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1、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.Iftheone-yeardiscountfactoris.905,whatistheone-yearinterestrate?a.r1=0.1050=10.50%.b.Ifthetwo-yearinterestrateis10.5%,whatisthetwo-yeardiscountfactor?b.c.Giventheseone-andtwo-yeardiscountfactors,calcula
2、tethetwo-yearannuityfactor.c.AF2=DF1+DF2=0.905+0.819=1.724.d.IfthePVof$10ayearforthreeyearsis$24.65,whatisthethree-yearannuityfactor?PVofanannuity=C´[annuityfactoratr%fortyears].Here:$24.65=$10´[AF3]AF3=2.465e.Fromyouranswersto(c)and(d),calculatethethree-y
3、eardiscountfactor.AF3=DF1+DF2+DF3=AF2+DF32.465=1.724+DF3DF3=0.74114.Afactorycosts$800,000.Youreckonthatitwillproduceaninflowafteroperatingcostsof$170,000ayearfor10years.Iftheopportunitycostofcapitalis14%,whatisthenetpresentvalueofthefactory?Whatwillthefact
4、orybeworthattheendoffiveyears?Thepresentvalueofthe10-yearstreamofcashinflowsisThus:NPV=–$800,000+$886,739.66=+$86,739.66Attheendoffiveyears,thefactory’svaluewillbethepresentvalueofthefiveremaining$170,000cashflows:15.Amachinecosts$380,000andisexpectedtopro
5、ducethefollowingcashflows:Ifthecostofcapitalis12%,whatisthemachine’sNPV?16.MikePolanskiis30yearsofageandhissalarynextyearwillbe$40,000.Mikeforecaststhathissalarywillincreaseatasteadyrateof5%perannumuntilhisretirementatage60.a.Ifthediscountrateis8%,whatisth
6、ePVofthesefuturesalarypayments?LetSt=salaryinyeart.b.IfMikesaves5%ofhissalaryeachyearandinveststhesesavingsataninterestrateof8%,howmuchwillhehavesavedbyage60?b.PV(salary)x0.05=$38,033.13Futurevalue=$38,033.13x(1.08)30=$382,714.30c.IfMikeplanstospendthesesa
7、vingsinevenamountsoverthesubsequent20years,howmuchcanhespendeachyear?
