1. Describe the pricing method or system of Bitcoin in at least 300 words. You can have reference online but make sure not to have word-to-word problem.
2. A firm has a debt-to-equity ratio of 0.66. Its cost of equity is 20%, and its cost of debt is 12%.
If the corporate tax rate is 36%, what would it’s cost of equity be if the firm was all equity financed? (Answer in percentage terms. Round answer to 2 decimal places, do not round intermediate calculations)
3. Bertha's Boutique has 2727 bonds outstanding with a face value of $1,000 each and a coupon rate of 9%. The interest is paid semi-annually.
What is the amount of the annual interest tax shield if the tax rate is 33%? (Round answer to 0 decimal places, do not round intermediate calculations)