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A 10-year bond of a firm in severe financial distress has a coupon rate of 14% and sells for $900. The firm is currently renegotiating the debt, and it appears that the lenders will allow the firm to reduce coupon payments on the bond to one-half the originally contracted amount. The firm can handle these lower payments. What are the stated and expected yields to maturity of the bonds? The bond makes its coupon payments annually.
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A bond with a call provision is worth more to investors than a bond without a call provision. Preferred stock is less risky than common stock, but more risky than debt.
Today the company announces net income equals $12 million. They have 30 million shares outstanding, and today’s share price is $68.21. Find the company’s price-to-earnings ratio.
The Timberlake-Jackson Wardrobe Co. has 10.2 percent coupon bonds on the market with eleven years left to maturity. The bonds make annual payments. If the bond currently sells for $1,165.00, what is its YTM?
A bank investment is offering a rate of 6% every two years. What is the annual equivalent rate of interest? Suppose the price of a 2 year zero coupon bond with face value of 10,000 is equal to $9,000 today. What is the present value of receiving 200,..
A firm with 100 million shares outstanding repurchased 10 million shares at the market price of $20 per share. What is the total market value of the equity after the repurchase? What is the per share value after the repurchase?
Equity as an Option Sunburn Sunscreen has a zero coupon bond issue outstanding with a $20,000 face value that matures in one year. The current market value of the firm's assets is $23,200. Based on the Black–Scholes model, what is the market value ..
Reggie White, a corporate treasurer, is trying to decide which two 1-year securities to purchase: a negotiable CD with nominal yield of 6 percent or a municipal security with a nominal yield of 4.25 percent. The issuing municipality is not in the sam..
What is a cash advance? How are they commonly obtained? Discuss interest rates and grace periods with regard to cash advances.
Arnot International's bonds have a current market price of $1,200. The bonds have an 10% annual coupon payment, a $1,000 face value, and 10 years left until maturity. The bonds may be called in 5 years at 109% of face value (Call price = $1,090). Wha..
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Crisp Cookware's common stock is expected to pay a dividend of $2 a share at the end of this year (D1 = $2.00); its beta is 1.20; the risk-free rate is 5%; and the market risk premium is 6%. The dividend is expected to grow at some constant rate g, a..
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