公司理财的作业和答案(下载)

WashingtonStateUniversityFinance3251PracticeProblems(StockValuation)1.Michael’s,Inc.justpaid$1.40totheirshareholdersastheannualdividend.Simultaneously,thecompanyannouncedthatfuturedividendswillbeincreasingby4.5percent.Ifyourequirean8percentrateofreturn,howmuchareyouwillingtopaytopurchaseoneshareofMichael’sstock?2.Angelina’smadetwoannouncementsconcerningtheircommonstocktoday.First,thecompanyannouncedthattheirnextannualdividendhasbeensetat$2.16ashare.Secondly,thecompanyannouncedthatallfuturedividendswillincreaseby4percentannually.WhatisthemaximumamountyoushouldpaytopurchaseashareofAngelina’sstockifyourgoalistoearna10percentrateofreturn?3.Astockpaysaconstantannualdividendandsellsfor$31.11ashare.Iftherateofreturnonthisstockis9percent,whatisthedividendamount?4.YouhavedecidedthatyouwouldliketoownsomesharesofGHCorp.butneedanexpected12percentrateofreturntocompensatefortheperceivedriskofsuchownership.WhatisthemaximumyouarewillingtospendpersharetobuyGHstockifthecompanypaysaconstant$3.50annualdividendpershare?5.TurnipsandParsleycommonstocksellsfor$39.86ashareatamarketrateofreturnof9.5percent.Thecompanyjustpaidtheirannualdividendof$1.20.Whatistherateofgrowthoftheirdividend?6.B&KEnterpriseswillpayanannualdividendof$2.08ashareontheircommonstocknextweek.Lastyear,thecompanypaidadividendof$2.00ashare.Thecompanyadherestoaconstantrateofgrowthdividendpolicy.WhatwilloneshareofB&Kcommonstockbeworthtenyearsfromnowiftheapplicablediscountrateis8percent?7.TheRedBudCo.paysaconstantdividendof$1.20ashare.Thecompanyannouncedtodaythattheywillcontinuetodothisforanother3yearsafterwhichtimetheywilldiscontinuepayingdividendspermanently.Whatisoneshareofthisstockworthtodayiftherequiredrateofreturnis7percent?8.BillBaileyandSonspaysnodividendatthepresenttime.Thecompanyplanstostartpayinganannualdividendintheamountof$.30asharefortwoyearscommencingtwoyearsfromtoday.Afterthattime,thecompanyplansonpayingaconstant$1asharedividendindefinitely.Howmuchareyouwillingtopaytobuyashareofthisstockifyourrequiredreturnis14percent?9.LeeHongImportspaida$1.00pershareannualdividendlastweek.Dividendsareexpectedtoincreaseby5percentannually.Whatisoneshareofthisstockworthtoyoutodayiftheappropriatediscountrateis14percent?WashingtonStateUniversityFinance3252(PortfolioandCAPM)10.Youwantyourportfoliobetatobe1.20.Currently,yourportfolioconsistsof$100investedinstockAwithabetaof1.4and$300instockBwithabetaof.6.Youhaveanother$400toinvestandwanttodivideitbetweenanassetwithabetaof1.6andarisk-freeasset.Howmuchshouldyouinvestintherisk-freeasset?11.Youhavea$1,000portfoliowhichisinvestedinstocksAandBplusarisk-freeasset.$400isinvestedinstockA.StockAhasabetaof1.3andstockBhasabetaof.7.HowmuchneedstobeinvestedinstockBifyouwantaportfoliobetaof.90?12.Yourecentlypurchasedastockthatisexpectedtoearn12percentinaboomingeconomy,8percentinanormaleconomyandlose5percentinarecessionaryeconomy.Thereisa15percentprobabilityofaboom,a75percentchanceofanormaleconomy,anda10percentchanceofarecession.Whatisyourexpectedrateofreturnonthisstock?13.TheInferiorGoodsCo.stockisexpectedtoearn14percentinarecession,6percentinanormaleconomy,andlose4percentinaboomingeconomy.Theprobabilityofaboomis20percentwhiletheprobabilityofanormaleconomyis55percentandthechanceofarecessionis25percent.Whatistheexpectedrateofreturnonthisstock?14.YouarecomparingstockAtostockB.Giventhefollowinginformation,whichoneofthesetwostocksshouldyoupreferandwhy?RateofReturnifStateofProbabilityofStateOccursEconomyStateofEconomyStockAStockBBoom60%9%15%Recession40%4%-6%15.Zelo,Inc.stockhasabetaof1.23.Therisk-freerateofreturnis4.5percentandthemarketrateofreturnis10percent.WhatistheamountoftheriskpremiumonZelostock?16.Youownaportfoliowiththefollowingexpectedreturnsgiventhevariousstatesoftheeconomy.Whatistheoverallportfolioexpectedreturn?StateofProbabilityofRateofReturnEconomyStateofEconomyifStateOccursBoom15%18%Normal60%11%Recession25%-10%17.Whatistheexpectedreturnonaportfoliowhichisinvested20percentinstockA,50percentinstockB,and30percentinstockC?StateofProbabilityofReturnsifStateOccursEconomyStateofEconomyStockAStockBStockCBoom20%18%9%6%Normal70%11%7%9%Recession10%-10%4%13%WashingtonStateUniversityFinance325318.Whatistheportfoliovarianceif30percentisinvestedinstockSand70percentisinvestedinstockT?StateofProbabilityofReturnsifStateOccursEconomyStateofEconomyStockSStockTBoom40%12%20%Normal60%6%4%19.Whatisthestandarddeviationofaportfoliothatisinvested40percentinstockQand60percentinstockR?StateofProbabilityofReturnsifStateOccursEconomyStateofEconomyStockQStockRBoom25%18%9%Normal75%9%5%20.Yourportfoliohasabetaof1.18.Theportfolioconsistsof15percentU.S.Treasurybills,30percentinstockA,and55percentinstockB.StockAhasarisk-levelequivalenttothatoftheoverallmarket.WhatisthebetaofstockB?21.Youwouldliketocombineariskystockwithabetaof1.5withU.S.Treasurybillsinsuchawaythattheriskleveloftheportfolioisequivalenttotheriskleveloftheoverallmarket.WhatpercentageoftheportfolioshouldbeinvestedinTreasurybills?22.Themarkethasanexpectedrateofreturnof9.8percent.Thelong-termgovernment