab \up0 \expndtw-8\charscale
x97 companies who undertake them are in financial difficulty.
This \l
ine \tab \up0 \expndtw-9\charscalex97 need not be the case, but investors may we
ll assume the worst. \par\pard\ql \li1989\ri1050\sb500\sl-500\slmult0\tx2589\tx2
589\tx2589\tx2589 \up0 \expndtw-8\charscalex95 12. With full disclosure to
the investor of the company's intentions, \line\tab \up0 \expndtw-6\charsc
alex100 it would seem that open-market purchases would be preferred to

\line \tab \up0 \expndtw-8\charscalex94 self-tender offers, because of the
higher transactions cost to the \line \tab \up0 \expndtw-5\charscalex100 fir
m of the latter.
However, it may be argued that the self-tender \line \tab \u
p0 \expndtw-5\charscalex100 offer is more effective. \par\pard\ql \li1989\ri1050
\sb500\sl-500\slmult0\tx2589\tx2589\tx2589\tx2589\tx2589 \up0 \expndtw-8\charsca
lex98 13. The Internal Revenue Service will not allow the substitution
of \line\tab \up0 \expndtw-3\charscalex100 stock repurchase for regular cash d
ividends because of the possible \line \tab \up0 \expndtw-5\charscalex100 loss o
f tax revenue.
Therefore, a company must view the repurchase \line \tab \up0
\expndtw-5\charscalex100 of stock as a one-shot affair to distribute excess liqu
idity.
This \line \tab \up0 \expndtw-8\charscalex89 vehicle cannot be used
on a steady basis, or it will be subject to \line \tab \up0 \expndtw9\charscalex89 taxation. \par\pard\ql \li1989\ri1050\sb500\sl-500\slmult0\tx2589
\tx2589\tx2589 \up0 \expndtw-6\charscalex100 14. Companies are reluctant to
cut their dividends because of the \line\tab \up0 \expndtw-6\charscalex10
0 belief that investors value dividend stability.
As a result, \line
\tab \up0 \expndtw-8\charscalex92 boards of directors want to make sure t
he reduction in earnings is \line \tab \up0 \expndtw-9\charscalex92 more tha
n a temporary aberration before they take action. \par\pard\li1989\sb0\sl-207\sl
330 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Van Horne and Wa
chowicz: \ul0\nosupersub\cf14\f15\fs18 Fundamentals of Financial Management,\ul0
\nosupersub\cf13\f14\fs18 12e\tab \up0 \expndtw-2\charscalex100 \ul0\nosupersub
\cf15\f16\fs18 276
}
}}
}
ndtw-2\charscalex100 Pearson Education Limited 2005\par\pard\ql \li1989\ri1050\s
b465\sl-500\slmult0\tx2589\tx2589\tx2589\tx2589 \up0 \expndtw-8\charscalex93 \ul
0\nosupersub\cf28\f29\fs20 15. Dividends represent a reduction in cash w
hich in turn represents a \line\tab \up0 \expndtw-5\charscalex100 reduced ab
ility of a company to make payments on its loan.

Lenders \line \tab \up0 \exp
ndtw-4\charscalex100 wish to safeguard this ability through a protective
covenant \line \tab \up0 \expndtw-8\charscalex96 dealing with dividends.
T
his covenant usually restricts dividends \line \tab \up0 \expndtw-9\charscal
ex96 to a percent of cumulative earnings. \par\pard\ql \li1989\ri1050\sb500\sl-5
00\slmult0\tx2589\tx2589\tx2589\tx2589\tx2589\tx2589 \up0 \expndtw-8\charscalex9
5 16. With a dividend reinvestment plan (DRIP), the company invests t
he \line\tab \up0 \expndtw-8\charscalex92 dividend in more shares of stock
in the shareholder's behalf.
The \line \tab \up0 \expndtw-8\charscalex93
share purchase is subject to full taxation to the shareholder, the \li
ne \tab \up0 \expndtw-8\charscalex91 same as if the cash dividend had bee
n paid.
The advantage to the \line \tab \up0 \expndtw-8\charscalex96 shar
eholder is the convenience of investing and lower transactions \line \ta
b \up0 \expndtw-8\charscalex92 cost than what would occur if the investor
bought a few shares of \line \tab \up0 \expndtw-9\charscalex92 stock in th
e open market. \par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb0\sl-230\sl
\tx9550 \up0 \expndtw-7\charscalex100 17. Dividend policy is a type of f
inancing decision.\tab \up0 \expndtw-7\charscalex100 Dividends\par\pard\li1989\
sb0\sl-230\slmult0\par\pard\li1989\sb40\sl-230\slmult0\fi599 \up0 \expndtw-6\cha
rscalex100 foregone mean, of course, that earnings are retained, and re
tained\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl-230\slmult0\fi
599 \up0 \expndtw-7\charscalex100 earnings represent an important source of busi
ness financing.\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\sl
persub\cf13\f14\fs18 Chapter 18: Dividend Policy\tab \up0 \expndtw-3\charscalex1
00 Pearson Education Limited 2005\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li
ult0\fi0 \up0 \expndtw-4\charscalex100 \ul0\nosupersub\cf27\f28\fs20 SOLUTIONS T
O PROBLEMS\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb0\sl-230\slmult0
\par\pard\li1989\sb146\sl-230\slmult0\fi0\tx2589\tx3189\tx3789 \up0 \expndtw-4\c
a)\tab \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf42\f43\fs16 \u8226?\tab \
up0 \expndtw-4\charscalex100 \ul0\nosupersub\cf28\f29\fs20 a 15 percent stock d
ividend amounts to 150,000 additional\par\pard\li2589\sb0\sl-230\slmult0\par\pa
rd\li2589\sb40\sl-230\slmult0\fi1199 \up0 \expndtw-5\charscalex100 shares (1,00
0,000 x .15)\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb80\sl-230\slm
ult0\fi599\tx3789 \up0 \expndtw-4\charscalex100 \ul0\nosupersub\cf42\f43\fs16 \u
9632?\tab \up0 \expndtw-5\charscalex100 \ul0\nosupersub\cf28\f29\fs20 treat as a
"small-percentage stock dividend"\par\pard\li2589\sb0\sl-230\slmult0\par\pard\l
rsub\cf42\f43\fs16 \u9632?\tab \up0 \expndtw-5\charscalex100 \ul0\nosupersub\cf2
8\f29\fs20 (150,000 shares) x ($7) = $1,050,000\par\pard\li2589\sb0\sl-230\sl

Common stock ($5 par; 1.15 million shares)\tab \up0 \expndtw-5\charscalex100 $
\tab \up0 \expndtw-5\charscalex100 5,750,000\par\pard\li2589\sb0\sl-230\slmult0\
par\pard\li2589\sb40\sl-230\slmult0\fi0\tx9549 \up0 \expndtw-5\charscalex100 Add
itional paid-in capital\tab \up0 \expndtw-5\charscalex100 5,300,000\par\pard\li2
dtw-5\charscalex100 Retained earnings\tab \up0 \expndtw-5\charscalex100 13,950,0
tx9189 \up0 \expndtw-5\charscalex100 Total shareholders' equity\tab \up0 \expndt
w-5\charscalex100 $ 25,000,000\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li25
-230\slmult0\fi0\tx3189\tx3789 \up0 \expndtw-5\charscalex100 b)\tab \up0 \expndt
w-4\charscalex100 \ul0\nosupersub\cf42\f43\fs16 \u8226?\tab \up0 \expndtw-5\char
scalex100 \ul0\nosupersub\cf28\f29\fs20 a 25 percent stock dividend amounts to
250,000 additional\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb40\sl-2
30\slmult0\fi1199 \up0 \expndtw-5\charscalex100 shares (1,000,000 x .25)\par\p
up0 \expndtw-4\charscalex100 \ul0\nosupersub\cf42\f43\fs16 \u9632?\tab \up0 \exp
ndtw-5\charscalex100 \ul0\nosupersub\cf28\f29\fs20 treat as a "large-percentage
stock dividend"\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb40\sl-230\s
lmult0\fi599\tx3789 \up0 \expndtw-4\charscalex100 \ul0\nosupersub\cf42\f43\fs16
\u9632?\tab \up0 \expndtw-5\charscalex100 \ul0\nosupersub\cf28\f29\fs20 (250,000
shares) x ($5) = $1,250,000\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li25
-230\slmult0\fi0\tx9189\tx9549 \up0 \expndtw-5\charscalex100 Common stock ($5 p
ar; 1.25 million shares)\tab \up0 \expndtw-5\charscalex100 $\tab \up0 \expndtw5\charscalex100 6,250,000\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb4
0\sl-230\slmult0\fi0\tx9549 \up0 \expndtw-5\charscalex100 Additional paid-in cap
ital\tab \up0 \expndtw-5\charscalex100 5,000,000\par\pard\li2589\sb0\sl-230\slmu
Retained earnings\tab \up0 \expndtw-5\charscalex100 13,750,000\par\pard\li2589\
w-5\charscalex100 Total shareholders' equity\tab \up0 \expndtw-5\charscalex100 $
25,000,000\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmul
s18 12e\tab \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf15\f16\fs18 278
}
}}
}
\pard\li1989\sb15\sl-230\slmult0\fi599 \up0 \expndtw-5\charscalex100 \ul0\nosupe
rsub\cf28\f29\fs20 c)\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb0\sl230\slmult0\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb80\sl-230\slmul
t0\fi599\tx9189\tx9549 \up0 \expndtw-5\charscalex100 Common stock ($5 par; 1.2
5 million shares)\tab \up0 \expndtw-5\charscalex100 $\tab \up0 \expndtw-5\charsc
alex100 5,000,000\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl-230
\slmult0\fi599\tx9549 \up0 \expndtw-5\charscalex100 Additional paid-in capital\t
ab \up0 \expndtw-5\charscalex100 5,000,000\par\pard\li1989\sb0\sl-230\slmult0\pa
r\pard\li1989\sb40\sl-230\slmult0\fi599\tx9429 \up0 \expndtw-5\charscalex100 Ret
ained earnings\tab \up0 \expndtw-5\charscalex100 15,000,000\par\pard\li1989\sb0\
sl-230\slmult0\par\pard\li1989\sb40\sl-230\slmult0\fi1200\tx9189 \up0 \expndtw-5
\charscalex100 Total shareholders' equity\tab \up0 \expndtw-5\charscalex100 $ 2
5,000,000\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb0\sl-230\slmult0\
9 \up0 \expndtw-5\charscalex100 2.\tab \up0 \expndtw-5\charscalex100 a)
Divid
ends = $500,000\par\pard\ql \li2589\sb0\sl-230\slmult0 \par\pard\ql\li2589\sb2
3\sl-230\slmult0 \up0 \expndtw-9\charscalex90 b)
Dividends = $0 \par\pard\q
l \li2589\ri1051\sb47\sl-500\slmult0\tx3189\tx3189\tx3189 \up0 \expndtw-8\charsc
alex97 c)
Dividends = $0.
Company should raise an additional $1 million
\line\tab \up0 \expndtw-9\charscalex95 through a new issue of common stoc
k if a capital budgeting \line \tab \up0 \expndtw-3\charscalex100 analysis \
up0 \expndtw-8\charscalex100 (in which flotation costs are treated as out
lays) \line \tab \up0 \expndtw-8\charscalex100 proves favorable. \par\pard\li198
alex100 3.\tab \up0 \expndtw-3\charscalex100 The answers assume all things are h
eld constant other than the item\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1
989\sb40\sl-230\slmult0\fi599 \up0 \expndtw-3\charscalex100 in question.\par\par
d\ql \li2589\ri1050\sb30\sl-500\slmult0\tx3189 \up0 \expndtw-8\charscalex94 a)
Low dividend-payout ratio.
Highly taxed owners will probably \line\ta
b \up0 \expndtw-9\charscalex94 want to realize their returns through capital gai
ns. \par\pard\ql \li2589\sb224\sl-230\slmult0 \up0 \expndtw-6\charscalex100 b)
There will be no residual funds. \par\pard\ql \l
i2589\ri1051\sb47\sl-500\slmult0\tx3189\tx3189\tx3189 \up0 \expndtw-8\charscalex
92 c)
Medium or high dividend-payout ratio.
There are likely to be
\line\tab \up0 \expndtw-5\charscalex100 funds left over after funding capital e
xpenditures.
Moreover, \line \tab \up0 \expndtw-9\charscalex93 the liquidit
y and access to borrowing give the company \line \tab \up0 \expndt
w-9\charscalex94 considerable financial flexibility. \par\pard\ql \li2589\ri1051
\sb0\sl-500\slmult0\tx3189\tx3189 \up0 \expndtw-6\charscalex100 d)
Medium or
high dividend-payout ratio.
Unless the company cuts \line\tab \up0 \expndtw-3
\charscalex100 its dividend, which probably is unlikely in the short run, its \l
ine \tab \up0 \expndtw-3\charscalex100 dividend-payout ratio will rise with the
drop in earnings. \par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207
-2\charscalex100 \ul0\nosupersub\cf15\f16\fs18 279
}
}}
}
}}
}
}}
}
}}
}
\pard\li1989\sb15\sl-230\slmult0\fi599 \up0 \expndtw-6\charscalex100 \ul0\nosupe
rsub\cf28\f29\fs20 e)
The company will pro
bably wish to\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl-230\s
lmult0\fi1199 \up0 \expndtw-6\charscalex100 retain earnings to build its fi
nancial strength in order to\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1
989\sb40\sl-230\slmult0\fi1199 \up0 \expndtw-6\charscalex100 offset the high bus
iness risk.\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb0\sl-230\slmult
589 \up0 \expndtw-6\charscalex100 4.\tab \up0 \expndtw-6\charscalex100 We would
expect Jumbo to have the higher dividend-payout ratio.
As\par\pard\li1989\sb0
alex100 a percent of expected annual cash flows, the two companies have the\par\
pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl-230\slmult0\fi600 \up0 \e
xpndtw-6\charscalex100 following ratios:\par\pard\li3189\sb0\sl-230\slmult0\par\
pard\li3189\sb40\sl-230\slmult0\fi3599\tx9189 \up0 \expndtw-3\charscalex100 Jumb
o\tab \up0 \expndtw-3\charscalex100 Giant\par\pard\li3189\sb0\sl-230\slmult0\par
Standard deviation\tab \up0 \expndtw-3\charscalex100 0.60\tab \up0 \expndtw-3\c
harscalex100 0.71\par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\sb40\sl-230
\slmult0\fi0\tx6789\tx9189 \up0 \expndtw-3\charscalex100 Capital expenditures\ta
b \up0 \expndtw-3\charscalex100 0.84\tab \up0 \expndtw-3\charscalex100 1.14\par\
9189 \up0 \expndtw-3\charscalex100 Cash & marketable securities\tab \up0 \expndt
w-3\charscalex100 0.10\tab \up0 \expndtw-3\charscalex100 0.20\par\pard\li3189\sb
0\sl-230\slmult0\par\pard\li3189\sb40\sl-230\slmult0\fi0\tx6789\tx9189 \up0 \exp
ndtw-3\charscalex100 Long-term debt\tab \up0 \expndtw-3\charscalex100 2.00\tab \
up0 \expndtw-3\charscalex100 2.43\par\pard\li3189\sb0\sl-230\slmult0\par\pard\li
3189\sb40\sl-230\slmult0\fi0\tx6789\tx9189 \up0 \expndtw-3\charscalex100 Unused
bank lines\tab \up0 \expndtw-3\charscalex100 0.50\tab \up0 \expndtw-3\charscalex
100 0.29\par\pard\qj \li2589\ri1050\sb30\sl-500\slmult0 \up0 \expndtw-8\charscal
ex93 Jumbo has a lower relative standard deviation of cash flows, lowe
r \line \up0 \expndtw-8\charscalex100 relative capital expenditures, lower r
elative long-term debt, and \line \up0 \expndtw-8\charscalex100 greater rel
ative unused bank lines. \up0 \expndtw-8\charscalex100 Its expected ca
pital \par\pard\qj \li2589\ri1050\sb0\sl-500\slmult0 \up0 \expndtw-6\charscalex1
00 expenditures are less than its expected cash flow, which would \line
\up0 \expndtw-4\charscalex100 imply residual funds, whereas the opposite
occurs for Giant. \line \up0 \expndtw-8\charscalex97 Finally, Giant has a
higher cost associated with floating common \line \up0 \expndtw-8\charscale
x93 stock in order to replace dividends than does Jumbo.
For all of
\line \up0 \expndtw-8\charscalex100 these reasons, we would expect Jumbo
to have a higher dividend \line \up0 \expndtw-5\charscalex100 payout.
The
only factor working in the other direction is the fact \line \up0 \expndtw-8\ch
arscalex100 that Giant has a higher relative as well as absolute level
of \line \up0 \expndtw-8\charscalex100 liquidity. \par\pard\li1989\sb0\sl-207\

}
}}
}
}}
}
calex95 \ul0\nosupersub\cf13\f14\fs18 Chapter 18: Dividend Policy\tab \up0 \expn
dtw-8\charscalex95 Pearson Education Limited 2005\par\pard\li1989\sb0\sl-230\slm
ard\li1989\sb15\sl-230\slmult0\fi0\tx2589 \up0 \expndtw-9\charscalex95 \ul0\nosu
persub\cf28\f29\fs20 5.\tab \up0 \expndtw-8\charscalex96 a)
The market seem
s to evaluate both of these stocks in terms of\par\pard\qj \li3189\ri10
50\sb30\sl-500\slmult0 \up0 \expndtw-9\charscalex95 dividend payments.
The
average dividend for both firms is \line \up0 \expndtw-6\charscalex100 app
roximately the same.
Nevertheless, the average market \line \up0 \expnd
tw-9\charscalex95 price of Harpo \up0 \expndtw-6\charscalex100 (about \up0 \ex
pndtw-9\charscalex95 $4.38) has been about \up0 \expndtw-9\charscalex96 13%
higher than \par\pard\qj \li3189\ri1050\sb0\sl-500\slmult0 \up0 \expndtw-8\char
scalex92 the average market price for Oprah (about $3.88).
The market
\line \up0 \expndtw-9\charscalex93 has capitalized the dividends of Oprah
at a higher rate than \line \up0 \expndtw-9\charscalex94 Harpo, hence giv
ing the stock of Oprah a lower price.
This \par\pard\qj \li3189\ri1095
\sb0\sl-500\slmult0 \up0 \expndtw-3\charscalex100 might result from the constant
dividend-payout ratio policy of \up0 \expndtw-3\charscalex100 Oprah, which has
produced a volatile dividend stream. \par\pard\ql \li2589\ri1050\sb0\sl-500\slmu
lt0\tx3189\tx3189\tx3189\tx3189 \up0 \expndtw-8\charscalex92 b)

Neither of
these companies seems to be a growth company.
In \line\tab \up0 \expnd
tw-9\charscalex95 fact, one would wonder whether the retention of earnin
gs is \line \tab \up0 \expndtw-8\charscalex100 justified for either company.
Since both of these firms \line \tab \up0 \expndtw-9\charscalex94 appea
r to be evaluated in terms of dividend yield, increased \line \tab \up0
\expndtw-9\charscalex95 stock prices might ensue from higher dividend payouts.
2589\tx3189 \up0 \expndtw-3\charscalex100 6. \tab \up0 \expndtw-3\charscalex100
a) \tab \up0 \expndtw-9\charscalex93 $50.
The value of the stock adjusts
downward on the record \par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\
sb57\sl-230\slmult0\fi599 \up0 \expndtw-9\charscalex95 date.
This sale occurs
before that date.\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb40\sl-23
0\slmult0\fi0\tx3189 \up0 \expndtw-9\charscalex95 b)\tab \up0 \expndtw-9\charsca
lex95 160 shares x 1.25 = 200 shares\par\pard\li2589\sb0\sl-230\slmult0\par\p
ard\li2589\sb40\sl-230\slmult0\fi0\tx3189 \up0 \expndtw-9\charscalex95 c)\tab \u
p0 \expndtw-9\charscalex95 $50/1.25 = $40\par\pard\li2589\sb0\sl-230\slmult0\p
ar\pard\li2589\sb40\sl-230\slmult0\fi0\tx4389 \up0 \expndtw-9\charscalex95 d)
Before:\tab \up0 \expndtw-9\charscalex95 $50 x 160 = $8,000\par\pard\li2589\
w-9\charscalex95 After:\tab \up0 \expndtw-9\charscalex95 $40 x 200 = $8,000\p
ar\pard\qj \li3189\ri1051\sb30\sl-500\slmult0 \up0 \expndtw-8\charscalex91 The
stock dividend in itself does not affect the value of the \up0 \expndt
w-9\charscalex91 company. \par\pard\ql \li2589\ri1050\sb0\sl-500\slmult0\tx3189
\up0 \expndtw-8\charscalex100 e)
The stock dividend would likely be reg
arded as a positive \line\tab \up0 \expndtw-8\charscalex100 signal and the to
tal value of your holdings would increase. \par\pard\li1989\sb0\sl-207\slmult0\p
\sectd\fs24\paperw11900\paperh16840\pard\sb0\sl-240{\bkmkstart Pg284}{\bkmkend P
g284}\par\pard\sect\sectd\sbknone\cols2\colno1\colw7686\colsr160\colno2\colw3914
\colsr160\ql \li1989\sb0\sl-207\slmult0 \par\pard\ql \li1989\sb0\sl-207\slmult0
\par\pard\ql \li1989\sb53\sl-207\slmult0 \up0 \expndtw-2\charscalex100 \ul0\nosu
persub\cf13\f14\fs18 Chapter 18: Dividend Policy\par\pard\ql \li1989\sb0\sl-230\
slmult0 \par\pard\ql \li1989\sb15\sl-230\slmult0\tx2584\tx3184 \up0 \expndtw-3\c
a)\tab \up0 \expndtw-9\charscalex97 3% x 1,000,000 shares = 30,000 shares\par
\pard\ql \li2589\sb0\sl-230\slmult0 \par\pard\ql \li3189\sb40\sl-230\slmult0\tx5
824 \up0 \expndtw-7\charscalex100 30,000 shares x $5\tab \up0 \expndtw-9\charsc
alex95 = $150,000\par\pard\ql \li2589\sb0\sl-230\slmult0 \par\pard\ql \li2589\s
b0\sl-230\slmult0 \par\pard\ql \li2589\sb0\sl-230\slmult0 \par\pard\ql \li2589\s
b80\sl-230\slmult0 \up0 \expndtw-6\charscalex100 Common stock ($1 par; 1.03 mi
llion shares)\par\pard\ql \li2589\sb0\sl-230\slmult0 \par\pard\ql \li2589\sb40\s
l-230\slmult0 \up0 \expndtw-3\charscalex100 Additional paid-in capital\par\pard\
ql \li2589\sb0\sl-230\slmult0 \par\pard\ql \li2589\sb40\sl-230\slmult0 \up0 \exp
ndtw-3\charscalex100 Retained earnings\par\pard\ql \li3189\sb0\sl-230\slmult0 \p
ar\pard\ql \li3189\sb40\sl-230\slmult0 \up0 \expndtw-3\charscalex100 Total share
holders' equity\par\pard\column \ql \li7846\sb0\sl-207\slmult0 \par\pard\ql \li7
arscalex100 \ul0\nosupersub\cf13\f14\fs18 Pearson Education Limited 2005\par\par
d\ql \li2589\sb0\sl-230\slmult0 \par\pard\ql \li2589\sb0\sl-230\slmult0 \par\par

\up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf28\f29\fs20 $\tab \up0 \expndtw
-3\charscalex100 1,030,000\par\pard\ql \li2589\sb0\sl-230\slmult0 \par\pard\ql \
li1963\sb40\sl-230\slmult0 \up0 \expndtw-3\charscalex100 420,000\par\pard\ql \li
2589\sb0\sl-230\slmult0 \par\pard\ql \li1723\sb40\sl-230\slmult0 \up0 \expndtw-3
\charscalex100 1,550,000\par\pard\ql \li2589\sb0\sl-230\slmult0 \par\pard\ql \li
1363\sb40\sl-230\slmult0\tx1728 \up0 \expndtw-3\charscalex100 $\tab \up0 \expndt
w-3\charscalex100 3,000,000 \par\pard\sect\sectd\sbknone \li2589\sb0\sl-230\slmu
rd\li2589\sb80\sl-230\slmult0\fi0\tx3189\tx7389 \up0 \expndtw-9\charscalex96 b)\
tab \up0 \expndtw-9\charscalex96 $300,000/1,000,000 = $.30\tab \up0 \expndtw-9
\charscalex96 $150,000/1,000,000 = $.15\par\pard\sect\sectd\sbknone \li2589\sb
0\sl-230\slmult0\par\pard\li2589\sb40\sl-230\slmult0\fi0\tx3189\tx7389 \up0 \exp
ndtw-9\charscalex96 c)\tab \up0 \expndtw-9\charscalex96 $300,000/1,030,000 = $
.2913\tab \up0 \expndtw-9\charscalex96 $150,000/1,030,000 = $.1456\par\pard\se
ct\sectd\sbknone \li2589\sb0\sl-230\slmult0\par\pard\li2589\sb40\sl-230\slmult0\
fi0\tx3189 \up0 \expndtw-9\charscalex96 d)\tab \up0 \expndtw-9\charscalex96 $5(1
- (1.00/1.03)) = $5(.029) = $.146\par\pard\ql \li5109\sb0\sl-230\slmult0
\par\pard\ql\li5109\sb23\sl-230\slmult0 \up0 \expndtw-9\charscalex89 $5.000 $.146 = $4.854 \par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb0\sl-230\
i0\tx2589\tx3189 \up0 \expndtw-3\charscalex100 8.\tab \up0 \expndtw-3\charscalex
100 a)\tab \up0 \expndtw-3\charscalex100 (1)\par\pard\li3189\sb71\sl-230\slmult0
\fi3600\tx9189 \up0 \expndtw-3\charscalex100 Original\tab \up0 \expndtw-3\charsc
alex100 Stock\par\pard\li3189\sb219\sl-230\slmult0\fi3600\tx9189 \up0 \expndtw-3
\charscalex100 Condition.\tab \up0 \expndtw-3\charscalex100 Dividend\par\pard\li
p0 \expndtw-3\charscalex100 Common stock\tab \up0 \expndtw-3\charscalex100 $ 4,
800,000\tab \up0 \expndtw-3\charscalex100 $ 5,376,000\par\pard\li3189\sb0\sl-23
0\slmult0\par\pard\li3189\sb40\sl-230\slmult0\fi0\tx6909\tx9309 \up0 \expndtw-3\
charscalex100 Additional paid-in capital\tab \up0 \expndtw-3\charscalex100 5,900
,000\tab \up0 \expndtw-3\charscalex100 15,692,000\par\pard\li3189\sb0\sl-230\slm
ult0\par\pard\li3189\sb40\sl-230\slmult0\fi0\tx6789\tx9309 \up0 \expndtw-3\chars
calex100 Retained earnings\tab \up0 \expndtw-3\charscalex100 87,300,000\tab \up0
\expndtw-3\charscalex100 76,932,000\par\pard\li3189\sb0\sl-230\slmult0\par\pard
\li3189\sb40\sl-230\slmult0\fi119\tx6669\tx9189 \up0 \expndtw-3\charscalex100 To
tal shareholders' equity\tab \up0 \expndtw-3\charscalex100 $98,000,000\tab \up0
\expndtw-3\charscalex100 $98,000,000\par\pard\li3189\sb0\sl-230\slmult0\par\pard
\li3189\sb40\sl-230\slmult0\fi599\tx6909\tx9429 \up0 \expndtw-3\charscalex100 Nu
mber of shares\tab \up0 \expndtw-3\charscalex100 2,400,000\tab \up0 \expndtw-3\c
harscalex100 2,688,000\par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\sb40\s
l-230\slmult0\fi599\tx7389\tx9909 \up0 \expndtw-3\charscalex100 Par value of com
mon\tab \up0 \expndtw-3\charscalex100 $2.00\tab \up0 \expndtw-3\charscalex100 $2
.00\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmult0\par\pa
lt0\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb9\sl-207\slmult0\fi0\tx
ub\cf15\f16\fs18 282

}
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}
i0\tx3189 \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf28\f29\fs20 a)\tab \up
0 \expndtw-3\charscalex100 (2)\par\pard\li3189\sb45\sl-230\slmult0\fi3599\tx9309
\up0 \expndtw-4\charscalex100 Original\tab \up0 \expndtw-4\charscalex100 Stock\
par\pard\li3189\sb220\sl-230\slmult0\fi3599\tx9309 \up0 \expndtw-4\charscalex100
Condition.\tab \up0 \expndtw-4\charscalex100 Dividend .\par\pard\li3189\sb0\sl
-230\slmult0\par\pard\li3189\sb40\sl-230\slmult0\fi0\tx6669\tx9189 \up0 \expndtw
-4\charscalex100 Common stock\tab \up0 \expndtw-4\charscalex100 $ 4,800,000\tab
\up0 \expndtw-4\charscalex100 $ 6,000,000\par\pard\li3189\sb0\sl-230\slmult0\p
00 Additional paid-in capital\tab \up0 \expndtw-4\charscalex100 5,900,000\tab \u
p0 \expndtw-4\charscalex100 5,900,000\par\pard\li3189\sb0\sl-230\slmult0\par\par
d\li3189\sb40\sl-230\slmult0\fi0\tx6789\tx9309 \up0 \expndtw-4\charscalex100 Ret
ained earnings\tab \up0 \expndtw-4\charscalex100 87,300,000\tab \up0 \expndtw-4\
charscalex100 86,100,000\par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\sb40
\sl-230\slmult0\fi119\tx6669\tx9189 \up0 \expndtw-4\charscalex100 Total sharehol
ders' equity\tab \up0 \expndtw-4\charscalex100 $98,000,000\tab \up0 \expndtw-4\c
harscalex100 $98,000,000\par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\sb40
\sl-230\slmult0\fi599\tx6909\tx9429 \up0 \expndtw-4\charscalex100 Number of shar
es\tab \up0 \expndtw-4\charscalex100 2,400,000\tab \up0 \expndtw-4\charscalex100
3,000,000\par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\sb40\sl-230\slmult
0\fi599\tx7389\tx9909 \up0 \expndtw-4\charscalex100 Par value of common\tab \up0
\expndtw-4\charscalex100 $2.00\tab \up0 \expndtw-4\charscalex100 $2.00\par\pard
94\sl-230\slmult0\fi0\tx3189 \up0 \expndtw-3\charscalex100 a)\tab \up0 \expndtw3\charscalex100 (3)\par\pard\li3189\sb47\sl-230\slmult0\fi3600\tx9309 \up0 \expn
dtw-4\charscalex100 Original\tab \up0 \expndtw-4\charscalex100 Stock\par\pard\li
3189\sb219\sl-230\slmult0\fi3600\tx9309 \up0 \expndtw-4\charscalex100 Condition.
\tab \up0 \expndtw-4\charscalex100 Dividend .\par\pard\li3189\sb0\sl-230\slmult
0\par\pard\li3189\sb40\sl-230\slmult0\fi0\tx6669\tx9189 \up0 \expndtw-4\charscal
ex100 Common stock\tab \up0 \expndtw-4\charscalex100 $ 4,800,000\tab \up0 \expn
dtw-4\charscalex100 $ 5,040,000\par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3
189\sb40\sl-230\slmult0\fi0\tx6909\tx9429 \up0 \expndtw-4\charscalex100 Addition
al paid-in capital\tab \up0 \expndtw-4\charscalex100 5,900,000\tab \up0 \expndtw
-4\charscalex100 9,980,000\par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\sb
40\sl-230\slmult0\fi0\tx6789\tx9309 \up0 \expndtw-4\charscalex100 Retained earni
ngs\tab \up0 \expndtw-4\charscalex100 87,300,000\tab \up0 \expndtw-4\charscalex1
00 82,980,000\par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\sb40\sl-230\slm
ult0\fi119\tx6669\tx9189 \up0 \expndtw-4\charscalex100 Total shareholders' equit
y\tab \up0 \expndtw-4\charscalex100 $98,000,000\tab \up0 \expndtw-4\charscalex10
0 $98,000,000\par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\sb40\sl-230\slm
ult0\fi599\tx6909\tx9429 \up0 \expndtw-4\charscalex100 Number of shares\tab \up0
\expndtw-4\charscalex100 2,400,000\tab \up0 \expndtw-4\charscalex100 2,520,000\
389\tx9909 \up0 \expndtw-4\charscalex100 Par value of common\tab \up0 \expndtw-4
\charscalex100 $2.00\tab \up0 \expndtw-4\charscalex100 $2.00\par\pard\li2589\sb0
lmult0\fi0\tx3189 \up0 \expndtw-3\charscalex100 b)\tab \up0 \expndtw-3\charscale
x100 (1)\par\pard\li3189\sb47\sl-230\slmult0\fi3600\tx9309 \up0 \expndtw-3\chars
calex100 Original\tab \up0 \expndtw-3\charscalex100 Stock\par\pard\li3189\sb219\
sl-230\slmult0\fi3600\tx9309 \up0 \expndtw-3\charscalex100 Condition.\tab \up0 \
expndtw-3\charscalex100 Split\par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189
\sb40\sl-230\slmult0\fi0\tx6669\tx9189 \up0 \expndtw-3\charscalex100 Common stoc
k\tab \up0 \expndtw-3\charscalex100 $ 4,800,000\tab \up0 \expndtw-3\charscalex1
00 $ 4,800,000\par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\sb40\sl-230\s
lmult0\fi0\tx6909\tx9429 \up0 \expndtw-3\charscalex100 Additional paid-in capita
l\tab \up0 \expndtw-3\charscalex100 5,900,000\tab \up0 \expndtw-3\charscalex100
5,900,000\par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\sb40\sl-230\slmult0
\fi0\tx6789\tx9309 \up0 \expndtw-3\charscalex100 Retained earnings\tab \up0 \exp
ndtw-3\charscalex100 87,300,000\tab \up0 \expndtw-3\charscalex100 87,300,000\par
\tx9189 \up0 \expndtw-3\charscalex100 Total shareholders' equity\tab \up0 \expnd
tw-3\charscalex100 $98,000,000\tab \up0 \expndtw-3\charscalex100 $98,000,000\par
\tx9429 \up0 \expndtw-3\charscalex100 Number of shares\tab \up0 \expndtw-3\chars
calex100 2,400,000\tab \up0 \expndtw-3\charscalex100 3,600,000\par\pard\li3189\s
b0\sl-230\slmult0\par\pard\li3189\sb40\sl-230\slmult0\fi599\tx7389\tx9909 \up0 \
expndtw-3\charscalex100 Par value of common\tab \up0 \expndtw-3\charscalex100 $2
.00\tab \up0 \expndtw-3\charscalex100 $1.33\par\pard\li1989\sb0\sl-207\slmult0\p
alex100 \ul0\nosupersub\cf15\f16\fs18 283
}
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}
0\tx3189 \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf28\f29\fs20 b)\tab \up0
\expndtw-3\charscalex100 (2)\par\pard\li3189\sb20\sl-230\slmult0\fi3599\tx9309
\up0 \expndtw-3\charscalex100 Original\tab \up0 \expndtw-3\charscalex100 Stock\p
ar\pard\li3189\sb219\sl-230\slmult0\fi3599\tx9309 \up0 \expndtw-3\charscalex100
Condition.\tab \up0 \expndtw-3\charscalex100 Split\par\pard\li3189\sb0\sl-230\sl
mult0\par\pard\li3189\sb40\sl-230\slmult0\fi0\tx6669\tx9189 \up0 \expndtw-3\char
scalex100 Common stock\tab \up0 \expndtw-3\charscalex100 $ 4,800,000\tab \up0 \
expndtw-3\charscalex100 $ 4,800,000\par\pard\li3189\sb0\sl-230\slmult0\par\pard
\li3189\sb40\sl-230\slmult0\fi0\tx6909\tx9429 \up0 \expndtw-3\charscalex100 Addi
tional paid-in capital\tab \up0 \expndtw-3\charscalex100 5,900,000\tab \up0 \exp
ndtw-3\charscalex100 5,900,000\par\pard\li3189\sb0\sl-230\slmult0\par\pard\li318
9\sb40\sl-230\slmult0\fi0\tx6789\tx9309 \up0 \expndtw-3\charscalex100 Retained e
arnings\tab \up0 \expndtw-3\charscalex100 87,300,000\tab \up0 \expndtw-3\charsca
lex100 87,300,000\par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\sb40\sl-230
\slmult0\fi119\tx6669\tx9189 \up0 \expndtw-3\charscalex100 Total shareholders' e
quity\tab \up0 \expndtw-3\charscalex100 $98,000,000\tab \up0 \expndtw-3\charscal
ex100 $98,000,000\par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\sb40\sl-230
\slmult0\fi599\tx6909\tx9429 \up0 \expndtw-3\charscalex100 Number of shares\tab
\up0 \expndtw-3\charscalex100 2,400,000\tab \up0 \expndtw-3\charscalex100 4,800,
\tx7389\tx9909 \up0 \expndtw-3\charscalex100 Par value of common\tab \up0 \expnd
tw-3\charscalex100 $2.00\tab \up0 \expndtw-3\charscalex100 $1.00\par\pard\li2589
30\slmult0\fi0\tx3189 \up0 \expndtw-3\charscalex100 b)\tab \up0 \expndtw-3\chars
calex100 (3)\par\pard\li3189\sb46\sl-230\slmult0\fi3600\tx9309 \up0 \expndtw-3\c
harscalex100 Original\tab \up0 \expndtw-3\charscalex100 Stock\par\pard\li3189\sb
220\sl-230\slmult0\fi3600\tx9309 \up0 \expndtw-3\charscalex100 Condition.\tab \u
p0 \expndtw-3\charscalex100 Split\par\pard\li3189\sb0\sl-230\slmult0\par\pard\li
3189\sb40\sl-230\slmult0\fi0\tx6669\tx9189 \up0 \expndtw-3\charscalex100 Common
stock\tab \up0 \expndtw-3\charscalex100 $ 4,800,000\tab \up0 \expndtw-3\charsca
lex100 $ 4,800,000\par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\sb40\sl-2
30\slmult0\fi0\tx6909\tx9429 \up0 \expndtw-3\charscalex100 Additional paid-in ca
pital\tab \up0 \expndtw-3\charscalex100 5,900,000\tab \up0 \expndtw-3\charscalex
100 5,900,000\par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\sb40\sl-230\slm
ult0\fi0\tx6789\tx9309 \up0 \expndtw-3\charscalex100 Retained earnings\tab \up0
\expndtw-3\charscalex100 87,300,000\tab \up0 \expndtw-3\charscalex100 87,300,000
6669\tx9189 \up0 \expndtw-3\charscalex100 Total shareholders' equity\tab \up0 \e
xpndtw-3\charscalex100 $98,000,000\tab \up0 \expndtw-3\charscalex100 $98,000,000
6909\tx9429 \up0 \expndtw-3\charscalex100 Number of shares\tab \up0 \expndtw-3\c
harscalex100 2,400,000\tab \up0 \expndtw-3\charscalex100 7,200,000\par\pard\li31
p0 \expndtw-3\charscalex100 Par value of common\tab \up0 \expndtw-3\charscalex10
0 $2.00\tab \up0 \expndtw-3\charscalex100 $0.67\par\pard\li2709\sb0\sl-230\slmul
3189 \up0 \expndtw-3\charscalex100 c)\tab \up0 \expndtw-3\charscalex100 (1)\par\
pard\li3189\sb47\sl-230\slmult0\fi3600\tx9309 \up0 \expndtw-3\charscalex100 Orig
inal\tab \up0 \expndtw-3\charscalex100 Reverse\par\pard\li3189\sb219\sl-230\slmu
lt0\fi3600\tx9309 \up0 \expndtw-3\charscalex100 Condition.\tab \up0 \expndtw-3\c
harscalex100 Split.\par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\sb40\sl-2
30\slmult0\fi0\tx6669\tx9189 \up0 \expndtw-3\charscalex100 Common stock\tab \up0
\expndtw-3\charscalex100 $ 4,800,000\tab \up0 \expndtw-3\charscalex100 $ 4,80
\tx6909\tx9429 \up0 \expndtw-3\charscalex100 Additional paid-in capital\tab \up0
\expndtw-3\charscalex100 5,900,000\tab \up0 \expndtw-3\charscalex100 5,900,000\
9\tx9309 \up0 \expndtw-3\charscalex100 Retained earnings\tab \up0 \expndtw-3\cha
rscalex100 87,300,000\tab \up0 \expndtw-3\charscalex100 87,300,000\par\pard\li31
p0 \expndtw-3\charscalex100 Total shareholders' equity\tab \up0 \expndtw-3\chars
calex100 $98,000,000\tab \up0 \expndtw-3\charscalex100 $98,000,000\par\pard\li31
p0 \expndtw-3\charscalex100 Number of shares\tab \up0 \expndtw-3\charscalex100 2
,400,000\tab \up0 \expndtw-3\charscalex100 600,000\par\pard\li3189\sb0\sl-230\sl
mult0\par\pard\li3189\sb40\sl-230\slmult0\fi599\tx7389\tx9909 \up0 \expndtw-3\ch
arscalex100 Par value of common\tab \up0 \expndtw-3\charscalex100 $2.00\tab \up0
\expndtw-3\charscalex100 $8.00\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li19
}
}}
}
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}
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}
osupersub\cf28\f29\fs20 c)\tab \up0 \expndtw-3\charscalex100 (2)\par\pard\li1989
\sb70\sl-230\slmult0\fi4799\tx9309 \up0 \expndtw-4\charscalex100 Original\tab \u
p0 \expndtw-4\charscalex100 Reverse\par\pard\li1989\sb220\sl-230\slmult0\fi4799\
tx9309 \up0 \expndtw-4\charscalex100 Condition.\tab \up0 \expndtw-4\charscalex10
0 Split\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl-230\slmult0\f
i1199\tx6669\tx9189 \up0 \expndtw-4\charscalex100 Common stock\tab \up0 \expndtw
-4\charscalex100 $ 4,800,000\tab \up0 \expndtw-4\charscalex100 $ 4,800,000\par
9\tx9429 \up0 \expndtw-4\charscalex100 Additional paid-in capital\tab \up0 \expn
dtw-4\charscalex100 5,900,000\tab \up0 \expndtw-4\charscalex100 5,900,000\par\pa
rd\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl-230\slmult0\fi1199\tx6789\t
x9309 \up0 \expndtw-4\charscalex100 Retained earnings\tab \up0 \expndtw-4\charsc
alex100 87,300,000\tab \up0 \expndtw-4\charscalex100 87,300,000\par\pard\li1989\
sb0\sl-230\slmult0\par\pard\li1989\sb40\sl-230\slmult0\fi1319\tx6669\tx9189 \up0
\expndtw-4\charscalex100 Total shareholders' equity\tab \up0 \expndtw-4\charsca
lex100 $98,000,000\tab \up0 \expndtw-4\charscalex100 $98,000,000\par\pard\li1989
\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl-230\slmult0\fi1199\tx6909\tx9669 \up
0 \expndtw-4\charscalex100 Number of shares\tab \up0 \expndtw-4\charscalex100 2,
400,000\tab \up0 \expndtw-4\charscalex100 400,000\par\pard\li1989\sb0\sl-230\slm
ult0\par\pard\li1989\sb40\sl-230\slmult0\fi1799\tx7389\tx9789 \up0 \expndtw-4\ch
arscalex100 Par value of common\tab \up0 \expndtw-4\charscalex100 $2.00\tab \up0
\expndtw-4\charscalex100 $12.00\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1
l-230\slmult0\fi0\tx2589\tx3189 \up0 \expndtw-4\charscalex100 9.\tab \up0 \expnd
tw-4\charscalex100 a)\tab \up0 \expndtw-4\charscalex100 $2($1,000,000)/$72 = 2
7,778 shares\par\pard\ql \li2589\ri1050\sb40\sl-500\slmult0\tx3189\tx3189\tx3189
If taxes are ignored, it should make
little difference other \line\tab \up0 \expndtw-6\charscalex100 than perhaps
if there is a difference in the information \line \tab \up0 \expndtw-9\c
harscalex94 content of cash dividends and the information content of th
e \line \tab \up0 \expndtw-9\charscalex95 repurchase of stock. \par\pard\ql \li2
c)
Taxes create an incentive for repurchase, for the reasons \line\t
ab \up0 \expndtw-9\charscalex97 illustrated in the chapter.
However, the
Internal Revenue \line \tab \up0 \expndtw-9\charscalex93 Service will chall
enge a steady program of repurchase in lieu \line \tab \up0 \expndtw-9\ch
arscalex94 of dividends. \par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0
}
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}
pndtw-3\charscalex100 \ul0\nosupersub\cf27\f28\fs20 SOLUTIONS TO SELF-CORRECTION
ub\cf28\f29\fs20 1.\tab \up0 \expndtw-3\charscalex100 a.\par\pard\li2349\sb0\sl230\slmult0\par\pard\li2349\sb217\sl-230\slmult0\fi2039\tx8229 \up0 \expndtw-3\c
harscalex100 \ul0\nosupersub\cf27\f28\fs20 INCOME AVAILABLE\tab \up0 \expndtw-3\
charscalex100 EXTERNAL FINANCING\par\pard\li2349\sb19\sl-230\slmult0\fi2159\tx67
89\tx8829 \up0 \expndtw-3\charscalex100 FOR DIVIDENDS\tab \up0 \expndtw-3\charsc
alex100 DIVIDENDS\tab \up0 \expndtw-3\charscalex100 REQUIRED\par\pard\li2349\sb2
0\sl-230\slmult0\fi0\tx4509\tx6789\tx8469 \up0 \expndtw-3\charscalex100 YEAR\tab
\up0 \expndtw-3\charscalex100 (in thousands)\tab \up0 \expndtw-3\charscalex100
PER SHARE\tab \up0 \expndtw-3\charscalex100 (in thousands)\par\pard\li2469\sb0\s
29 \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf28\f29\fs20 1\tab \up0 \expnd
tw-3\charscalex100 $1,000\tab \up0 \expndtw-3\charscalex100 $1.00\tab \up0 \expn
dtw-3\charscalex100 $\tab \up0 \expndtw-3\charscalex100 0\par\pard\li2469\sb20\s
\expndtw-3\charscalex100 0\tab \up0 \expndtw-3\charscalex100 0\tab \up0 \expndtw
-3\charscalex100 0\par\pard\li2469\sb20\sl-230\slmult0\fi0\tx5349\tx7269\tx9429
\up0 \expndtw-3\charscalex100 3\tab \up0 \expndtw-3\charscalex100 500\tab \up0 \
expndtw-3\charscalex100 .50\tab \up0 \expndtw-3\charscalex100 0\par\pard\li2469\
sb20\sl-230\slmult0\fi0\tx5349\tx7269\tx9429 \up0 \expndtw-3\charscalex100 4\tab
\up0 \expndtw-3\charscalex100 800\tab \up0 \expndtw-3\charscalex100 .80\tab \up
0 \expndtw-3\charscalex100 0\par\pard\li2469\sb20\sl-230\slmult0\fi0\tx5589\tx75
09\tx9189 \up0 \expndtw-3\charscalex100 5\tab \up0 \expndtw-3\charscalex100 0\ta
b \up0 \expndtw-3\charscalex100 0\tab \up0 \expndtw-3\charscalex100 200\par\pard
\li4989\sb1\sl-217\slmult0\fi3959 \up0 \expndtw-3\charscalex100 \u8212?\u8212?\u
-3\charscalex100 $2,300\tab \up0 \expndtw-3\charscalex100 $200\par\pard\li2589\s
i0\tx3189 \up0 \expndtw-3\charscalex100 b.\tab \up0 \expndtw-3\charscalex100 (in
thousands)\par\pard\li3669\sb0\sl-230\slmult0\par\pard\li3669\sb217\sl-230\slmu
lt0\fi0\tx5229\tx7269\tx9429 \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf27\
f28\fs20 (1)\tab \up0 \expndtw-3\charscalex100 (2)\tab \up0 \expndtw-3\charscale
x100 (3)\tab \up0 \expndtw-3\charscalex100 (4)\par\pard\li2109\sb19\sl-230\slmul
t0\fi6359 \up0 \expndtw-6\charscalex100 EXTERNAL FINANCING\par\pard\li2109\sb20\
sl-230\slmult0\fi4919\tx9069 \up0 \expndtw-6\charscalex100 CAPITAL\tab \up0 \exp
ndtw-6\charscalex100 REQUIRED\par\pard\li2109\sb21\sl-230\slmult0\fi0\tx3189\tx4
869\tx6789\tx8709 \up0 \expndtw-6\charscalex100 YEAR\tab \up0 \expndtw-6\charsca
lex100 NET INCOME\tab \up0 \expndtw-6\charscalex100 DIVIDENDS\tab \up0 \expndtw6\charscalex100 EXPENDITURES\tab \up0 \expndtw-6\charscalex100 (2) + (3) - (
1)\par\pard\li2349\sb0\sl-230\slmult0\par\pard\li2349\sb0\sl-230\slmult0\par\par
d\li2349\sb9\sl-230\slmult0\fi0\tx3429\tx5109\tx7149\tx9789 \up0 \expndtw-3\char
scalex100 \ul0\nosupersub\cf28\f29\fs20 1\tab \up0 \expndtw-3\charscalex100 $2,0
00\tab \up0 \expndtw-3\charscalex100 $1,000\tab \up0 \expndtw-3\charscalex100 $1
,000\tab \up0 \expndtw-3\charscalex100 0\par\pard\li2349\sb20\sl-230\slmult0\fi0

\tx3549\tx5229\tx7269\tx9189 \up0 \expndtw-3\charscalex100 2\tab \up0 \expndtw-3
\charscalex100 1,500\tab \up0 \expndtw-3\charscalex100 1,000\tab \up0 \expndtw-3
\charscalex100 1,500\tab \up0 \expndtw-3\charscalex100 $1,000\par\pard\li2349\sb
0\tab \up0 \expndtw-3\charscalex100 2,000\tab \up0 \expndtw-3\charscalex100 500\
w-3\charscalex100 4\tab \up0 \expndtw-3\charscalex100 2,300\tab \up0 \expndtw-3\
charscalex100 1,000\tab \up0 \expndtw-3\charscalex100 1,500\tab \up0 \expndtw-3\
charscalex100 200\par\pard\li2349\sb20\sl-230\slmult0\fi0\tx3549\tx5229\tx7269\t
b \up0 \expndtw-3\charscalex100 1,000\tab \up0 \expndtw-3\charscalex100 2,000\ta
b \up0 \expndtw-3\charscalex100 1,200\par\pard\li5109\sb0\sl-230\slmult0\par\par
d\li5109\sb16\sl-230\slmult0\fi0\tx9189 \up0 \expndtw-3\charscalex100 $5,000\tab
\up0 \expndtw-3\charscalex100 $2,900\par\pard\li1989\sb0\sl-207\slmult0\par\par
lex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 18: Dividend Policy\tab \up0 \expnd
9 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf28\f29\fs20 c.\par\pard\li3309
30\slmult0\fi0\tx4509\tx5709\tx7269\tx9309 \up0 \expndtw-3\charscalex100 \ul0\no
supersub\cf27\f28\fs20 (1)\tab \up0 \expndtw-3\charscalex100 (2)\tab \up0 \expnd
tw-3\charscalex100 (3)\tab \up0 \expndtw-3\charscalex100 (4)\tab \up0 \expndtw-3
\charscalex100 (5)\par\pard\li2109\sb19\sl-230\slmult0\fi6359 \up0 \expndtw-9\ch
arscalex94 EXTERNAL FINANCING\par\pard\li2109\sb21\sl-230\slmult0\fi1199\tx7029\
tx9069 \up0 \expndtw-9\charscalex94 NET\tab \up0 \expndtw-9\charscalex94 CAPITAL
\tab \up0 \expndtw-9\charscalex94 REQUIRED\par\pard\li2109\sb20\sl-230\slmult0\f
i1079\tx8589 \up0 \expndtw-9\charscalex94 INCOME
DIVIDENDS
DIVIDENDS
EX
PENDITURES\tab \up0 \expndtw-9\charscalex94 (2) + (4) - (1)\par\pard\li2109\
sb19\sl-230\slmult0\fi0\tx2949\tx6909\tx8949 \up0 \expndtw-9\charscalex94 YEAR\t
ab \up0 \expndtw-9\charscalex94 (in 000s) (in 000s)
PER SHARE\tab \up0 \ex
pndtw-9\charscalex94 (in 000s)\tab \up0 \expndtw-9\charscalex94 (in 000s)\par\
pard\li2349\sb0\sl-230\slmult0\par\pard\li2349\sb217\sl-230\slmult0\fi0\tx3189\t
x4269\tx5589\tx7029\tx9309\tx9909 \up0 \expndtw-3\charscalex100 \ul0\nosupersub\
cf28\f29\fs20 1\tab \up0 \expndtw-3\charscalex100 $2,000\tab \up0 \expndtw-3\cha
rscalex100 $1,000\tab \up0 \expndtw-3\charscalex100 $1.00\tab \up0 \expndtw-3\ch
arscalex100 $1,000\tab \up0 \expndtw-3\charscalex100 $\tab \up0 \expndtw-3\chars
calex100 0\par\pard\li2349\sb20\sl-230\slmult0\fi0\tx3309\tx4629\tx5829\tx7149\t
b \up0 \expndtw-3\charscalex100 750\tab \up0 \expndtw-3\charscalex100 .75\tab \u
p0 \expndtw-3\charscalex100 1,500\tab \up0 \expndtw-3\charscalex100 750\par\pard
\li2349\sb21\sl-230\slmult0\fi0\tx3309\tx4389\tx5709\tx7149\tx9669 \up0 \expndtw
harscalex100 1,250\tab \up0 \expndtw-3\charscalex100 1.25\tab \up0 \expndtw-3\ch
arscalex100 2,000\tab \up0 \expndtw-3\charscalex100 750\par\pard\li2349\sb19\sl230\slmult0\fi0\tx3309\tx4389\tx5709\tx7149\tx9669 \up0 \expndtw-3\charscalex100

0\tab \up0 \expndtw-3\charscalex100 350\par\pard\li2349\sb20\sl-230\slmult0\fi0\
tx3309\tx4629\tx5829\tx7149\tx9429 \up0 \expndtw-3\charscalex100 5\tab \up0 \exp
ndtw-3\charscalex100 1,800\tab \up0 \expndtw-3\charscalex100 900\tab \up0 \expnd
tw-3\charscalex100 .90\tab \up0 \expndtw-3\charscalex100 2,000\tab \up0 \expndtw
l-230\slmult0\fi0\tx9309 \up0 \expndtw-3\charscalex100 $5,050\tab \up0 \expndtw3\charscalex100 $2,950\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb0\sl
ult0\fi599 \up0 \expndtw-6\charscalex100 d.
Aggregate dividends are highes
t under Alternative C, which\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1
989\sb40\sl-230\slmult0\fi1199\tx4600 \up0 \expndtw-7\charscalex100 involves a\
tab \up0 \expndtw-7\charscalex100 50 percent dividend-payout ratio.
Howev
er, they\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb39\sl-230\slmult0
\fi1199 \up0 \expndtw-7\charscalex100 are only slightly higher than th
at which occurs under\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\s
b41\sl-230\slmult0\fi1199\tx5572 \up0 \expndtw-7\charscalex100 Alternative B.\
tab \up0 \expndtw-7\charscalex100 External financing is minimized under\
par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl-230\slmult0\fi1199 \u
p0 \expndtw-7\charscalex100 Alternative A, the residual dividend policy.\par\par
\charscalex100 2.\tab \up0 \expndtw-7\charscalex100 a.\par\pard\li1989\sb0\sl-23
0\slmult0\par\pard\li1989\sb40\sl-230\slmult0\fi599\tx4389\tx6789\tx9189 \up0 \e
xpndtw-7\charscalex100 \ul0\nosupersub\cf27\f28\fs20 YEAR\tab \up0 \expndtw-7\ch
arscalex100 POLICY 1\tab \up0 \expndtw-7\charscalex100 POLICY 2\tab \up0 \expn
dtw-7\charscalex100 POLICY 3\par\pard\li1989\sb220\sl-230\slmult0\fi719\tx4629\
tx7029\tx9429 \up0 \expndtw-7\charscalex100 \ul0\nosupersub\cf28\f29\fs20 1\tab
\up0 \expndtw-7\charscalex100 $ .68\tab \up0 \expndtw-7\charscalex100 $ .80\ta
b \up0 \expndtw-7\charscalex100 $ .68\par\pard\li1989\sb21\sl-230\slmult0\fi719
alex100 .73\tab \up0 \expndtw-7\charscalex100 .80\tab \up0 \expndtw-7\charscalex
100 .68\par\pard\li1989\sb19\sl-230\slmult0\fi719\tx4869\tx7269\tx9669 \up0 \exp
ndtw-7\charscalex100 3\tab \up0 \expndtw-7\charscalex100 .58\tab \up0 \expndtw-7
\charscalex100 .80\tab \up0 \expndtw-7\charscalex100 .68\par\pard\li1989\sb20\sl
\expndtw-7\charscalex100 .75\tab \up0 \expndtw-7\charscalex100 .80\tab \up0 \ex
pndtw-7\charscalex100 .80\par\pard\li1989\sb21\sl-230\slmult0\fi719\tx4869\tx726
9\tx9669 \up0 \expndtw-7\charscalex100 5\tab \up0 \expndtw-7\charscalex100 .87\t
ab \up0 \expndtw-7\charscalex100 .87\tab \up0 \expndtw-7\charscalex100 .80\par\p
ard\li1989\sb19\sl-230\slmult0\fi719\tx4869\tx7269\tx9669 \up0 \expndtw-7\charsc
alex100 6\tab \up0 \expndtw-7\charscalex100 .93\tab \up0 \expndtw-7\charscalex10
0 .93\tab \up0 \expndtw-7\charscalex100 .80\par\pard\li1989\sb20\sl-230\slmult0\
fi719\tx4869\tx7269\tx9669 \up0 \expndtw-7\charscalex100 7\tab \up0 \expndtw-7\c
harscalex100 .74\tab \up0 \expndtw-7\charscalex100 .80\tab \up0 \expndtw-7\chars
calex100 .80\par\pard\li1989\sb21\sl-230\slmult0\fi719\tx4869\tx7269\tx9549 \up0
\expndtw-7\charscalex100 8\tab \up0 \expndtw-7\charscalex100 .89\tab \up0 \expn
dtw-7\charscalex100 .89\tab \up0 \expndtw-7\charscalex100 1.00\par\pard\li1989\s
b19\sl-230\slmult0\fi719\tx4749\tx7149\tx9549 \up0 \expndtw-7\charscalex100 9\ta
b \up0 \expndtw-7\charscalex100 1.00\tab \up0 \expndtw-7\charscalex100 1.00\tab
\up0 \expndtw-7\charscalex100 1.00\par\pard\li1989\sb20\sl-230\slmult0\fi599\tx4
00 1.00\par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\sb0\sl-230\slmult0\pa
r\pard\li3189\sb160\sl-230\slmult0\fi0\tx9538\tx10151 \up0 \expndtw-7\charscalex
100 Other dividend streams are possible under Policy\tab \up0 \expndtw-5\c
harscalex100 3.\tab \up0 \expndtw-5\charscalex100 This\par\pard\li3189\sb0\sl-23

solution is but one.\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-2
li1989\sb0\sl-207\slmult0\par\pard\li1989\sb49\sl-207\slmult0\fi0\tx10330 \up0 \
\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 18: Dividend Policy\tab \up
t0\par\pard\li1989\sb15\sl-230\slmult0\fi599\tx4084\tx9200 \up0 \expndtw-7\chars
calex100 \ul0\nosupersub\cf28\f29\fs20 b.
Policy\tab \up0 \expndtw-9\charscal
ex96 1 and, to a much lesser degree, Policy\tab \up0 \expndtw-7\charscale
x100 2 result in\par\pard\qj \li3189\ri1050\sb30\sl-500\slmult0 \up0 \expndtw9\charscalex95 fluctuating dividends over time, as the company is cyclic
al. \line \up0 \expndtw-5\charscalex100 Because of the $.80 minimum regular div
idend, Policy 2 results \line \up0 \expndtw-9\charscalex94 in an average
payout ratio in excess of \up0 \expndtw-8\charscalex100 40 percent. \p
ar\pard\qj \li3189\ri1050\sb0\sl-500\slmult0 \up0 \expndtw-9\charscalex94 Shareh
olders may come to count on the extra dividend and be \line \up0 \expn
dtw-8\charscalex90 disappointed when it is not paid, such as in year 7
.
To the \line \up0 \expndtw-5\charscalex100 extent that investors value
stable dividends and periodic \line \up0 \expndtw-5\charscalex100 rising di
vidends over time, and \up0 \expndtw-7\charscalex100 40 percent is an opt
imal \par\pard\qj \li3189\ri1051\sb0\sl-500\slmult0 \up0 \expndtw-4\charscalex10
0 average payout ratio, dividend Policy 3 would be preferred and \up0 \expndtw4\charscalex100 would likely maximize share price. \par\pard\ql \li1989\sb0\sl-2
\slmult0 \par\pard\ql\li1989\sb34\sl-230\slmult0\tx2589 \up0 \expndtw-3\charscal
ex100 3. \tab \up0 \expndtw-8\charscalex100 a.
Present number of shares = $
2,000,000/$8 par value = 250,000. \par\pard\li4269\sb0\sl-230\slmult0\par\pard
\li4269\sb57\sl-230\slmult0\fi719\tx7029\tx9189 \up0 \expndtw-3\charscalex100 \u
l0\nosupersub\cf27\f28\fs20 (1)\tab \up0 \expndtw-3\charscalex100 (2)\tab \up0 \
expndtw-3\charscalex100 (3)\par\pard\li4269\sb21\sl-230\slmult0\fi0\tx6549\tx858
9 \up0 \expndtw-3\charscalex100 STOCK DIVIDEND\tab \up0 \expndtw-3\charscalex100
STOCK SPLIT\tab \up0 \expndtw-3\charscalex100 REVERSE SPLIT\par\pard\sect\sectd
\sbknone\cols2\colno1\colw6389\colsr160\colno2\colw5211\colsr160\ql \li1989\sb0\
sl-230\slmult0 \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql \li1989\sb10
\sl-230\slmult0\tx4384 \up0 \expndtw-7\charscalex100 \ul0\nosupersub\cf28\f29\fs
20 Common stock (par)\tab \up0 \expndtw-9\charscalex93 $ 2,200,000 ($8)\par\p
ard\ql \li1989\sb19\sl-230\slmult0 \up0 \expndtw-3\charscalex100 Additional\par\
pard\ql \li2109\sb21\sl-230\slmult0\tx4624 \up0 \expndtw-3\charscalex100 paid-in
capital\tab \up0 \expndtw-3\charscalex100 2,900,000\par\pard\ql \li1989\sb20\sl
-230\slmult0\tx4624 \up0 \expndtw-3\charscalex100 Retained earnings\tab \up0 \ex
pndtw-3\charscalex100 6,900,000\par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard
\ql \li2109\sb16\sl-230\slmult0 \up0 \expndtw-3\charscalex100 Total shareholders
'\par\pard\ql \li2229\sb20\sl-230\slmult0\tx4384 \up0 \expndtw-3\charscalex100 e
quity\tab \up0 \expndtw-3\charscalex100 $12,000,000\par\pard\ql \li1989\sb0\sl-2
30\slmult0 \par\pard\ql \li1989\sb40\sl-230\slmult0\tx4864 \up0 \expndtw-3\chars
calex100 Number of shares\tab \up0 \expndtw-3\charscalex100 275,000\par\pard\col
umn \ql \li2589\sb0\sl-230\slmult0 \par\pard\ql \li2589\sb0\sl-230\slmult0 \par\
pard\ql \li20\sb10\sl-230\slmult0\tx2065 \up0 \expndtw-9\charscalex93 $ 2,000,0
00 ($4) \tab \up0 \expndtw-9\charscalex94 $ 2,000,000 ($16)\par\pard\ql \li25
tw-3\charscalex100 1,600,000\tab \up0 \expndtw-3\charscalex100 1,600,000\par\par
d\ql \li260\sb20\sl-230\slmult0\tx2305 \up0 \expndtw-3\charscalex100 8,400,000\t
ab \up0 \expndtw-3\charscalex100 8,400,000\par\pard\ql \li2589\sb0\sl-230\slmult

0 \par\pard\ql \li2589\sb0\sl-230\slmult0 \par\pard\ql \li20\sb36\sl-230\slmult0
\tx2065 \up0 \expndtw-3\charscalex100 $12,000,000\tab \up0 \expndtw-3\charscalex
100 $12,000,000\par\pard\ql \li2589\sb0\sl-230\slmult0 \par\pard\ql \li500\sb40\
sl-230\slmult0\tx2545 \up0 \expndtw-3\charscalex100 500,000\tab \up0 \expndtw-3\
charscalex100 125,000 \par\pard\sect\sectd\sbknone \li2589\sb0\sl-230\slmult0\pa
589\sb157\sl-230\slmult0\fi0 \up0 \expndtw-8\charscalex96 b.
The total mark
et value of the firm before the stock dividend\par\pard\sect\sectd\sbkno
ne \li2589\sb0\sl-230\slmult0\par\pard\li2589\sb39\sl-230\slmult0\fi599 \up0 \ex
pndtw-8\charscalex96 is $60 X 250,000 shares = $15 million.
With no
change in the\par\pard\sect\sectd\sbknone \li2589\sb0\sl-230\slmult0\par\pard\
li2589\sb40\sl-230\slmult0\fi599 \up0 \expndtw-9\charscalex95 total value of
the firm, market price per share after the\par\pard\sect\sectd\sbknone \l
i2589\sb0\sl-230\slmult0\par\pard\li2589\sb41\sl-230\slmult0\fi599\tx6328\tx9637
\tx9911 \up0 \expndtw-9\charscalex95 stock dividend should be\tab \up0 \expnd
tw-9\charscalex95 $15,000,000/275,000 shares\tab \up0 \expndtw-9\charscalex95 =
\tab \up0 \expndtw-9\charscalex95 \ul0\nosupersub\cf27\f28\fs20 $54.55\par\pard\
sect\sectd\sbknone \li2589\sb0\sl-230\slmult0\par\pard\li2589\sb39\sl-230\slmult
0\fi599 \up0 \expndtw-9\charscalex95 per share\ul0\nosupersub\cf28\f29\fs20 .
If there is a signaling effect, the total value of\par\pard\li1989\sb0\sl-207\s
18 12e\tab \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf15\f16\fs18 288\par\
pard\sect\sectd\fs24\paperw11900\paperh16840\pard\sb0\sl-240{\bkmkstart Pg291}{\
bkmkend Pg291}\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slm
0 \ul0\nosupersub\cf13\f14\fs18 Chapter 18: Dividend Policy\tab \up0 \expndtw-2\
charscalex100 Pearson Education Limited 2005\par\pard\qj \li3189\ri1051\sb465\sl
-500\slmult0 \up0 \expndtw-9\charscalex94 \ul0\nosupersub\cf28\f29\fs20 the fir
m might rise and share price be somewhat higher than \line \up0 \expndt
w-8\charscalex92 $54.55 per share.
The magnitude of the effect would
probably \line \up0 \expndtw-9\charscalex94 be no more than several dollars
a share, based on empirical \line \up0 \expndtw-9\charscalex95 findings. \
z-10000\shplid291
ffd8ffe000104a46494600010101006000600000ffdb004300010101010101010101010101010101
01010101010101010101010101010101010101010101010101010101010101010101010101010101
010101010101010101ffdb0043010101010101010101010101010101010101010101010101010101
0101010101010101010101010101010101010101010101010101010101010101010101010101ffc0
00110803e702c203012200021101031101ffc4001f00000105010101010101000000000000000001
02030405060708090a0bffc400b5100002010303020403050504040000017d010203000411051221
31410613516107227114328191a1082342b1c11552d1f02433627282090a161718191a2526272829
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rd\sb0\sl-240{\bkmkstart Pg292}{\bkmkend Pg292}\par\pard\ql \li7854\sb0\sl-207\s
ion Limited 2005 \par\pard\ql \li2275\sb0\sl-414\slmult0 \par\pard\ql\li2275\sb3
28\sl-414\slmult0 \up0 \expndtw0\charscalex97 \ul0\nosupersub\cf26\f27\fs36 PART
7 \par\pard\ql \li2275\sb406\sl-414\slmult0 \up0 \expndtw0\charscalex97 Interme
diate \par\pard\ql \li2275\ri3572\sb2\sl-420\slmult0 \up0 \expndtw0\charscalex98
and Long-Term \line \up0 \expndtw0\charscalex99 Financing \par\pard\ql \li4149\
sb0\sl-690\slmult0 \par\pard\ql\li4149\sb387\sl-690\slmult0 \up0 \expndtw0\chars
calex97 \ul0\nosupersub\cf22\f23\fs60 19 \par\pard\ql \li4149\sb1\sl-556\slmult0
\up0 \expndtw0\charscalex97 \ul0\nosupersub\cf23\f24\fs50 The Capital Market \p
43\sb0\sl-368\slmult0 \par\pard\ql\li3543\sb64\sl-368\slmult0 \up0 \expndtw0\cha
rscalex97 \ul0\nosupersub\cf54\f55\fs32 \u8220?\ul0\nosupersub\cf25\f26\fs32 Mr.
Morgan, will the market go up or down?\u8221? \u8220?Yes.\u8221? \par\pard\ql \
li5180\sb252\sl-368\slmult0 \up0 \expndtw0\charscalex93 EXCHANGE BETWEEN A JOURN
ALIST \par\pard\ql \li8092\sb12\sl-368\slmult0 \up0 \expndtw0\charscalex94 AND J
.P.MORGAN \par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmult0
mult0\par\pard\li1989\sb28\sl-207\slmult0\fi0\tx10330 \up0 \expndtw-2\charscalex
100 \ul0\nosupersub\cf13\f14\fs18 Van Horne and Wachowicz: \ul0\nosupersub\cf14\
f15\fs18 Fundamentals of Financial Management,\ul0\nosupersub\cf13\f14\fs18 12e
\tab \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf15\f16\fs18 290\par\pard\se
ct\sectd\fs24\paperw11900\paperh16840\pard\sb0\sl-240{\bkmkstart Pg293}{\bkmkend
Pg293}\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmult0\pa
nosupersub\cf13\f14\fs18 Chapter 19: The Capital Market\tab \up0 \expndtw-2\char
scalex100 Pearson Education Limited 2005\par\pard\ql \li1989\sb0\sl-230\slmult0
ar\pard\ql\li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb28\sl-230\slmult0 \up
0 \expndtw-3\charscalex100 \ul0\nosupersub\cf27\f28\fs20 ANSWERS TO QUESTIONS \p
r\pard\ql\li1989\sb210\sl-230\slmult0\tx2589 \up0 \expndtw-3\charscalex100 \ul0\
nosupersub\cf28\f29\fs20 1. \tab \up0 \expndtw-3\charscalex100 A public issue of
securities is to multiple investors, sometimes in \par\pard\qj \li2589\ri1050\s

b47\sl-500\slmult0 \up0 \expndtw-5\charscalex100 the hundreds or thousands.
T
he Securities and Exchange Commission, \line \up0 \expndtw-3\charscalex100 as we
ll as state securities offices on occasion, oversee the public \line \up0 \expnd
tw-5\charscalex100 offering.
A private placement of securities is to one or a
limited \line \up0 \expndtw-8\charscalex100 number of investors.
Few reg
ulations pertain to the offering, \line \up0 \expndtw-3\charscalex100 other
than those which cause a bank or institutional investor to be \line \up0 \expndt
w-8\charscalex92 prudent.
The SEC is not concerned with such issues.
The private \line \up0 \expndtw-8\charscalex94 issue usually can be arran
ged more quickly and with fewer out-of-\line \up0 \expndtw-9\charscalex94
pocket costs. \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb0\sl
rscalex100 2. \tab \up0 \expndtw-8\charscalex97 With a traditional (firm com
mitment) underwriting, a syndicate of \par\pard\qj \li2589\ri1050\sb47\sl-50
0\slmult0 \up0 \expndtw-8\charscalex93 investment bankers is usually formed
either to bid on an issue or \line \up0 \expndtw-8\charscalex92 to under
write the issue on a negotiated basis.
The issue must go \line \up0
\expndtw-8\charscalex94 through normal registration processes with the SEC
, and these take \line \up0 \expndtw-3\charscalex100 around \up0 \expndtw-9\c
harscalex94 40 days.
Under a shelf registration, a company files an \
line \up0 \expndtw-8\charscalex97 amendment to an underlying, detailed fili
ng with the SEC.
The \line \up0 \expndtw-8\charscalex92 company is able
to get approval to sell securities "off the shelf" \line \up0 \expndtw
-8\charscalex88 in a day or two.
In other words, it has very quick
access to the \line \up0 \expndtw-8\charscalex96 public market.
As mostl
y large companies are involved, they are \line \up0 \expndtw-8\charscalex9
4 able to play underwriters off against each other to secure a low \l
ine \up0 \expndtw-8\charscalex89 flotation cost.
For a bond issue, the
costs are likely to be only \line \up0 \expndtw-8\charscalex93 several dol
lars a bond.
The use of shelf registrations has grown \line \up0 \exp
ndtw-4\charscalex100 enormously, and has had a profound effect on the s
ecurities \line \up0 \expndtw-4\charscalex100 industry. \par\pard\li1989\sb0\sl207\slmult0\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmult
\li1989\sb174\sl-207\slmult0\fi0\tx10330 \up0 \expndtw-2\charscalex100 \ul0\nosu
persub\cf13\f14\fs18 Van Horne and Wachowicz: \ul0\nosupersub\cf14\f15\fs18 Fund
amentals of Financial Management,\ul0\nosupersub\cf13\f14\fs18 12e\tab \up0 \ex
pndtw-2\charscalex100 \ul0\nosupersub\cf15\f16\fs18 291\par\pard\sect\sectd\fs24
\paperw11900\paperh16840\pard\sb0\sl-240{\bkmkstart Pg294}{\bkmkend Pg294}\par\p
\sb81\sl-207\slmult0\fi0\tx7846 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf
13\f14\fs18 Chapter 19: The Capital Market\tab \up0 \expndtw-2\charscalex100 Pea
rson Education Limited 2005\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\s
3.\tab \up0 \expndtw-3\charscalex100 In a best efforts offering, the investment
banker agrees only to do\par\pard\qj \li2589\ri1050\sb30\sl-500\slmult0 \up0 \ex
pndtw-8\charscalex91 its best in selling the issue.
There is no guara
ntee of sale, as \up0 \expndtw-8\charscalex93 there is in an underwriting
where the investment bank hands you a \up0 \expndtw-8\charscalex93 check
.
Most companies that use a best efforts offering have been \up0 \ex
pndtw-8\charscalex94 refused an underwriting by investment banks.
In ot
her words, the \up0 \expndtw-8\charscalex93 decision to use it is usually
at the insistence of the investment \up0 \expndtw-8\charscalex97 bank, w
hich because of risk or size of the issuing company, is \up0 \expndtw9\charscalex97 unwilling to underwrite the issue. \par\pard\ql \li1989\sb0\sl-23
slmult0 \par\pard\ql\li1989\sb34\sl-230\slmult0\tx2589 \up0 \expndtw-3\charscale
x100 4. \tab \up0 \expndtw-8\charscalex96 Private debt issues have similar
advantages to similar such stock \par\pard\qj \li2589\ri1050\sb47\sl-500\slm

ult0 \up0 \expndtw-8\charscalex96 issues.
The flexibility obtained in ter
ms, speed, and disclosure \line \up0 \expndtw-9\charscalex96 requirements is
very important. \up0 \expndtw-9\charscalex96 Again, the firm avoids high
\par\pard\qj \li2589\ri1050\sb0\sl-500\slmult0 \up0 \expndtw-8\charscalex100 flo
tation costs especially on small issues.
Disadvantages stem \line \up0
\expndtw-8\charscalex100 from the limited capacity of private markets an
d the fact that \line \up0 \expndtw-8\charscalex100 interest rates are
generally higher than those of public \line \up0 \expndtw-8\charscalex
96 placements.
Public placement of debt issues allows the firm to \l
ine \up0 \expndtw-6\charscalex100 take advantage of the investment banker's
experience in capital \line \up0 \expndtw-8\charscalex93 markets.
The pu
blic market also has a greater capacity to absorb \line \up0 \expndtw-8\
charscalex97 large issues.
The firm must consider the size of the p
lanned \line \up0 \expndtw-8\charscalex94 issue, market conditions, and its
own capital structure, and weigh \line \up0 \expndtw-8\charscalex100 these
factors against the advantages and disadvantages of either \line \up0 \e
xpndtw-8\charscalex100 type of issue. \par\pard\li1989\sb0\sl-230\slmult0\par\pa
sb51\sl-230\slmult0\fi0\tx2589 \up0 \expndtw-7\charscalex100 5.\tab \up0 \expndt
w-6\charscalex100 Since many of the costs associated with the flotation
of an issue\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl-230\sl
mult0\fi599 \up0 \expndtw-7\charscalex100 are basically fixed, the larger the is
sue, the less their cost as a\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989
\sb40\sl-230\slmult0\fi599 \up0 \expndtw-7\charscalex100 percentage of the issue
size.\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\slmult0\par
ter 19: The Capital Market\tab \up0 \expndtw-7\charscalex100 Pearson Education L
589 \up0 \expndtw-7\charscalex100 \ul0\nosupersub\cf28\f29\fs20 6.\tab \up0 \exp
ndtw-7\charscalex100 In certain cases, forcing a company to sell securit
ies through a\par\pard\qj \li2589\ri1050\sb30\sl-500\slmult0 \up0 \expndtw-6\c
harscalex100 rights offering would work to the disadvantage of sharehold
ers. \up0 \expndtw-8\charscalex100 Where existing shareholders do not have
the funds or desire to \up0 \expndtw-3\charscalex100 subscribe further, a r
ights offering will not be successful and the \up0 \expndtw-8\charscalex90 compa
ny will have to go to a public offering anyway.
Time will be \up0
\expndtw-6\charscalex100 lost and unnecessary expenses incurred by the pr
eemptive right. \up0 \expndtw-6\charscalex100 Nonetheless, the preemptive ri
ght exists for many companies and \up0 \expndtw-7\charscalex100 must be adh
ered to unless shareholders revoke it. \par\pard\ql \li1989\sb0\sl-230\slmult0 \
b \up0 \expndtw-6\charscalex100 The usual reasons cited for the popularity
of rights offerings \par\pard\qj \li2589\ri1050\sb47\sl-500\slmult0 \up0 \ex
pndtw-8\charscalex94 include a cheaper flotation cost (as the underwritin
g syndicate is \up0 \expndtw-8\charscalex93 used at most in a standby ca
pacity), a reduced marketing cost (as \up0 \expndtw-3\charscalex100 the com
pany taps investors familiar with the firm's operations) and \up0 \expndtw-8\cha
rscalex97 a decreased probability of single investors acquiring la
rge \up0 \expndtw-9\charscalex97 holdings for use in proxy fights and/or takeove
r bids. \par\pard\qj \li2589\ri1050\sb500\sl-500\slmult0 \up0 \expndtw-5\charsca

lex100 Some other reasons include the possible speculative appeal of \up
0 \expndtw-8\charscalex96 rights due to their leverage effect on the com
mon stock and the \up0 \expndtw-8\charscalex93 fact that the market may
not always fully compensate for the full \up0 \expndtw-9\charscalex93 dilu
tion of the rights offering. \par\pard\qj \li2589\ri1051\sb500\sl-500\slmult0 \u
p0 \expndtw-3\charscalex100 Finally, many observers feel that rights offerings a
re used because \line \up0 \expndtw-8\charscalex100 they are well-received by
shareholders who irrationally interpret \line \up0 \expndtw-3\charscalex100
the offering as an "extra" dividend rather than either a preemptive \line \up0
\expndtw-8\charscalex93 stock offering or, in the event of the rights'
sale, a return of \line \up0 \expndtw-9\charscalex93 capital. \par\pard\li198
cf15\f16\fs18 293
}
calex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 19: The Capital Market\tab \up0 \
expndtw-6\charscalex100 Pearson Education Limited 2005\par\pard\li1989\sb0\sl-23
0\nosupersub\cf28\f29\fs20 8.\tab \up0 \expndtw-6\charscalex100 The subscriptio
n price and its discount from current share price\par\pard\qj \li2589\ri
1050\sb30\sl-500\slmult0 \up0 \expndtw-8\charscalex97 determine the success o
f the rights offering.
As long as the \line \up0 \expndtw-6\charscalex
100 market price of the stock remains comfortably above the \lin
e \up0 \expndtw-8\charscalex94 subscription price, the rights offering is
likely to be successful \line \up0 \expndtw-8\charscalex96 from the stand
point of it being heavily subscribed to by \line \up0 \expndtw-9\c
harscalex96 shareholders. \up0 \expndtw-9\charscalex96 Thus, the subscription
price is the principal \par\pard\ql \li2589\sb224\sl-230\slmult0 \up0 \expnd
tw-3\charscalex100 selling tool. \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pa
rd\ql\li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb190\sl-230\slmult0\tx2589
\up0 \expndtw-3\charscalex100 9. \tab \up0 \expndtw-3\charscalex100 In a standby
arrangement, the rights offering is underwritten by an \par\pard\qj \li2589\ri1
050\sb47\sl-500\slmult0 \up0 \expndtw-8\charscalex96 investment bank that agr
ees to purchase any leftover shares. With \up0 \expndtw-5\charscalex100 an
oversubscription privilege, shareholders are given the \up0 \expndt
w-8\charscalex92 opportunity to buy any shares that are left ove
r by other \up0 \expndtw-8\charscalex92 shareholders.
Both methods are
used to enhance the success of the \up0 \expndtw-8\charscalex94 offering.
In the case of the former, the success is guaranteed, \up0 \expndtw
-5\charscalex100 for a fee.
With the latter, there is no guarantee, but the o
dds of \up0 \expndtw-8\charscalex96 success are improved.
The standby ar
rangement is used far more \up0 \expndtw-9\charscalex96 often than an oversu

bscription privilege. \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li198
tw-6\charscalex100 10. The Securities and Exchange Commission \tab \up0 \e
xpndtw-5\charscalex100 (SEC) is the principal \par\pard\qj \li2589\ri1050\sb4
7\sl-500\slmult0 \up0 \expndtw-8\charscalex100 regulatory authority overseeing
the issuing of securities to the \line \up0 \expndtw-3\charscalex100 publ
ic. \up0 \expndtw-5\charscalex100 Its role is to assure that full and fa
ir material \line \up0 \expndtw-8\charscalex96 information is provided the
investor.
The idea is to make sure \line \up0 \expndtw-3\charscalex100 t
hat the investor has the information necessary to make an informed \line \up0 \e
xpndtw-8\charscalex92 investment decision with respect to risk and return
.
The SEC does \par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb11\sl230\slmult0\fi0\tx4869 \up0 \expndtw-9\charscalex100 not recommend.\tab \up0 \
expndtw-9\charscalex100 It polices security offerings and tries to\p
expndtw-9\charscalex100 eliminate fraudulent sales.\par\pard\li1989\sb0\sl-207\s
ex100 \ul0\nosupersub\cf15\f16\fs18 294
}
}}
}
expndtw-2\charscalex100 Pearson Education Limited 2005\par\pard\ql \li1989\sb0\s
l-230\slmult0 \up0 \expndtw-9\charscalex94 \ul0\nosupersub\cf28\f29\fs20 11. a
)
Public. \par\pard\ql \li2589\sb0\sl-230\slmult0 \par\pard\ql\li2589\sb40\sl
-230\slmult0 \up0 \expndtw-9\charscalex100 b)
Private. \par\pard\ql \li2589\s
alex100 c)
Could well be a private placement involving project financing. \pa
0 \expndtw-9\charscalex100 d)
Private. \par\pard\ql \li1989\ri1050\sb427\sl-5
00\slmult0\tx2589\tx2589\tx2589\tx2589\tx2589\tx2589 \up0 \expndtw-8\charscalex9

3 12. The costs of a private placement are twofold: initial fixed co
sts, \line\tab \up0 \expndtw-8\charscalex92 and ongoing interest costs.
Th
e same type of costs applies to an \line \tab \up0 \expndtw-8\charscalex9
6 underwriting.
The initial costs usually are less with a private \li
ne \tab \up0 \expndtw-6\charscalex100 placement than they are with an unde
rwritten debt issue, while \line \tab \up0 \expndtw-5\charscalex100 interest
costs are more.
The differential interest rate usually is \line \tab \up0 \ex
pndtw-9\charscalex93 1/2 to \up0 \expndtw-9\charscalex94 1 percent, though
the differential varies with the \line \tab \up0 \expndtw-9\charscale
x95 circumstances. \par\pard\ql \li1989\ri1051\sb380\sl-500\slmult0\tx2589\tx258
9\tx2589 \up0 \expndtw-8\charscalex94 13. With shelf registrations, larger
companies are able to quickly tap \line\tab \up0 \expndtw-8\charscalex94 t
he public market while incurring low flotation costs.
The quick \line
\tab \up0 \expndtw-8\charscalex97 access to credit was previously a princ
ipal advantage of private \line \tab \up0 \expndtw-9\charscalex97 placements.
Since the start of shelf registrations in \up0 \expndtw-9\charscalex97
1981, the \par\pard\qj \li2589\ri1051\sb0\sl-500\slmult0 \up0 \expndtw-8\chars
calex100 proportion of debt that is privately placed by corporations ha
s \up0 \expndtw-8\charscalex100 declined dramatically. \par\pard\ql \li1989\ri10
50\sb380\sl-500\slmult0\tx2589\tx2589\tx2589\tx2589\tx2589\tx2589 \up0 \expndtw8\charscalex94 14. The venture capitalist hopes that a portion of his/
her investments \line\tab \up0 \expndtw-8\charscalex93 will be very successf
ul.
That is, company profits will evolve to \line \tab \up0 \expndtw-8\
charscalex100 where profits are in the millions of dollars and there i
s the \line \tab \up0 \expndtw-8\charscalex93 prospect for even more growth
.
Such a company eventually will be \line \tab \up0 \expndtw-3\charscale
x100 able to sell common stock to the general public, and the price will \line \
tab \up0 \expndtw-8\charscalex97 be many times the price paid for it by
the venture capitalist. \line \tab \up0 \expndtw-8\charscalex97 Usually at
the time of the first public offering, the venture \par\pard\li1989\sb0\
ard\li1989\sb74\sl-207\slmult0\fi0\tx10330 \up0 \expndtw-2\charscalex100 \ul0\no
expndtw-2\charscalex100 \ul0\nosupersub\cf15\f16\fs18 295\par\pard\sect\sectd\fs
24\paperw11900\paperh16840\pard\sb0\sl-240{\bkmkstart Pg298}{\bkmkend Pg298}\par
cf13\f14\fs18 Chapter 19: The Capital Market\tab \up0 \expndtw-2\charscalex100 P
earson Education Limited 2005\par\pard\qj \li2589\ri1050\sb465\sl-500\slmult0 \u
p0 \expndtw-8\charscalex96 \ul0\nosupersub\cf28\f29\fs20 capitalist will liqui
date part but not all of his/her investment. \line \up0 \expndtw-8\charsc
alex94 In a venture capitalist's portfolio of, say, ten companie
s, \line \up0 \expndtw-8\charscalex93 typically only one or two will be s
uccessful in the sense defined \line \up0 \expndtw-8\charscalex93 above.
Several more will enjoy partial success in that eventually \line \up0 \e
xpndtw-8\charscalex96 a public offering of common stock occurs.
Howeve
r, the venture \line \up0 \expndtw-8\charscalex97 capitalist does not reali
ze a return anywhere near that achieved \line \up0 \expndtw-5\charscalex10
0 with the really successful venture.
Several more investments might \line \u
p0 \expndtw-8\charscalex91 be defined as the "living dead."
They do no
t go out of business, \line \up0 \expndtw-8\charscalex100 but struggle alo
ng and do not evolve into a situation where a \line \up0 \expndtw-4\cha
rscalex100 public sale of stock is possible within seven or so years.
\line \up0 \expndtw-3\charscalex100 Finally, a couple or even several companies
will be failures and go \line \up0 \expndtw-5\charscalex100 out of business.
In these situations, the venture capitalist loses \line \up0 \expndtw-8\charscal
ex97 all of his/her investment.
The distribution of company returns \
line \up0 \expndtw-9\charscalex97 then is highly skewed to the right. \par\pard\

qj \li2589\ri1050\sb500\sl-500\slmult0 \up0 \expndtw-6\charscalex100 There is
no liquidity in the new venture investment until the \line \up0 \expndtw
-8\charscalex100 company goes public.
For the successful venture, this
usually \line \up0 \expndtw-8\charscalex93 takes at least five years from
the time the company is organized. \line \up0 \expndtw-6\charscalex100 Th
e only way a venture capitalist can have some liquidity in \line \up0
\expndtw-8\charscalex93 his/her overall portfolio is to make investments
over time so that \line \up0 \expndtw-8\charscalex93 they are of different
vintage.
However, the ability to go public \line \up0 \expndtw-8\chars
calex91 is not only a function of the age and success of the company
, but \line \up0 \expndtw-8\charscalex93 also of the tone of the stock m
arket for new issues.
This tone \line \up0 \expndtw-8\charscalex93 varies
over time such that new issues tend to come in waves when \line \up
0 \expndtw-5\charscalex100 the market is receptive.
For these reasons, the ve
nture capitalist \line \up0 \expndtw-5\charscalex100 must be patient. \par\pard\
mult0\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb7\sl-207\slmult0\fi0\
up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 19: The Capit
al Market\tab \up0 \expndtw-2\charscalex100 Pearson Education Limited 2005\par\p
ard\ql \li1989\ri1050\sb465\sl-500\slmult0\tx2589\tx2589\tx2589 \up0 \expndtw-3\
charscalex100 \ul0\nosupersub\cf28\f29\fs20 15. The common stock price reactio
n to a security offering announcement \line\tab \up0 \expndtw-8\charscalex93 is
due to an information effect.
The information may have to do \line
\tab \up0 \expndtw-5\charscalex100 with future cash-flow expectations.
More l
ikely, the effect is due \line \tab \up0 \expndtw-5\charscalex100 to asymmetri
c \up0 \expndtw-5\charscalex100 (unequal) information between investors
and \par\pard\qj \li2589\ri1051\sb0\sl-500\slmult0 \up0 \expndtw-8\charscalex97
management.
If the company's common stock is truly undervalued, \up0 \
expndtw-8\charscalex91 management is more likely to issue debt.
As a
result, a new debt \up0 \expndtw-8\charscalex92 issue will be regarded as
"good news."
On the other hand, a new \up0 \expndtw-8\charscalex96 co
mmon stock issue is interpreted as conveying that the stock is \up0 \e
xpndtw-9\charscalex96 overvalued.
It is regarded as "bad news." \par\pard\li1
{\bkmkstart Pg300}{\bkmkend Pg300}\par\pard\li1989\sb0\sl-207\slmult0\par\pard\l
pndtw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 19: The Capital Mark
et\tab \up0 \expndtw-2\charscalex100 Pearson Education Limited 2005\par\pard\li1
t0\par\pard\li1989\sb19\sl-230\slmult0\fi0 \up0 \expndtw-2\charscalex100 \ul0\no
supersub\cf27\f28\fs20 SOLUTIONS TO PROBLEMS\par\pard\li1989\sb0\sl-230\slmult0\
i1989\sb170\sl-230\slmult0\fi0\tx2589\tx3189 \up0 \expndtw-9\charscalex94 \ul0\n
osupersub\cf28\f29\fs20 1.\tab \up0 \expndtw-9\charscalex94 a)\tab \up0 \expndtw
-9\charscalex94 (1) Number of bonds issued = $1.8 billion/$1,000 = 1,8
00,000\par\pard\li1989\sb20\sl-230\slmult0\fi0 \up0 \expndtw-9\charscalex94 bond
s\par\pard\ql \li3781\sb0\sl-230\slmult0 \par\pard\ql\li3781\sb39\sl-230\slmult0
\up0 \expndtw-6\charscalex100 Total underwriting spread = \par\pard\ql \li4149
\sb10\sl-230\slmult0 \up0 \expndtw-9\charscalex97 1,800,000 bonds x $7.50 = $
13,500,000 \par\pard\ql \li3781\sb0\sl-230\slmult0 \par\pard\ql\li3781\sb40\sl-2
30\slmult0 \up0 \expndtw-5\charscalex100 Total out-of-pocket expenses = \par\pa
rd\ql \li4149\sb30\sl-230\slmult0 \up0 \expndtw-9\charscalex100 6 underwritings
x $350,000 = $2,100,000 \par\pard\ql \li3781\sb0\sl-230\slmult0 \par\pard\ql\
li3781\sb40\sl-230\slmult0 \up0 \expndtw-6\charscalex100 Total flotation costs
= \par\pard\ql \li4149\sb10\sl-230\slmult0 \up0 \expndtw-9\charscalex95 $13,500,
000 + $2,100,000 = $15,600,000 \par\pard\ql \li3189\sb0\sl-230\slmult0 \par\
pard\ql\li3189\sb0\sl-230\slmult0 \par\pard\ql\li3189\sb70\sl-230\slmult0 \up0 \
expndtw-8\charscalex100 (2) Total underwriting spread = \par\pard\ql \li4149\
sb10\sl-230\slmult0 \up0 \expndtw-9\charscalex97 1,800,000 bonds x $3.00 = $5
,400,000 \par\pard\ql \li3781\sb0\sl-230\slmult0 \par\pard\ql\li3781\sb40\sl-230
\slmult0 \up0 \expndtw-5\charscalex100 Total out-of-pocket expenses = \par\pard
\ql \li4149\sb30\sl-230\slmult0 \up0 \expndtw-9\charscalex97 24 underwritings* x
$40,000 = $960,000 \par\pard\ql \li4149\sb10\sl-230\slmult0 \up0 \expndtw-8\
charscalex100 (*NOTE: $1.8 billion/$75 million = 24 times) \par\pard\ql \li37
arscalex100 Total flotation costs = \par\pard\ql \li4149\sb30\sl-230\slmult0 \u
p0 \expndtw-9\charscalex94 $5,400,000 + $960,000 = $6,360,000 \par\pard\ql \
li2589\sb0\sl-230\slmult0 \par\pard\ql\li2589\sb40\sl-230\slmult0 \up0 \expndtw5\charscalex100 b)
The shelf registration method. \par\pard\li1989\sb0\sl-230
00 2.\tab \up0 \expndtw-3\charscalex100 a)\tab \up0 \expndtw-3\charscalex100 800
,000 shares outstanding\par\pard\li2589\sb20\sl-230\slmult0\fi599 \up0 \expndtw9\charscalex92 \u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u
8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u821
2?\u8212?\u8212?\u8212?\u8212?\u8212? = 4 rights per share\par\pard\li2589\sb2
0\sl-230\slmult0\fi959 \up0 \expndtw-9\charscalex92 200,000 new shares\par\pard\
tx6309 \up0 \expndtw-9\charscalex92 b)\tab \dn4 \expndtw-9\charscalex92 Po - S\
tab \up0 \expndtw-9\charscalex92 $50 - $40\tab \up0 \expndtw-9\charscalex92 $1
0\par\pard\li2589\sb59\sl-230\slmult0\fi599 \up0 \expndtw-9\charscalex92 Ro =
\u8212?\u8212?\u8212?\u8212?\u8212?\u8212? = \u8212?\u8212?\u8212?\u8212?\u821
2?\u8212?\u8212?\u8212?\u8212? = \u8212?\u8212?\u8212? = $2\par\pard\li2589\
sb0\sl-207\slmult0\fi1319\tx5109\tx6429 \up0 \expndtw-9\charscalex92 N + 1\tab
\up0 \expndtw-9\charscalex92 4 + 1\tab \up0 \expndtw-9\charscalex92 5\par\par
9\tx7749 \up0 \expndtw-9\charscalex89 c)\tab \dn4 \expndtw-9\charscalex89 (Po)(N
) + S\tab \up0 \expndtw-9\charscalex89 ($50)(4) + $40\tab \up0 \expndtw-9\cha

rscalex89 $240\par\pard\li2589\sb60\sl-230\slmult0\fi599 \up0 \expndtw-9\charsca
lex89 Px = \u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u82
12?\u8212?\u8212?\u8212? = \u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u
8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212? = \u8212?\u8212?\u8212?\u8212?
= $48\par\pard\li2589\sb1\sl-205\slmult0\fi1559\tx6309\tx7989 \up0 \expndtw-9
\charscalex89 N + 1\tab \up0 \expndtw-9\charscalex89 4 + 1\tab \up0 \expndtw
-9\charscalex89 5\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\
6\fs18 298\par\pard\sect\sectd\fs24\paperw11900\paperh16840\pard\sb0\sl-240{\bkm
kstart Pg301}{\bkmkend Pg301}\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989
-2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 19: The Capital Market\ta
\slmult0\fi0\tx2589\tx3789\tx4869\tx6309 \up0 \expndtw-9\charscalex92 \ul0\nosup
ersub\cf28\f29\fs20 3.\tab \up0 \expndtw-9\charscalex92 a)\tab \dn4 \expndtw-9\c
harscalex92 Po - S\tab \up0 \expndtw-9\charscalex92 $50 - $40\tab \up0 \expnd
tw-9\charscalex92 $10\par\pard\li2589\sb59\sl-230\slmult0\fi599 \up0 \expndtw-9\
charscalex88 Ro = \u8212?\u8212?\u8212?\u8212?\u8212?\u8212? = \u8212?\u8212
?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212? = \u8212?\u8212?\u8212? =
$1.67\par\pard\li2589\sb1\sl-205\slmult0\fi1319\tx5109\tx6429 \up0 \expndtw-9\c
harscalex88 N + 1\tab \up0 \expndtw-9\charscalex88 5 + 1\tab \up0 \expndtw-9
\charscalex88 6\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb46\sl-230\s
lmult0\fi0\tx3789\tx5469\tx7629 \up0 \expndtw-9\charscalex88 b)\tab \dn4 \expndt
w-9\charscalex88 (Po)(N) + S\tab \up0 \expndtw-9\charscalex88 ($50)($5) + $40
\tab \up0 \expndtw-9\charscalex88 $290\par\pard\li2589\sb59\sl-230\slmult0\fi599
\up0 \expndtw-9\charscalex88 Px = \u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\
u8212?\u8212?\u8212?\u8212?\u8212? = \u8212?\u8212?\u8212?\u8212?\u8212?\u8212
?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212? = \u8212?\u82
12?\u8212?\u8212? = $48.33\par\pard\li2589\sb0\sl-207\slmult0\fi1559\tx6189\tx
7869 \up0 \expndtw-9\charscalex88 N + 1\tab \up0 \expndtw-9\charscalex88 6\tab
89\sb43\sl-230\slmult0\fi0\tx3789\tx4869\tx6309 \up0 \expndtw-9\charscalex88 c)\
tab \dn4 \expndtw-9\charscalex88 Px - S\tab \up0 \expndtw-9\charscalex88 $50 $40\tab \up0 \expndtw-9\charscalex88 $10\par\pard\li2589\sb61\sl-230\slmult0\f
i599 \up0 \expndtw-9\charscalex88 Rx = \u8212?\u8212?\u8212?\u8212?\u8212?\u82
12? = \u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212? = \u82
12?\u8212?\u8212? = $2\par\pard\li2589\sb1\sl-205\slmult0\fi1559\tx5349\tx6429
\up0 \expndtw-9\charscalex88 N\tab \up0 \expndtw-9\charscalex88 5\tab \up0 \exp
ndtw-9\charscalex88 5\par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989
b0\sl-230\slmult0 \par\pard\ql\li1989\sb37\sl-230\slmult0\tx2589\tx10509 \up0 \e
xpndtw-3\charscalex100 4. \tab \up0 \expndtw-8\charscalex94 a)
Company Y ha
s the larger issue relatively.
It is issuing \tab \up0 \expndtw-2\chars
calex100 1 \par\pard\ql \li3189\sb0\sl-230\slmult0 \par\pard\ql\li3189\sb40\sl-2
30\slmult0\tx5600 \up0 \expndtw-9\charscalex94 new share for each \tab \up0 \
expndtw-9\charscalex93 4 old shares that are outstanding, or an \par\pard
\qj \li3189\ri1050\sb47\sl-500\slmult0 \up0 \expndtw-8\charscalex90 increase of
25 percent.
Company X is issuing 1 new share for \line \up0 \expndt
w-3\charscalex100 each \up0 \expndtw-9\charscalex96 14 old shares that are
outstanding which represents an \line \up0 \expndtw-9\charscalex97 increase
of \up0 \expndtw-9\charscalex94 7.14 percent.

One cannot say whether Com
pany Y \par\pard\qj \li3189\ri1051\sb0\sl-500\slmult0 \up0 \expndtw-9\charscale
x94 has the larger offering in absolute terms.
That depends on \line
\up0 \expndtw-3\charscalex100 the number of shares it has outstanding relative t
o the number \line \up0 \expndtw-9\charscalex93 of shares for Company X.
For example, if Company Y had \up0 \expndtw-3\charscalex100 1 \par\pard\ql
\li3189\sb224\sl-230\slmult0\tx9459 \up0 \expndtw-5\charscalex100 million shar
es outstanding while Company X had \tab \up0 \expndtw-5\charscalex100 4 mi
llion \par\pard\ql \li3189\sb0\sl-230\slmult0 \par\pard\ql\li3189\sb40\sl-230\sl
mult0 \up0 \expndtw-3\charscalex100 shares outstanding, we would have the follow
ing: \par\pard\qj \li3189\ri1172\sb47\sl-500\slmult0 \up0 \expndtw-8\charscalex1
00 Company X = (4 million old shares)(1/14) = 285,714 new shares \line \up0
\expndtw-8\charscalex100 Company Y = (1 million old shares)(1/4) \up0 \expndtw
-8\charscalex100 = 250,000 new shares \par\pard\ql \li2589\sb224\sl-230\slmult0
The theoretical value of one share of
stock when it goes "ex-\par\pard\ql \li3189\sb0\sl-230\slmult0 \par\pard\ql
\li3189\sb40\sl-230\slmult0 \up0 \expndtw-3\charscalex100 rights" is: \par\pard\
ql \li4629\sb70\sl-230\slmult0 \up0 \expndtw-9\charscalex92 ($48)(14) + $42 \p
ar\pard\ql \li3189\sb30\sl-230\slmult0 \up0 \expndtw-9\charscalex94 Company X =
\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\
u8212?\u8212?\u8212?\u8212? = $47.60 \par\pard\ql \li5229\sb10\sl-230\slmult0
\up0 \expndtw-9\charscalex78 14 + 1 \par\pard\ql \li4629\sb0\sl-230\slmult0 \p
ar\pard\ql\li4629\sb40\sl-230\slmult0 \up0 \expndtw-9\charscalex94 ($48)(4) +
$41.50 \par\pard\ql \li3189\sb30\sl-230\slmult0 \up0 \expndtw-9\charscalex95 Com
pany Y = \u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212
?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212? = $46.70 \par\pard\ql \li52
29\sb10\sl-230\slmult0 \up0 \expndtw-9\charscalex74 4 + 1 \par\pard\li1989\sb0
ter 19: The Capital Market\tab \up0 \expndtw-2\charscalex100 Pearson Education L
\up0 \expndtw-8\charscalex97 \ul0\nosupersub\cf28\f29\fs20 The lower theoretic
al value of Company Y is due to its having\par\pard\li1989\sb0\sl-230\s
lmult0\par\pard\li1989\sb40\sl-230\slmult0\fi1199 \up0 \expndtw-9\charscalex96 a
larger relative offering.
Its "ex-rights" theoretical value\par\pard\li1989\
sb0\sl-230\slmult0\par\pard\li1989\sb40\sl-230\slmult0\fi1199 \up0 \expndtw-9\ch
arscalex96 is somewhat closer to the subscription price, $46.70 - $41.5
tx3469\tx8469\tx9350\tx9629\tx10510 \up0 \expndtw-9\charscalex96 =\tab \up0 \exp
ndtw-9\charscalex94 $5.20, than is the case for Company X,\tab \up0 \expn
dtw-9\charscalex96 $47.60\tab \up0 \expndtw-9\charscalex96 -\tab \up0 \expndtw-9
\charscalex96 $42.00\tab \up0 \expndtw-9\charscalex96 =\par\pard\li1989\sb0\sl-2
30\slmult0\par\pard\li1989\sb40\sl-230\slmult0\fi1199 \up0 \expndtw-8\charscalex
97 $5.60.
If all other things were the same, there would be a\par\p
ard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl-230\slmult0\fi1199 \up0 \e
xpndtw-9\charscalex96 greater risk of the market price falling bel
ow the\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl-230\slmult0\
fi1199 \up0 \expndtw-9\charscalex96 subscription price for Company Y than for Co
mpany X.\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb0\sl-230\slmult0\p
\up0 \expndtw-9\charscalex96 5.\tab \up0 \expndtw-8\charscalex97 No solution

recommended.
The type of analysis required will vary\par\pard\li1989\sb
0\sl-230\slmult0\par\pard\li1989\sb40\sl-230\slmult0\fi599\tx6615 \up0 \expndtw9\charscalex96 with the situation chosen.\tab \up0 \expndtw-9\charscalex96
The problem points to certain\par\pard\li1989\sb0\sl-230\slmult0\par\pa
rd\li1989\sb40\sl-230\slmult0\fi599 \up0 \expndtw-9\charscalex96 directions that
might be taken.\par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-207\s
x7846 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 19: Th
e Capital Market\tab \up0 \expndtw-2\charscalex100 Pearson Education Limited 200
0 SOLUTIONS TO SELF-CORRECTION PROBLEMS\par\pard\li1989\sb0\sl-230\slmult0\par\p
ard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb209\sl-230\slmult0\fi0\tx2589\tx
3789\tx4869\tx6669 \up0 \expndtw-9\charscalex93 \ul0\nosupersub\cf28\f29\fs20 1.
\tab \up0 \expndtw-9\charscalex93 a.\tab \dn4 \expndtw-9\charscalex93 Po - S\ta
b \up0 \expndtw-9\charscalex93 $150 - $125\tab \up0 \expndtw-9\charscalex93 $2
Ro = \u8212?\u8212?\u8212?\u8212?\u8212?\u8212? = \u8212?\u8212?\u8212?\u821
2?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\tab \up0 \expndtw-9\charscal
ex89 = \u8212?\u8212?\u8212? = \ul0\nosupersub\cf27\f28\fs20 $2.50\par\pard\l
i2589\sb17\sl-230\slmult0\fi1320\tx5229\tx6789 \up0 \expndtw-9\charscalex89 \ul0
\nosupersub\cf28\f29\fs20 N + 1\tab \up0 \expndtw-9\charscalex89 9 + 1\tab \
up0 \expndtw-9\charscalex89 10\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li258
9\sb41\sl-230\slmult0\fi0\tx3789\tx5589\tx7989 \up0 \expndtw-9\charscalex89 b.\t
ab \dn4 \expndtw-9\charscalex89 (Po)(N) + S\tab \up0 \expndtw-9\charscalex89 ($
150)(9) + $125\tab \up0 \expndtw-9\charscalex89 $1,475\par\pard\li2589\sb59\sl
-230\slmult0\fi600\tx5349\tx7989 \dn4 \expndtw-9\charscalex89 Px = \u8212?\u82
12?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\tab \up0 \exp
ndtw-9\charscalex89 = \u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\
u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8212? =\tab \up0 \expndtw-9\c
harscalex89 \u8212?\u8212?\u8212?\u8212?\u8212?\u8212? = \ul0\nosupersub\cf27\f
28\fs20 $147.50\par\pard\li2589\sb0\sl-207\slmult0\fi1559\tx6309\tx8229 \up0 \e
xpndtw-9\charscalex89 \ul0\nosupersub\cf28\f29\fs20 N + 1\tab \up0 \expndtw-9\
charscalex89 9 + 1\tab \up0 \expndtw-9\charscalex89 10\par\pard\li2589\sb0\sl230\slmult0\par\pard\li2589\sb43\sl-230\slmult0\fi0\tx3789\tx4869\tx6549 \up0 \e
xpndtw-9\charscalex89 c.\tab \dn4 \expndtw-9\charscalex89 Px - S\tab \up0 \expn

dtw-9\charscalex89 $143 - $125\tab \up0 \expndtw-9\charscalex89 $18\par\pard\l
i2589\sb61\sl-230\slmult0\fi599 \up0 \expndtw-9\charscalex89 Rx = \u8212?\u821
2?\u8212?\u8212?\u8212?\u8212? = \u8212?\u8212?\u8212?\u8212?\u8212?\u8212?\u8
212?\u8212?\u8212?\u8212?\u8212? = \u8212?\u8212?\u8212? = \ul0\nosupersub\cf
27\f28\fs20 $2\par\pard\li2589\sb1\sl-205\slmult0\fi1559\tx5469\tx6669 \up0 \ex
pndtw-9\charscalex89 \ul0\nosupersub\cf28\f29\fs20 N\tab \up0 \expndtw-9\charsca
lex89 9\tab \up0 \expndtw-9\charscalex89 9\par\pard\li1989\sb0\sl-230\slmult0\pa
989\sb34\sl-230\slmult0\fi0\tx2589 \up0 \expndtw-9\charscalex91 2.\tab \up0 \exp
ndtw-9\charscalex91 a.
Public issue:\par\pard\li3189\sb0\sl-230\slmult0\par
0 Number of\tab \up0 \expndtw-8\charscalex100 $1,000-face-value notes to be
issued to raise\tab \up0 \expndtw-6\charscalex100 $6\par\pard\li3189\sb0\sl-2
30\slmult0\par\pard\li3189\sb40\sl-230\slmult0\fi0\tx4239\tx6669\tx6999\tx9249\t
x9579 \up0 \expndtw-6\charscalex100 million\tab \up0 \expndtw-6\charscalex100 (t
o nearest note)\tab \up0 \expndtw-6\charscalex100 =\tab \up0 \expndtw-6\charsc
alex100 $600,000,000/$990\tab \up0 \expndtw-6\charscalex100 =\tab \up0 \expndtw6\charscalex100 6,061 or\par\pard\ql \li3189\sb0\sl-230\slmult0 \par\pard\ql\li
3189\sb23\sl-230\slmult0 \up0 \expndtw-3\charscalex100 $6,061,000 in notes. \par
\pard\qj \li3189\ri1172\sb107\sl-500\slmult0 \up0 \expndtw-9\charscalex95 Total
interest cost = $6,061,000 x 15% x 6 years = $5,454,900 \up0 \expndtw-9\ch
arscalex93 Total costs = $5,455,000 + $195,000 = \ul0\nosupersub\cf27\f28\f
s20 $5,649,900 \par\pard\ql \li3189\sb0\sl-230\slmult0 \par\pard\ql\li3189\sb0\
sl-230\slmult0 \par\pard\ql\li3189\sb4\sl-230\slmult0 \up0 \expndtw-3\charscalex
100 \ul0\nosupersub\cf28\f29\fs20 Private placement: \par\pard\ql \li3189\ri2252
\sb246\sl-260\slmult0 \up0 \expndtw-9\charscalex95 Total interest cost = $6,00
0,000 x 15.5% x 6 years = \up0 \expndtw-9\charscalex96 $5,580,000 \par\pard\q
tw-9\charscalex93 Total costs = $5,580,000 + $20,000 = \ul0\nosupersub\cf27
\f28\fs20 $5,600,000 \par\pard\qj \li3189\ri1051\sb487\sl-500\slmult0 \up0 \exp
ndtw-8\charscalex91 \ul0\nosupersub\cf28\f29\fs20 The public issue has the
higher total costs.
As the interest \line \up0 \expndtw-9\charscalex91 pa
yments are spread out over the \up0 \expndtw-9\charscalex91 6 years, the
time value of \par\pard\qj \li3189\ri1051\sb0\sl-500\slmult0 \up0 \expndtw-8\
charscalex92 money effect would act to enhance the private placement.
The \line \up0 \expndtw-9\charscalex92 differential out-of-pocket expense occur
s at the beginning. \par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl-2
\ul0\nosupersub\cf15\f16\fs18 301
}
}}
}
expndtw-2\charscalex100 Pearson Education Limited 2005\par\pard\ql \li2589\sb0\s
-230\slmult0 \up0 \expndtw-7\charscalex100 \ul0\nosupersub\cf28\f29\fs20 b.
P
ublic issue: \par\pard\ql \li3189\ri2372\sb246\sl-260\slmult0 \up0 \expndtw-9\ch
arscalex95 Total interest cost = $6,061,000 x 15% x 12 years = \up0 \expndt
w-9\charscalex96 $10,909,800 \par\pard\ql \li3189\sb0\sl-230\slmult0 \par\pard\q
l\li3189\sb35\sl-230\slmult0 \up0 \expndtw-9\charscalex93 Total costs = $10,90
9,800 + $195,000 = \ul0\nosupersub\cf27\f28\fs20 $11,104,800 \par\pard\ql \l
s20 Private placement: \par\pard\ql \li3189\ri2132\sb246\sl-260\slmult0 \up0 \ex
pndtw-9\charscalex96 Total interest cost = $6,000,000 x 15.5% x 12 years =
\up0 \expndtw-9\charscalex97 $11,160,000 \par\pard\ql \li3189\sb0\sl-230\slmult0
\par\pard\ql\li3189\sb35\sl-230\slmult0 \up0 \expndtw-9\charscalex93 Total cost
s = $11,160,000 + $20,000 = \ul0\nosupersub\cf27\f28\fs20 $11,180,000 \par
osupersub\cf28\f29\fs20 The private placement has the higher total costs.
With a \up0 \expndtw-8\charscalex100 longer-term loan, the differential
in interest rate becomes \up0 \expndtw-8\charscalex100 more important. \par
\ul0\nosupersub\cf14\f15\fs18 Fundamentals of Financial Management,\ul0\nosupers
ub\cf13\f14\fs18 12e\tab \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf15\f16
\fs18 302

}
}}
}
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93c4ac27b5787537569d476a6eb54714acbde7dddfe7f3de16c87897eaff00db797d2c7fd53da7d5
d55734a9fb5e4e7b72ca3f172453ee97a5bf8fdff88787f6d9ff00a3b2fd967ff0ca7c5aff00e7a9
47fc43c3fb6cff00d1d97ecb3ff8653e2d7ff3d4afec0a8afd27fe26ebe90fff00472b39ff00c178
3ffe67f2fcfbb3e7bfe2167017fd13d84ffc0ab797fd3cf2fc5f73f8fdff0088787f6d9ffa3b2fd9
67ff000ca7c5affe7a947fc43c3fb6cffd1d97ecb3ff008653e2d7ff003d4afec0a8a3fe26ebe90f
ff00472b39ff00c1783ffe67f2fcfbb0ff008859c05ff44f613ff02ade5ff4f3cbf17dcfe3f7fe21
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8ff89bafa43ffd1cace7ff0005e0ff00f99fcbf3eec3fe2167017fd13d84ff00c0ab797fd3cf2fc5
f73f8fdff88787f6d9ff00a3b2fd967ff0ca7c5aff00e7a947fc43c3fb6cff00d1d97ecb3ff8653e
2d7ff3d4afec0a8a3fe26ebe90ff00f472b39ffc1783ff00e67f2fcfbb0ff8859c05ff0044f613ff
0002ade5ff004f3cbf17dcfe3f7fe21e1fdb67fe8ecbf659ff00c329f16bff009ea51ff10f0fedb3
ff004765fb2cff00e194f8b5ff00cf52bfb02a28ff0089bafa43ff00d1cace7ff05e0fff0099fcbf
3eec3fe2167017fd13d84ffc0ab797fd3cf2fc5f73f8fdff0088787f6d9ffa3b2fd967ff000ca7c5
affe7a947fc43c3fb6cffd1d97ecb3ff008653e2d7ff003d4afec0a8a3fe26ebe90fff00472b39ff
00c1783ffe67f2fcfbb0ff008859c05ff44f613ff02ade5ff4f3cbf17dcfe3f7fe21e1fdb67fe8ec
bf659ffc329f16bff9ea51ff0010f0fedb3ff4765fb2cffe194f8b5ffcf52bfb02a28ff89bafa43f
fd1cace7ff0005e0ff00f99fcbf3eec3fe2167017fd13d84ff00c0ab797fd3cf2fc5f73f8fdff887
87f6d9ff00a3b2fd967ff0ca7c5aff00e7a947fc43c3fb6cff00d1d97ecb3ff8653e2d7ff3d4afec
0a8a3fe26ebe90ff00f472b39ffc1783ff00e67f2fcfbb0ff8859c05ff0044f613ff0002ade5ff00
4f3cbf17dcfe3f7fe21e1fdb67fe8ecbf659ff00c329f16bff009ea51ff10f0fedb3ff004765fb2c
ff00e194f8b5ff00cf52bfb02a28ff0089bafa43ff00d1cace7ff05e0fff0099fcbf3eec3fe21670
17fd13d84ffc0ab797fd3cf2fc5f73f8fdff0088787f6d9ffa3b2fd967ff000ca7c5affe7a947fc4
3c3fb6cffd1d97ecb3ff008653e2d7ff003d4afec0a8a3fe26ebe90fff00472b39ff00c1783ffe67
f2fcfbb0ff008859c05ff44f613ff02ade5ff4f3cbf17dcfe3f7fe21e1fdb67fe8ecbf659ffc329f
16bff9ea51ff0010f0fedb3ff4765fb2cffe194f8b5ffcf52bfb02a28ff89bafa43ffd1cace7ff00
05e0ff00f99fcbf3eec3fe2167017fd13d84ff00c0ab797fd3cf2fc5f73f8fdff88787f6d9ff00a3
b2fd967ff0ca7c5aff00e7a947fc43c3fb6cff00d1d97ecb3ff8653e2d7ff3d4afec0a8a3fe26ebe
90ff00f472b39ffc1783ff00e67f2fcfbb0ff8859c05ff0044f613ff0002ade5ff004f3cbf17dcfe
3f7fe21e1fdb67fe8ecbf659ff00c329f16bff009ea57bbfeca9ff00041ffda5fe0dfed55fb39fc7
8f89ff00b4dfc0bf11f847e057c4a93e24dd7867c05f093c7fa4788fc45796fe0af18785f4fd2adf
55f10fc45d534cd3ada4baf1425cde5d49a7dd4a905abac10bc8c01fea2e8af233efa4ef8e3c4f93
663c3f9ef1f66998e519b616783cc3055a9e17d96270f52dcd4e7cb4232b3714f47ab5add369f560
7c39e0ccb71787c760b23c350c5e16a46b50ad0955e6a75236e592bcdabab76eac28a28afc10fb70
a28a2800a28a2800a28a2800a28a2803f875f87dff0006f9ff00c1523e1ff817c21e068aeff604d6
62f08787347f0e45abc9fb4e7ed11a5c9a9c7a3d8c36097f269abfb0cea4b60f74b0099acd751be5
b767310bbb808256ec3fe1c45ff054cff9e1fb00ff00e2557ed15ffd0175fdad515fd4181fa667d2
4f2cc0e0f2dc0f88ff0057c165f85c3e070741707f01555470b84a30a187a5ed2b70bd4ad53d9d1a
70873d5a952acf979aa4e736e4ff0037ade11f87b88ad57115b87f9eb57ab52b559ff6ae771e7ab5
66e7527cb0cca308f34a4df2c2318abda314ac8fe297fe1c45ff00054cff009e1fb00ffe2557ed15
ff00d01747fc388bfe0a99ff003c3f601ffc4aafda2bff00a02ebfb5aa2babfe276be93bff004737
ff0034cf0fbffa1433ff00883de1cffd13bff997cf7ff9e67f14bff0e22ff82a67fcf0fd807ff12a
bf68affe80ba3fe1c45ff054cff9e1fb00ff00e2557ed15ffd0175fdad5147fc4ed7d277fe8e6ffe
699e1f7ff4281ff107bc39ff00a277ff0032f9efff003ccfe297fe1c45ff00054cff009e1fb00ffe
2557ed15ff00d01747fc388bfe0a99ff003c3f601ffc4aafda2bff00a02ebfb5aa28ff0089dafa4e
ff00d1cdff00cd33c3effe8503fe20f7873ff44eff00e65f3dff00e799fc52ff00c388bfe0a99ff3
c3f601ff00c4aafda2bffa02e8ff0087117fc1533fe787ec03ff008955fb457ff405d7f6b5451ff1
3b5f49dffa39bff9a6787dff00d0a07fc41ef0e7fe89dffccbe7bffcf33f8a5ff87117fc1533fe78
7ec03ff8955fb457ff00405d1ff0e22ff82a67fcf0fd807ff12abf68affe80bafed6a8a3fe276be9
3bff004737ff0034cf0fbffa140ff883de1cff00d13bff00997cf7ff009e67f14bff000e22ff0082
a67fcf0fd807ff0012abf68aff00e80ba3fe1c45ff00054cff009e1fb00ffe2557ed15ff00d0175f
dad5147fc4ed7d277fe8e6ff00e699e1f7ff004281ff00107bc39ffa277ff32f9eff00f3ccfe297f
e1c45ff054cff9e1fb00ff00e2557ed15ffd01747fc388bfe0a99ff3c3f601ff00c4aafda2bffa02
ebfb5aa28ff89dafa4effd1cdffcd33c3eff00e8503fe20f7873ff0044effe65f3dffe799fc52ffc
388bfe0a99ff003c3f601ffc4aafda2bff00a02e8ff87117fc1533fe787ec03ff8955fb457ff0040
5d7f6b5451ff0013b5f49dff00a39bff009a6787dffd0a07fc41ef0e7fe89dff00ccbe7bff00cf33
f8a5ff0087117fc1533fe787ec03ff008955fb457ff405d1ff000e22ff0082a67fcf0fd807ff0012
abf68aff00e80bafed6a8a3fe276be93bff4737ff34cf0fbff00a140ff00883de1cffd13bff997cf
7ff9e67f14bff0e22ff82a67fcf0fd807ff12abf68affe80ba3fe1c45ff054cff9e1fb00ff00e255
7ed15ffd0175fdad5147fc4ed7d277fe8e6ffe699e1f7ff4281ff107bc39ff00a277ff0032f9efff
003ccfe297fe1c45ff00054cff009e1fb00ffe2557ed15ff00d01747fc388bfe0a99ff003c3f601f
fc4aafda2bff00a02ebfb5aa28ff0089dafa4eff00d1cdff00cd33c3effe8503fe20f7873ff44eff
00e65f3dff00e799fc52ff00c388bfe0a99ff3c3f601ff00c4aafda2bffa02e8ff0087117fc1533f
e787ec03ff008955fb457ff405d7f6b5451ff13b5f49dffa39bff9a6787dff00d0a07fc41ef0e7fe
89dffccbe7bffcf33f8e2f83ff00f042eff828ee85f1ebf66df1dfc40bdfd89747f037c25fda6bf6
75f8d7e2fbaf077ed0bf1dbc61e2c9fc37f063e337827e27eb3a6786fc39adfec73e03d1f53d7357
b0f0acfa5e9916a9e2fd06c12f2ee29aeafe28637cff0063b4515f8af88fe2971d78b59d61788bc4
1cf171067383cb6965187c6ff6664f953a79750c4e2b17470df57c932fcb709354f118dc55455a78
796225ed9c275654e14a14febf87f86b25e16c1d5c064582fa8e12b62258ba947eb38bc57362274e
9529d4f698caf88aab9a9d1a51e45354d725d414a527228a28afcfcf7428a28a0028a28a0028a28a
0028a28a00ffd9}}}}}\pard\sb0\sl-240{\bkmkstart Pg305}{\bkmkend Pg305}\par\pard\q
l \li7854\sb0\sl-207\slmult0 \par\pard\ql\li7854\sb0\sl-207\slmult0 \par\pard\ql
14\fs18 Pearson Education Limited 2005 \par\pard\ql \li4149\sb0\sl-690\slmult0 \
pard\ql\li4149\sb444\sl-690\slmult0 \up0 \expndtw0\charscalex97 \ul0\nosupersub\
cf22\f23\fs60 20 \par\pard\ql \li4149\ri1344\sb0\sl-580\slmult0 \up0 \expndtw0\c
harscalex97 \ul0\nosupersub\cf23\f24\fs50 Long-Term Debt, Preferred \line \up0 \
expndtw0\charscalex98 Stock, and Common Stock \par\pard\ql \li2769\sb0\sl-368\sl
ql\li2769\sb241\sl-368\slmult0 \up0 \expndtw0\charscalex102 \ul0\nosupersub\cf25
\f26\fs32 An investment in knowledge always pays the best interest. \par\pard\ql
\li7484\sb252\sl-368\slmult0 \up0 \expndtw0\charscalex91 BENJAMIN FRANKLIN \par

persub\cf13\f14\fs18 Chapter 20: Long-Term Debt, Preferred Stock, and Common Sto
ck\tab \up0 \expndtw-2\charscalex100 Pearson Education Limited 2005\par\pard\ql
s20 ANSWERS TO QUESTIONS \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li
dtw-3\charscalex100 \ul0\nosupersub\cf28\f29\fs20 1. \tab \up0 \expndtw-8\charsc
alex97 Serial bonds mature periodically as opposed to sinking-fund bonds
\par\pard\qj \li2590\ri1051\sb47\sl-500\slmult0 \up0 \expndtw-8\charscalex97 wh
ich all mature on the same date.
Although some sinking-fund \line \u
p0 \expndtw-3\charscalex100 bonds are retired before their maturity date, retire
ment is random. \line \up0 \expndtw-8\charscalex97 Serial bonds retire accord
ing to a predetermined schedule.
The \line \up0 \expndtw-8\charscalex96
investor can therefore select the maturity best suited to his/her \line
\up0 \expndtw-9\charscalex96 needs. \par\pard\ql \li1989\sb0\sl-230\slmult0 \pa
\up0 \expndtw-3\charscalex100 2. \tab \up0 \expndtw-8\charscalex94 With an inc
ome bond, the payment of interest is dependent on the \par\pard\qj \li2
589\ri1051\sb47\sl-500\slmult0 \up0 \expndtw-8\charscalex96 company's earnings.
Like a preferred stock, the fixed return is \line \up0 \expndtw-9\cha
rscalex96 not assured. \up0 \expndtw-9\charscalex96 In contrast, a mortgage
bond involves a legal \par\pard\qj \li2589\ri1050\sb0\sl-500\slmult0 \up0 \e
xpndtw-8\charscalex100 commitment to pay periodic interest, regardless of
the earnings. \up0 \expndtw-8\charscalex94 Failure to do so results in d
efault where the trustee enters the \up0 \expndtw-8\charscalex94 scene in
behalf of bondholders.
Also, the mortgage-bond issue is \up0 \expndtw8\charscalex94 secured by real property, whereas no security is involved
with an \up0 \expndtw-6\charscalex100 income bond.
The mortgage-bond i
ssue is a much more binding \up0 \expndtw-7\charscalex100 obligation of the
company. \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb0\sl-230
lmult0 \par\pard\ql\li1989\sb4\sl-230\slmult0\tx2589 \up0 \expndtw-3\charscalex1
00 3. \tab \up0 \expndtw-3\charscalex100 The bank is concerned with protecting i
ts position as a senior-debt \par\pard\qj \li2589\ri1050\sb47\sl-500\slmult0 \up
0 \expndtw-5\charscalex100 holder.
If the bank fails to insist on subordinati
on of such debt, \line \up0 \expndtw-8\charscalex97 upon liquidation of the
company the bank's claims to assets are \line \up0 \expndtw-8\charscalex94
only equal to those of the principal shareholder.
In effect the \li
ne \up0 \expndtw-8\charscalex94 bank has become a shareholder.
Since the
bank does not wish to \par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\

845 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 20: Long
-Term Debt, Preferred Stock, and Common Stock\tab \up0 \expndtw-2\charscalex100
Pearson Education Limited 2005\par\pard\qj \li2589\ri1051\sb465\sl-500\slmult0 \
up0 \expndtw-8\charscalex93 \ul0\nosupersub\cf28\f29\fs20 share the equity-r
isk of the enterprise, it insists on the \up0 \expndtw-8\charscale
x93 subordination of all debt, which represents in its view a residual
\up0 \expndtw-9\charscalex93 equity claim to assets. \par\pard\ql \li1989\sb0\s
l-230\slmult0 \par\pard\ql\li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb0\sl230\slmult0 \par\pard\ql\li1989\sb34\sl-230\slmult0\tx2589 \up0 \expndtw-3\chars
calex100 4. \tab \up0 \expndtw-8\charscalex97 "Junk bonds" by definition are
speculative-grade bonds, which are \par\pard\qj \li2589\ri1050\sb47\sl-500\
slmult0 \up0 \expndtw-8\charscalex100 rated BA or lower by Moody's, or BB
or lower by Standard and \line \up0 \expndtw-9\charscalex91 Poor's.
Ov
er \up0 \expndtw-8\charscalex100 90 percent of the publicly held companies
in the \par\pard\qj \li2589\ri1051\sb0\sl-500\slmult0 \up0 \expndtw-3\charsca
lex100 United States would be classified as speculative grade if they were \up0
\expndtw-5\charscalex100 to issue bonds.
For these companies, the junk-bond m
arket offers a \up0 \expndtw-8\charscalex94 way to tap the public marketpla
ce for debt instruments as opposed \up0 \expndtw-8\charscalex91 to banks
and private placements.
Junk bonds are also used in some \up0 \expndt
w-9\charscalex91 leveraged buyouts. \par\pard\li1989\sb0\sl-230\slmult0\par\pard
51\sl-230\slmult0\fi0\tx2589 \up0 \expndtw-6\charscalex100 5.\tab \up0 \expndtw6\charscalex100 Railroads:
equipment trust certificates and mortgage bonds.\p
\expndtw-6\charscalex100 Public utilities:
mortgage bonds.\par\pard\ql \li25
arscalex100 Strong industrial firms:
debentures. \par\pard\ql \li1989\sb0\sl230\slmult0 \par\pard\ql\li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb0\sl-23
0\slmult0 \par\pard\ql\li1989\sb80\sl-230\slmult0\tx2589 \up0 \expndtw-3\charsca
lex100 6. \tab \up0 \expndtw-8\charscalex97 The investor must be compensated
for the risk of having his/her \par\pard\qj \li2589\ri1050\sb47\sl-500\sl
mult0 \up0 \expndtw-8\charscalex94 bonds called and being able to reinvest
only at a lower interest \line \up0 \expndtw-8\charscalex96 rate.
The
yield differential varies over time.
When interest \line \up0 \expndtw
-8\charscalex92 rates are high and expected to fall, the differential w
ill be much \line \up0 \expndtw-9\charscalex92 larger than when interest rates
are low and expected to rise. \par\pard\li1989\sb0\sl-207\slmult0\par\pard\li19
\pard\li1989\sb144\sl-207\slmult0\fi0\tx10330 \up0 \expndtw-2\charscalex100 \ul0
}

}}
}
}}
}
calex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 20: Long-Term Debt, Preferred Sto
ck, and Common Stock\tab \up0 \expndtw-2\charscalex100 Pearson Education Limited
\charscalex100 To the firm:\par\pard\ql \li2589\ri1051\sb30\sl-500\slmult0\tx318
9 \up0 \expndtw-8\charscalex94 a)
The security provides leverage as does
debt but cannot drive \line\tab \up0 \expndtw-9\charscalex94 the firm into
bankruptcy. \par\pard\ql \li2589\ri1051\sb0\sl-500\slmult0\tx3189 \up0 \expndtw8\charscalex96 b)
Issuance of preferred stock does not ordinarily enda
nger the \line\tab \up0 \expndtw-9\charscalex96 control of the firm. \par\pard\
ql \li2589\sb224\sl-230\slmult0\tx9093 \up0 \expndtw-5\charscalex100 c)
The
preferred stock has no set maturity. \tab \up0 \expndtw-4\charscalex100 It
may also \par\pard\ql \li3189\sb0\sl-230\slmult0 \par\pard\ql\li3189\sb40\sl-2
30\slmult0 \up0 \expndtw-3\charscalex100 strengthen the firm's credit position.
\up0 \expndtw-3\charscalex100 To the investor: \par\pard\ql \li2589\ri1051\sb47\
sl-500\slmult0\tx3189 \up0 \expndtw-8\charscalex93 a)
A prior claim (befor
e common shareholders) on income may also \line\tab \up0 \expndtw-9\charsc
alex93 be combined with a participating income feature. \par\pard\ql \li2589\ri1
051\sb0\sl-500\slmult0\tx3189 \up0 \expndtw-8\charscalex93 b)
The existence
of a preferred stock sinking fund may stabilize \line\tab \up0 \expndtw9\charscalex93 and/or raise the market price of outstanding shares. \par\pard\ql
\li2589\ri1051\sb0\sl-500\slmult0\tx3189 \up0 \expndtw-8\charscalex93 c)
The
possibility of conversion into common stock may be \line\tab \u
p0 \expndtw-9\charscalex93 advantageous. \par\pard\li2589\sb0\sl-230\slmult0\par
alex97 d)
To the corporate investor, the\tab \up0 \expndtw-5\charscalex10
0 70%\tab \up0 \expndtw-5\charscalex100 (or\tab \up0 \expndtw-5\charscalex100 80
%) intercorporate\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb40\sl-23
0\slmult0\fi599 \up0 \expndtw-5\charscalex100 dividend tax exclusion clause is b
eneficial.\par\pard\qj \li2589\ri1050\sb30\sl-500\slmult0 \up0 \expndtw-8\charsc
alex100 Utilities may use preferred stock because they wish to increase
\up0 \expndtw-4\charscalex100 their leverage above the SEC recommended 60% str
aight-debt limit or \up0 \expndtw-8\charscalex97 because they can pass on t
he higher explicit costs of preferred \up0 \expndtw-8\charscalex96 stock f
inancing in rate increases (public utility commissions base \up0 \expndtw
-8\charscalex94 rates on the overall measured cost of capital, not on
an optimum \up0 \expndtw-9\charscalex94 cost of capital). \par\pard\li1989\sb0\
mult0\fi0\tx2589 \up0 \expndtw-8\charscalex100 8.\tab \up0 \expndtw-8\charscalex
100 The call feature provides the corporation flexibility in its\par\par
d\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl-230\slmult0\fi599 \up0 \expn
dtw-7\charscalex100 financing.
With a preferred stock issue, the instru
ment would be\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1989\sb40\sl-230\s
lmult0\fi599 \up0 \expndtw-7\charscalex100 outstanding forever without a cal
l feature.
If interest rates\par\pard\li1989\sb0\sl-230\slmult0\par\pard\
li1989\sb40\sl-230\slmult0\fi599 \up0 \expndtw-7\charscalex100 should decline
or if management simply wants to rid itself of\par\pard\li1989\sb0\sl-20
330 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Van Horne and Wa
chowicz: \ul0\nosupersub\cf14\f15\fs18 Fundamentals of Financial Management,\ul0
\nosupersub\cf13\f14\fs18 12e\tab \up0 \expndtw-2\charscalex100 \ul0\nosupersub
\cf15\f16\fs18 306
}
}}
}
}}
}
}}
}
}}
}
2005\par\pard\qj \li2589\ri1094\sb465\sl-500\slmult0 \up0 \expndtw-3\charscalex
100 \ul0\nosupersub\cf28\f29\fs20 certain obligations associated with the prefer
red stock, it is able \line \up0 \expndtw-3\charscalex100 to eliminate or replac
e the issue if it contains a call privilege. \par\pard\ql \li1989\sb0\sl-230\slm
ult0 \par\pard\ql\li1989\sb0\sl-230\slmult0 \par\pard\ql\li1989\sb144\sl-230\slm
ult0\tx2589\tx5428\tx9748 \up0 \expndtw-3\charscalex100 9. \tab \up0 \expndtw-5\
charscalex100 Money-market preferred \tab \up0 \expndtw-9\charscalex95 (MMP) s
tock adjusts in rate every \tab \up0 \expndtw-9\charscalex96 49 days \par\p
ard\qj \li2589\ri1050\sb47\sl-500\slmult0 \up0 \expndtw-8\charscalex100 with a
new auction.
Sometimes a ceiling rate of interest is \line \up0 \exp
ndtw-6\charscalex100 specified.
Regular preferred stock has a stipulate
d or fixed \line \up0 \expndtw-6\charscalex100 dividend rate that does not
change over time.
Therefore, it \line \up0 \expndtw-7\charscalex100 flu
ctuates considerably in price whereas MMP does not. \up0 \expndtw-7\chars
calex100 Both \par\pard\qj \li2589\ri1050\sb0\sl-500\slmult0 \up0 \expndtw-8\cha
rscalex94 instruments allow exemption of 70 (or 80) percent of the div
idend \line \up0 \expndtw-8\charscalex96 to the corporate investor.
There
fore, they tend to sell for a \line \up0 \expndtw-8\charscalex96 yield le
ss than a comparable debt issue.
However, the dividend \line \up0 \ex
pndtw-8\charscalex100 payment is not deductible by the issuer as an exp
ense for tax \line \up0 \expndtw-8\charscalex100 purposes. \up0 \expndtw-9\cha
rscalex88 The MMP is held by the corporate investor as a \par\
pard\qj \li2589\ri1050\sb0\sl-500\slmult0 \up0 \expndtw-8\charscalex96 marketabl
e security, whereas straight preferred stock is clearly a \up0 \expndtw9\charscalex96 long-term investment. \par\pard\ql \li1989\ri1050\sb380\sl-500\sl
mult0\tx2589\tx2589\tx2589\tx2589\tx2589 \up0 \expndtw-8\charscalex96 10. Inve
stors demand a cumulative feature in order to protect \line\tab
\up0 \expndtw-8\charscalex93 themselves.
Otherwise a company might never
pay a preferred stock \line \tab \up0 \expndtw-6\charscalex100 dividend and
still pay common stock dividends.
The preferred \line \tab \up0 \expn
dtw-8\charscalex97 stockholder would hold a perpetual security with no p
rospect for \line \tab \up0 \expndtw-8\charscalex96 cash payment.
While t
he company would be better off with this \line \tab \up0 \expndtw-9\chars
calex96 increased flexibility, it simply cannot sell such a security. \par\pard\

ql \li1989\ri1050\sb380\sl-500\slmult0\tx2589\tx2589\tx2589 \up0 \expndtw-5\char
scalex100 11. For a "typical" preferred stock, one would find a cumul
ative \line\tab \up0 \expndtw-8\charscalex94 feature, no participating fea
ture, no voting rights, a call \line \tab \up0 \expndtw-3\charscalex10
0 feature, and a claim on assets before common shareholders but after \line \tab
\up0 \expndtw-3\charscalex100 all others. \par\pard\li1989\sb0\sl-207\slmult0\p
aperh16840\pard\sb0\sl-240{\bkmkstart Pg310}{\bkmkend Pg310}\par\pard\li1989\sb0
lmult0\fi0\tx7845 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Ch
apter 20: Long-Term Debt, Preferred Stock, and Common Stock\tab \up0 \expndtw-2\
charscalex100 Pearson Education Limited 2005\par\pard\ql \li1989\ri1051\sb465\sl
-500\slmult0\tx2589\tx2589 \up0 \expndtw-8\charscalex94 \ul0\nosupersub\cf28\f29
\fs20 12. The use of dual-class common stock financing enables a comp
any to \line\tab \up0 \expndtw-8\charscalex91 raise funds but give up less
control than it would with a straight \line \tab \up0 \expndtw-9\charsca
lex91 common stock issue. \up0 \expndtw-9\charscalex91 By splitting the com
mon stock into two \par\pard\qj \li2589\ri1050\sb0\sl-500\slmult0 \up0 \expnd
tw-8\charscalex94 classes, some common stock will have more voting power
than other \up0 \expndtw-5\charscalex100 common stock.
In order to sell an
issue with less voting power, it \up0 \expndtw-6\charscalex100 is important t
hat the issue be superior with respect to other \up0 \expndtw-3\charscal
ex100 qualities \up0 \expndtw-9\charscalex93 -- usually right to dividends
and right in the case of \up0 \expndtw-8\charscalex100 liquidation.
Dua
l-class common stock issues are common in new \up0 \expndtw-8\charscalex9
7 ventures where promotional stock is given to the founders.
In \up0
\expndtw-5\charscalex100 general, these founders pay less for their comm
on stock than \up0 \expndtw-5\charscalex100 subsequent investors. \par\pard\ql
\li1989\ri1051\sb380\sl-500\slmult0\tx2589\tx2589\tx2589\tx2589 \up0 \expndtw-3
\charscalex100 13. If stockholders purchase new shares below their par value,
they may \line\tab \up0 \expndtw-8\charscalex94 be liable for the difference
if the company is unable to satisfy \line \tab \up0 \expndtw-8\charscale
x94 its obligations.
In order to avoid this contingent liability, it
\line \tab \up0 \expndtw-3\charscalex100 is desirable from the standpoint of inv
estors that the stock have a \line \tab \up0 \expndtw-3\charscalex100 low par va
lue, a low assigned value, or be no par. \par\pard\ql \li1989\ri1051\sb380\sl-50
0\slmult0\tx2589\tx2589\tx2589\tx2589\tx2589 \up0 \expndtw-8\charscalex92 14.
In terms of return, it means that the claim to income comes after \l
ine\tab \up0 \expndtw-8\charscalex94 all creditors and preferred stockholder
s are paid the fixed amount \line \tab \up0 \expndtw-8\charscalex92 owed t
hem.
A common stockholder's return is variable.
It depends \line \ta
b \up0 \expndtw-8\charscalex91 on what is left over.
As a result, the
risk, as depicted by the \line \tab \up0 \expndtw-6\charscalex100 variabili
ty of return, is greater than the risk or uncertainty \line \tab \up0 \
expndtw-7\charscalex100 borne by lenders or preferred stockholders. \par\pard\qj
\li1989\ri1051\sb380\sl-500\slmult0\tx2589 \up0 \expndtw-8\charscalex94 15. M
anagement has the use of mailings to stockholders, legal counsel, \line
\tab \up0 \expndtw-9\charscalex94 and other things of this sort whose costs are
borne by the company. \par\pard\li1989\sb0\sl-207\slmult0\par\pard\li1989\sb0\sl
ub\cf15\f16\fs18 308\par\pard\sect\sectd\fs24\paperw11900\paperh16840\pard\sb0\s
l-240{\bkmkstart Pg311}{\bkmkend Pg311}\par\pard\li1989\sb0\sl-207\slmult0\par\p
0 \expndtw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 20: Long-Term D
ebt, Preferred Stock, and Common Stock\tab \up0 \expndtw-2\charscalex100 Pearson
Education Limited 2005\par\pard\qj \li2589\ri1051\sb465\sl-500\slmult0 \up0 \ex
pndtw-8\charscalex96 \ul0\nosupersub\cf28\f29\fs20 In addition, there is an
apathy among stockholders that works to \up0 \expndtw-5\charscalex100 the
advantage of the incumbents.
In general, things must really be \up0 \expndtw5\charscalex100 bad before stockholders will vote out existing management. \par\
pard\ql \li1989\ri1050\sb380\sl-500\slmult0\tx2589\tx2589\tx2589\tx2589 \up0 \ex
pndtw-4\charscalex100 16. The amount of preferred and common stock fina
ncing would be \line\tab \up0 \expndtw-6\charscalex100 expected to rise dra
matically and the amount of debt financing \line \tab \up0 \expndtw-8\char
scalex96 would decline.
As a form of leverage, preferred stock would
be \line \tab \up0 \expndtw-8\charscalex93 more attractive than debt owing
to the discretionary nature of the \line \tab \up0 \expndtw-9\charscalex93
obligation to pay dividends. \par\pard\ql \li1989\sb0\sl-230\slmult0 \par\pard\
28\fs20 Answers to Appendix Questions: \par\pard\ql \li1989\ri1050\sb47\sl-500\s
lmult0\tx2589\tx2589\tx2589\tx2589\tx2589\tx2589\tx2589 \up0 \expndtw-8\charscal
ex98 \ul0\nosupersub\cf28\f29\fs20 17. The refunding decision from the fi
rm's standpoint is a riskless \line\tab \up0 \expndtw-8\charscalex97 investm
ent project.
Investors include a default risk premium in \line \tab \u
p0 \expndtw-8\charscalex94 the market rate of return they require.
This
sensitivity of the \line \tab \up0 \expndtw-8\charscalex93 rate of the cr
itical variables in the decision makes the after-tax \line \tab \up0 \exp
ndtw-5\charscalex100 cost of debt the appropriate discount rate for the
refunding \line \tab \up0 \expndtw-8\charscalex91 decision.
The use of th
e average cost of capital for the discount \line \tab \up0 \expndtw-8\cha
rscalex94 factor would cause the firm to reject profitable opportunities
for \line \tab \up0 \expndtw-9\charscalex94 the refunding of issues. \par\pard
\ql \li1989\ri1051\sb380\sl-500\slmult0\tx2589\tx2589 \up0 \expndtw-3\charscalex
100 18. Refundings occur only when the interest rates decline significantly \l
ine\tab \up0 \expndtw-8\charscalex93 from previous levels.
Typically, refu
ndings occur in waves at the \line \tab \up0 \expndtw-8\charscalex93 trough
s in interest-rate cycles.
However, the bonds must be out \par\pard\l
pndtw-8\charscalex100 from under deferred-call protection.\tab \up0 \expndtw8\charscalex100 If interest rates rise\par\pard\li2589\sb0\sl-230\slmult0\par
\pard\li2589\sb40\sl-230\slmult0\fi0 \up0 \expndtw-7\charscalex100 secularly an
d a trough occurs three years after a peak, bonds\par\pard\li2589\sb0\s
100 issued during the peak will not be able to be called because the
y\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb40\sl-230\slmult0\fi0 \up
0 \expndtw-8\charscalex100 are protected by the deferment period.\par\pard\li198
x7845 \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf13\f14\fs18 Chapter 20: Lo
ng-Term Debt, Preferred Stock, and Common Stock\tab \up0 \expndtw-3\charscalex10
0 Pearson Education Limited 2005\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li1
lt0\fi0 \up0 \expndtw-4\charscalex100 \ul0\nosupersub\cf27\f28\fs20 SOLUTIONS TO

l0\nosupersub\cf28\f29\fs20 1.\tab \up0 \expndtw-4\charscalex100 If the yield to
maturity is 12.21 percent, the bonds will sell at a\par\pard\li1989\sb0\sl-230
\slmult0\par\pard\li1989\sb40\sl-230\slmult0\fi599\tx4990 \up0 \expndtw-4\charsc
alex100 sizable premium.\tab \up0 \expndtw-4\charscalex100 (Without the matur
ity date being given, one\par\pard\qj \li2589\ri1050\sb30\sl-500\slmult0 \up
0 \expndtw-8\charscalex93 cannot calculate the magnitude of the premium.)
As a result, the \line \up0 \expndtw-8\charscalex92 company should deliv
er $1 million in cash to the trustee.
If the \line \up0 \expndtw-8\ch
arscalex100 yield is \up0 \expndtw-9\charscalex96 14.60 percent, the bonds
will sell at a discount from \line \up0 \expndtw-8\charscalex91 their face
value.
Here the company should buy bonds in the market \line \up0 \
expndtw-5\charscalex100 and deliver these to the trustee, as the outlay
involved to \line \up0 \expndtw-5\charscalex100 purchase \up0 \expndtw-9\chars
calex93 1,000 bonds will be less than \up0 \expndtw-9\charscalex94 $1 mill
ion.
This assumes \par\pard\ql \li2589\sb224\sl-230\slmult0 \up0 \expndtw-3\
charscalex100 that accumulators do not squeeze the company. \par\pard\li1989\sb0
slmult0\fi0\tx2589\tx3189 \up0 \expndtw-9\charscalex96 2.\tab \up0 \expndtw-9\ch
arscalex96 a)\tab \dn4 \expndtw-9\charscalex96 $990 = $100(PVIFAr%,5) + $1,0
60*(PVIFr%,5)\par\pard\ql \li3189\sb212\sl-230\slmult0 \up0 \expndtw-2\charscale
x100 * \dn4 \expndtw-9\charscalex93 NOTE: Call price = $1,100 - [(4)($10)]
= $1,060 \par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\sb0\sl-230\slmult0
\par\pard\li3189\sb117\sl-230\slmult0\fi0 \up0 \expndtw-9\charscalex100 For r%
= 12%:\par\pard\li3189\sb21\sl-230\slmult0\fi0\tx8229\tx8589 \up0 \expndtw-9\ch
arscalex100 P.V. of interest payments = $100 x 3.605\tab \up0 \expndtw-9\char
scalex100 =\tab \up0 \expndtw-9\charscalex100 $360.50\par\pard\li3189\sb20\sl-23
0\slmult0\fi0\tx6309\tx8709 \up0 \expndtw-9\charscalex100 P.V. of call price\tab
\up0 \expndtw-9\charscalex100 = $1,060 x .567 =\tab \up0 \expndtw-9\charscal
ex100 601.02\par\pard\li3189\sb19\sl-230\slmult0\fi5399 \up0 \expndtw-8\charscal
ex100 $961.52\par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\sb41\sl-230\slm
ult0\fi0 \up0 \expndtw-8\charscalex100 For r% = 11%:\par\pard\li3189\sb19\sl-2
30\slmult0\fi0\tx8229\tx8589 \up0 \expndtw-8\charscalex100 P.V. of interest paym
ents = $100 x 3.696\tab \up0 \expndtw-8\charscalex100 =\tab \up0 \expndtw-8\c
harscalex100 $369.60\par\pard\li3189\sb21\sl-230\slmult0\fi0\tx6309\tx8709 \up0
\expndtw-8\charscalex100 P.V. of call price\tab \up0 \expndtw-8\charscalex100 =
$1,060 x .593 =\tab \up0 \expndtw-8\charscalex100 628.58\par\pard\li1989\sb20
\sl-230\slmult0\fi6599 \up0 \expndtw-9\charscalex94 $998.18\par\pard\li1989\sb0\
sl-230\slmult0\par\pard\li1989\sb40\sl-230\slmult0\fi1199 \up0 \expndtw-9\charsc
alex94 Interpolating:\par\pard\li1989\sb20\sl-230\slmult0\fi1199\tx5709 \up0 \ex
pndtw-9\charscalex94 $998.18 - $990.00 =\tab \up0 \expndtw-9\charscalex94 $
8.18\par\pard\li1989\sb19\sl-230\slmult0\fi1199\tx5709 \up0 \expndtw-9\charscale
x94 $998.18 - $961.52 =\tab \up0 \expndtw-9\charscalex94 $36.66\par\pard\li19
\charscalex94 $8.18/$36.66 = .223\par\pard\li1989\sb0\sl-230\slmult0\par\pard\
li1989\sb40\sl-230\slmult0\fi0\tx5229 \up0 \expndtw-9\charscalex84 r% = 11% +
.223% = 11.22%\tab \up0 \expndtw-9\charscalex94 (Note: solving by computer,
\ul0\nosupersub\cf27\f28\fs20 11.23%\ul0\nosupersub\cf28\f29\fs20 )\par\pard\li
07\slmult0\fi0\tx10330 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf13\f14\fs
18 Van Horne and Wachowicz: \ul0\nosupersub\cf14\f15\fs18 Fundamentals of Financ
ial Management,\ul0\nosupersub\cf13\f14\fs18 12e\tab \up0 \expndtw-2\charscalex
}
}}
}
}}
}
}}
}
}}
}
}}
}
}}
}
pard\li1989\sb46\sl-230\slmult0\fi599\tx5229\tx6069\tx7269\tx8229\tx9429 \up0 \e
xpndtw-3\charscalex100 \ul0\nosupersub\cf28\f29\fs20 b)
End of year\tab \up0
\expndtw-3\charscalex100 0\tab \up0 \expndtw-3\charscalex100 1-5\tab \up0 \expnd
tw-3\charscalex100 5\tab \up0 \expndtw-3\charscalex100 6-25\tab \up0 \expndtw-3\
charscalex100 25\par\pard\li3189\sb220\sl-230\slmult0\fi3719 \up0 \expndtw-4\cha
rscalex100 +$1,060\par\pard\li3189\sb20\sl-230\slmult0\fi3719 \up0 \expndtw-4\ch
arscalex100 - 1,000\par\pard\li3189\sb19\sl-230\slmult0\fi0\tx4869\tx5949\tx690
9\tx7509\tx8228\tx9068 \up0 \expndtw-4\charscalex100 Cash flows\tab \up0 \expndt
w-4\charscalex100 -$990\tab \up0 \expndtw-4\charscalex100 +$100\tab \up0 \expndt
w-4\charscalex100 +$\tab \up0 \expndtw-4\charscalex100 60\tab \up0 \expndtw-4\ch
arscalex100 +$80\tab \up0 \expndtw-4\charscalex100 +$1,000\par\pard\li3189\sb0\s
ult0\fi0 \up0 \expndtw-9\charscalex95 $990 = $100(PVIFAr%,5) + ($1,060 - $
1,000)(PVIFr%,5)\par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\sb39\sl-230\
slmult0\fi839 \up0 \expndtw-9\charscalex95 + $80[(PVIFAr%,25) - (PVIFAr%,5)]
+ $1,000(PVIFr%,25)\par\pard\li3189\sb0\sl-230\slmult0\par\pard\li3189\sb0\sl230\slmult0\par\pard\li3189\sb21\sl-230\slmult0\fi0 \up0 \expndtw-8\charscalex10
0 For r% = 10%:\par\pard\li3189\sb21\sl-230\slmult0\fi0\tx7149\tx9189\tx9549 \
up0 \expndtw-8\charscalex100 P.V. of first interest payments\tab \up0 \expndtw-8
\charscalex100 = $100 x 3.791\tab \up0 \expndtw-8\charscalex100 =\tab \up0 \ex
pndtw-8\charscalex100 $379.10\par\pard\li3189\sb19\sl-230\slmult0\fi0\tx7149\tx9
189\tx9789 \up0 \expndtw-8\charscalex100 P.V. of ($1,060 - $1,000)\tab \up0 \
expndtw-8\charscalex100 = $60 x .621\tab \up0 \expndtw-8\charscalex100 =\tab \
up0 \expndtw-8\charscalex100 37.26\par\pard\li3189\sb20\sl-230\slmult0\fi0 \up0
\expndtw-8\charscalex100 P.V. of second interest payments =\par\pard\li3189\sb2
1\sl-230\slmult0\fi2519\tx6909\tx9189\tx9669 \up0 \expndtw-6\charscalex100 $80(9
.077\tab \up0 \expndtw-6\charscalex100 - 3.791)\tab \up0 \expndtw-6\charscalex1
00 =\tab \up0 \expndtw-6\charscalex100 422.88\par\pard\li3189\sb19\sl-230\slmult
0\fi0\tx7149\tx9189\tx9789 \up0 \expndtw-6\charscalex100 P.V. of principal payme
nt\tab \up0 \expndtw-9\charscalex92 = $1,000 x .092\tab \up0 \expndtw-6\charsc
alex100 =\tab \up0 \expndtw-6\charscalex100 92.00\par\pard\li3189\sb20\sl-230\sl
mult0\fi6359 \up0 \expndtw-8\charscalex100 $931.24\par\pard\li3189\sb0\sl-230\sl
mult0\par\pard\li3189\sb40\sl-230\slmult0\fi0 \up0 \expndtw-8\charscalex100 For

r% = 9%:\par\pard\li3189\sb20\sl-230\slmult0\fi0\tx7149\tx9189\tx9789 \up0 \ex
pndtw-8\charscalex100 P.V. of first interest payments\tab \up0 \expndtw-8\charsc
alex100 = $100 x 3.890\tab \up0 \expndtw-8\charscalex100 = $\tab \up0 \expndt
w-8\charscalex100 389.00\par\pard\li3189\sb21\sl-230\slmult0\fi0\tx7149\tx9189\t
x9909 \up0 \expndtw-8\charscalex100 P.V. of ($1,060 - $1,000)\tab \up0 \expnd
tw-8\charscalex100 = $60 x .650\tab \up0 \expndtw-8\charscalex100 =\tab \up0 \
expndtw-8\charscalex100 39.00\par\pard\li3189\sb19\sl-230\slmult0\fi0 \up0 \expn
dtw-8\charscalex100 P.V. of second interest payments =\par\pard\li3189\sb20\sl230\slmult0\fi2519\tx6909\tx9189\tx9789 \up0 \expndtw-6\charscalex100 $80(9.823\
tab \up0 \expndtw-6\charscalex100 - 3.890)\tab \up0 \expndtw-6\charscalex100 =\
tab \up0 \expndtw-6\charscalex100 474.64\par\pard\li3189\sb21\sl-230\slmult0\fi0
\tx7149\tx9189\tx9789 \up0 \expndtw-6\charscalex100 P.V. of principal payment\ta
b \up0 \expndtw-9\charscalex92 = $1,000 x .116\tab \up0 \expndtw-6\charscalex1
00 =\tab \up0 \expndtw-6\charscalex100 116.00\par\pard\ql \li9429\sb15\sl-230\sl
mult0 \up0 \expndtw-3\charscalex100 $1,018.64 \par\pard\ql \li3189\sb0\sl-230\sl
ult0 \up0 \expndtw-3\charscalex100 Interpolating: \par\pard\qj \li3189\ri5132\sb
22\sl-240\slmult0 \up0 \expndtw-9\charscalex91 $1,018.64 - $990.00 = $28.64
\line \up0 \expndtw-9\charscalex92 $1,018.64 - $931.24 = $87.40 \par\pard\ql
w-9\charscalex95 $28.64/$87.40 = .328 \par\pard\ql \li3189\sb0\sl-230\slmult0
\par\pard\ql\li3189\sb40\sl-230\slmult0\tx6189 \up0 \expndtw-9\charscalex83 r%
= 9% + .328% = 9.33% \tab \up0 \expndtw-5\charscalex100 (Note: solving by c
omputer, \ul0\nosupersub\cf27\f28\fs20 9.31%\ul0\nosupersub\cf28\f29\fs20 ) \pa
l-230\slmult0\fi0\tx6489 \up0 \expndtw-9\charscalex95 Next, we need to compa
re this\tab \up0 \expndtw-9\charscalex95 9.33% return to the yield on the
\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb40\sl-230\slmult0\fi0 \up0
\expndtw-8\charscalex96 bonds had they not been called.
To do this w
e must determine the\par\pard\li2589\sb0\sl-230\slmult0\par\pard\li2589\sb41\
sl-230\slmult0\fi0 \up0 \expndtw-9\charscalex95 yield implicit in the following
cash-flow pattern:\par\pard\li4269\sb0\sl-230\slmult0\par\pard\li4269\sb67\sl-23
0\slmult0\fi0\tx6309\tx7149\tx8469 \up0 \expndtw-3\charscalex100 End of year\tab
\up0 \expndtw-3\charscalex100 0\tab \up0 \expndtw-3\charscalex100 1-25\tab \up0
\expndtw-3\charscalex100 25\par\pard\li4269\sb0\sl-230\slmult0\par\pard\li4269\
sb16\sl-230\slmult0\fi0\tx5949\tx7029\tx8109 \up0 \expndtw-3\charscalex100 Cash
flows\tab \up0 \expndtw-3\charscalex100 -$990\tab \up0 \expndtw-3\charscalex100
+$100\tab \up0 \expndtw-3\charscalex100 +$1,000\par\pard\li1989\sb0\sl-207\slmul
}
p{\sn fLine}{\sv 0}}{\sp{\sn lineType}{\sv 0}}{\sp{\sn fArrowhe

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{\rtf1{\fonttbl

rscalex97 \ul0\nosupersub\cf5\f6\fs76 Fundamentals of \par\pard\ql \li2235\sb1\s

ex100 Pearson Education Limited 2005\par\pard\qj \li1989\sb0\sl-500\slmult0 \par

\fi0\tx3428 \up0 \expndtw-2\charscalex100 Chapter 6\tab \up0 \expndtw-2\charscal

}{\sv 20}}{\sp{\sn fBehindDocument}{\sv 1}}{\sp{\sn lineColor}{\sv 65793}}{\sp{\

f13\fs20 JAMES C. VAN HORNE \ul0\nosupersub\cf20\f21\fs20 Palo Alto, California

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r\pard\ql \li2275\sb0\sl-414\slmult0 \par\pard\ql\li2275\sb328\sl-414\slmult0 \u

\sl-230\slmult0\par\pard\li1989\sb95\sl-230\slmult0\fi0\tx2589 \up0 \expndtw-9\c

cision by its impact on that goal.

12e\tab \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf15\f16\fs18 9\par\pard\

x97 company\u8217?s shareholders, board of directors, and senior manageme

ut individual responsibility. \par\pard\qj \li7660\ri958\sb204\sl-400\slmult0\fi

s18 12e\tab \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf15\f16\fs18 13\par\

nd Financial Environments\tab \up0 \expndtw-6\charscalex100 Pearson Education Li

\tab \up0 \expndtw-5\charscalex100 loss in a given year.

p0 \expndtw-8\charscalex97 These exchanges serve as secondary markets wher

tx2589\tx2589\tx2589\tx2589\tx2589\tx2589\tx2589 \up0 \expndtw-8\charscalex98 20

sl-230\slmult0\fi479\tx3909\tx5829 \up0 \expndtw-4\charscalex100 20X3\tab \up0 \

sented by a net worth of \up0 \expndtw-9\charscalex92 $467,000. \par\pard\q

calex100 4\tab \up0 \expndtw-3\charscalex100 11.52\tab \up0 \expndtw-3\charscale

0 \expndtw-6\charscalex100 \ul0\nosupersub\cf27\f28\fs20 1.25%\ul0\nosupersub\cf

Pearson Education Limited 2005 \par\pard\ql \li2474\sb0\sl-414\slmult0 \par\pard

lmult0 \up0 \expndtw-8\charscalex92 period of time.

b40\sl-230\slmult0\fi599\tx3222\tx7411\tx9429 \up0 \expndtw-9\charscalex97 1/(1\

-9\charscalex97 =\tab \up0 \expndtw-9\charscalex97 $100(1)\tab \up0 \expndtw-9\c

\up0 \expndtw-8\charscalex100 (ii)\tab \up0 \expndtw-9\charscalex94 $1,000[1/(1

mult0\tx2589 \up0 \expndtw-3\charscalex100 6. \tab \dn3 \expndtw-8\charscalex100

{\sp{\sn fFillOK}{\sv 1}}{\sp{\sn fFilled}{\sv 1}}{\sp{\sn fillColor}{\sv 0}}{\s

dtw-6\charscalex100 Present Value\par\pard\li1989\sb0\sl-230\slmult0\par\pard\li

sl-207\slmult0\fi0\tx7853 \up0 \expndtw-2\charscalex100 \ul0\nosupersub\cf13\f14

fi0\tx3789\tx5589\tx7389\tx9309 \up0 \expndtw-3\charscalex100 11\tab \up0 \expnd

x5589\tx7389\tx9309 \up0 \expndtw-3\charscalex100 29\tab \up0 \expndtw-3\charsca

harscalex100 9\tab \up0 \expndtw-3\charscalex100 20,271.01\tab \up0 \expndtw-3\c

767.00\tab \up0 \expndtw-3\charscalex100 $322,767.00\tab \up0 \expndtw-3\charsca

\up0 \expndtw-9\charscalex96 Thus, it will take approximately\tab \up0 \exp

assumed \up0 \expndtw-5\charscalex100 $1,000 deposits never occurred.

rscalex100 =\tab \up0 \expndtw-3\charscalex100 $100,000\par\pard\li4749\sb46\sl230\slmult0\fi0\tx5109\tx5469\tx7629\tx8229 \up0 \expndtw-3\charscalex100 R\tab

ndtw-3\charscalex100 R\tab \up0 \expndtw-3\charscalex100 R\tab \up0 \expndtw-3\c

\sv 20}}{\sp{\sn fBehindDocument}{\sv 1}}{\sp{\sn lineColor}{\sv 65793}}{\sp{\sn

\sv 20}}{\sp{\sn fBehindDocument}{\sv 1}}{\sp{\sn lineColor}{\sv 65793}}{\sp{\sn

0\slmult0\par\pard\li1989\sb41\sl-230\slmult0\fi600 \up0 \expndtw-9\charscalex95

40\tab \up0 \expndtw-3\charscalex100 --\tab \up0 \expndtw-3\charscalex100 --\tab

{\sp{\sn pVerticies}{\sv 8;4;(0,20);(8701,20);(8701,0);(0,0)}}

li5109\sb1\sl-217\slmult0\fi0\tx5829 \up0 \expndtw-9\charscalex97 \ul0\nosupersu

\charscalex100 (2)\tab \up0 \expndtw-3\charscalex100 (3)\tab \up0 \expndtw-3\cha

placing every $1,000 with \up0 \expndtw-9\charscalex96 an equivalent two-year a

])4 - 1 = .07249 (approx. 7.25%) \par\pard\qj \li2589\ri1051\sb247\sl-500\

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s \up0 \expndtw-4\charscalex100 operating organization) or going-concern value

{\sp{\sn fFillOK}{\sv 1}}{\sp{\sn fFilled}{\sv 1}}{\sp{\sn fillColor}{\sv 0}}{\s

0\tx2589 \up0 \expndtw-3\charscalex100 7. \tab \up0 \expndtw-8\charscalex91 The

6549\tx7749\tx8829 \up0 \expndtw-5\charscalex100 s\tab \up0 \expndtw-5\charscale

\sb60\sl-230\slmult0\fi0\tx2589 \up0 \expndtw-9\charscalex97 9.\tab \dn2 \expndt

7 $45(13.590)\tab \up0 \expndtw-9\charscalex97 +\tab \up0 \expndtw-9\charscalex9

{\sv 20}}{\sp{\sn fBehindDocument}{\sv 1}}{\sp{\sn lineColor}{\sv 65793}}{\sp{\s

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sv 20}}{\sp{\sn fBehindDocument}{\sv 1}}{\sp{\sn lineColor}{\sv 65793}}{\sp{\sn

1989\sb115\sl-207\slmult0\fi0\tx7853 \up0 \expndtw-2\charscalex100 \ul0\nosupers

669\tx7869\tx8949 \up0 \expndtw-5\charscalex100 a\tab \up0 \expndtw-5\charscalex

\expndtw-6\charscalex100 (1\tab \up0 \expndtw-6\charscalex100 +\tab \up0 \expndt

sl-240{\bkmkstart Pg61}{\bkmkend Pg61}\par\pard\li1989\sb0\sl-207\slmult0\par\pa

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