+inanclal
MANAENEN
-IV
bg
S. cathin Mary
a3Meni
4)
(e-
RanoSo.
) (8
-
9y.Rarts: out Pay
We
Ke P
(E-D) R D
Soln
Modet. lcers per Shaucholdes
woue fhese
eteMaxPse
Py-Ou
o. Qeturn
o yRecd
Company
s the
eaening Reralned
ployed
to Can
be
cable aprr
Capiausaeon
Rate
y t ho (-o ccroay ythe
eaAntrg is
ket roa fhQ hae, e
þ to4
2payout Ratio ! ts.
þ» 6t02o .(&-b)
O|9S
P 3-G
the
Dce Qr bo7. dviderd pay-oat Rarro
artordig
tnodol
to he orimun payour Rario?
hë
Soln
.(E- D)
ke
Capitat StruC ture theores!.
anee operron Preome
+he Canpany having a
`ssuod debentue of
Capitasion au
inegesL. (he oveeus
77 Appreca calcelre
tue help
CQuity Capia'ser
and
the aleu oF ehe iro
has
Kaua (ne cempany
Ko
V=|6, bb, bb6. 6y
). o6
= h.G.
Dnteesl On
Ke NO D-
66000
F - . pe bt
3,66 666. 61
.1& .
aeages fn¢ornaion
rom the
Salos
Va n a e Cos -
ed
Cacelale (-he Jinan al and
(ombihed Le verage.
DoL
Contutin salos Vanale Cou
magio
5ooo0
(orburion margin }xod
B0rooo
i) 4inan 'al foveage
DEL BIf
oveea9e (DC)
i) Corn bÉnod
5.