kd= int/NP*100 kd= int(1-t)/NP*100

@par
pre tax post tax
Kd=100/1000*100 Kd=100(1-0.35)/1000*100
=10% =6.5%

@10% prem

Kd=100/1100*100 Kd=10(1-.35)/1100*100
=9.09% =5.91%

@ 10% disc

Kd=100/900*100 Kd=100(1-.35)/900*100
=11.11% =7.22%
Kd=(int(1-t)+(RV-NP)/N))*100
(RV+NP)/2

PRE TAX POST TAX

@PAR
Kd=100 +(1000-960)/10 Kd=100(1-0.35) +(1000-960)/10
(1000+960)/2 (1000+960)/2

@10% DISC
Kd=100 +(1000-860)/10 Kd=100(1-0.35) +(1000-860)/10
(1000+860)/2 (1000+860)/2

@10% PREM
Kd=100 +(1000-1060)/10 Kd=100(1-0.35) +(1000-1060)/10
(1000+1060)/2 (1000+1060)/2
1000
100 +prem
40 -flot
1060
kp= pref div/np*100

@par
Kp=10/95*100 Kp=10(1-0.35)/95*100

@10% disc
Kp=10/85*100 Kp=10(1-0.35)/85*100

@10% prem

Kp=10/105*100 Kp=10(1-0.35)/105*100
100 100
-10 disc 10 prem
-5 float -5 flot
85 105
Kp=pref div+(RV-NP)/N)
(RV+NP)/2

PRE TAX POST TAX

@PAR
Kp=10 +(100-95)/10 Kp=10(1-0.35) +(100-95)/10
(100+95)/2 (100+95)/2

@10% DISC
Kp=10 +(100-85)/10 Kp=10(1-0.35) +(100-85)/10
(100+85)/2 (100+85)/2

@10% PREM
Kp=10 +(100-100)/10 Kp=10(1-0.35) +(100-100)/10
(100+100)/2 (100+100)/2
100
10
5
85
 W K WK
EQ 60 0.4 15 6
PREF 40 0.266667 7 1.866667 WACC=SUM(WK)/SUM(W)
DEBT 50 0.333333 5.2 1.733333 WACC=9.6%
150 9.6

Ke=(D1/P0)*100+g

=(4/40)*100+5
=15%

Kp=pd/np*100
=7/100*100
=7%

kd=int(1-t)/np*100
=8(1-0.35)/100*100
5.2