# BÀI-TẬP.docx

28 de May de 2023
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### BÀI-TẬP.docx

• 1. CHƯƠNG 13 Example: A US investor takes 500.000\$ in Germany securities. Current spot rate is 1.3\$/euro, Averange price is 60 euro. At the end 1 year, investor sell stocks at spot rate = 1.35\$/euro, averange price = 57 euro. What is the rate of return before and after convertiing in \$? 𝑹\$ = [(𝟏 + 𝒓 \$ 𝒆𝒖𝒓𝒐) (𝟏 + 𝒓𝒔𝒉𝒂𝒓𝒆𝒔,𝒆𝒖𝒓𝒐)] − 𝟏 Solution 1 Solution 2  At spot rate = 1.3\$/euro 500.000\$ = 384615.4 euro => 384615.4/60 = 6410 shares  Sell 6410 x 57 = 365370 euro  At spot rate 1.35\$/euro: 365370 euro = 493249.5\$ 𝑅𝑏𝑒𝑓𝑜𝑟𝑒 = 365370 − 384615.4 384615.4 = −5% 𝑅𝑎𝑓𝑡𝑒𝑟 = 493249.5 − 500.000 500.000 = −1.35% R(\$/euro) = (1.35 – 1.3)/1.3 = 3.85% R(stock/euro) = (57 – 60)/60 = -5%  R(\$) = (1 – 5%)(1+3.85%) – 1 = - 1.35% Exercise about CAPM: What is Electrolux’s weighted averange cost of capital? Solution: 𝑘𝑒 = 𝑘𝑟𝑓 + 𝛽(𝑘𝑚 − 𝑘𝑟𝑓) = 4.3% + 1.3(4% − 4.3%) = 3.91%
• 2. 𝑘𝑑(1 − 𝑡) = (𝑘𝑟𝑓 + 𝑘𝑐𝑟𝑒𝑑𝑖𝑡 𝑟𝑖𝑠𝑘 𝑝𝑟𝑒𝑚𝑖𝑢𝑚)(1 − 𝑡) = (4.3% + 1.2%)(1 − 26%) = 4.07% E = 286130000 x 182 = 5.207566x1010  V = 5.207566x1010 + 11.532.000.000 = 6.360766x1010  𝑘𝑊𝐴𝐶𝐶 = 𝑘𝑒 𝐸 𝑉 + 𝑘𝑑(1 − 𝑡) 𝐷 𝑉 = 3.91% × 5.207566x1010 6.360766x1010 + 4.07% × 11.532.000.000 6.360766x1010 = 3.94% CHƯƠNG 14 [(10447587.5-10130000)/10130000] -1 Tính tương tự như ở trên