公司金融期末试题(10金工1班2班)

4.Consider several projects with the following table.
Cash Flows($) Project A B C C0 -5000 -1000 -5000 C1 +1000 0 +1000 C2 +1000 +1000 +1000 C3 +3000 +2000 +3000 C4 0 +3000 +5000
Month Beginning-ofMonth-end Interest Total Month-end Amortization End-of-Month
Month Balance 1 2 3 4 5 6 7 8 9 10 11 12
on Balance
Payment
of Loan
Balance
1 r
− r ∗(1+r)t
1 0.08 1 0.08
1
$382571.75=C* C=$382571.75
− 0.08 ∗1.08 20
1
1
− 0.08 ∗1.08 20 = $38965.78
1 50 2 57 3 75 4 80 5 85 6 92 7 92 8 80 9 68 10 50
2.A machine costs $380,000 and is expected to produce the following cash flows:
公司金融（双语）期末试题
2013.1.5
注：如果是填表题，直接将计算结果填入表格，如果是计算题，需要写出必要的 计算步骤。
姓名
张明明
班级 09 注会 2 班
学号 2009932075
1. Mike Polanski is 30 years of age and his salary next year will be $40,000. Mike forecasts that his salary will increase at a steady rate of 5% per annum until his retirement at age 60.迈克-波兰斯基现年 30 岁，下一年的工资收入将为 40,000 美 元。迈克估计在其 60 岁退休前，他的工资收入将以 5%的速度逐年增长。 (1)If the discount rate is 8%, what is the PV of these future salary payments?(5 points) 若贴现率为 8%，这些未来工资收入的现值为多少？
R=2%*12=24% Re=（1+R/m)^m-1=（1+2%）11 -1=24.34%
(2)Calculate your monthly payment.(4points)计算你的每月还款额。
记每月还款额为 X， X*(1+2%)11+X*(1+2%)10+…+X*(1+2%)+X=2000*(1+2%)12 (1.0212 − 1)X = 2536.4836 0.02 X=$189.1192
1.(1)记，t 年的薪水收入为 St
30Hale Waihona Puke Baidu
，
30
PV =
t=1
St = 1.08t
30
t=1 30
40000 ∗ 1.05t −1 = 1.08t
(
t=1
40000 ) 1.05 1.08 t ( ) 1.05
=
t=1
38095.24 1 1 = 38095.24 ∗ − t 1.0286 0.0286 0.0286 ∗ 1.028630
($million) Total sales Purchases of materials For cash
February 200 70
March 220 80
April 180 60
For credit Other expenses Tax, interest and dividends Capital investment ($million) Sources of cash: Collections on cash sales
(3)Complete the following table. (10points)完成下表。
Month 1 2 3 4 5 6 7 8 9 10 11 12 Beginning-ofMonth Balance Month-end Interest on Balance Total Month-end Payment Amortization of Loan End-of-Month Balance
+ ⋯+
$68000 1.12 9
+
$50000 1.12 10
= $23696.15
3.Suppose that you take out a 12-month amortizing loan of $2,000 from a finance company to buy a super iphone6 at an interest rate of 2% per month.假设你从金融公 司获得一笔 2000 美元的按揭贷款， 用于购买一款超级 iphone6， 还款期 12 个月， 月利率 2%。 (1)Calculate the effective and quoted annual interest rate of the amortizing loan. (6points)计算该笔按揭贷款的有效年利率和报价年利率。
(1)What is the payback period on each of the projects in table?(3points)表中各项目 的回收期分别为多少？ (2)Given that you wish to use the payback rule with a cutoff period of two years, which projects would you accept? (2points)如果你希望利用回收期法则挑选项目， 目标回收期为 2 年，你将选取哪些项目？ (3)If you use a cutoff period of 3 years, which projects would you accept? (3points)如 果回收期是 3 年，你将选取哪些项目？ (4)If the opportunity cost of capital is 10%, which projects have positive NPVs? (4points)如果资本的机会成本为 10%，哪些项目具有正的净现值？ 5.As you can see, someone has spilled ink over some of the entries in the balance sheet and income statement of Transylvania Railroad. Can you use the following information to work out the missing entries?（19Points）有人不慎将墨水打翻溅到 了驰骋铁路公司的资产负债表和利润表上，你能根据下列信息补全数据吗？ Debt ratio:0.4 Times-interest-earned:6.25
2) PV * 0.05 = $38,018.96
FV = $38,018.96 x (1.08)30 = $382,571.75 (3)If Mike plans to spend these savings in even amounts over the subsequent 20 years, how much can be spend each year? (5 points)若迈克计划在此后 20 年里等额消 费这笔存款，每年他可消费多少？ 3)FV=C ∗
= $760379.21
(2)If Mike saves 5% of his salary each year and invests these savings at an interest rate of 8%, how much will be have saved by age 60? (5 points)若迈克每年拿出 5% 的工资收入，以 8%的利率存款，到他 60 岁时，他的存款将为多少？
Year Cash flow(thousand dollars)
If the cost of capital is 12%, what is the machine’s NPV?(5 points)
NPV=
10 C t t=0 1.12 t
= −$380000 +
$50000 1.12
+
$57000 1.12 2
(4)There is another method in calculating monthly payment called Equal Principal Repayment. Using this method to complete the following table and compare the total payment of the two methods. (10points) 还有另外一种方法计算每月的还款额，叫 做等额本金法。 使用该方法进行计算并完成下表，并比较这两种方法下各自的还 款总额。
40 30 10 100
30 30 10 0 February March
40 30 10 0 April
Collections on accounts receivables Total sources of cash Uses of cash: Payments of accounts payable Cash purchase of materials Other expenses Capital expenditures Tax, interest and dividends Total use of cash Net cash inflow Cash at start of period Cash at end of period Minimum operating cash balance Cumulative short-term financing required
Current-ratio:1.4 Quick ratio:1.0 Cash ratio:0.2 Return on equity:24% Inventory turnover:5.0 Receivables collection period:71.2days. Balance Sheet 2009.12 Cash Accounts Receivable Inventory Total current assets Fixed assets net Total assets Notes payable Accounts payable Total current liabilities Long-term debt Equity Total liabilities and equity 235 30 25 2008.12 20 34 26 80 110 190 20 15 35 55 100 190 6.The following table lists data from the budget of Ritewell Publishers. Half the company’s sales are for cash on the nail; the other half are paid for with a one-month delay. The company pays all its credit purchases with a one-month delay. Credit purchases in January were $30 million, and total sales in January were $180 million. Complete the cash budget table.（19Points）下表列出了利特维尔出版公司预算中 的一些数据。 该公司的销售收入一半在交割时得到现金，另一半则延期一个月后 收回。公司所有的赊购都延期一个月付款。1 月份的赊购额为 3000 万美元，1 月份的销售总额为 1.8 亿美元。参照下表完成公司的现金预算。 Sales Cost of goods sold Selling,general and administrative expenses Depreciation EBIT Interest Earnings before tax Tax Earnings available for common stock 10 20 Income Statement 2009.12