NAMA : Rachel Indah Gabriela

NIM : 022001906012
Tugas Asdos MK2

P9-7 Cost of preferred stock

Dik: Annual dividen = 6%

Par value = $100

Selling price = $98,5

Flotation cost = $3

a. Calculate the cost of the preferred stock.

𝐷𝑝
rp = 𝑁𝑝

Dp = $100 x 6% = $6

Np = $98,5 - $3 = $95,5
$6
rp = $95,5 = 0,0628 -> 6,28%

b. If the firm sells the preferred stock with a 10% annual dividend and net $93.00 after
flotation cost, what is it cost?

Dp = $100 x 10% = $10

Np = $93

$10
rp = $93 = 0,1075 -> 10,75%

P9-17

a. Diketahui:
M = $1.000
I = $1.000 x 7% = $70
Nd = $1020 – ($1000 x 3%) = $999

𝑀−𝑁𝑑 1.000−990
I+ 𝑛
70 + 10
Rd = 𝑀+𝑁𝑑 = 1.000+990 = 0,0714
2 2

Ri = Rd x (1 – tax) = 0,0714 x (1 – 0,21) = 0,0564 -> 5,64%

b. Dp = $100 x 8% = $8
Np = $98- $2= $96
NAMA : Rachel Indah Gabriela
NIM : 022001906012
Tugas Asdos MK2

𝐷𝑝 $8
Rp = 𝑁𝑝 = $96 = 0,0833 -> 8,33%

c. Cost of Retained earning

(Growth tidak diketahui) maka:
FV = PV x ( 1 + r)n
$4 =$2,70 x (1 + g)10
$4
(1 + g)10 = $2,70
(1 + g)10 = $1,48
1 + g = 10√1,48 = 1,04
G = 1,04 – 1 = 0,04 -> 4%
𝐷0 𝑥 (1+𝑔) $4 𝑥 (1+ 4%)
Rr/s = +g= + 4% = 0,1100 -> 11%
𝑃0 $59,43

Cost of new common stock

𝐷0 𝑥 (1+𝑔) $4 𝑥 (1+ 4%)

Rn = +g= + 4% = 0,1144 -> 11,44%
𝑁𝑛 $59,43−$1,50−$2.

d. WACC (common stock lama)

Type of capital Weight Cost Weighted cost
Long-term debt 0,40 0,0564 0,0226
Preferred stock 0,10 0,0833 0,0083
Common stock 0,50 0,1100 0,055
WACC 0,0859= 8,59%

WACC (common stock baru)

Type of capital Weight Cost Weighted cost
Long-term debt 0,40 0,0564 0,0226
Preferred stock 0,10 0,0833 0,0083
Common stock 0,50 0,1144 0,0572
WACC 0,0881= 8,81%