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Tài chính doanh nghiệp ( Bài tập)_ Chapter 4

Tài liệu bài tập thưc hành môn Tài chính doanh nghiệp_ Chapter 4 | Chapter 4 Net Present Value 4.1 a. Future Value Co 1 r T 1 000 1.05 10 1 628.89 b. Future Value 1 000 1.07 10 1 967.15 c. Future Value 1 000 1.05 20 2 653.30 d. Because interest compounds on interest already earned the interest earned in part c 1 653.30 2 653.30 - 1 000 is more than double the amount earned in part a 628.89 1 628.89 . 4.2 The present value PV of each cash flow is simply the amount of that cash flow discounted back from the date of payment to the present. For example in part a discount the cash flow in year 7 by seven periods 1.10 7. a. PV C7 C7 1 r 7 1 000 1.10 7 513.16 b. PV C1 2 000 1.10 1 818.18 c. PV C8 500 1.10 8 233.25 4.3 The decision involves comparing the present value PV of each option. Choose the option with the highest PV. Since the first cash flow occurs 0 years in the future or today it does not need to be adjusted. PV C0 1 000 Since the second cash flow occurs 10 years in the future it must be discounted back 10 years at eight percent. PV C10 C10 1 r 10 2 000 1.08 10 926.39 Since the present value of the cash flow occurring today is higher than the present value of the cash flow occurring in year 10 you should take the 1 000 now. 4.4 Since the bond has no interim coupon payments its present value is simply the present value of the 1 000 that will be received in 25 years. Note that the price of a bond is the present value of its cash flows. P0 PV C25 C25 1 r 25 1 000 1.10 25 92.30 The price of the bond is 92.30. Copyright 2003 McGraw-Hill. All rights reserved. 4.5 The future value FV of the firm s investment must equal the 1.5 million pension liability. FV Co 1 r 27 To solve for the initial investment C0 discount the future pension liability 1 500 000 back 27 years at eight percent 1.08 27. 1 500 000 1.08 27 C0 187 780.23 The firm must invest 187 708.23 today to be able to make the 1.5 million payment. 4.6 The decision involves comparing the present value PV of each option. Choose the option with the highest PV. a. At a discount rate