By Fred R. Kaen
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Suppose that common stocks with the same risk as this investment offer a 10 percent expected return. Would you construct the motel? Why or why not? 4. Calculate the NPV and rate of return for each of the following investments. The opportunity cost of capital is 20 percent for all four investments. com/bm7e 7. 1. Suppose the interest rate is 20 percent. What would the ant (A) and grasshopper (G) do? Would they invest in the office building? Would they borrow or lend? Suppose each starts with $100.
13. We said that maximizing value makes sense only if we assume well-functioning capital markets. What does “well-functioning” mean? Can you think of circumstances in which maximizing value would not be in all shareholders’ interests? 14. Why is a reputation for honesty and fair business practice important to the financial value of the corporation? CHALLENGE QUESTIONS 2. 2, the sloping line represents the opportunities for investment in the capital market and the solid curved line represents the opportunities for investment in plant and machinery.
The only general procedure for calculating the yield to maturity is trial and error, but spreadsheet programs or specially programmed electronic calculators will usually do the trick. 1, where we allowed r1, the rate of return offered by the capital market on one-year investments, to differ from r2, the rate of return offered on two-year investments. Then we finessed this problem by assuming that r1 was the same as r2. In valuing our Treasury bond, we again assume that investors use the same rate to discount cash flows occurring in different years.