K o A B D E F G H T 3 Entrepreneur with zero initial wealth has a project with a market value (MV) of 400. int rate=0.2 4. X(2) Q R S T U v W Assume "PCM" so NO DIFFERENCE BETWEEN DEBT AND EQUITY, also assume no taxes Total Project Payoffs X L M N X(3) X(4) X(5) 120 144 172,8 207,36 t3 t4 t5 (144/1.242) (172.8/1.243 (207.36/1.244) 100 100 100 100 5 r=0.2 COUW t2 (120/1.2) 6 MV of project at t1 equals sum of: 7 400,00 sum= a a) Suppose 400 shares are issued which represent this MV (=market value) What will be the price of 1 share, s(1)= 8 9 Entrepreneur needs 250 TL at ti to implement the project. Rana gives our entrepreneur 250TL 50 50 50 300 250 TL investment in the capital market generates the following payoffs MV of 250 TL invested in the capital market at 20%, in time=1 is equals sum of: 10 and gets a certain number of shares in return 11 (50/1.2) 50/(1.242) 50/(1.243) 300/(1.2014) /() 41,66666667 34,72222222 28,9351852 144,6759259 250,00 sum= b) How many shares does Rana receive? 12 13 14 c) What percentage of the total market value of 400TL is contributed by Rana? 15 16 d) What percentage of the total market value of 400TL is contributed by the entrepreneur? 17 18 e) How many of the 400 shares does the entrepreneur deserve? 19 20 f) What is the value of the project for the entrepreneur? 21 22 23 24 25 26 27 28 29 30 31 32 33 Windows'u Etkinletir Windoeurotrin octor in K o A B D E F G H T 3 Entrepreneur with zero initial wealth has a project with a market value (MV) of 400. int rate=0.2 4. X(2) Q R S T U v W Assume "PCM" so NO DIFFERENCE BETWEEN DEBT AND EQUITY, also assume no taxes Total Project Payoffs X L M N X(3) X(4) X(5) 120 144 172,8 207,36 t3 t4 t5 (144/1.242) (172.8/1.243 (207.36/1.244) 100 100 100 100 5 r=0.2 COUW t2 (120/1.2) 6 MV of project at t1 equals sum of: 7 400,00 sum= a a) Suppose 400 shares are issued which represent this MV (=market value) What will be the price of 1 share, s(1)= 8 9 Entrepreneur needs 250 TL at ti to implement the project. Rana gives our entrepreneur 250TL 50 50 50 300 250 TL investment in the capital market generates the following payoffs MV of 250 TL invested in the capital market at 20%, in time=1 is equals sum of: 10 and gets a certain number of shares in return 11 (50/1.2) 50/(1.242) 50/(1.243) 300/(1.2014) /() 41,66666667 34,72222222 28,9351852 144,6759259 250,00 sum= b) How many shares does Rana receive? 12 13 14 c) What percentage of the total market value of 400TL is contributed by Rana? 15 16 d) What percentage of the total market value of 400TL is contributed by the entrepreneur? 17 18 e) How many of the 400 shares does the entrepreneur deserve? 19 20 f) What is the value of the project for the entrepreneur? 21 22 23 24 25 26 27 28 29 30 31 32 33 Windows'u Etkinletir Windoeurotrin octor in