22. A convertible bond pays annual coupons, has a coupon rate of 8 percent, and matures in 15 years. The face value is S1,000 and the conversion ratio is 45. The stock currently sells for $20.2 a share. Similar nonconvertible bonds are priced to yield 9 percent. What is the minimal value of the convertible bond?
(A) $895.2
(B)$912.1
(C)$1,000
(D)$919.4
(E) $909.0

1.J&J's has total net income of $418,400, earnings before interest and taxes (EBIT) of $102,500, depreciation of $59, 100, and an average tax rate of 21 percent. The company is all-equity financed with 15,000 shares outstanding at a book value of $38 a share and a price-to-book ratio of 3. What is the firm's EV/EBITDA ratio if the firm has excess cash of $49.200? (A) 9.67 (B)10.28 (C)8.39 (D)9.15 (E) 10.98

2. You borrowed a $5,000, 5-year loan at 9% interest. The loan agreement requires the firm to pay principal each year plus interest for that year. Then, you would pay a fixed payment per year. In the second year, you surprisingly won a lottery. If you want to pay all the loan clearly in the end of year 2, how much should you pay?(A) 1,280(B)2,583 (C)3,541 (D)4.120 (E) 4,539

3.Jeff is the recipient of a trust that will pay him $1,000 on the first day of each month, starting immediately and continuing for 40 years. What is the value of this inheritance today if the discount rate is 7.3 percent, compounded monthly? (A) $146,811 (B)$137,557 (C)$180,204 (D)$156,385 (E) $380,102

4. A new project requires initial cost of $17,500 and would produce annual cash flows of $4,850, $8,500, $4,000, and $4,000 for Years 1 to 4, respectively. The required payback period is 2.9 years and the discounted payback period is 3.6 years. The required rate of return is 9 percent. Which methods indicate project acceptance and which indicate project rejection? (A) Accept: NPV, IRR, PI, payback； Reject: discounted payback (B)Accept: NPV, IRR, PI； Reject: payback, discounted payback (C)Accept: payback, PI； Reject: NPV, IRR, discounted payback (D)Accept: payback, discounted payback； Reject: NPV, IRR, PI (E) Accept: NPV, IRR； Reject: PI, payback, discounted payback

5. Andrew is working on a bid for a contract. Thus far, he has determined that he will need S197,000 for fixed assets and another $62,000 for net working capital at Time 0. He has also determined that he can recover $79,900 aftertax for the combined fixed assets and net working capital at the end of the 3-year project. What operating cash flow will be required each year for the project to return 14 percent in nominal terms? (A) $88,330 (B)$97.489 (C)$110,248 (D)$128,330 (E) $113.069

6.TSE Auto has sales of $848,600, net income of $94,000, dividends paid of $28,200, total assets of $913,000, and current liabilities of $78,900. Suppose that all costs, assets, and current liabilities change spontaneously with sales. The tax rate and dividend payout ratios remain constant. If the firm's managers project a firm growth rate of 15 percent for next year, what will be the amount of external financing needed to support this level of growth? Assume the firm is currently operating at full capacity. (A) $39,535 (B)$49,445(C)-$10.202 (D)$14,302 (E) $31,305

7. Crystal co. issues a bond which has a coupon rate of 8.2 percent, a $500 par value, matures in 11.5 years, has a yield to maturity of 7.67 percent, and pays interest annually. What is the current yield? (A) 7.89 percent(B) 8.32 percent (C)7.54 percent (D)8.47 percent (E) 8.82 percent

8. Taylor's Audio Shop has a cost of equity of 10%, a cost of preferred stock of 8% and a cost of debt of 6%. The firm has 104,000 shares of common stock outstanding at a market price of $20 a share. There are 40,000 shares of preferred stock outstanding at a market price of $34 a share. The bond issue has a total face value of$500,000 and sells at 102% of face value. The tax rate is 21%. What is the weighted average cost of capital for Taylor's Audio Shop? (A) 7.54 percent (B)8.52 percent (C)8.63 percent (D)8.37 percent (E) 8.76 percent

9. TW Metal Corporation is expected to generate the following free cash flows over the next five years:After then, the free cash flows are expected to grow at the industry average of 4.1% per year. The weighted average cost of capital of the company is 14.9%. TW Metal has S20 million excess cash, debt of $306 million, and 45 million shares outstanding. What is its share price, evaluated by discounted free cash flow model? (A) $6,96(B)$7.41 (C)$8.20 (D)$9.65 (E) $10.13

10. Use the following information to answer the question below.  The volatility of the market portfolio is 10%, the expected return on the market is 8%, and the risk-free rate of interest is 3%. The expected return on the portfolio of the three stocks is closest to: (A) 5.1%. (B)10.4%.(C)6.8%. (D)9.6%. (E) 7.6%.  

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