资产价值

IncomeTaxrate40025%40030%Requiredreturn8%Risk-freerate5%Pre-TaxvalueProb.TaxrateAfter-Tax1000.50.25755000.50.3370firmvalue206.02Assetvalue277.78forwardprice291.67forwardvalueafterhedging218.75firmvalueafterhedging208.33資產價值$2,500$500$2,500$500$2,500$500－舉債額度-$0-$0-$200-$200-$400-$400稅前和息前現金$2,500$500$2,300$300$2,100$100－利息-$0-$0-$10-$10-$20-$20應稅現金$2,500$500$2,490$490$2,480$480－稅額-$750-$150-$747-$147-$744-$144稅後現金$1,750$350$1,743$343$1,736$336償債後現金$1,750$350$1,543$143$1,336-$64機率0.60.40.60.40.60.4報酬率175%35%193%18%223%-11%119%123%129%0%debt20%debt40%debt