FIN 509 & FIN510 Class Web Page, Fall '20
Weekly SCHEDULE, LINKS, FILES and Questions
Week 
Coverage, HW, Supplements 
Required 
Equations and
Assignments 

Class Schedule:



Week 0 
Market
Watch Game Use the information and directions
below to join the game. 1. URL for your game: 2. Password for this private game: havefun. 3. Click on the 'Join Now' button to get
started. 4. If you are an existing MarketWatch member, login. If you are a new user,
follow the link for a Free account  it's
easy! 5. Follow the instructions and start trading! 
Preclass assignment: Set up marketwatch.com account and have
fun 

Week1,2 
Chapter 5 Time value of money 1 Week 1 in class exercise
(word file) Solution (FYI,
updated) Concept of FV, PV,
Rate, Nper Calculation of FV, PV,
Rate, Nper Concept of interest
rate, compounding rate, discount rate Chapter 6 Time Value of Money 2 Concept of PMT, NPV Calculation of FV, PV,
Rate, Nper, PMT, NPV, NFV Concept of EAR, APR Calculation of EAR,
APR Discussion Board (post your writing
on blackboard under discussion):
Week 1 (due by Sunday
at 11:59 pm)
Market Watch Game
Let's start trading in the stock market!
Please join a game and report back on your experience. Directions 1.
URL for your game: 2.
Password for this private game: havefun. 3.
Click on the Join Now button to get started. 4.
Register for a new account with your email address or sign in if
you already have an account.
1.
Why did you choose the stock? How much money did you think you would
make? Please explain. 2.
Did you make money or lose money off of your chosen stock? Which
factors contributed to that? 3.
What did you learn from this experience and how will it affect your
choices in real life when choosing stocks? Instructions ·
Responses should be 100 to 250 words in length and should answer
all three prompts ·
Optional: reply to one of your peers with meaningful,
thoughtprovoking responses ·
Due by Sunday at 11:59 p.m. ET HOMEWORK of Chapters 5
and 6 (due on 10/27, updated) 1. The Thailand
Co. is considering the purchase of some new equipment. The quote consists of
a quarterly payment of $4,740 for 10 years at 6.5 percent interest. What is the
purchase price of the equipment? ($138,617.88) 2. The
condominium at the beach that you want to buy costs $249,500. You plan to
make a cash down payment of 20 percent and finance the balance over 10 years
at 6.75 percent. What will be the amount of your monthly mortgage
payment? ($2,291.89) 4. Shannon wants
to have $10,000 in an investment account three years from now. The account
will pay 0.4 percent interest per month. If Shannon saves money every month,
starting one month from now, how much will she have to save each month?
($258.81)
14. What is the
future value of weekly payments of $25 for six years at 10 percent? ($10,673.90) 15. At the end of
this month, Bryan will start saving $80 a month for retirement through his
company's retirement plan. His employer will contribute an additional $.25
for every $1.00 that Bryan saves. If he is employed by this firm for 25 more
years and earns an average of 11 percent on his retirement savings, how much
will Bryan have in his retirement account 25 years from
now? ($157,613.33) 16. Sky
Investments offers an annuity due with semiannual payments for 10 years at 7
percent interest. The annuity costs $90,000 today. What is the amount of each
annuity payment? ($6,118.35) 17. Mr. Jones
just won a lottery prize that will pay him $5,000 a year for thirty years. He
will receive the first payment today. If Mr. Jones can earn 5.5 percent on
his money, what are his winnings worth to him today? ($76,665.51) 18. You want to
save $75 a month for the next 15 years and hope to earn an average rate of
return of 14 percent. How much more will you have at the end of the 15 years
if you invest your money at the beginning of each month rather than the end
of each month? ($530.06) 19. What is the
effective annual rate of 10.5 percent compounded
semiannually? (10.78%) 22. What is the
effective annual rate of 12.75 percent compounded daily? (13.60 percent) 23. Your grandparents
loaned you money at 0.5 percent interest per month. The APR on this loan is
_____ percent and the EAR is _____ percent. (6.00; 6.17) FYI only: help for homework Part 1(Qs
12) Part 2(Qs 48) Part 3(Qs
912) Part
4(Qs 1316) Part 5(Qs
1720) Part 6(Qs
2124) Quiz 1 Help Videos (new) 
Calculators Time Value of Money Calculator © 2002  2019 by Mark A. Lane,
Ph.D. Math Formula FV = PV *(1+r)^n PV = FV /
((1+r)^n) N
= ln(FV/PV) / ln(1+r) Rate = (FV/PV)^{1/n} 1 Annuity: N
= ln(FV/C*r+1)/(ln(1+r)) Or N
= ln(1/(1(PV/C)*r)))/ (ln(1+r)) EAR = (1+APR/m)^m1 APR = (1+EAR)^(1/m)*m Excel Formulas To get FV, use FV
function. =abs(fv(rate, nper,
pmt, pv)) To get PV, use PV
function = abs(pv(rate, nper,
pmt, fv)) To get r, use rate
function =
rate(nper, pmt, pv, fv) To get number of years,
use nper function = nper(rate, pmt, pv,
fv) To get annuity payment, use PMT
function = abs(pmt(rate, nper, pv,
fv)) To get Effective rate (EAR), use
Effect
function =
effect(nominal_rate, npery) To get annual percentage rate
(APR), use nominal function APR = nominal(effective rate, npery) 

Week3 
Chapter
7 Bond Pricing In class exercise excel file
(done in class) Simplified Balance Sheet of WalMart
https://finance.yahoo.com/quote/WMT/balancesheet/ For discussion: · What is this “long term debt”? · Who is the lender of this “long term debt”? So this long term debt is called bond in the financial market.
Where can you find the pricing information and other specifications of the
bond issued by WMT? How
Bonds Work (video) Investing Basics:
Bonds(video) FINRA – Bond market
information http://finramarkets.morningstar.com/BondCenter/Default.jsp WALMART STORES INC
http://finramarkets.morningstar.com/BondCenter/BondDetail.jsp?ticker=C104227&symbol=WMT.GP Coupon Rate
7.550 % Maturity Date
02/15/2030
Credit and
Rating Elements
Classification
Elements
Special Characteristics
Issue
Elements
Bond
Elements
For class discussion: Fed has hiked interest rates. So, shall you
invest in short term bond or long term bond? Study guide 1. Find bond sponsored by WMT just go to www.finra.org, è Investor center è market data è bond è corporate bond Corporate
Bond
2. 2.
Understand what is coupon, coupon rate, yield, yield to maturity, market
price, par value, maturity, annual bond, semiannual bond, current yield. 3. 3.
Understand how to price bond Bond
price = abs(pv(yield, maturity, coupon, 1000))  annual coupon Bond
price = abs(pv(yield/2, maturity*2, coupon/2, 1000))  semiannual
coupon Also change the yield and observe the
price changes. Summarize the price change pattern and draw a graph to
demonstrate your findings. Again, when yield to maturity of
this semi_annual coupon bond is 4%, how should this WMT bond
sell for? 4. Understand
how to calculate bond returns Yield
to maturity = rate(maturity, coupon, market price, 1000) – annual
coupon Yield
to maturity = rate(maturity*2, coupon/2, market price, 1000)*2 –
semiannual coupon Bond
Calculator (www.jufinance.com/bond) For example, when the annual coupon bond
is selling for $1,100, what is its return to investors? For example, when the semiannual
coupon bond is selling for $1,100, what is its return to investors? 5. Current
yield: For the above bond, calculate current yield. 6. Zero
coupon bond: coupon=0 and treat it as semiannual coupon bond. Example:
A ten year zero coupon bond is selling for $400. How much is its yield to
maturity? A ten year zero coupon bond’s yield to
maturity is 10%. How much is its price? 7. Understand
what is bond rating and how to read those ratings. a. Who
are Moody, S&P and Fitch? b. What
is WMT’s rating? c. Is
the rating for WMT the highest? d. Who
earned the highest rating? Supplement: Municipal Bond For
class discussion: ·
Shall you invest in municipal bonds? ·
Are municipal bonds better than investment
grade bonds? Supplement: The risks investing in a bond ·
Bond investing: credit
Risk (video) ·
Bond investing: Interest
rate risk (video) ·
Bond
investing: increased risk (video) Homework (Due on 10/27) 1. Firm AAA’s bonds
price = $850. Coupon rate is 5% and par is $1,000. The bond has
six years to maturity. Calculate for current yield? (5.88%) 2. For a zero
coupon bond, use the following information to calculate its yield to
maturity. (14.35%) Years
left to maturity = 10 years. Price = $250. 3. For a
zero coupon bond, use the following information to calculate its price. ($456.39)
Years left to maturity = 10 years. Yield = 8%. 4. Imagine that an
annual coupon bond’s coupon rate = 5%, 15 years left. Draw priceyield
profile. (hint: Change interest rate, calculate new price and draw the
graph). 5. IBM 5 year 2% annual coupon bond is
selling for $950. How much this IBM bond’s YTM? 3.09% 6. IBM 10 year
4% semiannual coupon bond is selling for $950. How much is
this IBM bond’s YTM? 4.63% 7. IBM 10 year 5% annual coupon
bond offers 8% of return. How much is the price of this
bond? 798.7 8. IBM 5 year 5% semiannual coupon
bond offers 8% of return. How much is the price of this bond? $878.34 9. IBM 20 year zero
coupon bond offers 8% return. How much is the price of this bond? 208.29 10. Collingwood
Homes has a bond issue outstanding that pays an 8.5 percent coupon and
matures in 18.5 years. The bonds have a par value of $1,000 and a market
price of $964.20. Interest is paid semiannually. What is the yield to
maturity? (8.90%) 11. Grand Adventure
Properties offers a 9.5 percent coupon bond with annual payments. The yield
to maturity is 11.2 percent and the maturity date is 11 years from today.
What is the market price of this bond if the face value is $1,000? ($895.43) 12. The zero coupon
bonds of D&L Movers have a market price of $319.24, a face value of
$1,000, and a yield to maturity of 9.17 percent. How many years is it until
these bonds mature? (12.73 years) 13. A zero coupon bond
with a face value of $1,000 is issued with an initial price of $212.56. The
bond matures in 25 years. What is yield to maturity? (6.29%) 14. The bonds issued by Stainless
Tubs bear a 6 percent coupon, payable semiannually. The bonds
mature in 11 years and have a $1,000 face value. Currently, the bonds sell
for $989. What is the yield to maturity? (6.14%) Videos
 homework help Part I Q1Q2 Q3Q4 Q5Q8 Q9Q14 Quiz 2 Help
Video 
Bond Pricing Formula (FYI)
Bond Pricing Excel Formula Summary of
bond pricing excel functions To calculate bond price (annual coupon bond): Price=abs(pv(yield
to maturity, years left to maturity, coupon rate*1000, 1000) To calculate yield to maturity (annual coupon bond):: Yield
to maturity = rate(years left to maturity, coupon rate *1000, price, 1000) To calculate bond price (semiannual coupon bond): Price=abs(pv(yield
to maturity/2, years left to maturity*2, coupon rate*1000/2,
1000) To calculate yield to maturity (semiannual coupon
bond): Yield
to maturity = rate(years left to maturity*2, coupon rate *1000/2,
price, 1000)*2 To calculate number of years left(annual coupon bond) Number
of years =nper(yield to maturity, coupon rate*1000, price, 1000) To calculate number of years left(semiannual coupon bond) Number
of years =nper(yield to maturity/2, coupon rate*1000/2, price,
1000)/2 To calculate coupon (annual coupon bond) Coupon
= pmt(yield to maturity, number of years left, price, 1000) Coupon
rate = coupon / 1000 To calculate coupon (semiannual coupon bond) Coupon
= pmt(yield to maturity/2, number of years left*2, price, 1000)*2 Coupon
rate = coupon / 1000 

Week 4 
Chapter
8 Stock Valuation

To learn about nonconstant
growth of dividend (Here dividend growth model will not work), please refer
to the following calculator (FYI, not required) (www.jufinance.com/nonconstant_dividend) FYI: Po = Do*(1+g_{1})
/ r + Do*(1+g_{1}) *(1+g_{2}) / (r^{2})+
... Do*(1+g_{1}) *(1+g_{2})*...(1+g_{n1})/ (r^{n1})
+ Do*(1+g_{1}) *(1+g_{2})*...(1+g_{n1})_{*(}1+g_{n})/(rg_{n}) g_{1}: next year's
growth rate; g_{n}: nth year's growth rate; Po: current stock price If nonconstant
dividend growth rates in the next several years are not given, refer to the
following equations. g_{1} = D_{1}/Do1;
g_{2} = D_{2}/D_{1}1; g_{3}=D_{3}/D_{2}1,...
Until dividend growth rate stays fixed.
Details about how to derive the model
mathematically (FYI) The Gordon growth model is a simple
discounted cash flow (DCF) model which can be used to value a stock, mutual
fund, or even the entire stock market. The model is named after Myron
Gordon who first published the model in 1959. The Gordon model
assumes that a financial security pays a periodic dividend
(D) which grows at a constant rate (g). These growing dividend
payments are assumed to continue forever. The future dividend payments are
discounted at the required rate of return (r) to find the price
(P) for the stock or fund. Under these
simple assumptions, the price of the security is given by this equation: In this
equation, I’ve used the “0” subscript on the price (P) and the “1” subscript on the dividend (D)
to indicate that the price is calculated at time zero and the dividend is the
expected dividend at the end of period one. However, the equation is
commonly written with these subscripts omitted. Obviously, the
assumptions built into this model are overly simplistic for many
realworld valuation problems. Many companies pay no dividends, and,
for those that do, we may expect changing payout ratios or
growth rates as the business matures. Despite these
limitations, I believe spending some time experimenting with the Gordon
model can help develop intuition about the relationship between
valuation and return. Deriving the Gordon Growth Model Equation
The Gordon
growth model calculates the present value of the security by summing an
infinite series of discounted dividend payments which follows the pattern
shown here: Multiplying both
sides of the previous equation by (1+g)/(1+r) gives: We can then
subtract the second equation from the first equation to get: Rearranging and
simplifying: Finally, we can
simplify further to get the Gordon growth model equation dividend growth model: Refer
to http://www.calculatinginvestor.com/2011/05/18/gordongrowthmodel/ · Now let’s apply this
Dividend growth model in problem solving. 

For discussion: · Stockholders’ rights · Risk and return – where to find how
risky the stock is 2. Calculate stock prices 1) Given next dividends and price Po= Po= + Po= + + Po= + ++ …… 2) Given all
dividends – Dividend
growth model ·
Po= D1/(rg) or Po= Do*(1+g)/(rg) ·
r = D1/Po+g = Do*(1+g)/Po+g ·
g= rD1/Po = r Do*(1+g)/Po ·
·
Capital Gain yield = g ·
·
Dividend Yield = r – g = D1 / Po = Do*(1+g) / Po ·
D1=Do*(1+g); D2= D1*(1+g); D3=D2*(1+g)… Calculator for Dividend Growth Model (www.jufinance.com/stock) Exercise: 1.
Consider the valuation
of a common stock that paid $1.00 dividend at the end of the last year and is
expected to pay a cash dividend in the future. Dividends are expected to grow
at 10% and the investors required rate of return is 17%. How much is the
price? How much is the dividend yield? Capital gain yield? 2.
The current market
price of stock is $90 and the stock pays dividend of $3 with a growth rate of
5%. What is the return of this stock? How much is the dividend yield? Capital
gain yield? 3. How to pick stocks – Does it work? PE ratio HOMEWORK (Due with final on
11/17/2020) 1.
Northern Gas
recently paid a $2.80 annual dividend on its common stock. This dividend
increases at an average rate of 3.8 percent per year. The stock is currently
selling for $26.91 a share. What is the market rate of return? (14.60
percent) 2. Douglass Gardens pays an annual dividend that is expected
to increase by 4.1 percent per year. The stock commands a market rate of
return of 12.6 percent and sells for $24.90 a share. What is the expected
amount of the next dividend? ($2.12) 3. IBM just paid $3.00 dividend per share to investors. The dividend
growth rate is 10%. What is the expected dividend of the next year? ($3.3) 4. The current market price of stock is $50 and the stock is
expected to pay dividend of $2 with a growth rate of 6%. How much is the
expected return to stockholders? (10%) 5.
Investors
of Creamy Custard common stock earns 15% of return. It just paid a
dividend of $6.00 and dividends are expected to grow at a rate of 6%
indefinitely. What is expected price of Creamy Custard's stock? ($70.67) Homework
Video of this week Quiz 3 Help Video Part I Part II Part III Part IV 

Chapter 9 Capital
Budgeting chapter 9 in class excel
notes FYI (newly added) 1. NPV Excel syntax Syntax NPV(rate,value1,value2, ...) Rate is the rate of discount over
the length of one period. Value1, value2,
... are 1 to 29
arguments representing the payments and income. · Value1, value2, ... must be equally spaced in
time and occur at the end of each period. NPV uses the
order of value1, value2, ... to interpret the order of cash flows.
Be sure to enter your payment and income values in the correct sequence. 2. IRR Excel syntax Syntax IRR(values, guess) Values is an array or a reference to cells
that contain numbers for which you want to calculate the internal rate of
return. Guess is a number that you guess is
close to the result of IRR. Or, PI =
NPV / CFo +1 Profitable
index (PI) =1 + NPV / absolute value of CFo 3. MIRR( values, finance_rate, reinvest_rate ) Where
the function arguments are as follows:
Modified Rate of Return:
Definition & Example (video)
https://study.com/academy/lesson/modifiedrateofreturndefinitionexample.html NPV, IRR, Payback Period calculator
Excel Template  NPV, IRR, MIRR, PI, Payback, Discounted
payback Chapter 9 Study Guide Part I: Single project Consider the following scenario. You are reviewing a new project and have
estimated the following cash flows: — Year
0: CF
= 165,000 — Year
1: CF
= 63,120; NI = 13,620 — Year 2: CF
= 70,800; NI = 3,300 — Year
3: CF
= 91,080; NI = 29,100 Your required return for assets of this risk
level is 12%. 1) Using
payback period method to make capital budgeting decision. 2) Using
discounted payback period method to make capital budgeting decision. 3) Using
net present value method (NPV) (answer: $12,627.41) 4) Using
profitable index method (PI) (answer: 1.077) 5) Using
the Internal Rate of Return method (answer: 16.13%) 6) Using
modified IRR method (MIRR, using 12% for both investment rate and financing
rate. Answer: 14.79%) Part
II: MultiProjects
If the required rate of return is 10%. Which
project shall you choose? 1) How
much is the cross over rate? (answer: 11.8%) 2) How
is your decision if the required rate of return is 13%? (answer: NPV of
B>NPV of A) · Rule for mutually exclusive projects: (answer:
Choose B) · What about the two projects are
independent? (answer: Choose both) More on IRR – (nonconventional cash flow) Suppose an investment will cost $90,000
initially and will generate the following cash flows: – Year
1: 132,000 – Year 2: 100,000 – Year
3: 150,000 The required return is 15%. Should we accept
or reject the project? 1) How does the
NPV profile look like? (Answer: Inverted) 2) IRR1= 10.11%
 answer 3) IRR2= 42.66%
 answer Exercise An investment project has the following cash
flows: CF0 = 1,000,000; C01 – C08 = 200,000 each If the required rate of return is 12%, what
decision should be made using NPV? How would the IRR decision rule be used for
this project, and what decision would be reached? How are the above two decisions related? HOMEWORK(Due on 11/17/2020) Year Cash flows 1 $8,000 2 4,000 3 3,000 4 5,000 5 10,000 1) How
much is the payback period (approach one)? 
4 years 2) If
the firm has a 10% required rate of return. How much is NPV (approach
2)? $2456.74 3) If
the firm has a 10% required rate of return. How much is IRR (approach
3)?  14.55% 4) If
the firm has a 10% required rate of return. How much is PI (approach
4)?  1.12 Question 2: Project with an initial cash outlay of $60,000 with
following free cash flows for 5 years. Year FCF Initial
outlay –60,000 1 25,000 2 24,000 3 13,000 4 12,000 5 11,000 The firm has a 15% required rate of return. Calculate payback period, NPV, IRR and PI.
Analyze your results. Question 3: Mutually Exclusive
Projects 1) Consider
the following cash flows for oneyear Project A and B, with required rates of
return of 10%. You have limited capital and can invest in one but one
project. Which one? § Initial
Outlay: A = $200; B = $1,500 § Inflow: A
= $300; B = $1,900 2) Example:
Consider two projects, A and B, with initial outlay of $1,000, cost of
capital of 10%, and following cash flows in years 1, 2, and 3: A:
$100 $200 $2,000 B:
$650 $650 $650 Which
project should you choose if they are mutually exclusive? Independent?
Crossover rate? 

Chapter 14 Cost of Capital in class excel notes FYI
(newly added) For class discussion: What is WACC? Why is it important? WACC increases, good or bad to stock holders? How to apply WACC to figure out firm value? What is DCF? One option (if beta is given, refer to chapter 13) Another option (if dividend is given): WACC Formula WACC calculator (annual coupon bond) (www.jufinance.com/wacc) WACC calculator (semiannual coupon bond) WACC Calculator help videos
FYI Summary of Equations Discount rate to
figure out the value of projects is called WACC (weighted average cost of
capital) WACC = weight of debt
* cost of debt + weight of equity *( cost of equity) Wd=
total debt / Total capital = total borrowed / total capital We=
total equity/ Total capital Cost
of debt = rate(nper, coupon, (price – flotation costs), 1000)*(1tax rate) Cost
of Equity = D1/(Po – Flotation Cost) + g D1:
Next period dividend; Po: Current stock price; g: dividend growth rate Note:
flotation costs = flotation percentage * price Or
if beta is given, use CAPM model (refer to chapter 13) Cost
of equity = risk free rate + beta *(market return – risk free rate) Cost of equity = risk free rate + beta * market
risk premium In Class Exercise: A firm borrows
money from bond market. The price they paid is $950 for the bond with 5%
coupon rate and 10 years to mature. Flotation cost is $40. For the
new stocks, the expected dividend is $2 with a growth rate of 10% and price
of $40. The flotation cost is $4. The company raises capital in equal
proportions i.e. 50% debt and 50% equity (such as total $1m raised and half
million is from debt market and the other half million is from stock market).
Tax rate 34%. What is WACC (weighted average cost of capital, cost of capital)? (Answer: 9.84%) 1) Why does the firm raise capital from the
financial market? Is there of any costs of doing so? What do you think? 2) What is cost of debt? (Kd = rate(nper, coupon, (price – flotation costs $)),
1000)*(1tax rate)) 3) Cost of equity? (Ke = (D_{1}/(Price –
flotation costs $)) +g, or Ke = Rrf + Beta*MRP)) Why no tax adjustment like cost of debt? 4) WACC=Cost of capital = Percentage of Debt *
cost of debt + percentage of stock * cost of stock = Wd*Kd + We* Ke Meaning: For a dollar
raised in the capital market from debt holders and stockholders, the cost is
WACC (or WACC * 1$ = several cents, and of course, the lower the better but
many companies do not have good credits) No homework for chapter 14 Homework help videos (chapter 9) Quiz 4 chapter 9 – (no video prepared) 
FYI
As of today (20201102), Walmart's weighted average cost of
capital is 3.36%. Walmart's ROIC % is 8.73% (calculated using TTM income statement data). Walmart
generates higher returns on investment than it costs the company to raise the
capital needed for that investment. It is earning excess returns. A firm that
expects to continue generating positive excess returns on new investments in
the future will see its value increase as growth increases.https://www.gurufocus.com/term/wacc/WMT/WACC/Walmart%2BInc Amazon.com
Inc (NAS:AMZN) WACC %:8.44% As of Today As of today (20201102), Amazon.com's weighted average cost of
capital is 8.44%. Amazon.com's ROIC % is 10.01% (calculated using TTM income statement data).
Amazon.com generates higher returns on investment than it costs the company
to raise the capital needed for that investment. It is earning excess
returns. A firm that expects to continue generating positive excess returns
on new investments in the future will see its value increase as growth
increases. https://www.gurufocus.com/term/wacc/AMZN/WACCPercentage/Amazon.com%20Inc Apple
Inc (NAS:AAPL) WACC %:8.23% As of Today As of today (20201102), Apple's weighted average cost of
capital is 8.23%. Apple's ROIC % is 24.02% (calculated using TTM income statement data). Apple
generates higher returns on investment than it costs the company to raise the
capital needed for that investment. It is earning excess returns. A firm that
expects to continue generating positive excess returns on new investments in
the future will see its value increase as growth increases.https://www.gurufocus.com/term/wacc/AAPL/WACC/Apple%2Binc Tesla WACC
(NAS:TSLA) %:12.09% As of Today As of Today
As of today (20201102), Tesla's weighted average cost of
capital is 12.09%. Tesla's ROIC % is 4.60% (calculated using TTM income statement data). Tesla
earns returns that do not match up to its cost of capital. It will destroy
value as it grows. https://www.gurufocus.com/term/wacc/NAS:TSLA/WACC/Tesla Cost of Capital by Sector (US) Date of Analysis: Data used is as of January 2019
