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I did four years because the last paragraph mentioned about the directors not being happy with the current method of being appraised over 4 years..
i got 2.2 M for my nominal npv and 960K for the real rate npv and 12.37 for the wacc
Yes I went with economic and transaction as the question stated that no balance would be due (i.e. payable balance) at year end so eliminated translation risk.
I doubt they would discredit you for writing incorrect currencies, doesn’t matter as long as the value is correct i assume
@limweikiat said:
Hey guys, what’s the answer for the commercial paper question?
It was something like: 40 days, 365 days a year, $10000 $9967as I remember there was 45 days, 9938 and 360 days, so:
10000-9938=62
62/9938=0.624% for 45 days
360/45=8
1.00624^8=5.1%
(the figure may be a little different but the calculation was like this)Exam was ok apart from two or three MCQs I think the WACC for question 31 is something like 11%
I was going to do 4 years aswell but into said that from year 5 the cash flows are expected to continue at maximum capacity into the future. Does this not imply a perpetuity beginning in year 5?
My wacc was 11.8%
I always say I’m not gonna come on this site after the exam and get depressed that my answers were not like anyone else’s but just can’t help it…..
If I fail I hope it’s a good fail and not 40 bloody 9.The same question is also interesting for me. i calculated for 10 years. There wasnt enough space in my answer blank for 10 years but I did it))))
Dont know right or not)) Was it suppose to be for 4 years??Yes, Perpetuity after year 5 is exactly what I thought too. But did it for 4 years anyways.
Nice of them to put in the general rate of inflation of 4% to try and throw us off! Spent ages trying to figure out if i should adjust the discount factors. But didn’t.
me too, econmic and transaction. economic becasue it will face difficulty in paying
But because of the inflation each years cashflow would be different so i guess its not perpetuity
And also, even more frustrating when you do practice questions they quote the share price as ex-div which is what you need for the questions. Whereas in this paper they decided to quote in cum div? I assume you just minus the dividend to be paid from the share price to get the ex-div? Anyone else do this
i Think The Exam Was Slightly Difficult ,May Be i did Silly Mistakes Such As MCQ 1 Selected Closing Rec Balances Etc etc ……….. Got Wacc 12.37 % , But Is Wrong ……. On Dividend policy , I Just Explained Factors Affecting Div Policy In the Way question Asked ( though It may be wrong ) ……… Npv done 4 yrs , used fishers formula for real rate…… Got Around 24000 and 15000 like that ………
On 3rd part – did Profit maximisation vs wealth maximisation as Conflict … dont know for sure /…………
My MCQ were
1.C
2.C
3.A
4.A
5.A
6.C
7.B
8.D
9.C
10.D
11.C
12.B
13.B
14.C
15.A
16.C
17.C
18.B
19.A
20.C
21.C
22.D
23,C
24.D
25.D
26.B
27.C
28.A
29. A
30. BHope I did 17-18 Mcqs Right To Get Me 50 ………. Although 1st one was a mess , dont knw what i thought .
Yes question was all cum div you had to exclude the dividends paid to make it ex div and use in question
I agree re cum div subtract the div just paid.
I put A for MCQ question 1. I was fairly sure I was right on that but starting to doubt my own name nowWasnt it closing receivable?? I choosed closing/sales*365=57. with average receivables it made 72 I think. I choosed 57. Am i right?? if not, why?
does anyone remember the answer for the ROCE:
smth like “company should not undertake the projects with ROCE less then the average of the company” ?@aagshin said:
Wasnt it closing receivable?? I choosed closing/sales*365=57. with average receivables it made 72 I think. I choosed 57. Am i right?? if not, why?I suppose it should be the average receivables. It’s more logic, the closing balance we take when we don’t have the information about the average.
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