4.E. issuing firm receives less money than it probably should have. Mountain Groves has an unlevered cost of capital of 13.2 percent, a cost of debt of 8.3 percent, and a tax rate of 21 percent. What is the target debt-equity ratio if the targeted cost of equity is 14.5 percent?
(A) 0.54
(B) 0.29
(C) 0.34
(D) 0.48
(E) 0.33

1.Which one of the following rights is never directly granted to all shareholders of a publicly held corporation? (A) Electing the board of directors (B) Receiving a distribution of company profits (C) Voting either for or against a proposed merger or acquisition (D) Determining the amount of the dividend to be paid per share (E) Having first chance to purchase any new equity shares that may be offered

2. Jenner's is a multi-division firm that uses its overall WACC as the discount rate for all proposed projects. Each division is in a separate line of business and each presents risks unique to those lines. Given this, a division within the firm will tend to: (A) receive less project funding if its line of business is riskier than that of the other divisions. (B) avoid risky projects so it can receive more project funding. (C) become less risky over time based on the projects that are accepted. (D) have an equal probability with all the other divisions of receiving funding. (E) prefer higher risk projects over lower risk projects.

3.If a firm commitment IPO is overpriced then the: (A) investors in the IPO may consider suing the underwriters. (B) Green Shoe provision will probably be utilized. (C) stock price will generally increase on the first day of trading. (D) issuing firm is guaranteed to be successful in the long term.

5.Lucinda owns a S1,000 face value convertible bond that matures in six years, has a coupon rate of 6.5 percent, paid annually, and a conversion price of $17.50. Similar bonds have a current market return of 6.35 percent while the related stock is priced at $18.03 per share. What is the conversion value of this bond? (A) $1,007.30 (B) $1.028.45 (C) $996.11 (D) $1,030.29 (E) $1.000.00

6. You have a $15,000 portfolio which is invested in Stocks A and B, and a risk-free asset. $6,000 is invested in Stock A. Stock A has a beta of 1.63 and Stock B has a beta of .95. How much needs to be invested in Stock B if you want a portfolio beta of 1.10? (A) $8,998.90 (B) $8.333.33 (C) $7,706.20 (D)$7,073.68 (E) $9,419.27

7. Miller Fruit wants to expand and needs $1.6 million to do so. Currently, the firm has 465,000 shares of stock outstanding at a market price per share of $32.50. The firm decided on a rights offering with one right granted for each share of outstanding stock. The subscription price is $28 a share. How many rights are needed to purchase one new share of stock in this offering? (A) 8.14 (B) 7.17 (C) 8.22 (D)8.63 (E) 9.45

8. Jensen's Shipping has total asscts of $694,800 at year's end. The beginning owners' equity was $362,400. During the year, the company had sales of $711,000, a profit margin of 5.2 percent, a tax rate of 21 percent, and paid $12,500 in dividends. What is the equity multiplier at year-end? (A) 1.67 (B) 1.72 (C) 1.93 (D) 1.80 (E) 1.86

9. Johnson Tire Distributors has debt with both a face and a market value of $35,000. This debt has a coupon rate of 6.6 percent and pays interest annually. The expected earnings before interest and taxes are $8,300, the tax rate is 21 percent, and the unlevered cost of capital is 10.9 percent. What is the cost of equity? (A) 12.46 percent (B) 12.87 percent (C) 14.56 percent (D) 13.59 percent (E) 15.14 percent

10. Carlisle Carpets has cost of goods sold of $92,511, interest expense of $4,608, dividends paid of $3,200, depreciation of $14,568, an increase in retained earnings of $11,920, and a tax rate of 21 percent. What is the operating cash flow? (A) $34,296 (B) $42,122 (C) $36,463 (D) $31,543 (E) $36,741

11. The expected return on a portfolio: (A) can never exceed the expected return of the best performing security in the portfolio. (B) must be equal to or greater than the expected return of the worst performing security in the portfolio. (C) is independent of the unsystematic risks of the individual securities held in the portfolio. (D) is independent of the allocation of the portfolio amongst individual securities.

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