CIMAPRA19-F03-1 Test Registration - CIMAPRA19-F03-1 Dumps Cost

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CIMA F3 (Financial Strategy) certification exam is designed to test the skills and knowledge of finance professionals in areas such as financial management, investment decision-making, and risk management. CIMAPRA19-F03-1 exam is part of the Chartered Institute of Management Accountants (CIMA) professional qualification, which is recognized globally as a mark of excellence in the field of finance.

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CIMA F3 Financial Strategy Sample Questions (Q224-Q229):

NEW QUESTION # 224
Company Y plans to diversify into an activity where Company X has an equity beta of 1.6, a debt beta of zero and gearing of 50% (debt/debt plus equity).
The risk-free rate of return is 5% and the market portfolio is expected to return 10%.
The rate of corporate income tax is 30%.
What would be the risk-adjusted cost of equity if Company Y has 60% equity and 40% debt?

Answer: C


NEW QUESTION # 225
G pic wishes to borrow $5 million in 6 months, for a period of 3 months. A bank has quoted the following Forward Rate Agreement (FRA) rales:
3 v 9 6.55%-6.70% 6v9 6.70%-6 90%.
G pic can borrow at 0 75% above base rate, and the base rate is currently 6.25% Concerned that base rates may rise, G pic decides that it will hedge using an FRA At the settlement date for the FRA, the base rate has risen to 7.50% What is the effective interest rate paid by G pic for its borrowing?

Answer: D

Explanation:
G plc will borrow at base + 0.75% # 7.50% + 0.75% = 8.25%.
To hedge, as a future borrower it uses the 6v9 FRA offer rate = 6.90%.
Difference between actual base and FRA = 7.50% # 6.90% = 0.60%.
Interest difference over 3 months on $5m = 0.006 × ¼ × 5,000,000 = $7,500 (received from FRA).
Net interest paid = 8.25% interest # 0.60% benefit = 7.65% effective rate.


NEW QUESTION # 226
It is now 1 January 20X0.
Company V, a private equity company, is considering the acquisition of 40% of the equity of Company A for a total amount of $15 million.
Company A has been established to develop a new type of engine which will be launched at the end of 20X1.
Company A is forecasting that the new engine will result in free cash flows to equity of $2m in its first year of operation and that this will rise by 8% per year for the foreseeable future.
The new engine is the only commercial activity that Company A is involved in.
Company V intends to sell its stake in Company A when the new engine is launched.
Company A has a cost of equity of 12%.
Assuming that Company V receives an amount that reflects the present value of their shares in company A.
what is the estimated annual rate of return to Company V from this investment? (To the nearest %)

Answer: A

Explanation:
Company A's equity value at the launch date (end of 20X1) is the PV of a growing perpetuity of FCFE:
First FCFE (end of first year of operation, 20X2): $2m
Growth: 8%
Cost of equity: 12%
Value of Company A at end-20X1:
V=20.12#0.08=20.04=50 millionV = rac{2}{0.12 - 0.08} = rac{2}{0.04} = 50 ext{ million}V=0.12#0.
082=0.042=50 million
Company V owns 40%:
Value of stake at sale=0.4×50=20 million ext{Value of stake at sale} = 0.4 imes 50 = 20 ext{ million} Value of stake at sale=0.4×50=20 million It invests $15m at 1 Jan 20X0 and gets $20m at end-20X1 (# 2 years):
15(1+r)2=20#(1+r)2=2015=4315(1 + r)

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