The paper was okay for me. I had soo many confusions while attempting the exam. I didn’t really study spread and Baumol. I got the answer for return point somewhere in 26000 and with baumol 53.
I got 17.8 and 11.5 for CAPM question. I thought it was wrong until I saw all the comments. The NPV question was good except it was tricky for the subsidy part. Should we include subsidies in NPV calculation after taking account of tax?
