米国公認会計士の試験問題集です。本は本当に正しい？
Willeyから出版されている2012年度版の米国公認会計士のBECの本で245ページの90問目の答えがどうしても分かりません。本の答えが本当に正しいのか疑問です。私は問題中のat a price of 101とは債券1枚あたりの発行時の額面だと思っていました。問題文の中の101とは額面の101%で発行されましたよという意味なのでしょうか？%が書いてないのはどうしてでしょうか？
問題は
DQZ Telecom is considering a project for the coming year that will cost $50 million. DQZ plans to use the following combination of debt and equity to finance the investment:
●Issue $15 million of 20- year bonds at a price of 101, with a coupon rate of 8%, and flotation costs of 2% of par.
●Use $35 million of funds generated from earnings.
The equity market is expected to earn 12%. US Treasury bonds are currently yielding 5%. The beta coefficient for DQZ is estimated to be .60. DQZ is subject to an effective corporate income tax rate of 40%.
The before-tax cost of DQZ's planned debt financing, net of flotation costs, in the first year is
a. 11.80%
b. 8.08%
c. 10.00%
d. 7.92%
本に書いてある答え
(b) The requirement is to calculate the first- year, before-tax cost of the planned debt financing, net of flotation costs. The first year cost would be calculated by dividing the interest rate by the amount of funds received after flotation costs. Therefore, the interest cost before tax is equal to 8% ÷(101% issue price - 2% flotation costs)=8.08%. Therefore, the correct answer is (b)
お礼
回答ありがとうございます。 助かります！