Please use the space provided on the inside cover of the Candidate Answer Booklet to indicate your chosen answer to each multiple choice question.
Each question is worth 2 marks
A company has 7% loan notes in issue which are redeemable in seven years’ time at a 5% premium to their nominal value of $100 per loan note. The before-tax cost of debt of the company is 9% and the after-tax cost of debt of the company is 6%.
What is the current market value of each loan note?
A $92·67
B $108·90
C $89·93
D $103·14
Answer：
A
MV = (7 x 5·033) + (105 x 0·547) = $92·67
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