Maple Ltd.s current capital structure consists of a $15 million face-value bond issue, two million preferred shares, and three million common shares outstanding. The bond issue carries a coupon rate of 10% with interest paid semi-annually and it matures in six years. The preferred shares carry a stated dividend of $1.60 per share, and the required rate of return on these shares is 7%. Finally, the common shares paid a dividend of $2.70 per share last year, and investment analysts believe that the dividends will grow at an average annual rate of 5% for the foreseeable future. Investors have a required rate of return of 21% on these shares. a) Calculate the current market value of the bond issue if it is priced to provide a yield to maturity of 16%. b) Calculate the current price per share of Maples preferred shares. c) If investors have a required rate of return of 21% on Maples common shares, calculate the current price of Maples common shares.

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