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Menyimpan file dengan Excel 2007, nama file no urut absen dan nama depan 01 AAN, 02BUDI
RINGKSAN JAWABAN HARUS DI ISI DARI JAWABAN YANG DIBAWAH
N A M A : Ghina Salsabila Octaviani
N I M : B.211.17.0103
JAWABAN DIKIRIM KE KOMTING HARI JUMAT , MAKSIMAL JAM 09.00 WIB

RINGKASAN
NO 1 NO 2 NO 3
a b a b 1 2
6.00% 5.50% 804.38 8.86%

COST OF DEBT

1 Calculate the after-tax cost of debt under each of the following cases
a. Interest rate is 10% , and the tax rate is 40%
b. The interest rate is 11% , and the tax rate is 50%

2 ABC Company has bonds outstanding with 7 years left before

maturity. The bonds are currently selling for 872.5 and 1000
face value. The interest is paid annually at a rate of
12% The firm's tax rate is 40% Calculate the after-tax cost
of debt using (a) regular method and (b) the shorcut method

3 Bakrie enterprises has compiled the following investments

a. Calculate the weighted average cost of capital, using
1. book value weights and
2. market value weights
b. Explain the difference in the results obtained in (a)
Type of Capital Book Value Market ValueAfter-tax Cost
Long-term debt 3,000,000 2,800,000 4.80%
Preferred stock 102,000 150,000 9.00%
Common stock 1,108,000 2,500,000 13.00%
4,210,000 5,450,000
SOLUTION

1a. Tingkat Pajak Penghasilan 40% Maka Biaya Hutang Setelah Pajak adalah :
Biaya Utang Setelah Pajak = Kd=Kd(1-t)
10%(1-40%) = 10%(1-0,4) = 0,1 x 0,6 = 0,6 (6%)

1b. Biaya Hutang Setelah Pajak :

Kt = Kb(1-t) = 11% (1-50%) = 0,11 (1-0,5) = 0,055 (5,50%)
 keterangan :
Kt : biaya hutang setelah pajak
Kb : tingkat bunga
t : tarif pajak

2a. v = I (PBIFAr% : 7) + M (PVIFAr% : 7)

872,5 = 120 (PVIFAr : 7) + 1000 (PVIFAr : 7)
v = 120 (3.915) + 1000 (0,3338)
v = 470,58 + 333,80
v = 804,38

2b. Ki = I + (N - Nb) / n : (M+V)/2

Ki = 120 + (1000 - 872,5) / 7 : (1000 + 872,5) / 2
Ki = (120 + 18,21) : (1000 + 873,5) / 2
Ki = 138,21 : 936,25
Ki = 14,76%
Setelah Dikenakan Pajak
Kd = Ki (1-t)
Kd = 14,76% (1-0,4)
Kd = 0,08856 = 8,856%

3a. Sumber Dana Jumlah Dana Proporsi Biaya Mobiaya Tertimbang

Utang Jangka PanjanRp.3.000.000 0.71% 4.80% 3.41%
Saham Preferen Rp.102.000 0.24% 9% 2.16%
Saham Biasa Rp.1.108.000 0.26% 13% 3.38%
WACC Rp. 4.210.000 8.95%

Cara Menghitung Proporsi

Utang = 3.000.000 : 4.210.000 x 100% = 0,71%
Saham Preferen = 102.000 : 4.210.000 x 100% = 0,24%
Saham Biasa 1.108.000 : 4.210.000 x 100% = 0,26%

3b. Sumber Dana Jumlah Modal Setelah Pajak Jumlah Biaya

Utang Rp.2.800.000 4.80% 134,400
Saham Preferen Rp.150.000 9% 13,500
Saham Biasa Rp.2.500.000 13% 325,000
Rp.5.450.000
AAN, 02BUDI
imbang