Tugas Manajemen Keuangan

Stratejik

Daniel Butarbutar
NRP : 2253010
a. Cost of Debt After tax

$1000 − 𝑁𝑑
𝐼+ 𝑟𝑖 = 𝑟𝑑 × (1 − 𝑇)
𝑟𝑑 = 𝑛
𝑁𝑑 + 1000
2 𝑟𝑖 = 10.8 × (1 − 0.6)
$1000 − 1000 − 20 − 20
1000 × 10% + =6.4
𝑟𝑑 = 10
950 + 1000
2
$1000 − 950
100 +
𝑟𝑑 = 10
950 + 1000
2
105
𝑟𝑑 =
975

𝑟𝑑 = 10.8
Hasil penentuan biaya modal tertimbang perusahaan adalah sbb:

Cost of preferred stock Cost of common stock Cost of new common stock
𝐷𝑝 𝐷1
𝑟𝑠 = 𝑁 𝐷1 𝑟𝑠 = +𝑔
𝑟𝑠 = +𝑔 𝑃𝑜
𝑝
𝑃𝑜 11
11 = (80−4−4) + 6%
𝑟𝑠 =
(100−4) 11 =14.3
+ 6%
=11.4 80

=13.5

Sehingga hasil perhitungan Weighted Average Cost of Capital (WACC) adalah :

Source of Capital Cost of Capital Weight WACC
(Cost of Capital x Wight)
Cost of Debt after tax 6.4 0.40 2.5
Preferred Stock 11.4 0.15 1.8
Common Stock 13.5 0.45 6.1
Total 10.4