公司理财计算题汇总(3)

annuity less a two year annuity. Thus, the appropriate annuity factor to use with them is 2.6198 (= 4.3553 - 1.7355).

Year Cash Flow Factor PV 1 $700 0.9091 $636.37 2 900 0.8264 743.76 3 1,000 4 1,000 2.6198 2,619.80 5 1,000 6 1,000 7 1,250 0.5132 641.50 8 1,375 0.4665 641.44 Total $5,282.87

NPV = -$5,000 + $5,282.87 = $282.87 Purchase the machine. 第五章：债券和股票定价：P95

The amount of the semi-annual interest payment is $40 (=$1,000 0.08 / 2). There

are a total of 40 periods; i.e., two half years in each of the twenty years in the term to maturity. The annuity factor tables can be used to price these bonds. The appropriate discount rate to use is the semi-annual rate. That rate is simply the annual rate divided by two. Thus, for part b the rate to be used is 5% and for part c

40

is it 3%. PV=C Tr+F/(1+r)

a. $40 (19.7928) + $1,000 / 1.0440 = $1,000

Notice that whenever the coupon rate and the market rate are the same, the bond is priced at par.

b. $40 (17.1591) + $1,000 / 1.0540 = $828.41

Notice that whenever the coupon rate is below the market rate, the bond is priced below par. c. $40 (23.1148) + $1,000 / 1.0340 = $1,231.15

Notice that whenever the coupon rate is above the market rate, the bond is priced above

a. The semi-annual interest rate is $60 / $1,000 = 0.06. Thus, the effective

annual rate is 1.062 - 1 = 0.1236 = 12.36%.

b. c.

12

Price = $30 120.06 + $1,000 / 1.06 = $748.48 12Price = $30 120

.04 + $1,000 / 1.04= $906.15

Note: In parts b and c we are implicitly assuming that the yield curve is flat. That is,

the yield in year 5 applies for year 6 as well.

rice = $2 (0.72) / 1.15 + $4 (0.72) / 1.152 + $50 / 1.153 = $36.31 The number of shares you own = $100,000 / $36.31 = 2,754 shares