【每日一练】ACCA F9（ June 2015）

Please use the grid provided on page two of the Candidate Answer Booklet to record your answers to each multiple  choice question. Do not write out the answers to the MCQs on the lined pages of the answer booklet.
Each question is worth 2 marks.

A company has in issue loan notes with a nominal value of $100 each. Interest on the loan notes is 6% per year,payable annually. The loan notes will be redeemed in eight years’ time at a 5% premium to nominal value. The before-tax cost of debt of the company is 7% per year.
What is the ex interest market value of each loan note?
A $94·03
B $96·94
C $102·91
D $103·10

Answer：

B
Market value = (6 x 5·971) + (105 x 0·582) = 35·83 + 61·11 = $96·94

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