两个投资项目(项目A和项目B)的相关数据如下表所示，且两项目的必要回报率均为14%。试根据这些条件解答问题。

项目A和项目B的相关数据
	项目A	项目B
初始成本 年限 现金流	2800万美元 2 1800万美元/年	5500万美元 3 2500万美元/年

Oriency Company is considering a project that requires $56 million cash outlay and is expected to produce cash flow of $15 million per year for the next three years. Oriency’s tax rate is 35%, and the before-tax cost of debt is 6%. The current share price of Oriency’s stock is $27 and the expected dividend next year is $1.8 per share. Oriency’s expected growth rate is 2%. Assume that Oriency finances the project with 70% equity and 30% debt, and the flotation cost for equity is 3%. The appropriate discount rate is the weighted average cost of capital (WACC). Which of the following choices is closest to the dollar amount of the flotation costs and the NPV for project dollar amount of the flotation costs NPV for project ① $1176000 $2003910 ② $1176000 $3435268 ③ $1680000 $3435268

单项选择题Deconal Corporation has assets on its balance sheet of $200 million that are financed with 60% equity and 40% debt. The executive management team at Deconal is considering a major expansion that would require raising additional capital. David, the CFO of Deconal, has put together the following schedule for the costs of equity and debt: amount of new equity(in millions)cost of equityamount of new debt(in millions)after-tax cost of debt0～99100～179180～2997.2%7.5%8.0%0～4950～99100～1993.4%4.0%4. 6%In a presentation to Deconal’s Board of Directors, David makes the following statements: Statement A: If we maintain our target capital structure of 60% equity and 40% debt, the break point at which our cost of equity will increase to 7.5% is $280 million in new capital. Statement B: If we want to finance total assets of $600 million, our marginal cost of capital will increase to 6.64%. Are David’s statements correct or incorrect Statement A Statement B ① correct incorrect ② incorrect correct ③ incorrect incorrect

单项选择题Ellison is an analyst of KM&G, a major U. S. based investment bank. Ellison is considering opening new stores in Brazil and wants to estimate its cost of equity capital for this investment. Ellison has found that: ●The yield on a Brazilian government 10-year U.S. dollar-denominated bond is 8%. ●A 10-year U.S. Treasury bond has a yield of 5%. ●The annualized standard deviation of the Sao Paulo Bovespa stock index in the most recent year is 43%. ●The annualized standard deviation of Brazil’s 10-year U.S. dollar-denominated bond in the most recent year is 27%. ●The appropriate beta to be used for the project is 1.2. ●The market risk premium is 7%. ●The risk-free interest is 3%. Which of the following choices is closest to the appropriate country risk premium and the cost of equity that Ellison should use in his analysis country risk premium cost of equity for project ① 4. 8% 17.2% ② 4. 8% 23.3% ③ 7.6% 23.3%