CMA和MAT分别是什么？二者 
上海 
北京 
广州 
苏州 
杭州 
南京 
重庆 
武汉 
南昌 
宁波 
温州 
长沙 
西安 
济南 
成都 
福州 
郑州 
重要通知： 
Question：
The FLF Corporation is preparing to evaluate capital expenditure proposals for the coming year. Because the firm employs discounted cash flow methods, the cost of capital for the
firm must be estimated. The following information for FLF Corporation is provided:
The FLF Corporation is preparing to evaluate capital expenditure proposals for the coming year. Because the firm employs discounted cash flow methods, the cost of capital for the
firm must be estimated. The following information for FLF Corporation is provided:
● The market price of common stock is $60 per share.
● The dividend next year is expected to be $3 per share.
● Expected growth in dividends is a constant 10%.
● New bonds can be issued at face value with a 10% coupon rate.
● The current capital structure of 40% long-term debt and 60% equity is considered to be optimal.
● Anticipated earnings to be retained in the coming year are $3 million.
● The firm has a 40% marginal tax rate.
● The dividend next year is expected to be $3 per share.
● Expected growth in dividends is a constant 10%.
● New bonds can be issued at face value with a 10% coupon rate.
● The current capital structure of 40% long-term debt and 60% equity is considered to be optimal.
● Anticipated earnings to be retained in the coming year are $3 million.
● The firm has a 40% marginal tax rate.
The after-tax cost to FLF Corporation of the new bond issue is
A. 14%
B. 6%
C. 10%
D. 4%
Answer（B）：
Answer (A) is incorrect. The after-tax cost will be less than the effective before- tax rate.
Answer (B) is correct. Because the bonds are issued at their face value, the pretax effective rate is 10%. However, interest is deductible for tax purposes, so the government absorbs 40% of the cost, leaving a 6% after-tax cost.
Answer (C) is incorrect. This figure is the before-tax rate.
Answer (D) is incorrect. This figure results from using a 60% tax rate.
CMA中英文智能题库免费使用，史上最全，考试必备：//cma.gaodun.com/tiku/
Martin 高顿CMA认证官 免费 
ima协会 财务总监兼副总裁 免费 
小安 大众财务顾问 免费 
李品 卡特彼勒、大众高级财务顾问 免费 
