【每日一练】ACCA F9（ Dec 2014）

Please use the space provided on the inside cover of the Candidate Answer Booklet to indicate your chosen answer to each multiple choice question.
Each question is worth 2 marks

A company has 7% loan notes in issue which are redeemable in seven years’ time at a 5% premium to their nominal value of $100 per loan note. The before-tax cost of debt of the company is 9% and the after-tax cost of debt of the company is 6%.
What is the current market value of each loan note?
A $92·67
B $108·90
C $89·93
D $103·14

Answer：

A
MV = (7 x 5·033) + (105 x 0·547) = $92·67

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