[brianmg]

Questions 21 & 22 really annoyed me. In the balance sheet the 6% loan notes had a book value of 22m and had a par value of $100 per loan note. I presume we had to work out the market value from the fact the before tax cost of debt of the loan notes was 7% but my mind went blank. Anyone figure it out? The answers were like 14.7m, 19m, 25m or 29m

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