羅斯公司理財英文習(xí)題答案chap004(已修改)
2025-07-06 00:17 本頁面
【正文】 公司理財習(xí)題答案第四章Chapter 4: Net Present Value a. $1,000 180。 = $1, b. $1,000 180。 = $1, c. $1,000 180。 = $2, d. Interest pounds on the I nterest already earned. Therefore, the interest earned in part c, $1, is more than double the amount earned in part a, $. a. $1,000 / = $ b. $2,000 / = $1, c. $500 / = $ You can make your decision by puting either the present value of the $2,000 that you can receive in ten years, or the future value of the $1,000 that you can receive now. Present value: $2,000 / = $ Future value: $1,000 180。 = $2, Either calculation indicates you should take the $1,000 now. Since this bond has no interim coupon payments, its present value is simply the present value of the $1,000 that will be received in 25 years. Note: As will be discussed in the next chapter, the present value of the payments associated with a bond is the price of that bond. PV = $1,000 / = $ PV = $1,500,000 / = $187, a. At a discount rate of zero, the future value and present value are always the same. Remember, FV = PV (1 + r) t. If r = 0, then the formula reduces to FV = PV. Therefore, the values of the options are $10,000 and $20,000, respectively. You should choose the second option. b. Option one: $10,000 / = $9, Option two: $20,000 / = $12, Choose the second option. c. Option one: $10,000 / = $8, Option two: $20,000 / = $8, Choose the first option.d. You are indifferent at the rate that equates the PVs of the two alternatives. You know that rate must fall between 10% and 20% because the option you would choose differs at these rates. Let r be the discount rate that makes you indifferent between the options. $10,000 / (1 + r) = $20,000 / (1 + r)5 (1 + r)4 = $20,000 / $10,000 = 2 1 + r = r = = % PV of Joneses’ offer = $150,000 / ()3 = $112, Since the PV of Joneses’ offer is less than Smiths’ offer, $115,000, you should choose Smiths’ offer. a. P0 = $1,000 / = $ b. P10 = P0 ()10 = $ c. P15 = P0 ()15 = $ The $1,000 that you place in the account at the end of the first year will earn interest for six years. The $1,000 that you place in the account at the end of the second year will earn interest for five years, etc. Thus, the account will have a balance of $1,000 ()6 + $1,000 ()5 + $1,000 ()4 + $1,000 ()3 = $6, PV = $5,000,000 / = $1,609, a. The cost of investment is $900,000. PV of cash inflows = $120,000 / + $250,000 / + $800,000 / = $875,Since the PV of cash inflows is less than the cost of investment, you should not make the investment. b. NPV = $900,000 + $875, = $24, c. NPV = $900,000 + $120,000 / + $250,000 / + $800,000 / = $4, Since the NPV is still negative, you should not make the investment. NPV = ($340,000 + $10,000) + ($100,000 $10,000) / + $90,000 / + $90,000 / + $90,000 / + $100,000 / = $2,
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