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Q4. Company KPC has average trade receivables of $400,000 and annual sales of $4.8 million. It is considering the use of factoring given that this would result in a reduction in credit control costs of $100,000 per annum. The factoring house charges a fee of 1.5% of sales. It will provide an advance to the company of 90% of its receivables and will charge interest on this advance of 8% per annum. Required: Assess whether it is financially beneficial for company KPC to enter into this factoring arrangement. Q5. A Travel Company has 2.6 million shares in issue. The current market price is $30 per share. The company's debt is publicly traded on the London Stock Exchange and the most recent quote for its price was at 97% of face value. The debt has a total face value of $10 million and the company's credit risk premium is cur tly 2.8%. The risk-free rate is 3.5% and the equity market risk premium is 7%. The company's beta is estimated at 1.2 and its corporate tax rate is 30%. Required: Calculate the company's WACC. 2 | Page