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Question 24 Burgess, a U. S.- based MNC, has receivables of EUR 10,000 in 30 days. Spot EURUSD equals 1.23. The firm's economist forecasts that the EURUSD could end the period with a value of either 1.2000 (probability of 45 percent) or 1.2750 (55 percent). The firm is concerned about the resulting currency risk. It has also assessed some hedging alternatives. Forward contracts of 30- day EURUSD are traded at 1.2250. The 30- day interest rates (actual/ 360) in the United States and Europe are 2 percent and 2.5 percent, respectively. Put options with 30- day expiration and a strike price of USD 1.2250 are available for a premium of USD 0.015. What is the expected cash flow (and the corresponding standard deviation) if company uses forward hedge? (use $x,xxx and $x,xxx) Question 25 Jason Pharmaceuticals sources materials from a British affiliate and is to make a payment of GBP 500,000 in three months. You are requested to consider the following (equally likely) values of GBP in three months: 1.50, 1.55, 1.60,1.65. What is the expected cost and Standard Deviation of the payables? (use $x,xxx and $x,xxx) Question 26 A Japanese electronics firm purchases capital equipment from a U. S. firm for USD 25,000. Payment is due in 120 days. Spot USDJPY equals 115. The Japanese firm fears that the USD will strengthen in the near future and wishes to insure against this by purchasing USD call options with a strike price of JPY 115. The premium is JPY 2.5. Analysts' forecasts of USD calls for a USDJPY rate of either 110 or 120 in 120 days. Assume equal probability. Use a JPY TIBOR rate of 1.8 percent (actual/ 360) to factor in the financing cost of options in your calculations. What is the net cost in JPY if the USDJPY is 110 at expiration? Question 27 Schwarz, a German firm, is considering a four- year project in China that requires an investment (capital expenditure) of EUR 600,000. The following additional information is presented: R t = CNY 1,750,000 x 1.15 t -1 (i. e., annual growth rate of revenue is 15 percent) Direct expenses are 25 percent of revenues. Fixed expenses are CNY 250,000 annually. Net working capital for each year equals 25 percent of revenues for the following year. Taxes are 32 percent. Assume straight- line depreciation for tax purposes. After- tax salvage value is CNY 4 million. Spot EURCNY equals 7.0. Assume that interest rates in Europe and China are 1.5 percent and 6 percent, respectively, and annual compounding. Making appropriate assumptions, what is the EUR cash flows in year 2? Question 28 A project in Hong Kong costs Hong Kong dollar (HKD) 200,000 and produces cash flows of HKD 75,000 per year for five years. Gruner, a Swiss firm using the Swiss franc (CHF), is interested in adopting this project. If this had been a domestic project, the discount rate would have been 11 percent. Forecasts of inflation rates over the next five years indicate inflation of 1.2 percent in Switzerland and 4 percent in Hong Kong. Spot CHFHKD is 8.0. Making appropriate assumptions and using data given in the problem, estimate CHF cash flows, and calculate the project NPV in CHF. Question 29 Financing Subsidy. Needles Corporation, a Dutch MNC, is considering a project in the United States. The initial investment is EUR 25,000. The firm raises 75 percent of this funding in the United States through its subsidiary. This funding is through a term loan at a cost of 6 percent. Needles uses a cost of capital of 12 percent to discount the cash flows of its projects in the United States. This is a four- year project with annual revenues of USD 24,000. Direct expenses are 25 percent, and fixed expenses excluding depreciation are USD 3,000 annually. The spot rate EURUSD equals 1.10. U. S. taxes are 32 percent. You have additional information that the local financing was obtained at a cost of 6 percent because of certain governmental guarantee programs; otherwise, the interest cost would have been 8.5 percent. What is the NPV of the project to the parent? Question 30 Xomo, a U. S.- based firm, is proposing a project in a developing country. The project's aftertax cash flows in the foreign currency are as follows: Year After- Tax Cash Flows 1 250 2 350 3 450 The initial investment in the project is USD 1,100. The spot rate for the foreign currency is USD 1.60. The appropriate discount rate for foreign currency cash flows is 18 percent. Assume that the foreign government forces the firm to place all cash flows in a bank account earning 3 percent until the end of the project. What is the NPV of the project to the subsidiary? Question 31 The Randall Corporation, a U.S.- based firm, has 350 million shares outstanding. These shares trade on the NYSE, and their most recent market price was USD 13.75. Analysts report that the beta of Randall's equity relative to the world index is 1.1. The firm also has 20- year 5 percent annual coupon debt outstanding with a par value of USD 4 billion. This debt is privately placed. Analysts use other publicly traded debt as benchmarks to determine that the yield on Randall's debt is 5.4 percent. Randall's tax rate is 35 percent. Consider the following additional information. The risk- free rate is 3 percent, and the expected USD- denominated return on the world index is 9.5 percent. What is the WACC (USD)? Format x.xx% Question 32 The Hua Xia Corporation, a Chinese mineral extraction firm, wishes to make a Eurobond issue. The terms of the issue are as follows: par value of USD 150 million, annual coupon of 4.5 percent, maturity of 15 years, and offer price of 101 percent. If analysts expect the USD to depreciate against the Chinese yuan (CNY) by 3 percent annually in the foreseeable future, estimate: cost of debt (USD). Format x.xx% Question 33 An MNC obtains a one- year bank loan from Mitsubishi Bank. The loan amount is JPY 200 million, and the MNC is required to provide a compensating balance of 10 percent. If the interest rate is 5 percent, calculate the cost of the loan. Format x.xx% Question 34 The CFO of a Canadian trucking firm obtains the following quote by telephone from a U.S. banker for a 120- day loan: LIBOR +60 basis points for USD 5 million. The reference LIBOR rate is at 2.7 percent on the day of the offer. Calculate the (effective) annualized cost of the loan. Format x.xx% Question 35 Hewlett Packard (HP), a U. S. firm, is considering the purchase of a German IT services firm to boost its service revenues in the Continent. The purchase price is expected to be EUR 1.7 billion. A six- year horizon analysis indicates that stand- alone annual after- tax cash flows of EUR 0.25 billion are subject to synergies of 20 percent, and the after- tax terminal value of EUR 1.4 billion is subject to a synergy of 15 percent. The WACC of the U. S. firm is 9 percent. EURUSD equals 1.10. Assume that interest rates in EUR and USD are 3 percent and 2 percent, respectively (annual compounding). What is the stand- alone value of the German firm? Question 36 Elf Aquitaine, a French integrated oil company, wishes to expand its scope by acquiring the U. S. oil services firm Bushwhacker (NASDAQ: BUSH). The target is an all- equity firm with 250 million shares outstanding; the most recent closing price was USD 19.73. Elf estimates a stand- alone intrinsic value of USD 24.25 a share and potential synergies of USD 4.00 a share. Most mergers are consummated when an acquirer pays a 25 percent premium that helps induce target shareholders to tender their shares. Also, a merger such as this one usually incurs transaction costs of USD 150 million. These costs include investment banker fees as well as costs incurred by Elf to internally pursue the merger transaction. Elf also estimates an integration cost of USD 120 million. Based on what is Bushwhacker worth to Elf and how much it would cost, what is the NPV of the transaction? Question 37 Based on the following table. What is the average annualized forward premium/discount for the GBP if you use the 3M forward contract (Format for answer: X.XX% or -X.XX%) Question 38 Carl is an option buyer. In anticipation of an appreciation of the British pound from its current level of $1.50, he has bought a call option with an exercise price of $1.51 and a premium of $.02. If the spot rate at the option's maturity turns out to be $1.54, what is Carl's profit or loss per unit? (Format for answer: $X.XX or -$X.XX) Question 39 Assume that a speculator purchases a put option on British pounds (with a strike price of $1.50) for $.05 per unit. A pound option represents 31,250 units. Assume that at the time of the purchase, the spot rate of the pound is $1.51 and continually rises to $1.62 by the expiration date. The profit for the speculator based on the information above is: (Format for answer: $X,XXX.XX or -$X,XXX.XX) Question 40 Paul sold 3 JUN 10 futures contracts on the Swiss Franc on May 14th . He closed his position on May 21st . What was his profit/loss on the transaction? Ignore transaction costs. (Format for answer: $X,XXX.XX or -$X,XXX.XX) Question 42 Suppose that the annual interest rate is 5.0 percent in the United States and 3.5 percent in Germany, and that the spot exchange rate is $1.12/ and the forward exchange rate, with one-year maturity, is $1.16/. Assume that an arbitrager can borrow up to $1,000,000. If an astute trader finds an arbitrage, what is the net cash flow in one year? Question 43 XYZ Corporation, located in the United States, has an accounts payable obligation of 750 million payable in one year to a bank in Tokyo. The current spot rate is 116/$1.00 and the one year forward rate is 109/$1.00. The annual interest rate is 3 percent in Japan and 6 percent in the United States. XYZ can also buy a one-year call option on yen at the strike price of $0.0086 per yen for a premium of 0.012 cent per yen. Assume that the forward rate is the best predictor of the future spot rate. The future dollar cost of meeting this obligation using the option hedge is Question 44 The spot rate of British pound is quoted at $1.4900. The 90-day forward rate exhibits an 2% discount on an annual basis. What is the 90-day forward rate of the pound? (Format for answer: $X.XXXXX) 0.5 points