【每日一练】ACCA F9（ Sept 2016）

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.

Lane Co has in issue 3% convertible loan notes which are redeemable in five years’ time at their nominal value of  $100 per loan note. Alternatively, each loan note can be converted in five years’ time into 25 Lane Co ordinary shares.
The current share price of Lane Co is $3·60 per share and future share price growth is expected to be 5% per year.
The before-tax cost of debt of these loan notes is 10% and corporation tax is 30%.
What is the current market value of a Lane Co convertible loan note?
A $82·71
B $73·47
C $67·26
D $94·20

Answer：

A
Conversion value = 3·60 x 1·055 x 25 = $114·87
Discounting at 10%, loan note value = (3 x 3·791) + (114·87 x 0·621) = $82·71

更多精彩：

ACCA考试经验——简单粗暴就可以！

ACCA学历项目：英国伦敦大学专业会计硕士（UOL）学位申请

ACCA会员分享 | 会计人成长重在“宽度”与“高度”