"Corporate Finance":weighted average cost of capital

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Questions 1:

A company’s asset beta is 1.2 based on a debt-to-equity ratio (D/E) of 50%. If the company’s tax rate increases, the associated equity beta will most likely:

A、 increase.

B、 decrease.

C 、remain unchanged.

Questions 2:

The following information is available for a company:

● Bonds are priced at par and have an annual coupon rate of 9.2%.

● Preferred stock is priced at $8.18 and pays an annual dividend of $1.35.

● Common equity has a beta of 1.3.

● The risk-free rate is 4% and the market premium is 11%.

● Capital structure: Debt = 30%; Preferred stock = 15%; Common equity =

55%.

● The tax rate is 35%.

The weighted average cost of capital (WACC) for the company is closest to:

A 、11.5%.

B、 14.3%.

C 、13.4%.

View answer resolution

【Answer to question 1】B

【analysis】

B is correct.

Corporate Finance:weighted average cost of capital

If the tax rate increases, then the bracketed term (1 – tax rate) decreases, making the equity beta decrease because the asset beta is unchanged.

A is incorrect because the equity beta decreases.

C is incorrect because the equity beta decreases.

【Answer to question 2】B

【analysis】

Corporate Finance:weighted average cost of capital

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