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3 years ago, Delicious Mills, Inc. issued 30-year to maturity bonds that had a 10.75 percent annual coupon rate, paid semiannually. The bonds had a $1,000 face value. Since then, interest rates in general have changed and the yield to maturity on the Delicious Mills bonds is now 11.38 percent. Given this information, what is the price today for a Delicious Mills bond?
Round the answer to two decimal places.
Are there differences in the growth prospects between the high- and low-yielding stocks? Is this what you expected? Explain.
You have $110,000 to invest in a portfolio containing Stock X, Stock Y, and a risk-free asset. You must invest all of your money. Your goal is to create a portfolio that has an expected return of 10 percent and that has only 74 percent of the risk of..
Likeline, Inc., has sales of $445,000, costs of $173,000, depreciation expense of $72,000, interest expense of $36,000, and a tax rate of 35 percent. What is their net income? What are some important factors to consider when conducting a credit evalu..
Assuming a required rate of return of 14%, what should your company's stock sell for today?
Two systems are being considered for water purification. System 1 has an initial cost of $100,000, annual expenses of $25,000 and a salvage value of $5,000 at the end of its expected life of 5 years. The System 2 has an initial cost of $150,000, annu..
Ward corp. is expected to have an EBIT of $2,400,000 next year. Depreciation, the increase in net working capital, and capital spending are expected to be $175,000, $105,000, and $125,000, respectively. All are expected to grow at 18 percent per year..
Prestopino Corporation produces motorcycle batteries. Prestopino turns out 1,500 batteries a day at a cost of $6 per battery for materials and labor. It takes the firm 22 days to convert raw materials into a battery. What is the length of Prestopino’..
Tom purchased 100 shares of Dalia Co. stock at a price of $127.37 four months ago. He sold all stocks today for $123.29. During the year the stock paid dividends of $7.26 per share. What is Tom’s effective annual rate?
Sara Nixon is looking for a fixed-income investment. She is considering two bond issues: A treasury bond with a yield of 5%. An in-state municipal bond with a yield of 4%. Sara is in the 33% federal tax bracket and the 8% state tax bracket. Which bon..
Suppose 1-year Treasury bonds yield 4.00% while 2-year T-bonds yield 5.10%. Assuming the pure expectations theory is correct, and thus the maturity risk premium for T-bonds is zero, what is the yield on a 1-year T-bond expected to be one year from no..
At the beginning of 2014, ABC Corp. issued (sold) $80 million in 10-year callable bonds at par value $1,000 paying a 9.0% annual coupon rate that is paid semiannually. The bonds are callable after 5 years for a call premium equal to one annual coupon..
Explain ?carefully what happens if the investor exercises the option after two months. ?Suppose that the futures price at the time of exercise is 362 and the most recent ?settlement price is 360.
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