The Malkiel Corporation has made the three-year
projection of its asset investment given in the following table. It has found
that payables and accruals tend to equal onethird of current assets. It currently
has $50 million in equity, and the remainder of its financing is provided by
long-term debt. The earnings retained amount to $1 million per quarter.
a. Graph the time path of (i) fixed assets and (ii)
total assets (less amount financed spontaneously by payables and accruals).
b. Devise a financing plan, assuming that your
objective is to use a hedging (maturity matching) approach.
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