公司理财作业

1、精品文档精品文档.公司理财第二次作业 第四组（黑米组）共同完成组长：王赛组员：王遨寰，孙玲玲，李娜，李静，徐蕾，幸国全13.a. If the one-year discount factor is .905, what is the one-year interest rate?DF11 0.905 r1r11= 0.1050 = 10.50%.If the two-year interest rate is 10.5%, what is the two-year discountfactor?DF21(1 r )221(1.105)2 0.819.Giventheseone-andtwo-

2、yeardiscountfactors,calculatethetwo-yearannuityfactor.21c.AF = DF + DF = 0.905 + 0.819 = 21IfthePVof$10ayearforthreeyearsis$24.65,whatisthethree-yearannuityfactor?PV of an annuity = C annuity factor at r% for t years.Here:3$24.65 = $10 AF 33AF = 2.4653From your answers to (c) and (d), calculate the

3、three-year discountfactor.3312323312323DF = 0.741314.Afactorycosts$800,000.Youreckonthatitwillproduceaninflowafteroperatingcosts of $170,000 a year for 10 years. If the opportunity cost of capital is 14%, what is the net presentvalueofthefactory?Whatwillthefactorybeworthattheendoffiveyears?The prese

4、nt value of the 10-year stream of cash inflowsisPV $170,000 11 $886,739.660.140.14 (1.14)10Thus:NPV = $800,000 + $886,739.66 = +$86,739.66At the end of five years, the factorys value will be the present valueof the five remaining $170,000 cash flows:PV $170,000 11 $583,623.760.140.14 (1.14)515.A mac

5、hinecosts$380,000andisexpectedtoproducethefollowingcashflows:If the cost of capital is 12%, what is the machines NPV?NPV Ct $380,000 $50,000 $57,000 $75,000 $80,000 $85,000t 0(1.12)t1.121.1221.1231.1241.125 $92,0001.126 $92,0001.127 $80,0001.128 $68,0001.129 $50,000 1.1210 $23,696.15MikePolanskiis30

6、yearsofageandhissalarynextyearwillbe$40,000.Mikeforecasts thathissalarywillincreaseatasteadyrateof5%perannumuntilhisretirementatage 60.Ifthediscountrateis8%,whatisthePVofthesefuturesalarypayments?Let St = salary in year t.PV 3040,000(1.05)t1(1.08)tt1 40,000 1 $760,662.53(.08-.05)(.08 -.05)(1.08)30 IfMikesaves5%ofhissalaryeachyearandinveststhesesavingsataninterestrateof 8%, how much will he have saved by age60?b.PV(salary) x 0.05 = $38,033.13Future value = $38,033.13 x (1.08)30 = $382,714.30IfMikeplanstospendthesesavingsinevenamountsoverthesubsequent20years,how much can