In all the company spent $$404\mathrm{.}0$ milion in $2021$ on these initsalises. These initistives required a multi year commitment an the part of the board of Directors as well as the senior management of Canadian Tire$-$As a result, the company plans to spend the same amount in $2022$ on special projects.

The company issued $2\mathrm{.}6$ million bonds, with a face value of $$1,000$ each. The bonds have a coupon rate of $10\mathrm{.}0K,$ were isued of par and are parable semi$-$annually. The bands have a $25$ year msturity and were issued sik years ago. The superior credt ratings beine assotiated with the company have had a positive effect on the Yield$-$to$-$Maturity rates for Canadian Tire's debt. A $$1,000$ Canadian Tire bond has a naminal yield to maturity of $6\mathrm{.}005[$ an effective yield to maturity of $6\mathrm{.}09\%].$

As of December $31,2021$ the authorized capital of Cansdian Tire consisted of $20$ million preferred shares issued and outstanding and $75$ mation common shares issued and outstanding. The outstanding Common Shares wind Preferred Shares of CTC are listed on the Toronto Slock fochange $("$TSX$")$ and are traded under the symbals CTC and CTC$.$a$,$ respectively. Preferred shares traded in a relatively narrow range in $2021$ closing the year at $$80\mathrm{.}81$ per share. Common shares traded in a higher range, closing $2021$ at $$100\mathrm{.}85$ per share.

Canadian Tire has consistently maintained a growth his the common share dividend of $4\%$ per year and they anticipate continuing that trend into the future. The dividend paid at the end of $2021$ was $$5\mathrm{.}721$ per share. The holders of Preferred shares are entisled to receive a preferential non$-$cumulmine dididend at the rate of $$1,00$ every calendar quarter.

Note the following additional information:

Note the following additional information: $1$ Flotation costs for the issuance of new debt would be $4K$ of proceeds. For preferred and common shares flotation costs represent $10\%$ of the issue price.

$2$ Canadian Tire has a coporate tax rate of $30\%.$

$3$ Canadian Tire has a coporate tax rate of $30\%.$

$$160$ millian for $2022.$ The company has a dividend popout ratio of $3125\%.$