12. Smith Manufacturing Inc. expects the following results in year one of a new project:

The annual change in operating cash flow is equal to
(A)$298,000.
(B)$202,000.
(C)$160,000.
(D)$250,000.

1.You decide you want your child to be a millionaire. You have a son today and you deposit $10,000 in an investment account that earns 7% per year. The money in the account will be distributed to your son whenever the total reaches $1,500,000. How old will your son be when he gets the money (rounded to the nearest year)? (A)82 years (B)74 years (C)60 years (D)49 years

2. Assume that you expect to hold a $20,000 investment for one year. It is forecasted to have a year end value of $21,000 with a 30% probability； a year end value of $24,000 with a 45% probability； and a year end value of $30,000 with a 25% probability. What is the standard deviation of the holding period return for this investment? (A)12.06% (B)14.36% (C)16.36% (D)33.45%

3. A $1,000 par value 4-year bond with a 10 percent coupon rate recently sold for $965. The yield to maturity is (A)11.13%. (B)10.20%. (C)12.87%. (D)8.50%.

4. You purchased 500 shares of A.M.J. Inc. common stock one year ago for $50 per share. You received a dividend of $2 per share today and decide to take your profits by selling at $54.50 per share. What is your holding period return? (A)13.0% (B)9.0% (C)6.5% (D)4.0%.

5. Surf and Spray Inc. has a beta equal to 1.8 and a required return of 15% based on the capital asset pricing model (CAPM). If the risk-free rate of return is 4.2%, the expected return on the market portfolio is (A)21%. (B)19.2%. (C)13.4%. (D)10.2%. 

6. What is Bavarian Brewhouse’s cost of preferred stock? (A)8.00%. (B)15.5%. (C)10.7%. (D)12.6%.

7.What is Bavarian Brewhouse’s cost of common equity? (A)10.67%. (B)12.55%. (C)16.23%. (D)15.48%.

8.What is Bavarian Brewhouse’s after tax cost of debt, if their marginal tax rate equals 34%? (A)8.00%. (B)5.28%. (C)6.95%. (D)2.72%.

9. What is Bavarian Brewhouse’s weighted average cost of capital (WACC)if their marginal tax rate equals 34% (A)12.08%. (B)12.99%. (C)13.44%. (D)5.28%.

10.Suppose a particular investment project will require an initial cash outlay of $1,000,000 and will generate a cash inflow of $500,000 in each of the next three years. What is the project’s internal rate of return (IRR)? Suppose a company’s discount rate is 15%, should it accept the project? (A)23%； reject the project (B)23%； accept the project (C)15%； reject the project (D)15%； accept the project

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