备考CFA考试是需要考生掌握一定的知识的，考生备考CFA考试是不是在掌握了WACC这个知识呢？在考试中是有这样的计算题的，考生是不是能做对呢？
A company has the following data associated with it:
A target capital structure of 10% preferred stock, 50% common equity and 40% debt.
Outstanding 20-year annual pay 6% coupon bonds selling for $894.
Common stock selling for $45 per share that is expected to grow at 8% and expected to pay a $2 dividend one year from?today.
Their 5%, $100 par preferred stock currently sells for $90.
The company's tax rate is 40%.
What is the weighted average cost of capital (WACC)
A）8.5%.
B）10.3%.
C）9.2%.
解析：
这次说的是?dividend is expected to pay?one year from?today.
After-tax cost of debt:
N = 20; FV = 1,000; PMT = 60; PV = -894; CPT I/Y = 7%k = (7%)(1 ? 0.4) = 4.2%
Cost of preferred stock:
k = D / P = 5 / 90 = 5.56%
Cost of common equity:
k = (D / P ) + g
k = 2 / 45 + 0.08 = 0.1244 = 12.44%
WACC = (0.4)(4.2) + (0.1)(5.6) + (0.5)(12.4) = 8.5%
【答案】选A
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