Solutions Manual For Fundamentals of Corporate Finance, 13th Edition by Ross, Westerfield, and Jordan, Verified Chapters 1 - 27, Complete Newest Version

123456278 743 47 75382225 677
5 6562728885637
2 7
58



,012345689 0

01234569 
4

2 0


01234569!"#
 

0123456$9%#&43 #' 


0123456(9 )94
4)*+,

0123456-9. 0
)

0123456/9 60)

012345619")

01234562933 )4
 5 0

0123456869+"#0 5 .

0123456889372 ,55

012345689%*0+"1,

0123456896
6"
2 
,+"%

01234568$90*0

01234568(96#0

01234568-9%5#0 3,

01234568/9.53,3,

0123456819
 &43 #

01234568290
%8,+# 

0123456690 5 ,+# 

012345689  0

012345690
59*+#

012345695 6"+# 

0123456$940

0123456(94)

0123456-9+#28

0123456/9%#



, 01234568
9 46 049 4 
0 63 62459 2 05
2060
4

!

"#$ %&'()&*+,-./0)(1/+2.03(.(1/+450)506+)7+08'&1.+&+9&1-:&3)-6(1/+'*&1);<+3&'()&*+=)6-3)-60+2.03(.(1/+
450)506+)7+(==-0+104+0>-()?+&1.+-=0+)50+'67300.=+)7+60)(60+7-)=)&1.(1/+.0,);<+&1.+476@(1/+3&'()&*+
9&1&/0901)+297.(:?(1/+)50+ABCDEFGHCIJBK+37**03)(71+'7*(3?+4()5+()=+3-=)7906=;L+
+
M#$ N(=&.O&1)&/0=P+-1*(9()0.+*(&,(*()?<+*(9()0.+*(:0<+.(::(3-*)?+(1+)6&1=:066(1/+74106=5('<+5&6.+)7+6&(=0+3&'()&*+
:-1.=L+Q790+&.O&1)&/0=P+=(9'*06<+*0==+60/-*&)(71<+)50+74106=+&60+&*=7+)50+9&1&/06=<+=790)(90=+'06=71&*+
)&8+6&)0=+&60+,0))06+)5&1+376'76&)0+)&8+6&)0=L+
+
R#$ S50+'6(9&6?+.(=&.O&1)&/0+7:+)50+376'76&)0+:769+(=+)50+.7-,*0+)&8&)(71+)7+=5&6057*.06=+7:+.(=)6(,-)0.+
0&61(1/=+&1.+.(O(.01.=L+Q790+&.O&1)&/0=+(13*-.0P+*(9()0.+*(&,(*()?<+0&=0+7:+)6&1=:06&,(*()?<+&,(*()?+)7+6&(=0+
3&'()&*<+-1*(9()0.+*(:0<+&1.+=7+:76)5L+
+
T#$ U1+60='71=0+)7+Q&6,&10=VW8*0?<+=9&**+:(69=+5&O0+0*03)0.+)7+/7+.&6@+,03&-=0+7:+)50+37=)=+7:+379'*(&130L+
S50+37=)=+)7+379'*?+4()5+Q&6,78+3&1+,0+=0O06&*+9(**(71+.7**&6=<+45(35+3&1+,0+&+*&6/0+'06301)&/0+7:+&+
=9&**+:(69=+'67:()=L+X+9&Y76+37=)+7:+/7(1/+.&6@+(=+*0==+&330==+)7+3&'()&*L+Q(130+)50+:(69+(=+17+*71/06+
'-,*(3*?+)6&.0.<+()+3&1+17+*71/06+6&(=0+9710?+(1+)50+'-,*(3+9&6@0)L+X*)57-/5+)50+379'&1?+4(**+=)(**+5&O0+
&330==+)7+,&1@+*7&1=+&1.+)50+'6(O&)0+0>-()?+9&6@0)<+)50+37=)=+&==73(&)0.+4()5+6&(=(1/+:-1.=+(1+)50=0+
9&6@0)=+&60+-=-&**?+5(/506+)5&1+)50+37=)=+7:+6&(=(1/+:-1.=+(1+)50+'-,*(3+9&6@0)L+
+
Z#$ S50+KCI[F\CICEF+7::(30+&1.+)50+H]^KC]__ICEF+7::(30+&60+)50+)47+'6(9&6?+76/&1(`&)(71&*+/67-'=+)5&)+
60'76)+.(603)*?+)7+)50+35(0:+:(1&13(&*+7::(306L+S50+H]^KC]__ICEF+7::(30+5&1.*0=+37=)+&1.+:(1&13(&*+&337-1)(1/<+
K[aGD[^[bIDI^KcG[^JGD[^[bIDI^KGB^A]CD[KB]^GFdFKIDFcGefB_IGKfIGKCI[F\CICEFG]AABHIGBF+60='71=(,*0+:76+
3&=5+&1.+360.()+9&1&/0901)<+3&'()&*+,-./0)(1/<+&1.+:(1&13(&*+'*&11(1/L+S5060:760<+)50+=)-.?+7:+
376'76&)0+:(1&130+(=+371301)6&)0.+4()5(1+)50+)60&=-6?+bC]\gEF+:-13)(71=L+
+
h#$ i]GD[aBDBjIGKfIGH\CCI^KGD[CkIKGl[_\IGmFf[CIGgCBHInG]AGKfIGIo\BKdG]AGKfIGABCDGmefIKfICGBKEFGg\p_BH_dV+
)6&.0.+76+17);L+
+
q#$ U1+)50+376'76&)0+:769+7:+74106=5('<+)50+=5&6057*.06=+&60+)50+74106=+7:+)50+:(69L+S50+=5&6057*.06=+0*03)+
KfIGJBCIHK]CFG]AGKfIGH]Cg]C[KB]^cGef]GB^GK\C^G[gg]B^KGKfIGABCDEFGD[^[bIDI^KrGifBFGFIg[C[KB]^G]A+
74106=5('+:679+371)67*+(1+)50+376'76&)0+:769+7:+76/&1(`&)(71+(=+45&)+3&-=0=+&/013?+'67,*09=+)7+08(=)L+
s[^[bIDI^KGD[dG[HKGB^GBKFG]e^G]CGF]DI]^IGI_FIEFGpIFKGB^KICIFKFcGC[KfICGKf[^GKf]FIG]AGKfI+=5&6057*.06=L+
U:+=-35+0O01)=+733-6<+)50?+9&?+371)6&.(3)+)50+/7&*+7:+9&8(9(`(1/+)50+=5&60+'6(30+7:+)50+0>-()?+7:+)50+
:(69L+
+
t#$ X+'6(9&6?+9&6@0)+)6&1=&3)(71L+

, 0124567895 4

9
4

!"#$%!&
#'() *4)*+'"!
",#-
!, 
##-11(

./ 4!0'1#""
# ''!
-(5!'-02((
"-,-! 
-'',"#(*""!-
-1'1"'1#(8
,"""!%0
-'1#(

.. 3#
-'
!
!''',

14567!1(9'
'(

.8 *!,#(*%
,!#

'!"(8"-'
'%"
9!-

','-%"#(*%
,!
1"!""(*$
!#-&!1!!:;<=>?@;AB>CD>E;FG>@HA>
'"-!'#''"IJK(L,-
'
-"-!'#'",#-I2K"#(
M'NOPQ

.R 8!,
',!#'''
''!
"
(

.S 8!'!%0"'(9'
!-"-"'#''",%
IJT
#'!'''"#(9'!- 
' ,#"#IJT"1"#

#'!''(L,-
'!-'
'#"
!
!!
'#'!!''(4!'U,
"1
"#!--'!"-
(

.V M,%"!#"-
"#-#
"!'-,"(W,-,'-
"!"!(8!"!',"!
!!'!,,!!#"U(9
 
#"''-!!
?@HX>YHX>;XN;Z;N[H:>O\X=FA]>^HA=N>OX>?@=>;XA?;?[?;OXA_>N==`=F>F%",,
!(8,"'74!,!
-'!!"#!#"'7(4(
"'''"(

, 012345689 

1


5!!"4#
$4
%!
"



&
'
(
)
*

'!!%
'!+,5(
)
%
""
%

!

&
,4


'!

"$%
'
,1)"#$
"
%
'

(
)
%
""$

)

",2%
"
(
)
%
""#"
$!!%"
)
"
"#!)
$&+
$%
"",-)

"
+)!"
"

%+

!#"&!$
"$"#

""

,."

"


&%
)

$
"#

"!
"
$%,.

#
$'

$%!$
"#&%
"#
"
!
""#
!%
'"
,3
%"
'



(
)
%
""!!+
$
#"
$
$"!$''

"!%
'"

,
,
&%

"

"
(
'#
"
!&
"

,

, 12345679
3 1 3 53566 55363 
132 
31

7
!1
"5#$%&'

()* +,-.,/,012345.635789-.,:;<14=/345,<14=45530:4=>3:8=?3603/08:4579,078.05,@=,A,:4=0<855,=
BCDEFGHIJKLHMFLNOCPDFHQROHQNOSLHJRHTCBFHTNUTHDNVENMNJWHLRHJTCJHJTFWHTCBFHCHDCOUFHQCXJROHRQHLCQFJWHNY2330,=@
57860Z0362:63/,086/324=/5[\893?36]5,=:3<,-.,/,014<587454=8^^860.=,01:8504558:,403/9,07,0_
=423<107407,@736630.6=5:4=@3=364<<1>3A8.=/>1,=?350,=@073:457,=08^68/.:0,?3455305_<89
DNVENMNJWHDFBFDLHCOFHCDLRHMFLNOCPDFHJRHJTFHQNOSGHIJKLHE`HJRHJTFHQNOSKLHQNYCYXNCD24=4@323=0504AA08A,=/4
63458=4><3:82^682,53>30933=073538^^85,=@=33/5[
a)* b7363:8@=,0,8=4=/240:7,=@^6,=:,^<35,=A,=4=:,4<4::8.=0,=@:4<<A8663?3=.35]4=/073:8505
CLLRXNCJFMHcNJTH`ORMEXNYUHJTRLFHOFBFYEFLdHJRHPFHePRRfFMgHcTFYHJTFHOFBFYEFH`ORXFLLHNLHFLLFYJNCDDW
:82^<303]=80=3:35546,<1973=073:457,5:8<<3:03/86>,<<5463^4,/[h803074007,5941,5=80
=3:35546,<1XROOFXJiHNJKLHJTFHcCW4::8.=04=0574?3:7853=08/8,0[
j)* \,5086,:4<:8505:4=>38>k3:0,?3<14=/^63:,53<12345.63/9736345246;30?4<.35:4=>3/,AA,:.<008
350,2403]4=//,AA363=04=4<150598.</:823.^9,07/,AA363=0=.2>365[b7.5]07363,54064/38AA
>30933=63<3?4=:3l246;30?4<.35m4=/8>k3:0,?,01l>88;?4<.35m[
n)* o3^63:,40,8=,54=8=Z:457/3/.:0,8=074063A<3:054/k.5023=0524/3,=45530>88;?4<.35,=4::86/4=:3
9,07073240:7,=@^6,=:,^<3,=A,=4=:,4<4::8.=0,=@[p=0363503q^3=53,54:4578.0<41]>.0NJKL4A,=4=:,=@
:850]=804=8^3640,=@:850[
r)* s46;30?4<.35:4==3?36>3=3@40,?3[p24@,=34574638A508:;53<<,=@A86tuvw[b7,598.</234=0740,A
18.^<4:3/4=86/36A86xww574635]18.98.</@30073508:;4<8=@9,074:73:;A86uv]www[\8924=1
574635/818.94=008>.1ys863@3=364<<1]>3:4.538A:86^864034=/,=/,?,/.4<>4=;6.^0:1<495]=30
98607A864^3658=864:86^8640,8=:4==80>3=3@40,?3],2^<1,=@0740<,4>,<,0,35:4==803q:33/455305,=
246;30?4<.3[
z)* {8645.::355A.<:82^4=10740,564^,/<13q^4=/,=@]A863q42^<3]:4^,04<8.0<4159,<<>3<46@3]^855,><1
<34/,=@08=3@40,?3:457A<89A682455305[p=@3=364<]97402400365,5973073607328=31,55^3=09,53<1]
=809730736:457A<89A682455305,5^85,0,?386=3@40,?3[
|)* p0KLH`ORPCPDWHYRJHCHURRMHLNUYHQROHCYHFLJCPDNLTFMHXRS`CYWdHPEJHNJHcREDMHPFHQCNODWHROMNYCOWHQROHCHLJCOJZ.^]
58,0/3^3=/5[
})* {863q42^<3],A4:82^4=1936308>3:82328633AA,:,3=0,=,=?3=086124=4@323=0]073428.=08A
,=?3=0861=33/3/98.<//3:<,=3[b7354232,@70>306.3,A,0>3:8235>3003640:8<<3:0,=@,0563:3,?4><35[
p=@3=364<]4=107,=@0740<34/5084/3:<,=3,=3=/,=@h~63<40,?308>3@,==,=@98.</74?307,53AA3:0[
h3@40,?3=30:4^,04<5^3=/,=@98.</234=2863<8=@Z<,?3/4553059363<,-.,/403/074=^.6:7453/[

, 012345689 
 


 



 !"#"
"$

"%
!
&!
"
&

'


#
('&
!

%!

&
"&

'


#
(
)*+!
",$
"$
"&

$

$
!

-!
!"!
& 
#
$


.$

$

!

&$
$
"!
"

#
$
!
"
##
(
))/

#
$
!
!



#

(!

#

#
%.$
&$
"!#


!
0"
'%'$&$
"
!(/

#
$
"


 




1
#

&%"'

$



0#
$
(

#
%!
#
$
0"
'&$
"

"'
"'!
'$
&!

#
(
+!


#
$
#"
$!
$

#
#
$'
$

$"
"
'
#
$

$
(
)2



%
!#



!!#

"


($
%!

$






(3"
4556%!


$
$!
!
&




(5
!$
!!

!
!
$"
4556%

$
!
'




%&!!
!
"
(/#
!$
!


"!
&




"%




!$
"!#





! 
&
7
8
8
9(!

:;<<=>?@" 


"

%!
!
"

&

!'


"%



(A&
#
%
#
!
.$
'


!!
%!

7"!
!
"
9&



#
$
!

"#

"(
BCDEFGCHIJFCJKELIFGCHIJMHNJOPCQDLRIJ
J
STUVWXYZZX[\]X^_Xàbcd[eXce^fZ[ghXi[e[Xh^Zj[]Xkhl\mXbXhce[b]ha[[dnXob\pXce^fZ[ghXe[qkle[XgkZdlcZ[Xhd[chnXrk[Xd^Xhcb`[Xb\]X
e[b]bflZldpX`^\hdebl\dhsXia[\Xda[h[Xl\d[eg[]lbd[Xhd[chXbe[Xl\Z̀k][]Xl\XdalhXh^Zkdl^\hXgb\kbZsXe^k\]l\mXgbpXbcc[beXd^Xabj[X
^`k̀ee[]nXt^i[j[esXda[X_l\bZXb\hi[eX_^eX[bàXce^fZ[gXlhX_^k\]Xilda^kdXe^k\]l\mX]kel\mXb\pXhd[cXl\Xda[Xce^fZ[gnX
X
X
ubhl̀X
) +"<vw>xyz
.$%&
$$'

!



&{
|

}!


~5 €% ~‚ ƒ%€
„ 5 ††%‡ ‚+ˆ ‰%Š
‹/ 
+5 †‰%‡ +‚Œ‹/ †‰%‡
Ž>w<v‘’“‘‘<‘“==”“•”=”‘”>z“w?<vw>xyz>–—”‘˜™š›œžŸ —z‘>–—“=‘<‘“=“zz>‘z<;¡¢£¤¥¦¦§¨


 & !+‚Œ ‹/ 
.$
$

'


$

©
 "
'
$<vw>xyz
.$%
<vw>xyz>–—”‘˜”zª
‹/ « †‰%‡¬‰%Š¬ƒ%€« ­‰%ƒ
„¨~«~5¬~‚«€%¬ƒ%€«‰

,0123567896 5

 



!
!" #$%&'(((
) %(*'(((
+

 &$'(((
,- #./%'(((

 .0'(((
,- #.*&'(((
12%*34 //'0((
5 #6$*'6((
7 89:

5;+<==>?==
=
@
A

@@'B@
?==
=
@;5C+<==;#6$*'6((C/$'(((;#D0'6((
E ,F! ;5G!
 ;#6$*'6((G%('(((;#*H*(



+F! ;+<==G!
 ;#/$'(((G%('((( ;#.H/D



I =JK<"::

'B:5L);)? C)MHA

@@"<

:

'B@
)?;5L)>)M;#&6('(((>6'%(('(((;#6'D6('(((

K<"::

=1=@<'
-K<":)? ;#6'D6('((( N
K<":)? ;#6'/(('(((
-K<":5O? ;#.'$(('((( N
K<":5O? ;#%'D(('(((
-K<":;#&'%6('((( N
K<": ;#*'*(('(((
PQR 1;(H6*2#*(S4>(H.*2#.*S4>(H%&2#.*S4>(H%02#%.*C6((S4;#66('(((
T <
@1
"1
==<==J
'
?<
@1
;#66('(((G#%.*'(((;%%H/*3

@"1
1
1#6
@'
@"1
;%03H

, 012345689 
 


!"#
!$$!%
&!$'$!
' ()*+,,
 -.,,
/0

! )+,,
12& (3*,,
&! .4,
56
!$ (.3+,
578-9: +8-+
;
!$ (*8.4
<12&=/0

!>5<(3*,,=)+,,>+8-+<(.+*4
? ;0
0!"
!@<;A!">;A6@=/0

!<(-B+C >*B.C =43-D<()B*3-C
EF #!@
!;G<;G!">;G6@
#!@
!;G<7A!">H!":>7A6@>H6@:
#!@
!;G<7().-,>I+,:>7()*,,>43,:
#!@
!;G<(38,>-8,<(+,,
EE #

"
<&!0
">;!
6

!@<(8*,D>7H/!">H/6@:
#

"
<(+4,D>7(8B8C >8B)C:<(+4,D>+,,D<(4,D
EJ #

 K#"</
L
"!" 0
">;!
M
N
#

 K#"<(.,,D>O7$$!!"=AP&'!":>7$$!6@=AP&'6@:Q
#

 K#"<(.,,D>O7(4.,D=.BIC:>7(44-D=3B3C:Q
#

 K#"<(.,,D>O(3B3.C >4B-4-CQ<>(++-D;
AP&'
#""

!0
"R
! 0B
ES #


$  <#

"
=#

 K#"
<(4,D>++-D<>()*-D
#


$  <>()*-D<>#!@
!;G>;0
0!"
!@
<>()*-D<>7>().-D:>3.,D
0
!@#

<>()*-D>).-D=3.,D<(*-,D

, 0124567895 4



 


!"#$%&'"

()*+,*-,+"
"

*."/
0
*."1+"."

1+,") 2345&666
$)) 78&666
9":("*
+

;&<66
# !"("=:"
)") >&366
?@0 2>>&>66
0
"(") 34&>66
+=+A,"

*." 287&666
+=")B8<CD 3<&;56
E"

*." 25<&3;6
9
F
"
) 27&<66
G


)H? 23<&I;6
J#$%K?@0L9":("*
+

M+=")K2>>&>66L;&<66M3<&;56K2<7&6;6
NJ$%$K0
"(")ME"
"'O9K234&>66MBM4&<66DK255&766
E"!+ !"
"
"',
PQ"(."A
)
"P+
F"A"*+-)"!"*.:+
R(":+
:+(

),
PQ
"(."A/
STU$%1K9
F
"
)ME"
"'"V-
RK27&<66MI&8>6K25&6>6
WTUX"Y
' !+$%GK$%$L$%1&)Z
$%GK255&766L5&6>6K25<&7>6
$%G
)+,)"V-+,#$%ME"*+:
+,):"


PM$!+
P"

EX$/X"+,("+RY
'#$%/E"
*+:
+,):"


P
)"V-+,Z
E"*+:
+,):"


PK0
*("+)"

E%GL9":("*
+

K235&666L;&<66K256&<66
E''"*+
-)"Z
$%GK#$%ME"*+:
+,):"


PM$!+
P"

EX$
25<&7>6K2<7&6;6M56&<66M$!+
P"

EX$
1,F

P
(!"*!+
P"

EX$P
F")28&I86&."+


P !"*.:+
R

*("+)"
)EX$AR
28&I86/
[ !"),-

!
)V-")

'(Y)!"

*.")+"."
A+*Y'+()/1+(

P+ !"A .Z
E"

*."K9
F
"
)LG


("/"+(


P)K23&566L<&866K2>&>66