公司理財(cái) 作業(yè)

..'.'.公司理財(cái)?shù)诙巫鳂I(yè)第四組（黑米組）共同完成組長(zhǎng)：王賽組員：王遨寰，孫玲玲，李娜，李靜，徐蕾，幸國(guó)全13.a.Iftheone-yeardiscountfactoris.905,whatistheone-yearinterestrate?DF1

1 0.905r1r 11

=0.1050=10.50%.Ifthetwo-yearinterestrateis10.5%,whatisthediscountfactor?DF2

1(1r)22

1(1.105)2

0.819.Giventheseone-andtwo-yeardiscountfactors,calculatetheannuityfactor.2 1 c. AF=DF+DF=0.905+0.819=2 1 IfthePVof$10ayearforthreeyearsis$24.65,whatistheannuityfactor?PVofanannuity=C[annuityfactoratr%fortyears].Here:3$24.65=$10[AF]33AF=2.4653Fromyouranswersto(c)and(d),calculatethediscountfactor.33 1 2 3 2 33 1 2 3 2 3DF=0.741314.Afactorycosts$800,000.Youreckonthatitwillproduceaninflowafteroperatingcostsof$170,000ayearfor10years.Iftheopportunitycostofcapitalis14%,whatisthenetpresentvalueofthefactory?Whatwillthefactorybeworthattheendoffiveyears?Thepresentvalueofthe10-yearstreamofcashinflowsisPV$170,000

1 1 $886,739.660.14 0.14(1.14)10 Thus:NPV=$800,000+$886,739.66=+$86,739.66Attheendoffiveyears,thefactory’svaluewillbethepresentofthefiveremaining$170,000cashflows:PV $170,000

1 10.14 0.14(1.145

$583,623.7615.Amachinecosts$380,000andisexpectedtoproducethefollowingcashflows:Ifthecostofcapitalis12%,whatisthemachine’sNPV?NPV

10 Ct

$380,000$50,000$57,000$75,000$80,000$85,0001.121.1221.12$50,000$57,000$75,000$80,000$85,0001.121.1221.1231.1241.125t0

$92,000$92,000$80,000$68,000$50,0001.126$92,000$92,000$80,000$68,000$50,0001.1261.1271.1281.1291.121016.MikePolanskiis30yearsofageandhissalarynextyearwillbe$40,000.Mikeforecaststhathissalarywillincreaseatasteadyrateof5%perannumuntilhisretirementatage60.Ifthediscountrateis8%,whatisthePVofthesefuturesalarypayments?LetSt

=salaryinPV 30 40,000(1.05t1(1.08tt140,000

1 (1.0530(.0.05)(.0.05)(1.0830

$760,662.53IfMikesaves5%ofhissalaryeachyearandinveststhesesavingsataninterestrate8%,howmuchwillhehavesavedbyage60?b. PV(salary)x0.05=$38,033.13Futurevalue=$38,033.13x(1.08)30=$382,714.30IfMikeplanstospendthesesavingsinevenamountsoverthesubsequent20years,howmuchcanhespendeachyear?PVC1 1