All calculations must reference a cell from the data. Manual enter of any numbers in the formulas will result in a score of zero for the calculation.
As presented in the chapter the optimal capital structure is when the intrinsic value is maximized and the WACC is minimized. There are Excel functions that you can use to find the minimal and maximum values in a range of data and match that data to a particular cell. Therefore the formulas for the WACC at optimum debt ratio and Optimum debt ratio should not reference a particular cell. Instead you should use the Excel functions to determine the values so that if any of the input data changes, then the WACC at optimum debt ratio and the Optimum debt ratio automatically reflect the changes. For the WACC at optimum I use the MIN function. For the Optimum debt ratio some students use the VLOOKUP or some similar function. I generally use the INDEX, MATCH combination. As presented in the following article https://exceljet.net/index-and-match, VLOOKUP and INDEX & MATCH are the most widely used tools in Excel for performing lookups. As business professional, when you enter the workforce you likely will need to learn the functions. When I was in industry I taught myself many of the Excel functions to make it easier to navigate data which allowed me to spend less time on the tedious stuff and instead focus on making sound business decisions.
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