Solution Manual for Fundamentals of Corporate Finance, 5th Edition by Robert Parrino, David Kidwell, Verified Chapters 1 - 21, Complete Newest Version

601223457819 417481955252187341478738354 


!
!


789:;<8=>?@=:@9>A8B
C:=D@EF=;@9G>8A>H8BI8B@;F>C<=@=JFK>L;M>ND<;<8=>OP>Q8OFB;>R@BB<=8K>S@T<D>U<DVF99K>
W@;FG>X>Y<99@=Z>[7W\>]^_```]^]Lab_

"'!#
-%54)5 




 




6"#$%
&'
()*))+'
,
-$.
/0
12  34
5

,501223457819 417481955252187341478738354 


!
!

6789:;<5=
>?@ABCDEDFCEGAHEDEI@JAEDKAL?@ABCJM
A
AN@OPJ@AQPRASPATDAUR@VLCPDVAEDKAWDVX@JV
A
Y@FLCPDAZ[Z 




Z[\]?ELAEJ@AL?@AL?J@@A^EVCFAL_`@VAPOAOCDEDFCEGAK@FCVCPDVAMEDEI@JVAMRVLAMEa@b
c'-
'%--d!
1e-1


-!1'd

-f
f!g-!%-
'-1!#

!de&-


&e-1


/
'-
h

!
1

&e-1


/!
e
'-i%g

&1!#

!f!
!&-f-

e-1


2c'--e-1


e-
-%f

-
i'
1'#%e1

j-!-

d$/'i
#!$h%%h

!
1-
'--#%1'!-/!
e'i

f!
!&-
'-e!$4
4e!$h

!
1
!f!

-%
'-1f#!
$1!
#!$

d
2

k[\lm`GECDAX?_A_PRAXPRGKAMEa@AEDACDn@VLM@DLACOAL?@AnEGR@APOAL?@A@m`@FL@KAFEV?AOGPXVA
@mF@@KVAL?@AFPVLAPOAL?@ÀJPo@FL[
pie!11-#
!


j-
f-

#%q-1
i'-1!'hi-r1--e
'-1
h
'-#%q-1

d-1!-1'#%q-1
i


1%-!-
'-j!-h
'-h
%f/f!g

&
'-i
-%i-!
'
-%2 

#-#-
!%
!d

-


1%-!-
'-
%i-!
'2s-f-fd-%
'!

'-1
h1!#

!t

f-j!-
hf
-$ui
!hh-1

'-e-1


!d
i'-
'-%


j-
2

v[\]?_AEJ@AFE`CLEGA^RKI@LCDIAK@FCVCPDVAEMPDIAL?@AMPVLACM`PJLEDLAK@FCVCPDVACDAL?@AGCO@APOAEA
OCJMb
c'-1!#

!de&-


&e-1


!%-1

e-%-e
'-f

f#%
!




'-
h-h
'-h
%f
d-1!-
'--e-1


e-
-%f

-i'
1'#%e1

j-!-

'-h
%f#%1'!-/!
ei'
1'
!-
&-
-%!
-f
h
'-wxyz{|1!'hi2}%
'-%f%-/1!#

!de&-


&e-1


!%-




5"#$%
&'
()*))+'
,
-$.
/0
12  34
)

,601223457819 417481955252187341478738354 


!
!



&4
-%78-1


!
8
9$7!:-!7

!:-

--1


&!#%81

;-!-
/$!%-
1:
<

'
'-8-1


9%!
&

7-2

=>?@ABCDEFG
EFHIJKDLM>DNLCKDOPQAC>QQ>QDBR>ML@>SDLQDQBT>DRMBRMA>@BMQJARQDBMDRLM@C>MQJARQU
!
$V

----1

#-%!
-!-#%#%
-
%'
#%#!%

-%'
#V-1!-9
'-7!
#-%!


&1!-!
81!#

!V!-9
'-
%9
%72W
'9
'--9%79V

-%&!

X!



!%-9!
%$-!$

!%
!
8
7#-9-<%-&!




'-<
-%2

GFHIJL@DLM>DQBN>DLSYLC@LZ>QDLCSDSAQLSYLC@LZ>QDB[DBR>ML@ACZDLQDLDRPOTA?D?BMRBML@ABCUD
\'-7!

!8;!

!&-9#-%!


&!!#V
11%#%!


!%-
'-!11-

'-#V
1
-1%


-7!%:-
/<'
1'7!:-

-!
-%
%!
-!%&-!7

91!#

!/!
8
'--!-9
<
-%'
#
%!
9-%2]
'-'!%-'8-%'!;-
8

1!
'-
%V%:-%
V$%-'!%-
9
1:2

1-!#V
11%#%!


!$'!7!
$'!%-

!
8

&/!%&-V1:9
-1%


-1!
V-#%1'!-8%8<

'
!
!##%-1
!V-
7#!1


'-#%
1-9
'-
1:2
\'-7!^%8
!8;!

!&-91%#%!




'-
!_

!


2`

$7

'-1%#%!



#!$
!_-




17-/V

'-<
-%9
'-1%#%!


&-

!_-8!&!

<'-
8
;
8-
8
!%-#!
8

'-72\'

%-9-%%-8
!8V-
!_!


20
!88





!_-/#V
1
1%#%!


!%-V^-1


%

&-

%-#%


&%-a
%-7-

/!
8
'-

1-


;-7!$1
;

1-
7!
!&-%
91
'%
-%4
-%7#%9

!V


$
'!

&-%4
-%7<-!
'1%-!


2

bFHcdRTLACDeJKDRMB[>QQABCLTDRLM@C>MQJARQDQP?JDLQDfghijkjlminoZMBPRQDBMZLCAp>DLQDTANA@>SD
TALOATA@KDRLM@C>MQJARQF
q%9-

!#!%

-%'
#1'!rstuvwvxyuz&%#8-
%-
%&!

X-!
7

-8
!V


$
#!%

-%'
#{||q}

!:-!8;!

!&-9
'-
!_!%%!
&-7-

9#!%

-%'
#17V

-8<

'

'-!8;!

!&-9
'-
7

-8
!V


$9!1%#%!


2W$#-%!


&!!
||q/
'-
#!%

-%'
#
!V-
!;
8!#
-


!9

!
1
!8
!
-%%-


&9%7
'-7
1
81
9
-
#!%

-%2

=>?@ABCDEFb
EFHIJL@DLM>D@J>DNL~BMDM>QRBCQAOATA@A>QDB[D@J>D€U
6"#$%
&'
()*))+'
,
-$.
/0
12  34
5

, 501223457819 417481955252187341478738354 


!
!
6
6
7'-8!9%%-#

:



-;!"<=

1>-!
!$
!
>%-188-
>!


;%;

!
1
!
>-1


27'-"<=/?'%-#%
>
%-1
$

'-"@=/;1-
8!
!&

&!!#-1
;
'-
ABCDEF;

!
1-!
>?%G?

'
'-"@=

%!
-&
1
-27'-"<=!


-%!1
?

'

!;;


'-%;
1


!!%-!
!%-&!%:!
%-!
->
;

!
1
!
-
'!
!;;-1

'-
:

-2

HIJKLMNOPQR6OSM6QPNTNUPTV6WQQPUMXY6ZSW6OR[PUTVVR6XM[WXO6OW6OSM6\]^6TNL6LMYUXP_M6OSMPX6L`OPMYI6
7'-;

!
1
!;;
1-%>
1->


'-1'!#
-%?'%-#%


'-"<=!%-
'-1

%-%/
'-

%-!%-%/
'-%
G8!
!&-%/!
>
'-


-%
!!>

%2

7'-1

%-%

'-ABCDEF1'
-;!11



&;;
1-%/!
>
'#%-#!%-
'-;

!
1
!

!
-8-

!
>
!a-27'
#



!%-b
%-1-1#-%!


?

'
'--a
-%
!!>

%2
7'-cCdeFfCdCEF%-#

:


$

'-1-1


!
>>
:%-8-

;1!'/

g-


&-a1-
1!'/%!


&
-?1!#

!/'!
>

&;%-
&
-a1'!
&-/!
>g-%--

&
'-hiDjeklEF#-



;
>8!
!&-8-

27'


>
g
>!!!


'-"<=

'!
>

&
8#%
!

,!
%--

%-!


'
#27'-%
G8!
!&-%8


%!
>8!
!&-
'-ABCDEF%
G-a#%-

;

!
1
!
!
>188>

$8!%G-
!
>
'-ABCDEF%-!


'
#?

'

%!
1-#%g
>-%2<

!$/
'-



-%
!!>

%
%-#

:-;%1
>1


&%
G!-8-

!
>#-%;%8

&!>

;'
&'4
%
G!%-!2

mIJnSR6LWMY6OSM6PNOMXNTV6T`LPOWX6XM[WXO6OW6_WOS6OSM6\]^6TNL6OSM6T`LPO6UWooPOOMM6WQ6OSM6
_WTXL6WQ6LPXMUOWXYp
7'-


-%
!!>

%%-#%


'-"<=
!>!$4
4>!$:!
:



8!
-$!11

!:-
;%%-#%


&!
$!11



&
%%-&!%


-

'-:!%>;>
%-1
%27'->!%-#%


&
$
-8-%g-!!1'-1G
-
%-
'!

'-%-!%-
>
1%-#!
1
-


'-hiDjeklEF;

!
1
!

!
-8-

2

qMUOPWN6rIs
rIJnSR6PY6[XWQPO6oTtPoPuTOPWN6TN6̀NYTOPYQTUOWXR6vWTV6QWX6oTNTvPNv6T6QPXop
w%;

8!a
8
x!





!!

;!1
%$&!?'-
8!
!&

&!;
%8:-1!-


%!
'-%
>
;;
1

>-;

-#%;



1-!11

!

1!
!##$!
>


-%#%-

'-!8-!11



&
5"#$%
&'
()*))+'
,
-$.
/0
12  34
3