公司理财精要第四章题库
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。
公司理财试题及答案解析
公司理财试题及答案解析一、单项选择题（每题2分，共20分）1. 公司理财的主要目标是（）。
A. 利润最大化B. 股东财富最大化C. 企业价值最大化D. 市场份额最大化答案：B解析：公司理财的主要目标是股东财富最大化，即通过合理配置资源、降低成本、提高效率等方式，使股东的财富得到最大化的增长。
2. 公司理财的基本原则包括（）。
A. 风险与收益相匹配B. 资金的时间价值C. 投资组合多元化D. 以上都是答案：D解析：公司理财的基本原则包括风险与收益相匹配、资金的时间价值和投资组合多元化。
这些原则有助于公司在风险可控的前提下，实现资金的有效配置和收益最大化。
3. 以下哪项不是公司理财的主要活动？（）A. 投资决策B. 融资决策C. 营运资金管理D. 人力资源管理答案：D解析：公司理财的主要活动包括投资决策、融资决策和营运资金管理。
人力资源管理虽然对公司运营至关重要，但它不属于公司理财的范畴。
4. 以下哪项不是公司理财中的风险类型？（）A. 市场风险B. 信用风险C. 操作风险D. 人力资源风险答案：D解析：公司理财中的风险类型包括市场风险、信用风险和操作风险。
人力资源风险虽然对公司运营有影响，但它不属于公司理财中的风险类型。
5. 以下哪项不是公司理财中的投资决策？（）A. 资本预算B. 证券投资C. 营运资金管理D. 项目评估答案：C解析：公司理财中的投资决策包括资本预算、证券投资和项目评估。
营运资金管理属于公司理财中的融资决策范畴。
6. 以下哪项不是公司理财中的融资决策？（）A. 股权融资B. 债务融资C. 营运资金管理D. 资本结构决策答案：C解析：公司理财中的融资决策包括股权融资、债务融资和资本结构决策。
营运资金管理属于公司理财中的投资决策范畴。
7. 以下哪项不是公司理财中的营运资金管理？（）A. 现金管理B. 存货管理C. 应收账款管理D. 人力资源管理答案：D解析：公司理财中的营运资金管理包括现金管理、存货管理和应收账款管理。
(简体)公司理财学
公司理财学第四章习题4．4政府销售公债，面值1000元在25年后支付，期间不支付其它利息费用（零息债券），如果折现率为10％，该债券的价值为多少？4．12你有机会投资一个器械，其成本为340000元，该器械在每年年终会产生100000元的现金流，而在每年年初需要支付10000元的维修成本。
如果该器械的寿命为5年，其折现率为10％，那么你应该购买此器械吗？如果折现率为9％，你的决策是什么呢？4．13当前一家公司签订合同按照90000元的价格出售一项资产，收款日期在5年后的今天，该资产的成本为60000元a．如果合适的折现率为10％，公司在这项交易中有无利润？b．求使公司恰好达到盈亏平衡点的折现率？4．17 计算在季度复利下，同时给定名义年利率10％，12年后5000元在目前的现值。
4．18 美国银行给出4.1％的名义年利率，季度复利；同时USA银行给出4.05％的名义年利率，每月复利。
试问，你会选择哪家银行进行储蓄？4．21 世界运输公司打算在5年后永久性地于每季度支付1元的红利。
假定在名义年利率为15％，且以季度复利计算的情况下，该公司的股票价格为多少？4．25 Williams公司告知股东，它将在明年支付1元的红利，且红利将于次年以4％的速度递增。
如果适合的折旧率为10％，你愿意为Williams公司的股票支付多少钱呢？4．26假如一项先进技术将于2年后投入服务，并将产生200000元年收入，且该收入将以5％的增速永久性地递增。
若适合的折旧率为10％，该技术的现值为多少？4．29每年年末现金流为2000元的现值为多少，假设其第一笔现金流3年后收到，最后一笔22年后收到，贴现率为8％。
4．33Nancy以120000元购买了一栋房子，以已经支付了全部金额的15％，并答应以每年相同的金额对余额进行20年分期付款。
若名义年利率为10％，每年应付多少的分期付款？4．36假设你赢得了两个选择权：a．你将在今后31年中，于每年年初收到160000元。
(公司理财)公司理财(精要版)知识点归纳
第一章．公司理财导论1.企业组织形态：单一业主制、合伙制、股份公司（所有权和管理相分离、相对容易转让所有权、对企业债务负有限责任，使企业融资更加容易。
企业寿命不受限制，但双重课税）2.财务管理的目标：为了使现有股票的每股当前价值最大化。
或使现有所有者权益的市场价值最大化。
3.股东与管理层之间的关系成为代理关系。
代理成本是股东与管理层之间的利益冲突的成本。
分直接和间接。
4.公司理财包括三个领域：资本预算、资本结构、营运资本管理第二章．1.在企业资本结构中利用负债成为“财务杠杆”。
2.净利润与现金股利的差额就是新增的留存收益。
3.来自资产的现金流量=经营现金流量（OCF）-净营运资本变动-资本性支出4.OCF=EBIT+折旧-税5.净资本性支出=期末固定资产净值-期初固定资产净值+折旧6.流向债权人的现金流量=利息支出-新的借款净额7.流向股东的现金流量=派发的股利-新筹集的净权益第三章1.现金来源：应付账款的增加、普通股本的增加、留存收益增加现金运用：应收账款增加、存货增加、应付票据的减少、长期负债的减少2.报表的标准化：同比报表、同基年度财报3.ROE=边际利润（经营效率）X总资产周转率（资产使用效率）X权益乘数（财务杠杆）4.为何评价财务报表：内部：业绩评价。
外部：评价供应商、短期和长期债权人和潜在投资者、信用评级机构。
第四章．1.制定财务计划的过程的两个维度：计划跨度和汇总。
2.一个财务计划制定的要件：销售预测、预计报表、资产需求、筹资需求、调剂、经济假设。
3.销售收入百分比法：提纯率=再投资率=留存收益增加额/净利润=1-股利支付率资本密集率=资产总额/销售收入4.内部增长率=(ROAXb)/(1-ROAXb)可持续增长率=ROE/(1-ROEXb):企业在保持固定的债务权益率同时没有任何外部权益筹资的情况下所能达到的最大的增长率。
是企业在不增加财务杠杆时所能保持的最大的增长率。
（如果实际增长率超过可持续增长率，管理层要考虑的问题就是从哪里筹集资金来支持增长。
公司理财习题4-6
第一章单项选择题参考答案1 ．C 2. A 3．B 4. C 5．C 6. D 7. B 8.A 9.C多项选择题参考答案：1 ．ABD 2. AC 3. ABCD 4. ABCD 5．ABD 6. ABCD 7. CD 8. BD 9. ABC10.ABC 11.ABC判断题参考答案：1 ．X 2. √ 3．X 4. X 5. X 6. √ 7. X 8. √第二章单项选择题参考答案：1.B2. B3. D4. D5. C6. C7. A8. B多项选择题参考答案：1 ．AC 2. ABCD 3. AC 4. AC 5. BCD判断题参考答案：1．√ 2. X 3．√ 4. V 5. X第三章单项选择题参考答案：1.D2. D 3．B 4. B多项选择题参考答案：1.ABCD2. BD3. ABCD4. ABCD5. BCD6. AD判断题参考答案：1 ．X 2. X 3．X第四章练习题一、单项选择：1．一个公司“当期的营业性现金净流入量等于当期的净利润加折旧之和”，就意味着（）。
A．该公司不会发生偿债危机 B．该公司当期没有股利分配C．该公司当期的营业收入都是现金流入D．该公司当期的营业成本与费用除折旧外都是付现费用2．年末，ABC公司正在考虑卖掉现有的一台闲置设备。
该设备于8年前以40 000元入，税法规定的折旧年限为10年，按照直线法计提折旧，预计残值率为10%，己提折旧28800元。
目前可以按10 000元价格卖出，假设所得税税率为30%，卖出现有设备对本期现金流量的影响是（）。
A．减少360元 B．减少1200元 C．增加9 640元 D.增加10 360元3．已知某设备原值60 000元，税法规定残值率为10%，最终报废残值5000元，该公司所得税税率为40%，则该设备最终报废由于残值带来的现金流入量为（）元。
A. 5 400B. 6 000C. 5 000D.46004．在长期投资决策中，一般来说，属于经营期现金流出项目的有（）。
公司中级理财学第4章习题与答案
公司中级理财学第四章习题与答案1．长城公司按面值发行年利率为3%、每年付息的15年期的面值为1000元一张的可转换债券。
如果该债券没有调换为普通股票的权利话，它的年利率必须达到10%才能吸引投资者按面值购买。
试计算长城公司债券仅作为债券的价值。
解：∑=+++⨯=15115%)101(1000%)101(%31000t t仅作为债券的价值=30×7.60608＋1000×0.23939=467.57（元/张）2．光明公司按面值发行年利率为6%、每年付息的面值为100元一张的可转换为普通股的优先股票，假定该优先股票的年利率要达到12%，才能按其面值出售。
试计算光明公司可转换优先股票仅作为优先股票的价值。
解：仅作为优先股票的价值=(100×6%)/12%=50（元/股）3．假定S公司面值为1000元一张的可转换债券，可转换普通股票60股，其普通的市场价格分别为10、15、20、25、30、40元一股时的转换为普通股票的潜在价值。
解：转换为普通股票的潜在价值=60股×10元/股=600（元/张）转换为普通股票的潜在价值=60股×15元/股=900（元/张）转换为普通股票的潜在价值=60股×20元/股=1200（元/张）转换为普通股票的潜在价值=60股×25元/股=1500（元/张）转换为普通股票的潜在价值=60股×30元/股=1800（元/张）转换为普通股票的潜在价值=60股×40元/股=2400（元/张）4．设U公司按面值发行的年利率为2%、每年付息的面值为1000元一张的债券，10年后可转换为普通股票50股，预计每股市价为30元。
试求U公司可转换债券的收益率的构成。
解：∑=+⨯++⨯=10110)1(3050)1(%210001000tt i i当i =6%时，有：20×7.36009＋1500×0.55839=984.79<1000当i =5.5%时，有：20×7.53763＋1500×0.58543=1028.9>1000i =5.5%＋[(1028.9－1000)/( 1028.9－984.79)]×0.5%=5.83%总收益率5.83%=利息率2%+资本收益率3.83%5．已知5年期的B可转换债券的面值为1 000元/张，票面利息率为2%，每年付息一次，在第5年可转换债券到期时可转换为普通股票50股，同风险市场利率为12%，试求B可转换债券的盈亏区间？解：∑=+++⨯=515%)121(50%)121(%210001000t tV计1000=20×3.60478＋0.56743×50V计V计=(1000－72.1)/28.37=32.71B可转换债券的盈亏区间为：20～32.71元/股。
公司理财精要版参考答案
公司理财精要版参考答案公司理财精要版参考答案在当今竞争激烈的商业环境中，公司理财是确保企业可持续发展的关键要素之一。
良好的财务管理和有效的资金运作可以帮助企业实现利润最大化，并提供稳定的财务基础。
本文将探讨公司理财的精要版参考答案，以帮助企业管理者更好地理解和应用这一概念。
1. 财务规划与预算控制公司理财的核心是财务规划和预算控制。
财务规划是指根据企业的长期战略目标和短期业务需求，制定合理的财务目标和计划。
预算控制则是通过制定详细的预算和监控实际支出，确保企业在财务方面的稳定和可持续发展。
企业管理者应该根据市场环境和经济状况，合理制定财务目标和预算，并根据实际情况及时调整。
2. 资金管理与风险控制资金管理是公司理财的重要组成部分。
企业应该合理规划和运用资金，确保流动性和盈利能力。
资金管理包括现金流量管理、资本结构管理和投资决策等。
同时，风险控制也是资金管理的重要内容。
企业应该通过风险评估和控制措施，降低经营风险，保护企业的财务安全。
3. 资本运作与融资策略资本运作是公司理财的重要环节。
企业可以通过资本运作来优化资本结构，提高资金利用效率。
资本运作包括股权融资、债务融资和资产重组等。
企业管理者应该根据企业的实际情况和市场需求，选择适合的融资策略，并合理运用各种融资工具。
4. 利润管理与税务筹划利润管理是公司理财的核心目标之一。
企业应该通过成本控制、价格管理和销售策略等手段，提高利润水平。
同时，税务筹划也是利润管理的重要组成部分。
企业应该合法合规地进行税务筹划，降低税务成本，提高税务效益。
5. 绩效评估与报告披露绩效评估是公司理财的重要环节。
企业应该建立科学合理的绩效评估体系，对企业的财务状况和经营业绩进行定期评估和报告。
同时，企业还应该及时披露财务信息，提高透明度和信任度，为投资者和利益相关者提供准确可靠的财务数据。
综上所述，公司理财是企业管理中不可或缺的一部分。
良好的财务管理和有效的资金运作可以帮助企业实现利润最大化，并提供稳定的财务基础。
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。
公司理财学原理第4章习题答案
公司理财学原理第4章习题答案公司理财学原理第四章习题答案⼆、单项选择题1.某⼈希望在5年末取得本利和20000元，则在年利率为2％，单利计息的⽅式下，此⼈现在应当存⼊银⾏（B）元。
A.18114B.18181.82C.18004D.18000【答案解析】现在应当存⼊银⾏的数额＝20000/（1＋5×2％）＝18181.82（元）。
2.某⼈⽬前向银⾏存⼊1000元，银⾏存款年利率为2％，在复利计息的⽅式下，5年后此⼈可以从银⾏取出（B）元。
A.1100B.1104.1C.1204D.1106.1【答案解析】五年后可以取出的数额即存款的本利和＝1000×（F/P,2%,5）＝1104.1（元）。
3.某⼈进⾏⼀项投资，预计6年后会获得收益880元，在年利率为5％的情况下，这笔收益的现值为（B）元。
A.4466.62B.656.66C.670.56D.4455.66【答案解析】收益的现值＝880×（P/F,5%,6）＝656.66（元）。
4.企业有⼀笔5年后到期的贷款，到期值是15000元，假设存款年利率为3％，则企业为偿还借款建⽴的偿债基⾦为（A）元。
A.2825.34B.3275.32C.3225.23D.2845.34【答案解析】建⽴的偿债基⾦＝15000/（F/A,3%,5）＝2825.34（元）。
5.某⼈分期购买⼀辆汽车，每年年末⽀付10000元，分5次付清，假设年利率为5％，则该项分期付款相当于现在⼀次性⽀付（C）元。
A.55256B.43259C.43295D.55265【答案解析】本题相当于求每年年末付款10000元，共计⽀付5年的年⾦现值，即10000×（P/A,5%,5）＝43295（元）。
6.某企业进⾏⼀项投资，⽬前⽀付的投资额是10000元，预计在未来6年内收回投资，在年利率是6％的情况下，为了使该项投资是合算的，那么企业每年⾄少应当收回（D）元。
(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。
公司理财重点题答案4
公司理财》重点题答案（ 2012.4 ）第一章 公司理财概述名词解释1、财务活动： 是指资金的筹集、运用、耗费、收回及分配等一系列行为。
简答题 1、为什么以股东财富最大化作为公司理财目标？（1）考虑到了货币时间价值和风险价值； （ 2）体现了对公司资产保值增值的要求； （3）有利于克服公司 经营上的短期行为，促使公司理财当局从长远战略角度进行财务决策，不断增加公司财富。
2、公司理财的具体内容是什么？ （1）筹资决策； （2）投资决策；（3）股利分配决策。
第 名词解释1、资产负债表： 反映公司在某一特定日期（月末、季末、年末）财务状况的会计报表。
2、资产： 过去的交易、事项形成并由企业拥有或者控制的资源，该资源预期会给公司带来经济利益。
3、负债： 过去的交易、事项形成的现时义务，履行该义务预期会导致经济利益流出公司。
4、利润表： 反映公司在一定期间（月份、季度、年度）经营成果实现情况的报表。
5、现金流量表： 反映公司在一定期间内现金流入和现金流出情况的报表，它属于动态的年度报表。
简答题1、简述资产的含义及其特征。
资产是指过去的交易、事项形成并由企业拥有或者控制的资源，该资源预期会给公司带来经济利益。
资 产的特征： （ 1）资产的实质是经济资源； （ 2）资产必须为公司所拥有或控制； （ 3）资产必须能以货币计 量；（4）资产可以是有形的，也可以是无形的。
2、简述负债的含义及其特征。
负债是指过去的交易、 事项形成的现时义务， 履行该义务预期会导致经济利益流出公司。
负债的特征：（ 1）负债是现时已经存在，且是由过去经济业务所产生的经济责任；（ 2）负债是公司筹措资金的重要渠道，但它不能归公司永久支配使用，必须按期以资产或劳务偿付； （3） 负债是能够用货币确切地计量或合理地 估计的债务责任； （ 4）负债专指对公司的债权人承担的债务，不包括对公司所有者承担的经济责任。
3、公司的税后利润应如何分配？（1）被没收的财物损失，支付各种税收的滞纳金和罚款； 余公积金；（ 4）提取公益金； （5）向投资者分配利润。
公司理财学原理第4章习题答案
A．实际收益率加通货膨胀率
B．实际收益率减通货膨胀率
C．实际收益率乘通货膨胀率
D．实际收益率加通货膨胀率加上实际收益率乘通货膨胀率
13．当无风险收益率下降时，市场全部收益率线将会（B）。
A．向上移动
B．向下移动
C．向右平移
D．向左平移
三、多选题
1.年金是指一定时期内每期等额收付的系列款项，下列各项中属于年金形式的是（A B C D）。
B.3060.4
C.
【答案解析】注意本题是单利计息的情况，所以并不是求即付年金终值的问题，单利终值＝1000×（1＋3×2％）＋1000×（1＋2×2％）＋1000×（1＋2％）＝3120（元）。
10.已知利率为10％的一期、两期、三期的复利现值系数分别是、、，则可以判断利率为10％，3年期的年金现值系数为（B）。
B.1104.1
C.1204
【答案解析】五年后可以取出的数额即存款的本利和＝1000×（F/P,2%,5）＝（元）。
3.某人进行一项投资，预计6年后会获得收益880元，在年利率为5％的情况下，这笔收益的现值为（B）元。
B.656.66
C.
【答案解析】收益的现值＝880×（P/F,5%,6）＝（元）。
8.某人拟进行一项投资，希望进行该项投资后每半年都可以获得1000元的收入，年收益率为10％，则目前的投资额应是（C）元。
.11000
C
【答案解析】本题是永续年金求现值的问题，注意是每半年可以获得1000元，所以折现率应当使用半年的收益率即5％，所以投资额＝1000/5％＝20000（元）。
9.某人在第一年、第二年、第三年年初分别存入1000元，年利率2％，单利计息的情况下，在第三年年末此人可以取出（A）元。
《公司理财》课后习题答案解析
+0.39 ×235000+0.34×8165000
=2890000
.
b. 每个公司都要额外支付 3400 美元的税金，因为两个公司应纳税额增加
精品文档
10000 的边
际税率都为 34%。
案例题
1. （1）财务现金流量表
Warf 计算机公司
财务现金流量
2007
（单位：千美元）
企业现金流量
经营性现金流量
b.CFC=利息 +赎回债务 =15000+6500=21500
c.CFS=股利 - 新发行股票 =8700-6450=2250
d.CFA=CFC+CFS=21500+2250=23750
CFA=OFC-净资本性支出 - 净营运资本增加额
净资本性支出 =固定资产增加净额 +折旧 =5000+7000=12000
-248
现金的变动额
31
2. 财务现金流量表能够更准确的反映公司的现金流量。
3. 该公司发展状况良好，可以进行扩张计划，寻求新的股权投资和银行贷款等外部融资。
第三章
1. 时间趋势分析描述公司的财务状况的变化。通过时间趋势分析，财务经理可以衡量公司
某些方面的运作、财务、投资活动是否改变。同类公司分析指跟同行业相类似的公司比
907
资本性支出
-518
净营运资本的增加
-50
合计
339
企业流向投资者的现金流量
债务
36
权益
303
合计
339
（ 2）会计现金流量表
Warf 计算机公司
总现金流量表
2007
（单位：千美元）
公司理财第九版课后练习04
资产和成本与销售收入成比例。债务和权益则不。公司保持30%的固定的股利支付率。没有任何可用的外部权益筹资。内 部增长率是多少？
7. 计算可持续增长率 上一道题中，该公司的可持续增长率是多少？ 8. 销售收入和增长 Fontenot公司最近年度的财务报表如下所示：
第32第第第附 录
销售收入 成本 应税所得额 所得税（34%） 净利润
3. 计算EFN Zoso公司最近年度的财务报表如下所示（假设没有所得税）： （单位：美元）
销售收入 成本净利润来自资产总计利润表
18 300 18 300
资产负债表
债务 权益 总计
6 300 3 890 2 410
12 400 5 900
18 300
资产和成本与销售收入成比例。负债和权益则不。没有支付股利。下一年度的预计销售收入为7 434美元。所需的外部筹 资是多少？
第4 章 长期财务计划与增长
CHAPTER
4
第28第第第附 录
本章复习与自测题
4.1 计算EFN 根据斯堪迪亚采矿公司（Skandia Mining Company）的下列信息，如果预计销售收入增长10%，EFN 是多少？运用销售收入百分比法，并且假设该公司利用了全部生产能力。支付率是固定的。
概念复习和重要的思考题
1. 销售收入预测 你认为为什么大多数长期财务计划的制定都从销售收入预测开始？换句话说，为什么未来的销售 收入是关键的输入因素？
2. 可持续增长 在本章中，我们利用Rosengarten公司来展示如何计算EFN。Rosengarten公司的ROE大约是7.3%，再 投资率大约是67%。如果你计算Rosengarten公司的可持续增长率，你将会发现它只有5.14%。我们在计算EFN时，采用的 增长率是25%。这可能吗？（提示：是。怎么做？）
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)^t得到现值会减少（dwindle，diminish），而终值FV=C*(1+r)^t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+r)^t))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：u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：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。
公司理财(山东联盟)智慧树知到答案2024年山东农业工程学院
公司理财（山东联盟）山东农业工程学院智慧树知到答案2024年第一章测试1.在甲企业将资金投资购买乙企业债券，这样对于甲来说，会形成（）。
A:企业与所有者的关系 B:企业与债权人的关系 C:关系企业与受资人之间的关系 D:企业与债务人的关系答案:D2.企业面向社会公开发行股票，属于（）。
A:利润分配活动 B:筹资活动 C:资金营运活动 D:投资活动答案:B3.没有通货膨胀时，（）的利率可以视为纯粹利率。
A:公司债券 B:短期借款 C:金融债券 D:国库券答案:D4.财务管理的外部环境包括（）。
A:经济环境 B:社会文化环境 C:金融市场环境 D:法律环境答案:ABCD5.在对股东财富最大化进行一定约束后，股东财富最大化成为财务管理的最佳目标。
（）A:对 B:错答案:A第二章测试1.下列各项年金中，只有现值没有终值的年金是（）。
A:预付年金 B:永续年金 C:普通年金 D:递延年金答案:B2.根据资金时间价值理论，在普通年金现值系数的基础上，期数减1、系数加1的计算结果，应当等于（）。
A:预付年金现值系数 B:永续年金现值系数 C:递延年金现值系数 D:普通年金现值系数答案:A3.甲企业持有一项投资，预计未来的投资收益率有两种可能，分别为10%和20%，概率分别为70%和30%，则该项投资的期望报酬率为（）。
A:13% B:30% C:15% D:12.5%答案:A4.下列各项，属于可分散风险的有（）A:生产事故风险 B:通货膨胀风险 C:研发失败风险 D:利率变动风险答案:AC5.递延年金现值大小与递延期无关，故计算方法和普通年金现值是一样的。
（）A:对 B:错答案:B第三章测试1.下列各项中，不属于速动资产的是（）。
A:其他流动资产 B:货币资金 C:应收账款 D:应收票据答案:A2.企业大量增加速动资产可能导致的结果是（）。
A:提高流动资产的收益率 B:减少资金的机会成本 C:增加资金的机会成本 D:增加财务风险答案:C3.在杜邦财务分析体系中，综合性最强的财务比率是（）。
《公司理财》作业集答案(专本科函授)
4．普通股股票：是公司发行的代表股东享有平等的权利、义务，不加特别限制且股利不固定的股票，它是公司最基本的股票。
5．优先股股票：是公司发行的优先于普通股股东分得股息和公司剩余财产的股票。
6．信用借款：又称无担保借款，是指没有保证人作保证或没有财产作抵押，仅凭借款人的信用而取得的借款。
7．担保借款：是指有一定的保证人作保证或利用一定的财产作抵押、质押而取得的借款。
8．债券：是社会各类经济主体为筹集负债性资金而向投资人出具的、承诺按一定利率定期支付利息，并到期偿还本金的债权债务凭证。
9．公司债券：是指由股份公司所发行的债券。
10．可转换公司债券：是指上市公司和重点国有企业依照法定程序发行，在一定期间内依据约定的条件可以转换成股份公司债券。
《公司理财》作业集答案第一章公司理财概论一、名词解释1．公司财务：有关公司钱，财、物的事务，即有关资金的事务。
它是以公司的财务活动为现象或形式，以公司的财务关系为本质或内容，是二者的统一体。
它是客观存在的经济现象。
2．公司理财：是根据资金运动规律，按照国家法律政策，对公司的资金筹集，使用和分配，进行预测，决策、计划、控制，核算和分析，提高资金运用效果，实现资本保值增值的管理工作。
3．股份有限公司：指其资本分为等额股份，股东以其所持股份为限对公司承担责任，公司以其全部资产对公司的债务承担责任的企业法人。
4．有限责任公司：指由2个以上50个以下股东共同出资，每个股东以其出资额为限对公司承担有限责任，公司以其全部资产对公司债务承担责任的企业法人。
5．财务预测：是在认识和掌握资产运动规律的基础上，分析研究企业内外部各种经济、技术条件，并依据各种经济信息，采用科学的方法，对企业未来财务活动的资金、成本、收入、盈利水平进行预计和测算，对企业未来的财务状况和发展趋势进行估计。
6．财务决策：是企业经营决策的重要组成部分，它是对企业未来的财务活动确定目标、制定方案，并从两个以上方案中选择一个满意方案的工作过程。
公司理财习题集
公司理财习题集第一章总论一、单项选择题1.以下各项中，属于企业筹资引发的财务活动的是 ( )。
A.购买股票B.归还债券本息C.支付股利D.收回货款2.( )是利润最大化目标的优势。
A.考虑到利润实现的时刻因素B.考虑了风险因素C.财务决策者带有长期行为偏向D.利润概念通俗易懂且能依照会计准那么等进行有效计量。
3.股东利益最大化的不足是（）。
A.没有考虑时刻因素B.没有考虑以后收益在不同时点上的风险性C.过于关注股东，而公司治理利益可能得不到尊重和表现，可能致使二者目标相背而引发道德风险和代理本钱增加。
D.股东财富最大化目标不容易量化，不便于考核和奖惩。
4.每股收益最大化相关于利润最大化作为财务治理目标，其优势是( )。
A.考虑了资金的时刻价值B.考虑了投资的风险价值C.有利于企业提高投资效率，降低投资风险D.反映了投入资本与收益的对照关系5.企业现有资金不能知足企业经营的需要，采取短时间借款的方式筹措所需资金，属于（）。
A.筹资活动B.投资活动C.营运活动D.分派活动二、多项选择题1.企业财务治理的原那么有( )。
A.风险与收益均衡原那么B.资源优化配置原那么C.责权利相结合原那么D.动态平稳原那么2.财务治理目标的要紧观点有( )。
A利润最大化 B.股东财富最大化C.企业价值最大化D.企业进展最大化3.财务治理的经济环境要紧包括( )。
A.经济进展周期B.通货膨胀C.经济政策D.市场竞争4.股东财富最大化的优势( )。
A.考虑了风险因素B.在必然程度上有利克服企业在追求利润上的短时间行为C.容易量化，便于考核和奖惩D.适合所有公司第二章财务治理价值观念一、单项选择题1.以下指标中不能反映单项资产的风险只能反映单项资产报酬的是（）。
A.预期报酬率B.概率C.标准差D.方差2.假设以10%的年利率借得50 000元，投资于某个寿命为10年的项目，为使该项目成为有利的项目，每一年至少应收回的现金数额为（）元。
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Chapter 04Introduction to Valuation: The Time Value of Money Multiple Choice Questions1. Martha is investing $5 today at 6 percent interest so she can have $10 later. The $10 is referred to as the:A. true value.B. future value.C. present value.D. discounted value.E. complex value.2. Tom earned $120 in interest on his savings account last year. Tom has decided to leave the $120 in his account so that he can earn interest on the $120 this year. This process of earning interest on prior interest earnings is called:A. discounting.B. compounding.C. duplicating.D. multiplying.E. indexing.3. Jamie earned $180 in interest on her savings account last year. She has decided to leave the $180 in her account so that she can earn interest on the $180 this year. The interest Jamie earns this year on this $180 is referred to as:A. simple interest.B. complex interest.C. accrued interest.D. interest on interest.E. discounted interest.4. Lester had $6,270 in his savings account at the beginning of this year. This amount includes both the $6,000 he originally invested at the beginning of last year plus the $270 he earned in interest last year. This year, Lester earned a total of $282.15 in interest even though the interest rate on the account remained constant. This $282.15 is best described as:A. simple interest.B. interest on interest.C. discounted interest.D. complex interest.E. compound interest.5. By definition, a bank that pays simple interest on a savings account will pay interest:A. only at the beginning of the investment period.B. on interest.C. only on the principal amount originally invested.D. on both the principal amount and the reinvested interest.E. only if all previous interest payments are reinvested.6. Sue needs to invest $3,626 today in order for her savings account to be worth $5,000 six years from now. Which one of the following terms refers to the $3,626?A. Present valueB. Compound valueC. Future valueD. Complex valueE. Factor value7. Todd will be receiving a $10,000 bonus one year from now. The process of determining how much that bonus is worth today is called:A. aggregating.B. discounting.C. simplifying.D. compounding.E. extrapolating.8. The interest rate used to compute the present value of a future cash flow is called the:A. prime rate.B. current rate.C. discount rate.D. compound rate.E. simple rate.9. Computing the present value of a future cash flow to determine what that cash flow is worth today is called:A. compounding.B. factoring.C. time valuation.D. simple cash flow valuation.E. discounted cash flow valuation.10. Sara is investing $1,000 today. Which one of the following will increase the future value of that amount?A. Shortening the investment time periodB. Paying interest only on the principal amountC. Paying simple interest rather than compound interestD. Paying interest only at the end of the investment period rather than throughout the investment periodE. Increasing the interest rate11. Sam wants to invest $5,000 for 5 years. Which one of the following rates will provide him with the largest future value?A. 5 percent simple interestB. 5 percent interest, compounded annuallyC. 6 percent interest, compounded annuallyD. 7 percent simple interestE. 7 percent interest, compounded annually12. Jenny needs to borrow $16,000 for 3 years. The loan will be repaid in one lump sum at the end of the loan term. Which one of the following interest rates is best for Jenny?A. 8 percent simple interestB. 8 percent interest, compounded annuallyC. 8.5 percent simple interestD. 8.5 percent interest, compounded annuallyE. 9 percent interest, compounded annually13. Which of the following will increase the future value of a lump sum investment?I. Decreasing the interest rateII. Increasing the interest rateIII. Increasing the time periodIV. Decreasing the amount of the lump sum investmentA. I and III onlyB. I and IV onlyC. II and III onlyD. II and IV onlyE. II, III, and IV only14. Which one of the following is the correct formula for the future value of $500 invested today at 7 percent interest for 8 years?A. FV = $500/[(1 + 0.08) ⨯ 7]B. FV = $500/[(1 + 0.07) ⨯ 8]C. FV = $500/(0.07 ⨯ 8)D. FV = $500 (1 + 0.07)8E. FV = $500 (1 + 0.08)715. Given an interest rate of zero percent, the future value of a lump sum invested today will always:A. remain constant, regardless of the investment time period.B. decrease if the investment time period is shortened.C. decrease if the investment time period is lengthened.D. be equal to $0.E. be infinite in value.16. Terry invested $2,000 today in an investment that pays 6.5 percent annual interest. Which one of the following statements is correct, assuming all interest is reinvested?A. Terry will earn the same amount of interest each year.B. Terry could have the same future value and invest less than $2,000 initially if he could earn more than 6.5 percent interest.C. Terry will earn an increasing amount of interest each and every year even if he should decide to withdraw the interest annually rather than reinvesting the interest.D. Terry's interest for year two will be equal to $2,000 ⨯ 0.065 ⨯ 2.E. Terry will be earning simple interest.17. Which of the following will decrease the future value of a lump sum investment made today assuming that all interest is reinvested? Assume the interest rate is a positive value.I. Increase in the interest rateII. Decrease in the lump sum amountIII. Increase in the investment time periodIV. Decrease in the investment time periodA. I and III onlyB. I and IV onlyC. I, II, and III onlyD. II and III onlyE. II and IV only18. Which one of the following will increase the present value of a lump sum future amount? Assume the interest rate is a positive value and all interest is reinvested.A. Increase in the time periodB. Increase in the interest rateC. Decrease in the future valueD. Decrease in the interest rateE. None of the above19. Jeff deposits $3,000 into an account which pays 2.5 percent interest, compounded annually. At the same time, Kurt deposits $3,000 into an account paying 5 percent interest, compounded annually. At the end of three years:A. Both Jeff and Kurt will have accounts of equal value.B. Kurt will have twice the money saved that Jeff does.C. Kurt will earn exactly twice the amount of interest that Jeff earns.D. Kurt will have a larger account value than Jeff will.E. Jeff will have more money saved than Kurt.20. Lisa has $1,000 in cash today. Which one of the following investment options is most apt to double her money?A. 6 percent interest for 3 yearsB. 12 percent interest for 5 yearsC. 7 percent interest for 9 yearsD. 8 percent interest for 9 yearsE. 6 percent interest for 10 years21. Which one of the following is the correct formula for computing the present value of $600 to be received in 6 years? The discount rate is 7 percent.A. PV = $600 (1 + 6)7B. PV = $600 (1 + 0.07)6C. PV = $600 ⨯ (0.07 ⨯ 6)D. PV = $600/(1 + 0.07)6E. PV = $600/(1 + 6)0.0722. Centre Bank pays 2.5 percent interest, compounded annually, on its savings accounts. Country Bank pays 2.5 percent simple interest on its savings accounts. You want to deposit sufficient funds today so that you will have $1,500 in your account 2 years from today. The amount you must deposit today:A. is the same regardless of which bank you choose because they both pay compound interest.B. is the same regardless of which bank you choose because they both pay simple interest.C. is the same regardless of which bank you choose because the time period is the same for both banks.D. will be greater if you invest with Centre Bank.E. will be greater if you invest with Country Bank.23. The present value of a lump sum future amount:A. increases as the interest rate decreases.B. decreases as the time period decreases.C. is inversely related to the future value.D. is directly related to the interest rate.E. is directly related to the time period.24. The relationship between the present value and the time period is best described as:A. direct.B. inverse.C. unrelated.D. ambiguous.E. parallel.25. Today, Courtney wants to invest less than $5,000 with the goal of receiving $5,000 back some time in the future. Which one of the following statements is correct?A. The period of time she has to wait until she reaches her goal is unaffected by the compounding of interest.B. The lower the rate of interest she earns, the shorter the time she will have to wait to reach her goal.C. She will have to wait longer if she earns 6 percent compound interest instead of 6 percent simple interest.D. The length of time she has to wait to reach her goal is directly related to the interest rate she earns.E. The period of time she has to wait decreases as the amount she invests today increases.26. Which one of the following is a correct statement, all else held constant?A. The present value is inversely related to the future value.B. The future value is inversely related to the period of time.C. The period of time is directly related to the interest rate.D. The present value is directly related to the interest rate.E. The future value is directly related to the interest rate.27. You want to invest an amount of money today and receive back twice that amount in the future. You expect to earn 8 percent interest. Approximately how long must you wait for your investment to double in value?A. 6 yearsB. 7 yearsC. 8 yearsD. 9 yearsE. 10 years28. Today, you deposit $2,400 in a bank account that pays 4 percent simple interest. How much interest will you earn over the next 5 years?A. $96.00B. $101.15C. $480.00D. $492.16E. $519.9729. Your parents just gave you a gift of $15,000. You are investing this money for 12 years at 5 percent simple interest. How much money will you have at the end of the 12 years?A. $15,750B. $16,000C. $17,375D. $24,000E. $26,93830. Precision Engineering invested $110,000 at 6.5 percent interest, compounded annually for 4 years. How much interest on interest did the company earn over this period of time?A. $2,481.25B. $2,911.30C. $3,014.14D. $3,250.00E. $3,333.3331. Roger just deposited $13,000 into his account at Market Place Bank. The bank will pay 2.3 percent interest, compounded annually, on this account. How much interest on interest will he earn over the next 15 years?A. $638.16B. $799.28C. $821.03D. $906.15E. $923.7032. Ben invested $5,000 twenty years ago with an insurance company that has paid him 5 percent simple interest on his funds. Charles invested $5,000 twenty years ago in a fund that has paid him 5 percent interest, compounded annually. How much more interest has Charles earned than Ben over the past 20 years?A. $0B. $2,109.16C. $3,266.49D. $7,109.16E. $8,266.4933. Scott has $4,800 that he wants to invest for 3 years. He can invest this amount at his credit union and earn 4 percent simple interest. Or, he can open an account at Trust Bank and earn 3.65 percent interest, compounded annually. If he decides to invest at Trust Bank for 3 years, he will:A. earn $15.02 more than if he had invested with his credit union.B. earn $30.98 less than if he had invested with his credit union.C. earn the same amount as if he had invested with the credit union.D. have a total balance of $4,992 in his account after one year.E. have a total balance of $4,876 in his account after one year.34. What is the future value of $4,900 invested for 8 years at 7 percent compounded annually?A. $8,397.74B. $8,419.11C. $8,511.15D. $8,513.06E. $8,520.2235. Elaine has just received an insurance settlement of $25,000. She wants to save this money until her daughter goes to college. If she can earn an average of 6.5 percent, compounded annually, how much will she have saved when her daughter enters college 8 years from now?A. $38,000.00B. $40,929.02C. $41,374.89D. $41,899.60E. $42,000.0036. Travis invests $10,000 today into a retirement account. He expects to earn 8 percent, compounded annually, on his money for the next 26 years. After that, he wants to be more conservative, so only expects to earn 5 percent, compounded annually. How much money will he have in his account when he retires 38 years from now, assuming this is the only deposit he makes into the account?A. $129,411.20B. $132,827.88C. $134,616.56D. $141,919.67E. $142,003.1237. Thirteen years ago, you deposited $2,400 into an account. Eight years ago, you added an additional $1,000 to this account. You earned 8 percent, compounded annually, for the first 5 years and 5.5 percent, compounded annually, for the last 8 years. How much money do you have in your account today?A. $4,666.67B. $4,717.29C. $5,411.90D. $6,708.15E. $6,946.5938. Your parents spent $6,200 to buy 500 shares of stock in a new company 13 years ago. The stock has appreciated 9 percent per year on average. What is the current value of those 500 shares?A. $18,824.17B. $19,007.99C. $19,580.92D. $20,515.08E. $22,449.9239. You just won $25,000 and deposited your winnings into an account that pays 6.2 percent interest, compounded annually. How long will you have to wait until your winnings are worth $50,000?A. 11.52 yearsB. 12.00 yearsC. 12.29 yearsD. 12.67 yearsE. 12.90 years40. When you were born, your parents opened an investment account in your name and deposited $500 into the account. The account has earned an average annual rate of return of 4.8 percent. Today, the account is valued at $36,911.22. How old are you?A. 74.47 yearsB. 76.67 yearsC. 81.08 yearsD. 87.33 yearsE. 91.75 years41. Today, Tony is investing $16,000 at 6.5 percent, compounded annually, for 4 years. How much additional income could he earn if he had invested this amount at 7 percent, compounded annually?A. $323.22B. $389.28C. $401.16D. $442.79E. $484.0842. Sixty years ago, your grandparents opened two savings accounts and deposited $200 in each account. The first account was with City Bank at 3 percent, compounded annually. The second account was with Country Bank at 3.5 percent, compounded annually. Which one of the following statements is true concerning these accounts?A. The City Bank account is currently worth $1,201.54.B. The City Bank account has earned $211.19 more in interest than the Country Bank account.C. The Country Bank account is currently worth $1,526.08.D. The Country Bank account has paid $367.48 more in interest than the City Bank account.E. The Country Bank account has paid $397.30 more in interest than the City Bank account.43. Six years from now, you will be inheriting $100,000. What is this inheritance worth to you today if you can earn 6.5 percent interest, compounded annually?A. $68,533.41B. $70,008.21C. $72,419.05D. $72,798.47E. $74,003.1544. You want to have $25,000 for a down payment on a house 6 years from now. If you can earn 6.5 percent, compounded annually, on your savings, how much do you need to deposit today to reach your goal?A. $17,133.35B. $17,420.73C. $17,880.69D. $18,211.17E. $18,886.4045. You want to have $35,000 in cash to buy a car 4 years from today. You expect to earn 8 percent, compounded annually, on your savings. How much do you need to deposit today if this is the only money you save for this purpose?A. $23,618.92B. $24,511.68C. $25,726.04D. $26,013.01E. $26,311.1546. Skyline Industries will need $1.8 million 5 years from now to replace some equipment. Currently, the firm has some extra cash and would like to establish a savings account for this purpose. The account pays 5.25 percent interest, compounded annually. How much money must the company deposit today to fully fund the equipment purchase?A. $1,279,947.20B. $1,298,407.21C. $1,350,868.47D. $1,393,676.52E. $1,412,308.1847. You and your brother are planning a large anniversary party 3 years from today for your grandparents' 50th wedding anniversary. You have estimated that you will need $2,500 for this party. You can earn 3.5 percent compounded annually on your savings. How much would you and your brother have to deposit today in one lump sum to pay for the entire party?A. $2,199.74B. $2,254.86C. $2,308.16D. $2,334.90E. $2,368.8148. Isaac only has $690 today but needs $800 to buy a new laptop. How long will he have to wait to buy the laptop if he earns 5.4 percent compounded annually on his savings?A. 2.29 yearsB. 2.48 yearsC. 2.51 yearsD. 2.77 yearsE. 2.81 years49. How long will it take to double your savings if you earn 3.6 percent interest, compounded annually?A. 17.78 yearsB. 18.04 yearsC. 18.67 yearsD. 19.42 yearsE. 19.60 years50. You have $1,100 today and want to triple your money in 5 years. What interest rate must you earn if the interest is compounded annually?A. 18.08 percentB. 19.90 percentC. 22.15 percentD. 24.57 percentE. 27.21 percent51. You have been told that you need $21,600 today in order to have $100,000 when you retire 42 years from now. What rate of interest was used in the present value computation? Assume interest is compounded annually.A. 3.72 percentB. 3.89 percentC. 4.01 percentD. 4.23 percentE. 4.28 percent52. Your friend claims that he invested $5,000 seven years ago and that this investment is worth $38,700 today. For this to be true, what annual rate of return did he have to earn? Assume the interest compounds annually.A. 28.87 percentB. 31.39 percentC. 33.96 percentD. 36.01 percentE. 37.87 percent53. You have $2,158 today in your savings account. How long must you wait for your savings to be worth $4,000 if you are earning 2.1 percent interest, compounded annually?A. 26.68 yearsB. 29.69 yearsC. 32.13 yearsD. 33.33 yearsE. 34.14 yearsEssay Questions54. Explain the time value of money principle and also identify the underlying assumption of that principle.55. Draw a graph that illustrates the relationship between interest rates and the present value of $1,000 to be received in one year.56. Explain the Rule of 72.57. Identify the relationship (direct or inverse) between each of the following pairs of variables as they relate to the time value of money: (Assume all else constant)Present value and future value _________Present value and interest rate _________Present value and time _________Time and interest rate _________Time and future value _________Interest rate and future value _________58. You want to have $2.5 million saved on the day you retire. Explain how you can minimize the amount of cash you must invest in order to achieve this goal.Multiple Choice Questions59. Second Union Bank pays 5 percent simple interest on its savings account balances, whereas Third Street Bank pays 5 percent compounded annually. If you made a $12,000 deposit in each bank, how much more money would you earn from your Third Street Bank account at the end of 15 years?A. $3,602.89B. $3,947.14C. $4,008.01D. $4,221.15E. $4,414.1460. Assume the total cost of a college education will be $285,000 when your child enters college in 22 years. You presently have $35,000 to invest. What annual rate of interest must you earn on your investment to cover the cost of your child's college education?A. 8.65 percentB. 9.40 percentC. 10.00 percentD. 10.60 percentE. 11.00 percent61. At 14 percent interest, how long does it take to quadruple your money?A. 10.42 yearsB. 10.58 yearsC. 11.03 yearsD. 11.21 yearsE. 11.36 years62. You're trying to save to buy a new $210,000 Ferrari. You have $38,000 today that can be invested at your bank. The bank pays 4.1 percent annual interest on its accounts. How long will it be before you have enough to buy the car?A. 39.13 yearsB. 39.29 yearsC. 40.67 yearsD. 41.08 yearsE. 42.54 years63. Your coin collection contains ten 1949 silver dollars. If your grandparents purchased them for their face value when they were new, how much will your collection be worth when you retire in 2050, assuming they appreciate at a 6.1 percent annual rate?A. $3,550.61B. $3,697.29C. $3,728.54D. $3,955.98E. $4,197.2964. Suppose that in 2010, a $10 silver certificate from 1898 sold for $11,200. For this to have been true, what would the annual increase in the value of the certificate have been?A. 6.47 percentB. 6.81 percentC. 7.23 percentD. 7.49 percentE. 7.97 percent65. You have just made your first $3,000 contribution to your individual retirement account. Assuming you earn a 9 percent rate of return and make no additional contributions, what will your account be worth when you retire in 35 years? What if you wait for 5 years before contributing?A. $48,507.26; $42,614.08B. $57,311.20; $39,803.04C. $57,311.20; $42,614.08D. $61,241.90; $39,803.04E. $61,241.90; $42.614.0866. You are scheduled to receive $7,500 in three years. When you receive it, you will invest it for eight more years at 7.5 percent per year. How much will you have in eleven years?A. $13,376.08B. $14,428.09C. $15,110.24D. $16,113.33E. $16,617.0767. You expect to receive $12,000 at graduation one year from now. You plan on investing it at8 percent until you have $100,000. How long will you wait from now?A. 27.47 yearsB. 27.51 yearsC. 27.55 yearsD. 28.47 yearsE. 28.55 years68. You have $5,000 you want to invest for the next 45 years. You are offered an investment plan that will pay you 6 percent per year for the next 15 years and 10 percent per year for the last 30 years. How much will you have at the end of the 45 years? How much will you have if the investment plan pays you 10 percent per year for the first 15 years and 6 percent per year for the next 30 years?A. $201,516.38 ; $201,516.38B. $209,092.54; $201,516.38C. $209,092.54; $119,959.94D. $209,092.54; $209,092.52E. $221,408.97; $119,949.94Chapter 04 Introduction to Valuation: The Time Value of Money Answer KeyMultiple Choice Questions1. Martha is investing $5 today at 6 percent interest so she can have $10 later. The $10 is referred to as the:A. true value.B. future value.C. present value.D. discounted value.E. complex value.Refer to section 4.1.Bloom's: KnowledgeDifficulty: BasicLearning Objective: 04-01 Determine the future value of an investment made today.Section: 4.1Topic: Future value2. Tom earned $120 in interest on his savings account last year. Tom has decided to leave the $120 in his account so that he can earn interest on the $120 this year. This process of earning interest on prior interest earnings is called:A. discounting.B. compounding.C. duplicating.D. multiplying.E. indexing.Refer to section 4.1.Bloom's: KnowledgeDifficulty: BasicLearning Objective: 04-01 Determine the future value of an investment made today.Section: 4.1Topic: Compounding3. Jamie earned $180 in interest on her savings account last year. She has decided to leave the $180 in her account so that she can earn interest on the $180 this year. The interest Jamie earns this year on this $180 is referred to as:A. simple interest.B. complex interest.C. accrued interest.D. interest on interest.E. discounted interest.Refer to section 4.1.Bloom's: KnowledgeDifficulty: BasicLearning Objective: 04-01 Determine the future value of an investment made today.Section: 4.1Topic: Interest on interest4. Lester had $6,270 in his savings account at the beginning of this year. This amount includes both the $6,000 he originally invested at the beginning of last year plus the $270 he earned in interest last year. This year, Lester earned a total of $282.15 in interest even though the interest rate on the account remained constant. This $282.15 is best described as:A. simple interest.B. interest on interest.C. discounted interest.D. complex interest.E. compound interest.Refer to section 4.1.Bloom's: KnowledgeDifficulty: BasicLearning Objective: 04-01 Determine the future value of an investment made today.Section: 4.1Topic: Compound interest5. By definition, a bank that pays simple interest on a savings account will pay interest:A. only at the beginning of the investment period.B. on interest.C. only on the principal amount originally invested.D. on both the principal amount and the reinvested interest.E. only if all previous interest payments are reinvested.Refer to section 4.1.Bloom's: KnowledgeDifficulty: BasicLearning Objective: 04-01 Determine the future value of an investment made today.Section: 4.1Topic: Simple interest6. Sue needs to invest $3,626 today in order for her savings account to be worth $5,000 six years from now. Which one of the following terms refers to the $3,626?A. Present valueB. Compound valueC. Future valueD. Complex valueE. Factor valueRefer to section 4.2.Bloom's: KnowledgeDifficulty: BasicLearning Objective: 04-02 Determine the present value of cash to be received at a future date.Section: 4.2Topic: Present value7. Todd will be receiving a $10,000 bonus one year from now. The process of determining how much that bonus is worth today is called:A. aggregating.B. discounting.C. simplifying.D. compounding.E. extrapolating.Refer to section 4.2.Bloom's: KnowledgeDifficulty: BasicLearning Objective: 04-02 Determine the present value of cash to be received at a future date.Section: 4.2Topic: Discounting8. The interest rate used to compute the present value of a future cash flow is called the:A. prime rate.B. current rate.C. discount rate.D. compound rate.E. simple rate.Refer to section 4.2.Bloom's: KnowledgeDifficulty: BasicLearning Objective: 04-02 Determine the present value of cash to be received at a future date.Section: 4.2Topic: Discount rate9. Computing the present value of a future cash flow to determine what that cash flow is worth today is called:A. compounding.B. factoring.C. time valuation.D. simple cash flow valuation.E. discounted cash flow valuation.Refer to section 4.2.Bloom's: KnowledgeDifficulty: BasicLearning Objective: 04-02 Determine the present value of cash to be received at a future date.Section: 4.2Topic: Discounted cash flow valuation10. Sara is investing $1,000 today. Which one of the following will increase the future value of that amount?A. Shortening the investment time periodB. Paying interest only on the principal amountC. Paying simple interest rather than compound interestD. Paying interest only at the end of the investment period rather than throughout the investment periodE. Increasing the interest rateRefer to section 4.1.Bloom's: ComprehensionDifficulty: BasicLearning Objective: 04-01 Determine the future value of an investment made today.Section: 4.1Topic: Future value11. Sam wants to invest $5,000 for 5 years. Which one of the following rates will provide him with the largest future value?A. 5 percent simple interestB. 5 percent interest, compounded annuallyC. 6 percent interest, compounded annuallyD. 7 percent simple interestE. 7 percent interest, compounded annuallyRefer to section 4.1.Bloom's: ComprehensionDifficulty: BasicLearning Objective: 04-01 Determine the future value of an investment made today.Section: 4.1Topic: Future value。