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Posted: June 23rd, 2024
BTN 13-7 Assume that Alibaba Group decides to launch a new website
BTN 13-7 Assume that Alibaba Group decides to launch a new website
to market discount bookkeeping services to consumers. This chain, named Aladin,
requires $500,000 of start-up capital. The founder contributes $375,000 of
personal assets in return for 15,000 shares of common stock, but he must raise
another $125,000 in cash. There are two alternative plans for raising the
additional cash. Plan A is to sell 3,750 shares of common stock to one
or more investors for $125,000 cash. Plan B is to sell 1,250 shares of
cumulative preferred stock to one or more investors for $125,000 cash (this
preferred stock would have a $100 par value, an annual 8% dividend rate, and be
issued at par).
1 If the new business is expected
to earn $72,000 of after-tax net income in the first year, what rate of return
on beginning equity will the founder earn under each alternative plan? Which
plan will provide the higher expected return?
2 If the new business is expected
to earn $16,800 of after-tax net income in the first year, what rate of return
on beginning equity will the founder earn under each alternative plan? Which
plan will provide the higher expected return?
3 Analyze and interpret the
differences between the results for parts 1 and 2.
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