财务管理 CHAPTER 6

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1、CHAPTER6DiscountedCashFlowValuationI.DEFINITIONSANNUITYa1.Anannuitystreamofcashflowpaymentsisasetof:a.levelcashflowsoccurringeachtimeperiodforafixedlengthoftime.b.levelcashflowsoccurringeachtimeperiodforever.c.increasingcashflowsoccurringeachtimeperiodforafixedlengthoftime.d.increasingcash

2、flowsoccurringeachtimeperiodforever.e.arbitrarycashflowsoccurringeachtimeperiodfornomorethan10years.PRESENTVALUEFACTORFORANNUITIESb2.Thepresentvaluefactorforannuitiesiscalculatedas:a.(1+presentvaluefactor)¸r.b.(1–presentvaluefactor)¸r.c.presentvaluefactor+(1¸r).d.(presentvaluefactor´r)+(1¸

3、r).e.r´(1+presentvaluefactor).FUTUREVALUEFACTORFORANNUITIESd3.Thefuturevaluefactorforannuitiesiscalculatedasthe:a.futurevaluefactor+r.b.(1¸r)+(futurevaluefactor´r).c.(1¸r)+futurevaluefactor.d.(futurevaluefactor–1)¸r.e.(futurevaluefactor+1)¸r.ANNUITIESDUEe4.Annuitieswherethepaymentsoccuratt

4、heendofeachtimeperiodarecalled_____,whereas_____refertoannuitystreamswithpaymentsoccurringatthebeginningofeachtimeperiod.a.ordinaryannuities;earlyannuitiesb.lateannuities;straightannuitiesc.straightannuities;lateannuitiesd.annuitiesdue;ordinaryannuitiese.ordinaryannuities;annuitiesduePERPE

5、TUITYc5.Anannuitystreamwherethepaymentsoccurforeveriscalleda(n):a.annuitydue.b.indemnity.c.perpetuity.d.amortizedcashflowstream.e.amortizationtable.STATEDINTERESTRATESa6.Theinterestrateexpressedintermsoftheinterestpaymentmadeeachperiodiscalledthe_____rate.a.statedinterestb.compoundinterest

6、c.effectiveannuald.periodicintereste.dailyinterestEFFECTIVEANNUALRATEc7.Theinterestrateexpressedasifitwerecompoundedonceperyeariscalledthe_____rate.a.statedinterestb.compoundinterestc.effectiveannuald.periodicintereste.dailyinterestANNUALPERCENTAGERATEb8.Theinterestratechargedperperiodmult

7、ipliedbythenumberofperiodsperyeariscalledthe_____rate.a.effectiveannualb.annualpercentagec.periodicinterestd.compoundintereste.dailyinterestPUREDISCOUNTLOANd9.Aloanwheretheborrowerreceivesmoneytodayandrepaysasinglelumpsumatsometimeinthefutureiscalleda(n)_____l