TUGAS MANAJEMEN KEUANGAN
( Tugas II - Soal P9-2; P9-10; P9-16)
Nama : Dhea Nuralifiani Safitri
NIM : 2011070615
Kelas : EKA194012-1K1A
Soal
Cost of debt using both methods Currently, Warren Industries can sell 15-year,
$1,000-par-value bonds paying annual interest at a 12% coupon rate. As a result of
current interest rates, the bonds can be sold for $1,010 each; flotation costs of $30
per bond will be incurred in this process. The firm is in the 40% tax bracket.
a. Find the net proceeds from sale of the bond, N d
b. Show the cash flows from the firm's point of view over the maturity of the bond
c. Calculate the before-tax and after-tax costs of debt
d. Use the approximation formula to estimate the before-tax and after-tax costs of debt
e. Compare and contrast the costs of debt calculated in parts c and d. Which approach
do you prefer? Why?
Jawaban
a. Net Proceeds : Nd = $1.010 - $30 = $980
b. Cash flows : T CF
0 $980
1-15 -120
15 -1,000
c. Cost to maturity :
N = 15, PV = 980, PMT = -120, FV = -1.000
Solve for I : 12,30%
After-tax cost : 12,30% (1-0,4) = 7,38%
d. Approximate before-tax cost of debt
($1.000 - $980)
$120 +
rd = 15
($980 + $1.000)
2
rd = $121,33/$990
rd = 12.26%
Approximate after-tax cost of debt = 12,26% x (1 - 0,4) = 7,36%
e. Jika menggunakan metode cost to maturity akan lebih cepat dalam menghitungnya
karena rumus yang lebih sederhana. Namun, menggunakan metode Approximate juga cukup
akurat dan lebih mudah digunakan
ate juga cukup
TUGAS MANAJEMEN KEUANGAN
( Tugas II - Soal P9-2; P9-10; P9-16)
Nama : Dhea Nuralifiani Safitri
NIM : 2011070615
Kelas : EKA194012-1K1A
Soal
Cost of common stock equity Ross Textiles wishes to measure its cost of common
stock equity. The firm's stock is currently selling for $57,50. The firm expects to pay
a $3,40 dividend at the end of the year (2013). The dividends for the past 5 years
are shown in the following table.
Year Dividend
2012 $3,10
2011 $2,92
2010 $2,60
2009 $2,30
2008 $2,12
After underpricing and flotation costs, the firm expects to net $52 per share on a
new issue.
a. Determine the growth rate of dividens from 2008 to 2012.
b. Determine the net proceeds, Nn, that the firm will actually receive
c. Using the constant-growth valuation model, determine the cost of retained earnings, rr
d. Using the constant-growth valuation model, determine the cost of new common stock, rn
Jawaban
a. N = 4 (2015 - 2011), PV = -$2,12, FV = $3,10
Solve for I (growth rate) = 9,97%
b. Nn = $52 (sudah ada di soal)
c. rr = (Next Dividend/Current Price) + Growth Rate
rr = ($3,40/$57,50) + 0,0997
rr = 0,00591 + 0,0997
rr = 0.1588
rr = 15.88%
d. rr = ($3,40/$52) + 0,0997
rr = 0,0654 + 0,0997
rr = 0.1651
rr = 16.51%
TUGAS MANAJEMEN KEUANGAN
( Tugas II - Soal P9-2; P9-10; P9-16)
Nama : Dhea Nuralifiani Safitri
NIM : 2011070615
Kelas : EKA194012-1K1A
Soal
Cost of Capital Edna Recording Studios, Inc., reported earnings available to
common stock of $4,200,000 last year. From thoes earnings, the company paid a
dividend of $1,26 on each of its 1.000.000 common shares outstanding. The capital
structure of the company includes 40% debt, 10% preferred stock, and 50%
common stock . It is taxed at a rate of 40%.
a. If the market price of the common stock is $40 and dividens are expected to grow at a rate
of 6% per year for the foreseable future, what is the company’s cost of retained earnings financing?
b. If underpricing and flotation costs on new shares of common stock amount to $7,00 per share, what
is the company's cost of new common stock financing?
c. The company can issue $2,00 dividend preferred stock for a market price of $25,00 per share.
Flotation costs would amount to $3,00 per share. What is the cost of preferred stock financing?
d. The company can issue $1.000-par value, 10% coupon, 5 year bonds that can be sold for $1,200 each.
Flotation costs would amount to $25,00 per bond. Use the estimation formula to figure the approximate
cost of debt financing
e. What is the WACC?
Jawaban
a. Cost of retained earnings
$1,26 (1 + 0,06)
rr = + 0,06
$40,00
$1,34
rr =
$40,00
rr = 3,35% + 6%
rr = 9.35%
b. Cost of new common stock
$1,26 (1 + 0,06)
rs =
$40,00 - $7,00
$1,34
rs =
$33,00
rs = 4,06% + 6%
rs = 10.06%
c. Cost of Preferred Stock
$2,00
rp =
$25,00 - $3,00
$2,00
rp =
$22,00
rp = 9.09%
d. ($1.000 - $1,175)
rd = $100 +
5
($1,175 + $1.000)
2
$65,00
rd =
$1,087.50
rd = 5.98%
ri = 5,98% x (1 - 0.40)
ri = 3.59%
e. WACC = (0.40)(3.59%) + (0.10)(9.09%) + (0.50)(9.35%)
WACC = 1.436 + 0.909 + 4.675
WACC = 7.02%
