FINANCIAL MANAGEMENT

TUGAS SESI 4: BAB 8-9

Kelompok 5
Nama : Dewi Amelia
Mirza Zulkarnain
Rieza Sidafril Febianti
Unggul Satriya Anugrah
Kelas : Eksekutif B 39 E

CHAPTER 8: Financial Options and Applications in Corporate Finance

8-4 Put = V – P + X exp(-rRF t)

= $6.56 - $33 + $32 e-0.06(1)
= $6.56 - $33 + $30.136 = $3.696

8-6 The stock’s range of payoffs in one year is $26 - $16 = $10
Stock price $26, option range $26 - $21 = $5
Stock price $16, option range $16 - $21 = $0
The range of payoffs for the stock option is $5 – 0 = $5.

Equalize the range to find the number of shares of stock:

Option range / Stock range = $5/$10 = 0.5.

With 0.5 shares, the stock’s payoff will be either $13 or $8.
The portfolio’s payoff will be $13 - $5 = $8, or $8 – 0 = $8.

The present value of $8 at the daily compounded risk-free rate is:

PV = $8 / (1+ (0.05/365))365 = $7.610.

The option price is the current value of the stock in the portfolio minus the PV of the payoff:
V = 0.5($20) - $7.610 = $2.39.

CHAPTER 9: The Cost of Capital

9-6 rs = rRF + bi(RPM) = 0.06 + 0.8(0.055) = 10.4%.

9-7 30% Debt; 5% Preferred Stock; 65% Equity; rd = 6%; T = 40%; rps = 5.8%; rs = 12%.

WACC = (wd)(rd)(1 - T) + (wps)(rps) + (ws)(rs)

WACC = 0.30(0.06)(1-0.40) + 0.05(0.058) + 0.65(0.12) = 9.17%.
9-15 a. Common equity needed:
0.5($30,000,000) = $15,000,000.

b. Cost using rs:

After-Tax
Percent  Cost = Product
Debt 0.50 4.8* 2.4%
Common equity 0.50 12.0 6.0
WACC = 8.4%
*8%(1 - T) = 8%(0.6) = 4.8%.

c. rs and the WACC will increase due to the flotation costs of new equity.