81.  If a project has a negative cash flow during its life or at the end of its life, the project most likely has:
　　A)   a negative internal rate of return.
　　B)    multiple net present values.
　　C)    more than one internal rate of return.
　　82 . Assume that a 30-day commercial paper security has a holding period yield of 0.80%. The bond equivalent yield of this security is:
　　A)   9.73%.
　　B)    9.60%.
　　C)    10.12%.
　　83 . Which of the following firms is most likely to have a board of directors that considers the best interest of all shareholders?
　　A)   Firms that assign a single vote to each share, and firms with different classes of common equity with supermajority rights given to one class.
　　B)    Neither firms with different classes of common equity with supermajority rights given to one class, nor firms that assign a single vote to each share.
　　C)    Firms that assign a single vote to each share, but not firms with different classes of common equity with supermajority rights given to one class.
　　84 . Laura’s Chocolates, Inc. (LC), is a maker of nut-based toffees. LC is considering a share repurchase and prefers the “tender offer” method. Which of the following is also known as a “tender offer”?
　　A)   Buying in the open market.
　　B)    Repurchasing by direct negotiation.
　　C)    Buying a fixed number of shares at a fixed price.
　　85 . Helmut Humm, manager at a large U.S. firm, has just been assigned to the capital budgeting area to replace a person who left suddenly. One of Humm’s first tasks is to calculate the company’s weighted average cost of capital (WACC) – and fast! The CEO is scheduled to present to the board in half an hour and needs the WACC – now! Luckily, Humm finds clear notes on the target capital component weights. Unfortunately, all he can find for the cost of capital components is some handwritten notes. He can make out the numbers, but not the corresponding capital component.  As time runs out, he has to guess.
　　Here is what Humm deciphered:
　　§    Target weights: wd = 30%, wps = 20%, wce = 50%, where wd, wps, and wce are the weights used for debt, preferred stock, and common equity.
　　§    Cost of components (in no particular order): 6.0%, 15.0%, and 8.5%.
　　§    The cost of debt is the after-tax cost.
　　If Humm guesses correctly, the WACC is:
　　A)   9.2%.
　　B)    11.0%.
　　C)    9.0%.
　　
　　　　
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