Chen Chocolate Company's EPS in $2020$ was $$1\mathrm{.}80,$ and in $2015$ it was $$1\mathrm{.}25.$ The

company's payout ratio is $60\%,$ and the stock is currently valued at $$37\mathrm{.}75.$ Flota$-$

tion costs for new equity will be $12\%.$ Net income in $2021$ is expected to be $$20$

million.

The company's investment banker estimates that it could sell $15-$year semiannual

bonds with a coupon rate of $6\mathrm{.}5\%.$ The face value would be $$1,000$ and the flota$-$

tion costs for a bond issue would be $1\%.$ The market$-$value weights of the firm's

debt and equity are $30\%$ and $70\%,$ respectively. The firm faces a $25\%$ tax rate.

a$.$ Based on the five$-$year track record, what is Chen's EPS growth rate? What will

the dividend be in $2021?$

b$.$ Calculate the firm's cost of retained earnings and the cost of new common

equity.

c$.$ Calculate the break$-$point associated with retained earnings.

d$.$ What is the firm's after$-$tax cost of new debt?

e$.$ What is the firm's WACC with retained earnings? With new common equity?

f$.$ Create a scatter chart that shows the firm's marginal WACC as a step func$-$

tion. The $x-$axis should go to at least $$20$ million. Be sure to fully label the

chart, including a data label with leader lines that shows the value of the

break$-$point.

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