46 . Which of the following statements is least accurate regarding the marginal cost of capital’s role in determining the net present value (NPV) of a project?
　　A)   Projects for which the present value of the after-tax cash inflows is greater than the present value of the after-tax cash outflows should be undertaken by the firm.
　　B)    The NPVs of potential projects of above-average risk should be calculated using the marginal cost of capital for the firm.
　　C)    When using a firm’s marginal cost of capital to *uate a specific project, there is an implicit assumption that the capital structure of the firm will remain at the target capital structure over the life of the project.
　　47 . Which one of the following statements about the marginal cost of capital (MCC) is most accurate?
　　A)   The MCC is the cost of the last dollar obtained from bondholders.
　　B)    The MCC falls as more and more capital is raised in a given period.
　　C)    A breakpoint on the MCC curve occurs when one of the components in the weighted average cost of capital changes in cost.
　　48 . During a recent luncheon, Angus Rahamut and Dan Riding became engaged in a discussion of issues related to corporate governance. Neither of these individuals is an expert in the field of corporate governance and either of them may have made an inaccurate statement. Which of the following is most likely to be an inaccurate statement?
　　A)   “Board members must have the experience and qualifications necessary for them to be able to make decisions independently from the firm’s management.”
　　B)    “In order to avoid conflicts of interest, board members should seek management approval prior to hiring external advisors.”
　　C)    “To be independent, a board member must not have any material relationship with the firm’s executive management or their families.”
　　49 . The CFO of Axis Manufacturing is *uating the introduction of a new product. The costs of a recently completed marketing study for the new product and the possible increase in the sales of a related product made by Axis are best described (respectively) as:
　　A)   opportunity cost; externality.
　　B)    sunk cost; externality.
　　C)    externality; cannibalization.
　　50 . The study is a sunk cost, and the possible increase in sales of a related product is an example of a positive externality.
　　The debt of Savanna Equipment, Inc. has an average maturity of ten years and a BBB rating. A market yield to maturity is not available because the debt is not publicly traded, but the market yield on debt with similar characteristics is 8.33%. Savanna is planning to issue new ten-year notes that would be subordinate to the firm’s existing debt. The company’s marginal tax rate is 40%. The most appropriate estimate of the after-tax cost of this new debt is:
　　A)   5.0%.
　　B)    Between 3.3% and 5.0%.
　　C)    More than 5.0%.
　　
　　　　
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