羅斯公司理財英文習題答案chap004(存儲版)
【正文】 e $25,000 which you need in five years. That amount is $17, [= $25,000 / ]. Next pute the annuity which has the same present value. $17, = C $17, = C () C = $4, Thus, putting $4, into the 7% account each year will provide $25,000 five years from today. b. The lump sum payment must be the present value of the $25,000, ., $25,000 / = $17, The formula for future value of any annuity can be used to solve the problem (see footnote 14 of the text). The amount of loan is $120,000 180。 a 233。 5 = $1, b. $1,000 180。公司理財習題答案第四章Chapter 4: Net Present Value a. $1,000 180。 3 = $1,e. The future value increases because of the pounding. The account is earning interest on interest. Essentially, the interest is added to the account balance at the end of every pounding period. During the next period, the account earns interest on the new balance. When the pounding period shortens, the balance that earns interest is rising faster. a. $1,000 180。 249。 61,000 this is already on an aftertax basis. You will receive an annuity of $101,055 for each of the next thirty years. Those payments are taxable when you receive them, so your aftertax payment is $72, [= $101,055 (1 )]. Value = $446,000 + $72, = $446,000 + $72, () = $1,131, Since option one has a higher PV, you should choose it. The amount of loan is $9,000. The monthly payment C is given by solving the equation: C = $9,000 C = $9,000 / = $ In October 2000, Susan Chao has 35 (= 12 180。 239。 8 = $1, PV = $5,000 / [1+ ( / 4)]4 180。 = $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 fi
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