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【正文】 agreement today (t=0) to borrow $400 at the end of year 1, $400 at the end of year two, and repay $1000 at the end of year three, what is the interest rate you are paying? (hint: calculate the IRR) Answer T0 T1 T2 T3 0 + 400 + 400 1000 calculator return % Problem 4 If you attempt to diversify your portfolio using BGE Disney stock, which Portfolio, A, B, C is possible? Risk Return DIS BGE A B C Problem 4 If you attempt to diversify your portfolio using BGE Disney stock, which Portfolio, A, B, C is possible? Risk Return DIS BGE A B C Problem 5 Based on the success of EuroDisney, Disney wishes to build two additional theme parks (SlavicDisney in Moscow, Russia and AfricaDisney in Lagos, Nigeria). Disney has a cost of capital of 14%. The pany is in three industries。 Movies,Theme Parks, Consumer Products, with betas of , , and , respectively. Tbills are yielding 7% and the market return is at 15%. What discount rate should Disney use if it wishes to modernize its consumer products production facility why? 14% because that is its borrowing rate. Problem 7 DogDays Toy Co mon stock is providing a 16% return. The pany has no debt, but has a bond rating of AA (ytm=9%). Analysts feel that DogDays could add up to 30% debt without altering the required return on debt or equity. The pany would like to build a plant to produce doggy basketball equipment, but the IRR is only 14% (where NPV = 0). What action can DogDays take to make the basketball project feasible? Problem 7 DogDays Toy Co mon stock is providing a 16% return. The pany has no debt, but has a bond rating of AA (ytm=9%). Analysts feel that DogDays could add up to 30% debt without altering the required return on debt or equity. The pany would like to build a plant to produce doggy basketball equipment, but the IRR is only 14% (where NPV = 0). What action can DogDays take to make the basketball project feasible? Answer Take on 30% debt and decrease the pany’s COC. r = 9 (30/100) + 16 (70/100) = % 演講完畢，謝謝觀看！
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