羅斯公司理財(cái)英文習(xí)題答案chap004-全文預(yù)覽
【正文】 hen add back the first payment of $115,200 to obtain the value of this option. Value = $115,200 + $115,200 = $115,200 + $115,200 () = $1,201, Option two: This option is valued similarly. You are able to have $446,000 now。 235。 b c 233。 remember PV =C Atr. The annuity factors are in the appendix to the text. To use the factor table to solve this problem, scan across the row labeled 10 years until you find . It is close to the factor for 9%, . Thus, the rate you will receive on this note is slightly more than 9%. You can find a more precise answer by interpolating between nine and ten percent. 10% 249。 10 = $1, d. $1,000 180。 3 = $1,000 ()36 = $1, d. $1,000 180。 = $1, c. $1,000 180。 = $1, b. $1,000 180。 3 = $1,000 ()6 = $1, c. $1,000 [1 + ( / 12)]12 180。 3 = $1, c. $1,000 180。 4) = $ The current price = $ / [1+ (.15 / 4)]19 = $ a. $1,000 / = $10,000b. $500 / = $5,000 is the value one year from now of the perpetual stream. Thus, the value of the perpetuity is $5,000 / = $4,. c. $2,420 / = $24,200 is the value two years from now of the perpetual stream. Thus, the value of the perpetuity is $24,200 / = $20,000. The value at t = 8 is $120 / = $1,200. Thus, the value at t = 5 is $1,200 / = $. P = $3 () / ( ) = $ P = $1 / ( ) = $ The first cash flow will be generated 2 years from today. The value at the end of 1 year from today = $200,000 / ( ) = $4,000,000. Thus, PV = $4,000,000 / = $3,636,. A zero NPV $100,000 + $50,000 / r = 0 r = Apply the NPV technique. Since the inflows are an annuity you can use the present value of an annuity factor. NPV = $6,200 + $1,200 = $6,200 + $1,200 () = $ Yes, you should buy the asset. Use an annuity factor to pute the value two years from today of the twenty payments. Remember, the annuity formula gives you the value of the stream one year before the first payment. Hence, the annuity factor will give you the value at the end of year two of the stream of payments. Value at the end of year two = $2,000 = $2,000 () = $19, The present value is simply that amount discounted back two years. PV = $19, / = $16, The value of annuity at the end of year five = $500 = $500 () = $2, The present value = $2, / = $1, The easiest way to do this problem is to use the annuity factor. The annuity factor must be equal to $12,800 / $2,000 = 。 r 9% = $102,000. = $102,000 The amount of equal installments is C = $102,000 / = $102,000 / = $11, The present value of salary is $5,000 = $150, The present value of bonus is $10,000 = $23, (EAR = % is used since bonuses are paid annually.) The present value of the contract = $150, + $23, = $174, The amount of loan is $15,000 180。41,000 30} = $3, Engineer: NPV = $12,000 + $20,000 / + $25,000 / $15,000 /
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