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Đáp án Đề thi CFA level 1 2010 Buổi chiều (2)

Đáp án đề thi CFA Level 1 năm 2010, Afternoon exam từ Corporate Finance tới Portfolio Management | Questions 69 through 78 relate to Corporate Finance 69. A company is determining the cost of debt for use in its weighted average cost of capital. It has recently issued a 10-year 6 percent semi-annual coupon bond for 864. The bond has a maturity value of 1 000. If the marginal tax rate is 35 percent the cost of debt they should use in their calculation is closest to A. 2.6. B. 3.9. C. 5.2. Answer C Cost of Capital Yves Courtois CFA Gene C. Lai and Pamela P. Peterson CFA 2010 Modular Level I Vol. 4 pp. 42 47-49 Study Session 11-45-b f Describe how taxes affect the cost of capital from different capital sources. Calculate and interpret the cost of fixed rate debt capital using the yield-to-maturity approach and the debt-rating approach. The pre-tax cost of debt is the YTM of the bond. The YTM of the bond can be found by solving the following equation for i 864 20 z V 1 1000 - 20 Z Using a financial calculator enter N 20 PV -864 PMT 30 and FV 1 000. Compute I YR. The result 4 is the semi-annual rate double it to get the annual rate 8 . This is the pre-tax cost of debt. Multiplying the pre-tax cost of debt by 1 - tax rate gives the result 5.2 8 0.65 5.2 . Note because the bond pays coupons semi-annually there are 20 periods 10 years times two payments per year and the periodic coupon payment is 30 6 of 1 000 per year paid in two equal payments every six months . 70. The post-audit performed as part of the capital budgeting process is least likely to A. improve a firm s operations. B. produce concrete ideas for future investments. C. force management to revise the original forecast to match actual results. Answer C Capital Budgeting John D. Stowe CFA and Jacques R. Gagné CFA 2010 Modular Level I Vol. 4 pp. 6-7 By accessing this mock exam you agree to the following terms of use This mock exam is provided to currently-registered CFA candidates. Candidates may view and print the exam for personal exam preparation only. The following activities are strictly prohibited and