资源描述：
《罗斯《公司理财》英文习题答案chap004.doc》由会员上传分享，免费在线阅读，更多相关内容在教育资源-天天文库。
1、公司理财习题答案第四章Chapter4:NetPresentValue4.1a.$1,000´1.0510=$1,628.89b.$1,000´1.0710=$1,967.15c.$1,000´1.0520=$2,653.30d.InterestcompoundsontheInterestalreadyearned.Therefore,theinterestearnedinpartc,$1,653.30,ismorethandoubletheamountearnedinparta,$628.89.4.2a.$1,000/1.17
2、=$513.16b.$2,000/1.1=$1,818.18c.$500/1.18=$233.254.3Youcanmakeyourdecisionbycomputingeitherthepresentvalueofthe$2,000thatyoucanreceiveintenyears,orthefuturevalueofthe$1,000thatyoucanreceivenow.Presentvalue:$2,000/1.0810=$926.39Futurevalue:$1,000´1.0810=$2,158.93Eithe
3、rcalculationindicatesyoushouldtakethe$1,000now.4.4Sincethisbondhasnointerimcouponpayments,itspresentvalueissimplythepresentvalueofthe$1,000thatwillbereceivedin25years.Note:Aswillbediscussedinthenextchapter,thepresentvalueofthepaymentsassociatedwithabondisthepriceofth
4、atbond.PV=$1,000/1.125=$92.304.5PV=$1,500,000/1.0827=$187,780.234.6a.Atadiscountrateofzero,thefuturevalueandpresentvaluearealwaysthesame.Remember,FV=PV(1+r)t.Ifr=0,thentheformulareducestoFV=PV.Therefore,thevaluesoftheoptionsare$10,000and$20,000,respectively.Youshould
5、choosethesecondoption.b.Optionone:$10,000/1.1=$9,090.91Optiontwo:$20,000/1.15=$12,418.43Choosethesecondoption.c.Optionone:$10,000/1.2=$8,333.33Optiontwo:$20,000/1.25=$8,037.55Choosethefirstoption.d.YouareindifferentattheratethatequatesthePVsofthetwoalternatives.Youkn
6、owthatratemustfallbetween10%and20%becausetheoptionyouwouldchoosediffersattheserates.Letrbethediscountratethatmakesyouindifferentbetweentheoptions.$10,000/(1+r)=$20,000/(1+r)5(1+r)4=$20,000/$10,000=21+r=1.18921r=0.18921=18.921%4.7PVofJoneses’offer=$150,000/(1.1)3=$112
7、,697.22SincethePVofJoneses’offerislessthanSmiths’offer,$115,000,youshouldchooseSmiths’offer.4.8a.P0=$1,000/1.0820=$214.55b.P10=P0(1.08)10=$463.20B-57AnswerstoEnd-of-ChapterProblems公司理财习题答案第四章c.P15=P0(1.08)15=$680.594.9The$1,000thatyouplaceintheaccountattheendofthefir
8、styearwillearninterestforsixyears.The$1,000thatyouplaceintheaccountattheendofthesecondyearwillearninterestforfiveyears,etc.Thus,the
