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A 20 year bond with an annual coupon of 10% has a duration of 10 years and a convexity of 136. The YTM of the bond decreases from 8% to 7%. What is the actual percent change in bond price? What is the duration approximation of the percent change in bond price? What is the duration-with-convexity approximation of the percent change in bond price? Interpret your results.
What is the required rate of return on a preferred stock with a $50 par value, a stated dividend of 9% of par, and a current market price of (a) $66, (b) $86, (c) $115, and (d) $137 (assume the market is in equilibrium with the required return equal ..
An audit committee is comprised of several members of the board of directors. The committee acts as the liaison between the independent auditor and the corporation. What is the responsibility of the Audit Committee of the Board of Directors?
Newman Manufacturing is considering a cash purchase of stock of Grips Tool. During the year completed, Grips earned $4.25 per share and paid cash dividends of $2.55 per share (D0=$2.55). Grips' earnings and dividends are expected to grow at 25% per y..
You are required to submit a bid to supply 200,000,000 widgets per year to the State of Illinois for the next five years. Your company has an idle tract of real estate that cost $1,500,000 ten years ago; if your company sold the land today, it would ..
If you needed to trade immediately and were not concerned with the price the trade "crossed" (or traded) at, nor were you particularly concerned with how much the implicit cost of liquidity happened to be, and you were not concerned with how far pr..
Which of the following statements regarding cost of capital is incorrect?
Moby Dick Corporation has sales of 4,912,720; income tax of 503,624; the selling, general and administrative expenses of 274,579; depreciation of 397,181; cost of goods sold of 2,639,530; and interest expense of 123,651. Calculate the amount of the f..
Abebi, who has just celebrated her 28th birthday, will retire on her 58th birthday, and she has just set up a retirement plan to pay her income starting on her retirement day, and to continue paying for 19 more years. Abebi's goal is to receive $110,..
Under the assumptions of Modigliani-Miller, what is the effect on the stock price of an announcement of a $1 special dividend to be paid in 6 months? Find the new stock price after the ex-? dividend date.
Suppose that today the one-year Treasury note yields 0.12% (0.0012 in decimal form), the two-year note yields 0.40% (0.0040), the three-year note yields 0.78% (0.0078), the five-year note yields 1.60% (0.0160), the seven-year note yields 2.22% (0.022..
Evaluate the role and function of finance, including the presentation and analysis of financial information, in sustaining and contributing towards the competitive advantage of organisations.
Suppose that the current price of eBay is $40 per share. You buy 500 shares, using $10,000 of your own money and borrowing the remainder of the purchase price from your broker. The interest rate on the margin loan is 2% per month, and the maintenanc..
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