{"id":1538,"date":"2019-09-12T13:33:00","date_gmt":"2019-09-12T13:33:00","guid":{"rendered":"https:\/\/analystprep.com\/cfa-level-1-exam\/?p=1538"},"modified":"2025-12-17T12:36:20","modified_gmt":"2025-12-17T12:36:20","slug":"optimal-capital-budget","status":"publish","type":"post","link":"https:\/\/analystprep.com\/cfa-level-1-exam\/corporate-finance\/optimal-capital-budget\/","title":{"rendered":"Optimal Capital Budget"},"content":{"rendered":"\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"VideoObject\",\n  \"name\": \"Cost of Capital (2021 Level I CFA\u00ae Exam \u2013 Reading 33)\",\n  \"description\": \"This video explains the weighted average cost of capital (WACC) as the risk-adjusted return firms must provide to debt and equity holders. It outlines how to calculate WACC using the costs and market values of debt, preferred stock, and equity\u2014accounting for the tax shield on debt. The lesson also covers the marginal cost of capital, investment opportunity schedules, and the optimal capital budget. Methods to estimate the cost of debt, preferred stock, and equity (via CAPM, dividend discount model, and bond yield plus risk premium) are detailed, along with adjustments for beta, flotation costs, and international risk premiums.\",\n  \"uploadDate\": \"2018-10-21T00:00:00+00:00\",\n  \"thumbnailUrl\": \"https:\/\/img.youtube.com\/vi\/I_SgGrDv1YM\/maxresdefault.jpg\",\n  \"contentUrl\": \"https:\/\/www.youtube.com\/watch?v=I_SgGrDv1YM\",\n  \"embedUrl\": \"https:\/\/www.youtube.com\/embed\/I_SgGrDv1YM\",\n  \"duration\": \"PT33M52S\"\n}\n<\/script>\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"QAPage\",\n  \"mainEntity\": {\n    \"@type\": \"Question\",\n    \"name\": \"Which of the following statements is an accurate representation of the relationship between the cost of capital and investment returns?\",\n    \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"The correct answer is C.\\n\\nThe optimal capital budget is the amount of capital raised and invested at which the marginal cost of capital is equal to the marginal return from investing.\\n\\nA and B are incorrect because the marginal cost of capital schedule is upward-sloping while the investment opportunity schedule is downward-sloping.\"\n    },\n    \"suggestedAnswer\": [\n      {\n        \"@type\": \"Answer\",\n        \"text\": \"The investment opportunity schedule is upward-sloping.\"\n      },\n      {\n        \"@type\": \"Answer\",\n        \"text\": \"The marginal cost of capital schedule is downward-sloping.\"\n      },\n      {\n        \"@type\": \"Answer\",\n        \"text\": \"The optimal capital budget is the amount of invested capital at which the marginal cost of capital equals the marginal return from investing.\"\n      }\n    ],\n    \"answerCount\": 3\n  }\n}\n<\/script>\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"ImageObject\",\n  \"url\": \"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/09\/corpo.jpg\",\n  \"caption\": \"Optimal Investment Decision\",\n  \"width\": 2117,\n  \"height\": 1326,\n  \"copyrightNotice\": \"\u00a9 2024 AnalystPrep\",\n  \"acquireLicensePage\": \"https:\/\/analystprep.com\/license-info\",\n  \"creditText\": \"AnalystPrep Design Team\",\n  \"creator\": {\n    \"@type\": \"Organization\",\n    \"name\": \"AnalystPrep\"\n  }\n}\n<\/script>\n\n\n\n\n\n<iframe loading=\"lazy\" width=\"560\" height=\"315\" src=\"https:\/\/www.youtube.com\/embed\/I_SgGrDv1YM?si=YGXvC4gkwuArfK_a\" title=\"YouTube video player\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n\n\n<p>\u00a0<\/p>\n<p>Marginal cost of capital (MCC) plays a very important role in capital budget decision-making. When used in conjunction with the investment opportunity schedule, an optimal capital budget may be determined.<\/p>\n<h2>Optimal Investment Decision<\/h2>\n<p>The MCC of a company tends to increase as it raises additional capital. As the company makes additional investments with this new capital, returns on its investments will generally decrease as represented by the investment opportunity schedule (IOS). The relationship between the MCC and the IOS gives an overview of the basic decision-making problem that a company has. The following graph shows the relationship between the cost of capital and investment returns.<br \/><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-18214\" src=\"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/09\/corpo.jpg\" alt=\"\" width=\"2117\" height=\"1326\" srcset=\"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/09\/corpo.jpg 2117w, https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/09\/corpo-300x188.jpg 300w, https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/09\/corpo-768x481.jpg 768w, https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/09\/corpo-1024x641.jpg 1024w, https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/09\/corpo-400x251.jpg 400w\" sizes=\"auto, (max-width: 2117px) 100vw, 2117px\" \/><\/p>\n<p>As we can see, the upward-sloping marginal cost of the capital schedule is graphed against the downward-sloping investment opportunity schedule.<\/p>\n<p>The graph also indicates that the optimal capital budget, which maximizes the value of investments, occurs whenever the marginal cost of capital intersects with the investment opportunity schedule. The optimal capital budget is simply the amount of capital raised and invested and at which the marginal cost of capital is equal to the marginal return from investing.<\/p>\n<blockquote>\n<h2><strong>Question<\/strong><\/h2>\n<p>Which of the following statements is an accurate representation of the relationship between the cost of capital and investment returns?<\/p>\n<ol style=\"list-style-type: upper-alpha;\">\n<li data-tadv-p=\"keep\">The investment opportunity schedule is upward-sloping.<\/li>\n<li data-tadv-p=\"keep\">The marginal cost of capital schedule is downward-sloping.<\/li>\n<li data-tadv-p=\"keep\">The optimal capital budget is the amount of invested capital at which the marginal cost of capital equals the marginal return from investing.<\/li>\n<\/ol>\n<p><strong>Solution<\/strong><\/p>\n<p>The correct answer is <strong>C<\/strong>.<\/p>\n<p>The optimal capital budget is the amount of capital raised and invested and at which the marginal cost of capital is equal to the marginal return from investing.<\/p>\n<p><strong>A and B are incorrect<\/strong> because the marginal cost of capital schedule is upward-sloping while the investment opportunity schedule is downward-sloping.<\/p>\n<\/blockquote>\n<div class=\"notes_inv\"><hr \/>\n<p><a href=\"https:\/\/analystprep.com\/cfa-level-1-exam\/corporate-finance\/learning-sessions-curriculum-corporate-finance\/\"><em>Corporate Finance &#8211; Learning Sessions<\/em><\/a><\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>\u00a0 Marginal cost of capital (MCC) plays a very important role in capital budget decision-making. When used in conjunction with the investment opportunity schedule, an optimal capital budget may be determined. Optimal Investment Decision The MCC of a company tends&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[6],"tags":[],"class_list":["post-1538","post","type-post","status-publish","format-standard","hentry","category-corporate-finance","blog-post","no-post-thumbnail","animate"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Optimal Capital Budget | CFA Level 1 - AnalystPrep<\/title>\n<meta name=\"description\" content=\"Learn how the optimal capital budget is determined using the investment opportunity schedule and cost of capital analysis.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/analystprep.com\/cfa-level-1-exam\/corporate-finance\/optimal-capital-budget\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Optimal Capital Budget | CFA Level 1 - 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