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1、4.11Youhavetheopportunitytomakeaninvestmentthatcosts$900,000.Ifyoumakethisinvestmentnow,youwillreceive$120,000oneyearfromtoday,$250,000and$800,000twoandthreeyearsfromtoday,respectively.Theappropriatediscountrateforthisinvestmentis12percent.a.Shouldyoumaketheinvestmen
2、t?b.Whatisthenetpresentvalue(NPV)ofthisopportunity?c.Ifthediscountrateis11percent,shouldyouinvest?ComputetheNPVtosupportyouranswer.a.Thecostofinvestmentis$900,000.PVofcashinflows=$120,000/1.12+$250,000/1.122+$800,000/1.123=$875,865.52SincethePVofcashinflowsislessthan
3、thecostofinvestment,youshouldnotmaketheinvestment.b.NPV=-$900,000+$875,865.52=-$24,134.48c.NPV=-$900,000+$120,000/1.11+$250,000/1.112+$800,000/1.113=$-4,033.18SincetheNPVisstillnegative,youshouldnotmaketheinvestment.4.24Harris,Inc.,paida$3dividendyesterday.Ifthefirmr
4、aisesitsdividendat5percenteveryyearandtheappropriatediscountrateis12percent,whatisthepriceofHarrisstock?P=$3(1.05)/(0.12-0.05)=$45.004.25Initsmostrecentcorporatereport,Williams,Inc.,apologizedtoitsstockholdersfornotpayingadividend.Thereportstatesthatmanagementwillpay
5、a$1dividendnextyear.Thatdividendwillgrowat4percenteveryyearthereafter.Ifthediscountrateis10percent,howmuchareyouwillingtopayforashareofWilliams,Inc.?P=$1/(0.1-0.04)=$16.674.51SouthernCaliforniaPublishingCompanyistryingtodecidewhetherornottoreviseitspopulartextbook,Fi
6、nancialPsychoanalysisMadeSimple.Theyhaveestimatedthattherevisionwillcost$40,000.Cashflowsfromincreasedsaleswillbe$10,000thefirstyear.Thesecashflowswillincreaseby7percentperyear.Thebookwillgooutofprintfiveyearsfromnow.Assumetheinitialcostispaidnowandallrevenuesarerece
7、ivedattheendofeachyear.Ifthecompanyrequiresa10percentreturnforsuchaninvestment,shoulditundertaketherevision?Theeffectiveannualinterestrateis[1+(0.08/4)]4–1=0.0824Thepresentvalueoftheten-yearannuityisPV=900=$5,974.24FourremainingdiscountperiodsPV=$5,974.24/(1.0824)4=$
8、4,352.435.13Acommonstockpaysacurrentdividendof$2.Thedividendisexpectedtogrowatan8-percentannualrateforthenextthreeyears;thenitwillg
