Estimate the most current Weighted Average Cost of Capital of FISERV INC (ticker: FISV). Use CAPM to estimate the cost of equity. Assume that the capital structure (the market debt-to- equity ratio) observed as of the most recent annual financial statements remains in place forever for the company. Also assume that the market risk premium is 5% and that the marginal tax rate is 21%.

Suggested sources of the data: 1. SECs Edgar database for financial statements and annual report 2. Stock returns from CRSP database to calculate the beta (an Excel file with the data is available on Canvas. Column B is the date of the end of the observation month, J is monthly returns on Fiservs stock, L is CRSP value-weighted index, N is S&P 500 index returns). 3. FINRAs TRACE database for public bond yields and prices 4. U.S. Treasurys web-site for T-bond rates 5. Yahoos finance web-site, NASDAQ.com, or NYSE.com for the most current stock price

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FLAVINC CSS FESERVIC FISEAVINO HIS INC TESERVIC FEEDIVING 7370 3977325 FISERY INC 7320 3317 FISERY IN 737377385 FONY IN 75 1137Ass FEROV INC 722 11 TARAN FESERVIC FOSERVIS HERVIS FISERVIC AS FISERVICE FISERV IN FISERING 2 TES INC FESTVIC 732011 ans FECAV INC 7370 377385 FISERY IN 13/033/5 SERVING 73/197XPS SLAVINE FESERVIC 727030774AN FORVI FISERV IN 737 1320 FSV IN TESTIC 7370 FSV 7370 377385 FISERVINO 7370 3977329 FISERVIN FESOV INC 722 111 TARAS FERVIC FESOV INC FISERV IN : PLIVNO Net Date Sundard Incari Contonade 1016 1/26/2010 10996 2/26/2010 10596331/2010 10536 4902510 210 1000 10246 E3910 1l (1y321 I 1019 1053 8/91/2010 902910 10116 10.25 12.2010 10596 11102910 102C 10596 12/31/2010 10916 1/31/2011 10916 236/2011 . 10910 9112911 1er 10536412011 Se wwe we 10526 Sweet 90/2011 7/30/2011 10996 191/2011 10996 02911 1092 1991/2013 10016 11/30/2011 1016 12/2011 10596 1/21/2012 10536 2/25/2012 1056390212 10296 10/2013 10996 V11/2013 10936 102 2/91/2012 1091011/2012 1096 93/2013 10996 1031/2012 10996 11,90/2012 101 10916 12/11/2012 10916 1/11/2013 19996 213, 2011 10536 2018 we 10:36 4/20/2013 105 91/2013 109602112911 1099 7/71/2012 10836 9N2013 1053 w 10916 191/2013 www 10996 11/29/2013 10996 12/21/2013 10536 1/31/2014 10916 27,2014 10006 11/2014 10946 10/2014 2012024 10626 by92024 1093 7791/2014 10146 39/2014 ... 10996902914 10996 1011/2014 10015 11/21/2014 1016 12/11/2014 L T007/67/9 ASHESJEF OVE ASHESSEQUE ASHESSE OUES Poradea Ara volna Satura Share On Wagtoed Matum-rel duide We - Equatre Hatum. dviderth Saturn on the Pines 7130 15.04.2012 202151 2170057045 -DL.DIDO 7370 45.299 234331 0.020881843 252320 00347535 0.08380333 002251389 7370 50.25 332497 0.052593525 252600 0.06268319 0.06820924 0.05279637 7320 51.23000102 3.2008 0.002280250 352600 0.26784349 0.01475953 17.54500224 521137 07001721 15261 -0.07 -A.DPR2007 ! 7239 45. 55 -DOSLANS -ODEON11 2017 C00301 15910 DAMAN 441345 2n . 6171 7390 2012 -0.00013 29.101 -0.04238032 JI - -isa -0.04444910 7390 224667 076254234 2011 01.035 0.0935511 54.520000 CUL11 OGRESS D. D405114 GUES 55.29556 34559 0.014306554 16721 009512149 001073595 0002290983 7370 27198 05451214 Dr 006721339 0.06835360 005520002 73D 29 eur WWW. LALETA 03514015557 01.77300X40 . .... 341 GI22:45 0.01445135 7130 01.275004S . ETA - 0.07.2010 7130 *** 5417 0.00114951 DORM 244 al - 0104772 7370 61.3.000132 235206 0.022481354 243611 . ... 0.01920254 0.0260129 0.02945535 2320 200917 02419 64.2004 243611 -0.0340575. -0.0184349 0.0123 7310 02.01 . Sewer -0.034524 JAN -U.BLUSE GAMES . 20301 war. - 11 W 7200 -202174 ------ 2911011 55.1300013 11 - 507 230281099632297 1 -509560997 -0100914 000 7001 7330 2G 0.1314 9430 0.3142143 U 10/0313 7330 2016 GSM 25.05.2009547 D.SORTES 2.000 -DL.DD5491 REG 7.13D SEMBOLGE .21 3491 GORE COCITIES 162041 007065023 0.05413952 0035342 004356302 7370 66.33000305 172744 00502317 2258 0.0412525 0.08629354 0.04056 2310 154597 0,045606225 0.02405032 0.00126 0.0333258 7130 20.29 141:51 09107 3114 GOOGAZ -0.000100114 -074197 GT4001 LASEI MACER 1104 -DOSTAGE - 1170 MENEZ 7320 72.22000122 1204 CM2206614 29560 0.0541873 0.0335542 7370 70.220723 142070 2:520907 2996/ -U.Bewust C.U.2301 737D 21.3007 2995 ULD2439 GULSNESS 7230 71.49 110 DOMK22 02292516 7370 17631011211696 131473 -504 - 1216 7370 76.995.as 119534 0.025453076 133473 ) 0.000790335 0002946703 7:12 20.02502121 30 190044 02249213 31140 999 DL10137394 7130 199171 CA CALDI. 31140 aw 7.130 1901 0624911 11110 7370 ora 1.2152 87.4500005 w - 0.014.666 0.0355878 W! 91...000US 2310 120016 0.23500669 Tulbs 0.034120 ws - CO2477211 G.ULCES 27.- UUS 1994 415414 299103 DG1549 01228 ATAM m2 is 11110 -DATE - 121197 2014021 96 29:07 1930 99876 20 96250951 12533 M0911703 13500 -DAY -0017278 2017 -0031 TEORI 7330 9 200.000 151000043 ... 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CUDVICODE LEECTIU WIEK Dar WTORE CHEZ CS Priem free ON TAPL re- SECO TSASZETID 9001 WESVI 8 VICII 90 U- 125.000 - 119LVD OLEL W ASUILLE OLEZ ASHESHE ONE ASUICI GUEZ ASURELLE 2 FEDERAS SEGUEVAS WCB MERETROOD DOD0000 12. EESTD OLEL EBESEBB 29 WHF Cup Tibor Sybel Company Neard Istri Clasan Dede 7170 117 FEROVIC FISERING 7370 393731 FISERV IN. FISEAVIN 7170 FESAVINE FESERVICE FISERVIC 7310 31 SAHSY F HSRVIC 737 173 FI VIC TISZTVINC 7370 397732 FISERVINO 737033373AN w FISERVIN TEV 4999 FEROVIC 7279 1117 FEAVING we de FISERV IN ra FSHI ***** HV IN . FLAVINC CSS FESERVIC FISEAVINO HIS INC TESERVIC FEEDIVING 7370 3977325 FISERY INC 7320 3317 FISERY IN 737377385 FONY IN 75 1137Ass FEROV INC 722 11 TARAN FESERVIC FOSERVIS HERVIS FISERVIC AS FISERVICE FISERV IN FISERING 2 TES INC FESTVIC 732011 ans FECAV INC 7370 377385 FISERY IN 13/033/5 SERVING 73/197XPS SLAVINE FESERVIC 727030774AN FORVI FISERV IN 737 1320 FSV IN TESTIC 7370 FSV 7370 377385 FISERVINO 7370 3977329 FISERVIN FESOV INC 722 111 TARAS FERVIC FESOV INC FISERV IN : PLIVNO Net Date Sundard Incari Contonade 1016 1/26/2010 10996 2/26/2010 10596331/2010 10536 4902510 210 1000 10246 E3910 1l (1y321 I 1019 1053 8/91/2010 902910 10116 10.25 12.2010 10596 11102910 102C 10596 12/31/2010 10916 1/31/2011 10916 236/2011 . 10910 9112911 1er 10536412011 Se wwe we 10526 Sweet 90/2011 7/30/2011 10996 191/2011 10996 02911 1092 1991/2013 10016 11/30/2011 1016 12/2011 10596 1/21/2012 10536 2/25/2012 1056390212 10296 10/2013 10996 V11/2013 10936 102 2/91/2012 1091011/2012 1096 93/2013 10996 1031/2012 10996 11,90/2012 101 10916 12/11/2012 10916 1/11/2013 19996 213, 2011 10536 2018 we 10:36 4/20/2013 105 91/2013 109602112911 1099 7/71/2012 10836 9N2013 1053 w 10916 191/2013 www 10996 11/29/2013 10996 12/21/2013 10536 1/31/2014 10916 27,2014 10006 11/2014 10946 10/2014 2012024 10626 by92024 1093 7791/2014 10146 39/2014 ... 10996902914 10996 1011/2014 10015 11/21/2014 1016 12/11/2014 L T007/67/9 ASHESJEF OVE ASHESSEQUE ASHESSE OUES Poradea Ara volna Satura Share On Wagtoed Matum-rel duide We - Equatre Hatum. dviderth Saturn on the Pines 7130 15.04.2012 202151 2170057045 -DL.DIDO 7370 45.299 234331 0.020881843 252320 00347535 0.08380333 002251389 7370 50.25 332497 0.052593525 252600 0.06268319 0.06820924 0.05279637 7320 51.23000102 3.2008 0.002280250 352600 0.26784349 0.01475953 17.54500224 521137 07001721 15261 -0.07 -A.DPR2007 ! 7239 45. 55 -DOSLANS -ODEON11 2017 C00301 15910 DAMAN 441345 2n . 6171 7390 2012 -0.00013 29.101 -0.04238032 JI - -isa -0.04444910 7390 224667 076254234 2011 01.035 0.0935511 54.520000 CUL11 OGRESS D. D405114 GUES 55.29556 34559 0.014306554 16721 009512149 001073595 0002290983 7370 27198 05451214 Dr 006721339 0.06835360 005520002 73D 29 eur WWW. LALETA 03514015557 01.77300X40 . .... 341 GI22:45 0.01445135 7130 01.275004S . ETA - 0.07.2010 7130 *** 5417 0.00114951 DORM 244 al - 0104772 7370 61.3.000132 235206 0.022481354 243611 . ... 0.01920254 0.0260129 0.02945535 2320 200917 02419 64.2004 243611 -0.0340575. -0.0184349 0.0123 7310 02.01 . Sewer -0.034524 JAN -U.BLUSE GAMES . 20301 war. - 11 W 7200 -202174 ------ 2911011 55.1300013 11 - 507 230281099632297 1 -509560997 -0100914 000 7001 7330 2G 0.1314 9430 0.3142143 U 10/0313 7330 2016 GSM 25.05.2009547 D.SORTES 2.000 -DL.DD5491 REG 7.13D SEMBOLGE .21 3491 GORE COCITIES 162041 007065023 0.05413952 0035342 004356302 7370 66.33000305 172744 00502317 2258 0.0412525 0.08629354 0.04056 2310 154597 0,045606225 0.02405032 0.00126 0.0333258 7130 20.29 141:51 09107 3114 GOOGAZ -0.000100114 -074197 GT4001 LASEI MACER 1104 -DOSTAGE - 1170 MENEZ 7320 72.22000122 1204 CM2206614 29560 0.0541873 0.0335542 7370 70.220723 142070 2:520907 2996/ -U.Bewust C.U.2301 737D 21.3007 2995 ULD2439 GULSNESS 7230 71.49 110 DOMK22 02292516 7370 17631011211696 131473 -504 - 1216 7370 76.995.as 119534 0.025453076 133473 ) 0.000790335 0002946703 7:12 20.02502121 30 190044 02249213 31140 999 DL10137394 7130 199171 CA CALDI. 31140 aw 7.130 1901 0624911 11110 7370 ora 1.2152 87.4500005 w - 0.014.666 0.0355878 W! 91...000US 2310 120016 0.23500669 Tulbs 0.034120 ws - CO2477211 G.ULCES 27.- UUS 1994 415414 299103 DG1549 01228 ATAM m2 is 11110 -DATE - 121197 2014021 96 29:07 1930 99876 20 96250951 12533 M0911703 13500 -DAY -0017278 2017 -0031 TEORI 7330 9 200.000 151000043 ... 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