Chapter 2

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FIN 612 Managerial Finance
Week Two Assignment

Your assignment for this week is to complete the following questions and problems from Chapter 2. Please submit your complete assignment in the course room by the due date.

Chapter 2 Problems

2-1) An investor recently purchased a corporate bond that yields 9%. The investor is in the
36% combined federal and state tax bracket. What is the bond’s after-tax yield?

9% (1-T) = 9%(1-.36) =5.76%

2-2) Corporate bonds issued by Johnson Corporation currently yield 8%. Municipal bonds of equal risk currently yield 6%. At what tax rate would an investor be indifferent between these two bonds? 8% (1-T) + after tax corporate yield
6% - municipal tax exempt yield
8%(1-T) = 6%
8-8T+66 2=8t
T=2/8 or 25%

2-7) The Talley Corporation had a taxable income of \$365,000 from operations after all operating costs but before (1) interest charges of \$50,000, (2) dividends received of \$15,000, (3) dividends paid of \$25,000, and (4) income taxes. What are the firm’s income tax liability and its after-tax income? What are the company’s marginal and average tax rates on taxable income?

Income after operating costs: \$365,000.00
Less: Interest Expense -\$50,000.00
Only 30% of the \$15,000 in dividends are taxable.
Taxable Income: \$319,500.00

\$319,500 falls into the \$100,000 to \$335,000 bracket so the corporate tax would be: \$22,250 + .39 (\$319,500 - \$100,000)

Tax Liability = \$107,855.00
Average Tax Rate = \$107,855/\$319,500 = 33.76%

2-9) The Shrieves Corporation has \$10,000 that it plans to invest in marketable securities. It is choosing among AT&T bonds, which yield 7.5%, state of Florida muni bonds, which yield 5% (but are not taxable), and AT&T preferred stock, with a dividend yield of 6%. Shrieves’s corporate tax rate is 35%, and 70% of the...

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