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Consider a 30-year corporate bond paying 9 percent semi-annual coupon. The current yield to maturity is 11 percent. a. Find the modified duration. b. Refer to part a. If the interest increases by 25 basis points, what is the exact change in price? c. Refer to part b. If the interest increases by 25 basis points, what is the approximate change in price? d. What is the error of approximation? e. Using 25 basis point interest rate changes, approximate the modified duration.
Paradise Tours, Inc. just paid a dividend of $3.50. Analysts expect the company's dividend to grow by 35% this year, by 20% in year 2, and at a constant rate of 5% in Year 3 and thereafter. The required rate of return on PTI's stock is 15.00%. What i..
The Wildcat Oil Company is trying to decide whether to lease or buy a new computer-assisted drilling system for its oil exploration business. Management has decided that it must use the system to stay competitive; What is the NAL for Wildcat? What is..
You need a barrel of oil next month. You could either buy the oil today and keep it for a month, wait and buy the oil next month when you need it, you could enter into a futures contract to buy oil at the current futures price $81, or you can pay $2 ..
Suppose you purchase shares of Engel, Inc (EI) which recently executed an IPO at the post-offering market price of $32 per share and you hold the shares for one year. You the sell you EI shares for $35 per share. EI does not pay dividends and you not..
The financial staff od Carin Communications has identified the fallowing information for the first year of the roll-out of its new proposed services: The company faces a 40% tax rate. What is the project’s operation cash flow for the first year (t=1)..
The company you work for is planning to borrow $58000 at an effective interest rate of 15% per year. The company expects to repay the loan with six equal annual payments at the end of each year, beginning one year after the loan is received. Compute ..
Which of the following is not a characteristic of price takers?
A project has an initial cost of $150,000 and an estimated salvage value after 13 years of $90,000. Estimated average annual receipts are $27,000. Estimated average annual disbursements are $16,000. Assuming that annual receipts and disbursements wil..
Edison Electric Systems is considering a project that has the following cash flow and WACC data. What is the project's MIRR? Define the difference between the MIRR and the IRR.
What are the advantages and disadvantages to a firm of financial hedging of its operating exposure compared to operational hedges (such as relocating its manu-facturing site)?
Harrison Corporation is interested in acquiring Van Buren Corporation. Assume that the risk-free rate of interest is 3% and the market risk premium is 7%.
As a graduating senior, Gwen Kumora of Manhattan, Kansas, is eager to enter the job market at an anticipated annual salary of $34,000. Assuming an average inflation rate of 3 percent and an equal cost-of living raise, what will Gwen’s salary be in te..
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