资源描述：
《财务管理课后答案第七章》由会员上传分享，免费在线阅读，更多相关内容在工程资料-天天文库。
1、Chapter7Problems1・CityFarmInsurancehascollectioncentersacrossthecountrytospeedupcollections・Thecompanyalsomakesitsdisbursementsfromremotedisbursementcenters・Thecollectiontimehasbeenreducedbytwodaysanddisbursementtimeincreasedbyonedaybecauseofthesepolicies・Excessfundsarebeinginvestedinshort-termi
2、nstrumentsyielding12percentperannum・a.IfCityFarmhas$5millionperdayincollectionsandS3millionperdayindisbursements,howmanydollarshasthecashmanagementsystemfreedup?b.HowmuchcanCityFarmearnindollarsperyearonshort-terminvestmentsmadepossiblebythefreed・upcash?7-LSolution:CityFarmInsurancea.$5,000,000d
3、ailycollectionsx2.0daysspeedup二$10,000,000additionalcollections$3,000,000dailydisbursementsx1.0daysslowdown=$3,00(X000delayeddisbursements$13,000,000frccd-upfundsb.$13,000,000x12%$1,560,000freed-upfundsinterestrateinterestonfreed-upcash2.NicholasBirdcageCompanyofHollywoodshipscagesthroughoutthec
4、ountry.Nicholashasdeterminedthatthroughtheestablishmentoflocalcollectioncentersaroundthecountry,hecanspeedupthecollectionofpaymentsbyoneandone-halfdays・Furthermore,thecashmanagementdepartmentofhisbankhasindicatedtohimthathecandeferhispaymentsonhisaccountsbyone-halfdaywithoutaffectingsuppliers.Th
5、ebankhasaremotedisbursementcenterinFlorida.a.Ifthecompanyhas$4millionperdayincollectionsand$2millionperdayindisbursements,howmanydollarswillthecashmanagementsystemfreeup?b・Ifthecompanycanearn9percentperannumonfreed-upfunds,howmuchwilltheincomebe?c.Iftheannualcostofthenewsystemis$700,000,shouldit
6、beimplemented?72Solution:NicholasBirdcageCompanyofHollywooda.$4,000,000dailycollectionsx1.5daysspeedup二$6,000,000additionalcollections$2,000,000dailydisbursementsx.5daysslowdown=$l、000、000delayeddisbursements$7,000,000freed-upfundsb.$7,000,000x9%$630,000freed-upfundsinterestrateinterestonfreed-u
7、pcashc.No.Theannualincomeof$630,000is$70,000lessthantheannualcostof$700,000forthenewsystem・2.MegahurtzInternationalCarRentalshasrent-a-caroutletsthroughouttheworld.1(alsokeepsfundsfortransactionspurposesinmanyforeigncountrie
