羅斯公司理財(cái)英文習(xí)題答案chap004-文庫(kù)吧資料
2025-06-30 00:17本頁(yè)面
【正文】 ) / ( ) r = % The exact value could be obtained by solving the annuity formula for the interest rate. Sophisticated calculators can pute the rate directly as %. a. The annuity amount can be puted by first calculating the PV of the $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。 235。 d 235。 b c 233。 a 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。 12 = $1, Effective annual interest rate of Bank America = [1 + ( / 4)]4 1 = = % Effective annual interest rate of Bank USA = [1 + ( / 12)]12 1 = = % You should deposit your money in Bank America. The price of the consol bond is the present value of the coupon payments. Apply the perpetuity formula to find the present value. PV = $120 / = $800 Quarterly interest rate = 12% / 4 = 3% = Therefore, the price of the security = $10 / = $ The price at the end of 19 quarters (or years) from today = $1 / ( 184。 10 = $1, d. $1,000 180。 5 = $1, b. $1,000 180。 3 = $1,000 ()36 = $1, d. $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 ra
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