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CIMA F3 (F3 Financial Strategy) certification exam is one of the most sought-after finance certifications in the world. It is designed to equip financial professionals with the skills and knowledge required to develop and implement effective financial strategies in a dynamic business environment. F3 exam covers a range of topics, including financial analysis, forecasting, risk management, and investment decisions, among others.
To pass the CIMAPRA19-F03-1 exam, candidates must have a strong foundation in financial management and accounting principles. They must also possess excellent analytical and problem-solving skills, as well as the ability to communicate complex financial information in a clear and concise manner. F3 Exam consists of objective test questions and case studies, which require candidates to demonstrate their ability to apply financial strategy concepts to practical business scenarios.
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CIMA CIMAPRA19-F03-1 (F3 Financial Strategy) Certification Exam is a professional certification exam designed for individuals who want to demonstrate their advanced knowledge and skills in financial strategy. F3 Exam is offered by the Chartered Institute of Management Accountants (CIMA), a leading global professional body that offers training and certification in management accounting and related fields.
NEW QUESTION # 158
A company is concerned that a high proportion of its debt portfolio consists of variable rate finance with an interest rate of LIBOR ' 1 .0%.
It is considering using an interest rate swap to reduce interest rate risk out is concerned about additional finance cost this might create.
A bank has quoted swap rates of 3% 3.5% against LIBOR.
A bank has quoted swap rates of 3% 3.5% against LIBOR.
Is an interest rate swap likely to be beneficial to the company at current LIBOR rates?
Answer: B
Explanation:
Current borrowing cost = LIBOR + 1.0%
If it swaps to fixed:
Pay LIBOR + 1.0% on the loan
Receive LIBOR and pay fixed 3.5% on the swap
Net cost = (LIBOR + 1.0%) # LIBOR + 3.5% = 4.5% fixed
So, at current LIBOR, the company would move from LIBOR + 1.0% to an effective 4.5%, which is higher unless LIBOR exceeds 3.5%. The question asks about "current LIBOR rates", which are implied to be below this level, so the swap increases interest cost.
NEW QUESTION # 159
Company A is identical in all operating and risk characteristics to Company B, but their capital structures differ.
Company B is all-equity financed. Its cost of equity is 17%.
Company A has a gearing ratio (debt:equity) of 1:2. Its pre-tax cost of debt is 7%.
Company A and Company B both pay corporate income tax at 30%.
What is the cost of equity for Company A?
Answer: D
NEW QUESTION # 160
Company XXY operates in country X with the X$ as its currency. It is looking to acquire company ZZY which operates in country Z with the Z$ as its currency.
The assistant accountant at Company XXY has started to prepare an initial valuation of Company ZZY's equity for the first 3 years, however their valuation is incomplete. TBC' in the table below indicates that her calculations have yet to be completed.
The following information is relevant:
What is the correct figure (to the nearest million S) to include in year 3 as the present value in X$ million?
Answer: B
Explanation:
Free cash flow year 3 = Z$240m
Spot rate now: Z$1 = X$2
Inflation: X 2%, Z 4% # expected depreciation of Z$ via PPP:
Factor k=1.021.04=51/52k = rac{1.02}{1.04} = 51/52k=1.041.02=51/52
Year-3 expected rate:
S3=2×k3#2×0.9434=1.8868 X/ZS_3 = 2 imes k
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