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The City of Oxford issued $5 million of 8% coupon, 30-year, semiannual payment, tax-exempt municipal bonds 10 years ago. At time of issue, the bonds had 10 years of call protection. Now however, the bonds can be called if the city chooses to do so. The call premium is 6% of the face value. New 20-year, 5%, semiannual payment bonds ($5 million) can be sold at par, but flotation costs on this new issue would be 1.5%.Tax rate = 0%. Initial cost of refunding is $375,000. Calculate the NPV of the bond refunding.
$75,000
$1,733.607.90
$1,882,708.13
$1,507,708.13
None of the above
Bayside Memorial Hospital's financial statements are presented in Exhibits 13.1, 13.2, and 13.3. a. Calculate Bayside's financial ratios for 2009. Assume that Bayside had $1 million in lease payments and $1.4 million in debt principal repayments in 2..
. Assume a $250,000 investment and the following cash flows for two products. Year Product X Product Y 1 $ 90,000 $ 50,000 2 90,000 80,000 3 60,000 60,000 4 20,000 70,000 a. Calculate the payback for products X and Y.
Florida Groves has a $250,000 bond issue outstanding that is selling at 102 percent of face value. The firm also has 2,000 shares of preferred stock valued at $38 a share and 45,000 shares of common stock valued at $24 a share. What weight should be ..
Jurden WIndows Inc. hired JUstin, a new sales VP, two years ago. Justin is 51. In the words of the company CEO, Justin has "taken the company to the moon." The CEO would like to adopt a special retirement plan just for Justin. Ideally, it would be a..
What is the weighted average expected rate of return for all investments made in January and what is the weighted average actual rate of return for all investments ending in December?
Two Companies, Oplev and Finlev, Each have sales of 100,000 unites at a $2.00 cost/unit. Oplev has Variable Cost of $1.25/unit and a Fixed Cost of $60,000.. Finley has Variable cost of $1.75/unit and a fixed cost of $10,000. What is the Degree of Ope..
Describe the concept of market efficiency. In what sense is this concept an important part of the shareholder wealth maximization objective?
Suppose you borrow $29000 at 6% compounded monthly over six years. Knowing that the 6% represents the market interest rate, you realize that the monthly payment in actual dollars will be $480.61. If the average general monthly interest rate is expect..
The efficient markets hypothesis states that:
Suppose in August of 2015 a high school senior is offered on of the following two tuition vouchers: A voucher that pays $2000 for the upcoming academic year (2015) A voucher that pays $3000 2 academic years in the future (2017) Assume that the studen..
international finance problemnbspfibudoor corporationnbspnbspnbspnbspnbspnbspnbspnbsp when raymond morgan entered his
The company with the common equity accounts shown here has declared a 12 percent stock dividend at a time when the market value of its stock is $59 per share. Show the new equity account balances after the stock dividend distribution.
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