公司理财 作业(3页).doc

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1、-公司理财 作业-第 3 页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. If the one-year discount factor is .905, what is the one-year interest rate?a.r1 = 0.1050 = 10.50%.b. If the two-year interest rate is 10.5%, what is the two-year discount factor? b.c. Given these one- and two-year discount facto

2、rs, calculate the two-year annuity factor. c. AF2 = DF1 + DF2 = 0.905 + 0.819 = 1.724.d. If the PV of $10 a year for three years is $24.65, what is the three-year annuity factor? PV of an annuity = C annuity factor at r% for t years.Here:$24.65 = $10 AF3AF3 = 2.465e. From your answers to (c) and (d)

3、, calculate the three-year discount factor.AF3 = DF1 + DF2 + DF3 = AF2 + DF32.465 = 1.724 + DF3DF3 = 0.74114.A factory costs $800,000. You reckon that it will produce an inflow after operating costs of $170,000 a year for 10 years. If the opportunity cost of capital is 14%, what is the net present v

4、alue of the factory? What will the factory be worth at the end of five years?The present value of the 10-year stream of cash inflows isThus:NPV = $800,000 + $886,739.66 = +$86,739.66At the end of five years, the factorys value will be the present value of the five remaining $170,000 cash flows:15.A

5、machine costs $380,000 and is expected to produce the following cash flows: If the cost of capital is 12%, what is the machines NPV?16. Mike Polanski is 30 years of age and his salary next year will be $40,000. Mike forecasts that his salary will increase at a steady rate of 5% per annum until his r

6、etirement at age 60.a. If the discount rate is 8%, what is the PV of these future salary payments? Let St = salary in year t.b. If Mike saves 5% of his salary each year and invests these savings at an interest rate of 8%, how much will he have saved by age 60? b. PV(salary) x 0.05 = $38,033.13Future value = $38,033.13 x (1.08)30 = $382,714.30c. If Mike plans to spend these savings in even amounts over the subsequent 20 years, how much can he spend each year?