41 . A firm has $3 million in outstanding 10-year bonds, with a fixed rate of 8% (assume annual payments). The bonds trade at a price of $92 per $100 par in the open market. The firm’s marginal tax rate is 35%. What is the after-tax component cost of debt to be used in the weighted average cost of capital (WACC) calculations?
　　A)   9.26%.
　　B)    6.02%.
　　C)    5.40%.
　　42 . Genoa Corp. is estimating its weighted average cost of capital (WACC). They have several pieces of data to consider. The firm pays 40% of its earnings out in dividends. The return on equity (ROE) is 15%. Last year’s earnings were $5.00 per share and the dividend was just paid to shareholders. The current price of shares is $42.00. Genoa's 8% coupon bonds have a yield to maturity of 7.5%. The firm's tax rate is 30%.
　　Part 1)
　　The cost of common equity is closest to:
　　A)   13.76%.
　　B)    14.19%.
　　C)    16.14%.
　　43 . Genoa Corp. is estimating its weighted average cost of capital (WACC). They have several pieces of data to consider. The firm pays 40% of its earnings out in dividends. The return on equity (ROE) is 15%. Last year’s earnings were $5.00 per share and the dividend was just paid to shareholders. The current price of shares is $42.00. Genoa's 8% coupon bonds have a yield to maturity of 7.5%. The firm's tax rate is 30%.
　　Part 2)
　　The after-tax cost of debt is closest to:
　　A)   5.3%.
　　B)    7.5%.
　　C)    5.6%.
　　44 . All of the following practices constitute good corporate governance, EXCEPT:
　　A)   the firm’s financial, operating, and governance activities are reported to shareholders in a fair, accurate, and timely manner, and management acts independent of the board of directors.
　　B)    there are proper procedures and controls covering management’s day-to-day operations and the firm acts lawfully in dealings with shareholders.
　　C)    the board of directors protects shareholder interests, and the shareholders have a voice in governance.
　　45 . All of the following negatively affect shareholders’ proxy voting rights, EXCEPT:
　　A)   allowing proxy voting by means other than a paper ballot.
　　B)    preventing investors who wish to vote their shares from trading during a period prior to the annual meeting.
　　C)    requiring attendance at the annual meeting.
　　
　　　　
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