Apples earnings before interest and taxes are 800000 none, Financial Management

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Apples earnings before interest and taxes are 800000 none

• Apple’s earnings before interest and taxes are $800,000, none of which would be affected by a share repurchase.

• Apple has $1,000,000 of outstanding debt, with annual coupon payments of $50,000.

• Apple has 100,000 shares outstanding, at a market value of $40/share.

• Tax rate is 40%. If Apple repurchases 30,000 shares at $45/share (financing with debt at an after-tax rate of 5%), Apple’s new EPS is=?

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Financial Management: Apples earnings before interest and taxes are 800000 none

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