1.某人由于房地产的价格下降，准备购买一处房产，价格是1.25million美元。由于税费原因，只能3个月之后再买。假如此人手头有充足欧元存在银行，3个月的预期收益是1.75%。也可以将欧元换成美元并投资，月收益率0.4%。此时欧元对美元的即期汇率是1EUR=$1.2520,三个月的远期汇率是1EUR=1.2240$。
（a）现在又两种方法
第一种：买入远期合约即买入三个月的美元对欧元（并且继续存欧元）
第二中：在今天这个时点就投入足够的美元，并且存的是美元
问：哪一种方法的现值成本最低？


2.1.      (Cost of capital, capital structure) Hugo Boss AG is a German luxuryfashion and style house that is examining its financing policy for possiblechanges. Thefirm has 8-year couponbonds outstanding with a face value of $ 300 million andinterestexpenses of $15.5 million a year; the firm has operating lease commitments of$50 million a year for the next 5 years.The firm is rated BB and the default spread forBB rated bonds is 4%. There are20 million shares trading at $10 a share and the currentlevered betafor the firm is 1.80 (this was indeed computed with the operating leasestreated aspart of the debt of the firm). The risk-free rate is 5% and themarket risk premium is 4%.The corporate tax rate for the firm is 40%.

Questions:

a.Estimate the market value of outstanding debt (including operating leases) atthe firmtoday.

b.Estimate the current cost of capital for the firm.

c. Thecompany believes that it could lower it’s cost of capital by moving to debt tocapital (D/A) ratio of 50%. The company predicts that this move could lowerit’s pre-tax cost of capital by 2 percentage points. Calculate the new cost ofcapital for the company given that the change in capital structure isundertaken (note that you’ll have to unrelever andrelever your equity beta to find the final answer).

3.该公司的股票价格是200欧，在一年之间，股票价格每六个月价格会减半或翻倍，一个一年期的该公司股票的看涨期权的行权价是200欧。利率是12.36%（或者1.06*1.06=1.1236每年）

第一问：a)     Draw the tree for possible stock prices and associated callprices if possible. E.g. in 6 month the stock price could be either 100 or 400and so on.

第二问：利用复合型投资组合方法计算看张期权的价值