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    Tugas 2 ManKeu - Bella Fatma P - 2011070511

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    Bella Fatma
    This document contains calculations to determine the cost of capital for a firm. a) It first calculates the before and after-tax cost of debt using the coupon rate, maturity, par value, and tax rate. b) It then estimates the cost of debt using an approximation formula and compares it to the exact calculation. c) Additional calculations determine the cost of retained earnings, new common stock, preferred stock, and weighted average cost of capital (WACC).

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    Tugas 2 ManKeu - Bella Fatma P - 2011070511

    Uploaded by

    Bella Fatma
    33 views6 pages
    This document contains calculations to determine the cost of capital for a firm. a) It first calculates the before and after-tax cost of debt using the coupon rate, maturity, par value, and tax rate. b) It then estimates the cost of debt using an approximation formula and compares it to the exact calculation. c) Additional calculations determine the cost of retained earnings, new common stock, preferred stock, and weighted average cost of capital (WACC).

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    Tugas 2 ManKeu _Bella Fatma P_2011070511

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    This document contains calculations to determine the cost of capital for a firm. a) It first calculates the before and after-tax cost of debt using the coupon rate, maturity, par value, and tax rate. b) It then estimates the cost of debt using an approximation formula and compares it to the exact calculation. c) Additional calculations determine the cost of retained earnings, new common stock, preferred stock, and weighted average cost of capital (WACC).

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    33 views6 pages

    Tugas 2 ManKeu - Bella Fatma P - 2011070511

    Uploaded by

    Bella Fatma
    This document contains calculations to determine the cost of capital for a firm. a) It first calculates the before and after-tax cost of debt using the coupon rate, maturity, par value, and tax rate. b) It then estimates the cost of debt using an approximation formula and compares it to the exact calculation. c) Additional calculations determine the cost of retained earnings, new common stock, preferred stock, and weighted average cost of capital (WACC).

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 6

    Nama : Bella Fatma Prasetyaningrum

    Kelas : S1 Akuntansi Karyawan K1A1


    NIM : 2011070511

    TUGAS 1 MANAJEMEN KEUANGAN ; THE COST OF CAPITAL

    P9-2

    diketahui : i = 12%
    n = 15 years
    sold price of bond = $1.010
    flotation cost = $30/bond
    T = 40%

    ditanya :
    a. net proceeds
    = $1.010 - $30 =980
    b. cash flows from the firm's point
    End of
    year(s) Cash flow
    0 $ 980
    1-15 $ (120)
    15 $ (1,000)
    c. before and after tax cost of debt
    = net proceeds from sale of bond $ 980
    coupon payment $ 120
    years to maturity 15
    par value (principal) $ 1,000
    before tax cost of debt 12.30%

    = after tax cost :12,30%(1-0,4) = 7.38%

    d. approximation formula to estimate before and after tax cost of debt


    =
    I + $1000 -Nd
    rd = n
    Nd + 1000
    2

    120 + $1000 -$980


    rd = 15 12.3%
    $980 + 1000
    2

    e. Keuntungan dari metode kalkulator terbukti. Ada lebih sedikit penekanan dan seseorang mendapat biaya sebenarnya
    dari pembiayaan hutang. Namun, rumus aproksimasi cukup akurat dan bijaksana jika tidak ada kalkulator keuangan.
    P9-10

    a.
    3.10
    /2.12
    = 9.97%
    ⬚

    b. $52, diketahui di soal


    c. rr = rs
    = rs = D1/P0 + g
    = rs = $3.40/$57.50 + 9.97%
    = 15.88%

    d. rn (new issues common stock)


    = rn = D1/Nn + g
    = rn = $3.40/$52 + 9.97%
    = 16.51%
    P9-16

    a. cost of retained earnings with grow rate 6% per year


    rr = D1(1+g)
    +g
    Po
    rr = $1.26(1+0,06)
    +6%
    $40

    = 9.34%

    b. cost of new common stock with grow rate 6% per year


    rn = D1(1+g)
    +g
    Nn
    rn = $1.26(1+0,06)
    +0,06
    ($40-$$7)
    = 10.05%

    c. cost of preferred stock


    rp = Dp
    Np
    rp = $2
    9.09%
    ($25-$3)

    d. cost of debt
    I+ $1000-Nd
    rd = n
    Nd+$1000
    2
    $100+ $1000-($1.200-$25)
    rd = 5
    ($1.200-$25)+$1000
    2
    rd = $ 65
    $ 1,087.5
    rd = 5.98%

    ri = 5,98%*(1-0,4)
    ri = 3.59%

    e. WACC
    = (0,40)(3,59%)+(0.10)(9.09%)+(0,50)(9,35%)
    = 7.02%

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