【正文】 s) from today = $1 / ( 184。 = $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。 239。61,000 249。公司理財習題答案第四章Chapter 4: Net Present Value a. $1,000 180。 a 233。71,25081,375Total$5, NPV = $5,000 + $5, = $ Purchase the machine. Weekly inflation rate = / 52 = Weekly interest rate = / 52 = PV = $5 [1 / ( )] {1 – [(1 + ) / (1 + )]52 180。 b c 233。 = $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 = 。41,000 9% 3 = $1,000 ()6 = $1, c. $1,000 [1 + ( / 12)]12 180。 10 = $1, d. $1,000 180。 = $12,000. C = $12,000 The amount of monthly installments is C = $12,000 / = $12,000 / = $ Option one: This cash flow is an annuity due. To value it, you must use the aftertax amounts. The aftertax payment is $160,000 (1 ) = $115,200. Value all except the first payment using the standard annuity formula, then add back