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Hello John,
Its working 3 of this question in BPP kit 2017 edition, calculating tax shield on BOND of 18m, he discounts it with 7 years annuity factor. Where is this 7 year annuity come from? I can’t figure it out nor I find any supporting information regarding this in the question. It does say though that no Medium or long term loan is redeemable prior to 20X6.
Could you suggest please. ThanksThe SOFP in the question is dated 31 December 20X2.
The 8% bonds on the SOFP are stated to be 20X9, which is the date of redemption.
From 20X2 to 20X9 is 7 years.
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