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1、国际金融seminar11#1Answer:Interestratesonloansandsavingaccountsareusuallystatedintheformofanannualpercentagerate(APR),(e.g.,18%peryear)withacertainfrequencyofcompounding(e.g.,monthly).Effectiveannualrate(EFF):compoundingisonlyonceperyear.2#1Answer:Thegeneralformulafor
2、theeffectiveannualrateis:wheremthenumberofcompoundingperiodsperyear.Notethatasthefrequencyofcompoundingincreases,sodoestheeffectiveannualrate.3#2Topic3Whatisthepresentvalueof$100tobereceivedinfouryearsataninterestrateof6%peryear?4#2Answer:大连海事大学交通运输管理学院王冰5#3Topic3
3、Supposeyoudeposit$1,000nowandthen$2,000ayearfromnow.Howmuchwillyouhavetwoyearsfromnow,iftheinterestrateis10%peryear?6#3Answer:FVoftheinitial$1,000=$1,000*1.12=$1,210FVofthe$2,000=$2,000*1.1=$2,200TotalFV=$3,4107#4Topic4SupposetheProtojeanprojectisexpectedtohaveath
4、ird-yearcashflowofonly$10,000insteadof$30,000.Ifallothercashflowsarethesameandthediscountrateisstill8%peryear,whatisitsNPV?8#4Answer:Aproject’snetpresentvalueistheamountbywhichtheprojectisexpectedtoincreasethewealthofthefirm’scurrentshareholdersAsacriterionInvesti
5、nproposedprojectswithpositiveNPV9#4Answer:10#4Answer:wherekisthecostofcapital11#5Topic4WhatwouldbetheNPVofthePC1000projectifthevariablecostsare$4,000perunitinsteadof$3,750?12#5Answer:Depreciationreferstotwoverydifferentbutrelatedconcepts:thedecreaseinvalueofassets
6、,andtheallocationofthecostofassetstoperiodsinwhichtheassetsareused13#5Answer:Straight-linedepreciationTheequipmentthatdepreciatesover7years,ispurchasedatacostof$2.8millionandwillhaveasalvagevalueof$0,willdepreciateat$0.4millionperyear:($2.8−$0)/7=$0.4millionannual
7、straight-linedepreciationexpense.14#5Answer:Sales:4,000unitsatapriceof$5,000$20,000,000peryearDepreciation$400,000peryearTotalFixedCosts$3,500,000peryearTotalVariableCostsfor4,000Units$16,000,000peryearTotalAnnualOperatingCosts$19,500,000peryearAnnualOperatingProf
8、it$500,000peryearCorporateIncomeTaxesat40%$200,000peryearAfter-TaxOperatingProfit$300,000peryearForecastofInitialCapitalOutlayPurchaseofEquipment$2,800,
