第九版 公司理财 罗斯 中文答案 第四章
罗斯公司理财第九版第四章课后答案
23题：This question is asking for the present value of an annuity, but the interest rate changes during the life of the annuity. We need to find the present value of the cash flows for the last eight years first. The PV of these cash flows is:PVA2 = $1,500 [{1 – 1 / [1 + (.09/12)]⌒96} / (.09/12)] = $102,387.66Note that this is the PV of this annuity exactly seven years from today. Now, we can discount this lump sum to today. The value of this cash flow today is:PV = $102,387.66 / [1 + (.13/12)]⌒84 = $41,415.70Now, we need to find the PV of the annuity for the first seven years. The value of these cash flows today is:PVA1 = $1,500 [{1 – 1 / [1 + (.13/12)]⌒84} / (.13/12)] = $82,453.99The value of the cash flows today is the sum of these two cash flows, so:PV = $82,453.99 + 41,415.70 = $123,869.9924题The monthly interest rate is the annual interest rate divided by 12, or:Monthly interest rate = .104 / 12 Monthly interest rate = .00867Now we can set the present value of the lease payments equal to the cost of the equipment, or $3,500. The lease payments are in the form of an annuity due, so:PV Adue = (1 + r) C({1 – [1/(1 + r)]⌒t } / r )$3,500 = (1 + .00867) C({1 – [1/(1 + .00867)]⌒24 } / .00867 ) C = $160.7625题Here, we need to compare to options. In order to do so, we must get the value of the two cash flow streams to the same time, so we will find the value of each today. We must also make sure to use the aftertax cash flows, since it is more relevant. For Option A, the aftertax cash flows are:Aftertax cash flows = Pretax cash flows(1 – tax rate)Aftertax cash flows = $175,000(1 – .28)Aftertax cash flows = $126,000The aftertax cash flows from Option A are in the form of an annuity due, so the present value of the cash flow today is:PV Adue = (1 + r) C({1 – [1/(1 + r)]⌒t } / r )PV Adue = (1 + .10)$126,000({1 – [1/(1 + .10)]⌒31 } / .10 )PV Adue = $1,313,791.22For Option B, the aftertax cash flows are:Aftertax cash flows = Pretax cash flows(1 – tax rate)Aftertax cash flows = $125,000(1 – .28)Aftertax cash flows = $90,000The aftertax cash flows from Option B are an ordinary annuity, plus the cash flow today, so the present value:PV = C({1 – [1/(1 + r)]⌒t } / r ) + CF0PV = $90,000{1 – [1/(1 + .10)]⌒30 } / .10 ) + $530,000PV = $1,378,422.3026题The cash flows for this problem occur monthly, and the interest rate given is the EAR. Since the cash flows occur monthly, we must get the effective monthly rate. One way to do this is to find the APR based on monthly compounding, and then divide by 12. So, the pre-retirement APR is: EAR = .11 = [1 + (APR / 12)]⌒12– 1; APR = 12[(1.11)1/12 – 1] = 10.48%And the post-retirement APR is:EAR = .08 = [1 + (APR / 12)]⌒12 – 1; APR = 12[(1.08)1/12 – 1] = 7.72%First, we will calculate how much he needs at retirement. The amount needed at retirement is the PV of the monthly spending plus the PV of the inheritance. The PV of these two cash flows is:PV A = $20,000{1 – [1 / (1 + .0772/12)⌒12*20]} / (.0772/12) = $2,441,554.61PV = $1,000,000 / (1 + .08)20 = $214,548.21So, at retirement, he needs: $2,441,554.61 + 214,548.21 = $2,656.102.81He will be saving $1,900 per month for the next 10 years until he purchases the cabin. The value of his savings after 10 years will be:FV A = $1,900[{[ 1 + (.1048/12)]⌒12*10– 1} / (.1048/12)] = $400,121.62After he purchases the cabin, the amount he will have left is: $400,121.62 – 320,000 = $80,121.62 He still has 20 years until retirement. When he is ready to retire, this amount will have grown to: FV = $80,121.62[1 + (.1048/12)]⌒12*20 = $646,965.50So, when he is ready to retire, based on his current savings, he will be short:$2,656,102.81 – 645,965.50 = $2,010,137.31This amount is the FV of the monthly savings he must make between years 10 and 30. So, finding the annuity payment using the FVA equation, we find his monthly savings will need to be: FVA = $2,010,137.31 = C[{[ 1 + (.1048/12)]⌒12*20 – 1} / (.1048/12)]C = $2,486.1227题To answer this question, we should find the PV of both options, and compare them. Since we are purchasing the car, the lowest PV is the best option. The PV of the leasing is simply the PV of the lease payments, plus the $1. The interest rate we would use for the leasing option is the same as the interest rate of the loan. The PV of leasing is:PV = $1 + $520{1 – [1 / (1 + .08/12)⌒12*3]} / (.08/12) = $16,595.14The PV of purchasing the car is the current price of the car minus the PV of the resale price. The PV of the resale price is:PV = $26,000 / [1 + (.08/12)]⌒12*3 = $20,468.62The PV of the decision to purchase is:$38,000 – 20,468.62 = $17,531.38In this case, it is cheaper to lease the car than buy it since the PV of the leasing cash flows is lower. To find the breakeven resale price, we need to find the resale price that makes the PV of the tw o options the same. In other words, the PV of the decision to buy should be:$38,000 – PV of resale price = $16,595.14PV of resale price = $21,404.86The resale price that would make the PV of the lease versus buy decision is the FV of this value, so:Breakeven resale price = $21,404.86[1 + (.08/12)]⌒12*3 = $27,189.2528题First, we will find the APR and EAR for the loan with the refundable fee. Remember, we need to use the actual cash flows of the loan to find the interest rate. With the $2,100 application fee, you will need to borrow $202,100 to have $200,000 after deducting the fee. Solving for the payment under these circumstances, we get:PV A = $202,100 = C {[1 – 1/(1.00567)⌒360]/.00567} where .00567 = .068/12 C = $1,317.54 We can now use this amount in the PV A equation with the original amount we wished to borrow, $200,000. Solving for r, we find:PV A = $200,000 = $1,317.54[{1 – [1 / (1 + r)]⌒360}/ r]Solving for r with a spreadsheet, on a financial calculator, or by trial and error, gives:r = 0.5752% per monthAPR = 12(0.5752%) = 6.90% EAR = (1 + .005752)⌒12– 1 = .0713 or 7.13%With the nonrefundable fee, the APR of the loan is simply the quoted APR since the fee is not considered part of the loan. So:APR = 6.80% EAR = [1 + (0.068/12)]⌒12– 1 = .0702 or 7.02%29题Here, we need to find the interest rate that makes us indifferent between an annuity and a perpetuity. To solve this problem, we need to find the PV of the two options and set them equal to each other. The PV of the perpetuity is:PV = $20,000 / rAnd the PV of the annuity is:PVA = $35,000[{1 – [1 / (1 + r)]⌒10 } / r ]Setting them equal and solving for r, we get:$20,000 / r = $35,000[{1 – [1 / (1 + r)]⌒10 } / r ]$20,000 / $35,000 = 1 – [1 / (1 + r)]⌒10 .057141/10 = 1 / (1 + r)r = 1 / .5714⌒1/10 – 1 r = .0576 or 5.76%30题。
Cha04 罗斯公司理财第九版原版书课后习题
The present value of the four new outlets is only $954,316.78. The outlets are worth less than they cost. The Trojan Pizza Company should not make the investment because the NPV is –$45,683.22. If the Trojan Pizza Company requires a 15 percent rate of return, the new outlets are not a good investment.SPREADSHEET APPLICATIONSHow to Calculate Present Values with Multiple Future Cash Flows Using a SpreadsheetWe can set up a basic spreadsheet to calculate the present values of the individual cash flows as follows. Notice that we have simply calculated the present values one at a time and added them up:Summary and Conclusions1. Two basic concepts, future value and present value, were introduced in the beginning of thischapter. With a 10 percent interest rate, an investor with $1 today can generate a future value of $1.10 in a year, $1.21 [=$1 × (1.10)2] in two years, and so on. Conversely, present value analysis places a current value on a future cash flow. With the same 10 percent interest rate, a dollar to be received in one year has a present value of $.909 (=$1/1.10) in year 0. A dollar to be received in two years has a present value of $.826 [=$1/(1.10)2].2. We commonly express an interest rate as, say, 12 percent per year. However, we can speak ofthe interest rate as 3 percent per quarter. Although the stated annual interest rate remains 12 percent (=3 percent × 4), the effective annual interest rate is 12.55 percent [=(1.03)4 – 1]. In other words, the compounding process increases the future value of an investment. The limiting case is continuous compounding, where funds are assumed to be reinvested every infinitesimal instant.3. A basic quantitative technique for financial decision making is net present value analysis. Thenet present value formula for an investment that generates cash flows (C i) in future periods is:The formula assumes that the cash flow at date 0 is the initial investment (a cash outflow).4. Frequently, the actual calculation of present value is long and tedious. The computation of thepresent value of a long-term mortgage with monthly payments is a good example of this. We presented four simplifying formulas:5. We stressed a few practical considerations in the application of these formulas:1. The numerator in each of the formulas, C, is the cash flow to be received one full periodhence.2. Cash flows are generally irregular in practice. To avoid unwieldy problems, assumptions tocreate more regular cash flows are made both in this textbook and in the real world.3. A number of present value problems involve annuities (or perpetuities) beginning a fewperiods hence. Students should practice combining the annuity (or perpetuity) formula withthe discounting formula to solve these problems.4. Annuities and perpetuities may have periods of every two or every n years, rather thanonce a year. The annuity and perpetuity formulas can easily handle such circumstances.5. We frequently encounter problems where the present value of one annuity must beequated with the present value of another annuity.Concept Questions1. Compounding and Period As you increase the length of time involved, what happens tofuture values? What happens to present values?2. Interest Rates What happens to the future value of an annuity if you increase the rate r?What happens to the present value?3. Present Value Suppose two athletes sign 10-year contracts for $80 million. In one case, we’retold that the $80 million will be paid in 10 equal installments. In the other case, we’re told that the $80 million will be paid in 10 installments, but the installments will increase by 5 percent per year.Who got the better deal?4. APR and EAR Should lending laws be changed to require lenders to report EARs instead ofAPRs? Why or why not?5. Time Value On subsidized Stafford loans, a common source of financial aid for collegestudents, interest does not begin to accrue until repayment begins. Who receives a bigger subsidy,a freshman or a senior? Explain.Use the following information to answer the next five questions:Toyota Motor Credit Corporation (TMCC), a subsidiary of Toyota Motor Corporation, offered some securities for sale to the public on March 28, 2008. Under the terms of the deal, TMCC promised to repay the owner of one of these securities $100,000 on March 28, 2038, but investors would receive nothing until then. Investors paid TMCC $24,099 for each of these securities; so they gave up $24,099 on March 28, 2008, for the promise of a $100,000 payment 30 years later.6. Time Value of Money Why would TMCC be willing to accept such a small amount today($24,099) in exchange for a promise to repay about four times that amount ($100,000) in the future?7. Call Provisions TMCC has the right to buy back the securities on the anniversary date at aprice established when the securities were issued (this feature is a term of this particular deal).What impact does this feature have on the desirability of this security as an investment?8. Time Value of Money Would you be willing to pay $24,099 today in exchange for $100,000 in30 years? What would be the key considerations in answering yes or no? Would your answerdepend on who is making the promise to repay?9. Investment Comparison Suppose that when TMCC offered the security for $24,099 the U.S.Treasury had offered an essentially identical security. Do you think it would have had a higher or lower price? Why?10. Length of Investment The TMCC security is bought and sold on the New York StockExchange. If you looked at the price today, do you think the price would exceed the $24,099 original price? Why? If you looked in the year 2019, do you think the price would be higher or lower than today’s price? Why?Questions and Problems: connect™BASIC (Questions 1–20)1. Simple Interest versus Compound Interest First City Bank pays 9 percent simple intereston its savings account balances, whereas Second City Bank pays 9 percent interest compounded annually. If you made a $5,000 deposit in each bank, how much more money would you earn from your Second City Bank account at the end of 10 years?2. Calculating Future Values Compute the future value of $1,000 compounded annually for1. 10 years at 6 percent.2. 10 years at 9 percent.3. 20 years at 6 percent.4. Why is the interest earned in part (c) not twice the amount earned in part (a)?3. Calculating Present Values For each of the following, compute the present value:4. Calculating Interest Rates Solve for the unknown interest rate in each of the following:5. Calculating the Number of Periods Solve for the unknown number of years in each of thefollowing:6. Calculating the Number of Periods At 9 percent interest, how long does it take to doubleyour money? To quadruple it?7. Calculating Present Values Imprudential, Inc., has an unfunded pension liability of $750million that must be paid in 20 years. To assess the value of the firm’s stock, financial analysts want to discount this liability back to the present. If the relevant discount rate is 8.2 percent, what is the present value of this liability?8. Calculating Rates of Return Although appealing to more refined tastes, art as a collectiblehas not always performed so profitably. During 2003, Sotheby’s sold the Edgar Degas bronze sculpture Petite Danseuse de Quartorze Ans at auction for a price of $10,311,500. Unfortunately for the previous owner, he had purchased it in 1999 at a price of $12,377,500. What was his annual rate of return on this sculpture?9. Perpetuities An investor purchasing a British consol is entitled to receive annual paymentsfrom the British government forever. What is the price of a consol that pays $120 annually if the next payment occurs one year from today? The market interest rate is 5.7 percent.10. Continuous Compounding Compute the future value of $1,900 continuously compounded for1. 5 years at a stated annual interest rate of 12 percent.2. 3 years at a stated annual interest rate of 10 percent.3. 10 years at a stated annual interest rate of 5 percent.4. 8 years at a stated annual interest rate of 7 percent.11. Present Value and Multiple Cash Flows Conoly Co. has identified an investment projectwith the following cash flows. If the discount rate is 10 percent, what is the present value of these cash flows? What is the present value at 18 percent? At 24 percent?12. Present Value and Multiple Cash Flows Investment X offers to pay you $5,500 per year fornine years, whereas Investment Y offers to pay you $8,000 per year for five years. Which of these cash flow streams has the higher present value if the discount rate is 5 percent? If the discount rate is 22 percent?13. Calculating Annuity Present Value An investment offers $4,300 per year for 15 years, withthe first payment occurring one year from now. If the required return is 9 percent, what is the value of the investment? What would the value be if the payments occurred for 40 years? For 75 years? Forever?14. Calculating Perpetuity Values The Perpetual Life Insurance Co. is trying to sell you aninvestment policy that will pay you and your heirs $20,000 per year forever. If the required return on this investment is 6.5 percent, how much will you pay for the policy? Suppose the Perpetual Life Insurance Co. told you the policy costs $340,000. At what interest rate would this be a fair deal? 15. Calculating EAR Find the EAR in each of the following cases:16. Calculating APR Find the APR, or stated rate, in each of the following cases:17. Calculating EAR First National Bank charges 10.1 percent compounded monthly on itsbusiness loans. First United Bank charges 10.4 percent compounded semiannually. As a potential borrower, to which bank would you go for a new loan?18. Interest Rates Well-known financial writer Andrew Tobias argues that he can earn 177percent per year buying wine by the case. Specifically, he assumes that he will consume one $10 bottle of fine Bordeaux per week for the next 12 weeks. He can either pay $10 per week or buy a case of 12 bottles today. If he buys the case, he receives a 10 percent discount and, by doing so, earns the 177 percent. Assume he buys the wine and consumes the first bottle today. Do you agree with his analysis? Do you see a problem with his numbers?19. Calculating Number of Periods One of your customers is delinquent on his accounts payablebalance. You’ve mutually agreed to a repayment schedule of $600 per month. You will charge .9 percent per month interest on the overdue balance. If the current balance is $18,400, how long will it take for the account to be paid off?20. Calculating EAR Friendly’s Quick Loans, Inc., offers you “three for four or I knock on yourdoor.” This means you get $3 today and repay $4 when you get your paycheck in one week (orelse). What’s the effective annual return Friendly’s earns on this lending business? If you were brave enough to ask, what APR would Friendly’s say you were paying?INTERMEDIATE (Questions 21–50)21. Future Value What is the future value in seven years of $1,000 invested in an account with astated annual interest rate of 8 percent,1. Compounded annually?2. Compounded semiannually?3. Compounded monthly?4. Compounded continuously?5. Why does the future value increase as the compounding period shortens?22. Simple Interest versus Compound Interest First Simple Bank pays 6 percent simpleinterest on its investment accounts. If First Complex Bank pays interest on its accounts compounded annually, what rate should the bank set if it wants to match First Simple Bank over an investment horizon of 10 years?23. Calculating Annuities You are planning to save for retirement over the next 30 years. To dothis, you will invest $700 a month in a stock account and $300 a month in a bond account. The return of the stock account is expected to be 10 percent, and the bond account will pay 6 percent.When you retire, you will combine your money into an account with an 8 percent return. How much can you withdraw each month from your account assuming a 25-year withdrawal period?24. Calculating Rates of Return Suppose an investment offers to quadruple your money in 12months (don’t believe it). What rate of return per quarter are you being offered?25. Calculating Rates of Return You’re trying to choose between two different investments, bothof which have up-front costs of $75,000. Investment G returns $135,000 in six years. Investment H returns $195,000 in 10 years. Which of these investments has the higher return?26. Growing Perpetuities Mark Weinstein has been working on an advanced technology in lasereye surgery. His technology will be available in the near term. He anticipates his first annual cash flow from the technology to be $215,000, received two years from today. Subsequent annual cash flows will grow at 4 percent in perpetuity. What is the present value of the technology if the discount rate is 10 percent?27. Perpetuities A prestigious investment bank designed a new security that pays a quarterlydividend of $5 in perpetuity. The first dividend occurs one quarter from today. What is the price of the security if the stated annual interest rate is 7 percent, compounded quarterly?28. Annuity Present Values What is the present value of an annuity of $5,000 per year, with thefirst cash flow received three years from today and the last one received 25 years from today? Usea discount rate of 8 percent.29. Annuity Present Values What is the value today of a 15-year annuity that pays $750 a year?The annuity’s first payment occurs six years from today. The annual interest rate is 12 percent for years 1 through 5, and 15 percent thereafter.30. Balloon Payments Audrey Sanborn has just arranged to purchase a $450,000 vacation homein the Bahamas with a 20 percent down payment. The mortgage has a 7.5 percent stated annualinterest rate, compounded monthly, and calls for equal monthly payments over the next 30 years.Her first payment will be due one month from now. However, the mortgage has an eight-year balloon payment, meaning that the balance of the loan must be paid off at the end of year 8. There were no other transaction costs or finance charges. How much will Audrey’s balloon payment be in eight years?31. Calculating Interest Expense You receive a credit card application from Shady BanksSavings and Loan offering an introductory rate of 2.40 percent per year, compounded monthly for the first six months, increasing thereafter to 18 percent compounded monthly. Assuming you transfer the $6,000 balance from your existing credit card and make no subsequent payments, how much interest will you owe at the end of the first year?32. Perpetuities Barrett Pharmaceuticals is considering a drug project that costs $150,000 todayand is expected to generate end-of-year annual cash flows of $13,000, forever. At what discount rate would Barrett be indifferent between accepting or rejecting the project?33. Growing Annuity Southern California Publishing Company is trying to decide whether to reviseits popular textbook, Financial Psychoanalysis Made Simple. The company has estimated that the revision will cost $65,000. Cash flows from increased sales will be $18,000 the first year. These cash flows will increase by 4 percent per year. The book will go out of print five years from now.Assume that the initial cost is paid now and revenues are received at the end of each year. If the company requires an 11 percent return for such an investment, should it undertake the revision? 34. Growing Annuity Your job pays you only once a year for all the work you did over theprevious 12 months. Today, December 31, you just received your salary of $60,000, and you plan to spend all of it. However, you want to start saving for retirement beginning next year. You have decided that one year from today you will begin depositing 5 percent of your annual salary in an account that will earn 9 percent per year. Your salary will increase at 4 percent per year throughout your career. How much money will you have on the date of your retirement 40 years from today?35. Present Value and Interest Rates What is the relationship between the value of an annuityand the level of interest rates? Suppose you just bought a 12-year annuity of $7,500 per year at the current interest rate of 10 percent per year. What happens to the value of your investment if interest rates suddenly drop to 5 percent? What if interest rates suddenly rise to 15 percent?36. Calculating the Number of Payments You’re prepared to make monthly payments of $250,beginning at the end of this month, into an account that pays 10 percent interest compounded monthly. How many payments will you have made when your account balance reaches $30,000? 37. Calculating Annuity Present Values You want to borrow $80,000 from your local bank tobuy a new sailboat. You can afford to make monthly payments of $1,650, but no more. Assuming monthly compounding, what is the highest APR you can afford on a 60-month loan?38. Calculating Loan Payments You need a 30-year, fixed-rate mortgage to buy a new home for$250,000. Your mortgage bank will lend you the money at a 6.8 percent APR for this 360-month loan. However, you can only afford monthly payments of $1,200, so you offer to pay off any remaining loan balance at the end of the loan in the form of a single balloon payment. How large will this balloon payment have to be for you to keep your monthly payments at $1,200?39. Present and Future Values The present value of the following cash flow stream is $6,453when discounted at 10 percent annually. What is the value of the missing cash flow?40. Calculating Present Values You just won the TVM Lottery. You will receive $1 million todayplus another 10 annual payments that increase by $350,000 per year. Thus, in one year you receive $1.35 million. In two years, you get $1.7 million, and so on. If the appropriate interest rate is 9 percent, what is the present value of your winnings?41. EAR versus APR You have just purchased a new warehouse. To finance the purchase, you’vearranged for a 30-year mortgage for 80 percent of the $2,600,000 purchase price. The monthly payment on this loan will be $14,000. What is the APR on this loan? The EAR?42. Present Value and Break-Even Interest Consider a firm with a contract to sell an asset for$135,000 three years from now. The asset costs $96,000 to produce today. Given a relevant discount rate on this asset of 13 percent per year, will the firm make a profit on this asset? At what rate does the firm just break even?43. Present Value and Multiple Cash Flows What is the present value of $4,000 per year, at adiscount rate of 7 percent, if the first payment is received 9 years from now and the last payment is received 25 years from now?44. Variable Interest Rates A 15-year annuity pays $1,500 per month, and payments are madeat the end of each month. If the interest rate is 13 percent compounded monthly for the first seven years, and 9 percent compounded monthly thereafter, what is the present value of the annuity? 45. Comparing Cash Flow Streams You have your choice of two investment accounts.Investment A is a 15-year annuity that features end-of-month $1,200 payments and has an interest rate of 9.8 percent compounded monthly. Investment B is a 9 percent continuously compounded lump-sum investment, also good for 15 years. How much money would you need to invest in B today for it to be worth as much as Investment A 15 years from now?46. Calculating Present Value of a Perpetuity Given an interest rate of 7.3 percent per year,what is the value at date t = 7 of a perpetual stream of $2,100 annual payments that begins at date t = 15?47. Calculating EAR A local finance company quotes a 15 percent interest rate on one-year loans.So, if you borrow $26,000, the interest for the year will be $3,900. Because you must repay a total of $29,900 in one year, the finance company requires you to pay $29,900/12, or $2,491.67, per month over the next 12 months. Is this a 15 percent loan? What rate would legally have to be quoted? What is the effective annual rate?48. Calculating Present Values A 5-year annuity of ten $4,500 semiannual payments will begin 9years from now, with the first payment coming 9.5 years from now. If the discount rate is 12 percent compounded monthly, what is the value of this annuity five years from now? What is the value three years from now? What is the current value of the annuity?49. Calculating Annuities Due Suppose you are going to receive $10,000 per year for five years.The appropriate interest rate is 11 percent.1. What is the present value of the payments if they are in the form of an ordinary annuity?What is the present value if the payments are an annuity due?2. Suppose you plan to invest the payments for five years. What is the future value if thepayments are an ordinary annuity? What if the payments are an annuity due?3. Which has the highest present value, the ordinary annuity or annuity due? Which has thehighest future value? Will this always be true?50. Calculating Annuities Due You want to buy a new sports car from Muscle Motors for$65,000. The contract is in the form of a 48-month annuity due at a 6.45 percent APR. What will your monthly payment be?CHALLENGE (Questions 51–76)51. Calculating Annuities Due You want to lease a set of golf clubs from Pings Ltd. The leasecontract is in the form of 24 equal monthly payments at a 10.4 percent stated annual interest rate, compounded monthly. Because the clubs cost $3,500 retail, Pings wants the PV of the lease payments to equal $3,500. Suppose that your first payment is due immediately. What will your monthly lease payments be?52. Annuities You are saving for the college education of your two children. They are two yearsapart in age; one will begin college 15 years from today and the other will begin 17 years from today. You estimate your children’s college expenses to be $35,000 per year per child, payable at the beginning of each school year. The annual interest rate is 8.5 percent. How much money must you deposit in an account each year to fund your children’s education? Your deposits begin one year from today. You will make your last deposit when your oldest child enters college. Assume four years of college.53. Growing Annuities Tom Adams has received a job offer from a large investment bank as aclerk to an associate banker. His base salary will be $45,000. He will receive his first annual salary payment one year from the day he begins to work. In addition, he will get an immediate $10,000 bonus for joining the company. His salary will grow at 3.5 percent each year. Each year he will receive a bonus equal to 10 percent of his salary. Mr. Adams is expected to work for 25 years.What is the present value of the offer if the discount rate is 12 percent?54. Calculating Annuities You have recently won the super jackpot in the Washington StateLottery. On reading the fine print, you discover that you have the following two options:1. You will receive 31 annual payments of $175,000, with the first payment being deliveredtoday. The income will be taxed at a rate of 28 percent. Taxes will be withheld when the checks are issued.2. You will receive $530,000 now, and you will not have to pay taxes on this amount. Inaddition, beginning one year from today, you will receive $125,000 each year for 30 years.The cash flows from this annuity will be taxed at 28 percent.Using a discount rate of 10 percent, which option should you select?55. Calculating Growing Annuities You have 30 years left until retirement and want to retirewith $1.5 million. Your salary is paid annually, and you will receive $70,000 at the end of the current year. Your salary will increase at 3 percent per year, and you can earn a 10 percent return on the money you invest. If you save a constant percentage of your salary, what percentage of your salary must you save each year?56. Balloon Payments On September 1, 2007, Susan Chao bought a motorcycle for $25,000. Shepaid $1,000 down and financed the balance with a five-year loan at a stated annual interest rate of8.4 percent, compounded monthly. She started the monthly payments exactly one month after thepurchase (i.e., October 1, 2007). Two years later, at the end of October 2009, Susan got a new job and decided to pay off the loan. If the bank charges her a 1 percent prepayment penalty based on the loan balance, how much must she pay the bank on November 1, 2009?57. Calculating Annuity Values Bilbo Baggins wants to save money to meet three objectives.First, he would like to be able to retire 30 years from now with a retirement income of $20,000 per month for 20 years, with the first payment received 30 years and 1 month from now. Second, he would like to purchase a cabin in Rivendell in 10 years at an estimated cost of $320,000. Third, after he passes on at the end of the 20 years of withdrawals, he would like to leave an inheritance of $1,000,000 to his nephew Frodo. He can afford to save $1,900 per month for the next 10 years.If he can earn an 11 percent EAR before he retires and an 8 percent EAR after he retires, how much will he have to save each month in years 11 through 30?58. Calculating Annuity Values After deciding to buy a new car, you can either lease the car orpurchase it with a three-year loan. The car you wish to buy costs $38,000. The dealer has a special leasing arrangement where you pay $1 today and $520 per month for the next three years. If you purchase the car, you will pay it off in monthly payments over the next three years at an 8 percent APR. You believe that you will be able to sell the car for $26,000 in three years. Should you buy or lease the car? What break-even resale price in three years would make you indifferent between buying and leasing?59. Calculating Annuity Values An All-Pro defensive lineman is in contract negotiations. Theteam has offered the following salary structure:All salaries are to be paid in a lump sum. The player has asked you as his agent to renegotiate the terms. He wants a $9 million signing bonus payable today and a contract value increase of $750,000. He also wants an equal salary paid every three months, with the first paycheck three months from now. If the interest rate is 5 percent compounded daily, what is the amount of his quarterly check? Assume 365 days in a year.60. Discount Interest Loans This question illustrates what is known as discount interest. Imagineyou are discussing a loan with a somewhat unscrupulous lender. You want to borrow $20,000 for one year. The interest rate is 14 percent. You and the lender agree that the interest on the loan will be .14 × $20,000 = $2,800. So, the lender deducts this interest amount from the loan up front and gives you $17,200. In this case, we say that the discount is $2,800. What’s wrong here?61. Calculating Annuity Values You are serving on a jury. A plaintiff is suing the city for injuriessustained after a freak street sweeper accident. In the trial, doctors testified that it will be five years before the plaintiff is able to return to work. The jury has already decided in favor of the plaintiff. You are the foreperson of the jury and propose that the jury give the plaintiff an award to cover the following: (1) The present value of two years’ back pay. The plaintiff’s annual salary for the last two years would have been $42,000 and $45,000, respectively. (2) The present value of five years’ future salary. You assume the salary will be $49,000 per year. (3) $150,000 for pain and suffering. (4) $25,000 for court costs. Assume that the salary payments are equal amounts paid at the end of each month. If the interest rate you choose is a 9 percent EAR, what is the size of the settlement? If you were the plaintiff, would you like to see a higher or lower interest rate?62. Calculating EAR with Points You are looking at a one-year loan of $10,000. The interest rateis quoted as 9 percent plus three points. A point on a loan is simply 1 percent (one percentage point) of the loan amount. Quotes similar to this one are very common with home mortgages. The interest rate quotation in this example requires the borrower to pay three points to the lender up front and repay the loan later with 9 percent interest. What rate would you actually be paying here? What is the EAR for a one-year loan with a quoted interest rate of 12 percent plus two points? Is your answer affected by the loan amount?63. EAR versus APR Two banks in the area offer 30-year, $200,000 mortgages at 6.8 percent andcharge a $2,100 loan application fee. However, the application fee charged by Insecurity Bank and Trust is refundable if the loan application is denied, whereas that charged by I. M. Greedy and Sons Mortgage Bank is not. The current disclosure law requires that any fees that will be refunded if the applicant is rejected be included in calculating the APR, but this is not required with nonrefundable。
罗斯《公司理财》第9版笔记和课后习题(含考研真题)详解[视频详解](折现现金流量估价)【圣才出品】
【圣才出品】](https://img.taocdn.com/s3/m/810ed282482fb4daa58d4bf0.png)
罗斯《公司理财》第9版笔记和课后习题（含考研真题）详解[视频详解]第4章折现现金流量估价[视频讲解]4.1复习笔记当前的1美元与未来的1美元的价值是不同的，因为当前1美元用于投资，在未来可以得到更多，而且未来的1美元具有不确定性。
这种区别正是“货币的时间价值”。
货币的时间价值概念是金融投资和融资的基石之一，资本预算、项目决策、融资管理和兼并等领域均有涉及。
因此有必要理解和掌握相关的现值、终值、年金和永续年金的概念和计算公式。
1．现值与净现值现值是未来资金在当前的价值，是把未来的现金流按照一定的贴现率贴现到当前的价值。
以单期为例，一期后的现金流的现值：其中，C1是一期后的现金流，r是适当贴现率。
在多期的情况下，求解PV的公式可写为：其中，C T是在T期的现金流，r是适当贴现率。
净现值的计算公式为：NPV=-成本+PV。
也就是说，净现值NPV是这项投资未来现金流的现值减去成本的现值所得的结果。
一种定量的财务决策方法是净现值分析法。
产生N期现金流的投资项目的净现值为：NPV=其中，-C0是初始现金流，由于它代表了一笔投资，即现金流出，因而是负值。
2．终值一笔投资在多期以后终值的一般计算公式可以写为：FV=C0×（1+r）T其中，C0是期初投资的金额，r是利息率，T是资金投资持续的期数。
一项投资每年按复利计息m次的年末终值为：其中：C0是投资者的初始投资；r是名义年利率。
当m趋近于无限大时，则是连续复利计息，这时T年后的终值可以表示为：C0×e rT。
连续复利在高级金融中有广泛的应用。
3．名义利率和实际利率名义年利率是不考虑年内复利计息的，不同的银行或金融机构有不同的称谓，比较通用的是年百分比利率（APR）；实际利率（EAR）是指在年内考虑复利计息的，然后折算成一年的利率。
名义利率和实际利率之间的差别在于名义利率只有给出计息间隔期下才有意义。
4．年金年金是指一系列稳定有规律的，持续一段固定时期的现金收付活动，即在一定期间内，每隔相同时期（一年、半年或一季等）收入或支出相等金额的款项。
ROSS公司理财第九版第4章课后案例作业
所需成本现值=65000+3000+
（
+
=140952.90
所得报酬的现值= =1669675.47 因此，Ben 选择到 Wilton 大学去读 MBA 的净现值为 1528722.57 美元。 （3）Ben 选择到 Mount Perry 大学去读 MBA
学费/年
保险费
书费等
食宿费
签约费
薪酬/年
第4章
折现现金流量估价习题参考答案
小案例
有关取得 MBA 学位的决定 P89
Ben Bates 6 年前大学毕业并获得理财学学士学位， 尽管对目前的工作很满意， 但他的目标是成为一名投资银行家。他认为一个 MBA 学位将使他达到该目标。 经过考试，其可选学校有 Wilton 大学和 Mount Perry 大学。尽管两所学校均鼓 励通过实习拿到学分，但实习是没有薪酬的。除了实习，两所学校都不允许学生 在 MBA 期间工作。 Ben 目前在 Dewey and Louis 投资管理公司工作。他每年的薪酬为 60000 美 元，并且预期薪酬会以每年 3%的比例增长直到其退休。他目前是 28 岁，估计还 可以工作 35 年。他目前的工作还包括一个完全支付的健康保险计划，并且其目 前平均税率为 26%。Ben 的储蓄账户有足够的钱来完成 MBA 学业。 Wilton 大学 Ritter 商学院是该国顶尖的商学院之一。要获取该学院的 MBA 学位，需要在学校里全脱产学习 2 年。每学年的学费为 65000 美元，这些学费需 要在该年年初支付。书与其他用品花费估计每年需要 3000 美元。Ben 估计从该 学校毕业后， 他将找到一份新的工作， 其每年可以给他带来 110000 美元的薪酬， 并且还有 20000 美元的签约酬金，该工作的薪酬将以每年 4%的增长率增长。由 于薪酬较高，其平均首付税率将增至 31%。 Mount Perry 大学 Bradley 商学院从 16 年前开始设 MBA 课程。与 Ritter 学院 相比，Bradley 学院显得很小而且不出名。Bradley 商学院提供了一个速成的、1 年期的课程。 在被录取入学时要叫学费 80000 美元。 书与其他用品花费估计需要 4500 美元。 Ben 估计毕业后， 他将找到一份新的工作， 其每年可以给他带来 92000 美元的薪酬，并且还有 18000 美元的签约薪酬，该工作的薪酬将以每年 3.5%的 增长率增长。其平均税率将增至 29%。 两所大学均提供了一份健康保险计划，其花费为每年 3000 美元，在每年年 初支付。Ben 估计在任一所大学的食宿花费每年需 2000 美元。适当的折现率是 6.5%。源自学费/年保险费书费等
公司理财第九版罗斯课后案例答案 Case Solutions Corporate Finance
公司理财第九版罗斯课后案例答案 Case Solutions CorporateFinance1. 案例一：公司资金需求分析问题：一家公司需要资金支持其新项目。
通过分析现金流量，推断该公司是否需要向外部借款或筹集其他资金。
解答：为了确定公司是否需要外部资金，我们需要分析公司的现金流量状况。
首先，我们需要计算公司的净现金流量（净收入加上非现金项目）。
然后，我们需要将净现金流量与项目的投资现金流量进行对比。
假设公司预计在项目开始时投资100万美元，并在项目运营期为5年。
预计该项目每年将产生50万美元的净现金流量。
现在，我们需要进行以下计算：净现金流量 = 年度现金流量 - 年度投资现金流量年度投资现金流量 = 100万美元年度现金流量 = 50万美元净现金流量 = 50万美元 - 100万美元 = -50万美元根据计算结果，公司的净现金流量为负数（即净现金流出），意味着公司每年都会亏损50万美元。
因此，公司需要从外部筹集资金以支持项目的运营。
2. 案例二：公司股权融资问题：一家公司正在考虑通过股权融资来筹集资金。
根据公司的财务数据和资本结构分析，我们需要确定公司最佳的股权融资方案。
解答：为了确定最佳的股权融资方案，我们需要参考公司的财务数据和资本结构分析。
首先，我们需要计算公司的资本结构比例，即股本占总资本的比例。
然后，我们将不同的股权融资方案与资本结构比例进行对比，选择最佳的方案。
假设公司当前的资本结构比例为60%的股本和40%的债务，在当前的资本结构下，公司的加权平均资本成本（WACC）为10%。
现在，我们需要进行以下计算：•方案一：以新股发行筹集1000万美元，并将其用于项目投资。
在这种方案下，公司的资本结构比例将发生变化。
假设公司的股本增加至80%，债务比例减少至20%。
根据资本结构比例的变化，WACC也将发生变化。
新的WACC可以通过以下公式计算得出：新的WACC = (股本比例 * 股本成本) + (债务比例 * 债务成本)假设公司的股本成本为12%，债务成本为8%：新的WACC = (0.8 * 12%) + (0.2 * 8%) = 9.6%•方案二：以新股发行筹集5000万美元，并将其用于项目投资。
《公司理财》罗斯笔记(已矫正)
1、第一篇中的两个现金流量表，共同比报表。
2、第二篇中的几个计算、增长机会、股利增长模型。
包尔得文那个例子重点看，做投资决策一般都是那个例子改的。
实物期权。
如果你到了复试，而刚好遇到一个想问这方面的老师，他们有可能让你评价这一篇的财务指标，无疑罗斯写的一切都不如现金流折现。
但是如果现金流就无敌了，那么其他指标有什么存在意义吗？这些要有一点自己的思考。
3、第三第四篇不多说，全是重点。
一点一点整理，课后题一道一道看。
论坛上有中英文的答案，不过那个中文答案有不少计算错的，别全信。
他的思路一般是对的。
有题不会的话再发上来帖子问。
4、第五篇大多是概念，有税情况下租赁的NPV是重点。
5、第六篇中期权定价公式、权证、可转化债券估价、还有衍生品的应用方式。
这里的除了概念之外，就是你要知道这些东西是干嘛的，还有使用了会带来那些结果。
6、第七篇我们没讲过，第八篇我自己看的，也没讲，不好说什么是重点。
本书的重点在第三四篇，那是全文都得细细看的。
另外名词都是随机的，说不好哪些是重点第一篇综述企业经营活动中三类不同的重要问题：1、资本预算问题（长期投资项目）2、融资：如何筹集资金？3、短期融资和净营运资本管理第一章公司理财导论1.1什么是公司理财？资产负债表()++=+流动资产固定资产有形无形流动负债长期负债+所有者权益流动资产-流动负债净营运资本=短期负债：那些必须在一年之内必须偿还的代款和债务；长期负债：不必再一年之内偿还的贷款和债务。
资本结构：公司短期债务、长期债务和股东权益的比例。
资本结构债权人和股东V（公司的价值）=B（负债的价值）+S（所有者权益的价值）如何确定资本结构将影响公司的价值。
财务经理财务经理的大部分工作在于通过资本预算、融资和资产流动性管理为公司创造价值。
两个问题：1.现金流量的确认：财务分析的大量工作就是从会计报表中获得现金流量的信息（注意会计角度与财务角度的区别）2.现金流量的时点3.现金流量的风险1.2公司证券对公司价值的或有索取权负债的基本特征是借债的公司承诺在某一确定的时间支付给债权人一笔固定的金额。
Cha08 罗斯公司理财第九版原版书课后习题
Earlier in the chapter, we saw how bonds were rated based on their credit risk. What you will find if you start looking at bonds of different ratings is that lower-rated bonds have higher yields.We stated earlier in this chapter that a bond’s yield is calculated assuming that all the promised payments will be made. As a result, it is really a promised yield, and it may or may not be what you will earn. In particular, if the issuer defaults, your actual yield will be lower, probably much lower. This fact is particularly important when it comes to junk bonds. Thanks to a clever bit of marketing, such bonds are now commonly called high-yield bonds, which has a much nicer ring to it; but now you recognize that these are really high promised yield bonds.Next, recall that we discussed earlier how municipal bonds are free from most taxes and, as a result, have much lower yields than taxable bonds. Investors demand the extra yield on a taxable bond as compensation for the unfavorable tax treatment. This extra compensation is the taxability premium.Finally, bonds have varying degrees of liquidity. As we discussed earlier, there are an enormous number of bond issues, most of which do not trade on a regular basis. As a result, if you wanted to sell quickly, you would probably not get as good a price as you could otherwise. Investors prefer liquid assets to illiquid ones, so they demand a liquidity premium on top of all the other premiums we have discussed. As a result, all else being the same, less liquid bonds will have higher yields than more liquid bonds.ConclusionIf we combine everything we have discussed, we find that bond yields represent the combined effect of no fewer than six factors. The first is the real rate of interest. On top of the real rate are five premiums representing compensation for (1) expected future inflation, (2) interest rate risk, (3) default risk, (4) taxability, and (5) lack of liquidity. As a result, determining the appropriate yield on a bond requires careful analysis of each of these factors.Summary and ConclusionsThis chapter has explored bonds, bond yields, and interest rates. We saw that:1. Determining bond prices and yields is an application of basic discounted cash flow principles.2. Bond values move in the direction opposite that of interest rates, leading to potential gains orlosses for bond investors.3. Bonds are rated based on their default risk. Some bonds, such as Treasury bonds, have no riskof default, whereas so-called junk bonds have substantial default risk.4. Almost all bond trading is OTC, with little or no market transparency in many cases. As a result,bond price and volume information can be difficult to find for some types of bonds.5. Bond yields and interest rates reflect six different factors: the real interest rate and fivepremiums that investors demand as compensation for inflation, interest rate risk, default risk, taxability, and lack of liquidity.In closing, we note that bonds are a vital source of financing to governments and corporations of all types. Bond prices and yields are a rich subject, and our one chapter, necessarily, touches on only the most important concepts and ideas. There is a great deal more we could say, but, instead, we will move on to stocks in our next chapter.Concept Questions1. Treasury Bonds Is it true that a U.S. Treasury security is risk-free?2. Interest Rate Risk Which has greater interest rate risk, a 30-year Treasury bond or a 30-year21. Using Bond Quotes Suppose the following bond quote for IOU Corporation appears in thefinancial page of today’s newspaper. Assume the bond has a face value of $1,000 and the current date is April 15, 2010. What is the yield to maturity of the bond? What is the current yield?22. Finding the Maturity You’ve just found a 10 percent coupon bond on the market that sells forpar value. What is the maturity on this bond?CHALLENGE (Questions 23–30)23. Components of Bond Returns Bond P is a premium bond with a 9 percent coupon. Bond D isa 5 percent coupon bond currently selling at a discount. Both bonds make annual payments, havea YTM of 7 percent, and have five years to maturity. What is the current yield for Bond P? For BondD? If interest rates remain unchanged, what is the expected capital gains yield over the next year for Bond P? For Bond D? Explain your answers and the interrelationship among the various types of yields.24. Holding Period Yield The YTM on a bond is the interest rate you earn on your investment ifinterest rates don’t change. If you actually sell the bond before it matures, your realized return is known as the holding period yield (HPY).1. Suppose that today you buy a 9 percent annual coupon bond for $1,140. The bond has 10years to maturity. What rate of return do you expect to earn on your investment?2. Two years from now, the YTM on your bond has declined by 1 percent, and you decide tosell. What price will your bond sell for? What is the HPY on your investment? Compare this yield to the YTM when you first bought the bond. Why are they different?25. Valuing Bonds The Morgan Corporation has two different bonds currently outstanding. Bond Mhas a face value of $20,000 and matures in 20 years. The bond makes no payments for the first six years, then pays $800 every six months over the subsequent eight years, and finally pays $1,000 every six months over the last six years. Bond N also has a face value of $20,000 and a maturity of20 years; it makes no coupon payments over the life of the bond. If the required return on boththese bonds is 8 percent compounded semiannually, what is the current price of Bond M? Of Bond N?26. R eal Cash Flows When Marilyn Monroe died, ex-husband Joe DiMaggio vowed to place freshflowers on her grave every Sunday as long as he lived. The week after she died in 1962, a bunch of fresh flowers that the former baseball player thought appropriate for the star cost about $8.Based on actuarial tables, “Joltin’ Joe” could expect to live for 30 years after the actress died.Assume that the EAR is 10.7 percent. Also, assume that the price of the flowers will increase at 3.5 percent per year, when expressed as an EAR. Assuming that each year has exactly 52 weeks, what is the present value of this commitment? Joe began purchasing flowers the week after Marilyn died.27. Real Cash Flows You are planning to save for retirement over the next 30 years. To save forretirement, you will invest $800 a month in a stock account in real dollars and $400 a month in a bond account in real dollars. The effective annual return of the stock account is expected to be 12 percent, and the bond account will earn 7 percent. When you retire, you will combine your money into an account with an 8 percent effective return. The inflation rate over this period is expected to be 4 percent. How much can you withdraw each month from your account in real terms assuminga 25-year withdrawal period? What is the nominal dollar amount of your last withdrawal?28. Real Cash Flows Paul Adams owns a health club in downtown Los Angeles. He charges hiscustomers an annual fee of $500 and has an existing customer base of 500. Paul plans to raise the annual fee by 6 percent every year and expects the club membership to grow at a constant rate of3 percent for the next five years. The overall expenses of running the health club are $75,000 ayear and are expected to grow at the inflation rate of 2 percent annually. After five years, Paul2. How many of the coupon bonds must East Coast Yachts issue to raise the $40 million? Howmany of the zeroes must it issue?3. In 20 years, what will be the principal repayment due if East Coast Yachts issues the couponbonds? What if it issues the zeroes?4. What are the company’s considerations in issuing a coupon bond compared to a zero couponbond?5. Suppose East Coast Yachts issues the coupon bonds with a make-whole call provision. Themake-whole call rate is the Treasury rate plus .40 percent. If East Coast calls the bonds in 7 years when the Treasury rate is 5.6 percent, what is the call price of the bond? What if it is 9.1 percent?6. Are investors really made whole with a make-whole call provision?7. After considering all the relevant factors, would you recommend a zero coupon issue or aregular coupon issue? Why? Would you recommend an ordinary call feature or a make-whole call feature? Why?。
(完整版)公司理财-罗斯课后习题答案
(完整版)公司理财-罗斯课后习题答案-CAL-FENGHAI-(2020YEAR-YICAI)_JINGBIAN第一章1.在所有权形式的公司中,股东是公司的所有者。
股东选举公司的董事会,董事会任命该公司的管理层。
企业的所有权和控制权分离的组织形式是导致的代理关系存在的主要原因。
管理者可能追求自身或别人的利益最大化,而不是股东的利益最大化。
在这种环境下,他们可能因为目标不一致而存在代理问题。
2.非营利公司经常追求社会或政治任务等各种目标。
非营利公司财务管理的目标是获取并有效使用资金以最大限度地实现组织的社会使命。
3.这句话是不正确的。
管理者实施财务管理的目标就是最大化现有股票的每股价值，当前的股票价值反映了短期和长期的风险、时间以及未来现金流量。
4.有两种结论。
一种极端,在市场经济中所有的东西都被定价。
因此所有目标都有一个最优水平，包括避免不道德或非法的行为，股票价值最大化。
另一种极端,我们可以认为这是非经济现象,最好的处理方式是通过政治手段。
一个经典的思考问题给出了这种争论的答案:公司估计提高某种产品安全性的成本是30美元万。
然而,该公司认为提高产品的安全性只会节省20美元万。
请问公司应该怎么做呢?”5.财务管理的目标都是相同的,但实现目标的最好方式可能是不同的,因为不同的国家有不同的社会、政治环境和经济制度。
6.管理层的目标是最大化股东现有股票的每股价值。
如果管理层认为能提高公司利润，使股价超过35美元,那么他们应该展开对恶意收购的斗争。
如果管理层认为该投标人或其它未知的投标人将支付超过每股35美元的价格收购公司,那么他们也应该展开斗争。
然而,如果管理层不能增加企业的价值,并且没有其他更高的投标价格,那么管理层不是在为股东的最大化权益行事。
现在的管理层经常在公司面临这些恶意收购的情况时迷失自己的方向。
7.其他国家的代理问题并不严重,主要取决于其他国家的私人投资者占比重较小。
较少的私人投资者能减少不同的企业目标。
罗斯公司理财第九版课后习题第四章答案
1. 当你增加时间的长度时，终值会发生什么变化，现值会发生什么变化？答：当增加时间长度时根据公司PV=C/(1+r)A t得到现值会减少(dwindle，diminish)，而终值FV=C*(1+r)At会增加。
2. 如果利率增加，年金的终值会有什么变化？现值会有什么变化？答：当利率增加时，终值增大，现值FV=C(1/r-1/(r*(1+rFt))得现值会减小分析这两道题都考察了对终值和现值的概念的理解：终值：一笔资金经过一个时期或者多个时期的以后的价值，如果考察终值就是在现在或将来我得到一笔资金C那么这笔资金在更远的未来将会价值多少，如果考察现值则是将来我得到一笔钱那么它现在的价值是多少(在某个固定的折现率下)3. 假设有两名运动员签署了一份10年8000万的合同，一份是每年支付800万，一份是8000万分十次，支付金额每年递增 5% ，哪种情况最好答：计算过程如下图：u12. 5T733354舉一忡t*况*■二沖耆况63S. <4e>3& 04年1667. M Oflfc-蠹ML D虽百嘶fiOQi m.sa49& 97sao TSh.294沮0鼻1115m.^6髯& 29SzaSr 钿亍晒L弊TT E颐 d 72監BL EB审60496th 70191. 23IQ 旦计9CW0, 003H 也69由上图的应该选第一种4. 贷款法是否应该要求贷款者报告实际利率而不是名义利率？为什么？答：他们应该报告实际利率，名义利率的优势只是在于它们方便计算，可是在计算机技术发达的今天，计算已经不再是一个问题5. 有津贴的斯坦福联邦贷款是为大学生提供帮助的一种普遍来源，直到偿还贷款才开始付息。
谁将收到更多的津贴，新生还是高年级的学生？请解释答：新生将获得跟多的津贴，因为新生使用无息贷款的时间比高年级学生长。
详细数据如下：输入变童APR 6. 25%备朗金额5000期限<1) 4期眼(2) 3实師利率8. 57%借款总瓠< 1 >20000借款总颔< 2 > 15000输出变崖终值(1) 贮厶235. 67终值(2)¥1® 089. 51由此可见新生的津贴=22235-20000=2235 ;而高年级的学生为1089根据下面的信息回答接下去的5个题：6. 由计算得到如果500美金若在30年后要变成10000则实际年利率是10.5%,我想应该是GMAC的决策者认为公司的投资收益率大于10.5%7. 如果公司可以在 30年内的任意时间内以 10000元的价格购买该债券的话，将会使得该债券更具有吸引力8. 1）这500元不能影响我后面 30年的正常生活，也就是我说我是否有 500元的多余资金；2）该公司是否能够保证在30年后我能收到10000元3）当前我认为的投资收益率是否高于10.5%，若高于10.5%则不应该考虑投资该债券我的回答是：是取决的承诺偿还的人9. 财政部的发行该种债券的价格较高因为财政部在所有的债券发行者中信用最好10•价格会超过之前的500美元，因为如果随着时间的推移，该债券的价值就越接近10000 美元，如果在2010年的看价格有可能会更高，但不能确定，因为GMAC有财务恶化的可能或者资本市场上的投资收益率提高。
(完整版)公司理财-罗斯课后习题答案
(完整版)公司理财-罗斯课后习题答案-CAL-FENGHAI-(2020YEAR-YICAI)_JINGBIAN第一章1.在所有权形式的公司中,股东是公司的所有者。
股东选举公司的董事会,董事会任命该公司的管理层。
企业的所有权和控制权分离的组织形式是导致的代理关系存在的主要原因。
管理者可能追求自身或别人的利益最大化,而不是股东的利益最大化。
在这种环境下,他们可能因为目标不一致而存在代理问题。
2.非营利公司经常追求社会或政治任务等各种目标。
非营利公司财务管理的目标是获取并有效使用资金以最大限度地实现组织的社会使命。
3.这句话是不正确的。
管理者实施财务管理的目标就是最大化现有股票的每股价值，当前的股票价值反映了短期和长期的风险、时间以及未来现金流量。
4.有两种结论。
一种极端,在市场经济中所有的东西都被定价。
因此所有目标都有一个最优水平，包括避免不道德或非法的行为，股票价值最大化。
另一种极端,我们可以认为这是非经济现象,最好的处理方式是通过政治手段。
一个经典的思考问题给出了这种争论的答案:公司估计提高某种产品安全性的成本是30美元万。
然而,该公司认为提高产品的安全性只会节省20美元万。
请问公司应该怎么做呢?”5.财务管理的目标都是相同的,但实现目标的最好方式可能是不同的,因为不同的国家有不同的社会、政治环境和经济制度。
6.管理层的目标是最大化股东现有股票的每股价值。
如果管理层认为能提高公司利润，使股价超过35美元,那么他们应该展开对恶意收购的斗争。
如果管理层认为该投标人或其它未知的投标人将支付超过每股35美元的价格收购公司,那么他们也应该展开斗争。
然而,如果管理层不能增加企业的价值,并且没有其他更高的投标价格,那么管理层不是在为股东的最大化权益行事。
现在的管理层经常在公司面临这些恶意收购的情况时迷失自己的方向。
7.其他国家的代理问题并不严重,主要取决于其他国家的私人投资者占比重较小。
较少的私人投资者能减少不同的企业目标。
公司理财Corporate_Finance_第九版_CASE答案(完整资料).doc
【最新整理，下载后即可编辑】Case SolutionsFundamentals of Corporate FinanceRoss, Westerfield, and Jordan9th editionCHAPTER 1THE McGEE CAKE COMPANY1.The advantages to a LLC are: 1) Reduction of personal liability. A soleproprietor has unlimited liability, which can include the potential loss of all personal assets. 2) Taxes. Forming an LLC may mean that more expenses can be considered business expenses and be deducted from the company’s income. 3) Improved credibility. The business may have increased credibility in the business world compared to a sole proprietorship. 4) Ability to attract investment. Corporations, even LLCs, can raise capital through the sale of equity. 5) Continuous life. Sole proprietorships have a limited life, while corporations have a potentially perpetual life. 6) Transfer of ownership. It is easier to transfer ownership in a corporation through the sale of stock.The biggest disadvantage is the potential cost, although the cost of forminga LLC can be relatively small. There are also other potential costs, includingmore expansive record-keeping.2.Forming a corporation has the same advantages as forming a LLC, but thecosts are likely to be higher.3.As a small company, changing to a LLC is probably the most advantageousdecision at the current time. If the company grows, and Doc and Lyn are willing to sell more equity ownership, the company can reorganize as a corporation at a later date. Additionally, forming a LLC is likely to be less expensive than forming a corporation.CHAPTER 2CASH FLOWS AND FINANCIAL STATEMENTS AT SUNSET BOARDS Below are the financial statements that you are asked to prepare.1.The income statement for each year will look like this:Income statement2008 2009Sales $247,259 $301,392Cost of goods sold 126,038 159,143Selling & administrative 24,787 32,352Depreciation 35,581 40,217EBIT $60,853 $69,680Interest 7,735 8,866EBT $53,118 $60,814Taxes 10,624 12,163Net income $42,494 $48,651Dividends $21,247 $24,326Addition to retainedearnings 21,247 24,3262.The balance sheet for each year will be:Balance sheet as of Dec. 31, 2008C-26 CASE SOLUTIONSCash $18,187 Accounts payable $32,143 Accountsreceivable 12,887 Notes payable 14,651 Inventory 27,119 Current liabilities $46,794 Current assets $58,193Long-term debt $79,235 Net fixed assets $156,975 Owners' equity 89,139Total assets $215,168 Total liab. &equity $215,168In the first year, equity is not given. Therefore, we must calculate equity as a plug variable. Since total liabilities & equity is equal to total assets, equity can be calculated as:Equity = $215,168 – 46,794 – 79,235Equity = $89,139CHAPTER 2 C-5Balance sheet as of Dec. 31, 2009Cash $27,478 Accounts payable $36,404 Accountsreceivable 16,717 Notes payable 15,997 Inventory 37,216 Current liabilities $52,401 Current assets $81,411Long-term debt $91,195 Net fixed assets $191,250 Owners' equity 129,065Total assets $272,661 Total liab. &equity $272,661The owner’s equity for 2009 is the beginning of year owner’s equity, plus the addition to retained earnings, plus the new equity, so:Equity = $89,139 + 24,326 + 15,600Equity = $129,065ing the OCF equation:OCF = EBIT + Depreciation – TaxesThe OCF for each year is:OCF2008 = $60,853 + 35,581 – 10,624OCF2008 = $85,180OCF2009 = $69,680 + 40,217 – 12,163OCF2009 = $97,734C-26 CASE SOLUTIONS4.To calculate the cash flow from assets, we need to find the capital spendingand change in net working capital. The capital spending for the year was: Capital spendingEnding net fixed assets $191,250– Beginning net fixedassets 156,975+ Depreciation 40,217Net capital spending $74,492And the change in net working capital was:Change in net working capitalEnding NWC $29,010– Beginning NWC 11,399Change in NWC $17,611CHAPTER 2 C-5 So, the cash flow from assets was:Cash flow from assetsOperating cash flow $97,734– Net capital spending 74,492– Change in NWC 17,611Cash flow from assets $ 5,6315.The cash flow to creditors was:Cash flow to creditorsInterest paid $8,866– Net new borrowing 11,960Cash flow to creditors –$3,0946.The cash flow to stockholders was:Cash flow tostockholdersDividends paid $24,326– Net new equityraised 15,600Cash flow tostockholders $8,726Answers to questions1.The firm had positive earnings in an accounting sense (NI > 0) and hadpositive cash flow from operations. The firm invested $17,611 in new netC-26 CASE SOLUTIONSworking capital and $74,492 in new fixed assets. The firm gave $5,631 to its stakeholders. It raised $3,094 from bondholders, and paid $8,726 to stockholders.2.The expansion plans may be a little risky. The company does have a positivecash flow, but a large portion of the operating cash flow is already going to capital spending. The company has had to raise capital from creditors and stockholders for its current operations. So, the expansion plans may be too aggressive at this time. On the other hand, companies do need capital to grow. Before investing or loaning the company money, you would want to know where the current capital spending is going, and why the company is spending so much in this area already.CHAPTER 3RATIOS ANALYSIS AT S&S AIR1.The calculations for the ratios listed are:Current ratio = $2,186,520 / $2,919,000Current ratio = 0.75 timesQuick ratio = ($2,186,250 – 1,037,120) / $2,919,000Quick ratio = 0.39 timesCash ratio = $441,000 / $2,919,000Cash ratio = 0.15 timesTotal asset turnover = $30,499,420 / $18,308,920Total asset turnover = 1.67 timesInventory turnover = $22,224,580 / $1,037,120Inventory turnover = 21.43 timesReceivables turnover = $30,499,420 / $708,400Receivables turnover = 43.05 timesTotal debt ratio = ($18,308,920 – 10,069,920) / $18,308,920 Total debt ratio = 0.45 timesDebt-equity ratio = ($2,919,000 + 5,320,000) / $10,069,920C-26 CASE SOLUTIONSDebt-equity ratio = 0.82 timesEquity multiplier = $18,308,920 / $10,069,920Equity multiplier = 1.82 timesTimes interest earned = $3,040,660 / $478,240Times interest earned = 6.36 timesCash coverage = ($3,040,660 + 1,366,680) / $478,420 Cash coverage = 9.22 timesProfit margin = $1,537,452 / $30,499,420Profit margin = 5.04%Return on assets = $1,537,452 / $18,308,920Return on assets = 8.40%Return on equity = $1,537,452 / $10,069,920Return on equity = 15.27%CHAPTER 3 C-11 2. Boeing is probably not a good aspirant company. Even though bothcompanies manufacture airplanes, S&S Air manufactures small airplanes, while Boeing manufactures large, commercial aircraft. These are two different markets. Additionally, Boeing is heavily involved in the defense industry, as well as Boeing Capital, which finances airplanes.Bombardier is a Canadian company that builds business jets, short-range airliners and fire-fighting amphibious aircraft and also provides defense-related services. It is the third largest commercial aircraft manufacturer in the world. Embraer is a Brazilian manufacturer than manufactures commercial, military, and corporate airplanes. Additionally, the Brazilian government is a part owner of the company. Bombardier and Embraer are probably not good aspirant companies because of the diverse range of products and manufacture of larger aircraft.Cirrus is the world's second largest manufacturer of single-engine, piston-powered aircraft. Its SR22 is the world's best selling plane in its class. The company is noted for its innovative small aircraft and is a good aspirant company.Cessna is a well known manufacturer of small airplanes. The company produces business jets, freight- and passenger-hauling utility Caravans, personal and small-business single engine pistons. It may be a good aspirant company, however, its products could be considered too broad and diversified since S&S Air produces only small personal airplanes.3. S&S is below the median industry ratios for the current and cash ratios.This implies the company has less liquidity than the industry in general.However, both ratios are above the lower quartile, so there are companiesC-26 CASE SOLUTIONSin the industry with lower liquidity ratios than S&S Air. The company may have more predictable cash flows, or more access to short-term borrowing.If you created an Inventory to Current liabilities ratio, S&S Air would havea ratio that is lower than the industry median. The current ratio is below theindustry median, while the quick ratio is above the industry median. This implies that S&S Air has less inventory to current liabilities than the industry median. S&S Air has less inventory than the industry median, but more accounts receivable than the industry since the cash ratio is lower than the industry median.The turnover ratios are all higher than the industry median; in fact, all three turnover ratios are above the upper quartile. This may mean that S&S Air is more efficient than the industry.The financial leverage ratios are all below the industry median, but above the lower quartile. S&S Air generally has less debt than comparable companies, but still within the normal range.The profit margin, ROA, and ROE are all slightly below the industry median, however, not dramatically lower. The company may want to examine its costs structure to determine if costs can be reduced, or price can be increased.Overall, S&S Air’s performance seems good, although the liquidity ratios indicate that a closer look may be needed in this area.CHAPTER 3 C-11 Below is a list of possible reasons it may be good or bad that each ratio is higher or lower than the industry. Note that the list is not exhaustive, but merely one possible explanation for each ratio.Ratio Good BadCurrent ratio Better at managingcurrent accounts. May be having liquidity problems.Quick ratio Better at managingcurrent accounts. May be having liquidity problems.Cash ratio Better at managingcurrent accounts. May be having liquidity problems.Total asset turnover Better at utilizing assets. Assets may be older anddepreciated, requiringextensive investmentsoon.Inventory turnover Better at inventorymanagement, possibly dueto better procedures.Could be experiencinginventory shortages.Receivables turnover Better at collectingreceivables.May have credit termsthat are too strict.Decreasing receivablesturnover may increasesales.Total debt ratio Less debt than industrymedian means thecompany is less likely toexperience creditproblems. Increasing the amount of debt can increase shareholder returns. Especially notice that it will increase ROE.Debt-equity Less debt than industry Increasing the amount ofC-26 CASE SOLUTIONSratio median means thecompany is less likely toexperience creditproblems. debt can increase shareholder returns. Especially notice that it will increase ROE.Equity multiplier Less debt than industrymedian means thecompany is less likely toexperience creditproblems.Increasing the amount ofdebt can increaseshareholder returns.Especially notice that itwill increase ROE.TIE Higher quality materialscould be increasing costs. The company may have more difficulty meeting interest payments in a downturn.Cash coverage Less debt than industrymedian means thecompany is less likely toexperience creditproblems. Increasing the amount of debt can increase shareholder returns. Especially notice that it will increase ROE.Profit margin The PM is slightly belowthe industry median. Itcould be a result of higherquality materials or bettermanufacturing. Company may be having trouble controlling costs.ROA Company may have newerassets than the industry. Company may have newer assets than the industry.ROE Lower profit margin maybe a result of higherquality. Profit margin and EM are lower than industry, which results in the lower ROE.CHAPTER 4PLANNING FOR GROWTH AT S&S AIR1.To calculate the internal growth rate, we first need to find the ROA and theretention ratio, so:ROA = NI / TAROA = $1,537,452 / $18,309,920ROA = .0840 or 8.40%b = Addition to RE / NIb = $977,452 / $1,537,452b = 0.64Now we can use the internal growth rate equation to get:Internal growth rate = (ROA × b) / [1 – (ROA × b)]Internal growth rate = [0.0840(.64)] / [1 – 0.0840(.64)]Internal growth rate = .0564 or 5.64%To find the sustainable growth rate, we need the ROE, which is:ROE = NI / TEROE = $1,537,452 / $10,069,920ROE = .1527 or 15.27%C-26 CASE SOLUTIONSUsing the retention ratio we previously calculated, the sustainable growth rate is:Sustainable growth rate = (ROE × b) / [1 – (ROE × b)]Sustainable growth rate = [0.1527(.64)] / [1 – 0.1527(.64)]Sustainable growth rate = .1075 or 10.75%The internal growth rate is the growth rate the company can achieve with no outside financing of any sort. The sustainable growth rate is the growth rate the company can achieve by raising outside debt based on its retained earnings and current capital structure.CHAPTER 4 C-21 2.Pro forma financial statements for next year at a 12 percent growth rate are:Income statementSales $ 34,159,35COGS 24,891,530 Other expenses 4,331,600 Depreciation 1,366,680EBIT $ 3,569,541Interest 478,240Taxable income $ 3,091,301Taxes (40%) 1,236,520Net income $ 1,854,78Dividends $ 675,583C-26 CASE SOLUTIONSAdd to RE 1,179,197Balance sheetAssets Liabilities & EquityCurrent Assets Current LiabilitiesCash $ 493,92AccountsPayable $ 995,680Accounts rec. 793,408 Notes Payable 2,030,000 Inventory 1,161,574 Total CL $ 3,025,680 Total CA $ 2,448,902Long-term debt $ 5,320,000ShareholderEquityCommon stock $ 350,000Fixed assets Retainedearnings 10,899,117Net PP&E $ 18,057,088 Total Equity $ 11,249,117Total Assets $ 20,505,990 Total L&E $ 19,594,787CHAPTER 4 C-21 So, the EFN is:EFN = Total assets – Total liabilities and equityEFN = $20,505,990 – 19,594,797EFN = $911,193The company can grow at this rate by changing the way it operates. For example, if profit margin increases, say by reducing costs, the ROE increases, it will increase the sustainable growth rate. In general, as long as the company increases the profit margin, total asset turnover, or equity multiplier, the higher growth rate is possible. Note however, that changing any one of these will have the effect of changing the pro forma financial statements.C-26 CASE SOLUTIONS3.Now we are assuming the company can only build in amounts of $5 million.We will assume that the company will go ahead with the fixed asset acquisition. To estimate the new depreciation charge, we will find the current depreciation as a percentage of fixed assets, then, apply this percentage to the new fixed assets. The depreciation as a percentage of assets this year was:Depreciation percentage = $1,366,680 / $16,122,400Depreciation percentage = .0848 or 8.48%The new level of fixed assets with the $5 million purchase will be:New fixed assets = $16,122,400 + 5,000,000 = $21,122,400So, the pro forma depreciation will be:Pro forma depreciation = .0848($21,122,400)Pro forma depreciation = $1,790,525We will use this amount in the pro forma income statement. So, the pro forma income statement will be:Income statementSales $ 34,159,35COGS 24,891,530 Other expensesCHAPTER 4 C-214,331,600Depreciation 1,790,525EBIT $ 3,145,696Interest 478,240Taxable income $ 2,667,456Taxes (40%) 1,066,982Net income $ 1,600,473Dividends $ 582,955Add to RE 1,017,519C-26 CASE SOLUTIONSThe pro forma balance sheet will remain the same except for the fixed asset and equity accounts. The fixed asset account will increase by $5 million, rather than the growth rate of sales.Balance sheetAssets Liabilities & EquityCurrent Assets Current LiabilitiesCash $ 493,92AccountsPayable $ 995,680Accounts rec. 793,408 Notes Payable 2,030,000 Inventory 1,161,574 Total CL $ 3,025,680 Total CA $ 2,448,902Long-term debt $ 5,320,000ShareholderEquityCommon stock $ 350,000Fixed assets Retainedearnings 10,737,439Net PP&E $ 21,122,400 Total Equity $ 11,087,439Total Assets $ 23,571,302 Total L&E $ 19,433,119CHAPTER 4 C-21 So, the EFN is:EFN = Total assets – Total liabilities and equityEFN = $23,581,302 – 19,433,119EFN = $4,138,184Since the fixed assets have increased at a faster percentage than sales, the capacity utilization for next year will decrease.CHAPTER 6THE MBA DECISION1. Age is obviously an important factor. The younger an individual is, the moretime there is for the (hopefully) increased salary to offset the cost of the decision to return to school for an MBA. The cost includes both the explicit costs such as tuition, as well as the opportunity cost of the lost salary.2. Perhaps the most important nonquantifiable factors would be whether ornot he is married and if he has any children. With a spouse and/or children, he may be less inclined to return for an MBA since his family may be less amenable to the time and money constraints imposed by classes. Other factors would include his willingness and desire to pursue an MBA, job satisfaction, and how important the prestige of a job is to him, regardless of the salary.3.He has three choices: remain at his current job, pursue a Wilton MBA, orpursue a Mt. Perry MBA. In this analysis, room and board costs are irrelevant since presumably they will be the same whether he attends college or keeps his current job. We need to find the aftertax value of each, so:Remain at current job:Aftertax salary = $55,000(1 – .26) = $40,700CHAPTER 6 C-27 His salary will grow at 3 percent per year, so the present value of his aftertax salary is:PV = C {1 – [(1 + g)/(1 + r)]t} / (r–g)]PV = $40,700{[1 – [(1 +.065)/(1 + .03)]38} / (.065 – .03)PV = $836,227.34Wilton MBA:Costs:Total direct costs = $63,000 + 2,500 + 3,000 = $68,500PV of direct costs = $68,500 + 68,500 / (1.065) = $132,819.25PV of indirect costs (lost salary) = $40,700 / (1.065) + $40,700(1 + .03) / (1 + .065)2 = $75,176.00Salary:PV of aftertax bonus paid in 2 years = $15,000(1 –.31) / 1.0652= $9,125.17Aftertax salary = $98,000(1 – .31) = $67,620C-26 CASE SOLUTIONSHis salary will grow at 4 percent per year. We must also remember that he will now only work for 36 years, so the present value of his aftertax salary is: PV = C {1 – [(1 + g)/(1 + r)]t} / (r–g)]PV = $67,620{[1 – [(1 +.065)/(1 + .04)]36} / (.065 – .04)PV = $1,554,663.22Since the first salary payment will be received three years from today, so we need to discount this for two years to find the value today, which will be: PV = $1,544,663.22 / 1.0652PV = $1,370,683.26So, the total value of a Wilton MBA is:Value = –$75,160 – 132,819.25 + 9,125.17 + 1,370,683.26 =$1,171,813.18Mount Perry MBA:Costs:Total direct costs = $78,000 + 3,500 + 3,000 = $86,500. Note, this is also the PV of the direct costs since they are all paid today.PV of indirect costs (lost salary) = $40,700 / (1.065) = $38,215.96Salary:CHAPTER 6 C-27 PV of aftertax bonus paid in 1 year = $10,000(1 – .29) / 1.065 = $6,666.67 Aftertax salary = $81,000(1 – .29) = $57,510His salary will grow at 3.5 percent per year. We must also remember that he will now only work for 37 years, so the present value of his aftertax salary is: PV = C {1 – [(1 + g)/(1 + r)]t} / (r–g)]PV = $57,510{[1 – [(1 +.065)/(1 + .035)]37} / (.065 – .035)PV = $1,250,991.81Since the first salary payment will be received two years from today, so we need to discount this for one year to find the value today, which will be:PV = $1,250,991.81 / 1.065PV = $1,174,640.20So, the total value of a Mount Perry MBA is:Value = –$86,500 – 38,215.96 + 6,666.67 + 1,174,640.20 = $1,056,590.90C-26 CASE SOLUTIONS4.He is somewhat correct. Calculating the future value of each decision willresult in the option with the highest present value having the highest future value. Thus, a future value analysis will result in the same decision. However, his statement that a future value analysis is the correct method is wrong since a present value analysis will give the correct answer as well.5. To find the salary offer he would need to make the Wilton MBA asfinancially attractive as the as the current job, we need to take the PV of his current job, add the costs of attending Wilton, and the PV of the bonus on an aftertax basis. So, the necessary PV to make the Wilton MBA the same as his current job will be:PV = $836,227.34 + 132,819.25 + 75,176.00 – 9,125.17 = $1,035,097.42This PV will make his current job exactly equal to the Wilton MBA on a financial basis. Since his salary will still be a growing annuity, the aftertax salary needed is:PV = C {1 – [(1 + g)/(1 + r)]t} / (r–g)]$1,035,097.42 = C {[1 – [(1 +.065)/(1 + .04)]36} / (.065 – .04)C = $45,021.51This is the aftertax salary. So, the pretax salary must be:Pretax salary = $45,021.51 / (1 – .31) = $65,248.576.The cost (interest rate) of the decision depends on the riskiness of the use offunds, not the source of the funds. Therefore, whether he can pay cash orCHAPTER 6 C-27 must borrow is irrelevant. This is an important concept which will be discussed further in capital budgeting and the cost of capital in later chapters.CHAPTER 7FINANCING S&S AIR’S EXPANSION PLANS WITH A BOND ISSUEA rule of thumb with bond provisions is to determine who benefits by theprovision. If the company benefits, the bond will have a higher coupon rate.If the bondholders benefit, the bond will have a lower coupon rate.1. A bond with collateral will have a lower coupon rate. Bondholders have theclaim on the collateral, even in bankruptcy. Collateral provides an asset that bondholders can claim, which lowers their risk in default. The downside of collateral is that the company generally cannot sell the asset used as collateral, and they will generally have to keep the asset in good working order.2.The more senior the bond is, the lower the coupon rate. Senior bonds getfull payment in bankruptcy proceedings before subordinated bonds receive any payment. A potential problem may arise in that the bond covenant may restrict the company from issuing any future bonds senior to the current bonds.3. A sinking fund will reduce the coupon rate because it is a partial guaranteeto bondholders. The problem with a sinking fund is that the company must make the interim payments into a sinking fund or face default. This means the company must be able to generate these cash flows.4. A provision with a specific call date and prices would increase the couponrate. The call provision would only be used when it is to the company’s advantage, thus the bondholder’s disadvantage. The downside is theCHAPTER 7 C-29 higher coupon rate. The company benefits by being able to refinance at a lower rate if interest rates fall significantly, that is, enough to offset the call provision cost.5. A deferred call would reduce the coupon rate relative to a call provision witha deferred call. The bond will still have a higher rate relative to a plain vanillabond. The deferred call means that the company cannot call the bond for a specified period. This offers the bondholders protection for this period. The disadvantage of a deferred call is that the company cannot call the bond during the call protection period. Interest rates could potentially fall to the point where it would be beneficial for the company to call the bond, yet the company is unable to do so.6. A make-whole call provision should lower the coupon rate in comparison toa call provision with specific dates since the make-whole call repays thebondholder the present value of the future cash flows. However, a make-whole call provision should not affect the coupon rate in comparison to a plain vanilla bond. Since the bondholders are made whole, they should be indifferent between a plain vanilla bond and a make-whole bond. If a bond with a make-whole provision is called, bondholders receive the market value of the bond, which they can reinvest in another bond with similar characteristics. If we compare this to a bond with a specific call price, investors rarely receive the full market value of the future cash flows.CASE 3 C-30 7. A positive covenant would reduce the coupon rate. The presence of positivecovenants protects bondholders by forcing the company to undertake actions that benefit bondholders. Examples of positive covenants would be: the company must maintain audited financial statements; the company must maintain a minimum specified level of working capital or a minimum specified current ratio; the company must maintain any collateral in good working order. The negative side of positive covenants is that the company is restricted in its actions. The positive covenant may force the company into actions in the future that it would rather not undertake.8. A negative covenant would reduce the coupon rate. The presence ofnegative covenants protects bondholders from actions by the company that would harm the bondholders. Remember, the goal of a corporation is to maximize shareholder wealth. This says nothing about bondholders.Examples of negative covenants would be: the company cannot increase dividends, or at least increase beyond a specified level; the company cannot issue new bonds senior to the current bond issue; the company cannot sell any collateral. The downside of negative covenants is the restriction of the company’s actions.9.Even though the company is not public, a conversion feature would likelylower the coupon rate. The conversion feature would permit bondholders to benefit if the company does well and also goes public. The downside is that the company may be selling equity at a discounted price.10. The downside of a floating-rate coupon is that if interest rates rise, thecompany has to pay a higher interest rate. However, if interest rates fall, the company pays a lower interest rate.CHAPTER 8STOCK VALUATION AT RAGAN, INC.1.The total dividends paid by the company were $126,000. Since there are100,000 shares outstanding, the total earnings for the company were: Total earnings = 100,000($4.54) = $454,000This means the payout ratio was:Payout ratio = $126,000/$454,000 = 0.28So, the retention ratio was:Retention ratio = 1 – .28 = 0.72Using the retention ratio, the company’s growth rate is:g = ROE × b = 0.25*(.72) = .1806 or 18.06%The dividend per share paid this year was:= $63,000 / 50,000D= $1.26DNow we can find the stock price, which is:C-84 CASE SOLUTIONSP 0 = D 1 / (R – g )P 0 = $1.26(1.1806) / (.20 – .1806)P 0 = $76.752.Since Expert HVAC had a write off which affected its earnings per share, we need to recalculate the industry EPS. So, the industry EPS is:Industry EPS = ($0.79 + 1.38 + 1.06) / 3 = $1.08Using this industry EPS, the industry payout ratio is:Industry payout ratio = $0.40/$1.08 = .3715 or 37.15%So, the industry retention ratio isIndustry retention ratio = 1 – .3715 = .6285 or 62.85%。
公司理财(罗斯)第4章
投资风险和回报的权衡
风险与回报的关系
高风险往往伴随着高回报，投资者需要在风 险和回报之间进行权衡。
风险分散
通过多元化投资，分散单一项目的风险，降 低整体投资组合的风险水平。
风险控制
采取措施降低投资风险，如对冲策略、限制 杠杆等。
风险偏好
根据投资者对风险的容忍程度，选择适合的 投资项目和策略。
04 资本结构和融资决策
公司理财(罗斯)第4章
目录
• 公司理财的目标和原则 • 财务报表和财务分析 • 资本预算和投资决策 • 资本结构和融资决策 • 营运资本管理
01 公司理财的目标和原则
公司理财的定义和目标
公司理财定义
公司理财是对公司财务的管理，包括 对公司财务活动进行计划、组织、指 挥、协调、控制和监督等一系列的管 理活动。
05 营运资本管理
营运资本的定义和构成
营运资本的定义
指公司用于日常经营活动的流动资金，包括短期资产和短期负债。
营运资本的构成
由流动资产和流动负债组成，其中流动资产包括现金、存货、应收账款等，流动负债包括应付账款、 短期借款等。
营运资本管理的目标和原则
营运资本管理的目标
确保公司有足够的营运资本来支持日常 经营，同时保持较低的资本成本和风险 。
偿债能力指标
包括流动比率、速动比率、资产负债率 等，用于评估公司的偿债能力。
盈利能力指标
包括销售利润率、资产收益率、权益 净利率等，用于评估公司的盈利能力。
营运能力指标
包括存货周转率、应收账款周转率、 总资产周转率等，用于评估公司的资 产管理和运用效率。
成长性指标
包括营业收入增长率、净利润增长率、 总资产增长率等，用于评估公司的成 长潜力。
罗斯公司理财课后习题答案
罗斯公司理财课后习题答案罗斯公司是一家知名的金融公司，以其专业的理财知识和服务著称。
他们的理财课程是广受欢迎的，许多人都希望通过学习这些课程来提高自己的理财能力。
在课程结束后，学生们通常会被要求完成一些习题，以检验他们对所学知识的理解和应用能力。
在本文中，我们将为您提供罗斯公司理财课后习题的答案，帮助您更好地掌握理财知识。
第一题：什么是复利？请用一个例子说明其计算方法。
答案：复利是指利息再投资所产生的利息。
简单来说，就是将利息加入到本金中，下一期的利息就会基于新的本金计算。
例如，假设您有1000元的本金，年利率为5%。
在第一年，您将获得50元的利息，总金额为1050元。
在第二年，您将获得52.5元的利息（1050 * 5%），总金额为1102.5元。
以此类推，每年的利息都会基于新的本金计算，从而实现利息的复利效应。
第二题：什么是风险与回报的关系？为什么高风险往往伴随着高回报？答案：风险与回报是金融领域中一个重要的概念。
一般来说，高风险往往伴随着高回报。
这是因为高风险意味着投资的不确定性增加，可能面临较大的损失。
为了鼓励人们承担高风险，市场通常会提供较高的回报。
投资者可以通过承担更高的风险来获得更高的回报，但同时也要承担更大的潜在损失风险。
第三题：什么是资产配置？为什么资产配置对投资者来说很重要？答案：资产配置是指将投资组合中的资金分配到不同的资产类别中，以实现最佳的风险和回报平衡。
资产类别可以包括股票、债券、房地产等。
资产配置对投资者来说非常重要，因为它可以有效地分散投资风险。
通过将资金分散投资于不同的资产类别，投资者可以降低整个投资组合的风险。
此外，资产配置还可以根据投资者的风险承受能力和投资目标，实现最佳的回报。
第四题：什么是指数基金？与主动基金相比，它有哪些优势？答案：指数基金是一种基金产品，其目标是跟踪特定的指数，如标普500指数或道琼斯工业平均指数。
与主动基金相比，指数基金有以下优势：1. 低费用：指数基金通常具有较低的管理费用和交易成本，因为它们不需要进行频繁的交易和研究。
公司理财罗斯课后习题答案
第一章1.在所有权形式的公司中,股东是公司的所有者。
股东选举公司的董事会,董事会任命该公司的管理层。
企业的所有权和控制权分离的组织形式是导致的代理关系存在的主要原因。
管理者可能追求自身或别人的利益最大化,而不是股东的利益最大化。
在这种环境下,他们可能因为目标不一致而存在代理问题。
2.非营利公司经常追求社会或政治任务等各种目标。
非营利公司财务管理的目标是获取并有效使用资金以最大限度地实现组织的社会使命。
3.这句话是不正确的。
管理者实施财务管理的目标就是最大化现有股票的每股价值，当前的股票价值反映了短期和长期的风险、时间以及未来现金流量。
4.有两种结论。
一种极端,在市场经济中所有的东西都被定价。
因此所有目标都有一个最优水平，包括避免不道德或非法的行为，股票价值最大化。
另一种极端,我们可以认为这是非经济现象,最好的处理方式是通过政治手段。
一个经典的思考问题给出了这种争论的答案:公司估计提高某种产品安全性的成本是30美元万。
然而,该公司认为提高产品的安全性只会节省20美元万。
请问公司应该怎么做呢?”5.财务管理的目标都是相同的,但实现目标的最好方式可能是不同的,因为不同的国家有不同的社会、政治环境和经济制度。
6.管理层的目标是最大化股东现有股票的每股价值。
如果管理层认为能提高公司利润，使股价超过35美元,那么他们应该展开对恶意收购的斗争。
如果管理层认为该投标人或其它未知的投标人将支付超过每股35美元的价格收购公司,那么他们也应该展开斗争。
然而,如果管理层不能增加企业的价值,并且没有其他更高的投标价格,那么管理层不是在为股东的最大化权益行事。
现在的管理层经常在公司面临这些恶意收购的情况时迷失自己的方向。
7.其他国家的代理问题并不严重,主要取决于其他国家的私人投资者占比重较小。
较少的私人投资者能减少不同的企业目标。
高比重的机构所有权导致高学历的股东和管理层讨论决策风险项目。
此外,机构投资者比私人投资者可以根据自己的资源和经验更好地对管理层实施有效的监督机制。
公司理财第九版中文答案
第一章1.在所有权形式的公司中,股东是公司的所有者。
股东选举公司的董事会,董事会任命该公司的管理层。
企业的所有权和控制权分离的组织形式是导致的代理关系存在的主要原因。
管理者可能追求自身或别人的利益最大化,而不是股东的利益最大化。
在这种环境下,他们可能因为目标不一致而存在代理问题。
2.非营利公司经常追求社会或政治任务等各种目标。
非营利公司财务管理的目标是获取并有效使用资金以最大限度地实现组织的社会使命。
3.这句话是不正确的。
管理者实施财务管理的目标就是最大化现有股票的每股价值，当前的股票价值反映了短期和长期的风险、时间以及未来现金流量。
4.有两种结论。
一种极端,在市场经济中所有的东西都被定价。
因此所有目标都有一个最优水平，包括避免不道德或非法的行为，股票价值最大化。
另一种极端,我们可以认为这是非经济现象,最好的处理方式是通过政治手段。
一个经典的思考问题给出了这种争论的答案:公司估计提高某种产品安全性的成本是30美元万。
然而,该公司认为提高产品的安全性只会节省20美元万。
请问公司应该怎么做呢?”5.财务管理的目标都是相同的,但实现目标的最好方式可能是不同的,因为不同的国家有不同的社会、政治环境和经济制度。
6.管理层的目标是最大化股东现有股票的每股价值。
如果管理层认为能提高公司利润，使股价超过35美元,那么他们应该展开对恶意收购的斗争。
如果管理层认为该投标人或其它未知的投标人将支付超过每股35美元的价格收购公司,那么他们也应该展开斗争。
然而,如果管理层不能增加企业的价值,并且没有其他更高的投标价格,那么管理层不是在为股东的最大化权益行事。
现在的管理层经常在公司面临这些恶意收购的情况时迷失自己的方向。
7.其他国家的代理问题并不严重,主要取决于其他国家的私人投资者占比重较小。
较少的私人投资者能减少不同的企业目标。
高比重的机构所有权导致高学历的股东和管理层讨论决策风险项目。
此外,机构投资者比私人投资者可以根据自己的资源和经验更好地对管理层实施有效的监督机制。
第九版-公司理财-罗斯-中文答案-
1、如果项目带来的是常规的现金流，而且其回收期短于该项目的生命周期，还不能准备判断其净现值的正负。
仍需要其采用的折现率和其内部收益率IRR 做对比。
当折现率小于IRRA 时，净现值为正值，当折现率大于IRRA时，净现值为负值，两者相等时，净现值为零。
如果一个项目的折现回收期短于该项目的生命周期，则净现值一定为正值。
2、项目有常规的现金流，且NPV为正值，则各期流入的现金流折现总和一定大于期初项目资金流出。
而各期流入的现金流总和肯定大于折现总和，所以该项目的回收期一定短于其生命周期。
同时折现回收期是用和净现值同样的NPV计算出来的，所以折现回收期也一定短于其生命周期。
同样净现值为正值，说明初始投资所带来的后续现金流的现值大于初始投资，所以盈利指数PI 一定大于1。
如果使用内部收益率折现各期现金流量时，净现值为零。
而以折现率折现各期现金流量时，净现值为正，说明折现率小于内部收益率。
3、a 回收期是指投资引起的现金流入累计到与投资相等所需要的时间。
它代表收回投资所需要的年限。
回收年限越短，方案越有利。
其缺陷就是忽略了回收期内现金流量的时间序列，也忽略了回收期以后的现金支付，同时对于回收期的选择也存在主观臆断。
选择一个具体的回收期决策标准，当项目的回收期小于标准的就可行，大于标准的则拒绝。
b 平均会计收益率是指为扣除所得税和折旧之后的项目平均收益除以整个项目期限内的平均账面投资额。
其缺陷是使用账面收益而非现金流量，忽略了折旧对现金流量的影响，忽视了净收益的时间分布对项目经济价值的影响。
当项目的平均会计收益率小于目标平均会计收益率时，则拒绝项目，反之接受。
c 内部收益率就是令项目净现值为0的折现率。
其缺点是对于特殊项目无法用一般原则进行判断，并且有些项目可能会出现多个收益率的现象。
同时对于互斥项目容易忽视其规模问题和时间序列问题。
一般原则是当折现率小于IRR时，接受该项目，反之则拒绝。
d 盈利指数是初始投资所带来的后续现金流的现值和初始投资的比值。
公司理财-罗斯 (第9版) 第4章 折现现金流量估价
…
0
1
15 PV 150 .10
永续增长年金
能始终以某固定的增长率保持增长的一系列现金流。
C 0 1
C×(1+g) C ×(1+g)2 2 3
…
C C (1 g ) C (1 g ) PV 2 3 (1 r ) (1 r ) (1 r )
如果你打算按揭买车，你每月能承担的月供额为 400美元，则在利率为7%，贷款期为36个月的条件 下，你所能购买的最高车价不能超过多少？ $400 0 1 $400 2
$400
$400
3 36
$400 1 PV $12,954.59 1 36 .07 / 12 (1 .07 12)
年金 一系列稳定有规律的、持续一段固定时期的现金收
付活动。 C 1 C 2 C C
0 3 T
C C C C PV 2 3 (1 r ) (1 r ) (1 r ) (1 r )T
C 1 PV 1 T r (1 r )
年金: 例
为了能在1年后偿还10 000美元的债务，债务人在 今天就需要存起来的钱，就是现值（Present Value，PV）。
请注意， 10 000美元 =9 523.81美元×1.05
净现值
某个项目的净现值（Net Present Value，NPV） 等于 该项目的预期现金流量的现值与项目投资成本之差。 假定某项投资承诺将在一年后归还10 000美元，现在 需要的出资金额为9 500美元。你的资金利息率为5%。 这项投资可行吗？
10 000×1.05 = 10 500美元 该投资在期末的本息合计金额被称为终值 （Future Value，FV），或复利值。
Cha02 罗斯公司理财第九版原版书课后习题
reported in the financing activity section of the accounting statement of cash flows. When Tyco received payments from customers, the cash inflows were reported as operating cash flows. Another method used by Tyco was to have acquired companies prepay operating expenses. In other words, the company acquired by Tyco would pay vendors for items not yet received. In one case, the payments totaled more than $50 million. When the acquired company was consolidated with Tyco, the prepayments reduced Tyco’s cash outflows, thus increasing the operating cash flows.Dynegy, the energy giant, was accused of engaging in a number of complex “round-trip trades.” The round-trip trades essentially involved the sale of natural resources to a counterparty, with the repurchase of the resources from the same party at the same price. In essence, Dynegy would sell an asset for $100, and immediately repurchase it from the buyer for $100. The problem arose with the treatment of the cash flows from the sale. Dynegy treated the cash from the sale of the asset as an operating cash flow, but classified the repurchase as an investing cash outflow. The total cash flows of the contracts traded by Dynegy in these round-trip trades totaled $300 million.Adelphia Communications was another company that apparently manipulated cash flows. In Adelphia’s case, the company capitalized the labor required to install cable. In other words, the company classified this labor expense as a fixed asset. While this practice is fairly common in the telecommunications industry, Adelphia capitalized a higher percentage of labor than is common. The effect of this classification was that the labor was treated as an investment cash flow, which increased the operating cash flow.In each of these examples, the companies were trying to boost operating cash flows by shifting cash flows to a different heading. The important thing to notice is that these movements don’t affect the total cash flow of the firm, which is why we recommend focusing on this number, not just operating cash flow.Summary and ConclusionsBesides introducing you to corporate accounting, the purpose of this chapter has been to teach you how to determine cash flow from the accounting statements of a typical company.1. Cash flow is generated by the firm and paid to creditors and shareholders. It can be classifiedas:1. Cash flow from operations.2. Cash flow from changes in fixed assets.3. Cash flow from changes in working capital.2. Calculations of cash flow are not difficult, but they require care and particular attention to detailin properly accounting for noncash expenses such as depreciation and deferred taxes. It is especially important that you do not confuse cash flow with changes in net working capital and net income.Concept Questions1. Liquidity True or false: All assets are liquid at some price. Explain.2. Accounting and Cash Flows Why might the revenue and cost figures shown on a standardincome statement not represent the actual cash inflows and outflows that occurred during a period?3. Accounting Statement of Cash Flows Looking at the accounting statement of cash flows,what does the bottom line number mean? How useful is this number for analyzing a company? 4. Cash Flows How do financial cash flows and the accounting statement of cash flows differ?Which is more useful for analyzing a company?5. Book Values versus Market Values Under standard accounting rules, it is possible for astockholders’ equity of Information Control Corp. one year ago:During the past year, Information Control issued 10 million shares of new stock at a total price of $43 million, and issued $10 million in new long-term debt. The company generated $9 million in net income and paid $2 million in dividends. Construct the current balance sheet reflecting the changes that occurred at Information Control Corp. during the year.8. Cash Flow to Creditors The 2009 balance sheet of Anna’s Tennis Shop, Inc., showed long-term debt of $1.34 million, and the 2010 balance sheet showed long-term debt of $1.39 million.The 2010 income statement showed an interest expense of $118,000. What was the firm’s cash flow to creditors during 2010?9. Cash Flow to Stockholders The 2009 balance sheet of Anna’s Tennis Shop, Inc., showed$430,000 in the common stock account and $2.6 million in the additional paid-in surplus account.The 2010 balance sheet showed $450,000 and $3.05 million in the same two accounts, respectively. If the company paid out $385,000 in cash dividends during 2010, what was the cash flow to stockholders for the year?10. Calculating Cash Flows Given the information for Anna’s Tennis Shop, Inc., in the previoustwo problems, suppose you also know that the firm’s net capital spending for 2010 was $875,000 and that the firm reduced its net working capital investment by $69,000. What was the firm’s 2010 operating cash flow, or OCF?INTERMEDIATE (Questions 11–24)11. Cash Flows Ritter Corporation’s accountants prepared the following financial statements foryear-end 2010:1. Explain the change in cash during 2010.2. Determine the change in net working capital in 2010.3. Determine the cash flow generated by the firm’s assets during 2010.12. Financial Cash Flows The Stancil Corporation provided the following current information:Determine the cash flows from the firm and the cash flows to investors of the firm.13. Building an Income Statement During the year, the Senbet Discount Tire Company hadgross sales of $1.2 million. The firm’s cost of goods sold and selling expenses were $450,000 and $225,000, respectively. Senbet also had notes payable of $900,000. These notes carried an interest rate of 9 percent. Depreciation was $110,000. Senbet’s tax rate was 35 percent.1. What was Senbet’s net income?2. What was Senbet’s operating cash flow?14. Calculating Total Cash Flows Schwert Corp. shows the following information on its 2010income statement: sales = $167,000; costs = $91,000; other expenses = $5,400; depreciation expense = $8,000; interest expense = $11,000; taxes = $18,060; dividends = $9,500. In addition, you’re told that the firm issued $7,250 in new equity during 2010 and redeemed $7,100 in outstanding long-term debt.1. What is the 2010 operating cash flow?2. What is the 2010 cash flow to creditors?3. What is the 2010 cash flow to stockholders?4. If net fixed assets increased by $22,400 during the year, what was the addition to networking capital (NWC)?15. Using Income Statements Given the following information for O’Hara Marine Co., calculatethe depreciation expense: sales = $43,000; costs = $27,500; addition to retained earnings = $5,300; dividends paid = $1,530; interest expense = $1,900; tax rate = 35 percent.1. What is owners’ equity for 2009 and 2010?2. What is the change in net working capital for 2010?3. In 2010, Weston Enterprises purchased $1,800 in new fixed assets. How much in fixedassets did Weston Enterprises sell? What is the cash flow from assets for the year? (The tax rate is 35 percent.)4. During 2010, Weston Enterprises raised $360 in new long-term debt. How much long-termdebt must Weston Enterprises have paid off during the year? What is the cash flow to creditors?Use the following information for Ingersoll, Inc., for Problems 23 and 24 (assume the tax rate is34 percent):23. Financial Statements Draw up an income statement and balance sheet for this company for2009 and 2010.24. Calculating Cash Flow For 2010, calculate the cash flow from assets, cash flow to creditors,and cash flow to stockholders.CHALLENGE (Questions 25–27)25. Cash Flows You are researching Time Manufacturing and have found the following accountingstatement of cash flows for the most recent year. You also know that the company paid $82 million in current taxes and had an interest expense of $43 million. Use the accounting statement of cash flows to construct the financial statement of cash flows.Nick has also provided the following information: During the year the company raised $118,000 in new long-term debt and retired $98,000 in long-term debt. The company also sold $11,000 in new stock and repurchased $40,000 in stock. The company purchased $786,000 in fixed assets and sold $139,000 in fixed assets.Angus has asked you to prepare the financial statement of cash flows and the accounting statement of cash flows. He has also asked you to answer the following questions:1. How would you describe Warf Computers’ cash flows?2. Which cash flow statement more accurately describes the cash flows at the company?3. In light of your previous answers, comment on Nick’s expansion plans.。
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1、FV=PV*(1+R)^T，PV= FV/(1+R)^T，所以时间长度增加时，终值会增加，现值会减少。
2、FV=PV*(1+R)^T，PV= FV/(1+R)^T，利率增加时，年金的终值会增加，现值会减少。
3、第一种情况：PV=C*{[1-1/(1+r)^T]/r}=1000*{[1-1/(1+r)^10]/r}第二种情况：PV=C*{[1-(1+g)^T/(1+r)^T]/(r-g)}= 1000*{[1-(1+5%)^10/(1+r)^10]/(r-5%)}1000*{[1-1/(1+r)^10]/r}>1000*{[1-(1+5%)^10/(1+r)^10]/(r-5%)}所以第一种情况分十次等分支付更好。
4、是，因为名义利率通常不提供相关利率。
唯一的优势就是方便计算，但是随着现在计算机设备的发展，这种优势已经不明显。
5、新生将收到更多的津贴。
因为新生到偿还贷款的时间较长。
6、因为货币具有时间价值。
GMAC当期获得五百美元的使用权，如果投资得当，三十年后的收益将会高于一千美元。
7、除非出现通货紧缩，资金成本成为负值，否则GMAC有权利在任意时候以10000美元的价格赎回该债券，都会增加投资者的持有该债券的意愿。
8、我不愿意今天支付五百美元来换取三十年后的一万美元。
关键因素：一是同类投资相比的回报率是否较高，二是投资的回报率和风险是否相匹配。
回答取决于承诺偿还人，因为必须评估其三十年后存续的风险。
9、财政部的债券价格应该更高，因为财政部发行债券是以国家信用为担保，违约风险最小，基本可视为无风险债券。
10、应该超过。
因为货币具有时间价值，债券的价格会随着时间的发展逐渐上升，最终达到一万美元。
所以2010年，债券的价格应该会更高。
但是这具有很大的不确定性，因为宏观经济环境和公司微观环境会发生变化，都有可能造成债券价格发生变化。
11、 a 1000*（1+6%）^10=1791美元b 1000*（1+9%）^10=1967美元c 1000*（1+6%）^20=3207美元d 因为在按照复利计算时，不仅本金会产生利息，本金的利息也会产生利息。
12、PV=FV/（1+r）^t=7.5/(1+8.2%)^20=1.55亿美元13、PV=C/r=120/5.7%=2105美元14、FV=C*e^（rT）a FV=1900*e^（12%*5）=1900*1.8221=3462美元b FV=1900*e^（10%*3）=1900*1.3499=2565美元c FV=1900*e^（5%*10）=1900*1.6487=3133美元d FV=1900*e^（7%*8）=1900*1.7507=3326美元15、有限年限支付下PV= C*{[1-1/(1+r)^T]/r}当T=15时，PV=4300*{[1-1/(1+9%)^15]/9%}=4300*8.0607=34661美元当T=40时，PV=4300*{[1-1/(1+9%)^40]/9%}=4300*10.7574=46257美元当T=75时，PV=4300*{[1-1/(1+9%)^75]/9%}=4300*11.0938=47703美元当为永续年金时：PV=C/r=4300/9%=47778美元16、EAR=（1+ APR/m）^m – 1 EAR=e^ APR– 117、APR=m*[( EAR+1)^(1/m)-1] APR=ln(EAR+1)18、G投资：PV =135,000*{[1-1/(1+r)^5]/r}H投资：PV =195,000*{[1-1/(1+r)^10]/r}H投资的回报现值明显大于G投资的回报现值，所以H的收益率更高。
19、年金在第一年末的现值为PV1=C/(r-g)则年金的现值为PV= PV1/(1+r)C=215,000 r=10% g=4%则PV= C/[(r-g) (1+r)]= 215,000/[(10%-4%)(1+10%)]=3,257,576美元20、增长年金PV=C*{[1-(1+g)^T/(1+r)^T]/(r-g)} FV=PV(1+r)^40C=60,000*(1+4%)*5%=3120 g=4% r=9% T=40PV=3120*{[1-(1+4%)^40/(1+9%)^40]/( 9%-4%)}=52,862美元FV=52,861.98 *(1+9%)^40=1,660,364美元21、假定按照每月1200美元的偿还额，则30年期的偿还额现值为：PV1= 1200*{[1-1/(1+6.8%/12)^360]/( 6.8%/12)}=184,070美元贷款剩余额=贷款总额- PV1=250,000-184,070=65930美元贷款余额的终值=65930*（1+6.8%/12)^360=504131美元则balloon付款额=贷款余额的终值+月偿还额=504131+1200=505331美元22、NPV=PV-成本=135000/(1+13%)^3 – 96000= - 2438美元所以公司不能再这项资产上赚取利润。
当NPV=PV-成本=135000/(1+r)^3 – 96000=0时，解得r=12%23、前七年的年金现值：PV1=1,500*{[1-1/(1+13%/12)^84]/ (13%/12)}=82454美元后八年的年金的现值：PV2=1,500*{[1-1/(1+9%/12)^96]/ (9%/12)}/ (1+13%/12)^84 =41416美元则年金的现值PV= PV1+ PV2=123870美元24、对于先付年金PV=C *{[1-1/(1+r)^T]/r}*(1+r)PV=3500 r=10.4%/12 T=24 则C=160.76美元25、方案a:年金税后收益=175,000*(1-28%)=126,000美元PVa=126,000+126,000*{[1-1/(1+10%)^30]/ 10%}=1,313,791美元方案b:年金税后收益=125,000*(1-28%)=90,000美元PVb=530,000+90,000*{[1-1/(1+10%)^30]/ 10%}=1,378,422美元方案b的现值要大于方案a，所以选择方案b26、假定第11年至第30年月存入金额为C，所有存款在Bilbo退休时的终值为PV1，退休前的月利率r1, 退休后的月利率r211%=(1+ r1)^12-1 8%=(1+ r2)^12-1r1=0.8735% r2=0.6434%则PV1=1,900*[(1+0.8735%)^120-1]* (1+11%)^20/ 0.8735%+C*[(1+0.8735%)^240-1] / 0.8735%购买小屋成本在退休时的现值为PV2=320,000*(1+11%)^20=2,579,940美元退休收入在退休时的现值为PV3=20,000*[1-1/(1+0.6434%)^240]/ 0.6434%=2,441,561美元遗产在退休时的现值为PV4=1,000,000/(1+8%)^20=214,548美元因为PV1= PV2+ PV3+ PV4解得C=2,485.9美元27、新车价格三年后的现值:FV1=38,000*(1+8%/12)^36=48,269美元租赁合约的支付款在三年后的现值：FV2=1*(1+8%/12)^36+520*[(1+8%/12)^36-1]/ (8%/12) =21,080美元汽车在三年后的现值：FV3=26,000美元因为FV2 =21,080< FV1- FV3=22,269 所以应该选择租赁当FV2 = FV1- FV3时，FV3=27,189美元28、信托银行：假定其每年还款金额为C1，实际利率为r1，200,000-2,100=C1*[1-1/(1+6.8%)^30]/ 6.8% C1=15,629美元200,000=15,629*[1-1/(1+r1)^30]/ r1 r1=6.7%抵押银行：假定其每年还款金额为C2，实际利率为r1200,000=C2*[1-1/(1+6.8%)^30]/ 6.8% C2=15,795美元200,000+2,100=15,795*[1-1/(1+r2)^30]/ r2 r2=6.7%实际年利率都为6.7%，名义年利率都为6.8%29、假设折现率为r，两样方案无差异第一种方案：PV=20,000/r第二种方案：PV=35,000*[1-1/(1+r)^10]/ r20,000/r=35,000*[1-1/(1+r)^10]/ r r=8.84%当折现率为8.84%，两种方案无差异30、普通年金：PV=C*[1-1/(1+r)^T]/r FV= C*[(1+r)^T-1]/r先付年金：PV=(1+r)*C*[1-1/(1+r)^T]/r FV=(1+r)* C*[(1+r)^T-1]/r 所以先付年金的价值=普通年金的价值*(1+r)31、FV=PV*(1+r)^t 当FV=2PV时2=(1+r)^t 则t=ln2/ln(1+r)当r数值较小时，则ln(1+r)=r因为ln2=0.693174 所以t=0.693174/r之所以选择72，是因为它有较多的因数，容易被整除，更方便计算。
案例题1、Ben的年龄越大，其取得学位后工作的年限就越短，则取得学位带来的收益就会越少，其价值也就越小2、其他可能无法量化的因素有：政治环境、经济周期、社会环境、家庭因素、个人因素等。
3、继续工作：NPV1=60,000(1-0.26)[1-(1+3%)^35/(1+6.5%)^35]/( 6.5%-3%) =874,675美元选择到Wilton大学NPV2=(-65,000-3,000-3,000-20,000)-( 3,000-20,000-65,000)(1+6.5%)+20,000/(1+6.5%)^2+110,000*(1-0.31)[1-(1+4%)^33/(1+6.5%)^33]/[( 6.5%-4%)(1+6.5%)^2]=-91,000-82,629+176,633+1,454,452=1,298,456美元选择到Bradley商学院NPV3=(-80,000-4,500-3,000-20,000)+18,000/(1+6.5%)+92,000*(1-0.29)[1-(1+3.5%)^34/(1+6.5%)^34]/[( 6.5%-3.5%)(1+6.5%)]=-107,500+16,901+1,270,588=1,179,989美元综上，NPV1< NPV3< NPV2，从严格的理财立场来看，应该是选择到Wilton大学读MBA学位4、现值等于终值的折现，所以两者的一定程度上意义等同。