The DDM Corporation has just paid a cash dividend （D0) of $2 per share. It has consistentl

A company has just paid an ordinary share dividend of 32·0 cents and is expected to pay a dividend of 33·6 cents in one year’s time. The company has a cost of equity of 13%. What is the market price of the company’s shares to the nearest cent on an ex dividend basis?

A.$3·20

B.$4·41

C.$2·59

D.$4·20

The heart bypass (心脏搭桥术)has become part of our cultural life. It has come to seem like a ceremony of passage for the successful male, a red symbol of courage in midlife. Six hundred thousand bypass operations are performed a year in the United States. After a bypass, most heart patients experience significant relief from the peculiar discomfort in the chest caused by insufficient blood to the heart muscle. In some cases the surgery can dramatically extend life. American heart patients, who now number about 12 million, are enthusiastic about the surgery. Bypass is one of the most common major operations in America.

In private, however, many of my fellow workers in medicine suspect that bypass has become too popular. A recent Harvard study showed that as many as two-thirds of patients referred for bypass don't need it or could have it postponed. In Canada and Britain, where physicians perform. bypass surgery much less frequently than they do in America,heart patients fare just as well. In addition, bypassing a blocked section of an artery does nothing to ;prevent the artery (动脉) from getting clogged somewhere else. In fact, bypass surgery can accelerate the development of new blockage.

But bypass did not have to prove itself. It has become hugely popular. Voices of caution were drowned out as more and more hospitals raced to offer bypass. By 1979,100 000: bypasses a year were taking place, and 10 years later the figure has risen to 260 000. Medical students were keen to train in cardiac (心脏的) surgery; for all the hard training, it was a advancing ,challenging field. In fact, the rewards are handsome. There is more money to be made performing this surgery than there is in practicing in almost any other field of medicine.

The idea of bold surgeons reaching into our bodies to save a wounded heart cannot but exert a powerful grip on our imaginations, as if we are witnessing a cultural ceremony where two overachieving individuals—surgeon and patient—come together, Bypass may indeed be both a life-extending and pain-relieving procedure for many patients. But perhaps it has transfixed us for too long.

According to the passage, a bypass surgery is ______.

A．a dangerous operation

B．a painful experience

C．a symbol of one's success and courage

D．nothing serious

Dinla Co has the following capital structure.

The ordinary shares of Dinla Co are currently trading at $4·26 per share on an ex dividend basis and have a nominal value of $0·25 per share. Ordinary dividends are expected to grow in the future by 4% per year and a dividend of $0·25 per share has just been paid.

The 5% preference shares have an ex dividend market value of $0·56 per share and a nominal value of $1·00 per share. These shares are irredeemable.

The 6% loan notes of Dinla Co are currently trading at $95·45 per loan note on an ex interest basis and will be redeemed at their nominal value of $100 per loan note in five years’ time.

The bank loan has a fixed interest rate of 7% per year.

Dinla Co pays corporation tax at a rate of 25%.

Required:

(a) Calculate the after-tax weighted average cost of capital of Dinla Co on a market value basis. (8 marks)

(b) Discuss the connection between the relative costs of sources of finance and the creditor hierarchy. (3 marks)

(c) Explain the differences between Islamic finance and other conventional finance. (4 marks)

ThesalesteamhasjustsoldthefirstpSeriessolutiontoaWindowsNTcustomer.Theteamhasidentifiedconcernswithanon-existentbackupstrategyandsomeworkableenvironmentalissues.Inadditiontotheseconcerns，whatothermajorconcernshouldbeconsidered？（）

A.Customerskilllevel

B.Hardwareavailability

C.Lackofexecutivesponsorship

D.Hardwareandsoftwarecompatibility

A．It"s not raining that hard now.

B．The rain has just begun.

C．It only rained a little bit.

D．It"s raining too hard to go out.