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Shopifeye Inc. is debating whether to convert its all$-$equity capital structure to one that is $40\%$ debt. There are currently $300,000$ shares outstanding and the price per share is $$40.$ EBIT is expected to remain at $$650,000$ per year forever. The interest rate on new debt is $6\%$ and it is a perfect capital market. A potential shareholder of the firm has $$6,000$ to invest in the company. Suppose the firm does not convert but she prefers the proposed capital structure with debt. What strategy would she use to achieve her desired cash flows?

A$)$ Borrow $$10,000$ at $6\%$ interest and buy $250$ shares in the firm.

B$.$ Borrow $$4,000$ at $6\%$ interest and buy $250$ shares in the firm.

C$)$ Borrow $$4,000$ at $6\%$ interest and buy $100$ shares in the firm.

D$)$ Borrow $$6,000$ at $6\%$ interest and buy $150$ shares in the firm.

E$)$ None of the above.

Please use the following information to answer the next TWO questions.

A firm has an annual EBIT of $$50,000$ in perpetuity. The firm is unlevered and pays no corporate taxes. The firm's shareholders require a $10\%$ return.

$18.$ What is the current value of this firm?

A$)$ $$5,000$

B$)$ $$45,000$

C$)$ $$450,000$

D$)$ $$500,000$

E$)$ There is not enough information.

$19.$ What would happen to the value of this firm if it decided to add $$250,000$ of debt at $5\%$ interest and use the proceeds to buy back shares?

A$)$ The value of the firm would remain unchanged.

B$)$ The value of the firm would decrease by $$250,000.$

C$)$ The value of the firm would increase by $$250,000.$

D$)$ The value of the firm would increase by more than $$250,000.$

E$)$ The value of the firm would decrease by more than $$250,000.$

$20.$ Your firm is going to borrow $$5$ million by issuing $20-$year bonds. Your firm's cost of debt is $9\%$ and its tax rate will remain at $40\%$ for at least the next $20$ years. By how much does the interest tax shield increase the value of your firm?

A$)$ $$369,706$

B$)$ $$1,450,924$

C$)$ $$1,643,138$

b$)$ $$2,464,707$

$($E$)$ $$2,000,000$

Page $6$ of $9$

Please use the following information to answer the next TWO questions.

Greene Inc. has a required return on assets of $15\%,$ a cost of debt of $8\%,$ and is $35\%$ financed with debt. There are no corporate taxes.

$21.$ What is the firm's levered cost of equity?

A$)13\mathrm{.}52\%$

$($B$)18\mathrm{.}77\%$

C$)15\mathrm{.}00\%$

D$)17\mathrm{.}11\%$

E$)19\mathrm{.}31\%$

$22.$ If the firm were to change its capital structure so that it is financed with $50\%$ debt, what would be the new WACC?

A$)15\mathrm{.}00\%$

B$)13\mathrm{.}38\%$

C$)16\mathrm{.}79\%$

D$)11\mathrm{.}50\%$

E$)$ None of the above.