6 . A firm is considering a $200,000 project that will last 3 years and has the following financial data:
　　§    Annual after-tax cash flows are expected to be $90,000.
　　§    Target debt/equity ratio is 0.4.
　　§    Cost of equity is 14%.
　　§    Cost of debt is 7%.
　　§    Tax rate is 34%.
　　Determine the project's payback period and net present value (NPV).
　　Payback Period      NPV
　　A)   2.43 years       $18,716
　　B)    2.22 years       $21,872
　　C)    2.22 years       $18,716
　　7 .Deighton Industries has 200,000 bonds outstanding. The par value of each corporate bond is $1,000, and the current market price of the bonds is $965. Deighton also has 6 million common shares outstanding, with a book value of $35 per share and a market price of $28 per share. At a recent board of directors meeting, Deighton board members decided not to change the company’s capital structure in a material way for the future. To calculate the weighted average cost of Deighton’s capital, what weights should be assigned to debt and to equity?
　　Debt       Equity
　　A)   53.46%   46.54%
　　B)    48.85%   51.15%
　　C)    56.55%   43.45%
　　8 . Justin Lopez, CFA, is the Chief Financial Officer of Waterbury Corporation. Lopez has just been informed that the U.S. Internal Revenue Code may be revised such that the maximum marginal corporate tax rate will be increased. Since Waterbury’s taxable income is routinely in the highest marginal tax bracket, Lopez is concerned about the potential impact of the proposed change. Assuming that Waterbury maintains its target capital structure, which of the following is least likely to be affected by the proposed tax change?
　　A)   Waterbury’s after-tax cost of noncallable, nonconvertible preferred stock.
　　B)    Waterbury’s return on equity (ROE).
　　C)    Waterbury’s after-tax cost of corporate debt.
 
　　9 . In calculating the weighted average cost of capital (WACC), which of the following statements is least accurate?
　　A)   Different methods for estimating the cost of common equity might produce different results.
　　B)    The cost of preferred equity capital is the preferred dividend divided by the price of preferred shares.
　　C)    The cost of debt is equal to one minus the marginal tax rate multiplied by the coupon rate on outstanding debt.
　　10 . Which of the following would NOT be a good source for information about a company’s proxy voting rules?
　　A)   Company’s articles of organization and by-laws.
　　B)    Firm’s annual report.
　　C)    Firm’s corporate governance statement.
　　
　　　　
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