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1、EXERCISE2(PresentValue)Question1(1)Whatistheendvalueofinvesting$5000f14monthsatastatedannualinterestrateof6percentcompoundedmonthlyEAR=(1rm)m1=[1(0.0612)]121=0.06167781Endvalue=5000(10.06167781)1412=$5361.61(2)Whatisthee

2、ndvalueofinvesting$10000foneyearahalfatastatedannualinterestrateof12%compoundedquarterlyEAR=(1rm)m1=[1(0.124)]41=0.1255Endvalue=10000(10.1255)1.5=$11940.38(3)Whatistheendvalueofinvesting$7500f212yearsataneffectiveannuali

3、nterestrateof12.36%.InterestiscompoundedsemiannuallyEndvalue=7500(10.1236)2.5=$10036.69Question2(1)Whatisthepresentvalueofaprojectthatcontributes$10000attheendofthefirstyear$5000attheendofthesecondyearTheinitialcostis$80

4、00theappropriateinterestrateis10%.NPV=8000(100001.1)[5000(1.1)2]=$5223.14(2)Whatisthepresentvalueofaprojectthatcontributes$5000attheendofthefirstyear$8000attheendofthesecondyearTheinitialcostis$3000.Theappropriateinteres

5、trateis8%fthefirstyear9%fthesecondyear.NPV=3000(50001.08)[8000(1.08)(1.09)]=$8425.52Question3Mr.Miserwhois35yearsoldhasjustinherited$11000decidestousethewindfalltowardshisretirement.Heplacesthemoneyinabankwhichpromisesar

6、eturnof6%peryearuntilhisplannedretirementatage65.Ifhisfundsearn6%interestcompoundedannuallyhowmuchwillhehaveatretirementRepeattheanalysisfsemiannualcompounding.Calculatefuturevalue:$11000(1.06)30=$63178.40$11000(1.03)60=

7、$64867.63Question4Aninvestmenttodayof$4500iswth$17000in9years.WhatannualinterestratewouldtheinvestmentearnStillusethefmulabetweenPVFV$17000=4500(1r)9170004500=3.77=(1r)9r=.1591415.91%Question5Joeafreshmanincollegeneeds$5

8、5000in4yearstobuythecarofhisdreams.Ifhisinvestmentsearn6%interestperyearhowmuchmustheinvesttodaytohavethatamountatgraduationPresentValueCalculating$55000(1.06)4=43565.15Ifheinvestedonceayearffouryearsbeginningtodayuntilt

9、heendofthe4yearshowmuchmustheinvestIt’sanAnnuity$43565.15(13.465)=9757.03B.Interestpaymentsona30yearbondC.ConsolsD.Noneoftheabove5.Ifyoureceive$1000paymentattheendeachyearfthenextfiveyearswhattypeofcashflowdoyouhaveA.Une

10、vencashflowstreamB.AnannuityC.AnannuitydueD.Noneoftheabove6.F$10000youcanpurchasea5yearannuitythatwillpay$2504.57peryearffiveyears.Thepaymentsaremadeattheendofeachyear.Calculatetheeffectiveannualinterestrateimpliedbythis

11、arrangement:(approximately)A.8%B.9%C.10%D.NoneoftheaboveQuestion10:TrueFalseQuestion:1.Therateofreturndiscountratehurdlerateopptunitycostofcapitalallmeansthesame.2.Thepresentvalueofafuturecashflowcanbefoundbydividingitby

12、anappropriatediscountfact.3.Theopptunitycostofcapitalishigherfsafeinvestmentsthanfriskyones.4.“Acceptinvestmentsthathavepositivepresentvalues“iscalledthepresentvaluerule.5.Intheamtizationofamtgageloanwithequalpaymentsthe

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