新用户扫码下载
扫码下载APP
及时接收最新考试资讯及
备考信息
"Corporate Finance":Debt rating method
学习是一个不断积累的过程，每天学习一点，每天进步一点！为了帮助大家更高效地备考2021年CFA考试，正保会计网校每日为大家上新CFA习题供大家练习。让网校与您一起高效备考2021年CFA考试，梦想成真！
Questions 1:
A company issues new 20-year $1,000 bonds with a coupon rate of 6.2% payable semiannually at an issue price of $1,030.34. Assuming a tax rate of 28%, the firm’s annual after-tax cost of debt (%) is closest to:
A 、5.94.
B 、4.28.
C、 4.46.
Questions 2:
Using the debt-rating approach to find the cost of debt is most appropriate when market prices for a company’s debt are:
A、 below par value.
B 、unreliable.
C、 stable.
View answer resolution
【Answer to question 1】B
【analysis】
B is correct. The annual after-tax cost of debt is the after tax annual yield to maturity (YTM). Find the YTM by using a financial calculator as follows:
Therefore, the associated after-tax value = 0.0428 = 0.0594 × (1 – 0.28).
A is incorrect because it is the yield to maturity.
C is incorrect because it is based on the coupon rate of 0.0620 annually
【Answer to question 2】B
【analysis】
B is correct. The debt-rating approach is used when the market prices for debt are unreliable or nonexistent.
A is incorrect because prices below par value is not an indicator of a price being unreliable.
C is incorrect because stable prices imply reliable prices.
成功=时间+方法，自制力是这个等式的保障。世上无天才，高手都是来自刻苦的练习。而人们经常只看到“牛人”闪耀的成绩，其成绩背后无比寂寞的勤奋。小编相信，每天都在勤奋练习，即使是一点点的进步，大家一定可以成为人人称赞的“牛人”。
推荐阅读
新用户扫码下载
京公网安备 11010802044457号
