Soalan/Question 3 Andaikan firma anda dibiayai dengan ekuiti sepenuhnya dan meraih pendapatan tahunan sebelum cukai sebanyak RM100,000. Amaun pendapatan ini dijangka tidak berubah dan akan kekal selama-lamanya. Firma anda menggunakan kadar diskaun 10% untuk semua projek dan dikenakan kadar cukai 30% di atas pendapatan sebelum cukai. Suppose that your firm is currently all-equity-financed and has an annual pre-tax income of RM100,000 which is expected to remain constant forever. Your firm applies a 10% discount rate to all its projects and a 30% tax rate on its pre-tax income. (a) Tentukan nilai pasaran firma anda. Determine your firm's market value. (b) (4 markah/marks) Andaikan firma anda sedang mempertimbangkan penerbitan bon sebanyak RM200,000 dengan kos dana sebanyak 5% setahun. Anda menjangka hutang ini akan berkekalan di dalam struktur modal firma anda. Apakah nilai pasaran firma anda selepas eksesais penerbitan bon ini? Suppose your firm is considering issuing RM200,000 worth of bonds at a funding cost of 5% per annum. You expect this debt to be a permanent feature in your firm's capital structure. What will your firm's market value be after this bond issuance exercise? (6 markah/marks)