21 . Julius, Inc., is in a 40% marginal tax bracket. The firm can raise as much capital as needed in the bond market at a cost of 10%. The preferred stock has a fixed dividend of $4.00. The price of preferred stock is $31.50. The after-tax costs of debt and preferred stock are closest to:
　　Debt       Preferred stock
　　A)   10.0%    7.6%
　　B)    6.0%      12.7%
　　C)    6.0%      7.6%
　　22 . If the calculated net present value (NPV) is negative, which of the following must be CORRECT. The discount rate used is:
　　A)   less than the internal rate of return (IRR).
　　B)    equal to the internal rate of return (IRR).
　　C)    greater than the internal rate of return (IRR).
 
　　23 . A company is considering the purchase of a copier that costs $5,000. Assume a cost of capital of 10 percent and the following cash flow schedule:
　　§    Year 1: $3,000
　　§    Year 2: $2,000
　　§    Year 3: $2,000
　　Determine the project's payback period and discounted payback period.
　　Payback Period      Discounted Payback Period
　　A)   2.0 years 1.6 years
　　B)    2.0 years 2.4 years
　　C)    2.4 years 1.6 years
　　24 . The underlying cause of ranking conflicts between the net present value (NPV) and internal rate of return (IRR) methods is the underlying assumption related to the:
　　A)   initial cost.
　　B)    reinvestment rate.
　　C)    cash flow timing.
　　25 . A company is considering a $10,000 project that will last 5 years.
　　§    Annual after tax cash flows are expected to be $3,000
　　§    Target debt/equity ratio is 0.4
　　§    Cost of equity is 12%
　　§    Cost of debt is 6%
　　§    Tax rate 34%
　　What is the project's net present value (NPV)?
　　A)   -$1,460.
　　B)    $+1,245
　　C)    +$1,460.
　　
　　　　
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