高頓網(wǎng)校CMA責(zé)任小編在此為各位考生提供考試習(xí)題練習(xí)如下，你知道答案嗎？
        Question：
　　The FLF Corporation is preparing to *uate capital expenditure proposals for the coming year. Because the firm employs discounted cash flow methods, the cost of capital for the
　　firm must be estimated. The following information for FLF Corporation is provided:
　　● The market price of common stock is $60 per share.
　　● The dividend next year is expected to be $3 per share.
　　● Expected growth in dividends is a constant 10%.
　　● New bonds can be issued at face value with a 10% coupon rate.
　　● The current capital structure of 40% long-term debt and 60% equity is considered to be optimal.
　　● Anticipated earnings to be retained in the coming year are $3 million.
　　● The firm has a 40% marginal tax rate.
　　The after-tax cost to FLF Corporation of the new bond issue is
　　A. 14%
　　B. 6%
　　C. 10%
　　D. 4%
　　Answer（B）：
　　Answer (A) is incorrect. The after-tax cost will be less than the effective before- tax rate.
　　Answer (B) is correct. Because the bonds are issued at their face value, the pretax effective rate is 10%. However, interest is deductible for tax purposes, so the government absorbs 40% of the cost, leaving a 6% after-tax cost.
　　Answer (C) is incorrect. This figure is the before-tax rate.
　　Answer (D) is incorrect. This figure results from using a 60% tax rate.
　　小編寄語(yǔ)：意外和明天不知道哪個(gè)先來(lái)。沒(méi)有危機(jī)是*5的危機(jī)，滿足現(xiàn)狀是*5的陷阱。

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