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This answer results from failing to multiply the rate on the bonds by 1 - the tax rate to get the after-tax cost.
The cost of the bonds equals the interest rate times one minus the tax rate, or 5.4% [9% × (100% ? 40%)]. The cost of preferred stock equals the preferred dividend amount divided by the net issuance price. No tax adjustment is necessary because preferred dividends paid are not tax deductible. The cost of the preferred stock is therefore 6% of the par value of the preferred stock {[$4,800,000 net issuance price / (100% ? 4% flotation cost)] = $5,000,000 par value} divided by the net issuance price, or 6.25% [(6% × $5,000,000) / $4,800,000]. The cost of the common stock is given as 15%. So the weighted average is as follows: Weighted Weight Cost Average Bonds 40% × 5.40% = 2.160% Preferred Stock 10% × 6.25% = 0.625% Common Stock 50% × 15.00% = 7.500% -------- Weighted Average 10.285%
This answer results from two errors: (1) failing to multiply the rate on the bonds by 1 - the tax rate to calculate their after-tax cost; and (2) multiplying the rate for the common stock by 1 - the tax rate. Dividends are not tax deductible, so the cost of common stockshould not be adjusted to any after-tax cost.
This answer results from multiplying the cost of the common stock by 1 - the tax rate. Dividends are not tax deductible, so the cost of common stock should not be adjusted to any after-tax cost.