这是一份 Imperial帝国理工大学 FINANCE 3442作业代写的成功案例
问题 1.
The arithmetic mean is the simple average of the numbers in each series. We use equation to calculate it.
$$
r_{A}=\frac{1}{n} \sum_{t=1}^{n} r_{t}
$$
The geometric mean return is the compound rate of return over the period. Its formula is in equation
$$
r_{G}=\left[\frac{V_{n}}{V_{0}}\right]^{\frac{1}{n}}-1 .
$$
证明 .
Another way to represent the geometric mean retum is in equation .
$$
r_{G}=\left[\prod_{t=1}^{n}\left(1+r_{t}\right)\right]^{\frac{1}{n}}-1 .
$$
FINANCE 3442 COURSE NOTES ：
- We determine eamings before interest but after taxes (EBIBAT) as the income measure. ${ }^{7}$ This should be normalized EBIBAT. 8
- We discount EBIBAT using the WACC.
- We must subtract the market value of debt from the calculated market value of invested capital to get the market value of equity.
- We must calculate a new WACC for each new iteration of FMV of equity.
- We do not show the calculation of unlevered beta but will assume that it has already been calculated to be $1.05$.