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Cost of Debt before Taxes

FV $ 1,000.00 $ 929.73 Annual coupon


PV $ (929.73) 20 yrs
PMT $ 120.00
N 20
I 13%
Cost of debt after taxes
8%
Cost of Preferred Stock $ 20,000,000.00
1447% Kds
Common Equity $ 80,000,000.00 Common Divs
Cost of Equity 11% T-bond/risk free 3%
CAPM 12.00% Retained Earnings av
Discounted CF 89%
New Common Stock-Cost of Equity 87%
Debt $ 100,000,000.00
WACC 8.14%
Project Outlay
12% A $ 5,000,000.00
240 mths B $ 5,000,000.00
35% Corp. tax rate C $ 8,000,000.00
D $ 12,000,000.00
E $ 12,000,000.00

Dividends $ 3.40 Stock Price $ 40.00

$ 3.75 $ 5.00 Common stock price


Expect market return 9%
51% Common Stock Float 11%
IRR Project acceptance order
11.0% 4
18.0% 1
16.0% 2
10.5% 5
12.0% 3

Float 15% Stock Price after float deduct 23.5%


After Float is deducted $ 39.77
$ 63.00 Growth 0.75
Beta 1.5 expected divs $ 8.75
$ 3.75