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1.! Are the four components of Marriotts financial strategy consistent with its growth
objective? ...................................................................................................................... 1!
2.! How does Marriott use its estimate of its cost of capital? Does this make sense? ...... 3!
3.! What is the weighted average cost of capital for Marriott Corporation? ..................... 4!
4.! What type of investments would you value using Marriotts WACC? ........................ 6!
5.! If Marriott used a single corporate hurdle rate for evaluating investment opportunities
in each of its lines of business, what would happen to the company over time? ......... 7!
6.! What is the cost of capital for the lodging and restaurant divisions of Marriott? ........ 8!
7.! What is the cost of capital for Marriotts contract services division? How can you
estimate its equity costs without publicly traded comparable companies? ................ 11!
APPENDIX I Math Utilized to Derive WACC for Marriott .......................................... 13!
APPENDIX II Math Utilized to Derive WACC for Divisions ...................................... 16!

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