公司理财 作业.docVIP

公司理财第二次作业 第四组（黑米组）共同完成 组长：王赛 组员：王遨寰，孙玲玲，李娜，李静，徐蕾，幸国全 13.a. If the one-year discount factor is .905, what is the one-year interest rate? a. r1 = 0.1050 = 10.50%. b. If the two-year interest rate is 10.5%, what is the two-year discount factor? b. c. Given these one- and two-year discount factors, calculate the two-year annuity factor. c. AF2 = DF1 + DF2 = 0.905 + 0.819 = 1.724. d. If the PV of $10 a year for three years is $24.65, what is the three-year annuity factor? PV of an annuity = C ? [annuity factor at r% for t years].Here: $24.65 = $10 ? [AF3] AF3 = 2.465 e. From your answers to (c) and (d), calculate the three-year discount factor. AF3 = DF1 + DF2 + DF3 = AF2 + DF3 2.465 = 1.724 + DF3 DF3 = 0.741 14.A factory costs $800,000. You reckon that it will produce an inflow after operating costs of $170,000 a year for 10 years. If the opportunity cost of capital is 14%, what is the net present value of the factory? What will the factory be worth at the end of five years? The present value of the 10-year stream of cash inflows is Thus: NPV = –$800,000 + $886,739.66 = +$86,739.66 At the end of five years, the factory’s value will be the present value of the five remaining $170,000 cash flows: 15.A machine costs $380,000 and is expected to produce the following cash flows: If the cost of capital is 12%, what is the machine’s NPV? 16. Mike Polanski is 30 years of age and his salary next year will be $40,000. Mike forecasts that his salary will increase at a steady rate of 5% per annum until his retirement at age 60. If the discount rate is 8%, what is the PV of these future salary payments? Let St = salary in year t. b. If Mike saves 5% of his salary each year and invests these savings at an interest rate of 8%, how much will he have saved by age 60? PV(salary) x 0.05 = $38,033.13 Future value = $38,033.13 x (1.08)30 = $382,714.30 c. If Mike plans to spend these savings in even amounts over the subsequent 20 years, how much can he spend each year?