题目
Dot. Com has determined that it could issue $1,000 face value bonds with an 8 percent coupon paid semi-annually and a five-year maturity at $900 per bond. If Dot. Com's marginal tax rate is 38 percent, its after-tax cost of debt is closest to:
选项
A.6.2 percent.
B.6.4 percent.
C.6.6 percent.
答案
C
解析
Answer: C FV = -$1,000; PMT =-$40; N = 10; PV = $900 Solve for i. The six-month yield, i, is 5.3149% YTM = 5.3149% x 2 = 10.62985% rd(1-t) = 10.62985%(1-0.38) = 6.5905% 这道题目问的是Dot.Com决定发行面值1,000美元的债券，票面利率为8%，每半年支付一次，五年到期，价格为900美元。如果边际税率为38%，其税后债务成本最接近: 本题用金融计算器求解 FV = $1,000; PMT = $40; N = 10; PV = $900 解出i,6个月期收益率是5.3149% YTM = 5.3149% × 2 = 10.62985% rd(1 - t) = 10.62985%(1 - 0.38) = 6.5905%因此C选项正确