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Question 4 (25 marks) (a) Issie has just taken out a loan that she needs to pay off 30 months from now with a single payment. Issie plans to make two equal deposits of $150,000 each into a return-guaranteed investment account that will ensure her to have the exact amount to pay off the loan. The first deposit will be made today while the second payment 18 months from now. The account earns a semi-annual interest rate of 6%. (i) What is the size of the loan that Issie has taken? (3 marks) (ii) Calculate the total amount of interests that Issie has paid for the loan. (4 marks) (iii) Continued from part (i). Now suppose the loan repayment arrangement allows Issie to pay off the loan by semi-annual instalments (instead of a single payment in 18 months). Determine the size of the payments if the first payment is to be made today (i.e., at the beginning of each 6-month period). (4 marks) (b) Ms. Diden, an analyst in the treasury department of Ursula Inc., is updating the firm's cost of capital. The firm's current capital structure, considered optimal from a firm-value maximization perspective, is as follows: Debt Preferred stock Common equity Market Value $35 billion $15 billion $50 billion Given the current financial and economic conditions of the firm and the market, financing costs of various securities are summarized as follows: 1) Debt can be issued at an YTM of 12%. 2) Preferred stock with a $100 par and a dividend rate of 9 percent can be sold at $97 per share. 3) Common stock has a beta of 1.3. Ursula's tax rate is 35%. The risk-free rate is 5% and market risk premium (RPM) = 5%. (i) Calculate the after-tax cost of debt, cost of preferred stock and cost of equity of Ursula Inc. (7 marks) (ii) Calculate the cost of capital of Ursula Inc.? (4 marks) (iii) Ursula is considering investing in a new project based on the NPV decision rule. If the new project is assessed to be carrying the same risk as the average risk of the firm's existing projects, what would happen to the estimated NPV value and hence the firm's value if Ursula's WACC is used as the project's cost of capital? Explain. (3 marks) End of Paper 5