ASIGNACION 3 Finanzas

ASIGNACION –LECCIÓN 3 -Neryvelisse García Resuelve los problemas que aparecen a continuación. Puedes resolver los problemas basándote en los ejemplos que estudiaste mediante las lecturas asignadas. 6-10 Bond interest payments before and after taxes. Charter Corp. has issued 2,500 debentures with a total principal value of $2,500,000. The bonds have a coupon rate of 7%. a. What dollar amount of interest per bond can an investor expect to receive each year form Charter Corp.? Yearly interest = ($1,000 x .07) = $70.00 b. What is the Charter’s total interest expense per year associated with this bond issue? Total interest expense = $70.00 per bond x 2,500 bonds = $175,000 c. Assuming that Charter is in a 35% corporate tax bracket, what is the company’s net after-tax interest cost associated with this bond issue? Total before tax interest

$175,000

Interest expense tax savings (.35 x $175,000) Net after-tax interest expense

61,250 $113,750

7-1 Authorized and available shares. Aspin Corporation’s charter authorices issuance of 2,000,000 shares of common stock. Currently, 1,400,000 shares are outstanding and 100,000 shares are being held as treasury stock. The firm wishes to raise $48,000,000 for a plant expansion. The sale of new common stock will net the firm $60 per share. a. What is the maximum number of new shares of common stock the firm can sell without receiving further authorization from shareholders? Maximum shares available for sale Authorized shares

2,000,000

Less: Shares outstanding 1,400,000 Available shares 600,000 b. Based on the data given and your finding in a, will the firm be able to raise the needed funds without receiving further authorization?

To share needed = 48,000,000 =800,000 shares 60 La empresa requiere 200,000 acciones autorizadas adicional para recaudar los fondos necesarior a partir de $60 por acción. c. What must the firm do to obtain authorization to issue more than the number of share found in a? Aspin debe enmendar su constitución de la empresa para autorizar la emisión de acciones adicionales.

6-1 Interest rate fundamentals: the real rate of return. Carl Foster, a trainee at an investment banking firm, is trying to get an idea of what real rate of return investors are expecting in today’s marketplace. He has looked up the rate paid on 3-month U.S. Treasury bills and found it to be 5.5%. He has decided to use the rate of change in the Consumer Price Index as a proxy for the inflationary expectations of investors. That annualized rate now stands at 2%. Based on the information that Carl has collected, what estimate can he make of the real rate of return?

Real rate of return = 5.5% - 2.0% = 3.5%

Sopp Accounting Services has an outstanding issue of 1,000 shares preferred stock with a $100 par value, an 8 percent annual dividend, and 5,000 shares of common stock outstanding. If the stock is cumulative and the board of directors has passed the preferred dividend for the last two years, how much must preferred stockholders be paid prior to paying dividends to common stockholders?

Muy bien, pero me dejaste de hacer el último ejercicio, allí tienes que son 1,000 acciones a un valor par de $100 que pagan un dividendo anual del 8%, por lo tanto los accionistas de acciones preferidas van a obtener $8,000 anuales, como se acumuló en los últimos dos años son $16,000. Quiere esto decir que la Junta de Directores debe pagarle a los accionistas preferidos los $16,000 de dividendos antes de pagarle a los accionistas comunes.

$8,000 x 2 = $16,000 for the two prior years plus $8,000 for the current year