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Chapter 10 2. Midland Oil has $1,000 par value bonds outstanding at 8 percent interest. The bonds will mature in 25 years. Compute the current price of the bonds if the present yield to maturity is: a. 6 percent. b. 9 percent. c. 13 percent. 3. Exodus Limousine Company has $1,000 par value bonds outstanding at 10 per-cent interest. The bonds will mature in 50 years. Compute the current price of the bonds if the percent yield to maturity is: a. 5 percent. b. 15 percent. 6. Kilgore Natural Gas has a $1,000 par value bond outstanding that pays 9 percent annual interest. The current yield to maturity on such bonds in the market is 12 percent. Compute the price of the bonds for these maturity dates: a. 30 years. b. 15 years. c. 1 year. 23. The preferred stock of Denver Savings and Loan pays an annual dividend of $5.70. It has a required rate of return of 6 percent. Compute the price of the preferred stock. 27. Stagnant Iron and Steel currently pays a $12.25 annual cash dividend ( D 0 ). They plan to maintain the dividend at this level for the foreseeable future as no future growth is anticipated. If the required rate of return by common stock-holders ( K e ) is 18 percent, what is the price of the common stock? 28. BioScience Inc. will pay a common stock dividend of $3.20 at the end of the year ( D 1 ). The required return on common stock ( K e ) is 14 percent. The firm has a constant growth rate ( g ) of 9 percent. Compute the current price of the stock ( P 0 ). Midland Oil a. 7 percent yield to maturity Present Value of Interest Payments PVA = A PVIFA (n = 25, i = 7%) PVA = $80 11.654 = $932.32 Appendix D Present Value of Principal Payment at Maturity PV = FV PVIF (n = 25, i = 7%) PV = $1,000 .184 = $184 Appendix B Total Present Value Present Value of Interest Payments Present Value of Principal Payments Total Present Value or Price of the Bond b. 10 percent yield to maturity PVA = A PVIFA (n = 25, i = 10%) PVA = $80 9.077 = $726.16 PV = FV PVIF (n = 25, i = 10%) PV = $1,000 .092 = $92 $ 932.32 184.00 $1,116.32 Appendix D Appendix B $726.16 92.00 $818.16 Midland Oil a. 7 percent yield to maturity Present Value of Interest Payments PVA = A PVIFA (n = 25, i = 7%) PVA = $80 11.654 = $932.32 Appendix D Present Value of Principal Payment at Maturity PV = FV PVIF (n = 25, i = 7%) PV = $1,000 .184 = $184 Appendix B Total Present Value Present Value of Interest Payments Present Value of Principal Payments Total Present Value or Price of the Bond b. 10 percent yield to maturity PVA = A PVIFA (n = 25, i = 10%) PVA = $80 9.077 = $726.16 PV = FV PVIF (n = 25, i = 10%) PV = $1,000 .092 = $92 $ 932.32 184.00 $1,116.32 Appendix D Appendix B $726.16 92.00 $818.16 Midland Oil a. 7 percent yield to maturity Present Value of Interest Payments PVA = A PVIFA (n = 25, i = 7%) PVA = $80 11.654 = $932.32 Appendix D Present Value of Principal Payment at Maturity PV = FV PVIF (n = 25, i = 7%) PV = $1,000 .184 = $184 Appendix B Total Present Value Present Value of Interest Payments Present Value of Principal Payments Total Present Value or Price of the Bond b. 10 percent yield to maturity PVA = A PVIFA (n = 25, i = 10%) PVA = $80 9.077 = $726.16 PV = FV PVIF (n = 25, i = 10%) PV = $1,000 .092 = $92 $ 932.32 184.00 $1,116.32 Appendix D Appendix B $726.16 92.00 $818.16 Midland Oil a. 7 percent yield to maturity Present Value of Interest Payments PVA = A PVIFA (n = 25, i = 7%) PVA = $80 11.654 = $932.32 Appendix D Present Value of Principal Payment at Maturity PV = FV PVIF (n = 25, i = 7%) PV = $1,000 .184 = $184 Appendix B Total Present Value Present Value of Interest Payments Present Value of Principal Payments Total Present Value or Price of the Bond b. 10 percent yield to maturity PVA = A PVIFA (n = 25, i = 10%) PVA = $80 9.077 = $726.16 PV = FV PVIF (n = 25, i = 10%) PV = $1,000 .092 = $92 $ 932.32 184.00 $1,116.32 Appendix D Appendix B $726.16 92.00 $818.16