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Course: FRL 301, Spring 2008
School: Cal Poly Pomona
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Word Count: 134

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the Find cost of capital (WACC) of William Tell Computers. The total book value of the firm's equity is \$10 million and book value per share is \$20. The stock sells for a price of \$30 per share, and the cost of equity is 12 percent. The firm's bonds have a book value of \$6 million and sell at a price of \$120 percent of par. The before-tax yield to maturity on the bonds is 8 percent, and the firm's tax rate is 30%....

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the Find cost of capital (WACC) of William Tell Computers. The total book value of the firm's equity is \$10 million and book value per share is \$20. The stock sells for a price of \$30 per share, and the cost of equity is 12 percent. The firm's bonds have a book value of \$6 million and sell at a price of \$120 percent of par. The before-tax yield to maturity on the bonds is 8 percent, and the firm's tax rate is 30%. Use market values to calculate the WACC. Number of common Market stocks value of equity Number of bonds Market price of a bond Market value of debt Market capitalization Weight for equity Weight for debt Cost of equity Cost of debt (after-tax) WACC = = = = = = = = = = = \$10m/\$20 \$30*500,000 \$6m/\$1000 \$1,000*120% \$1,200*6,000 \$15m+\$7.2m \$15m/\$22.2m \$7.2m/\$22.2m = = = = = = = = 500,000 \$15m 6,000 \$1,200 \$7.2m \$22.2m 0.675676 0.324324 12% 8%(1-30%) =5.6% = 9.17% 12%(15/22.2) + 5.6%(7.2/22.2) 10/20/99 C:\classes\301\301.doc
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