s currently outstanding 11% coupon bonds have a yieldâ€¦ Sho

s currently outstanding 11% coupon bonds have a yieldâ€¦ Show more (9â€“2) After-Tax Cost of Debt LL Incorporatedâ€™s currently outstanding 11% coupon bonds have a yield to maturity of 8%. LL believes it could issue new bonds at par that would provide a similar yield to maturity. If its marginal tax rate is 35%, what is LLâ€™s after-tax cost of debt? (9â€“4) Cost of Preferred Stock with Flotation Costs Burnwood Tech plans to issue some \$60 par preferred stock with a 6% dividend. A similar stock is selling on the market for \$70. Burnwood must pay flotation costs of 5% of the issue price. What is the cost of the preferred stock? (9â€“5) Cost of Equity: DCF Summerdahl Resortâ€™s common stock is currently trading at \$36 a share. The stock is expected to pay a dividend of \$3.00 a share at the end of the year (D1 = \$3.00), and the dividend is expected to grow at a constant rate of 5% a year. What is its cost of common equity? (9â€“6) Cost of Equity: CAPM Booher Book Stores has a beta of 0.8. The yield on a 3-month T-bill is 4% and the yield on a 10-year T-bond is 6%. The market risk premium is 5.5%, and the return on an average stock in the market last year was 15%. What is the estimated cost of common equity using the CAPM? (9â€“7) WACC Shi Importerâ€™s balance sheet shows \$300 million in debt, \$50 million in preferred stock, and \$250 million in total common equity. Shiâ€™s tax rate is 40%, rd = 6%, rps = 5.8%, and rs = 12%. If Shi has a target capital structure of 30% debt, 5% preferred stock, and 65% common stock, what is its WACC? (9â€“12) Calculation of g and EPS Spencer Suppliesâ€™ stock is currently selling for \$60 a share. The firm is expected to earn \$5.40 per share this year and to pay a year-end dividend of \$3.60. a. If investors require a 9% return, what rate of growth must be expected for Spencer? b. If Spencer reinvests earnings in projects with average returns equal to the stockâ€™s expected rate of return, then what will be next yearâ€™s EPS? (Hint: g = ROE Ã— Retention ratio.) â€¢ Show less

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