UNIVERSITAS MERDEKA MALANG

PROGRAM PASCA SARJANA

UJIAN TENGAH SEMESTER
MEI 2021

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Mata Kuliah : Manajemen Keuangan

Dosen : Dr. Nanik Sisharini,MM

I. Soal Wajib Dikerjakan

1. a. Market risk is that part of a security’s stand-alone risk that cannot be eliminated by
diversification. Why?
b. By forming well-diversified portfolios, investors can eliminate about half the risk
of owning a single stock. Why?

2. a. Markets are rational to a large extent, but at time they are also subject to irrational
behavior. Give an example to explain that statement.
b. Differences between actual prices and intrinsic values of stock provide wonderful
opportunities for those able to capitalize on them. Why?

II. Kerjakan 2 soal saja, pilih 1 soal untuk soal A dan pilih 1 soal untuk soal B

Soal A :

1. Pompeii’s Pizza has a delivery car that it uses for pizza deliveries. The transmission
needs to be replaced and there are several other repairs that need to be done. The car
is nearing the end of its life, so the options are to either overhaul the car or replace it
with a new car. Pompeii’s has put together the following budgetary items:

Present Car ($) New Car ($)

Purchase cost new 31,000
Transmission and other repairs 8,500
Annual cash operating cost 12,500 10,000
Fair market value now 5,000
Fair market value in five years 500 5,000

If Pompeii’s replaces the transmission of the pizza delivery vehicle, they expect to be
able to use the vehicle for another 5years. If they sell the old vehicle and purchase a
new vehicle, they will use that vehicle for 5 years and then trade it in for another new
pizza delivery vehicle. If they trade for the new delivery vehicle, their operating
expenses will decrease because the new vehicle is more gas efficient and the
maintenance on a new car is less. This project is analyzed using a discount rate of
12%. What should Pompeii’s do?
 2. Pitt Company is considering two alternative investments. The company requires a
12% return from its investments. Neither option has a salvage value.

Project X ($) Project Y ($)

Initial Investment 180,000 118,000
Net cash flows anticipated :
Year 1 82,000 35,000
Year 2 59,000 55,000
Year 3 92,000 72,000
Year 4 81,000 68,000
Year 5 76,000 27,000

Compute the IRR for both projects and recommend one of them.

Soal B :

1. Martin Enterprise has compiled the following information about its capital structure
and estimated costs of new financing:
Source of Capital Book Value Market Value After-tax cost
($) ($) (%)
Long-term debt 2,000,000 1,800,000 7
Preferred Stock 500,000 600,000 12
Common Equity 1,500,000 3,600,000 16

The company expects to have a significant amount of retained earnings available and
does not expect to sell any additional common stock.
a. What is the firm's WACC, using book value weights?
b. What is the firm's WACC, using market value weights?

2. Gaggle Internet, Inc. is evaluating its cost of capital under alternative financing
arrangements. In consultation with investment bankers, Gaggle expects to be able to
issue new debt at par with a coupon rate of 8% and to issue new preferred stock with a
RM2.50 per share dividend at RM25 a share. The common stock of Gaggle is
currently selling for RM20.00 a share. Gaggle expects to pay a dividend of RM1.50
per share next year. Market analysts foresee a growth in dividends in Invest stock at a
rate of 5% per year. Gaggle' marginal tax rate is 35%.
a. If Gaggle raises capital using 45% debt, 5% preferred stock, and 50% common
stock, what is Gaggle's cost of capital?
b. If Gaggle raises capital using 30% debt, 5% preferred stock, and 65% common
stock, what is Gaggle’s cost of capital?

Note :

1. Jawaban harus ditulis tangan dan diupload dlm bentuk PDF

2. Nama File : Nama_NIM
3. Batas Akhir Upload Jawaban : Minggu, 9 Mei 2021 Jam 12 Siang