一道金融题 英文

题目

一道金融题 英文
The Company balance sheet for year-end 2012 shows that Total assets of $5,200 include Plant,property,& equipment (PP&E) of $3,500 .The assets are financed by Debt of $1,900 and Stockholders' equity of $3,300 (there are 450 shares outstanding).For year 2013 the company forecasts sales of $13,000 ,a net profit margin (= net income / sales) of 6.7%,a dividend payout ratio (=dividends / net incom
e) of 45%,and depreciation that is 21% of beginning-of-year PP&E.Throughout year 2013 Debt remains unchanged.The company expects to make capital expenditures such that for the year-end 2013 balance sheet PP&E is $400 larger than it is on the 2012 balance sheet above.Suppose the Capital expenditure is financed exclusively by issuing new equity at the stock price of year-end 2012.Also,suppose the equity price-to-book ratio is constant at 2.4 .Find the stockholder's annual rate of return for year 2013.34.6%

答案

先计算出12年底的股票价格:3300/450*2.4=17.6再计算出13年的融资额（括号里面的=1135）和发行股数:(3300*.21+400)/17.6=65(考虑应该不能发0.5股所以将64.5取整了,实际答案不知道是否允许0.5股)再计算出13年末的每股...