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      * -Iオブジェクトに制限されています。
      Answer: A,B,C,D

      NEW QUESTION: 3
      Photon Corporation has a target capital structure of 60 percent equity and 40 percent debt. The firm can raise an unlimited amount of debt at a before-tax cost of 9 percent. The company expects to retain earnings of $300,000 in the coming year and to face a tax rate of 35 percent. The last dividend was $2 per share and the growth rate of the company is constant at 6 percent. If the company needs to issue new equity, then the flotation cost will be $5 per share. The current stock price is $30. Photon has the following investment opportunities:
      Project Cost IRR
      1 $100,000 10.5%
      2 $200,000 13.0
      3 $100,000 12.0
      4 $150,000 14.0
      5 $75,000 9.0
      A. $150,000
      B. $450,000
      C. $625,000
      D. $350,000
      E. $550,000
      Answer: B
      Explanation:
      Explanation/Reference:
      Explanation:
      Calculate the retained earnings break point (BPRE) as $300,000/0.6 = $500,000. Calculate ks as D1/P0 + g = $2(1.06)/$30 + 6% = 13.07%. Calculate ke as D1/(P0 - F) + g = $2(1.06)/($30 - $5) + 6% = 14.48%.
      Find WACC below BPRE as: WACC = 0.6(13.07%)+ 0.4(9%)(1 - 0.35) = 10.18%. Thus, up to $500,000 can be financed at 10.18%. Find WACC above BPRE as: WACC = 0.6(14.48%) + 0.4 (9%) (1 - 0.35)
      11.03%. Thus, financing in excess of $500,000 costs 11.03%. Projects 2, 3, and 4 all have IRRs exceeding either WACC and should be accepted. These projects require $450,000 in financing. Project 1 is the next most profitable project.
      Given its cost of $100,000, half or $50,000 can be financed at 10.18% and the other half must be financed at 11.03%. The relevant cost of capital for Project 1 is then 0.5(10.18%) + 0.5(11.03%) = 10.61%. Since Project 1's IRR is less than the cost of capital, it should not be accepted. The firm's optimal capital budget is $450,000.

      NEW QUESTION: 4
      What is true when configuring vSphere Distributed Switches (vDS)?
      A. All configurations are done by the vCenter Server. Each ESXi host can be part of multiple vDS.
      B. All configurations are done by the NSX Manager. Each ESXi host can be part of multiple vDS.
      C. All configurations are done by the NSX Manager. Each ESXi host can be part of only one vDS.
      D. All configurations are done by the vCenter Server. Each ESXi host can be part of only one vDS.
      Answer: A


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