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Instruction: Answer all questions. Question 1 Tawin has a par value of $20 on its preferred stock. It pays 4.5% of dividend on yearly basis even though its earnings has been growing at 6% per year. It recently issued 20 million preferred shares selling at $18 per share in Bursa Malaysia. (a) Calculate the expected rate of return on the preferred share. (3 marks) (b) If an investor's required rate of return is 7 percent, calculate the intrinsic value of the stock. (3 marks) (c) Based on part (b) answer, should the investor buy the stock? Explain. (2 marks) Question 2 Airasia Ltd. has pulled off a miraculous recovery. Two years ago, it was near bankruptcy. Today, it announced a $1 per share dividend to be paid a year from now (DI), the first dividend since the crisis. Analysts expect dividends to increase by 20% a year for another 2 years. After the third year, dividend growth is expected to settle down to a more moderate long-term growth rate of 7 percent indefinitely. If the firm's investors expect to earn 14 percent on this stock, calculate the intrinsic value of the stock today. (6 marks) Question 3 (a) Ekovest Corporation is considering using equity financing. Currently, the firm's stock is selling for $47.00 per share. The firm's dividend for next year is expected to be $3.40 with an annual growth rate of 5% thereafter indefinitely. If the firm issues new stock, the flotation costs would equal 14% of the stock's market value. The firm's marginal tax rate is 40%. Calculate the firm's cost of internal common equity. (5 marks) (b) Ekovest Corporation is also considering using a new preferred stock issue. The preferred would have a par value of $400 with an annual dividend equal to 18% of par. The company believes that the market value of the stock would be $968.00 per share with flotation costs of $68.00 per share. The firm's marginal tax rate is 40%. Calculate the firm's cost of preferred for this new preferred stock issue. (4 marks) (c) Ekovest Corporation plans a new issue of bonds with a par value of $1,000, a maturity of 28 years, and an annual coupon rate of 16%. Flotation costs associated