完整版公司理财部分课后答案

Goal OF Firm

N0.2, 3, 4, 5, 10.

2. Not-for-Profit Firm Goals

Chapter 1

Suppose you were the financial manager of a not-for-profit business (a

not-for-profit hospital, perhaps). What kinds of goals do you think would be appropriate?

答：所有者权益的市场价值的最大化。

3. Goal of the Firm Evaluate the following statement: Managers should not focus on the current stock

value because doing so will lead to an overemphasis on short-term profits at the expense of long-term

profits.

答：错误；因为现在的股票价值已经反应了短期和长期的的风险、时间以及未来现金流量。

4. Ethics and Firm Goals Can the goal of maximizing the value of the stock conflict with other goals, such

as avoiding unethical or illegal behavior? In particular, do you think subjects like customer and employee

safety, the environment, and the general good of society fit in this framework, or are they essentially

ignored? Think of some specific scenarios to illustrate your answer. 答：有两种极端。一种极端，所有的东西都被定

价。因此所有目标都有一个最优水平，包括避免不道德或非法的行为，股票价值最大化。另一种极端，我们可以认为这是

非经济现象, 最好的处理方式是通过政治手段。

一个经典的思考问题给出了这种争论的答案：公司估计提高某种产品安全性的成本是30 万美元。然而，

该公司认为提高产品的安全性只会节省20 万美元。请问公司应该怎么做呢?”

5. International Firm Goal Would the goal of maximizing the value of the stock differ for financial

management in a foreign country? Why or why not? 答：财务管理的目标都是

相同的，但实现目标的最好方式可能是不同的政治环境和经济制度) ( 因为不同的国家有不同的社会、

10. Goal of Financial Management Why is the goal of financial management to maximize the current

value of the company 's stock? In other words, why isn 't the goal to maximize the future value?

答：最大化现在公司股票的价格和最大化未来股票价格是一样的。股票的价值取决于公司未来所有的现金

流量。从另一方面来看，支付大量的现金股利给股东，股票的预期价格将会上升。

Chapter 2

1. Building a Balance Sheet Sankey, Inc., has current assets of $4,900, net fixed assets of $25,000, current

' equity account liabilities of $4,100, and long- term debt of $10,300. What is the value of the shareholders

for this firm? How much is net working capital?

答：所有者权益 =资产-负债 the shareholders ' equity account =25000-10300=14700 净运营资本=流动资产-流动负债net working

capital=4900-4100=800

Shelton, Inc., has sales of $435,000, costs of $216,000, dep reciation exp ense of $40,000, interest exp ense of $21,000, and a tax rate of 35 p ercent. What is the net income for the firm?

Supp ose the comp any p aid out $30,000 in cash dividends. What is the addition to retained earnings?

4. Calculating Taxes The Stefani Co. had $198,000 in taxable income. Using the rates from Table 2.3 in

's income taxes. What is the average tax rate? What is the marginal tax

0.25 x (75000-5000) = 6250 0.34 x (100000-75000) = 8500 0.39 x (198000-100000) = 38220

税款总额=7500+6250+8500+38220=60470 平均税率=60470/198000=0.3054 边际税率=0.39

During the year, the Senbet Discount Tire Comp any had gross sales of $925,000. The firm ' s cost of goods sold and selling expenses were $490,000 and $220,000, respectively.

Senbet also had notes p ayable of $740,000. These notes carried an interest rate of 4 p ercent. Dep reciation was $120,000. Senbet

' s tax rate was 35 percent.

a. What was Senbet ' s net income?

b. What was Senbet ' s op erating cash flow?

2. Building an Income Statement

息税前利润=销售额-成本-折旧 税前

利润=息税前利润-利息费用 税收=税前利润x35%

净利润=税前利润-税收 净利润=股利+留存收益, 即留存收益=净利润-股利

=102700-30000=72700

the cha pter, calculate the comp any

rate?(表 2.3 P23)

答:

0.15 x 50000 = 7500

13. Building an Income Statement

答:

17. Marginal versus Average Tax Rates (Refer to Table 2.3.) Corporation Growth has $82,500 in taxable income, and Corpo ration Income has $8,250,000 in taxable income. a. What is the tax bill for each firm?

b. Supp ose both firms have identified a new p roject that will increase taxable income by $10,000. How much in additional taxes will each firm p ay? Why is this amount the same? 答：a.

成长公司应纳税额=50000X 15%+2500(0 25%+1000(0 34%=17150

盈利公司应纳税额=50000X 15%+2500(0 25%+2500(0 34%+23500(0 39%+816500(0 34%

=2890000

b.10000 X 34%=3400边际税率都为

34%因为所有新产生的现金流量都按边际税率征税。

22. Financial Statements Draw up an income statement and balance sheet for this comp any for 2014 and 2015.

净利润为42510

经营现金流量=息税前利润+折旧-税收

=192110

20142015

$ 9,402SI (>.091

1旳1,3^1

Cost of gcKjds sold1235 3.672

Other expenses767&41

[Interest630714

Cash4,911 6.244

Accounts receivab6,5277.1S2

Short-term p可able S95

Long-term debt丨&丨宣l?.I60

IM el fixed assets4134 右4n

Accounts payable5J7? 5.022

[| nventory 1 L6O4 1 1.916

DiyhdernJs U471261

Chap ter 3

4. Sustainable Growth In the cha pter, we used Rosengarten Corpo ration to demonstrate how to calculate EFN. The ROE for Rosengarten is about 7.3 p ercent, and the pl owback ratio is about 67 p ercent. If

you calculate the sustainable growth rate for Rosengarten, you will find it is only 5.14 p ercent. In our

calculation for EFN, we used a growth rate of 25 percent. Is this possible? （Hint: Yes. How?） （可持续增长

在本章的我们使用 Rosengarten 公司演示了如何计算 EFN 外汇融资需求。其 ROE 权益报酬率约为7.3% 再投资率约为 67%。如果你计算其可持续增长率，你会发现它只有

5.14%。我们在计算 EFN 时，采用的增

长率是 25%。这可能吗？提示：是。怎么做？） 答: 可能; 可持续发展公式的两个假设条件是公司都不想卖股权，财务政策是固定的。由于

率X 总资产周转率X 权益权数，因此可以采取提高外部股权、提高销售利润率 （经营效率）、提高

总资

产周

转率（资产使用效率 ）、提高权益乘数 （增加负债权益比，融资政策 ）或者改变股利政策提高留存比率的方法 来实现高于可持续增长率的速度增长。 （课本 P86-89）

One tool of financial analysis is common-size financial statements. Why do you think common-size income statements and balance sheets are used? Note that the accounting

statement of cash flows is not converted into a common-size statement. Why do you think this is ? 财务报表：财务分

析的一种工具是常用的财务报表。为什么你认为同比收入报表和资产负债表被使用？请 注意，现金流量会计报表没有转换成同比报表。你认为这是为什么？）

答：共同比利润表为财务经理提供公司的比率分析。例如，共同比利润表可以显示，产品销售成本对销售 额增加的弹性。共同比资产负债表能展现出公司依靠债券的融资增加。没有共同比现金流量表的理由：不 可能有分母。

Common-size financial statements provide the financial manager with a ratio analysis of the company . The common-size income statement can show ,for example , that cost of goods sold as a percentage of sales is increasing . The common-size balance sheet can show a firm' s increasing reliance on debt as a form of financing . Common-size statements of cash flows are not calculated fora simple reason: There is no possible denominator. （同比财务报表提供财务经理对公司的比率分析。例如，同比收入报表可以显示

销 售百分比的销售成本在增加。同比资产负债表可以显示企业作为一种融资方式越来越依赖债务。现金流量 的一般规模报表不是用简单的理由来计算的：没有可能的分母。

Both ROA and ROE measure profitability. Which one is more useful for com paring two com panies? Why? （ ROA 和ROE 比较ROA 和ROE 衡量盈利的能力。哪一个更能比较两个

公司？为什么？） 答：ROE;

ROA 是衡量每一美元所带来净利润的指标；

ROE 衡量该年度股东的汇报，ROE 是真正的业绩衡量底线。由

ROE 更有用。

9. Ratio Analysis Consider the ratio EBITD/Assets. What does this ratio tell us? Why might it be more useful than ROA in comparing two companies? （考虑 EBITD/Assets 的比率。这个比率告诉我们什么？为 什么比较两家公司时，它比 ROA 更有用呢？）

答： EBITD / 资产比显示了该公司的经营业绩 （息前税前折旧前 ）。该比例显示公司的成本控制。虽然税金 是成本，折旧和摊销费用也被认为是成本，但这些不易控制。相反的，折旧和待摊费用会因为会计方法的 选择而改变。该比例只用于跟经营活动相关的成本，比

ROA M 好的度量管理绩效。

4. EFN The most recent financial statements for Heine, Inc., are shown here:

ROE 销售利润

6. Common-Size Financials

同比

8. Comparing ROE and ROA

于公司的目标是股东财富最大化，所以在对两家公司进行对比时

Assets and costs are prop ortional to sales. Debt and equity are not. A dividend of $3,500 was p aid, and the comp any wishes to maintain a constant p ayout ratio. Next year

' s sales are p rojected to be $45,426. What

external financing is needed?(课本P92.4类似 资产和成本与销售收入成正比。负债和所有者权益却不

是。支付了 3500美元的股利，而该公司希望保持一个稳定的股利支付率。下一年的销售额预计为 美元。外部融资需求是多少 ?) 答：

45426/40200=1.13，故增长率为 0.13

股利支付率=现金股利/净利润=3500/8514=0.411 预计股利=0.411x8514x1.13=3955

Accumulated retained earnings=106000+5665.82=111665.82 EFN=163850-150665.82=13184.18

5. Sales and Growth The most recent financial statements for Wise Co. are shown here:

Assets and costs are prop ortional to sales. The comp any maintains a constant 30 p ercent dividend p ayout

ratio and a constant debt -equity ratio. What is the maximum increase in sales that can be sustained assuming no new equity is issued?（资产和成本与销售额成正比。该公司保持着

30%的股利支付率和固定

的负债权益比。如果没有新的股票发行，销售量的最大增长是多少？）

Eales

$40,200 Assets

SMS, 000

Debt Taxable income

Taxes (3斗⑹

Net income

27300

Equpty

$ 3 9 BOO 106.000 3 I 2,900 Total 伯86 3 &514

5H5J 000

Total

J145.000

45426

Sales Costs

Taxable income Tdxtii (3 4%.} Met inrorne

$43.000

$2L500 $14.190 Current assets Ftxed assets $ 27,000 I I'0.000 Total

1145,000

Long term debt Equity Total

$ 62,000 83 go J 145,000

答：股利支付率=现金股利/净利润=0.3

现金股利=14190x0.3=4257

留存比率=1-股利支付率=1-0.3=0.7

留存收益=留存收益增加额/净利润=0.7 留存收益增加额=14190x0.7=9933 没有新的股票发行意味着股东权益不变，

ROE 净利润 / 权益总额=14190/83000=0.17096

可持续增长率=(ROE x b ) / ( 1-ROE x b )

=0.17096x0.7/1-0.17096x0.7 =0.13594

Sales=43000x0.13594=5845.430

balance sheet for the next fiscal year. Sales are p rojected to grow by 10 p ercent to $360 million. Current assets, fixed assets, and short-term debt are 20 p ercent, 75

Charming Florist p ays out 30 p ercent of its net income in dividends. The comp any currently has $105 million of long-term debt and $46 million in common stock par value. The p rofit margin is 9 p ercent. a. Construct the current balance sheet for the firm using the p rojected sales figure.

b. Based on Ms. Colby ' s sales growth forecast, how much des Charming Florist need in external funds for the up coming fiscal year?

c. Construct the firm ' s pro forma balance sheet for the next fiscal year and confirm the external funds needed that you calculated in part (b).

The Op tical Scam Comp any has forecast a sales growth rate

9. External Funds Needed

Dahlia Colby, CFO of Charming Florist Ltd., has created the firm 's pro forma

p ercent, and 15 p ercent of sales, res pectively.

13. External Funds Needed

5555.5556+5000=10555.5556 1000 000 -5555.5556 ) x0.005=4972.2223 5555.5556+4972.2223=10527.7778

第三个月利息( 1000 000-2x5555.5556 ) x0.005=4944.4444

月供 5555.5556+4944.4444=10500.00004

a. Using the equation from the chapter, calculate the external funds needed for next year. 's pro fboarmlaance sheet for next year and confirm the external funds needed that

b. Construct the firm you calculated in part (a).

c. Calculate the sustainable growth rate for the company.

d. Can the company eliminate the need for external funds by changing its dividend policy? What other options are available to the company to meet its growth objectives? QP14. Days ' Sales in Receivables A company has net income of $314,000 a profit margi n of 8.9 percent, and an accounts receivable balance of $152,800. Assuming 80 percent of sales are on credit, what is the comp any ' s days ' sales in receivRbe 司应收账款日销售净额为 314000美元，利润率为 8.9% 应 收账款余额为 152800 美元。假设 80%的销售额是信用的，那么公司的应收款日销售额是多少？ QP15. Ratios and Fixed Assets The Whisenhunt Company has a ratio of long-term debt to long-term debt and equity of .29 and a current ratio of 1.20. Current liabilities are $1,280, sales are $6,140, profit margin is 8.9 percent, and ROE is 17.6 percent. What is the amount of the firm e 'tfisxend assets? QP16. Calculating the Cash Coverage Ratio Panda Inc. ' s net income for the most recent year was $9,620. The tax rate was 34 percent. The firm paid $2,380 in total interest expense and deducted $3,170 in depreciation expens

e. What was the company ' s cash coverage ratio for the year? Chapter 4 1、 贷款 100 万，15 年，年利率 6%，等额情况下， 月供多少？前三个月的月供中本金和利息分别是多少？ 答：

A=P [i(1+i)

n

/(1+i) n

-1]=P(A/p,i,n)

A=1000 000[0.005 (1+0.005)180/(1+0.005)180-1]=8438.5683

第一个月

本金 A=F [i /(1+i)

n

-1]=F(A/F,i,n) =1000 000 [0.005 /(1+0.005)

利息 =8438.5683-3438.5683=5000 180

-1]=3438.5683

第二个月

本金 A=(1000 000 -3438.5683 )[0.005 /(1+0.005) 179-1]=3455.7611 利息=8438.5683-3455.761 1=4982.8071

第三个月 本金 A=(1000 000 -3438.5683-3455.7611

)[0.005 /(1+0.005) 178

-1]=3473.0399 利息 =8438.5683-3473.0399=4965.5284

贷款 100 万， 答： 2、 15 年，年利率 6%，等额还本情况下，前三个月的月供、本金、利息分别是多少？ 每月应还本金

1000 000/180=5555.5556

第一个月利息 1000 000x0.005=5000

月供 第二个月利息

月供

(3) (4) (5)

假如还了 5年以后，利率变为8%前三个月的月供、本金、利息分别是多少?3、 答:

等额还本

还了 5 年 5x122x5555.556=333 333.336 本金还剩 1000 000-333 333.336=666 666.664

4、 每月应还本金 第一个月利息

月供 第二个月利息

月供 第三个月利息

月供 666 666.664心0x12)=5555.5556 666 666.664x0.007=4444.444

5555.5556+4444.444=10000.0004

(666 666.664-5555.5556)x0.007=4627.778

5555.5556+4627.778=10183.333

4588.889

10144.444

还了 6年，准备一次性还清，还本多少?

1. 等额本息 (1 000 000x(1+15x6%))-(6x12x8438.5683)=1292423.9

Chap ter 5

问题:

(1) 在贴现率i =14%，分别计算比较方案 A 与方案B 的动态回收期。 (2) 方案A 与方案B 的IRR 分别是？ 在贴现率分别为i=10%与i=33%时，方案 在贴现率分别为i=10%与i=33%时，方案 A 与方案 A 与方案 B 的NPV 分别是? B 的PI 分别是？

（6） 答:

计算方案A 与方案B 的Incremental IRR

方案A 与方案B 的优劣如何必较？ （现金流量表）

NPV (净现值)=-1000+200心+0.1)+ 200/(1+0.1)

+300心+0.1) 3+300/(1+0.1) 4

+1000/(1+0.1)

+1500心+0.1) 6=1245.04

计算NPV IRR 、动静态投资回收期、 PI

试比较下面两项目方案的优劣？ i=10%

NP V/EXCEL

PI=未来现金流量的现值/初始投资成本

（P231）

在贴现率i=14%时，A 方案动态回收期为4.56年，而B 方案为2.88年。（仅从动态

回

方案A 与方案B 的IRR 分别是：32.9376%与33.4639%。（仅从IRR 看，方案B 可取。） 在贴现率i-10%时，方案 A 与方案

B 的NPV 分别是：1245.04 与653.69;

在贴现率i=33%时，方案 A 与方案B 的NPV 分别是:-1.86 与± 8.28. 在贴现率i=10%时，方案 A 与方案B 的PI 分别是2.245与1.654; 在贴现率为i=33%时，方案 A 与方案B 的PI 分别是0.998与1.008.

比选方案 A 与方案 B 的方法是计算 Incremental IRR. Incremental IRR= 32.1655% 10%相比，方案

A 可取。）

综上，方案 A 与方案B 的比选要看 Ranking Criterion 而定夺。

2.To Buy or Not to Buy We are considering the purchase of a $200,000 computer-based inventory

management system. It will be dep reciated straight-line to zero over its four-year life. It will be worth $30,000 at the end of that time. The system will save us $60,000 before taxes in inventory related costs. The relevant tax rate is 39 p ercent. Because the new set up is more efficient than our existing one, we can carry less total inventory, thereby freeing up $45,000 in net working cap ital. What is the NPV at 16 percent? What is the IRR on this investment?

（ P259例10-3买还是不要买 我们正在考虑购买一套价值 200 000美元的计算机辅助

存货管理系统。在其 4年的使用期限内将采用直线法折旧至 0.4年后，该系统的市场价值为

30 000美元。

这套系统将为我们节省 60 000美元税前存货成本。相关的税率为 39%=因为新的系统水平下比我们现有的

系统更加有效，使得我们能够减少库存总量，从而减少 45 000美元的净营运资本。在

16%勺贴现率水平下

净现值多少？这项投资的

DCF 报酬率（IRR ）是多少？）

答： 税后成本节省为 60 000x(1-0.39)=36 600 每年折旧=200 000/4=50 000 折旧税盾=50 000x0.39=19 500 NP V=653.69 (1) 现金流量图 折现系数=1/（ 1+i ）

(2) EXCEL/NPV=0 (3) (4) (5)

EXCEL （6） 收期看，方案A 可取。）如下表:

。（如果与贴现率

189

Cha pter 7

I'We aiwmt thit T 険 eth>r divtttofn erf 触 firm. JlfE 血，jtg Th 护 自比謠兔 Ort thw

crfhri irVfHTiift ir

(he firm, hereby nedvcing c 局 over,JI KWS of Un firm.

Revenues ( Market size x Market share x P rice)

-Variable costs( Market size x Market share x Variable cost per) -Fixed costs -Dep reciation Pretax profit 309 x 0.34 = 105.06

Under sen 曲hwity anal/sis, one input fs vaned white all other inputs arc assumed to meet their expectation. For example, an NPV of —$1 ,B02 occurs when the pessimistic forecast of 5,000' is used for market size, while all other variables set at their 亡xpe

10 000 x 0.3 x 2 = 6 000 10 000 x 0.3 x 1.2 = 3 600

1791 1 500 / 5 = 300

309

Tax(34%)

Net profit 309 -105.06 = 203.94 OCF( NI + Depreciation) 203.94 + 300 = 503.94

1295

Revenues ( Market size x Market share x Price) 10 000 x 0.3 x 2 = 6 000 - Variable costs( Market size x Market share x Variable cost per) 10 000 x 0.3 x 1 = 3 000 - Fixed costs 1891

- Depreciation Pretax profit 1 500 / 5 = 300

809

Tax(34%) 809 x 0.34 = 275.06

Net profit 809 -275.06 = 533.94

OCF( NI + Depreciation) 533.94 + 300 = 833.94

5942

Revenues ( Market size x Market share x Price) 10 000 x 0.5 x 2 = 10 000 - Variable costs( Market size x Market share x Variable cost per) 10 000 x 0.5 x 1 = 5 000

- Fixed costs 1791

- Depreciation 1 500 / 5 = 300

Pretax profit 2909

Tax(34%) 2909 x 0.34 = 989.06

Net profit 2909 -989.06 = 1919.94

OCF( NI + Depreciation) 1919.94 + 300 = 2219.94

2. In the Solar Electronics Corporation's Jet Engine example, try to calculate the break-even OCF, the

break - even revenue and the break-even price. ( When we use accounting profit as the basis for the break-even calculation, we subtract depreciation. Depreciation for the solar jet engines project is $300 million

per year. If 2,091 solar jet engines are sold per year, SEC will generate sufficient revenues to cover the $300

million depreciation expense plus other costs. Unfortunately, at this level of sales SEC will not cover the economic opportunity costs of the $1,500 million laid out for the investment. If we take into account that the $1,500 million could have been invested at 15 percent, the true annual cost of the investment is $447.5 million, not $300 million. Depreciation understates the true costs of recovering the initial investment. Thus, companies

that break even on an accounting basis are really losing money. They are losing the opportunity cost of the initial investment.)

OCF=1500/3.352=447.5 (因为1500 万的初始投资要求的报酬率为15%，考虑每年15%的机会成本。用普通

年金求，在15%贴现率下，五年期年金系数为 3.352，所以1500=OCFx3.352，OCF=1500/3.352=447.5)

通过已知的OCF倒推Revenues。

Revenues 5314.48=3 000+1791+300+223.48

Variable costs 3 000

Fixed costs 1791

Depreciation 1 500 / 5 = 300

Pretax profit 223.48=147.5/( 1-0.34)

Tax(34%) Net profit 75.98=223.4x0.34 147.5=447.5-300

OCF( NI + Depreciation) 447.5=NI+300

一开始的计划销售量是每年 10 000 x 0.3 = 3 000 break-even revenue = 计划销售量 ( per year ) x P BE 5314.48=3 000 x P BE P BE =53 1 4.48/3 000 = 1.77 3. In the Stewart Pharmaceuticals example, try to calculate the three break-even sales volumes : a. Accounting break-even: sales volume at which net income= 0; a. b. c. Cash break-even: sales volume at which operating cash flow= 0; Financial break even: sales volume at which net present value=0. v=4.29=3000/700 Q=FC+D / P-v = 1800+400 / 10-4.29 =385.3 b. Q*= [C f (1-t)-Dt ]/[ (P-v)(1-t) ]=1800(1-0.34)-400x0.34 / (10-4.29)(1-0.34)=279.1 c.

EAC=[(P-C V )Q-C F ](1-t)+Dt=1588 ??? Q*=[EAC+C f (1-t)-Dt] / (P-v)(1-t)=700.5 Chapter 14 1. What would happen if we use the WACC for all projects regardless of risk? Assume the WACC = 15% Project

Required Return IRR A 20% 17% B

15%

18%

C 10% 12% Question 1: What would happen if we use the WACC for all projects regardless of risk? Or Which projects would be accepted if they used the WACC for the discount rate? Question 2: Which projects should be accepted if you use the required return based on the risk of the project? Question 3: Compare the above two answers and see what happened when we used the WACC? Question 4: Question 5: What will happen to the overall risk of the firm if the company does this on a consistent basis? cos 't osf capital as the firm becomes riskier? What will happen to the firm 答： (1)用WACC=15%为取舍点，我们会拒绝 于 15%。 C 项目，因为其IRR 低于15%接受A B 项目，因为其IRR 高 ( 2 ) C (3)假如用 WAC (来评价所有的投资项目， 目都应用 WAC 会导致公司错误地接受风险较大的项目和错误地拒绝相对安全的项目。 这意味着任何报酬率低于 15%的都会被拒绝。对于所有投资项 P369 图 SML ) ( 4)随着时间积累，应用 WACC 来评价所有的项目将会使公司越来越倾向于接受获利性不够的投资，而 且整体风险会慢慢加大。 5)风险更高倾向于得到更高的报酬，公司的资本成本会变高。 2、 Comprehensive Problem

A corporation has 10,000 bonds outstanding with a 6% annual coupon rate, 8 years to maturity, a $1,000 face

value, and a $1,100 market price.

The company ' s 100,000 shares of preferred stock pay a $3 annual dividend, and sell for $30 per share.

The company ' s 500,000 shares of common stock sell for $25 per share and have a beta of 1.5. The

risk free rate is 4%, and the market return is 12%.

's WACC?

Assuming a 40% tax rate, what is the company

答：

R E=4%+1.5(1-4%)=0.16 风险溢价=市场回报率- 无风险利率

R D=4.48% (EXCEL IRR -1100,7个60 ,1060)

B=股利/优先股股价=3/30=0.1

E=500 000 x 25=12 500 000

D=10000 x 1100=11 000 000 (=10000x1100/1000)

P=100000 x 30 =3 000 000

V=E+D+P=26 500 000

WACC=(E/V) R E+(P/V) R p+(D/V) R D (1-T)=0.098