Apple Inc.

Corporate Bond rate

Tax rate
Risk free rate
Beta Equity
Average Market return
Cost of Equity
Total liabilities
Stock Price
Outstanding share
Equity
Debt and Equity
WACC

2014
2.40%
26.22%
2.51%
7%
0.93
6.685700%
85,810,000
109.4
641,610,000,000
70,192,134,000,000
70,192,219,810,000
6.69%

Date
11/5/2014
11/4/2014
11/3/2014
10/31/2014
10/30/2014
10/29/2014
10/28/2014
10/27/2014
10/24/2014
10/23/2014
10/22/2014
10/21/2014
10/20/2014
10/17/2014
10/16/2014
10/15/2014
10/14/2014
10/13/2014
10/10/2014
10/9/2014
10/8/2014
10/7/2014
10/6/2014
10/3/2014
10/2/2014
10/1/2014
9/30/2014
9/29/2014
9/26/2014
9/25/2014
9/24/2014

Close/Last
545.92
554.11
555.22
559.08
550.31
549.33
548.9
540.77
539.78
543.98
532.71
526.54
520.84
511.17
524.51
530.03
537.94
533.21
544.49
560.88
572.5
563.74
577.35
575.28
570.08
568.27
577.36
576.36
577.1
575.06
587.99

Return
-0.014780
-0.001999
-0.006904
0.015936
0.001784
0.000783
0.015034
0.001834
-0.007721
0.021156
0.011718
0.010944
0.018917
-0.025433
-0.010415
-0.014704
0.008871
-0.020717
-0.029222
-0.020297
0.015539
-0.023573
0.003598
0.009122
0.003185
-0.015744
0.001735
-0.001282
0.003547
-0.021990
0.011805

Close/Last
108.86
108.6
109.4
108
106.98
107.34
106.74
105.11
105.22
104.83
102.99
102.47
99.76
97.67
96.26
97.54
98.75
99.81
100.73
101.02
100.8
98.75
99.62
99.62
99.9
99.18
100.75
100.11
100.75
97.87
101.75

9/23/2014
9/22/2014
9/19/2014
9/18/2014
9/17/2014
9/16/2014
9/15/2014
9/12/2014
9/11/2014
9/10/2014
9/9/2014
9/8/2014
9/5/2014
9/4/2014
9/3/2014
9/2/2014
8/29/2014
8/28/2014
8/27/2014
8/26/2014
8/25/2014
8/22/2014
8/21/2014
8/20/2014
8/19/2014
8/18/2014
8/15/2014
8/14/2014
8/13/2014
8/12/2014
8/11/2014
8/8/2014
8/7/2014
8/6/2014
8/5/2014
8/4/2014
8/1/2014
7/31/2014
7/30/2014
7/29/2014
7/28/2014

581.13
587.37
596.08
589.27
584.77
579.95
573.1
575.62
581.35
583.1
581.01
589.72
586.08
581.98
577.94
577.33
571.6
569.2
571
577.86
580.2
582.56
583.37
584.49
586.86
582.16
573.48
574.65
574.78
562.73
567.88
568.77
563.36
566.374
565.07
573.15
566.07
571.6
587.42
585.61
590.6

-0.010624
-0.014612
0.011557
0.007695
0.008311
0.011953
-0.004378
-0.009856
-0.003001
0.003597
-0.014770
0.006211
0.007045
0.006990
0.001057
0.010024
0.004216
-0.003152
-0.011871
-0.004033
-0.004051
-0.001388
-0.001916
-0.004038
0.008073
0.015136
-0.002036
-0.000226
0.021413
-0.009069
-0.001565
0.009603
-0.005322
0.002308
-0.014098
0.012507
-0.009675
-0.026931
0.003091
-0.008449
0.002682

102.64
101.06
100.96
101.79
101.58
100.86
101.63
101.66
101.43
101
97.99
98.36
98.97
98.12
98.94
103.3
102.5
102.25
102.13
100.889
101.54
101.32
100.58
100.57
100.53
99.16
97.98
97.5
97.24
95.97
95.99
94.74
94.48
94.96
95.12
95.59
96.13
95.6
98.15
98.38
99.02

7/25/2014
7/24/2014
7/23/2014
7/22/2014
7/21/2014
7/18/2014
7/17/2014
7/16/2014
7/15/2014
7/14/2014
7/11/2014
7/10/2014
7/9/2014
7/8/2014
7/7/2014
7/3/2014
7/2/2014
7/1/2014
6/30/2014
6/27/2014
6/26/2014
6/25/2014
6/24/2014
6/23/2014
6/20/2014
6/19/2014
6/18/2014
6/17/2014
6/16/2014
6/13/2014
6/12/2014
6/11/2014
6/10/2014
6/9/2014
6/6/2014
6/5/2014
6/4/2014
6/3/2014
6/2/2014
5/30/2014
5/29/2014

589.02
593.35
595.98
594.74
589.47
595.08
573.7299
582.66
584.78
584.87
579.18
571.1
576.08
571.09
582.25
584.73
582.335
582.67
575.28
577.24
576
578.65
564.62
564.95
556.36
554.9
553.37
543.01
544.28
551.76
551.35
558.84
560.55
562.12
556.33
553.9
544.66
544.94
553.93
559.89
560.08

-0.007298
-0.004413
0.002085
0.008940
-0.009427
0.037213
-0.015326
-0.003625
-0.000154
0.009824
0.014148
-0.008645
0.008738
-0.019167
-0.004241
0.004113
-0.000575
0.012846
-0.003395
0.002153
-0.004580
0.024849
-0.000584
0.015440
0.002631
0.002765
0.019079
-0.002333
-0.013557
0.000744
-0.013403
-0.003051
-0.002793
0.010407
0.004387
0.016965
-0.000514
-0.016229
-0.010645
-0.000339
-0.002849

97.671
97.03
97.19
94.72
93.939
94.43
93.0899
94.78
95.32
96.45
95.22
95.035
95.39
95.35
95.968
94.03
93.48
93.52
92.93
91.98
90.9
90.36
90.28
90.83
90.91
91.86
92.18
92.08
92.2
91.28
92.29
93.86
94.25
93.7
92.224258
92.478544
92.117115
91.077116
89.807116
90.428544
90.768544

5/28/2014
5/27/2014
5/23/2014
5/22/2014
5/21/2014
5/20/2014
5/19/2014
5/16/2014
5/15/2014
5/14/2014
5/13/2014
5/12/2014
5/9/2014
5/8/2014
5/7/2014
5/6/2014
5/5/2014
5/2/2014
5/1/2014
4/30/2014
4/29/2014
4/28/2014
4/25/2014
4/24/2014
4/23/2014
4/22/2014
4/21/2014
4/17/2014
4/16/2014
4/15/2014
4/14/2014
4/11/2014
4/10/2014
4/9/2014
4/8/2014
4/7/2014
4/4/2014
4/3/2014
4/2/2014
4/1/2014
3/31/2014

561.68
565.95
552.7
545.06
538.94
529.77
528.86
520.63
519.98
526.65
533.09
529.92
518.73
511
509.96
515.14
527.81
527.93
531.35
526.66
527.7
517.15
516.18
525.16
526.94
534.81
528.62
536.1
556.54
536.44
532.52
530.6
540.95
564.14
554.9
538.15
543.14
569.74
567
567.16
556.97

-0.007545
0.023973
0.014017
0.011356
0.017309
0.001721
0.015808
0.001250
-0.012665
-0.012081
0.005982
0.021572
0.015127
0.002039
-0.010056
-0.024005
-0.000227
-0.006436
0.008905
-0.001971
0.020400
0.001879
-0.017100
-0.003378
-0.014716
0.011710
-0.013953
-0.036727
0.037469
0.007361
0.003619
-0.019133
-0.041107
0.016652
0.031125
-0.009187
-0.046688
0.004832
-0.000282
0.018295
-0.005393

89.144259
89.375687
87.732831
86.752831
86.615688
86.387117
86.369974
85.358546
84.117118
84.838546
84.822832
84.689975
83.648903
83.998546
84.618546
84.915689
85.851403
84.65426
84.497118
84.298546
84.618546
84.869975
81.70569
81.109976
74.964263
75.956977
75.881406
74.991406
74.144263
73.994249
74.525692
74.229978
74.782835
75.759977
74.77712
74.781406
75.974263
76.969977
77.50712
77.378548
76.67712

3/28/2014
3/27/2014

559.99
558.46

0.002740

76.694263
76.779977

0.002394
-0.007313
0.012963
0.009534
-0.003354
0.005621
0.015508
-0.001045
0.003720
0.017866
0.005075
0.027165
0.021399
0.014648
-0.013123
-0.012253
-0.010620
-0.009133
-0.002871
0.002183
0.020759
-0.008733
0.000000
-0.002803
0.007260
-0.015583
0.006393
-0.006352
0.029427
-0.038133
-0.008671

0.015634
0.000990
-0.008154
0.002067
0.007139
-0.007577
-0.000295
0.002268
0.004257
0.030717
-0.003762
-0.006163
0.008663
-0.008288
-0.042207
0.007805
0.002445
0.001175
0.012301
-0.006411
0.002171
0.007357
0.000099
0.000398
0.013816
0.012043
0.004923
0.002674
0.013233
-0.000208
0.013194
0.002752
-0.005055
-0.001682
-0.004917
-0.005617
0.005544
-0.025981
-0.002338
-0.006463
0.013812

0.006606
-0.001646
0.026077
0.008314
-0.005200
0.014396
-0.017832
-0.005665
-0.011716
0.012917
0.001947
-0.003722
0.000420
-0.006440
0.020610
0.005884
-0.000428
0.006349
0.010328
0.011881
0.005976
0.000886
-0.006055
-0.000880
-0.010342
-0.003471
0.001086
-0.001302
0.010079
-0.010944
-0.016727
-0.004138
0.005870
0.016002
-0.002750
0.003924
0.011419
0.014141
-0.006872
-0.003746
0.018221

-0.002589
0.018726
0.011296
0.001583
0.002646
0.000198
0.011849
0.014758
-0.008504
0.000185
0.001569
0.012446
-0.004162
-0.007327
-0.003499
-0.010899
0.014142
0.001860
0.002356
-0.003782
-0.002963
0.038728
0.007345
0.081982
-0.013069
0.000996
0.011868
0.011426
0.002027
-0.007131
0.003984
-0.007393
-0.012898
0.013144
-0.000057
-0.015701
-0.012936
-0.006930
0.001662
0.009148
-0.000224

-0.001116