《公司理财》课后答案(英文版).doc
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1、公司理财课后答案(英文版) Chapter 2 Accounting Statements and Cash Flow210 AssetsCurrent assetsCash 4000Accounts receivable 8000Total current assets 12000Fixed assetsMachinery 34000Patents 82000Total fixed assets116000Total assets128000Liabilities and equityCurrent liabilitiesAccounts payable 6000Taxes payable
2、2000Total current liabilities 8000Long-term liabilitiesBonds payable7000Stockholders equityCommon stock 100 par 88000Capital surplus19000Retained earnings 6000Total stockholders equity113000Total liabilities and equity128000211One year agoTodayLong-term debt5000000050000000Preferred stock30000000300
3、00000Common stock100000000110000000Retained earnings 20000000 22000000Total200000000212000000212Total Cash Flow of the Stancil CompanyCash flows from the firmCapital spending 1000 Additions to working capital 4000 Total 5000 Cash flows to investors of the firmShort-term debt 6000 Long-term debt 2000
4、0 Equity Dividend - Financing 21000Total 5000 Note This table isnt the Statement of Cash Flows which is only covered in Appendix 2B since the latter has the change in cash on the balance sheet as a final entry213aThe changes in net working capital can be computed fromSources of net working capitalNe
5、t income100Depreciation50Increases in long-term debt 75Total sources225Uses of net working capitalDividends50Increases in fixed assets 150Total uses200Additions to net working capital25Includes 50 of depreciation bCash flow from the firmOperating cash flow150Capital spending 150 Additions to net wor
6、king capital 25 Total 25 Cash flow to the investorsDebt 75 Equity 50Total 25 Chapter 3 Financial Markets and Net Present Value First Principles of Finance Advanced 314 120000 - 150000 - 100000 11 65000315 40000 50000 - 20000 112 73600316a 7 million 3 million 110 110 millionb i They could spend 10 mi
7、llion by borrowing 5 million todayii They will have to spend 55 million 11 million - 5 million x 11 at t 1Chapter 4 Net Present Value412a1000 10510 162889b1000 10710 196715c1000 10520 265330dInterest compounds on the interest already earned Therefore the interest earned in part c 165330 is more than
8、 double the amount earned in part a 62889413Since this bond has no interim coupon payments its present value is simply the present value of the 1000 that will be received in 25 years Note As will be discussed in the next chapter the present value of the payments associated with a bond is the price o
9、f that bondPV 1000 1125 9230414PV 1500000 10827 18778023415aAt a discount rate of zero the future value and present value are always the same Remember FV PV 1 r t If r 0 then the formula reduces to FV PV Therefore the values of the options are 10000 and 20000 respectively You should choose the secon
10、d optionbOption one10000 11 909091Option two20000 115 1241843Choose the second optioncOption one10000 12 833333Option two20000 125 803755Choose the first optiondYou are indifferent at the rate that equates the PVs of the two alternatives You know that rate must fall between 10 and 20 because the opt
11、ion you would choose differs at these rates Let r be the discount rate that makes you indifferent between the options10000 1 r 20000 1 r 5 1 r 4 20000 10000 21 r 118921r 018921 18921416The 1000 that you place in the account at the end of the first year will earn interest for six years The 1000 that
12、you place in the account at the end of the second year will earn interest for five years etc Thus the account will have a balance of1000 112 6 1000 112 5 1000 112 4 1000 112 3 671461417PV 5000000 11210 160986618418a1000 108 3 125971b1000 1 008 2 2 3 1000 104 6 126532c1000 1 008 12 12 3 1000 100667 3
13、6 127024d1000 e008 3 127125eThe future value increases because of the compounding The account is earninginterest on interest Essentially the interest is added to the account balance at the end of every compounding period During the next period the account earns interest on the new balance When the c
14、ompounding period shortens the balance that earns interest is rising faster419The price of the consol bond is the present value of the coupon payments Apply the perpetuity formula to find the present value PV 120 015 800420a1000 01 10000b500 01 5000 is the value one year from now of the perpetual st
15、ream Thus the value of the perpetuity is 5000 11 454545c2420 01 24200 is the value two years from now of the perpetual stream Thus the value of the perpetuity is 24200 112 20000421Apply the NPV technique Since the inflows are an annuity you can use the present value of an annuity factorNPV -6200 120
16、0 -6200 1200 53349 20188Yes you should buy the asset422Use an annuity factor to compute the value two years from today of the twenty payments Remember the annuity formula gives you the value of the stream one year before the first payment Hence the annuity factor will give you the value at the end o
17、f year two of the stream of payments Value at the end of year two 2000 2000 98181 1963620The present value is simply that amount discounted back two yearsPV 1963620 1082 1683488423The easiest way to do this problem is to use the annuity factor The annuity factor must be equal to 12800 2000 64 rememb
18、er PV C ATr The annuity factors are in the appendix to the text To use the factor table to solve this problem scan across the row labeled 10 years until you find 64 It is close to the factor for 9 64177 Thus the rate you will receive on this note is slightly more than 9You can find a more precise an
19、swer by interpolating between nine and ten percent 10 61446 a r b c 64 d 9 64177 By interpolating you are presuming that the ratio of a to b is equal to the ratio of c to d 9 - r 9 - 10 64177 - 64 64177 - 61446 r 90648The exact value could be obtained by solving the annuity formula for the interest
20、rate Sophisticated calculators can compute the rate directly as 90626Note A standard financial calculators TVM keys can solve for this rate With annuity flows the IRR key on advanced financial calculators is unnecessary424aThe annuity amount can be computed by first calculating the PV of the 25000 w
21、hich you need in five years That amount is 1782465 25000 1075 Next compute the annuity which has the same present value1782465 C 1782465 C 41002 C 434726Thus putting 434726 into the 7 account each year will provide 25000 five years from todaybThe lump sum payment must be the present value of the 250
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