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Muhammad Taufik Hasan 13/349382/EK/19518

15-2
Struktur modal yang optimal adalah struktur modal ketika WACC paling minimal
dan harga saham paling maksimal. Harga saham Armada mencapai titik
maksimal pada rasio utang 30%, sehingga struktur modal optimal perusahaan
adalah 30% utang dan 70% ekuitas. Posisi ini juga menunjukan tingkat utang
saat WACC perusahaan paling minimal.
16-3
Net Income: $ 2.000.000
Shares Outstanding: 1.000.000 shares
Purchase 20% at market
Current EPS: $ 2.000.000 / 1.000.000 = $ 2/Share
EPS after stock repurchase: $ 2.000.000 / 800.000 = $ 2,5/Share
16-11
a.
Year
2012
2011
2010
2009
2008
b.
Year
2012
2011
2010
2009
2008
c.
Year
2012
2011
2010
2009
2008
d. ?

Dividends per share
$1.60
2007
$1.52
2006
$1.28
2005
$1.12
2004
$1.28
2003

Year Dividends per share
$0.96
$0.48
$0.72
$$0.10

Dividends per share
$1.30
2007
$1.20
2006
$1.20
2005
$1.10
2004
$1.10
2003

Year Dividends per share
$1.00
$1.00
$1.00
$1.00
$1.00

Dividends per share
$1.30
2007
$1.14
2006
$0.66
2005
$0.50
2004
$0.66
2003

Year Dividends per share
$0.50
$0.50
$0.50
$0.50
$0.50

7 + 54.8 Million/ ($ 12 Million/365) .45 (uprounding) 66 + 55 – 34 = 87 Days. 17-10 .42 (uprounding) 73 + 61 – 31 = 103 Days.83 – 30.507 due to decrease in interest expense. Interest given: $ 1 Million x 8% x (103/365) = $ 22.068 Company pretax profits will increase $ 3.$ 1 Million/ ($ 12Million/365): 73 + 60.$ 1. receivables and payables $ 1 Million x 8% x (87/365) = $ 19.17-1 Sales: $ 15 Million Inventories: $ 2 Million Receivable: $ 3 Million Payable: $ 1 Million COGS: 80% of Sales Working Capital: 8% CCC: $ 3 Million/ ($ 15 Million/365) + $ 2 Million/ ($ 12 Million/365) .75 – 33. New CCC: $ 2.575 After change in inventories.7 Million/ ($ 15 Million/365) + $ 1.1 Million/ ($ 12Million/365) 65.