《财务管理》四次作业

《财务管理》第一次作业

1.利率10%，第三年末需用5000元，第五年末需用3000元，第六年末需用8000

元。现在应存入银行多少钱才能满足各年末的提款需要？

2.某人准备在第五年底需要10000元，年利率10%，试计算：

（1）每年计息一次现在应存入多少钱？

（2）每半年计息一次现在应存入多少钱？

3.某人计划从银行借款10000元，年息率12%，每半年计息一次。这笔借款四

年内分期等额摊还，每半年还款一次。首次还款从今天起的6个月后。问：（1）贷款的实际年利率是多少？

（2）计算每半年应付的偿还额。

（3）计算第二个半年所付的本金和利息。

4.某商店新开辟一个服装店，为此要增加商品存货，商店现在借入银行短期贷

款一笔，用于购货支出，计划第一年末偿还30000元，第四年末偿还15000元，即可将贷款还清。由于新商店的销售势头很好，商店经理准备将债务本息在第二年末一次付清，若年利率为4%，问此时的偿还额为多少？

财务管理第二次作业

5.某企业试制B产品，已成功，拟正式投产进入市场。预测可能会出现“好”、

“中”、“差”三种情况，其概率一可能获得的收益率如下：

概率收益率

好0.3 20%

中0.5 12%

差0.2 －10%

要求：计算期望收益率及其标准差。

6.信达公司对其上市的普通股在不同的增长情况下的价值估算如下表。该公司

上一期已发放的股息D

0＝1.0元，股东要求收益率K

S

＝15%。

状态股息增长率股价估算值（元）（1）g＝0固定股息 6.67 （2）g＝10%稳定增长股息 22.00

（3）前五年股息增长率g

1-5=10%，以后按g

6-∞

＝5%稳定增长10.00

（4）g＝5%稳定增长股息10.00 问：上述股价的估算是否正确？若有错误请指出，并给出正确的估算值。3.A project produces the following cash flows:

YEAR Cash FLOW

1432

2137

3797

If the discount rate is 15 percent,what is the project’s PV.

4.You win a lottery with a prize of ￥1.5 million.Unfortunately the prize is paid in 10 annual installments.The first payment is next year.How much is the prize really worth? The discount rate is 8 percent.

5.You have the opportunity to invest in a public project (no default primium) at 25 percent interest.The inflation rate is 21 percent.What is the real rate of interest?

6.A game of chance offers the following odds and payoffs.Each play of the

game costs ￥100,so the net profit per play is the payoff less ￥100.

PROBABILITY PAYOFF NET PROFIT

0.10 ￥500 ￥400

0.50 100 0

0.40 0 -100 What are the expected cash payoff and expected rate of return?Calculate the variance and standard deviation of this rate of return.

7.Suppose that you are offered the chance to play the following game.You start by investing ￥100.then two coins are flipped.For each head that comes up you get back your starting balancd plus 20 percent,and for each tail that comes up you get back your starting balancd less 10percent.Clearly there are four equally likely outcomes:

■Head + head: You gain 40 percent

■Head + tail: You gain 10 percent

■Tail + head: You gain 10 percent

■Tail + tail: You loss 20 percent

There is a chance of 1 in 4,or 0.25,that you will make 40 percent;a chance of 2 in 4,or 0.50,that you will make 10 percent;and a chance of 1 in 4,or 0.25,that you will loss 20 percent.

Calculate variance and standard deviation of rate of return.