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Atlas Anglers Inc. is considering issuing a 15-year convertible bond that will be priced at its $1,000 par value. The bonds have a 6.5% annual coupon rate, and each bond can be converted into 20 shares of common stock. The stock currently sells at $30 a share, has an expected dividend in the coming year of $3, and has an expected constant growth rate of 5.5%. What is the estimated floor price of the convertible at the end of Year 3 if the required rate of return on a similar straight-debt issue is 9.5%?
The firm only finances with debt and common equity, so it has no preferred stock on its balance sheet.
You estimate that a passive portfolio invested to mimic the S&P 500 stock index yields an expected rate of return of 13% with a standard deviation of 25%.
Bonds: 12% semiannual coupon with 15 year maturity. Current price is $1153.72, and no flotation cost.
Earnings are expected to grow at 17 percent for the next year. Using the company's historical average PE as a benchmark, what is the target stock price in one year?
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Company is buying new equipment for $120,000. You estimate life of this machine is 6 years and you will depreciate it in a straight line over 5 years to be conservative and suppose no terminal value.
If the stock market is semi-strong efficient, which of the given statements is correct? All stocks should have the same expected returns; however, they may have different realized returns.
What effect will this lie have on his insurance contract? What action should the insurer if the misstatement is found out after Buster dies?
Which of the following actions would improve a firm's liquidity?
The Fishing Pier has 6.60 percent, semi-annual bonds outstanding that mature in 12 years. The bonds have a face value of $1,000 and a market value of $1,047. What is the yield to maturity?
If units sold rise from 8,000 to 8,500, what will be the increase in operating cash flow? What is the new degree of operating leverage?
The State of Michigan is not going to make any interest payments and will instead provide Ike with 20 payments of $90,000. What is the real value of the lottery if Ike thinks that the appropriate discount rate is 3.8%?
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